MARKET WRAP: Sensex ends choppy session 136 pts lower; Nifty ends at 11,642

All that happened in the markets today

4:14 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"Indian market is moving in tandem with global trends which is displaying weakness as a new round of coronavirus lockdown is weighing on the future growth and outlook. Indian rally was supported by good Q2 results and economic data. The sustenance of economic data will be difficult in the next quarter due to restrictions affecting world growth, global uncertainties over the US presidential election, and timing of stimulus."

3:43 PM

SECTOR WATCH | Nifty Metal gains over 1.5%

3:42 PM

MARKET AT CLOSE | Losers and gainers on the BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 136 points, or 0.34 per cent lower at 39,614 levels while NSE's Nifty ended at 11,642, down 28 points, or 0.24 per cent.

3:28 PM

MARKET CHECK

3:25 PM

BROKERAGE VIEW | Prabhudas Lilladher on BPCL

RATING: BUY | TARGET PRICE: Rs 479

Weak global demand and high inventory levels are likely to keep crude oil prices range bound, which will support marketing margins in medium term. Meanwhile GRMs will recover with pickup in economic activity and lower operating cost (due to soft spot LNG prices) will support refining earnings. BPCL remains one of our preferred divestment play in the oil and gas sector however, with uncertain timelines we cut target multiple to PER of 9x FY22E (10x earlier). Maintain BUY with a TP of Rs 479 (Rs 515 earlier).

3:21 PM

Cholamandalam Investment rallies 15% in two days on strong Q2 results

The company’s profit after tax (PAT) increased 41 per cent at Rs 432 crore on improvement in net income margin and lower operational expenses. It had posted a profit of Rs 307 crore in the corresponding quarter of previous fiscal. READ MORE 

3:06 PM

Index contributors at this hour

3:06 PM

INDEX GAINER | Infosys down 1.6%

3:06 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

3:01 PM

Liberty's India constraint: Reassuring lenders remains a tall order

How does Sanjeev Gupta turn around businesses when pedigreed groups have failed? The question confronts the Ludhiana-born British businessman each time he scoops up assets to create his $20-billion steel, aluminium and renewable energy empire from an obscure trading company five years ago. READ MORE

2:54 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
CHOLAMAN.INV.&FN	248.60	279.35	278.90	12.19
BLUE DART EXPRES	3356.00	3766.60	3640.00	8.46
CARBORUNDUM UNI.	264.15	284.55	283.55	7.34
TVS MOTOR CO.	425.00	461.40	455.75	7.24

2:54 PM

Karur Vysya Bank Q2 profit up 81% to Rs 115 cr, NII rises by 0.9%

Karur Vysya Bank (KVB) has reported an 81 per cent jump in profit to Rs 114.89 crore during the quarter ended September 2020, from Rs 63.33 crore during the same period last year. READ MORE

2:46 PM

Ahead of Results :: IndusInd Bank trades flat

2:40 PM

Trump vs Biden :: What the US polls can mean for key emerging markets

Opinion polls ahead of the Nov. 3 vote show Biden with a significant edge nationally over Trump in a race being closely watched by investors in developing economies, which account for nearly 60% of global GDP. READ MORE

2:31 PM

BROKERAGE VIEW | Axis Securities on Can Fin Homes

RATING: BUY | TARGET PRICE: Rs 515

CANF’s ability to improve NIMs even in tough environment reflects its entrenched business model, even as book size is much smaller than peers. While loan growth moderation is expected alongwith slight asset quality deterioration on account of Covid-19, we expect the company to recover faster than its peers due to its loan mix and negligible developer exposure. Lower cost of funds should aid the company in maintaining NIMs while the loan mix profile skewed towards salaried segment will help in maintaining asset quality.We lower provisions and built in improved NIM for FY21E. We remain positive on the stock given its loan book profile, stable liquidity position and robust CAR (25%) and maintain BUY with target price of Rs 515 (2.3x FY22ABV)

2:24 PM

BROKERAGE VIEW | Centrum Broking on PI Industries

RATING: BUY | TARGET PRICE: Rs 2,700

PI Industries’ (PI) consol revenue at Rs 11.6bn, (+28% yoy), ahead of CenE Rs 9.6bn helped by strong domestic revenue of Rs3.6bn (+33% yoy, CenE Rs2.9bn) and very strong export revenue of Rs 8bn (+25% yoy). Numbers were supported by ISAGRO revenues which are growing at high double digits consistently. Resultant of the beat on revenue gross profit at Rs5.1bn (+32% yoy) implies gross margins of 44.1%, (+170bps yoy). Reported EBITDA at Rs2.8bn (+46% yoy) was also comfortably ahead of estimates of Rs2.2bn. Resultant, PAT of Rs 2.2bn (+77% yoy) beat CenE Rs1.3bn. H1 EBITDA/PAT growth of 48/61% yoy is very strong and sets up a record FY21e for PI (we estimate FY21e EPS of Rs 46 (+51% yoy) and FY20-22e CAGR of 41%. BUY

2:17 PM

Tata Steel trades around 2.5% higher

2:11 PM

China's next economic transition: What economists say about the 5-year plan

Though the plan doesn’t mention a numerical growth target, “it requires significant enhancement in the quality of the economy, reflected in innovation, more advanced industrial fundamentals and a more modern economic system. To achieve these, it emphasized tech innovation, supply-side structural reform, dual cycle," says David Qu, China economist. READ MORE

1:58 PM

At Rs 1.34 trillion, Adani Green's m-cap surpasses L&T, UltraTech Cement

Shares of Adani Green Energy (AGEL) hit a fresh record high and were locked in the 5 per cent upper circuit band for fourth straight day, at Rs 856.25, on the BSE on Friday in an otherwise weak market. In comparison, the S&P BSE Sensex was down 0.86 per cent at 39,416 points at 01:16 pm. In the past one week, stock of the Adani Group renewable power company has rallied 19 per cent, as compared to 3 per cent decline in the benchmark index. READ MORE

1:51 PM

Bharti Airtel trades over 3% lower

1:43 PM

Top losers on the BSE at this hour

1:35 PM

ICICI Bank Q2: Up to 4x jump in profit likely, loan growth seen at 6% YoY

ICICI Bank, India’s second largest private bank by market-capitalisation, could report stellar improvement in its September quarter (Q2FY21) results on a yearly basis, riding on low base and better asset quality. The lender, which is slated to declare its Q2 results on Saturday, October 31, may report up to 4-fold rise in its net profit, analysts say. Besides, reduction in bad loans, coupled with lower provisions (sequentially), may aid profitability. READ MORE

1:27 PM

Q2 RESULTS | JSPL reports consolidated net loss of Rs 706 crore vs Rs 399 crore loss (YoY)

- One-time loss of Rs 1,636 crore; profit before one-time loss at Rs 903 crore

1:22 PM

BROKERAGE VIEW | Emkay Global on Havells

RATING: HOLD | TARGET PRICE: Rs 701

Benefits of low rentals and other cost optimisation will be visible on a sustainable basis. Lower channel inventory, demand recovery during the festive season, recovery in Real Estate and benefits of market share gains will augur well for sustained revenue growth. Our estimates factor in strong revenue recovery from H2FY21. Havells’ strong balance sheet, distribution network strength of its core business and revival in market share for Lloyds in RAC can help deliver better-than-industry growth with a macro recovery.

Key risks: Sustained weakness in the macro environment, higher-than-expected cost inflation and market share loss.

1:13 PM

RIL up over 0.6% ahead of Q2 earnings

12:58 PM

ALERT :: Sensex at day's low

12:55 PM

AIFs explore limited liability partnerships to bypass high taxes

Alternative investment funds (AIFs) may be looking to set up in the form of a limited liability partnership (LLP) instead of a trust structure, given the favourable tax treatment to the former. The business income earned by the funds constituted as LLPs will be taxed at the fund level at applicable tax rates of 34.94 per cent, against 42.74 per cent that is otherwise applicable to a trust (taking into consideration the highest income bracket). READ MORE

12:49 PM

NEWS ALERT :: Dilip Buildcon bags order worth Rs 1,278 crore from NHAI

12:39 PM

L&T continues to suffer from slowdown in India's infrastructure sector

The continued slowdown in India's infrastructure and industrial sector has finally caught up with Larsen & Toubro. It reported net loss on standalone basis for the first time in Q2FY21, excluding the one-time profits from asset sales.

 

At the consolidated or group level, core business of engineering, construction and manufacturing remains a drag and L&T now makes profits from its IT services subsidiaries than its core business. READ MORE