MARKET: Maruti, HDFC help Sensex settle 127 pts higher; Nifty tops 11,900

All that happened in the markets today

3:43 PM

SECTOR WATCH | Nifty Auto surges 3%

3:42 PM

MARKET AT CLOSE | Gainers and losers on BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 127 points, or 0.31 per cent to settle at 40,686 levels while NSE's Nifty ended at 11,930, up 34 points, or 0.28 per cent. 

3:28 PM

YES Bank, TTML, Suzlon among 282 stocks that hit upper circuit on BSE

YES Bank hit the upper circuit of 5 per cent at Rs 13.35 on the BSE ahead of the September quarter results on Friday. The board of directors of the bank is scheduled to meet on October 23, 2020 to consider and approve unaudited financial results of the bank for the second quarter ended September 2020 (Q2FY21).  READ MORE 

3:21 PM

BSE Midcap index up over 0.6%

3:10 PM

Top losers on the BSE at this hour

3:06 PM

NEWS ALERT :: SBI Cards-DMRC launch contactless Delhi Metro SBI Card

>> Delhi Metro SBI Card is a multipurpose card which functions as a credit card as well as a metro smart card

>>  In addition to the benefits of a metro smart card, the Delhi Metro SBI Card will offer 10% discount on metro travel as well as 10X reward points on spend categories, such as, dining, grocery & departmental store, movies and utilities standing instructions.

3:01 PM

BROKERAGE VIEW :: Anand Rathi on GMM Pfaudler

TP: Rs 4,282 | Reco: Hold

>> Backed by higher revenue from Glass Lined Equipment and its Proprietary business which grew 11.5% and 42% y/y respectively, GMM Pfaudler’s Q2 performance was robust. Margins too were better at 23.8% supported by an expanded gross margin and lower other expenses. The healthy order book (Rs3.5bn), commissioning of two gas furnaces at the Gujarat plant and the newly acquired Hyderabad plant is reassuring. Besides, the Pfaudler International (PI) acquisition provides several synergies like elimination of royalty outgo, no restriction on exports and access to PI’s global product portfolio, which will drive the growth. As guided by management, we consolidate PI financials with GMM from FY21. With this, we value the company at 35x FY23 earnings, arriving at a revised TP of Rs4,282.

2:59 PM

BROKERAGE VIEW :: IDBI Capital on UltraTech Cement

CMP: Rs 4,630 | TP: Rs 5,073 | Reco: Accumulate

>> Ultratech Cement (UTCEM) Q2FY21 EBITDA was higher than our / consensus estimate by 50% / 30%. Beat in the number is driven by a) volume which increased by 8% YoY versus our estimate of decline of 5% (incl. acquisitions) and b) Realization increased by 3% QoQ versus our estimate of decline of 2%. We have introduced FY23E estimate and increased EBITDA for FY21E/22E by 11% (exhibit 9). We roll forward our valuation to FY23 with revised TP of Rs5,073 (earlier Rs4393). We retain ACCUMULATE rating and TP is based on unchanged 13x FY23E EV/EBITDA multiple (which is average of last 10 years). Balance sheet deleveraging has continued, UTCEM consolidate net debt reduced QoQ by Rs22bn to Rs124bn. Company has set target of net debt/EBITDA of 1x vs 1.2x

currently. Positive in UTCEM business is its leadership position and consistently gaining market share.

2:58 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
JK TYRE & INDUST	65.20	76.70	73.30	12.42
HIMATSING. SEIDE	134.10	147.50	147.50	9.99
ADITYA BIR. FAS.	150.00	178.80	164.20	9.47
SPICEJET	48.05	53.75	52.30	8.84

2:58 PM

BROKERAGE VIEW :: IDBI Capital on Asian Paints

CMP: Rs 2,100 | TP: Rs 2,376 | Reco: Accumulate

>> Asian Paints (APNT) above expectation result was driven by 11% volume growth in decorative coatings followed by meaningful recovery in home improvement (led by kitchen business). In International markets, except Nepal, all other regions witnessed strong volume growth supported by gradual unlocking of the markets. Stable input cost aided gross margin expansion. APNT forays into lighting, furnishing and furniture to strengthen its home décor and interior design business. Overall, it has been a strong performance. APNT has gained market share both from organized and un-organized players led by distribution reach/efficiency. We continue to maintain our bullish stance on the stock. We have introduced FY23E in our estimates. We maintain ACCUMULATE rating on the stock with a revised TP of Rs 2,376 (55x FY23E EPS).

2:56 PM

BROKERAGE VIEW :: Emkay Global on Bajaj Auto

CMP: Rs 3,006 | TP: Rs 3,976 | Reco: Buy

>> Our positive stance is on account of: 1) volume recovery expected in domestic 2Ws with 18%/7% growth in FY22/23E, and 2) improving growth prospects in exports (over 50% of EBITDA), with expected growth of 23%/10% in FY22/23E. We have increased volume estimates by 5-8% over FY21-23E. In addition, valuations are inexpensive (15x/13x FY22/23E EPS) in comparison with historical multiples of 17.5x. We retain Buy with a revised TP of Rs3,976, based on 17x FY23E EPS (Sep22E earlier) and value of KTM at Rs102/share. In sector EAP, we have an EW stance. Key downside risks are lower-than-expected demand in

key geographies, increase in competitive intensity and adverse currency/ commodity prices

2:48 PM

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

2:39 PM

Left out of on-tap TLTRO benefits, NBFCs approach RBI for inclusion

Along with its monetary policy review, the RBI had earlier this month announced an on-tap TLTRO scheme to ensure that credit reaches the deserving sectors of the economy. While sectors including agriculture, MSME and retail are covered, NBFCs have not been included as a beneficiary of the facility, Finance Industry Development Council (FIDC) said in a communication to RBI. READ MORE

2:34 PM

Top gainers on the BSE at this hour

2:28 PM

MARKET UPDATE | India VIX slips 3% to 22 levels

2:21 PM

Rupee Closing

Rupee settles lower at 73.62 per US dollar vs Thursday's close of 73.53/$ 

2:13 PM

USFDA approves Remdesivir as first Covid-19 therapy amid WHO reservations

Even as the World Health Organisation (WHO) trial showed that remdesivir did not have any significant impact on hospitalised Covid-19 patients, the US drug regulator has now approved this drug from Gilead for treatment of Covid-19 requiring hospitalisation. This becomes the first treatment of Covid-19 that got FDA approval, but is unlikely to have any immediate impact on the prices of the drug. READ MORE  

 

2:11 PM

Power Grid jumps over 3.5%

2:03 PM

Tyre stocks on a roll. JK Tyre soars 27% in 2 days, Ceat hits 52-week high

Shares of tyre companies were on a roll for the second straight day with JK Tyre ralling 27 per cent in past two trading days, after the company reported a strong operational performance with margins hitting a four year high of 15.6 per cent in July-September quarter (Q2FY21). At 01:29 pm, JK Tyre & Industries was trading 10 per cent higher at Rs 76.70 on the BSE. Volumes jumped over five-fold. A combined 9.5 million equity shares have already changed hands on the counter on the NSE and BSE. In comparison, the S&P BSE Sensex was up 0.40 per cent at 40,721 points. READ MORE

1:50 PM

BROKERAGE VIEW | IDBI Capital on Bajaj Auto

RATING: HOLD | TARGET PRICE: Rs 2,890

We cut our volume estimates for FY21/FY22 by 6%/4% factoring the slowdown in 2W/3W domestic market. We introduce our FY23 estimates and anticipate revenue and earnings to grow at ~4% and ~1% CAGR over FY20-FY23E with EBITDA margin of ~17%. We have arrived FY23E EPS at Rs192.5, factoring in volume growth/better realizations. We change our rating to HOLD (earlier REDUCE) and arrive at a TP of Rs 2,890 (earlier Rs 2,680) based on PER of 15x FY23E EPS.

1:48 PM

Left out of on-tap TLTRO benefits, NBFCs approach RBI for inclusion

After being left out as a beneficiary of the on-tap targeted long-term repo operations (TLTRO), non-banking financial companies (NBFCs) have requested the Reserve Bank of India (RBI) to allow banks to use money drawn from this liquidity window for lending to them. Along with its monetary policy review, the RBI had earlier this month announced an on-tap TLTRO scheme to ensure that credit reaches the deserving sectors of the economy. While sectors including agriculture, MSME and retail are covered, NBFCs have not been included as a beneficiary of the facility, Finance Industry Development Council (FIDC) said in a communication to RBI. READ MORE

1:35 PM

European indices open higher

(Source: Reuters)

1:30 PM

Sept Quarter Result | IDBI Bank reports profit of Rs 320 cr vs loss of Rs 3,460 cr

>> Provisions decline from Rs 5,640 cr to Rs 580 cr

1:25 PM

NEWS ALERT :: Surya Roshni bags orders worth Rs 137.1 cr from ONGC, HPCL & Gujarat Gas

1:19 PM

Result Today :: Tech Mahindra's Q2 profit may slip up to 14.7% YoY

Tech Mahindra, the Pune-headquartered information technology (IT) services company, is expected to post up to 2.3 per cent quarter-on-quarter (QoQ) revenue growth in constant currency for the quarter ended September 30 (Q2FY21). Further, analysts expect up to 250 basis points (bps) increase in earnings before interest, and tax (Ebit) margin on a sequential basis owing to lower sub-contracting cost, easing of supply-side pressure, and cost rationalisation. The company is slated to announce its Q2 numbers on Friday, October 23. READ MORE

1:11 PM

Indo Count Industries extends rally on strong September quarter results

Shares of Indo Count Industries were locked in upper circuit for the fourth straight day, up 5 per cent at Rs 163.50 on the BSE on Friday, after the company reported a strong set of July-September quarter (Q2FY21) numbers. The textiles company's stock was trading at its 52-week high level and has rallied 48 per cent in the past two weeks. READ MORE

12:59 PM

Tata Elxsi hits fresh record high; stock surges 42% in one month

On October 14, 2020, Tata Elxsi had reported a strong 58.4 per cent year on year (YoY) growth in net profit at Rs 79 crore in the July-September quarter (Q2FY21). The company's operational revenues grew 11.5 per cent YoY at Rs 430 crore. The company's growth was driven by both its key businesses – Embedded Product Design (EPD) and Industrial Design & Visualisation (IDV). READ MORE

12:53 PM

BUZZING STOCK :: SpiceJet soars 7%

12:45 PM

IPOs come out of deep freezer as market revives, liquidity eases

Several firms that had filed their offer documents last year but given up on their listing plans due to disruptions caused by the pandemic are getting a new lease of life. The success of recent initial public offerings (IPOs) and the stability in the secondary market are propelling many firms and investment bankers to remove their IPO plans out of the deep freezer. READ MORE