Financials lift indices; Sensex ends 504 pts up ahead of US poll outcome

All that happened in the markets today

4:12 PM

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

The market maintained its momentum supported by increased demand for banking stocks due to improvement in the business outlook. Globally too, the market was on a strong footing as the US manufacturing data surpassed expectations and a similar rebound was seen across Europe and China. Markets are also sustaining their confidence ahead of the upcoming Fed meeting, as it is not expecting an increase in rates and easing measures to recover the economy.

3:43 PM

SECTOR WATCH | Nifty Bank jumps 790 pts

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 504 points, or 1.27 per cent to settle at 40,261 levels while the NSE's Nifty50 index ended at 11,813.50, up 144 points, or 1.24 per cent. 

3:11 PM

Godrej Properties Q2 net drops 80% to Rs 7.1 crore on Covid-19 impact

Godrej Properties said its total booking value in Q2FY21 stood at Rs 1,074 crore on a booking volume of 1.73 million sq ft. It sold 1,373 residential units in Q2FY21. In comparison, its booking value was Rs 1,446 crore on a volume of 2.26 million sq ft in Q2FY20. READ MORE 

3:03 PM

PNB eyes Rs 7,000 crore from QIP in Dec, credit growth to be less than 5%

The country's second largest state-owned lender expects the credit growth to pick up slightly in the second half but it would be less than 5 per cent for the entire fiscal. The bank has already taken approval from the board for raising Rs 14,000 crore by way of Tier II, Additional Tier 1 (AT-1) bonds and QIP (Qualified Institutional Placement), PNB Managing Director S S Mallikarjuna Rao said in a virtual interaction with the media. READ MORE 

2:53 PM

BROKERAGE VIEW | Axis Securities on Maruti Suzuki India

RATING: BUY | TARGET PRICE: Rs 7,920 

The PV industry is exhibiting a strong sequential recovery on the back of pent-up demand, preference for personal mobility and the channel filling for the festive season. We expect MSIL to gain market share in FY21E given its (1) higher presence in rural areas (rural demand remains resilient), (2) a wide distribution network, (3) preference for lower-end hatchback cars (MSIL is the leader) given the weak economic environment and (4) expected shift towards petrol vehicles.

We expect company's volumes to decline by 13% YoY in FY21E followed by strong growth of 25% and 12% in FY22E/23E respectively. We maintain our BUY rating and TP of Rs.7,920 and continue to value the stock at 25x its FY23E EPS.

2:43 PM

Hero MotoCorp extends gain after recording all-time high volumes in October

Shares of Hero MotoCorp (HMCL) rose 4 per cent to Rs 2,937 on the BSE on Tuesday, extending its previous day’s 1 per cent gain after the company’s volumes rose 34.6 per cent year-on-year (YoY) to an all-time high in the month of October. The world’s largest two-wheeler manufacturer sold 806,848 units of motorcycles and scooters in October 2020 – its highest-ever sales in any single month. The company had sold 599,248 units in the corresponding month of the previous year (October 2019). READ MORE

2:36 PM

BUZZING STOCK | ICICI Bank up 6%

2:27 PM

Bankrupt, grounded Jet Airways is world's best performing airline stock

All airlines are feeling the coronavirus pinch but one that hasn’t flown since April 2019 after collapsing under a pile of debt is the world’s best performing -- at least from a share price point of view. Stock in Mumbai-listed Jet Airways India Ltd. has surged almost 150% this year versus a 42% plunge in the 27-member Bloomberg World Airlines Index, which comprises the globe’s biggest carriers. READ MORE

2:27 PM

Sensex trades over 500 pts higher

2:21 PM

SBI to report Q2 result on Wednesday; here's what leading brokerages expect

India’s largest government-owned bank, State Bank of India (SBI), is set to declare its September quarter result (Q2FY21) on Wednesday, November 4, under the chairmanship of Dinesh Khara. Analysts, however, remain divided on the bottom-line figures. Net profit, for instance, may come in anywhere between Rs 2,172.2 crore and Rs 4,676.5 crore, say analysts. READ MORE

2:12 PM

Sept Quarter Result | Dabur logs net profit of Rs 461 crore

>> Consolidated revenue at Rs 2,516 crore

>> Cons EBITDA at Rs 569.4 crore; margin 22.6%

2:08 PM

Rupee Closing

Rupee ends at 74.40 per US dollar vs Monday's close of 74.43/$

2:05 PM

NTPC slips nearly 3%

1:58 PM

Sun Pharma trades flat ahead of Q2 nos

1:53 PM

Zydus Cadila files investigational new drug application for coronavirus

Drug firm Zydus Cadila on Tuesday said it has filed the investigational new drug (IND) application for ZYIL1, positioned for management of critically ill COVID-19 patients. "Following up on its initiatives to fight COVID-19 with diagnostics, vaccines and therapeutics, the company is now focussing on cutting edge research to bring targeted therapies... it has filed the IND application of ZYIL1, a novel oral small molecule," the company said in a regulatory filing. READ MORE

1:42 PM

Franklin Templeton Mutual Fund's six shut schemes generate Rs 438 crore

Franklin Templeton Mutual Fund has said its six shut schemes have received Rs 438 crore from maturities, pre-payments and coupon payments in the second half of October. This amount takes the total cash flows received to Rs 8,741 crore since closing down of the schemes in April, the fund house said in a statement. Franklin Templeton MF had closed six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market. READ MORE

1:37 PM

BROKERAGE VIEW | JM Financial on Jindal Steel & Power

The company is fully focused on reducing consol. debt to below Rs 150bn before embarking on any capex plans (Net debt EBITDA to be at 2.1x FY23E). We roll forward to FY23, arriving at our fair value of Rs 260/sh (vs Rs 220/sh earlier) and upgrade rating to BUY (from HOLD earlier). Pick up in construction activity in 2H leading to higher long product prices and resumption of old iron ore stock dispatch from Sarada mines remain near term triggers for the name.

1:35 PM

Realty stocks trade under presure

1:29 PM

L&T trades over 2% higher

1:20 PM

Q2 RESULTS | Muthoot Fin reports profit of Rs 931 cr vs Rs 908.5 cr (YoY)

-- Revenue at Rs 2,821 cr vs Rs 2,397.4 cr (YoY)

1:18 PM

Top losers on the BSE at this hour

1:07 PM

BROKERAGE VIEW | HDFC Securities on Bandhan Bank

RATING: BUY | TARGET PRICE: Rs 377 

BANDHAN’s earnings were ahead of estimates on account of lower-than- expected provisions (a recurring theme across banks this quarter). The bank fared exceptionally in terms of collection efficiency and deposit traction. We have increased our earnings estimates as we build lower provisions (although they remain elevated, given the inherent risks associated with microfinance and higher growth. Maintain BUY with a target price of Rs 377.

1:02 PM

Contribution to the S&P BSE Sensex's gain today

1:00 PM

BROKERAGE VIEW | Geojit Financial Services on Hero MotoCorp

RATING: BUY | TARGET PRICE: Rs 3,345 

As expected, company benefited primarily from improved demand from the rural areas, while growth rates remained on the lower side in semi-urban and urban areas. Nonetheless, company’s YTD sales figures look encouraging and should improve further with the festive season. At current price levels, the valuation looks attractive. Hence, we upgrade our rating on the stock to BUY with a revised target price of Rs. 3,345 based on 19x FY22E adj. EPS.

12:49 PM

Indian companies prefer commercial paper route to raise cash, shun banks

Indian companies are increasingly preferring the commercial paper (CP) route to raise working capital, while shunning banks. And this is only going to increase with the liquidity-supportive measures announced by the Reserve Bank of India (RBI), say experts. Issues of CPs — those that mature in less than a year —have increased since the nationwide lockdown was announced in March-end, but corporate bonds have not seen such a commensurate rise even as banks’ incremental lending continues to fall. READ MORE
 

12:37 PM

Biden good for emerging markets; dollar to gain from Trump win: Analysts

Aside from which candidate ultimately wins, analysts believe what is even more important for the markets is whether the elections will see a clear ‘sweep’, where the winning party also takes both chambers of the Congress. In such a scenario, more decisive policies could be pursued, in contrast to a situation where both chambers block each other and stall economic progress. Also, this would allow for a meaningful stimulus package that could become a catalyst for a stronger market. READ MORE 

12:27 PM

Coal India is bleeding but govt keeps pressuring to declare large dividends

Coal India Limited (CIL) is bleeding its cash reserves. As the first ever auctions for coal mines without any restrictions on sale of coal began on November 2, it is a sobering thought. The haemorrhaging also has implications for whether CIL will end up practically defunct like another public sector behemoth, BHEL, or whether it would manage to retain its dominance, like Life Insurance Corporation. READ MORE 

12:17 PM

BROKERAGE VIEW | Emkay Global on Zee Entertainment

RATING: HOLD | TARGET PRICE: Rs 200

We are baking in growth in ad revenues from Q4FY21. We continue to highlight that any upside in this stock hinges on delivery on guidance, especially in terms of cash generation and governance. Maintain Hold rating with a TP of Rs 200 (11x Sep’22E EPS).