MARKET WRAP: Sensex up 277 pts; TCS' m-cap tops Rs 10 trn, stock jumps 7%

All that happened in the markets today

3:43 PM

SECTOR WATCH | Nifty IT gains nearly 3.5%

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 ended 277 points, or 0.71 per cent higher at 38,974 levels while NSE's Nifty ended at 11,503, up 86 points, or 0.76 per cent.

3:28 PM

MARKET CHECK

3:22 PM

BROKERAGE VIEW | ICICI Securities on Coal India

RATING: BUY | TARGET PRICE: Rs 258

We maintain our BUY rating on CIL and our target price of Rs258. We remain structurally positive on the stock, valuing it on DCF basis with peak production of

850mnte from FY29E onwards. The stock is currently trading at 3.8x P/E and 1.7x EV/EBITDA on FY22E basis with 45% RoE.

Key downside risks: 1) Weakness in the power sector leading to lower volumes, 2) weakness in international coal prices (impacting the sentiment and making imported coal more competitive vs domestic coal), and 3) natural disasters impacting volumes.

3:14 PM

BSE Midcap index trades flat with a negative bias

3:03 PM

SpiceJet gains 3% as airline to start flights to London from December 4

Addressing media via video conferencing, CMD Ahay Singh said the airline would start flights between Delhi and Mumbai to London within two months. Besides, the airline would announce other destinations for long-haul flights in the days to come.

 

The airline would deploy A330neo for London operations, he said. READ MORE

2:52 PM

TCS, Infosys, and HDFC Bank top contributors to Sensex's 300-point gain today

2:40 PM

NEWS ALERT :: SpiceJet to start London-bound flights from December 4, says Ajay Singh

2:35 PM

NEWS ALERT :: FM Sitharaman to address media on GST Council meeting outcome at 5:45 pm

2:32 PM

Chemcon Speciality shares slip 31% in two days after making a strong debut

Chemcon Speciality Chemicals was listed at Rs 731, a 115 per cent premium against the issue price of Rs 340 per share on the BSE. It touched a high of Rs 743.80 in the intra-day on the exchange on Thursday. READ MORE 

2:31 PM

NEWS ALERT :: Q2 was characterized by a partial revival of consumer sentiment, says Marico

>>  Rural continued to perform better than urban aided by Government’s focused relief packages, relatively lower impact of the pandemic, the resilience of the agricultural sector in a declining GDP context and the consumption shift due to reverse migration of labour.

>> The distribution network has rebounded back to near pre-COVID levels. 

>> India business witnessed signs of revival in consumer demand in the core categories contributing more than 90% of the business and registered robust volume growth in the quarter.

>> The international business has clocked mid-single digit constant currency growth

2:23 PM

Steel costlier than pre-Covid level after firms hike prices by Rs 2,000 a tonne

Steel companies have increased prices by around Rs 2,000 a tonne effective this month, taking it to higher than pre-Covid-19 levels.

 

Most companies have increased prices of flat steel by Rs 1,500-2,000 a tonne from October 1. The average price of hot rolled coil (HRC), a benchmark for flat steel prices is now Rs 43,500 a tonne, what was around Rs 39,000 a tonne back in March before the lockdown. READ MORE
 

2:17 PM

Rupee Closing

Rupee ends at lower at 73.29 per US dollar vs Thursday's close of 73.15/$

2:00 PM

How one piece of hardware forced a full-day shutdown of Tokyo Stock Market

The full-day shutdown that ensued was the longest since the exchange switched to a fully electronic trading system in 1999. It drew criticism from market participants and authorities and shone a spotlight on a lesser-discussed vulnerability in the world’s financial plumbing -- not software or security risks but the danger when one of hundreds of pieces of hardware that make up a trading system decides to give up the ghost. READ MORE

1:51 PM

Fund pick :: Canara Robeco Bluechip Equity Fund is a consistent performer

Launched in August 2010, Canara Robeco Bluechip Equity Fund has featured in the top 30 percentile of the large-cap category in the CRISIL Mutual Fund Ranking (CMFR) for three quarters ended June 2020. The fund has been managed by Shridatta Bhandwaldar and Sanjay Bembalkar since July 2016 and October 2019, respectively. READ MORE

1:41 PM

BUZZING STOCK:: TCS extends gains; m-cap crosses Rs 10 trillion-mark

1:36 PM

Uttam Galva Steels hits 5% upper circuit as ArcelorMittal may bid for Co

At 01:05 pm, the stock was frozen at Rs 6 on the BSE as compared to 0.68 per cent rise in the S&P BSE Sensex at 38,962 levels. Shares of Uttam Galva Steels had hit a 52-week high of Rs 10.93 on November 21, 2019 while its 52-week low level stands at Rs 3.62, hit on March 25, 2020. ArcelorMittal, the world’s largest steelmaker, had taken the bulk of Uttam Galva’s debt to be considered eligible for the Essar Steel bid under the insolvency law and became a significant financial creditor. READ MORE 

1:32 PM

NEWS ALERT :: Bharti Infratel to approach NCLT to to make the Indus Tower merger scheme effective

1:25 PM

MARKET CHECK

1:20 PM

NEWS ALERT :: Centre may extend deadline to levy compensation cess till 2024: TV reports

1:15 PM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI GREEN	753.00	772.30	0.80
APL APOLLO TUBES	2938.10	3025.00	-0.71
BIRLASOFT LTD	204.70	210.55	5.24
COFORGE	2354.95	2438.95	0.79
HERO MOTOCORP	3141.55	3230.00	-0.32

1:09 PM

European indices trade largely higher in early deals

(Source: Reuters)

1:00 PM

Suprajit Engineering advances 10% post September quarter business update

Shares of Suprajit Engineering moved higher by 10 per cent to Rs 206.85 on the BSE in the intra-day trade on Monday after the company said its operational financial performance for the July-September quarter (Q2FY21) is expected to be normal despite Covid‐19 challenges. The stock of the auto parts and equipment company was trading close to its 52-week high level of Rs 220, touched on February 1, 2020. READ MORE 

12:53 PM

NEWS ALERT :: SpiceJet told hold virtual press conference today at 2.20 pm

12:50 PM

Expert View :: Jyoti Roy - DVP- Equity Strategist at Angel Broking on TCS

TCS has announced that the board of directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on the 7th of October, 2020. We believe that while this is a positive development for the company it is also a positive development for the sector given that it could be a precursor for other IT companies to follow suit. Most IT companies have large surplus cash on books which can be used to reward shareholders either in the form of dividends or buybacks.

12:43 PM

Troubled lender YES Bank's Q2 loans up 1.4% over Q1FY21 to Rs 1,66,854 cr

The lender, which is an associate of State Bank of India, disbursed Rs 3,795 crore in retail segment during the July-September 2020. It had disbursed just Rs 424 crore in retail segment Q1FY21, according to filing with BSE. Its stock was trading 1.43 per cent up at Rs 13.48 per share on BSE. READ MORE

12:32 PM

Voda Idea, Airtel bat for tariff hike, but Reliance Jio is sitting tight

Backing him up was Vodafone Idea chairman Kumar Mangalam Birla who called tariffs, despite last December’s 40-50 per cent increase, very low and said raising them was vital for growth. But Reliance Jio is sitting tight or at least is in no mood to oblige. READ MORE

COMPANY	LATEST(rs)	CHG(RS)	CHG(%)
VODAFONE IDEA	9.27	0.03	0.32
BHARTI AIRTEL	430.15	-2.20	-0.51
TATA COMM	842.70	4.30	0.51

12:24 PM

Aurobindo Pharma: Multiple growth triggers to improve Street sentiment

Shares of Aurobindo Pharma, which had corrected by over a fifth after hitting fresh 52-week high in August, have rebounded about 10 per cent in the last 10 days.

 

The company, which has seen strong growth trajectory, however, posted a sequential decline in revenue and net profit in June quarter (Q1) led by Covid-19 disruption, thereby impacting Street sentiment. READ MORE
 

12:16 PM

NEWS ALERT :: Sri Lankan stock trading halted after over 8% plunge on new Covid-19 cluster