MARKET: Sensex surges 593 pts amid broad-based buying; Nifty ends at 11,228

All that happened in the markets today

1:56 PM

NEWS ALERT :: Gateway Distriparks approves merger with Gateway East India

1:45 PM

ITC trades firm despite Maharashtra banning loose cigarettes

Shares of ITC were trading firm at Rs 173, up 1 per cent, on the BSE on Monday despite the Maharashtra government banning the sale of loose cigarettes and beedis, making it the first state to do so. The stock of the fast moving consumer goods (FMCG) company, however, underperformed the S&P BSE Sensex, which up 1.4 per cent at 37,919 points at 01:10 pm. READ MORE

1:36 PM

ICRA downgrades TAJGVK's credit ratings of long-term loans, others

TAJGVK Hotels and Resorts on Monday said domestic rating agency ICRA has downgraded the credit ratings of its long-term loans and short-term credit facilities on account of revenue and margin decline in the current fiscal due to the Covid-19 pandemic. READ MORE

1:24 PM

Bond traders in India brace for likely borrowing hike to Rs 6 trillion

Traders expect the government to lift its borrowing estimate for the October-March period to six trillion rupees ($81.5 billion) from the existing 5 trillion rupees, according to 10 out of 16 traders in a Bloomberg survey. The timing for this increase couldn’t be worse as the Reserve Bank of India is set to keep its policy rates on hold on Thursday amid a persistently high inflation. READ MORE 

1:16 PM

RBI Policy :: MPC likely to keep interest rates unchanged

As regards the next policy review, industry body Confederation of India Industry said: “The RBI should maintain its accommodative stance, while avoiding a rate cut for now given the stickiness in CPI inflation. While supporting growth is critical, the RBI could wait till there is some visible moderation in inflation.” Expressing similar opinion, Assocham Secretary General Deepak Sood said the Reserve Bank should continue in a more pronounced way the accommodative stance on the policy interest rates in the wake of serious challenges due to contraction in the economy induced by the Covid-19 pandemic. READ MORE

1:08 PM

Tyre stocks in focus; Balkrishna Ind rallies 9%, hits fresh record high

Balkrishna Industries Limited (BIL) is engaged in the business of manufacturing and selling of Off-Highway Tyres (OHT) in the specialist segments such as agricultural industrial and construction earthmovers and port mining forestry lawn and garden and All Terrain Vehicles (ATV). READ MORE

12:56 PM

Infosys becoming bellwether again, says chairman Nandan Nilekani

Even though it may still be some time away, the firm believes the strategy it has put in place and investments it has made in the past couple of years will help it achieve the target sooner than later. “Infosys is becoming the bellwether again,” Nandan Nilekani, chairman of Infosys, told Business Standard. READ MORE 

12:46 PM

NEWS ALERT :: Lupin launches Atorvastatin Calcium Tablets

12:45 PM

MARKET CHECK | Top gainers on the BSE at this hour

12:42 PM

Tariff hikes, gas volume uptick positive for Gujarat Pipavav Port

Though weak volumes may weigh on Gujarat Pipavav Port’s near-term revenues, the Street is expecting the recent price hikes, expansion plan, and commissioning of the Western Dedicated Freight Corridor (WDFC) to boost medium-term prospects.

 

The firm, owned by Danish integrated container logistics major AP Moller-Maersk Group, recently announced a tariff hike, which adjusted for discounts and rebates, would work out 6-7 per cent higher on a blended basis for container cargo. READ MORE

12:32 PM

Festival boost: Home appliance makers look to regain some lost ground

Consumer durables and electrical appliances companies remain in focus with the approaching festival season. Havells announced entry into the refrigerators segment under Lloyds brand recently. After a weak first half of FY21 — with summer season sales in the June quarter getting impacted due to the lockdown, and the September quarter being seasonally weak — the upcoming festival season is likely to see companies regain some lost ground, said analysts. READ MORE

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12:22 PM

India may be one of the most vulnerable EMs, say Lambregts & Erken

London-based Jan Lambregts , managing director and global head of financial markets research, Rabobank International, and Hugo Erken, head of international economics, RaboResearch Global Economics & Markets, tell Puneet Wadhwa that EMs may struggle in the short term on the back of rising geopolitical developments, which will likely cause a shift towards risk-off sentiment and capital outflows. READ FULL INTERVIEW HERE

12:09 PM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
PVR	1214.70	10.33
BALKRISHNA INDS	1472.15	8.52
ESCORTS	1296.60	7.77
ITI	129.45	7.16
METROPOLIS HEALT	1865.00	7.16

12:02 PM

BROKERAGE VIEW | ICICI Securities on Nestle

RATING: HOLD | TARGET PRICE: Rs 16,500

Our earnings estimates are unchanged; modelling revenue / EBITDA / PAT CAGR of 11 / 16 / 15 (%) over CY19-21E. Maintain HOLD rating with DCF-based target price unchanged at Rs 16,500. Key upside risk is greater-than-expected deflation in inputs and key downside risk is potential regulatory disruption in infant nutrition.

11:54 AM

UTI AMC IPO: Investors shouldn't expect significant gains in near-term

The UTI Asset Management Company’s (UTI) initial public offering (IPO) looks attractive given the over 30 per cent discount to listed players, but investors shouldn't expect significant gains in the near-term. The reason: lack of favourable assets under management (AUM) mix, sharp uptick in retail business and cost optimisation. READ MORE