MARKET WRAP: Sensex tanks 812 pts amid weak global cues; India VIX up 13%

All that happened in the markets today

12:28 PM

Most global investors cautious of equities after sharp rally: Raychaudhuri

The market rally since March 2020 lows has been led mostly by foreign institutional investors. MANISHI RAYCHAUDHURI, head of Asia Pacific equity research, BNP Paribas, tells Puneet Wadhwa the reason for India being such an FII favourite is the breadth of stocks and sectors that the market offers. READ MORE

12:17 PM

Deepak Fertilisers, GSFC: Will Farm Bills' passage boost fertiliser stocks?

Most fertiliser stocks were trading in the negative territory on Monday, a day after Rajya Sabha passed two key farm bills amid ruckus by opposition members and farmer protests. The Upper House passed by voice vote the Farmer's Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, and the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020. The bills have already been passed by Lok Sabha and will now go to the President for his assent before they are notified as laws. READ MORE

12:07 PM

Nucleus Software hits record high, stock zooms 132% in 2 months

Shares of Nucleus Software Exports were locked in the 10 per cent upper circuit band at Rs 664.70, also its record high, on the BSE on Monday in an otherwise subdued market. In the past two months, the stock of the IT software products-company has zoomed 132 per cent after it reported strong earnings for the quarter ended June 2020 (Q1FY21). In comparison, the S&P BSE Sensex was up 3.8 per cent during the period. READ MORE

11:57 AM

MARKET UPDATE:: Sensex continues to trade flat

11:50 AM

BROKERAGE VIEW | HDFC Securities on ITD Cementation

RATING: BUY  | TARGET PRICE: Rs 68

ITD numbers were better than expectation on account of execution beat and cost controls. Labour availability has improved to 70-80% of pre-COVID level. Order backlog is robust at Rs 126bn (4.4x FY20 revenue) aided by FYTD21 order wins of Rs 13.5bn. Besides, ITD is L1 in orders worth Rs 15bn (total order book at Rs 141bn). Although, NWC days and consolidated net debt (Rs 3bn vs Rs 1.8bn at FY20-end) have increased QoQ, balance sheet remains robust. We maintain BUY on ITD with an unchanged target price of Rs 68/sh, (1) given large order book (~4.4x FY20 revenue), (2) strong balance sheet and (3) bottom valuation (6.8x 2 yr fwd EPS). 

11:45 AM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
KPIT TECHNOLOGI.	114.40	6.12
CAPRI GLOBAL	241.10	4.51
SOMANY CERAMICS	193.50	4.37
SUZLON ENERGY	3.24	4.18
HCL TECHNOLOGIES	842.80	3.91

11:40 AM

IPO UPDATE | Chemcon Speciality offer gets fully subscribed on Day 1

(Source: NSE)

11:29 AM

Large-cap concentration much higher in India than US, shows data

The concentration of large-cap stocks is starker in India than in the US. The top 100 stocks account for 71.2 per cent of market capitalisation of the S&P 500 index, a gauge to track the performance of 500 most-valuable US companies.

 

The top 100 stocks in India account for 77.3 per cent of the Nifty 500 index. The next 150 stocks — categorised as mid-caps in India —account for 18.2 per cent in the S&P 500 and 16.1 per cent in the NSE 500, respectively.  READ MORE

11:18 AM

Chemcon IPO: How momentum in the pharma sector is positive for the company

On September 18, the company raised Rs 95.4 crore through allotment of 2.806 million shares to anchor investors at Rs 340 per share, according to an exchange notification.

 

IDFC Emerging Business Fund, IDFC Dynamic Equity Fund, ICICI Prudential Child Care Plan Gift Plan, IIFL Special Opportunities Fund Series 7, HSBC Global Investment Funds, Mirae Asset funds, Canara HSBC Oriental Bank of Commerce Life Insurance Company, Ashmore India Opportunities Fund, Kuber India Fund, Tata Multi Asset Opportunities Fund, Reliance Equity Opportunities AIF Scheme 1, and Abakkus Emerging Opportunities Fund-1 were among the anchor investors. READ MORE

11:01 AM

Bharti Airtel slips nearly 3%

11:01 AM

Mukand hits upper circuit for 14th straight day, rallies 87% in September

Shares of Mukand were locked in upper circuit for the 14th straight trading day, up 5 per cent at its 52-week high of Rs 51.50 on the BSE on Monday. The company is engaged in iron & steel/intermediates products. Thus far in the month of September, the stock has rallied 87 per cent after its board, on August 31, approved the proposal for divestment of upto 51 per cent equity stake/investment held in Mukand Sumi Special Steel (MSSL) to promoter group entities for total consideration of Rs 1,212.95 crore. In comparison, the S&P BSE Sensex gained 0.45 per cent during the period. READ MORE

10:44 AM

BROKERAGE VIEW | ICICI Securities on Allcargo Logistics

RATING: HOLD | TARGET PRICE: Rs 115

AGLL has received Rs 2.37bn till date from Blackstone, along with Rs 590mn in LRD for the assets transferred to Blackstone. Management guided for Rs 2-3bn investment in the warehousing assets for FY21. Logistics parks reported revenue trajectory (at Rs 88mn for Q1FY21, up ~ 5x YoY on a low base) continue to impress.

10:34 AM

GOCL Corp leaps 12% on divestment of partial stake in Quaker Houghton

Shares of GOCL Corporation surged as high as 12.5 per cent to Rs 207 on the NSE on Monday after the company said its UK subsidiary, HGHL Holdings, has decided to divest 2 lakh shares of Quaker Houghton at a price of Rs 175 per share. HGHL Holdings has beneficial interest in 4.27 lakh shares of common stock of Quaker Chemical Corporation/Quaker Houghton, USA, GOCL Corporation said in an exchange filing. READ MORE

10:23 AM

Route Mobile makes bumper debut, lists at 105% premium against issue price

Route Mobile (RML) made a strong debut at the bourses with its shares listing at Rs 717, a 105 per cent higher against its issue price of Rs 350 per share, on the National Stock Exchange (NSE). A minute after listing, the stock moved up to Rs 735, 110 per cent higher against issue price. READ MORE

10:16 AM

Deal wins, margin surprises likely to power more gains for Infosys

Recent acquisitions, strong deal pipeline, and rising digital spends should help Infosys, the country’s second-largest software company, maintain its growth outperformance. Higher growth and steady margins should also help it bridge the valuation gap with larger peer TCS. READ MORE