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    Stock Market Highlights: Market ends with gains, Nifty holds 11,900 level; Realty index surges over 4%

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    Stock Market Highlights: Market ends with gains, Nifty holds 11,900 level; Realty index surges over 4%

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    Stock Market Highlights: Indian equity indices ended higher after a volatile session on Tuesday. Broader markets outperformed the benchmarks, by closing over half a percent. Nifty Realty remained the best-performing index of the day, ending over 4 percent led by the gains in Oberoi Realty (settles +20 percent). Meanwhile, HCL Technologies remained the Nifty50 top gainer while Britannia was the top loser. 

    Stock Market Highlights: Market ends with gains, Nifty holds 11,900 level; Realty index surges over 4%
    • Here are the key highlights from today's trading session:

      1. Market gains for 3rd straight session; Nifty near 11,900

      2. HDFC Bank & IT stocks help Nifty close in the green 

      3. Sensex gains 113 points to 40,544 & nifty 24 points to 11,897

      4. Nifty Bank advances 45 points to 24,312 & Midcap Index 107 points to 17,023

      5. Britannia top Nifty loser after a mild miss of topline in Q2 earnings

      6. HUL closes with minor cuts after reporting volume growth of 1% v/s 2-3% poll

      7. PSU Companies erase yesterday's gains; ONGC, GAIL, Indian Oil Corporation top losers

      8. Bajaj Finance closes lower ahead of earnings tomorrow

      9. Hindustan Copper surges 11% on reports of government looking to sell stake

      10. Cement stocks move higher after ACC reports results better than estimates

      11. Just Dial climbs 19% on optimism over B2B platform

      12. Market Breadth favours advances; advance-decline ratio at 1:1

    • Closing Bell: Sensex ends 113 points higher, Nifty around 11,897; IT stocks rise

      Indian indices ended higher mainly led by IT stocks and some financials after the banking index turned positive. Heavyweights HDFC Bank, Infosys, HCL Tech, TCS, and Asian Paints contributed the most to the benchmarks in today's trade.

      The Sensex ended 113 points higher at 40,544 while the Nifty rose 24 points to settle at 11,897. Broader markets outperformed benchmarks with Nifty Midcap and Nifty Smallcap rising 0.6 percent and 0.4 percent, respectively.

      Among sectors, Nifty Realty surged over 4 percent and Nifty IT added 1.4 percent. Nifty Bank, Nifty Auto and Nifty Pharma also ended the day in the green. However Nifty Energy lost over 1 percent and Nifty FMCG shed 0.3 percent for the day. The Metal and PSU Bank indices were also in the red.

      On the Nifty50 index, HCL Tech, Tech Mahindra, Asian Paints, Bharti Airtel and HDFC Bank were the top gainers while Britannia, ONGC, IOC, GAIL and UPL led the losses.

    • Equitas SFB IPO: A SWOT Analysis

      The initial public offering (IPO) of Equitas Small Finance Bank (SFB) opened today, with the company planning to raise Rs 280 crore through a fresh issue and sell 7.2 crore existing shares for a total issue size pegged at Rs 510-518 crore. The company’s listing date is expected to be November 2.

      The IPO will see promoter holding fall from 95.49 percent to 82.05 percent has a steep timeframe to reduce stake further to 40 percent by September 2021 (and 30 percent and 26 percent respectively by September 2026 and 2028 respectively). The company hopes to achieve this through options such as OFS, mergers or reverse merger with holding company.

      Following the fundraising, the stock is expected to be valued at about 1.1x price-to-book. Equitas SFP is also planning to apply for a universal banking license. To read more, click here

    • Big cuts for ICICI Bank: As per the BSE shareholding pattern, the LIC has reduced its stake in the company to 8.87% in September quarter from 10.15% in June quarter. It has sold 3,74,36,314 share in the July-September quarter.

    • Rupee Update: The Indian currency ended lower on Tuesday amidst volatile equity markets. The rupee ended at 73.46 against the US dollar as compared to Monday's close of 73,37. 

    • Hindustan Unilever's Q2 EBITDA comes in at Rs 2,869 crore v/s CNBC-TV18 poll of Rs 2,750 crore, margin at 25.1%. 

    • Earnings Review: Brokerages raise target price on ACC as co beats Street estimates in Sept quarter


      Cement maker ACC beat street estimates, posting a 20.26 percent rise in its net profit at Rs 363 crore for the September quarter (Q3). The company follows a January-December financial year.

      The firm had reported a net profit of Rs 302.56 crore in the corresponding quarter of the previous financial year. Revenue during the quarter increased marginally to Rs 3,537.3 crore from Rs 3,528.31 crore, YoY.

      EBITDA in the September quarter also rose 20.5 percent to Rs 671.4 crore from Rs 557.1 crore while EBITDA margin expanded by 320 bps to 19 percent from 15.8 percent, year on year.

      Brokerage houses are very bullish post the results with most raising their target prices for the stock while maintaining a positive view. Read more

    • Kajaria Ceramics Q2FY21: The company’s consolidated net profit declined 3.75 percent to Rs 89.6 crore from Rs 93.1 crore while revenue fell 0.3 percent to Rs 712.5 crore from Rs 714.7 crore, YoY. Consolidated EBITDA grew 36.5 percent to Rs 143.7 crore as against Rs 105.2 crore and EBITDA margin expanded by 550 bps to 20.2 percent from 14.7 percent, YoY. 

    • Equitas Small Finance Bank IPO: Should you subscribe?
      Most analysts recommend a ‘Subscribe’ rating on the issue with a long-term view given the bank's well-diversified advances, strong capital ratio, steady asset quality adequate liquidity position and…
      Stock Market Highlights: Market ends with gains, Nifty holds 11,900 level; Realty index surges over 4%
    • Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd 

      Granules India reported a 22.7% YoY growth in consolidated revenues for Q2FY2021 to Rs 858 crore which was marginally above our expectations of Rs 839 crore. Revenue growth was driven by new launches and increase in market share of existing products across all three verticals. EBIDTA for the quarter was up by 78.6% YoY to Rs 256.3 crore while EBIDTA margins expanded by 940bps yoy to 29.9% due to due to decrease in raw material costs which accounted for 42.1% of revenues as compared to 51.4% of revenues in Q2FY2020.

      Net profit for the quarter came in above our expectations at Rs 163.5 crore up by 70.8% YoY. During the quarter the company received four ANDAs from the US FDA and launched one new product in the US. The company has been able to report significant improvement in margins due to change in product mix and better operational efficiencies. Overall the numbers were ahead of our estimates and we remain positive on the future prospects of the company.

    • Sunteck Realty to acquire 50-acre land in Vasind, Mumbai suburb for residential project

      Real estate development company Sunteck Realty on Tuesday said it will acquire around 50-acre land parcel in Vasind, Mumbai to develop a residential project. Sunteck Realty said the project will have a revenue potential of Rs 1,250 crore spanning over next 4-5 years.

      ”Sunteck Realty Ltd… has entered into an agreement to acquire approx 50-acre land parcel in Vasind. The project will offer approximately 2.6 million square feet… the project will have a revenue potential of Rs 1,250 crore,” the company said in a BSE filing. The company did not disclose the financial details of the proposed land acquisition. Read more here.

    • Experts' View: Ajit Mishra, Head of Research at Religare Broking says, “Metal counters are doing exceptionally well. JSW Steel and Jindal Steel look upbeat for the fresh start. So, one can go long in Jindal Steel at current levels with stop loss of Rs 192 and target of around Rs 218.” He also suggested further to buy IndusInd Bank with a stop loss of around Rs 590 for target of around Rs 690, as it seems best-placed among the banking pack. 

    • Equitas Small Finance Bank IPO subscribed 12%: The initial public offering of Equitas Small Finance Bank, the subsidiary of Equitas Holdings, has subscribed 11.6 percent on October 20, the first day of bidding. The Rs 518-crore public issue has received bids for 1.36 crore equity shares against offer size of 11.58 crore equity shares, the data available on exchanges. (Source: Moneycontrol)

    • Oberoi Realty shares gain 14% as brokerages bullish on stock


      The share price of Oberoi Realty surged in trade on Tuesday as brokerages maintained a positive view on the stock. The stock gained as much as 14.35 percent to Rs 446.15 per share on the NSE.

      At 12:38 PM, the stock was trading 13.29 percent higher at Rs 441.55.

      On Friday, the Mumbai-based real estate developer reported a flat consolidated net profit figure at Rs 137.74 crore on an yearly basis (YoY). The income declined 36 percent YoY to Rs 325 crore during the quarter ended September 30, 2020.

      According to CLSA, the company is planning to do a platform deal with investors to unlock the value of its rental portfolio and also to fund growth, with the aim to develop a strong rental portfolio, especially in the office segment.

      In the residential segment, management targets to surpass FY20 presales in FY21, driven by new launches in 2HFY21, it added. Read more here

    • Granules India reports Q2 results, net profit rises 71% YoY. The company has reported a reduction in net debt by 25.8% YoY, adding that, the company saw no material impact of the COVID19 outbreak on Q2 & H2 results.

    • Experts' View on Equitas Small Finance Bank IPO:  25 percent of the book comes from the highly risky microfinance sector. Considering the rise in NPAs across the whole industry due to the fallout of COVID-19, we advise investors to be careful. The true picture of the loans will only be known by March 2021 and until then we advise to stick only to the top lenders with a diversified book and a strong capital adequacy ratio, said Aditya Shah, CIO of JST Investments.

      A few well-diversified banks are available below the book value and therefore it makes little to no sense to look at a smaller riskier lender. Therefore we have a avoid on the IPO, added Shah further.

    • Tata Metaliks shares jump over 7% as Q2 EBITDA rises 1.6 times


      The share price of Tata Metaliks rose over 7 percent on Tuesday on robust September quarter results. The sentiment was lifted after the firm's September quarter EBITDA rose 1.6 times and debt was reduced by over Rs 92 crore.

      The stock rose as much as 7.4 percent to the day's high of Rs 598.10 per share on BSE.

      Its net profit also jumped manifold to Rs 82 crore in Q2, mainly on account of reduced expenses. The company had posted a net profit of Rs 23 crore in the corresponding quarter of the previous financial year.

      Its total income in the second quarter ended September 30 also rose to Rs 521.84 crore, from Rs 517.06 crore a year ago. Total expenses reduced to Rs 431.63 crore in the quarter under review, from Rs 494.10 crore in the year-ago period.

      A subsidiary of domestic steel giant Tata Steel, Tata Metaliks has a manufacturing plant at Kharagpur, West Bengal, where pig iron and ductile iron pipes are produced.

    • Hind Zinc expected to report an EBITDA margin of 50.8% Vs 46.9% (YoY); volume guidance will be a key monitorable

    • JUST IN: Tata Comm says Pratibha Advani resigns as CFO; Kabir Ahmed Shakir appointed new CFO with effect from October 21, 2020

    • BOJ to cut growth, inflation forecasts as pandemic pain persists: Sources


      Japan’s central bank is expected to cut its growth and price forecasts for the current fiscal year at next week’s rate review, sources familiar with its thinking said, as the coronavirus pandemic weighs on the economic recovery. But any such downgrade is unlikely to trigger an immediate expansion of monetary stimulus, with the Bank of Japan expected to maintain its assumption that the world’s third-largest economy will post a moderate pick-up, the sources said. ”It’s somewhat weaker than three months ago,” one of the sources said of this fiscal year’s growth projections, a view echoed by two other sources. The main reason for the downward revision in growth is the bigger-than-expected economic slump in April-June and soft consumption during the summer, the source said. More here

    • Jet Airways 2.0 may be back in skies in 6 months, says Resolution Professional

      Almost eighteen months after the country’s then-largest airline was grounded, there is new hope that Jet Airways may just fly again. Three failed attempts later, its lenders have finally approved a proposal, which if approved by the courts, may infuse a new lease of life in the carrier. Ashish Chhawchharia, the resolution professional of the airline, believes that if all approvals are in place, Jet Airways can fly within the next four to six months. In an interview to CNBC-TV18 , Chhawchharia said, “Jet 2.0 will comprise of domestic and global routes. The new owners will have to partner with global players (given the lack of experience in the aviation sector).” More here

    • Gold rate today: Yellow metal trades lower; support seen at Rs 50,200 level


      Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday tracking a muted trend in the international spot prices amid uncertainty over the US stimulus package, analysts said. Gold futures for December delivery fell 0.24 percent to Rs 50,564 per 10 grams as against the previous close of Rs 50,687 and opening price of Rs 50,600 on the MCX. Silver futures traded 0.20 percent lower at Rs 61,972 per kg. The prices opened at Rs 62,050 as compared to the previous close of Rs 62,095 per kg. However, losses in the precious metals were restricted by safe-haven buying amid rising COVID-19 cases in major economies.

    • Tuesday's top brokerage calls: ACC and HDFC Life
      Among brokerages, CLSA and Citi maintained a 'buy' call on ACC post its September quarter results and raised target prices. Meanwhile, Credit Suisse and Nomura maintained a 'neutral' call on HDFC Life…
      Stock Market Highlights: Market ends with gains, Nifty holds 11,900 level; Realty index surges over 4%
    • Earnings Impact: Tata Metaliks shares jump over 7% as Q2 EBITDA rises 1.6 times

      Shares of Tata Metaliks rose over 7 percent on Tuesday on robust September quarter results. The sentiment was lifted after the firm's September quarter EBITDA rose 1.6 times and debt was reduced by over Rs 92 crore. It's net profit also jumped manifold to Rs 82 crore in Q2, mainly on account of reduced expenses. The company had posted a net profit of Rs 23 crore in the corresponding quarter of the previous financial year. 

    • Britannia shares fall 5% post September quarter results

      Shares of Britannia Industries fell 5 percent on Tuesday after the company announced its September quarter (Q2) results last evening after the company missed volume growth expectations.  However, overall performance was ahead of estimates and better than expected margins was reported. The stock fell as much as 5.2 percent to the day's low of Rs 3,575 per share on BSE. In 2020, the stock is up 19 percent. Total revenue from operations climbed 12.15 percent to Rs 3,419.11 crore during the quarter under review as against Rs 3,048.44 crore in the year-ago period. Revenue growth of 12 percent YoY was slightly higher than the expected decline in growth trajectory from a 27 percent growth witnessed in 1Q. The FMCG major reported a 22.96 percent increase in consolidated net profit to Rs 495.20 crore in Q2 as compared to Rs 402.73 crore in the year-ago period.

    • Rupee Update: The Indian currency opened unchanged today, near to the Monday's closing. The rupee opened at 73.37 against the US dollar as compared to the Monday's closing of 73.37. 

    • Stock Update: Wipro has won an Application Management (AMS) and Services Integration & Management (SIAM) contract from Fortum, one of the leading clean-energy companies headquartered in Espoo, Finland. As a part of the five-year agreement, Wipro will manage Fortum’s application portfolio across hundreds of applications for more than 11,500 users across 18 countries and provide 24/7 support for business-critical applications. The stock traded 1 percent higher to Rs 346.60 per share on the NSE. 

    • HUL Q2FY21 earnings: Here are the key expectations
      Hindustan Unilever (HUL), which will post its Q2 earnings on October 20, has been an underperformer for the last six months. However, with the Q2 numbers, Dalal Street is expecting some sort of…
      Stock Market Highlights: Market ends with gains, Nifty holds 11,900 level; Realty index surges over 4%
    • MCX launches first real time base metal index METLDEX


      METLDEX, India's first base metal futures index from MCX, has now gone live. The index will track the real-time performance of a basket of MCX base metals futures and facilitate efficient price risk management across the value chain. It is noteworthy that the domestic metal prices, until now, were pivoted to the London Metal Exchange (LME) prices but will end with the launch of METLDEX. METLDEX is based on the five base metals - zinc (5 metric tonne), copper (2.5 mt), nickel (1.5 mt), lead (5 mt) and aluminium (5 mt). "MCXMETLDEX futures offers retail investors an opportunity of investing in the industrial sector as a whole without the need to analyse each and every commodity separately. It is convenient as the contracts are settled in cash and also this will facilitate efficient price risk management across the value chain even to the smaller investor also due to low contact size and low margin," said Ajay Kedia, Director, Kedia Commodities.

    Stock Market Highlights: Indian equity indices ended higher after a volatile session on Tuesday. Broader markets outperformed the benchmarks, by closing over half a percent. Nifty Realty remained the best-performing index of the day, ending over 4 percent led by the gains in Oberoi Realty (settles +20 percent). Meanwhile, HCL Technologies remained the Nifty50 top gainer while Britannia was the top loser.

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