MARKET: Sensex slips 323 pts amid weak global cues, Nifty ends at 11,516

(Photo: Kamlesh Pednekar)
The domestic stock market ended nearly 1 per cent lower on Thursday amid weak global cues. Global markets slipped despite the US Federal Reserve saying it would keep interest rates near zero. Further, geopolitical tensions, too, weighed on the investor sentiment. READ MORE

 
The S&P BSE Sensex today fell 323 points, or 0.82 per cent to settle at 38,980. Of 30 constituents, 26 declined and the rest four advanced. Bajaj Finserv (down over 2 per cent) ended as the biggest loser on the index while HCL Tech (up over 2 per cent) was the top gainer. 

NSE's Nifty50 settled at 11,516, down 88 points, or 0.76 per cent. India VIX gained over 2 per cent to 20 levels.

On the sectoral front, Nifty Realty index slipped the most - down 1.68 per cent to 222.5 levels. Nifty Metal index cracked around 1.4 per cent to 2,363 levels. Nifty Bank fell 1 per cent while the Nifty PSU Bank index dropped over 1 per cent. On the other hand, Nifty Pharma settled 0.39 per cent higher at 11,735 levels. 

Among individual stocks, HCL Tech entered the list of top-10 most valuable companies in India after the stock rose nearly 4 per cent to Rs 817 during the day. Shares of the company settled at Rs 808, up over 2 per cent on the BSE. 

Shares of Happiest Minds Technologies (HMT) made a stellar debut at the bourses on Thursday as investors' money more-than-doubled after the stock ended at Rs 371, a 123 per cent higher against its issue price of Rs 166 per share on the bourses. READ MORE

In the broader market, the S&P BSE MidCap index settled 0.24 per cent higher at 15,009 levels while the S&P BSE SmallCap index lost 0.53 per cent to end at 15,350 levels.

Global markets 

The dollar stirred and equities recoiled on Thursday after a divided US Federal Reserve dented stimulus hopes, TikTok’s tug-of-war clobbered tech stocks and dire European car sales underscored coronavirus troubles.

In Asia, China shares ended weaker, with healthcare and consumer firms leading the losses. At the close, the Shanghai Composite index was down 0.41 per cent at 3,270.44, while the blue-chip CSI300 index lost 0.53 per cent to 4,632.71.

In commodities, Brent crude dropped 1 per cent to $41.80 per barrel while US crude fell 1.2 per cent to $39.68 per barrel at the time of writing of this report. 

(With inputs from Reuters)

4:23 PM IST "Indian markets reacted in sync with global markets, after the US Fed Reserve failed to keep up with the expectations of the investors. In spite of pledging to keep interest rates low, markets were disappointed with the lack of further inputs or immediate stimulus measures. Continued border tensions with China, also worried Indian markets. Markets are expected to remain uncertain and investors are advised to remain cautious."

3:43 PM IST

3:42 PM IST

3:36 PM IST The S&P BSE Sensex slipped 323 points or 0.82 per cent to settle at 38,980 while NSE's Nifty ended at 11,516, down 88 points, or 0.76 per cent.

3:20 PM IST

3:06 PM IST Shares of Ashapura Minechem (AML) were frozen at the upper circuit limit for the third straight day on the BSE on Thursday. The stock was up 5 per cent at Rs 82.75, also its 52-week high, in an otherwise weak market. In the past seven weeks, the stock of the mining company has seen its share price more than double after it reported strong operational performance for the June quarter of the current fiscal (Q1FY21). READ MORE   

3:00 PM IST COMPANY PRICE(rs) CHG(%) J B CHEM & PHARM 1132.00 16.76 DHANUKA AGRITECH 817.60 6.42 I T D C 270.70 5.74 NESCO 588.05 5.56 SONATA SOFTWARE 336.40 5.16 » More on Top Gainer

2:52 PM IST

2:44 PM IST In late August, the Delhi High Court had put on hold the insolvency resolution process (IRP) proceedings against Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel (RITL), respectively, in August 2016. READ MORE

2:35 PM IST

2:29 PM IST Finance ministry sources have indicated that there may not be any cut in the goods and services tax (GST) rates on automobiles despite a demand to this effect by the Covid-19 hit sector. The sources said the rates payable by auto firms under the new indirect tax system are lower than those under the old regime of excise duty and value added tax. READ MORE

2:19 PM IST Shares of Mindtree extended their gains into sixth straight trading day, up 1 per cent to hit a fresh record high of Rs 1,277 on the BSE on Thursday. Thus far in the current week, the stock of the leading digital transformation and technology services company has soared 8 per cent after former promoters Krishnakumar Natarajan and Subroto Bagchi sold equity shares worth more than Rs 200 crore via open market. READ MORE

LIVE UPDATES

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

"Indian markets reacted in sync with global markets, after the US Fed Reserve failed to keep up with the expectations of the investors. In spite of pledging to keep interest rates low, markets were disappointed with the lack of further inputs or immediate stimulus measures. Continued border tensions with China, also worried Indian markets. Markets are expected to remain uncertain and investors are advised to remain cautious."

SECTOR WATCH | Nifty Metal index drops nearly 1.4%


MARKET AT CLOSE | Bajaj Finserv ends as the biggest loser on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex slipped 323 points or 0.82 per cent to settle at 38,980 while NSE's Nifty ended at 11,516, down 88 points, or 0.76 per cent.

HCL Tech gains over 2%


Ashapura Minechem hits upper circuit for 3rd day; stock zooms 100% in 7 wks

Shares of Ashapura Minechem (AML) were frozen at the upper circuit limit for the third straight day on the BSE on Thursday. The stock was up 5 per cent at Rs 82.75, also its 52-week high, in an otherwise weak market. In the past seven weeks, the stock of the mining company has seen its share price more than double after it reported strong operational performance for the June quarter of the current fiscal (Q1FY21). READ MORE   


Stocks that hit 52-week high on BSE today

COMPANY PRICE(rs) CHG(%)
J B CHEM & PHARM 1132.00 16.76
DHANUKA AGRITECH 817.60 6.42
I T D C 270.70 5.74
NESCO 588.05 5.56
SONATA SOFTWARE 336.40 5.16
» More on Top Gainer

Stocks exerting pressure on Sensex at this hour


SC rejects SBI plea to vacate stay on invoking Anil Ambani's personal guarantees

In late August, the Delhi High Court had put on hold the insolvency resolution process (IRP) proceedings against Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel (RITL), respectively, in August 2016. READ MORE

MARKET CHECK | Top 5 losers on the BSE at this hour


No easing GST rate, automakers should cut royalty payments: FinMin sources

Finance ministry sources have indicated that there may not be any cut in the goods and services tax (GST) rates on automobiles despite a demand to this effect by the Covid-19 hit sector. The sources said the rates payable by auto firms under the new indirect tax system are lower than those under the old regime of excise duty and value added tax. READ MORE


Mindtree trades higher for sixth straight day, hits new high in a weak mkt

Shares of Mindtree extended their gains into sixth straight trading day, up 1 per cent to hit a fresh record high of Rs 1,277 on the BSE on Thursday. Thus far in the current week, the stock of the leading digital transformation and technology services company has soared 8 per cent after former promoters Krishnakumar Natarajan and Subroto Bagchi sold equity shares worth more than Rs 200 crore via open market. READ MORE

Rupee closing

Rupee ends weaker at 73.65/$ vs Wednesday's close of 73.52 against the US dollar

European indices dip in early deals


VC investments from China down by 66% in 2020, startups to feel the heat

A major chunk of the investments falls under venture capital, which is defined as investments in companies less than 10 years old. According to Venture Intelligence data, of the 30 deals reported from January to September 2020, 24 of them fall under VC amounting to $216 million. During the same period last year, 30 of 35 deals were in VCs worth $446 million. READ MORE


BROKERAGE VIEW:: Edelweiss Securities on SAIL

RATING: BUY | TARGET PRICE: Rs 52

We expect SAIL’s performance to improve due to volume uptick and higher realisation. Besides, lower inventory and net debt reduction lend additional comfort. While there are certain risks with payout and receivables, we remain optimistic overall. Maintain ‘BUY/SP’ with TP of Rs 52. The stock is trading at 0.4x FY22E P/BV.

BROKERAGE VIEW:: Edelweiss Securities on HUL

RATING: BUY | TARGET PRICE: Rs 2,665

HUL is a proxy for India’s FMCG (per capita consumption half of Indonesia and one-fourth of China).  We expect the company to be a key beneficiary of recovery in rural demand. Cost savings and mix improvement are bound to spur margin structurally. Although the lockdown will affect near-term margin, we expect cost-saving initiatives such as zero-based budgeting, efficiency in ad spends, and changes in route-to-market to support margin expansion. The acquisition of GSK’s portfolio will also aid overall margin expansion.
 
Localised lockdowns may affect near-term volumes, but we expect volumes and earnings to bounce back once the situation normalises. We expect premiumisation to sustain (albeit delayed) and hence expect better earnings growth. We retain ‘BUY/SO’ with TP of Rs 2,665. The stock is trading at 51.9x FY22E EPS.

BROKERAGE VIEW:: ICICI Securities on Brigade Enterprises

RATING: BUY | TARGET PRICE: Rs 272 

The company’s focus on affordable/mid-income housing projects in South India and expected recovery in hotel business in FY22E will enable the company to get its growth story back on track. We reiterate our BUY rating with a revised target price of Rs 272/share (earlier Rs 220) as we roll forward our DCF based NAV to March 2022 and include the recently launched Twin Towers office project in Bengaluru in our estimates.

BROKERAGE VIEW:: Samco Securities on Mphasis

Outlook: Long term Strong Upside | Investment Period: 5 years | Recommendation: Buy on dips
 
Strong P/E Backing: From a 52.2% stake in 2018, the Blackstone Group recently increased their stake in Mphasis to 56.21%. Covid-19 led to a market sell-off in March and this private equity wasted no me to increase their stake in Mphasis by 4.01%. The rise in stake is an indication of Blackstone's rising conviction in the company's growth which further boosts investor confidence. Also, with Blackstone's backing, Mphasis can access Blackstone's portfolio companies and accelerate its Direct core revenue growth.

BROKERAGE VIEW:: Emkay Global Financial Services on NBFCs

We have been highlighting our cautious view on the sector considering demand recovery would be a gradual and time-consuming process. We choose to maintain our cautious stance until we see an improvement in macros and remain watchful of any developments. HDFC Ltd. (Buy, TP Rs 2,000) remains our top pick in the sector, along with Cholamandalam Investment and Finance (Buy, TP Rs 230) and Shriram Transport (Buy, TP Rs 730). 

OPEC+ panel to meet to discuss output cuts, oil price decline amid Covid-19

 OPEC and allies, led by Russia, are scheduled to hold an online meet on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. READ MORE

Here's how to gauge support and resistance reversals for consistent profits

Support and resistance are two distinct aspects of price, but together they represent the importance of significant levels that have a major impact on the trend. Support is the area that facilitates buying momentum, whereas resistance is the roof level that the price is unable to conquer or go beyond. A number of market participants trade only on the basis of support and resistance zones. This seems risky, but over the years, this theory has proven to be a reliable trading model. READ MORE  


INTERVIEW:: Alex Tedder, CIO, Head of Global & Thematic Equities, Schroders Investment Management

"There are three distinct pockets of investment opportunities arising from the crisis. First, and perhaps most surprisingly, the crisis has served to re-enforce the growth in a number of industries for companies that were already benefiting from structural tailwinds. Most visibly perhaps, our reliance on technology has been amplified by the crisis, with strong growth in demand for enterprise software and cloud-based applications."

NEWS ALERT :: China continues to be in illegal occupation of approx 38,000 sq km in the UT of Ladakh, says Defence Minister Rajnath Singh

>> The situation this year is very different both in terms of scale of troops involved & no. of friction points

>> We do remain committed to peaceful resolution of the current situation

>>  At the same time, we remain prepared to deal with all contingencies

NEWS ALERT :: IRCON International bags order worth Rs 1,900 cr

>>  lrcon International Limited has secured Railway Electrification Works for various routes of 2251 Route Kilo meter (RKM) worth approx. Rs.1900 Crore on competitive bidding basis among PSUs from the Ministry of Railways, Government of India.

>> The tenure for execution of the projects varies from 15 to 20 months from the date of signing of Agreement with the Zonal Railways
 

SpiceJet: Seasonally weak Q2 could add to company's accumulated losses

The reduction in aviation turbine fuel (ATF) prices, for the second time in September, came as a breather. Yet, InterGlobe Aviation (IndiGo) and SpiceJet closed 0.3-1.6 per cent down in trade on Wednesday. Given that the cut in ATF prices followed price hikes in June, July, and August, gains remained limited. READ MORE

INTERVIEW:: Naveen Kulkarni, chief investment officer (CIO) at Axis Securities

"The market is at an interesting juncture where it is building a healthy recovery. However, it has been quite sceptical about the recovery in the banking sector as the challenges of collections continue to persist. Q2FY21 will provide a better picture of the state of corporate earnings and recovery. Q1FY21 indicated that the Indian corporates have managed to cope with Covid-19 challenges better than expectations." READ MORE

NEWS ALERT | SC dismisses plea by SBI seeking vacation of stay on personal Insolvency and Bankruptcy Proceedings against Anil Ambani: CNBC TV18

-- SC directs for HC to consider the issue on October 6, says SBI at liberty to seek modification of stay order.

Laurus Labs hits fresh record high on expectation of strong earnings

Shares of Laurus Labs hit a fresh record high of Rs 1,387.50, up 3 per cent on the BSE on Thursday on expectation of strong earnings in July-September quarter (Q2FY21). The stock of the pharmaceutical company was trading higher for the ninth straight day, ralling 17 per cent during the period. In the past three months, it has surged 171 per cent, as against 16.6 per cent gain in the S&P BSE Sensex. READ MORE

Dr Reddy's, Biocon, Torrent Pharma: What charts indicate for these stocks

Most pharma stocks have witnessed a huge upside so far in the calendar year 2020 (CY20). On a year-to-date (YTD) basis, the Nifty Pharma index has rallied over 45 per cent (as of Wednesday's close) as against nearly 5 per cent drop in the benchmark Nifty50 index, ACE Equity data show. READ MORE  


Dow Jones Futures tank 450 pts


Market at day's low


Why YES Bank investors should not be taken in by rating upgrades

From being placed under moratorium in March to having a new management team that has proved effective on many counts — arresting the run on deposits, bolstering capital adequacy, and charting a new growth strategy — the past six months have been a whirlwind for YES Bank. It has repaid in full the special liquidity facility (Rs 50,000 crore) availed from the Reserve Bank of India (RBI). READ MORE

Top gainers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
DHANUKA AGRITECH 816.20 6.23
NESCO 587.20 5.40
J B CHEM & PHARM 1020.00 5.20
SOMANY CERAMICS 190.30 5.20
I T D C 269.30 5.20
» More on Top Gainers

KPR Mill extends gains into sixth day, rallies 17% in one week

Shares of KPR Mill were trading higher for the sixth straight day, up 5 per cent at Rs 669.75 on the BSE in intra-day trade on Thursday on expectation that the company is likely to benefit from shifting the source of garment import from China to India. READ MORE

SECTOR UPDATE:: Nifty Metal index under pressure


HCL Tech enters top-10 most valued firms club; surpasses ITC in m-cap

HCL Technologies now become the third IT company featuring in the top-10 most valuable firm in terms of market-cap. Tata Consultancy Services (TCS) is on top of the list in IT space with Rs 9.32-trillion market-cap followed by Infosys, which has Rs 4.32 trillion-market-cap. READ MORE

NEWS ALERT :: L&T Construction bags Rs 1,000-2,500 cr contracts


Dr Reddy's Labs gains for second straight day on Covid vaccine deal

Shares of Dr Reddy's Laboratories extended their gains to the second straight day, up as much as 2.4 per cent to Rs 4,748 on the BSE on Thursday. The stock had risen 4.4 per cent in the last trading session after the firm and Russia's sovereign wealth fund, Russian Direct Investment Fund (RDIF), agreed to cooperate on clinical trials and distribution of Sputnik V vaccine in India. READ MORE

Dhanuka Agritech up 7% after Co fixes buyback price at Rs 1,000 per share

Shares of Dhanuka Agritech rallied nearly 7 per cent to Rs 820 apiece on the BSE on Thursday, a day after the company approved the buyback of up to 10,00,000 equity shares at a final price of Rs 1,000 per share for an aggregate amount not exceeding Rs 100 crore. The stock had hit a 52-week high of Rs 935 on July 20, 2020 while its 52-week low level stands at Rs 261, touched on March 23, 2020. READ MORE 


NEWS ALERT :: Dr Reddy's launches Olopatadine Hydrochloride Ophthalmic Solution in the US

>> The co today announced the launch of over-the-counter (OTC) Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2% and 0.1%, the storebrand equivalents of Pataday Once Daily Relief and Pataday Twice Daily Relief, in the US market.

>> Dr. Reddy’s Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2% and 0.1% are indicated for the temporary relief of itchy eyes due to pollen, ragweed, grass, animal hair and dander. The Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1% is also indicated for the temporary relief of red eyes. 

Happiest Minds makes stellar debut, shares soar 138% against issue price

Shares of Happiest Minds Technologies (HMT) made a stellar debut at the bourses on Thursday as investors' money more-than-doubled after the stock listed at Rs 351, a 111 per cent premium against its issue price of Rs 166 per share on the BSE. Minutes later, the stock extended its gains and rallied 138 per cent to hit a high of Rs 395 on the exchange. READ MORE  

ASHOK SOOTA, Executive Chairman Happiest Minds
  

HSIL leaps 10% as Board to consider share buyback on September 21

"Meeting of the Board of Directors of the Company will be held on Monday, September 21, 2020 to consider the proposal of buyback of the fully paid-up equity shares of the Company," the comapny said in an exchange filing. READ MORE

Rupee Opening

Rupee opens lower at 73.74/$ vs Wednesday's close of 73.52 per US dollar

MARKET UPDATE:: Sensex remains subdued, but off day's low


NEW LISTING | Happiest Minds lists at Rs 351 against issue price of Rs 166


Happiest Minds IPO: Oversubscription pushes up break-even cost for HNIs

High networth individuals (HNIs) will be a happy lot only if shares of Happiest Minds Technologies soar more than 50 per cent during their stock market debut on Thursday. Huge subscription has pushed up the break-even cost for wealthy investors, who placed leveraged bets on the initial public offering (IPOs). READ MORE

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 11.27 -2.17
S A I L 38.95 2.37
EDELWEISS.FIN. 74.00 -0.34
ASHOK LEYLAND 78.30 -0.70
ZEE ENTERTAINMEN 221.35 2.50
» More on Most Active Volume

Happiest Minds settles at Rs 351 in Pre-open


MARKET CHECK :: Sensex off lows


Covid-19 Update :: India caseload tops 51 lakh-mark


Top gainers on BSE at this hour


Dhanuka Agritech jumps 5%

>> The company has approved buyback of up to 10,00,000 equity shares at a price of Rs 1,000 apiece for an aggregate amount not exceeding Rs 100 crore. 28 September 2020 has been fixed as the Record Date for the same.


Grasim trades higher as promoters up stake

>>Grasim promoter IGH Holdings acquired 43.5 lakh shares from Sept.10-11

Tata Power advances 2%

>> The company has submitted bids for three discoms in Odisha. The bids were called earlier this year for Western, Southern, and Northern Electricity Supply Companies, namely WESCO, SOUTHCO and NESCO.


Dr Reddy's extends gains into second day

>> Russia's sovereign wealth fund said on Wednesday it will supply India's Dr. Reddy's Laboratories with 100 million doses of the Sputnik-V vaccine against Covid-19 once it receives regulatory approval in India.


HSIL hits 52-week as Board to consider buyback

>> HSIL to consider share buy-back on Sept.21.
 

HCL Tech up 1%

>> The company and Google Cloud on Wednesday announced the expansion of their strategic partnership to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud.


Sectoral trends :: Defensive stocks trade higher in a weak market


Sensex Heatmap at Open


Opening Bell


Opening Bell


Commodity Heatmap


Top gainers and losers on S&P BSE Sensex at Pre-Open


Markets at Pre-Open


Markets at Pre-Open


Stocks to watch today

HCL Tech: The company and Google Cloud on Wednesday announced the expansion of their strategic partnership to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud.
 
Happiest Minds Technologies: The stock is set to debut at the bourses today. The initial public offering (IPO) of the IT services firm, which was concluded last week, garnered a massive response from investors as it was subscribed a whopping 151 times. READ MORE

NEWS ALERT :: JMC Projects bags new orders of Rs 1,342 cr.


Dow Jones Futures tank over 200 pts


SGX Nifty update


Happiest Minds Technologies to make its stock market debut today

The Rs 702-crore initial public offering of Happiest Minds Technologies, promoted by Ashok Soota, garnered massive response from investors as it was subscribed a whopping 151 times. READ MORE

Federal Reserve vows to keep interest rates near zero until inflation rises

"Effectively what we are saying is that rates will remain highly accommodative until the economy is far along in its recovery," Fed Chair Jerome Powell said in a news conference following the release of the central bank's latest policy statement and economic projections. READ MORE

Expert View :: Bhavesh Gandhi, lead analyst – Institutional Equities, YES Securities on DR Reddy

Dr Reddys’ would carry out Phase 3 trials in India and, once approved, we understand opportunity can be large and result in one time revenue gain (if trials successful); albeit, there is no certainty on trial outcome  and more importantly pricing would be keenly watched by govt. We note several vaccine efforts are underway globally and Sputnik would be likely one amongst several competing candidates.

Expert View :: Jyoti Roy - DVP- Equity Strategist, Angel Broking on Aug aviation data

As per DGCA total domestic passenger traffic was down by 76% YoY at 28.32 lakh passengers and as compared to 21.07 lakh passengers in July 2020. Indigo continued to remain the largest operator with 59.4% market share and carried a total of 16.82 lakh passengers while SpiceJet carried 3.91 lakh passengers, with a market share of 13.8%. Spicejet reported the highest load factor at 76% while Indigo had a load factor of 65.6%. India had resumed domestic passenger flights on the 25th of May and the number of passengers traveling has improved significantly from 19.84 lakh in June this year to 28.32 lakh in August.

We expect domestic air traffic to improve from here on post the Aviation ministry’s decision to allow domestic airlines to operate at 60% capacity from September onwards under Unlock 4.0. However the numbers are still likely to remain well below last year’s level for some more time and we can expect meaningful improvement in numbers from here on only by the end of Q3FY2021. While we are positive on the sector from a long term perspective we remain cautious from a medium term perspective especially post the rally in aviation stocks

BROKERAGE VIEW :: MOFSL on SAIL

CMP: Rs 38 | TP: Rs 42 (+10%) | Reco: Neutral

>> We expect sales volumes to improve marginally by 1% in FY21, after factoring 10% volume growth for the remaining 9MFY21. We expect SAIL to post ~8% volume growth to 15.6mt in FY22, implying a 4.5% CAGR over FY20–22.

>> With improved pricing, lower coking coal costs, and better operating leverage, we expect SAIL to record EBITDA/t in excess of INR6,000/t in 2QFY21. We expect volume recovery and pricing in 2HFY21 to be supported by demand recovery in Infra and Construction post the monsoons.

>> Despite an expected reduction in net debt by INR69b to INR465b over FY20–22E, net debt/EBITDA would stay elevated at ~6x in FY21 and 5x in FY22. This remains a key concern as it makes the company vulnerable in the event of a downcycle in steel prices.

>> We value the stock at 6.5x FY22E EV/EBITDA at INR42/sh. Maintain Neutra

BROKERAGE VIEW :: MOFSL on HUL

CMP: Rs 2,143 | TP: Rs 2,670 (+25%) | Reco: BUY

>> The company’s earnings growth has gained further momentum in recent years (17% EPS CAGR in the past three years v/s ~12% CAGR over 10 years). This is particularly impressive given the weak mid-single-digit earnings growth posted by (much smaller) peers in recent years. HUVR’s best-of-breed analytics and execution ability (exhibited by the successful implementation of the WIMI strategy, cost-saving plans, herbals, etc.) are key factors driving the pace of earnings growth.

>> We remain positive on HUVR from a medium-term perspective, encouraged by: (a) robust earnings growth potential beyond the near term owing to its portfolio
and execution strengths and (b) significant synergies in FY22E as a result of GSKCH. These factors suggest premium multiples are likely to sustain. Valuing the company at 55x Sep’22 merged EPS, we arrive at TP of INR2,670, implying 25% upside

Bulk deals on BSE as on Wednesday

Bulk deals on NSE as on Wednesday


FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil slips in trade


SGX Nifty hints at a red start

>> At 8:05 am, the index was at 11,534 level, down 70 points or 0.6 per cent.

Asian stocks track Wall Street slide

Source: Reuters


Wall Street check

Source: Reuters


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