The trend among Nifty sectoral indices was largely negative. Nifty Auto fell 1.75 per cent to 7,695 levels. (Photo: Kamlesh Pednekar)
Extending Monday's decline, the benchmark indices ended around 0.8 per cent lower on Tuesday as surging Covid cases raised fears of the prolonged economic slump. The S&P BSE Sensex slipped 300 points or 0.79 per cent to settle at 37,734 levels. The broader Nifty50 index fell below the 11,200-mark to 11,154, down 97 points, or 0.86 per cent. India VIX slipped nearly 5 per cent to 21 levels.
Maruti and Larsen & Toubro (both down around 3 per cent) were the top Sensex laggards. On the other hand, IT stocks HCL Tech, Tech Mahindra, and TCS gained over 2 per cent each.
The trend among Nifty sectoral indices was largely negative. Nifty Auto fell 1.75 per cent to 7,695 levels while Nifty Realty declined 1.85 per cent to 210 levels. Nifty Media dipped 2.6 per cent to 1,517.50 levels. On the other hand, Nifty IT gained 0.7 per cent while Nifty Pharma rose 0.66 per cent.
In the broader market, the S&P BSE MidCap index slipped 1.7 per cent to 14,284 points, while the S&P BSE SmallCap index lost 1.6 per cent to 14,509 levels.
Shares of GMM Pfaudler were locked in 10 per cent lower circuit at Rs 4,717 on the BSE after the company announced an offer for sale (OFS) by the promoters at a floor price of Rs 3,500 per share. The floor price is a 33 per cent discount to its Monday’s closing price of Rs 5,241 on the BSE. READ MORE
Tata Consultancy Services (TCS) gained 2 per cent to Rs 2,523 on the BSE after the company said it has expanded its partnership with Morrisons, a leading supermarket chain in the UK, through a five-year contract for application management services, data services, and cybersecurity services. READ MORE
Asian shares were broadly weaker Tuesday as possible delays in expanded US stimulus and concerns about fresh pandemic lockdowns in Europe dented the recent positive sentiment towards global equity markets. At the close of trade, the Hang Seng index was down 233.84 points or 0.98 per cent at 23,716.85. The Hang Seng China Enterprises index fell 0.66 per cent to 9,576.81. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.26 per cent, while Japan’s Nikkei index closed up 0.18 per cent.
In Europe, stock markets clawed back some ground, a day after rising second waves of the coronavirus epidemic caused the region’s biggest wipeout since June and drover investors back to government bonds.
In commodities, oil futures were little changed after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength.
(With inputs from Reuters)
4:10 PM IST "Indian indices witnessed another day of volatility, with indices losing ground in the latter half of the trading day, as the broader markets also underperformed. Global cues were also mixed with Asian markets in the red, while European markets have opened in the green. Doubts about the timing of a global economic recovery emerged, following talks of further restrictions to contain a resurgence in virus infections around the world, especially in Europe. This uncertainty hit the Indian markets also, which have been driven by liquidity and the expectation that the economy and earnings would be back on track soon. Markets seem to be consolidating and taking stock of the situation. Investors are advised to stay cautious."
3:43 PM IST
3:42 PM IST
3:36 PM IST The S&P BSE Sensex slipped 300 points, or 0.79 per cent to settle at 37,734 levels while NSE's Nifty ended at 11,154, down 97 points, or 0.86 per cent.
3:24 PM IST
3:15 PM IST
3:05 PM IST In the past one week, Nifty Bank index has slipped 6 per cent as against 3.3 per cent fall in the Nifty50 index READ MORE
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
"Indian indices witnessed another day of volatility, with indices losing ground in the latter half of the trading day, as the broader markets also underperformed. Global cues were also mixed with Asian markets in the red, while European markets have opened in the green. Doubts about the timing of a global economic recovery emerged, following talks of further restrictions to contain a resurgence in virus infections around the world, especially in Europe. This uncertainty hit the Indian markets also, which have been driven by liquidity and the expectation that the economy and earnings would be back on track soon. Markets seem to be consolidating and taking stock of the situation. Investors are advised to stay cautious."
SECTOR WATCH | Nifty IT gains 0.7%
MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex
The S&P BSE Sensex slipped 300 points, or 0.79 per cent to settle at 37,734 levels while NSE's Nifty ended at 11,154, down 97 points, or 0.86 per cent.
Titan trades nearly 1.5% lower
MARKET CHECK | 5 losers on the BSE at this hour
Banks extend decline; IndusInd, RBL, Bandhan Bank tank over 10% in 1 week
In the past one week, Nifty Bank index has slipped 6 per cent as against 3.3 per cent fall in the Nifty50 index READ MORE
Heatmap: S&P BSE Sensex gainers and losers at this hour
Nifty Bank breaks below 21,000-mark
MARKET CHECK | 5 gainers on the BSE at this hour
Maruti slips nearly 3%
Dow Jones Futures dip 100 pts
Double-digit sales dip in anti-infective segment to weigh on Alkem Labs
For the trailing twelve months ended August, the company sales are down nearly eight per cent, while the Indian pharmaceutical market declined by just over two per cent during that period. The reason for this has been that sales in the anti-infective segment, in which Alkem has a leadership position, have been declining by double digits. READ MORE
Sensex slips 300 pts
Rupee ends lower at 73.58/$ vs Monday's close of 73.38 against the US dollar
Markets at 2 pm
IPO Alert :: CAMS subscribed over 1x on Day 2 till 1:45 pm
IPO Alert :: Chemcon Speciality Chemicals subscribed over 8x on Day 2 till 1:45 pm
SBI, IndusInd Bank: Are bank stocks a good bet in the current market?
Bank stocks tumbled in Monday's trade after Financial Crimes Enforcement Network (FinCEN) leaks said almost all Indian banks could be part of the suspicious transactions. Between 2010 and 2017, several transactions went through Indian banks that were flagged as top-secret ‘Suspicious Activity Reports’ or SARs by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terror financing, drug dealing, and financial fraud READ MORE
Sebi to prescribe stress tests, liquid holdings for debt mutual funds
The Securities and Exchange Board of India (Sebi) on Tuesday said it would soon issue guidelines that mandate all debt mutual fund schemes to hold a certain percentage of liquid assets in their schemes, including government securities and treasury bills. This is aimed at improving liquidity in all schemes and would help schemes to meet sudden redemption pressures, chairman Ajay Tyagi said addressing the mutual fund industry at the Association of Mutual Funds in India’s (Amfi’s) 25th annual general meeting. Liquid and overnight funds already have such provisions in place. READ MORE
TCS gains 2% after UK supermarket chain Morrisons expands strategic pact
The stock of the Tata group's IT services major was trading close to its record high level of Rs 2,538, touched on September 15, 2020. READ MORE
MARKET CHECK :: Indices stage recovery
Route Mobile up 7% as Goldman Sachs, Kuwait Investment Authority pick stake
Shares of Route Mobile rallied 7 per cent to quote at Rs 694 on the National Stock Exchange (NSE) on Tuesday after foreign portfolio investors (FPIs) such as Goldman Sachs and Kuwait Investment Authority acquired shares worth of Rs 210 crore of the company on its debut on Monday. The stock bounced back 9 per cent from a low of Rs 636 hit in the intra-day trade today. It was, however, trading 5 per cent lower from a high of Rs 735 touched on its listing day. READ MORE
Hotels to auto bonds: What global investors are buying in times of Covid-19
Hotels, pipelines, convenience stores and automaker bonds are among the assets being bought by some of the world’s biggest asset managers as they look for value in a world thrown into turmoil by the coronavirus pandemic. In interviews with sovereign wealth funds, pension firms and asset managers across Asia and Europe that collectively manage about $3.4 trillion, one thing was clear: many of them are avoiding the overheated stock market. READ MORE
Consolidation among brokers: Top 10 account for 55.9% of cash turnover
The Covid-19 pandemic may be accelerating a process of consolidation among stockbrokers. An analysis of data from the Securities and Exchange Board of India’s (SEBI) monthly bulletins shows that more and more of the trading turnover has been coming from fewer brokers since the pandemic. The top ten brokers accounted for 44 per cent of the BSE cash segment turnover in December 2019. It has since risen to 55.9 per cent as per the latest July data. READ MORE
Commodity Heatmap :: Silver takes sharp knock; slides Rs 8,000/kg in 2 days
Larsen & Toubro hits over three-month low; stock declines 13% in one month
The stock of the construction & engineering major was trading at its lowest level since May 28, 2020. In the past month, L&T has underperformed the market by falling 13 per cent, as compared to a 1.7 per cent decline in the S&P BSE Sensex. READ MORE
Packaged food firms may witness growth rebound soon, say analysts
nvestor sentiment towards packaged food majors — Nestlé, Britannia Industries (Britannia), and ITC — has taken a hit, following reports and notes by brokerages on slowing sales growth of packaged/read-to-eat products in August. The impact was relatively sharper on Britannia and Nestlé, given their pricey valuations. While ITC fell 2 per cent on Monday, Britannia and Nestlé shed over 4 per cent each. READ MORE
MARKET UPDATE:: Sensex remains subdued, but off day's low
NEWS ALERT :: Not forcing anyone to invest in small-caps, says Sebi chief
>> Investment should be in the best interest of investors
NEWS ALERT :: Improper categorisation of MF schemes will lead to confusion and mis-selling, says Sebi chief
>> Schemes not true to its label will give different risk-return exposure to investors
NEWS ALERT :: AA and below paper saw risk aversion in March-April 2020, says Ajay Tyagi
>> Covid-19 related redemption pressure brought structural issues to the fore
NEWS ALERT :: Sebi chairman addresses investor community at AMFI's AGM
>> Uncertainty in markets continue to prevail
>> Steps taken by RBI, Sebi has helped to reduce the volatility
>> MFs seeing steady inflow
Coal India falls 12% in September on weak June quarter results
Shares of Coal India (CIL) were trading lower for the third straight day, down 2 per cent on the BSE on Tuesday to hit a 52-week low of Rs 118.85 on concerns that the road ahead might be tough for the state-owned company. The stock has fallen below its previous low of Rs 119.25, touched on March 26, 2020. Thus far in the month of September, CIL underperformed the market by falling 11.5 per cent, after reporting a sharp 60 per cent year on year (YoY) decline in its consolidated net profit at Rs 2,800 crore in the June quarter (Q1FY21). READ MORE
US equities remain top choice for Indian investors despite slump
Indians have been steadily upping their exposure to US equities this year but the steep fall in the US benchmark indices in September has left experts divided on the merit of relying on one market for international diversification. Among major world indices, the US benchmark indices have fallen the most in September. The Nasdaq Composite, which largely comprises IT and health care firms, has shed 8.3 per cent, while the S&P 500 index has fallen 5.2 per cent. READ MORE
BROKERAGE VIEW :: ICICI Securities on Coal India
RATING: BUY | TARGET PRICE: Rs 258
We maintain our BUY rating and target price of Rs258 valuing CIL on DCF basis with a peak production of 850mnte from FY29E onwards. Although our volume estimate for FY21E remains at 580mnte, CIL is confident of exceeding it, which we are positive upon if the Sep’20 performance continues till Nov’20.
BROKERAGE VIEW :: Edelweiss Securities on Metals & Mining sector
Q1FY21 was largely forgettable for non-ferrous companies owing to subdued volumes as well as realisations. However, in the current quarter, we see an uptick in LME prices and production/sales volumes. Barring the higher export component than usual, we expect profitability of non-ferrous companies to stabilise Q2FY21 onwards; balance sheet position is an additional comfort. Among non-ferrous stocks, we continue to prefer Hindalco (BUY/SO; TP: INR205) due to improving auto demand in the US and China that would benefit Novelis (accounts for 65-70% of Hindalco’s consolidated EBITDA).
BROKERAGE VIEW :: Edelweiss Securities on Shriram City Union Finance
RATING: BUY | TARGET PRICE: Rs 1,080
Events over the past two years have tested SCUF’s resilience, particularly given its reliance on the self-employed segment. The company responded by going slow on growth and recalibrating collection strategies to navigate the challenging environment. Covid-19 additionally renders the near-term outlook challenging.
Post a deep correction, the stock trades at 0.7x FY21E P/ABV, rendering comfort. We maintain ‘BUY/SP’. Key risk remains around possibility of a less-than-favourable merger ratio in the three-way merger envisaged in the Shriram Group’s restructuring.
Angel Broking IPO opens today: Here's what top brokerages recommend
Anand Rathi -- Subscribe
The company’s IPO is priced at around 26.84x FY20 earnings at the upper price band. We believe Angel Broking Ltd. IPO and OFS is fairly priced at current price band, considering its financial performance and growth prospects. We recommend 'Subscribe' for the IPO. Although, the company has not been able to report a growth in its revenues and profits in the last three years which stood at Rs 754.7 crore and Rs 81.4 crore, respectively, in FY20. For the three months period ended Jun-20 the company’s revenues stood at Rs 246.6 crore and profit after tax (PAT) at Rs 46.9 crore. READ MORE
HSIL hits 52-week high in a weak market after board approves buyback plan
Shares of HSIL hit a fresh 52-week high of Rs 78, up 9 per cent on the BSE, in the early morning deals on Tuesday after its board approved buyback of shares at Rs 105 per share for an aggregate amount of Rs 70 crore via open market. "At the maximum buyback price and for maximum buyback offer size, the indicative maximum number of equity shares to be bought back would be 6.67 million equity shares which are 9.22 per cent of the total number of equity shares of the Company," HSIL said in exchange filing. READ MORE
AMBAREESH BALIGA :: Robinhood investors are likely to panic as markets correct
Today, globally, the ‘Robinhood’ investors are considered a force to reckon with, due to their collective liquidity and well spread reach. But every such ‘force’ has a weak link which finally leads to its nemesis. READ MORE
Rupee opens weaker at 73.50/$ vs Monday's close of 73.38 against the US dollar
BUZZING STOCK :: L&T hits 3-month low
GMM Pfaudler slips 10% after fixing OFS floor price at discount
Shares of GMM Pfaudler were locked in 10 per cent lower circuit at Rs 4,717 on the BSE on Tuesday after the company announced an offer for sale (OFS) by the promoters at a floor price of Rs 3,500 per share. The floor price is a 33 per cent discount to its Monday’s closing price of Rs 5,241 on the BSE. GMM Pfaudler promoters Pfaudler Inc, Millars Machinery, and Urmi Patel are selling 2.57 million equity shares, or 17.59 per cent of the total equity of the company, with an option to additionally sell 1.52 million or 10.41 per cent. READ MORE
UPDATE :: Nifty50 hits an intra-day low of 11,133; 45 of 50 constituents trade in the red
Andrew Holland :: Markets are getting a reality check now; use dips to buy IT, pharma stocks
For the Indian market, we have slavishly followed the global markets upwards and would likely follow on the way down, too, especially given it has all been liquidity-driven. READ MORE
SmallCaps take sharp knock
Broader markets slide
MARKET CHECK :: Nifty breaks below 11,200
MARKET CHECK :: Sensex gives up morning gains
Phillips Carbon down over 1.5% despite rating affirmation by CARE Rating
>> CARE reaffirmed Phillips Carbon Black's long-term credit rating at AA-/Stable.
IDBI Bank trades in the red
Kwality slides on bank fraud charges
>> The Central Bureau of Investigation (CBI) conducted searches at eight locations after booking Delhi-based dairy products company Kwality and its directors for allegedly cheating a Bank of India (BoI)-led consortium, causing a loss of over Rs 1,400 crore, officials said.
SBI trades around a per cent lower
HSIL hits fresh 52-week high on approval of buyback proposal
>> HSIL approved buyback of up to Rs70cr worth of shares at Rs105 per share.
GMM Pfaudler slumps 10% on discounted OFS pricing
>> Promoters of the company, Pfaudler Inc, Millars Machinery, and Urmi Patel, have proposed to sell up to 25,71,429 shares via offer for sale (OFS). The floor price has been set at Rs 3,500 apiece. For non-retail investors, OFS will open today and for retail investors, the date of the opening of the offer is September 23 (Wednesday).
Sectoral trends at Open
Sensex Heatmap at Open
BROKERAGE VIEW :: Edelweiss Securities on Shriram City Union Finance
Target Price: Rs 1,080 | Reco: Buy
>> SCUF’s business momentum has improved: a) Two wheeler finance at 150-160k vehicles (versus trough of 80-90K in Q1FY21, but still lower than normal 250k). b) SME has disbursed INR1.5bn in July-August and expects to close Q2FY21 with INR2.5bn. c) Expects growth to sustain in gold at 10-12%.
>> Management continues to be cautious on personal loans and expects to start disbursements in October. On the liability front, there is no visible constraint with INR7.5-8.0bn of bank lines and INR5bn of retail TD accretion expected in Q2FY21. However, funding cost remains sticky.
>> Given weak growth and limited levers for NIM improvement, we expect core momentum to remain weak in the near term.
>> Post a deep correction, the stock trades at 0.7x FY21E P/ABV, rendering comfort. We maintain ‘BUY/SP’. Key risk remains around possibility of a less-than-favourable merger ratio in the three-way merger envisaged in the Shriram Group’s restructuring.
BROKERAGE VIEW :: JM Financial on Ashok Leyland
Target Price: Rs 100 | Reco: Buy
>> Notwithstanding near-term concerns, we continue to believe that AL is on the path to recovery, driven by normalisation of freight rates, lower repossession rates and a soft base. The impacts from new axle load norms are now in the base - average tonnage (per vehicle sold) is now back to FY14-15 levels. While announcement of a scrappage policy can prepone the CV cycle and lead to earnings and multiple revision for the company, AL has managed to take advantage of current slowdown through launch the of: a) new modular platform ‘AVTR’ and b) new LCV ‘Bada Dost’ (3- 3.5T). Irrespective of scrappage policy, AL’s profitability is likely to be higher when it achieves revenue levels similar to FY20, driven by lower CoP in new modular platform, higher addressable market from ‘Bada Dost’ and cost saving initiatives.
>> We reiterate BUY with a revised Sep’21 TP of INR 100 (INR 7 contribution from HLFL), based on 18x forward earnings. We revise our multiple to 18x (vs. earlier multiple of 14x) basis AL’s trading multiple range during the recovery period post GFC.
Top gainers and losers on S&P BSE Sensex at Pre-Open
Markets at Pre-Open
Markets at Pre-Open
Momentum Picks :: ICICI Securities
Nifty Outlook :: IIFL Securities
Nifty Outlook: Nifty finds support around 11,185 which was last week's low while 11,500 will act as resistance on the upside. Bank Nifty finds support around 21,000 while 22,000 will act as resistance on the upside.
Stocks to watch out for today
GMM Pfaudler: Promoters of the company, Pfaudler Inc, Millars Machinery, and Urmi Patel, have proposed to sell up to 25,71,429 shares via offer for sale (OFS). The floor price has been set at Rs 3,500 apiece. For non-retail investors, OFS will open today and for retail investors, the date of the opening of the offer is September 23 (Wednesday).
SBI: The country's largest lender State Bank of India on Monday said it has raised Rs 7,000 crore by issuing Basel III compliant bonds.
Kwality: The Central Bureau of Investigation (CBI) conducted searches at eight locations after booking Delhi-based dairy products company Kwality and its directors for allegedly cheating a Bank of India (BoI)-led consortium, causing a loss of over Rs 1,400 crore, officials said. READ MORE
BROKERAGE VIEW :: Antique Broking on Brigade Enterprises
Target Price: 226 Rs | Reco: Buy
>> Work on Brigade Twin Towers commenced. The project would be a commercial office and to be developed in phases over 3-4 years with a total leasable area of 2.0 mn sqft. Work on phase 1 started with leasable area of 1.3 mn sqft. The total capex would be ~ INR 8 bn. In addition, BRGD is expected to launch its 2.06 mn sqft of residential in Hyerabad in 3QFY21.
>> The residential sector seems to be on recovery with reputed developers expected to do robust business in 2QFY21 ~ 70-80% YoY. However, recovery may be protracted if there's no revival of job market and economy. We expect the office portfolio to continue to do steady business. The uncertainty regarding hospitality remains.
BROKERAGE VIEW :: Antique Broking on KNR Constructions
Target Price: Rs 321 | Reco: Buy
>> The net working capital exposure in irrigation projects was INR6.5bn. This includes billed, unbilled and work-in-progress, where receivables are INR4.5bn. Though bills are raised and certified, the company expects the high exposure to see a dip. This should be possible given state-led irrigation projects have backing from financial institutions like NABARD. Indeed, the company has won INR23bn from Telangana irrigation's works. However, the situation on ground is a work-in-progress, with these projects to meaningfully contribute in FY22E.
>> With INR79bn order backlog (excluding TN order wins), 3.2x TTM revenue, company has enough leg-room to book INR25bn, at-the least for next three years. Even with worse-case of Covid-19, we anticipate an 2% revenue CAGR till FY22E. With minor compression in EBITDA margin, we anticipate de-growth of 2% in EBITDA/net profit. With a target price of INR321, based on 15x FY22 EPC earnings and assets at fair value, we maintain BUY.
BROKERAGE VIEW :: Antique Broking on V-Mart Retail
Target Price: Rs 1,751 | Reco: Hold
>> Post Unlock 4.0, most of the stores in UP and Bihar are operating all 7 days. However, West Bengal violated the unlock norms and kept stores closed for couple of more days but situation has now normalised. Currently, VMart has ~90-95% of its stores operational with only 4-5 stores remaining closed. Progressively every week is getter better at least from sentiment point of view. Footfalls are at 50-55% of Pre-Covid-19 levels while sales are at 60-65% of Pre-Covid-19 levels as the conversions of buying customers are high as only those who have immediate need are steeping into the store.
>>We believe that V-Mart is relatively better placed amongst the value fashion mass retailers due to its strong value proposition, leaner balance sheet and strong foothold in its key regions. We expect VMart to gain significantly once economy reopens and recovers from the shock of the lockdown. We maintain our HOLD recommendation on the stock.
BROKERAGE VIEW :: Axis Securities on Bharti Airtel
Target price: Rs 700 | Reco: Buy
>> Competitively positioned with industry-leading operating metrics, Bharti Airtel to gain further revenue market share as (i) improving operating metrics increase its ability to invest and (ii) Vodafone Idea’s capex spend remains constrained by high debt and AGR liabilities, while Bharti will benefit from operating leverage as ARPU improves even without tariff hike due to 4G subscriber addition. Strong competitive positioning in Africa to help sustain top-3 position in each countries. Free cash flow conversion to improve on steady EBITDA growth and reduced capex (on decline in 4G related capex). Strategic bets in digital are gaining traction as Bharti generates more revenue streams from its digital offerings. Early success of digital platform initiatives could attract new genre of investors similar to RJio.
BROKERAGE VIEW :: Kotak Institutional Equities on HCL Tech
CMP: Rs 803 | Fair value: Rs 900 | Reco: Add
>> We raise FY2021-23E EPS by 5-6% and Fair Value to Rs900 from Rs770 earlier following last week’s positive announcement. HCLT continues to impress with consistent mega deal wins in its core areas. This has translated into industry-leading revenue growth in IT services on organic basis in FY2020 and provides comfort on expectations of consistent industry-matching growth. This deserves narrowing of valuation gap with peers and is captured in our FV. Separately, we move HCLT’s valuation to SoTP to capture differing growth dynamics of products and services businesses.
BROKERAGE VIEW :: MOFSL on HCL Tech
CMP: Rs 802 | TP: Rs 930 (+16%) | Reco: Buy
>> HCLT’s exposure to deeply troubled verticals (e.g. Energy, Travel, Transportation, Hospitality, and Retail) is lower v/s peers. Additionally, higher exposure to IMS (~37% of revenue), which comprises larger share of its non-discretionary spends, offers better resilience to its portfolio in the current context. However, the company’s high exposure to ER&D (~16% of revenue) is a key monitorable.
>> We expect HCLT to better navigate the current crisis and emerge stronger due to an expected increase in enterprise demand for Digital Services. Our confidence partly stems from the company’s historical track record of adapting to multiple business challenges and technology change cycles.
>> The stock is currently trading at ~16x FY22 EPS. Our TP implies 18xFY22 EPS.
NEWS ALERT :: SPARC receives license to commercialize Elepsia XR to Tripoint Therapeutics
>> SPARC today announced the grant of an exclusive license to Tripoint Therapeutics LLC, USA (Tripoint) to commercialize ElepsiaTM XR 1000 mg and ElepsiaTM XR 1500 mg tablets in the USA.
>> Under terms of the license agreement, SPARC will be eligible to receive tiered royalties ranging from 15% to 50% on net sales. Tripoint will be responsible for all US regulatory submissions and payment of annual PDUFA fees for ElepsiaTM XR 1000 mg and ElepsiaTM XR 1500 mg.
>> The initial term of the agreement shall be 5 years and may be further extended as per mutual agreement between the parties.
Stock recommendations by Nilesh Jain of Anand Rathi
SELL M&M FIN | TARGET: Rs 115 | STOP LOSS: Rs 132
The counter has provided structural breakdown with higher than average volume. It is also making a lower top and lower bottom formation on the daily chart. The momentum indicator RSI has also reversed from higher levels on the weekly scale which hits of a trend reversal. If we take the retracement of the entire recent rally then 61.8% retracement is placed at 115 levels which can be the short term targets. READ MORE
FII/FPI & DII trading activity on NSE, BSE and MSEI
Oil rises as US storm eases, but demand worries linger
>> Oil rose in early trade on Tuesday, paring sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases.
>> US West Texas Intermediate (WTI) crude futures CLc1 for October, due to expire on Tuesday, rose 26 cents, or 0.7%, to $39.57 a barrel. The more active November contract CLc2 rose 15 cents, or 0.4%, to $39.69.
>> Brent crude futures LCOc1 rose 13 cents, or 0.3%, to $41.57 a barrel.
SGX Nifty update
>> At 8:14 am, the index was at 11,273 level, up 29 points or 0.26 per cent
Asian stocks fall on concerns about fresh lockdowns, banking sector
Wall St ends lower on lockdown fears, likely delay of stimulus
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