Syndicate Bank, BEML sign MOU: Syndicate Bank and BEML have signed an MOU for financing earth moving & construction equipment manufactured by BEML.
Capacite Infraprojects bsgs orders: Shares of Capacite Infraprojects rose 2.6 percent after company bagged orders worth Rs 324 crore.
Lupin Gains 4% after Morgan Stanley upgrade
Pharma major Lupin rallied 4.4 percent in morning after Morgan Stanley upgraded its rating on the stock to overweight from equalweight earlier and also increased price target by 40 percent, citing reasonable valuations.
After a sharp fall in earnings and stock price over the past four years, Lupin now appears well positioned for recovery, the global brokerage said, adding niche products should drive an earnings revival in F20-21, and visibility is improving all the way to F23.
Hence, it increased price target to Rs 1,094 from Rs 783 earlier.
Zee Entertainment rallies 6%
Zee Entertainment Enterprises shares gained 6 percent in morning after global research firm Macquarie expects a whopping 36 percent upside in stock amid stake sale buzz.
While maintaining outperform call with a price target at Rs 540 apiece, Macquarie said announcement on the stake sale promoters is imminent.
According to the chairman, the stake sale deal is likely in next 1-2 weeks, the brokerage said.
Market Update: Benchmark indices are witnessing volatile trade with Nifty hovering around 11,600 level.
At 10:26 hrs IST, the Sensex is up 68.27 points at 38713.45, while Nifty is up 18 points at 11612.50. About 908 shares have advanced, 860 shares declined, and 81 shares are unchanged.
Gail slips 3%: Shares of GAIL fell 3 percent on April 23 after the natural gas company emerged as the top bidder for wind power plants of Infrastructure Leasing and Financial Services (IL&FS).
Brokerages View: Source: CNBC-TV18
Macquarie on Zee Entertainment
Outperform call, target at Rs 540 per share
Announcement on the stake sale by promoters is imminent
Morgan Stanley on AU Small Finance Bank
Equal-weight call, target at Rs 560 per share
Asset quality remains strong
Cost-to-income ratio at 58% vs 61% last quarter
Nomura on AU Small Finance Bank
Maintain neutral call, target at Rs 590 per share
RoA expansion & cost-income ratio improvement will be more gradual
Current valuation of 27x FY21F EPS leaving little room for disappointment
Nomura on Cummins
Maintain neutral call, target at Rs 765 per share
Cost headwinds to impact margin
Slowing infra orders may result in weaker domestic growth in FY20
Citi on IndiGo
Domestic passenger market share in March was strong at 47%
Gained from reduction in Jet’s fleet & reduced operational fleet of SpiceJet
Could find difficult to gain significant market share from current levels
Tejas Networks jumps 10% on strong Q4 numbers
Share price of Tejas Networks jumped 10.5 percent intraday Tuesday after company reported strong numbers for the quarter ended March 2019.
The company posted 23 percent increase in consolidated net profit for January-March 2019 quarter at Rs 35.89 crore.
Buzzing: Shares of Essel Propack added 2.4 percent in the early trade on Tuesday after Private equity player Blackstone announced the acquisition of majority stake in company.
Market opens: Indian indices opened higher on Tuesday with Nifty above 11,600 mark.
At 09:17 hrs IST, the Sensex is up 38.43 points at 38683.61, while Nifty up 20 points or 0.17% at 11614.50. About 386 shares have advanced, 294 shares declined, and 31 shares are unchanged.
IndusInd Bank, ITC, Cipla, Lupin, Zee Entertainment, Tata Steel, are among major gainers on the indices, while losers are Gail, BPCL, IOC, HPCL, Yes Bank, PC Jewellers, Reliance Infra, Reliance Communications and Indiabulls Housing.
Among sectors, except energy and IT all other indices are trading in green.
Rupee Opens: The Indian rupee opened marginally higher at 69.62 per dollar on Tuesday versus previous close 69.67.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session with Nifty above 11,600.
At 09:02 hrs IST, the Sensex is up 109.97 points or 0.28% at 38755.15, and the Nifty up 27.20 points or 0.23% at 11621.70.
Oil prices hover near 2019 highs
Oil prices hovered near 2019 peaks in early trading on Tuesday after Washington abruptly moved to end all Iran sanctions waivers by May, pressuring importers to stop buying from Tehran.
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