Tag: BSE

SBI, Bharti Airtel seen as top Muhurat session picks for 2021, BFSI News, ET BFSI

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Mumbai, Stocks of State Bank of India as well as Bharti Airtel have topped the list of scrip that have been recommended as the top Muhurat session picks by leading brokerage houses.

According to Motilal Oswal Financial Services (MOFSL), in terms of technical and derivatives picks for Samvat 2078, the rollover of SBI stock has been intact at 93 per cent from the last 2 months which indicates longs are upright in the scrip with more than 10 per cent price increase in the October series.

“One can look for ‘Bull Call Spread‘ opportunity here by buying at Rs 510 call and selling at Rs 540 call of the November series at a net premium cost of around 10 points.”

Other top stock picks from MOFSL are Larsen & Toubro, Trent, and Bata.

For Samvat 2078, the brokerage house expects a boost coming to sectors such as travel and tourism, real estate, and ancillary industries.

“Equity markets had a historical journey in Samvat 2077, as it touched new life time highs with Nifty and Sensex surpassing 18,000 and 60,000 mark, respectively, for the first time in history.”

“The recent sprint (in Nifty) to 15,000 in Feb ’21 and 18,000 in Oct ’21, from pandemic lows of 7,600 in Mar ’20 – amid lockdowns and other health challenges – has been led by a benign global liquidity, containment of Covid-19 cases, significant pickup in the pace of vaccination, sharp recovery in corporate earnings and a market-friendly budget.”

Besides, HDFC Securities have recommended Bharti Airtel as a top pick this Muhurat trading session.

As per HDFC Securities: “Pricing competition with Reliance Jio, regulatory and technological changes and adverse currency movement are key risks faced by the company. However, strong market position in the domestic mobile and non-mobile segment, diversification across businesses, healthy operations in Africa, high financial flexibility makes Bharti Airtel attractive for investment.”

“We feel Investors can buy the stock at LTP and add on dips to Rs 623 for a target of Rs 810.”

Furthermore, the brokerage house said that last year before Diwali, India was grappling with the aftermath of the first Covid-19 wave.

“There were considerable uncertainties on how the pandemic will impact India and the globe. Stock markets recovered from a steep Covid-19 induced fall and benchmark Nifty was pushing near pre-Covid all-time highs of 12,000 levels. Last year’s Diwali picks were issued in such an uncertain environment.”

“From those turbulent times to this Diwali, the pendulum has swung the other way. Markets have rallied 50 per cent since last Diwali and many stocks have zoomed to new all-time highs.”

The brokerage house also recommended Alembic Pharma, Cadila Healthcare, Credit Access Grameen, Gujarat Gas, ICICI Bank, Infosys, and Mphasis.

The special Muhurat trading session, held every year on Diwali day, is considered to be auspicious for stock market trading.

The trading during the special session will commence from 6.15 p.m. and end at 7.15 p.m. on Thursday.

It is believed that the Muhurat trading on this day brings wealth and prosperity throughout the year.

This ritual has been observed for ages by the trading community.

The Indian equity market will be closed on Friday, November 5, to mark Diwali Balipratipada.

–IANS

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BSE joins hand with HDFC Bank to promote startup, SME listing, BFSI News, ET BFSI

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New Delhi, Leading stock exchange BSE on Tuesday said it has collaborated with private sector lender HDFC Bank to further encourage and promote the listing of startups and small and medium enterprises (SMEs) across India. Through this pact, HDFC Bank and BSE will evaluate banking and lending solutions for startups, undergoing listing process on startups and SME platform, the exchange said in a statement.

HDFC Bank will identify potential startups as well as SMEs and help them to partner with intermediaries like merchant bankers, chartered accountants and lawyers to list on BSE.

Both the parties have agreed to conduct and participate in joint outreach activities and contribute to each other’s publications on the startup ecosystem in India.

“Through this MoU (Memorandum of Understanding), we aim to resolve funding constraints for startups and SMEs in India. BSE along with HDFC Bank shall work together to create a sustainable ecosystem for startups and SMEs,” Ajay Thakur, Head, BSE SME and startups, said.

“Startups are reimagining and reshaping the world we live in. At HDFC Bank, we are committed to developing, strengthening and collaborating with the startup community and ecosystem in the country,” said Iqbal Singh Guilani, SVP, Retail Branch Banking, HDFC Bank.

BSE became the first stock exchange to get approval from markets regulator Sebi and had launched its SME platform in March 2012.

So far, 353 companies listed on the BSE SME Platform have raised Rs 3,732 crore from the market, and the total market capitalisation of such firms stood at Rs 38,538 crore. Out of 353 companies, 117 have migrated to BSE Main Board.

BSE is the market leader in this segment, with a market share of 61 per cent.



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Aditya Birla Capital posts its highest quarterly profit of Rs 377cr in Jul-Sep, BFSI News, ET BFSI

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New Delhi, Aditya Birla Capital on Monday reported its highest ever quarterly profit of Rs 377 crore on a consolidated basis in July-September 2021 on the back of strong growth across its business verticals. The company had posted a consolidated net profit of Rs 264 crore in the same period a year ago.

The consolidated profit after tax (after minority interest) grew 43 per cent year-on-year, to Rs 377 crore, the highest level ever recorded by the company, Aditya Birla Capital Ltd (ABCL) said in a release.

The consolidated revenue of the company grew by 22 per cent to Rs 5,961 crore during the July-September period of 2021-22, as against Rs 4,885 crore in the same period of 2020-21.

The active customer base grew to about 28 million (2.8 crore), a 42 per cent year on year growth. “The company’s focus on building scale, growing its retail base and delivering consistent profitability, continues to yield results,” it said.

The overall asset under management (AUM) across asset management, life insurance and health insurance businesses grew by 24 per cent from a year ago to over Rs 3,70,290 crore as of September 30, 2021.

The gross premium across life and health insurance during April-September FY22 grew by 25 per cent y-o-y to Rs 5,685 crore, reflecting the scale in insurance businesses, it added.

The overall lending book of NBFC and housing finance at Rs 59,060 crore shows the scale of the lending businesses, ABCL said.

The company said it has raised over Rs 6,000 crore of long-term funds in the lending business in the first half of FY2021-22.

ABCL shares traded at Rs 98.85 apiece on BSE, up 2.17 per cent from the previous close.



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Bank of Baroda to raise up to Rs 3,000cr via Basel III bonds, BFSI News, ET BFSI

Banking & Finance

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State-owned Bank of Baroda on Monday said it will raise up to Rs 3,000 crore by issuing Basel III compliant bonds in one or more tranches. The capital raising committee of the bank in a meeting on November 1, 2021 approved the issuance of Basel III compliant additional tier I/II bonds.

The bonds are to be issued for aggregate total issue size of Rs 3,000 crore in single or multiple tranches, the bank said in a regulatory filing.

To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

Shares of Bank of Baroda were trading at Rs 99.30 apiece on BSE, up 1.85 per cent from previous close. PTI KPM DRR DRR

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D-Street to raise record Rs 31,000 crore from deluge of IPOs in 2 weeks, BFSI News, ET BFSI

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MUMBAI: The Indian capital market is set to witness one of the busiest fortnights in its history as six companies have lined up to together raise about Rs 31,400 crore by November 10.

The six issues include the one from tech-enabled payments major One 97 Communications, operating under the Paytm brand, which aims to raise Rs 18,300 crore.

Paytm has priced its IPO shares in the Rs 2,080-2,150 band per share, indicating the company seeks a valuation of about $20 billion. This will make the Paytm IPO the largest ever in the country’s history.

Till date the biggest IPO in India was the Rs 15,500-crore offer by Coal India in October-November 2010.

According to market sources, this could have two major implications for Dalal Street and the economy. First, there are fears among traders that the deluge of IPOs could force several investors to offload part of their portfolio and divert that money to invest in these offers, especially for listing gains. Second, the inflows from foreign funds, estimated to be about 40-50% of the total offer, could mean Rs 12,000-15,000 crore of forex inflows. This, in turn, could help appreciate the rupee.

On Thursday, despite a sharp sell-off in the stock market, the domestic currency closed 11 paise stronger at Rs 74.92 to a dollar. Usually, the day the stock market slides sharply, the rupee also weakens against major currencies like the US dollar, euro, pound sterling and the Japanese yen. Thursday’s strength in the domestic currency came despite a Rs 3,819-crore net selling by foreign funds, BSE data showed. According to a note by the forex advisory firm IFA Global, the strength of the rupee was “because foreign banks sold US dollars for overseas investments into Indian companies raising funds through initial public offerings”.

According to data collated from Sebi, merchant bankers and various brokerages, FSN E-Commerce Ventures, the company that operates under the Nykaa brand name, is raising Rs 5,350 crore while PB Fintech (under Policybazaar brand name) is raising Rs 5,200 crore, Fino Payments Bank Rs 1,200 crore, SJS Enterprises Rs 800 crore and Sigachi Industries Rs 125 crore.

In addition to the big ticket listings, three more high profile IPOs are also lined up after these got the Sebi green signal in the last few weeks. Adani Wilmar is eyeing Rs 4,500 crore, One MobiKwik is expected to raise Rs 1,900 crore and the offer size for Star Health is expected to be in excess of Rs 3,000 crore, market sources said. These offers could open anytime now, merchant bankers said.

The government is also planning to list life insurance behemoth LIC before the end of the fiscal year through its IPO. This offer is expected to garner anything between Rs 70,000 crore and Rs 1 lakh crore, merchant bankers said.



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Canara Bank raises Rs 1,500 cr through bonds, BFSI News, ET BFSI

Banking & Finance

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New Delhi, State-owned Canara Bank on Monday said it has raised Rs 1,500 crore by issuing Basel-III compliant bonds. The bank has issued and allotted Basel-III compliant additional tier I bonds amounting to Rs 1,500 crore, Canara Bank said in a regulatory filing.

The bank said as many as 16 allottees have been issued the non-convertible, perpetual, taxable, subordinated bonds bearing a coupon of 8.40 per cent, it said.

Stock of Canara Bank closed 1.71 per cent up at Rs 201.95 on BSE. PTI KPM RUJ RUJ

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Markets back in green; banking stocks rise, BFSI News, ET BFSI

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Mumbai, India’s key equity indices – S&P BSE Sensex and NSE Nifty50 – traded in the green during Monday’s pre-noon trade session.

Initially, the Nifty opened flat and started to fall in the first few minutes of the trade.

However, the key indices pared losses around the pre-noon session.

In terms of sectors, bank index is the largest gainer whereas Realty, Auto, IT and FMCG have lost the most so far.

At 11.30 a.m., the 30-scrip sensitive index traded at 60,959.72 points, up 138.10 points or 0.23 per cent.

The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.

Besides, the NSE Nifty50 traded at 18,140.45 points, up by only 25.55 points or 0.14 per cent.

It opened at 18,229.50 points from its previous close of 18,114.90 points.

“Nifty has taken support from 17,968 and the 17,948-17,968 band has to be protected for Nifty to bounce meaningfully from here,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: “There may be some cautiousness as IMF notes that the pandemic has taken a turn for the worse in Asia.

“Traders may be concerned as foreign portfolio investors (FPIs) have turned net sellers in Indian market by pulling out Rs 3,825 crore in October so far. There may be some buzz in power stocks as the Ministry of Power announced new rules to sustain economic viability of the sector.”

–IANS

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Federal Bank Q2 consolidated net profit jumps 55 pc to Rs 488 cr, BFSI News, ET BFSI

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New Delhi, Private sector lender Federal Bank on Friday reported nearly 55 per cent jump in its consolidated net profit at Rs 488 crore for the second quarter of this fiscal ended September 30. The bank had posted a net profit of Rs 315.70 crore in the year-ago period.

Total income (consolidated) during the July-September period of 2021-22, however, was down at Rs 4,013.46 crore, as against Rs 4,071.35 crore in the same period of 2020-21, Federal Bank said in a regulatory filing.

The bank’s asset quality showed an impairment with the gross non-performing assets (NPAs or bad loans) rising to 3.22 per cent of the gross advances as of September 30, 2021 from 2.80 per cent in the year-ago period.

Likewise, the net NPAs were also higher at 1.15 per cent as against 0.99 per cent.

In absolute value, the gross NPAs stood at Rs 4,558.19 crore by the end of September 2021 quarter, up from Rs 3,591.72 crore in the corresponding period a year ago.

Value of net NPAs were at Rs 1,595.78 crore, up from Rs 1,249.85 crore.

Provisions for bad loans and contingencies for the reported quarter came down to Rs 264.53 crore, from Rs 565.46 crore in the year-ago quarter.

Shares of Federal Bank were trading at Rs 100.80 apiece on BSE, up 4.40 per cent from the previous close.



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M-cap of 8 of top-10 most valued cos jump Rs 2.32 lakh cr; Reliance Industries lead gainer, BFSI News, ET BFSI

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Eight of the top-10 most valued companies together added a whopping Rs 2,32,800.35 crore in market valuation last week in-tandem with rally in the broader market, with Reliance Industries and Tata Consultancy Services emerging as the biggest gainers. Last week, the 30-share BSE benchmark rallied 1,293.48 points or 2.20 per cent. The benchmark soared past the 60,000 level on Friday.

The market valuation of Reliance Industries zoomed Rs 93,823.76 crore to reach Rs 16,93,170.17 crore.

Tata Consultancy Services added Rs 76,200.46 crore taking its valuation to Rs 14,55,687.69 crore.

The valuation of Infosys jumped Rs 24,857.35 crore to Rs 7,31,107.12 crore and that of Bajaj Finance gained Rs 12,913.91 crore to Rs 4,66,940.59 crore.

The market capitalisation (m-cap) of HDFC Bank rallied Rs 10,881.09 crore to Rs 8,87,210.54 crore.

ICICI Bank added Rs 7,403.24 crore to Rs 4,87,388.37 crore in its valuation.

The valuation of State Bank of India jumped Rs 5,310.14 crore to Rs 4,08,479.47 crore and that of HDFC gained Rs 1,410.4 crore to Rs 4,91,841.14 crore.

In contrast, the valuation of Hindustan Unilever Limited diminished by Rs 14,614.46 crore to Rs 6,20,362.58 crore.

Kotak Mahindra Bank’s market valuation also tumbled Rs 11,697.38 crore to Rs 3,83,866.29 crore.

Reliance Industries was leading the chart of the top-10 most valued companies list followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Bajaj Finance, State Bank of India and Kotak Mahindra Bank. PTI SUM ANS ANS



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