Indian Hotels Shares Jump 4% After HSBC Raises Price Target, Holds ‘Buy’ Call
Shares of Indian Hotels rose more than 4 percent Tuesday after brokerage HSBC remained bullish on the stock and raised its price target. The brokerage is holding a ‘buy’ call on Indian hotels aiming for Rs 151 per share from Rs 120.50 earlier. According to the brokerage, the seasonal recovery in demand and the rebound in the catering business should boost profitability. Additionally, he said the company should also benefit from some consolidation and its focus on growth. Greater vaccine availability could further boost demand, the brokerage said.
COMPANY UPDATE: Wockhardt’s promoter releases 13.2 lakh share pledge on Dec 11
Market Watch: Shubham Agarwal, CEO and Head of Research, Quantsapp Advisory
Buy a 480 strike call option for Cadila Healthcare for a target of Rs 20 with a stop loss of Rs 12. Buy 820 strike call options for Voltas for a target of Rs 30 with a stop loss of Rs 17 and buy a call option of 520 strike for Dabur with a target of Rs 16 for a stop loss at Rs 10
ONLY IN: Mindtree Says BSE and NSE Approve Co-Founders’ Requests For Reclassification From ‘Promoter / Promoter Group’ Category To ‘Public’ Category
Technical view | The Nifty is at the midpoint of the resistance patch which is between 13,400 and 13,700. We have been in this range for over a week as this is a turning point for the index and may pose a threat to the upward direction of the market in the event of a U-turn from the current conjuncture. The 13,300-13,400 breakout could be a dangerous situation to be in, says Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments.
Majesco says the record date for the dividend is December 25 and the first dividend payment is December 30
Majesco has approved the payment of an interim dividend of Rs 974 / sh for the 2020-21 financial year. This interim dividend payment translates to an amount of Rs 2,788.4 crore on a shareholder base of 28,577 million shares.
Market Watch: Dipan Mehta, Director, Elixir Equities at ONGC
“While you can see a certain amount of valuable money coming into ONGC and raising the share price and maybe you could see the share price going up another 5-10 percent or so, this is clearly not for long-term investors. If you have a 3-5 year view, with the type of view that exists on crude prices that is negative in the long run, you would not be so optimistic about ONGC’s prospects for the next 2-3 more years or less. In the short term, it could be seen that the rebound in operations extends for a longer time, but in the medium and long term I do not believe that ONGC can give great returns or even outperform the market ”.
Opening bell: Sensex opens 150 points lower, Nifty around 13,500; finance, IT stocks crawl
Indian indices that opened started the day on a weak note Tuesday, following mixed trends in their global peers. Losses in banks, finance and IT stocks weighed on sentiment. At 9:18 a.m., the Sensex was trading 152 points lower at 46,101 while the Nifty fell 51 points to 13,507. The broader markets, however, were mixed with the mid-cap index down 0.3 percent and the small-cap index flat. In the Nifty50 index, Eicher Motors, NTPC, HDFC Life, Dr Reddy’s and Divi’s Labs were the main winners, while Axis Bank, ONGC, Asian Paints, M&M and ICICI Bank led the losses.
Oil slides on demand concerns as COVID-19 lockdowns in Europe tighten
Oil prices fell in early trading on Tuesday, and concerns about demand over tighter shutdowns in Europe outweighed relief from vaccine launches and concerns about an outbreak of tension in the Middle East. US West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.3 percent, to $ 46.83 a barrel at 0158 GMT, while Brent crude futures fell 20 cents, or 0.4 percent to $ 50.09 a barrel, erasing half of Monday’s gains. London stepped up restrictions requiring bars and restaurants to close as COVID-19 infection rates continued to rise dramatically, impacting demand for fuel in the short term. Further damaging the demand outlook, Italy said it was considering tighter restrictions during the Christmas holidays, while most stores in Germany were ordered to close until January 10, with little prospect of a relaxation to early new year. More here
Mrs Bectors Food absorbs Rs 162 crore from anchor investors
Ms Bectors Food Specialties on Monday raised Rs 162 crore from anchor investors ahead of opening its initial public offering on Tuesday. The cookie maker has decided to allocate more than 56.25 lakhs of shares priced at Rs 288 each to anchor investors, according to a regulatory document. At the price of Rs 288 per share, which is also the upper end of the IPO price band, the total amount raised is just over Rs 162.01 crore. HDFC Life Insurance Company, Goldman Sachs India, Franklin India Smaller Companies Fund and SBI Debt Hybrid Fund are among the anchor investors. More here
Oaktree Cap Emerges Highest Bidder for DHFL; surpasses Adani and Piramal
US-based Oaktree Capital Management beat out rivals Piramal and Adani Group to emerge as the highest bidder for Dewan Housing Finance Limited (DHFL) in the fourth round of tenders, multiple people involved in the deal told CNBC. -TV18. Of the three offers received for the entire DHFL portfolio, Adani Group has surprisingly offered the fewest based on the latest offers received this morning. The deadline for submitting offers ended this morning and three suitors submitted new offers for the entire portfolio, CNBC-TV18 reported today. Oaktree Capital raised its offer to a total of Rs 36,646 crore to acquire the full book from DHFL, three people independently confirmed to CNBC-TV18. More here
First, here is a quick update on what happened in the markets on Monday
Indian indices ended at a record close on Monday, tracking gains by their Asian peers as progress on the COVID vaccine boosted investor sentiment. Bank Home, earnings were led by the banking, finance, metallurgical and pharmaceutical sectors. The Sensex finished 154 points higher at its record close of 46,253 while the Nifty rose 44 points to its closing high of 13,558. Also in intraday transactions, The Sensex reached its all-time high of 46,373, rising to 274 points, while the Nifty rose to its all-time high of 13,597, up to 83 points. The broader markets, however, outperform the benchmark indices during the day with the Nifty Midcap and Nifty Smallcap indices rising 0.5-1 percent each. In the Nifty50 index, ONGC, L&T, Cipla, Coal India and IOC were the main winners, while Eicher Motors, Hero Moto, M&M, HDFC Life and Tech Mahindra led the losses.
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