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Market Radar Tuesday • August 11 • 2020

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Market Radar Tuesday • August 11 • 2020 CHENNAI For BSE/NSE live quotes, scan the QR code or click the link BusinessLine 6 MARKET RADAR TUESDAY • AUGUST 11 • 2020 https://bit.ly/2FpossK QUICKLY With Cipla turning healthy post Q1 IEX now part of Parag Parikh Long Term Equity Fund results, analysts increase target price OUR BUREAU net & technology and banks Chennai, August 10 make up the top three sectors, ac­ Brokerages give thumbs to pharma major’s Indian Energy Exchange has counting for 42.56 per cent of the entered the portfolio of Parag portfolio. The top five Indian cost­saving efforts, robust operating margin Parikh Long Term Equity Fund, companies in the portfolio were the latter said in a release. Its top Persistent Systems, ITC, HDFC OUR BUREAU the trade Gx business in India and three holdings are Amazon (8.71 Bank, Bajaj Holding & MphasiS, Chennai, August 10 Albuterol ramp­up in the US will per cent), Alphabet (7.52 per cent) while Amazon, Alphabet, Face­ Share prices of Cipla gained almost keep earnings momentum strong and Persistent Systems (6.77 per book, Suzuki Motor and Mi­ Record $5.1-b buyback by Buffett 12 per cent in intra­day deal on in the medium term. Cipla also cent). crosoft Corporation topped the Monday, after the pharma major guided that part of reduced opex IEX now accounts for 0.66 per list of overseas stocks. August 10 posted strong quarterly results. may continue even post­Covid­19, cent of its assets. IEX is the first As of July 31, 2020, 66.18 per Berkshire spent a record $5.1 billion buying After hitting a fresh 52­week high of leading to better margins. “We up­ stance on the stock with a base case Securities, which increased the tar­ and largest energy exchange in cent was invested in Indian equit­ back its own stock in the second quarter, and ₹814.45 in intra­day deal, the stock grade FY21/22/23 EPS by 10 per target price of ₹847. The foreign get price to ₹805 from ₹655 earlier. India providing a nationwide, ies and 27.19 per cent in foreign may have kept that higher pace going in July. closed with a gain of 9.20 per cent cent/9 per cent/9 per cent and re­ brokerage has revised its bull­case According to ICICI Securities, automated trading platform for equities. The residual 6.63 per The billionaire investor sought to seize on a at ₹795.65 on the BSE. tain Buy with a revised TP of ₹800 target price to ₹943 a share and a across­the­board transformation physical delivery of electricity, re­ cent is parked in TREPS and fixed bigger discount to the S&P 500 during a Cipla reported a 26.528 per cent (from earlier ₹630),” it said. bear­case scenario price at ₹573. from a tenderised model to a newable energy certificates and deposit receipts, among others. quarter when the conglomerates operating y­o­y growth in its Q1 FY21 consolid­ Morgan Stanley expects better "With strong traction in the US private model in exports market energy saving certificates. As of end of July 31, assets un­ businesses held up better than expected. ated profit at ₹566.04 crore, thanks growth visibility through monet­ (ramp up in albuterol, niche and rapid consumerisation of im­ HDFC Bank has slipped out der management stood at Buffett said in early May that he was keeping to strong performance across its isation of complex generics such as launches), good growth in India portant TGx and Rx in India bode from the top three positions of ₹4,014.26 crore. The scheme (on a cash high to be prepared for any direction the geographies. Revenue from opera­ albuterol. Strong balance sheet (Rx business outperformed IPM well. It revised the target price to the scheme. At June end, HDFC lumpsum investment basis) has pandemic might turn and wasn’t overly tions grew 9 per cent to ₹4,346.2 with zero net debt and continuing growth in the past four quarters, ₹900 from ₹670 earlier. Bank had accounted for 6.93 per produced a return of 18.61 per attracted to buybacks. But as he searched for crore. free cash flow generation; and im­ benefits of one­India strategy, However, Motilal Oswal Finan­ cent of the scheme. cent in the one­year period undervalued assets to spend billions on, he Most analysts gave thumbs to proving industry dynamics, espe­ Covid portfolio) and reduction in cial has maintained its neutral The top 10 equity holdings of ended July 31, 2020; for three gravitated to his own firms shares. Buffett the positive commentary from the cially in the US generics market are costs (good part of cost savings are stance on the stock with a target amount to 60.85 per cent of the years and five years, it gave out wasn’t as bullish on broader equities as the management on costs savings and some of the key factors that make likely to sustain owing to digital price of ₹790, as it sees the valu­ portfolio. These include four compounded annualised re­ S&P 500 rallied 20 per cent. BLOOMBERG robust operating margin. Emkay the stock extremely attractive, it initiatives), margins are set to ation level providing limited scope overseas listings, the fund said turns of 11.29 per cent and 11.42 Global said strong momentum in said. It retained its overweight structurally improve," said HDFC for returns. and added that software, inter­ per cent, respectively. ‘Initial probe on in 63 moons case’ Mumbai, August 10 The Central Bureau of Investigation told the SEBI allows MF Bombay High Court on Monday that it was ICICI Bank launches QIP with trustees to appoint Defence stocks in limelight; conducting preliminary enquiry into the complaint filed by 63 moons technologies officer to assist them zoom up to 9 per cent against former Union Finance Minister P floor price of ₹351.36 per share OUR BUREAU Chidambaram and two bureaucrats alleging Mumbai, August 10 PRESS TRUST OF INDIA Geojit Financial Services. abuse of official powers. CBI advocate Hiten SEBI has allowed trustees of mu­ New Delhi, August 10 In a mega push to boost do­ Venegavkar told a division bench that since the Board earlier gave private sector lender is under­ tual funds to appoint a dedicated Defence stocks on Monday mestic defence production, allegations pertain to 2012­2013, the agency stood to have lined up in­ officer to assist them in carrying jumped up to 9 per cent after the Defence Minister Rajnath has to recover relevant documents. The court approval to raise vestors for the QIP. out their fiduciary duty. The officer the announcement that India Singh on Sunday announced was hearing a petition filed by the Jignesh up to ₹15,000 cr The Bank’s board had on July should have a professional quali­ will stop the import of 101 that India will stop the import Shah­promoted company, questioning the 8 approved raising up to fication and minimum five years weapons and military plat­ of 101 weapons and military ‘delayed’ action by the CBI them. PTI OUR BUREAU ₹15,000 crore by way of issu­ of experience in finance and finan­ forms like transport aircraft, platforms like transport air­ Mumbai, August 10 ance of securities, through one cial services related field, said SEBI light combat helicopters un­ craft, light combat heli­ Private sector lender ICICI Bank or more permissible modes in­ in a circular. The circular will be ap­ der a staggered timeline till copters, conventional submar­ BSE StAR MF opens for corporates on Monday launched its fund cluding but not limited to a plicable from October 1. 2024, in a mega push to boost ines, cruise missiles and sonar New Delhi, August 10 raising exercise through a private placement, preferential The officer will be an employee domestic production. systems under a staggered BSE on Monday said its mutual fund qualified institutional place­ issue, qualified institutions of the Trustees and directly report Shares of Bharat Electronics timeline till 2024. distribution platform StAR MF has launched a ment. placement, follow­on public of­ to them. The scope of work for the zoomed 9.17 per cent, Hindus­ Making the announcement direct investment portal for corporates, which The Bank has set a floor price fering or a combination. Housing Development Finance officer should be specified by tan Aeronautics Ltd 8.74 per on Twitter, the Defence Minis­ will simplify the investment process. The portal of ₹351.36 per equity share. Its Corporation and Axis Bank also Trustees from time­to­time to sup­ cent, Astra Microwave ter estimated that the do­ – StAR MF Corp Direct – will simplify and board will be meeting on Au­ Funds via stake sale launched QIPs to raise capital. port the role and responsibilities . Products 5.48 per cent, Bharat mestic defence industry provide end­to­end value­based services to the gust 14 to decide QIP issue To strengthen its balance sheet, ICICI Bank’s total capital ad­ Further, Trustees will have stand­ Dynamics 4.16 per cent, BEML would receive contracts worth asset management companies, distributors, price. ICICI Bank had recently also equacy ratio stood at 16.32 per ing arrangements with independ­ jumped 3.95 per cent and almost ₹4 lakh crore within investors and MF industry participants, BSE said In a regulatory filing, the sold four per cent sharehold­ cent and Tier­1 capital ad­ ent firms for special purpose audit Apollo Micro Systems 3.63 per the next five to seven years as in a statement. The portal is currently live for bank said at the meeting held ing in ICICI Lombard General equacy ratio was 14.93 per cent and seek legal advice in case of any cent on the BSE.
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