1:50 pm Bullish
stance: Shares of Maruti Suzuki hit record high at Rs 3616.40, up 3 percent
intraday. Bank of America Merrill Lynch has raised target price on the auto
major to Rs 4100 per share, indicating a 9 percent upside. The brokerage
expects Maruti to register 34 percent earnings per share (EPS) CAGR despite
lowering earnings forecasts by 6 percent in FY16 and 2 percent in FY17.
"The target price is still premium over past trends due
to superior growth on much larger addressable opportunity (including UVs, LCVs)
and higher return ratios on account of more liberal dividend payout
policy," says the brokerage. It also further adds that that four-wheeler
manufacturer will continue gaining share due to better franchise, extensive
reach and launches, including foray in segments absent so far.
1:30 pm Buzzing: Shares of PC Jeweller rallied
10.7 percent intraday after the government allowed the company to directly
import precious metals for domestic business. The move would help the company
to reduce its cost to buy precious metals, PC Jeweller Managing Director Balram
Garg said. In a filing to the BSE, PC Jeweller informed that the "company,
has been designated as Nominated Agency under Paragraph 4A.4 of Foreign Trade
Policy 2009-14 (RE-2012), by the Additional Director General of Foreign Trade
(CLA), Ministry of Commerce & Industry, Department of Commerce."
"This permission makes the company eligible for direct
import of precious metals (gold/silver/platinum) for domestic business,"
it added.
1:20 pm Earnings:
Bajaj Auto's net profit fell 4.8 percent year-on-year to Rs 861.2 crore on
revenue of Rs 5,657 crore for the quarter ended December 2014. Profit of the
two-wheeler maker was supported by better operational performance but was
impacted by lower other income.
However, numbers were ahead of street expectations.
According to the average of estimates of analysts polled profit was expected at
Rs 850 crore on total income of Rs 5,591 crore for the quarter.
Total income from operations during the quarter grew by 10.3
percent to Rs 5,657 crore compared to Rs 5,131 crore in same quarter last
fiscal, supported by higher export sales. Other income more than halved to Rs
95.3 crore from Rs 222 crore during the same period.
Don't miss: Goldman
Sachs removes ITC from conviction list, retains buy
The market continues to surge supported by banks, auto and
realty stocks. The
Sensex is up 665.49 points or 2 percent at 28012.31 and the
Nifty is up 199.75 points or 2.4 percent at 8477.30. About 1596 shares have
advanced, 1005 shares declined, and 341 shares are unchanged.
HDFC, ICICI Bank, SBI, M&M and Tata Power are top
gainers in the Sensex. Bajaj Auto is up 3 percent after it posted
better-than-expected December quarter results.
Crude oil dipped after a volatile session the previous day,
when prices rebounded sharply from near-six-year lows that reflected a global
oversupply.Jefferies said the use of floating storage would, in the near term,
absorb barrels from the market in excess of physical demand, but noted that
"those same barrels will eventually be delivered and could moderate a
future price recovery". More information please visit this site www.bigprofitbuzz.com
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