BSE Sensex surges over 200 points, while the Nifty 50 trades above 11,400. Here are the latest updates from the markets

BSE Sensex and NSE’s Nifty 50 surged to new record higher on Monday following strong cues from global markets. Sensex surged over 200 points in the opening trade and the Nifty 50 rose past 11,400 for the first time. Asian stocks rose after China’s efforts to stop sharp declines in its currency and capital flight supported wider sentiment in the region, but trade tensions between US and China limited gains. HDFC AMC stock market debut is also in focus today. Meanwhile, DIIs purchased equities worth Rs 87.08 crore on net basis on Friday, while FIIs sold shares worth Rs 5.87 crore, provisional data showed. Here are the latest updates from the markets:
9.57 am IST
Titan shares rise 2% on positive Q1 earnings
Titan shares rose as much as 2.24% to Rs 938.95 after the company reported a near 31%rise in its net profit for the quarter ended 30 June on increased demand and sales of all key product categories—jewellery, watches and eyewear. Titan’s standalone profit for the June quarter rose to Rs 349.17 crore from Rs 266.91 crore in the year-ago period. Revenue for the quarter grew 7.40% to Rs 4,354.52 crore.

Motilal Oswal: “There is no material change in our EPS estimate, as the slight downward revision in the Jewelry guidance and higher depreciation are offset by higher EBITDA margins. Jewelry business growth prospects remain robust, and Watches and now Eyewear have also started contributing to growth. High valuations are fully deserved for a business that has perhaps the best top-line growth potential in the large cap FMCG/retail space and also has improving outlook on margins. Maintain Buy with an unchanged target price of Rs 1,130 based on 52x Jun’20E EPS (25% premium to three-year average P/E).”

9.43 am IST
Suzlon Energy shares down 5% after Q1 earnings
Shares of Suzlon Energy Ltd fell 5% to Rs 7.60 after the company said it posted net loss of Rs 575 crore for the quarter ended June on account of decline in sales and increase in forex losses.

source: livemint.com