Live market updates

13th Jul, 2020

M&M's June report: Bolero Pick UP, Jeeto, Scorpio, BOLERO Power Plus most sold models in India

Published on: 4:54 pm

  • Mahindra & Mahindra (M&M) on Monday released its June sales numbers on model-wise both domestically and exports. Also, the data of productions were announced.
  • In India, M&M's sales were highest in Bolero Pick UP in diesel variant, at 7,658 vehicles in June 2020, while new production for the same stood at 4,885 vehicles in the month.
  • Further, sales were at 1,284 of XUV300, 2242 of BOLERO Power Plus, 1,050 of Bolero, 2,574 of Scorpio and 1,276 of Supro respectively in June 2020. These models were equipped with diesel engines in India. Read More

FPI loses appetite for equities; records outflow of Rs2210cr so far in July

Published on: 4:30 pm

  • After a healthy June 2020, the foreign investors have reversed the trend in these 13 days of July month. The foreign portfolio investors (FPI) were net sellers especially in the equities market indicating loss of appetite. In the previous month, FPIs were net buyers after three-consecutive months outflow indicating faith in Indian economy amid Covid-19 pandemic.
  • However, with lockdown measures extended till July 31, investors hopes were dampened due to further delay in the economy and rising Covid-19 cases.
  • Data given by NSDL shows that between July 01 - July 13, 2020, the FPI removed a whopping Rs2210cr in the equity market, followed by an outflow of Rs426cr and Rs231cr in debt and debt-VRR market. Meanwhile, some Rs30cr was removed in the hybrid market. Read More

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Ircon International FY20 total income rises 16.29% to Rs5442cr; PAT grows 10% to Rs490cr

Published on: 4:24 pm

  • Construction Company Ircon International announced on Friday its financial results for the fourth quarter and year ended on March 31, 2020. The company’s turnover increased to Rs5202cr against Rs4415cr of last year FY19, growth of 17.83%.
  • Total income increased to Rs5442cr against Rs4680cr of last year FY19, growth of 16.29%. Profit After Tax increased to Rs.490 crore against Rs.445 crore of last year FY19, growth of 10%.
  • The company reported Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of Rs716cr in FY20 against crup by 11.52%. EBITDA margin stands at 13.16% in FY20. EPS of the company increased to Rs52.08 in FY20 from Rs47.28 in FY19. The company has a healthy Order Book of Rs.30,713cr as on 31.03.2020. Read More

FinMin extends deadline for re-import of cut and polished diamonds by 3 months

Published on: 4:11 pm

  • The Ministry of Finance has provided a major relief to gems and jewellery sector by relaxing the requirement of re-import of cut and polished diamonds, which have been sent abroad for certification and grading, by three months. The development is of view with Covid-19 pandemic situation.
  • Post announcement, major gems and jewellery stocks like Tribhovandas Bhimji Zaveri, Rajesh Exports, PC Jeweller, Thangamayil Jewellery and Gautam Gems ended on a negative note down between 0.33-9.86% on BSE.
  • On the contrary, Titan, Goenka Diamond, Atlas Jewellery, Asian Star among others jumped by 0.44-4.34% on the same index. Read More

Fitch assigns Adani Ports' proposed USD Notes 'BBB-(EXP)'; Outlook Negative

Published on: 4:10 pm

  • Fitch Ratings has assigned India-based port operator Adani Ports and Special Economic Zone Limited's (APSEZ, BBB-/Negative) proposed senior unsecured notes of up to USD1.25 billion an expected rating of 'BBB-(EXP)' with a Negative Outlook.
  • The proceeds will be used primarily for refinancing the debt of Krishnapatnam Port Company Limited (KPCL) upon the completion of APSEZ's acquisition of the company and for refinancing APSEZ's other debt, including early redemption of part of a US dollar bond due 2024.
  • The final rating is contingent upon the receipt of final documents conforming to information already received. Read More

L&T inducts Subramanian Sarma as an Executive Director

Published on: 4:05 pm

  • The Board of Directors of Larsen & Toubro (L&T) decided to induct Subramanian Sarma, Non-Executive Director on the Board, as an Executive Director and elevate S V Desai and T Madhava Das to the Board. The slew of Board level appointments reflects L&T's resolve to chart an aggressive future in its businesses.
  • Sarma is at present CEO and MD of L&T Hydrocarbon Engineering, a wholly-owned subsidiary of L&T. In his new role, Sarma will be designated Whole-Time Director & Sr. Executive Vice President (Energy). Effective August 19, 2020, he will hold Board level responsibility for L&T's Power business, in addition to his current responsibility in the Hydrocarbon business.
  • Desai and Madhava Das are both members of the Company's apex-level Executive Management Committee and have been elevated to the Board with immediate effect. Desai has been designated Whole-Time Director & Sr. Executive Vice President (Civil Infrastructure) and will be responsible for the Heavy Civil Infrastructure and Transportation Infrastructure businesses. Madhava Das will be designated Whole-Time Director & Sr. Executive Vice President (Utilities) and will be responsible for the Power Transmission & Distribution and Water & Effluent Treatment (WET) businesses. Read More

Jindal Saw smartly evades Covid-19 challenges in FY20

Published on: 4:02 pm

  • Jindal Saw Limited informed the exchanges Monday that the management has assessed the impact of Covid-19 pandemic on the financial statements, business operations, liquidity position, cash flow and has concluded that no material adjustments are required in the carrying amount of assets and liabilities as on March 31, 2020.
  • Due to Covid-19 pandemic and the consequent lockdown restrictions imposed by national governments resulted in scaling down operations and production facilities of the company at various locations.
  • The company’s operations were impacted in the month of March 2020, following nationwide lockdown announced by the Government of India. The Government of India permitted production activities from and after April 20, 2020 in non-containment zones, subject to requisite approvals as required. Read More

FM: States borrowing limit hiked by 2%; Banks sanction Rs1.20 lakh cr loan under the collateral-free

Published on: 3:56 pm

  • The Finance Minister Nirmala Sitharaman has reviewed the implementations of Aatma Nirbhar Bharat Package about Ministries of Finance and Corporate Affairs. The package involves Rs20 lakh cr stimulus equivalent to 10% of India’s GDP – to fight COVID-19 pandemic in India. A detailed progress report was released by the Finance ministry on the performance of key factors in the package. Here's a snippet!
  • 1. In a short period of about one and half months, noticeable progress has been achieved in identifying units, sanctioning as well as disbursing of loans to MSMEs. As on July 09, 2020, banks including state-owned and private ones, have sanctioned loans over Rs1.20 lakh cr under the Emergency Credit Line Guarantee Scheme (ECLGS), and have disbursed about Rs61,987.90cr so far. The scheme which is named as collateral-free Automatic Loans comes with 100% guaranteed by the Government of India providing total liquidity of Rs3 lakh cr to more than 45 lakh MSMEs. Read More

Nifty holds 10,800-mark; Banking shares fall

Published on: 3:37 pm

  • Benchmark indices came off intraday highs in the last hour of the trading session as weakness in banking and financial services shares weighed on the markets. However, Reliance Industries, Infosys, Hindustan Unilever, Bharti Airtel limited the downside in the markets.
  • The Nifty Bank and the PSU bank index ended 1-1.7% lower, followed by realty index, which slipped over 1.5%.
  • The Sensex ended 99 points higher at 36,694 while the Nifty50 index ended at 10,803, up 35 points. The market breadth remained in favour of the laggards with 1,079 stocks ending with losses and 777 ending with gains on the NSE. Read More

Sell-offs in banking stocks limit Sensex, Nifty gains - Top 5 bulls and bears of the day

Published on: 3:17 pm

  • While the benchmark indices Sensex and Nifty traded on a positive note on Monday, the gains were limited due to huge sell-offs carried in segments like banking, NBFCs, realty and power. At around 03.01, the Sensex was trading at 36,725.34, higher by 131.01 points or 0.36%, and Nifty 50 was performing at 10,810.65, up 42.60 points or 0.40%. Meanwhile, the BSE Bankex was trading at 25,045.49, down 302.40 points or 1.19%, whereas BSE Finance plunged by 68.76 points or 1.32% trading at 5,127.49. Also, the BSE Realty index was trading at 1,594.40, down by 25.35 points or  1.57%.
  • Here is the list of top 5 bulls and bears of the Sensex.
  • Gainers!
  • Tech Mahindra: The stock was performing at Rs598.45 per piece, up by 1.83%. In its annual report, the company revealed that CEO CP Gurnani earned 28% more in the financial year 2020 with annual salary and exercise of stock options resulting in Rs28.57cr. Read More

Rossari Biotech IPO subscribed 24% so far on Day 1 of bidding

Published on: 2:43 pm

  • Speciality chemicals manufacturer, Rossari Biotech Limited has been subscribed 24% so far on the day one of bidding.
  • The reserved portion of retail investors subscribed 37% and non-institutional investors 2.6%, the portion set aside for qualified institutional buyers has seen subscription of 0.02%. Read More

RBI's Shaktikanta Das hints on higher NPA and capital erosion; Banks, NBFC stocks in a bloodbath

Published on: 2:23 pm

  • Monday’s trading session turned into a bloodbath for banking and NBFC stocks after the Reserve Bank of India (RBI) hinted for higher bad loans and capital downerosions in the sectors. Das emphasized on recapitalization for state-owned and private banks, while also highlighting various issues in NBFC.
  • At around 2.16 pm, the S&P BSE Bankex was trading at 24,990.72 down by 357.17 points or 1.41%. The index has also touched an intraday low of 24,886.45. Read More

Yes Bank Rs15,000cr FPO opens on July 15; sets price band between Rs12-Rs13

Published on: 2:22 pm

  • Yes Bank has announced the launch of its Further Public Offering (“FPO”) in a bid to raise up to Rs15,000cr. The issue will open on July 15, 2020, and close on July 17, 2020.
  • The Issue is being made through the book building process in accordance with regulation 129(1) of the SEBI ICDR Regulations where allocation to QIBs is up to 50%, Non-Institutions Bidders is not less than 15% and Retail Individual Bidders is not less than 35%. Read More

Fresh flood hampers work at Oil India well; stock slips ~1.5%

Published on: 2:22 pm

  • Oil India Limited informed the exchanges Monday that Baghjan area is severely hit by flood due to rising water in Brahmaputra River and reverse flow to Maguri Beel, apart from continuous rain.
  • Earlier, due to flood, people of Relief Camp from Guijan High School have been shifted to a Government Building at Padumoni. A total number of families assessed of damage for compensation in Tinsukia and Doomdoorna Circle in Assam till July 12 is 1285. Read More

Market pulse at 2:15 PM today

Published on: 2:15 pm

  • Equity market indices dropped in the afternoon trade but are still marginally higher.
  • BSE Sensex is trading at 36,638.64 up 44.31 or 0.12% while Nifty50 is trading at 10,786.25 up 18.20 or 0.17%. Read More

IRB Infra emerges preferred bidder for NHAI road project; stock rises 1%

Published on: 2:15 pm

  • IRB Infrastructure Developers Ltd. (IRB), India’s leading and the largest highways infrastructure developer is now set to enter the Eastern territory of India.
  • The company has emerged as a preferred bidder for BOT project of 6 laning of the National corridor NH-19 from Dankuni to Palsit stretch of 63.83 Kms in the State of West Bengal, with a project cost of Rs2,193.23cr. Read More

Covid-19 takes a dig on DMart; parent Avenue Supermarts dives 4% as Q1 PAT squeezes to Rs40cr

Published on: 1:37 pm

  • Investors carried huge sell-offs in D-Mart-owner Avenue Supermarts (ASL) on Monday, after the company reported a consolidated net profit of Rs40cr during June 2020 (Q1FY21) quarter, down by 88% from Rs323cr in the corresponding period of the last year. In the period, PAT margin stood at 1% in Q1 as compared to 5.5% in Q1FY20. Read More

Rupee gains 6 paise against US Dollar

Published on: 1:30 pm

  • The Indian rupee has gained by 6 paise to 75.14 against the US dollar in the afternoon session tracking weakness in the greenback and gains in the domestic equity market. The rupee opened at 75.20 against the US dollar, then gained further ground and touched 75.14 against the US dollar.
  • The local unit on Friday had settled at 75.20 against the US Dollar. Read More

Reliance Industries clocks all-time high ahead of AGM meeting - Here's what to expect!

Published on: 1:18 pm

  • All eyes are set now on Reliance Industries (RIL) key announcement during its annual general meeting (AGM) which is scheduled for July 15. RIL will remain in focus this week, and has also kick-started Monday's trading session on a bullish note. RIL shares have even clocked an all-time high of Rs1,947 per piece on Sensex.
  • So far, multiple Jio Platforms stake sale along with Rights issue and BP investment has been a stellar boost for RIL stock on exchanges since April-end, so much that RIL has been touching a 52-week high of multiple occasions. Read More

Market pulse at 1:15 PM today

Published on: 1:15 pm

  • Despite slow trade in the afternoon, equity market indices continue to trade higher.
  • BSE Sensex is trading at 36,718.23 up 123.90 or 0.34% while Nifty50 is trading at 10,813.95 up 45.90 or 0.43%. Read More

Biocon gets DCGI nod to market Itolizumab for treatment of Covid-19 patients

Published on: 12:46 pm

  • Biocon on Saturday said that it has received the Drugs Controller General of India’s (DCGI) approval to market Itolizumab (ALZUMAb) Injection 25mg/5mL solution for emergency use in India for the treatment of cytokine release syndrome (CRS) in moderate to severe ARDS (acute respiratory distress syndrome) patients due to COVID-19.
  • Itolizumab will be manufactured and formulated as an intravenous injection at Biocon’s bio-manufacturing facility at Biocon Park, Bengaluru, the company said.
  • The stock is currently trading at Rs419.25, up by Rs4.95 or 1.19% from its previous closing of Rs414.30 on the BSE. Read More

PSU Bank index underperforms; Bank Nifty down over 280 pts

Published on: 12:24 pm

  • Domestic markets pared early gains in the afternoon session as the selling pressure seen in PSU Banks, realty and financial services. The Sensex index rose 137 points at 36,731 and the Nifty50 climbed up 39 points at 10,807. India VIX trades higher by 1.85% at 25.40.
  • The PSU Bank index slipped nearly 2% as all the components were trading in the negative zone. J&K Bank slipped 5%, followed by Maharashtra Bank, Bank of Baroda, Indian Bank and IOB fell 2% each.
  • SBI, PNB, UCO Bank were also in the zone at this hour.
  • Also, the Bank Nifty fell over 280 points or 1.25% at 22,118. HDFC Bank, Federal Bank and Bank of Baroda also dropped 2%. Kotak Bank, RBL Bank, Axis Bank, IndusInd Bank and Bandhan Bank were in the red zone. Read More

JSW Steel cuts FY21 CAPEX target to Rs9,000cr; stock trades 2% higher

Published on: 12:24 pm

  • On Monday, investors had a positive bias on JSW Steel stock price after the company's CMD Sajjan Jindal announced to trim down its CAPEX target for financial year FY21. Jindal was highlighting key factors in the company's annual report for period 2019-20. Jindal stated that JSW Steel has undertaken a detailed exercise to prioritise all planned and discretionary spends.
  • He stated in the report that, "led by the lockdown and its subsequent extensions, the company's project activity at various sites were severely constrained by the non-availability of required manpower and material. Thereby, he said, reduced planned CAPEX on all projects. Following which, JSW Steel has decided to reduce the planned CAPEX at about Rs9,000cr".
  • The latest CAPEX projection is lower compared to 2019-20 CAPEX spend of Rs10,200cr.
  • Jindal points out that, "JSW Steel's aim to conserve liquidity, and to ensure that strategic projects which are in advanced stages of completion are commissioned on a priority basis". Read More

Market pulse at 12:15 PM today

Published on: 12:15 pm

  • Equity market indices continue to trade higher after a gap-up start.
  • BSE Sensex is trading at 336,733.73 up 139.40 or 0.38% while Nifty50 is trading at 10,807.65 up 39.60 or 0.37%.
  • The Nifty Bank is trading down 1.41% at 22082.15 while Mid-cap Index is down by 0.21%.
  • Tech Mahindra, Reliance, HCL Tech, Infosys and Britannia are the top gainers while, HDFC Bank, Bajaj Finance, Power Grid, State Bank of India and Kotak Bank are the top losers. Read More

Asian markets trade higher; Shanghai Composite up 2%

Published on: 12:06 pm

  • Asian stocks are trading higher in the afternoon session with the Shanghai Composite was up 2%.
  • The Nikkei 225 in Japan and the Topix index also advanced 2% each, South Korea’s Kospi gained 1.5%, Hong Kong’s Hang Seng index rose 0.92% as shares of HSBC surged over 3%.
  • The dollar started the week on a soft note, while oil prices slipped ahead of an OPEC technical meeting this week.
  • Meanwhile, US stocks advanced on Friday after Gilead Sciences said remdesivir showed a sharp mortality risk drop when used to treat patients suffering from coronavirus. The Dow Jones Industrial Average climbed 1.4%, Nasdaq Composite rose 0.7% and the S&P 500 added 1.1%. Read More

Power Grid accords investment approval for Rs239.89cr; stock dips 1%

Published on: 11:59 am

  • Power Grid Corporation of India Limited (PGCIL) has accorded investment approval for Eastern Region Strengthening Scheme-XXIII (ERSS-XXIII), at an estimated cost of Rs239.89cr.
  • “The Power Grid Committee of Directors on investment on projects in its meeting held on July 11, 2020 have accorded investment approval for “Eastern Region Strengthening Scheme-XXIII (ERSS-XXIII)”, at an estimated cost of Rs239.89cr with commissioning schedule within 11-months from the date of investment approval,” the company informed the exchanges on Sunday.
  • PGCIL is currently trading at Rs170.45, down by Rs2.2 or 1.27% from its previous closing of Rs172.65 on the BSE. Read More

Ajanta Pharma experiences softness in demand despite lesser disruptions

Published on: 11:53 am

  • Ajanta Pharma Limited informed the exchanges Monday that being in a pharmaceutical sector, company has seen relatively lesser disruptions. Significantly higher material and freight costs etc. are impacting the business. The exact impact will be quantified in Q1FY21 results.
  • “There is some softness in Indian Pharmaceutical market and same will be applicable to us also where our India business performance will be impacted in similar lines,” company said.
  • The impact of Covid-19 on the business is minimal and the company is taking all the steps to mitigate the adverse impact of the pandemic.
  • All our manufacturing units are working, as per guidelines issued by the Central and State Governments and have provided necessary and critical support in this challenging times. There are certain challenges such as low attendance of staff, supply chain disruptions etc. Read More

Dilip Buildcon declared lowest bidder for NHAI project in Gujarat; stock gains 2%

Published on: 11:52 am

  • Dilip Buildcon said in the filing on Friday that it has been declared L-1 bidder for the tender floated by the National Highways Authority of India (NHAI) on Hybrid Annuity basis in Gujarat. The company bid the project cost of Rs882cr.
  • The project entails the four laning of Dhrol-Bhadra Patiya section and Bhadra Patiya-Pipaliya section of NH151A in the state of Gujarat on HAM basis.
  • “Dilip Buildcon Limited has been declared as L-1 bidder for a new HAM project viz. 'Four Laning of Dhrol - Bhadra Patiya section and Bhadra Patiya - Pipaliya Section of NH-151A in the state of Gujarat on 'Hybrid Annuity Mode'. In accordance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that the Company has been declared as L-1 bidder for the tender floated by the National Highways Authority of India on Hybrid Annuity basis in the state of Gujarat,” the company said in the filing. Read More

CBDT gives utility to banks, Post offices to ascertain TDS rates on cash withdrawals above Rs20 lakh

Published on: 11:40 am

  • To bring in further flexibility, the Central Board of Direct Taxes (CBDT) has provided a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates. These rates will be ascertained on cash withdrawals above Rs20 lakh in case of a non-filer of the income-tax return and that of above Rs1cr in case of a filer of the income-tax return.
  • On Sunday, CBDT said, "this functionality available as “Verification of applicability u/s 194N” on www.incometaxindiaefiling.gov.in since 1st July 2020, is also made available to the Banks through web-services so that the entire process can be automated and be linked to the Bank’s internal core banking solution".
  • The amendment was made in the Income Tax Act, to ensure filing of return by these persons and to keep track of cash withdrawals by the non-filers, and to curb black money. Under the amendment, the department has a lower threshold of cash withdrawal to Rs20 lakh for the applicability of this TDS for the non-filers and also mandated TDS at the higher rate of 5% on cash withdrawal exceeding Rs1cr by the non-filers. Read More

Coromandel lnternational executes SPA for acquisition of remaining stake in CSQM; stock up 1%

Published on: 11:35 am

  • Coromandel lnternational Limited (CIL) and Soquimich European Holdings BV (SQM) have executed a Share Purchase Agreement (SPA) on July 10, 2020, for the acquisition of 50,00,000 equity shares of Rs10 each constituting 50% of the total share capital of Coromandel SQM (India) Private Limited (CSQM), for consideration of Rs12cr.
  • The company informed the exchanges Saturday that on completion of the customary closing formalities and transfer of the shares in the name of the Coromandel International Limited, which is planned to be completed before July 31, 2020, CSQM would become a wholly-owned subsidiary of the CIL.
  • The Board of Directors of the CIL had given approval for the above acquisition in CSQM, a joint venture between the CIL and SQM in February this year. Read More

Glenmark reduces FabiFlu prices by 27% with new MRP at Rs75/tab

Published on: 11:19 am

  • Glenmark Pharmaceuticals, a research-led, integrated global pharmaceutical company, has announced that it has commenced a Post Marketing Surveillance (PMS) study on FabiFlu® to closely monitor the efficacy and safety of the drug in 1000 patients that are prescribed with the oral antiviral, as part of an open label, multicenter, single arm study.
  • Further, Glenmark has announced a price reduction of 27% for FabiFlu. The new MRP is INR 75 per tab from the earlier INR 103 per tab. The price reduction has been made possible through benefits gained from higher yields and better scale, as both the API and formulationsare made at Glenmark’s facilities in India, the benefits of which are being passed on to patients in the country.
  • Glenmark has successfully developed the active pharmaceutical ingredient (API) and the formulation for FabiFlu through its own in-house R&D team within the country, ensuring self-reliance with regard to long- term production and manufacturing. Read More

Infosys and Old National Bank forge digital transformation partnership

Published on: 11:16 am

  • Old National Bancorp and Infosys announced a strategic partnership that will enable faster adoption of digital solutions, modernize ONB’s existing technology infrastructure, and enhance both the client and employee experience.
  • Infosys will provide best-in-class digital solutions to help transform Old National Bank’s technology landscape. The technology enhancement will drive digital transformation and innovation, and provide advanced automation capabilities to increase speed to market and deliver a consistent and superior “ONB experience.”
  • This approach aligns with Old National Bank’s key objective of becoming a top performing independent bank, accelerating growth in commercial banking, deepening relationships by offering a distinctive client-centric value proposition.  Read More

Market pulse at 11:15 AM today

Published on: 11:15 am

  • After a gap-up start equity market indices hold on to early gains.
  • BSE Sensex is trading at 36,820.96 up 226.63 or 0.62% while Nifty50 is trading at 10,835.70 up 67.65 or 0.63%.
  • The Nifty Bank is trading down 0.65% at 22253.30 while Mid-cap Index is down by 0.10%.
  • Tech Mahindra, Reliance, Vedanta, Wipro and HCL Tech. are the top gainers. HDFC Bank, Axis Bank, HDFC, Gail and State Bank of India are the top losers.
  • Nifty IT continues to drive the morning trade while FMCG, Metal and Media are also above 1%. Nifty Realty is struggling the most while Banking and Financial Services are also in the negative zone. Read More

Firstsource Solutions stands tall amidst Covid-19 crisis; stock up ~1%

Published on: 10:59 am

  • Firstsource Solutions Limited informed the exchanges on Saturday that the company has operations within India as well in some international geography, helping keep their systems and operations up and running.
  • The company access to all information through its network connection with servers and there has been no hampering in accessing the database. Employees of the company are working on a regular basis from home and are in touch with their departmental heads through daily conference calls.
  • The company has taken a variety of safety steps, such as maintenance of social distancing, sanitizing the office space and vehicle on regular basis, enforcing regular cleaning of hands and wearing of masks for the staff allowed as per guidelines of the Government. Read More

Manaksia Coated Metals stock gains ~3% despite fall in demand due to Covid-19

Published on: 10:39 am

  • Manaksia Coated Metals & Industries Limited informed the exchanges Saturday that the profitability for the first quarter of FY21 will be adversely impacted and we shall strive to return to a profitable level from Q2 onwards.
  • The company foresees that the impact of the pandemic on demand for value-added steel products will be severe and shall gradually climb back to its original levels by Q4FY21.
  • The company in constant discussion with all customers to understand changes in the market and are taking necessary steps to maximum sales by balancing exports and domestic sales.
  • It has adequate financial resources to meet its capital requirements. The company has applied for Covid-19 related funding facility as offered by its respective bankers. The company has implemented cost control measures to reduce fixed cost and conserve cash to the best possible extent. Read More

Vodafone Idea tumbles ~2% after Rs1,252cr payment to Franklin Templeton MF

Published on: 10:35 am

  • Vodafone Idea witnessed selling pressure on Monday's trading session, by plunging as much as 1.8% on Sensex with an intraday low of Rs9.57 per piece in early deals. It is being known that Vodafone Idea has paid some Rs1,252cr to Franklin Templeton Mutual Funds which side-pocketed it's exposure in the former since January 24 this year.
  • Franklin Templeton told in a PTI report, "We wish to inform that further to the annual interest payment received on June 12, 2020, for the security '8.25% Vodafone Idea Ltd (July 10, 2020)' held in the ... segregated portfolios, we have now received the full value of the principal due, along with interest for the period June 12 to July 9, 2020".
  • Vodafone Idea's payment will be distributed to investors of Franklin's six segregated portfolios. These schemes are reportedly - Franklin India Ultra Short Bond Fund, Franklin India Low Duration, Franklin India Short Term Income Plan, Franklin India Credit Risk Fund, Franklin India Dynamic Accrual Fund, and Franklin India Income Opportunities Fund. Read More

Qualcomm Ventures to invest Rs730cr in Reliance Industries Jio platforms; stock hit all-time high

Published on: 10:27 am

  • Shares of Reliance Industries hit an all-time high on Monday and it has gained as much as 3.4% to Rs1,943 per share on the BSE.
  • Reliance Industries and Jio Platforms on Sunday has announced today that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies, has committed to invest up to Rs730cr in Jio Platforms at an equity value of Rs4.91 lakh crore and an enterprise value of Rs5.16 lakh crore.
  • Qualcomm Ventures’ investment will translate into 0.15% equity stake in Jio Platforms on a fully diluted basis, RIL said.
  • The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers. Read More

PNB trades in red after reporting fraud of Rs3,688.58cr in DHFL account; Latter's stock dips 4%

Published on: 10:15 am

  • State-owned Punjab National Bank (PNB) and Dewan Housing Finance (DHFL) both were trading in red on Sensex during Monday's trading session, with the latter witnessing huge sell-offs. The reason behind investors sentiment would likely be PNB reporting fraud worth Rs3,688.57cr in the NPA account of DHFL.
  • In a filing to exchange, PNB stated that, "This has reference to our letter dated 09.07.2020, reporting a Borrowal Fraud of Rs3,688.58 Crore in the NPA account of Dewan Housing Finance Ltd. (DHFL) at Large Corporate Branch at Mumbai, Zonal Office, Mumbai".
  • "Due to this, PNB's provision figure is now to be read Rs1,695.73cr instead of Rs246.58cr", said the lender. Read More

Market pulse at 10:15 AM today

Published on: 10:15 am

  • Equity market indices are firm after an upbeat start with the BSE Sensex is trading at 36,890.08 up 295.75 or 0.81%. 
  • The Nifty50 is trading at 10,857.50 up 89.45 or 0.83%.
  • The Nifty Bank is trading up 0.10% at 22,420.25 while Mid-cap Index is up by 0.35%.
  • Tech Mahindra, Reliance, NTPC, Britannia and Infosys are the top gainers. HDFC, HDFC Bank, Coal India, Grasim and Titan are the top losers.
  • Nifty IT and Auto are above 1% in the early morning trade. Banking and Financial Services are struggling with PSU Bank in a marginally negative zone along with Realty.
  • Out of 50 stocks traded on the NSE, 43 advanced, 6 declined and unchanged. Read More

PDS Multinational Fashions stock soars 3% despite Covid-19 disruptions

Published on: 9:46 am

  • PDS Multinational Fashions Limited informed the exchanges on Saturday that Q4FY20 began on a steady note for the PDS Group, witnessing strong demand and healthy client wins in the month of January.
  • However, the growing concerns around the spread of Covid‐19 followed by lockdowns across Europe and Asia negatively affected the operating environment for the business and impacted sales during February and March 20. In the absence of this disruption and consequently loss of revenue PDS Group was on track to achieve higher sales and profits for the year 2019‐2020.  Read More

Sensex gains 400 points; RIL hits fresh record high

Published on: 9:29 am

  • Benchmark indices started the week on a strong note tracking gains in Asian peers.
  • At 9:18 AM, the Sensex was trading 322 points higher at 36,917 and the Nifty rose 96 points higher at 10,863. The market breadth opened in favour of the advances with 1,129 stocks in gains and 69 stocks declined. Read More

Covid-19 dents operations of under the pump DHFL, stock slips 2%

Published on: 9:22 am

  • Dewan Housing Finance Corporation Limited (DHFL) informed the exchanges Sunday that the Covid-19 pandemic outbreak and the resultant lockdown in the country had impacted various functions of the company including Head Office and branch operations, collections and field visits and also new disbursements.
  • During the initial phases of lockdown till about May 31, 2020, wherein strict restrictions on mobility was in force, the company’s Head Office and branches, micro-branches remained shut and could not function, in compliance with the government guidelines. Read More

India's IIP declines in May 2020 but at a slower rate indicating signs of improvement amid Covid-19

Published on: 9:11 am

  • The latest data of Ministry of Statistics & Programme Implementation shows that the country's Index of Industrial Production (IIP) for May 2020, declined by 34.7% but at a slower pace compared to April 2020, where the index had contracted by 57.6%.
  • In May 2020, the ministry's data stated that the Quick Estimates of Index of IIP stands at 88.4 versus 135.4 of the same month last year. The latest performance is also against 53.6 for April 2020, indicating a graded pickup in industrial activity in the economy. Read More

RIL eyes Rs12 lakh cr market cap; Mukesh Ambani is now richer than Oracle of Omaha-Warren Buffet

Published on: 8:51 am

  • Continuing to clock all-time highs on multiple occasions, the Reliance Industries (RIL) market valuation is just a couple of crores away in clocking Rs12 lakh cr mark. The robust upside in RIL's stock performance has further led to a rise in Chairman and Managing Director (MD) Mukesh Ambani's wealth on the Bloomberg Billionaire Index.
  • On Friday, the RIL stock finished as top gainer on Sensex, at Rs1878.50 per piece above 2.95%. The market capitalisation on the ending price jumped by Rs34,195.13cr compared to the previous closing. That said, RIL market valuation stands at Rs11,90,857.13cr currently.
  • However, the gain was much higher both in terms of market price and valuation during the same day on Sensex. RIL stock has also touched an all-time high of Rs1,884.40 per piece on Friday. Read More

Commodity Mantra Morning Update: Gold up, Oil down; Base Metals trading higher

Published on: 8:36 am

  • Gold
  • On Monday, gold remains higher on strong virus presence. Spot Gold was up 0.27% at $1,804 whereas COMEX Gold Future was trading up 0.40% at $1,808 per troy ounce.
  • MCX Gold prices slipped below the previous swing low on the daily chart. However, price has remained above 50 EMA on the hourly chart. The daily RSI is in a bearish crossover. On the lower end, support seen at 48700, while on the higher end resistance seen at 49220.
  • Oil 
  • On Monday, oil remain weak; OPEC may taper supply cut in its meeting. West Texas Intermediate (WTI) crude was down 0.96 at $40.16 whereas Brent crude was down 0.95% at $42.83. Read More

Gland Pharma files DRHP with SEBI

Published on: 8:27 am

  • Gland Pharma Limited (Gland Pharma), 1978 incorporated, Hyderabad based pharmaceutical company has filed a Draft Red Herring Prospectus with SEBI for its proposed initial public offering.
  • The Initial Public Offer (IPO) comprises of a fresh issue aggregating up to Rs12,500 million (the “Fresh Issue”) and an offer for sale of up to 34,863,635 equity shares, including up to 19,368,686 equity shares by Fosun Pharma Industrial Pte. Ltd, up to 10,047,435 equity shares by Gland Celsus Bio Chemicals Private Limited, up to 3,573,014 equity shares by Empower Discretionary Trust, and up to 1,874,500 equity shares by Nilay Discretionary Trust.
  • The Book Running Lead Managers to the IPO are Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Haitong Securities India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited. Read More

Rossari Biotech raises Rs1,48.87cr from anchor investors; IPO opens today

Published on: 8:27 am

  • Speciality chemicals manufacturer, Rossari Biotech Limited, announced its Initial Public Offering on July 8, 2020. India’s first IPO to launch amidst the pandemic has raised Rs148.87cr in anchor allotment and has finalized allocation of 35,02,940 shares to 15 institutional investors at Rs425 per share, which is the upper limit of the price band for the IPO.
  • The issue will open today and close on July 15, 2020, with a price band of Rs423– Rs425 per Equity Share of the face value of Rs2 each.
  • The Company proposed to raise Rs496.24cr via the fresh issue of Rs50cr and OFS of Rs446.25cr. The net proceeds from the fresh issue to prepay or repay certain indebtedness, including accrued interest, fund working capital requirements and for general corporate purposes.
  • A total of 8 mutual funds through 20 schemes bid for the anchor portion. Read More

Covid-19: Liberty Shoes expects 35%-45% fall in revenues this fiscal

Published on: 8:20 am

  • Footwear firm Liberty Shoes is expecting up to 35-45% decline in its revenues in the current fiscal due to COVID-19.
  • Amid coronavirus pandemic, footfall at stores has dropped significantly as customers are avoiding public places and encouraging social distancing, Liberty Shoes Executive Director (Retail) Anupam Bansal said.
  • "...The situation doesn't allow us to compare the business with last financial year... yet we will be 35-45% down in comparison with the last financial year results. Our revenue in fiscal 2019-2020 was Rs650cr," Anupam Bansal.
  • Bansal, who also is one of the promoters of Liberty Shoes, said the company has "expectations that business will uplift around the festive and marriage season (the autumn and winter season)".
  • "Post pandemic there is a notable change in the buying pattern of the customer. The inclination towards the relevance of shopping is more. The product which is need-based is getting more attention from the buyers... people are going for open sandals with washable feature more. Due to the lockdown and limited access of going out, the premium leather category is getting hit," Bansal said. Read More

Top stocks in focus: RIL, Biocon, Avenue Supermarts, IRCTC, SAIL

Published on: 7:44 am

  • Qualcomm Ventures will invest Rs730crore in Reliance Industries Jio Platforms for a 0.15% stake.
  • Infosys and Old National Bank forged digital transformation partnership.
  • Dilip Buildcon declared as L-1 bidder by the National Highways Authority of India for a project worth Rs882cr on a Hybrid Annuity basis in the state of Gujarat.
  • CARE has reaffirmed its rating on Havells India long term bank facilities (CC) at CARE AAA and reaffirmed CARE A1+ to the short term bank facilities.
  • Tejas Network board meeting will be held on July 27, 2020, to consider and approve the unaudited standalone financial results of the company for the quarter ended June 30, 2020. Read More

SGX Nifty indicates a positive opening for Indian markets

Published on: 7:36 am

  • SGX Nifty at 10,826.50 levels, up 54.00 points. (Updated at 7:36 AM)
  • The Nifty saw a sharp 100 points fall on Friday keeping in line with global cues, however strong mid session buying in Reliance saw bears cover shorts as Nifty closed down 45 points even as Bank Nifty played spoilsport falling over 2.25%. Friday saw the breadth of the broader market also see decline as mid caps also saw selling pressure.
  • This came in as both foreign & local funds turned sellers even as retail participation reached near term all time highs. 
  • US Market: Dow Jones closes with gains on Friday as industrials lead the pullback even as Nasdaq continues to hit fresh new all time highs. Bond yields remain near all time lows while crude prices also see decline after initial spike. Fresh Covid 19 cases keep US markets in check even as digital economy sees huge resurgence seeing tech stocks gain. Read More

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