Live market updates

23rd Jul, 2020

Bombay Dyeing posts net loss of Rs129.18cr in Q1; stock ends lower

Published on: 4:49 pm

  • Wadia Group-backed Bombay Dyeing registered a net loss of Rs129.18cr during the quarter ending June 2020 (Q1FY21) period, compared to the net profit of Rs27.65cr seen in the corresponding period of the previous year. In the preceding quarter, the company's profit was at Rs47.78cr.
  • Meanwhile, total income squeezed to Rs96.04cr in the period, as against Rs672.54cr a year ago same period and Rs317.30cr in the previous quarter.
  • Post Q1 announcement, the company's stock finished at Rs67.55 per piece down by 0.66% on Sensex.
  • Throughout Thursday's trading session, the stock has clocked an intraday high and low of Rs69.25 per piece and Rs67.05 per piece respectively. Read More

Maruti Suzuki introduces infotainment system in Ignis Zeta MT & AMT variants

Published on: 4:43 pm

  • Maruti Suzuki India Limited (MSIL) has introduced Smartplay Studio Infotainment System in Ignis Zeta MT and AMT variants from Thursday.
  • “The applicable ex-showroom price in Delhi and NCR region are : Ignis Zeta MT at Rs5,97,820 and Ignis Zeta AMT at Rs6,44,820. The same is effective from today i.e. July 23, 2020,” the auto-maker company informed the exchanges Thursday.
  • Ignis was the first car from Nexa Channel to have AMT technology launched in India in December 2017 and comes in four variants of Sigma, Delta, Zeta and Alpha.
  • MSIL stock trade on Thursday ended at Rs6,063.75, up by Rs57.35 or 0.95% from its previous closing of Rs6,006.40 on the BSE. Read More

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RBI invites suggestions on QR Code for digital payments

Published on: 4:33 pm

  • The Reserve Bank of India (RBI) has invited suggestions and comments from all stakeholders and members of the public on the analysis and recommendations made on the QR Code. Suggestions can be made before August 10, 2020. A QR Code is a type of a two-dimensional bar code. The committee considered the use of QR Codes in the context of digital payments.
  • Earlier in December 2019, RBI formed a committee for analysis and recommendations in QR Code, to ensure the growth of the payments ecosystem, as is important to provide a consistent experience for merchants as well as consumers.
  • The Committee’s perspective revolved around enhancing efficiency, security and transparency of QR  based payments. Here's a list of recommendations made the committee as per RBI: Read More

Wipro to acquire 4C, a leading Salesforce multi-cloud partner in Europe and the Middle East

Published on: 4:32 pm

  • Wipro Limited, a leading global information technology, consulting and business process services company, today announced that it has signed a definitive agreement to acquire 4C, one of the largest Salesforce partners in UK, Europe and the Middle East.
  • The acquisition is subject to customary closing conditions and is expected to be closed in the quarter ending September 30, 2020.
  • This acquisition significantly strengthens Wipro’s position as a leading provider of Salesforce solutions in these markets. Wipro has a well-established Salesforce business in the Americas, Japan and Australia which was reinforced with the Appirio acquisition in 2016, the company said. Read More

Fairchem Speciality apprehends impact of Covid-19 till December

Published on: 4:22 pm

  • Fairchem Speciality Limited (FSL) informed the exchanges Thursday that the plant operations of Fairchem Speciality in Ahmedabad were impacted since March 25, 2020 pursuant to Govt. directive.
  • Further, FSL is mainly in B2B segment and its prime products are used in the industry engaged in paint, printing ink, epoxy hardener, soap etc.. As Govt. went on extending the nationwide lockdowns (except for essentials) which included the key region of western India and many prime cities in rest of the country, the demand started vanishing. Thus the operations of the company were adversely impacted due to Covid-19.
  • FSL has restarted its operations with effect from May 21, 2020, and is currently operating at around 90% capacity. Read More

Stellar market debut: Rossari Biotech skyrockets 75% from its issue price

Published on: 3:54 pm

  • Rossari Biotech, a manufacturer of textiles and speciality chemicals, has made a stellar market debut on Thursday. Rossari Biotech ended at Rs742.35 per piece, higher by Rs317.35 or 74.67% on Sensex, compared to the upper price band of its initial public offering (IPO) issue.
  • Listing at a premium of Rs670 per piece on Sensex, the Rossari stock has increased to an all-time high of Rs804 per piece.
  • Compared to its listing market price, the stock ended at Rs742.35 per piece surging by 10.80% on the index.
  • Rossari, which is the first IPO after four months on exchanges, was oversubscribed by 79.37% with bids of 64,87,33,645 equity shares against the total public offering of 81,73,530 equity shares. It needs to be noted that, the Rossari Biotech offered a total 11,676,471 equity shares among which 81,73,530 equity shares were offered for public and remaining 35,02,940 equity shares were offered to anchor investors. Read More

HeidelbergCement stock ends lower post Q1 results

Published on: 3:53 pm

  • Shares of HeidelbergCement India declined after posting a weak result in Q1FY21. The net profit of the company has dropped by 38% to Rs48.94cr in the quarter ended June 2020 as against Rs79.03cr during the previous quarter ended June 2019.
  • Sales of the company have also declined by 30.25% to Rs406.27cr in the quarter ended June 2020 as against Rs582.44cr during the previous quarter ended June 2019.
  • Shares of HeidelbergCement India ended at Rs176.60, down by Rs4.75 or 2.62% from its previous closing of Rs181.35 on the BSE.
  • Update on COVID-19:
  • The Company suspended manufacturing operations in its plants in the last week of March 2020. The operations were resumed in a phased manner with effect from April 20, 2020, under strict observance of guidelines issued by respective district administrations to mitigate the risk of COVID-19. Read More

Markets closed higher; Nifty back above 11,200 level

Published on: 3:32 pm

  • Markets traded with a positive bias throughout the day as across the board buying pressure weighed in. Both Bank Nifty and Nifty index closed at intraday higher, gaining ~1% at the close. Fresh buying was seen in major like Reliance Industries, ICICI Bank, Kotak Bank, Dr Reddys, ITC & SBI.
  • Reliance Industries became the first Indian company to hit the market cap of 13 Lakh Cr. Nifty Midcap100 index closed higher, up ~1 %. Market breadth ended in the favour of the advances with the advance/decline closing at 1:1x. Nifty & Bank Nifty futures saw an addition of long additions.
  • On the options front (July 23, 2020 expiry), across the board put option writing was seen in the Nifty & Bank Nifty index as the indices traded with a positive bias. India Vix index closed at 24.8, down 0.75%. Read More

PNB Housing posts NII down 22% yoy to Rs488cr in Q1FY21

Published on: 3:30 pm

  • PNB Housing Finance Limited on Thursday announced the consolidated unaudited financial results for the quarter ended June, 2020. The net interest income of the company registered a decline of 22% at Rs487.8cr in Q1FY21 compared to Rs625.5cr in Q1FY20.
  • PNB Housing Finance Ltd is currently trading at Rs210.25, up by Rs10 or 4.99% from its previous closing of Rs200.25 on the BSE.
  • The company informed the exchanges Thursday that Profit after Tax stood at Rs257.2cr compared to Rs284.5cr, registering a decline of 10% yoy. The Spread on loans for Q1FY21 stood at 2.19% compared to 2.53% for Q1FY20.
  • The company has not done any securitization during the quarter. Excluding the assignment income generated in Q1FY20, i.e. on the IGAAP basis, the Spread for Q1FY21 is 2.28% compared to 1.98% in Q1 FY2019-20, an increase of 30 basis points. Read More

Sensex, Nifty gain as all sectoral indices witness bullish sentiments - Top bulls and bears of Thurs

Published on: 3:25 pm

  • In the second half of Thursday's trading session, the benchmark indices Sensex and Nifty recovered from its previous losses with Sensex and Nifty 50 maintaining over 38,000 and 11,200-level, respectively. Majority sector indices witnessed an upside, however, auto, banking, pharma, metal and NBFC stocks were top gainers. At around 3.10 pm, the Sensex is performing at 38,111.63 higher by 240.11 points or 0.63%. At the same time, Nifty 50 was above 82.75 points or 0.74%, trading at 11,215.35.
  • Many large-cap stocks saw bullish sentiments in wake of their June 2020 (Q1FY21) announcement this month-end.
  • Here's is the list of bulls and bears of the Thursday on Sensex:
  • Gainers: Read More

Rallis India records 53% yoy rise in Q1 PAT to Rs92cr; MD expects domestic demand to remain buoyant

Published on: 3:08 pm

  • Rallis India registered a consolidated net profit of Rs92cr during the June 2020 (Q1FY21) quarter, representing 53% growth compared to Rs60cr recorded in the corresponding period of the previous year. Consolidated revenues of Rs663cr for the quarter, increased by 6% Rs623cr seen a year ago same period. Read More

GAIL and Carbon Clean Solutions sign a MoU for Compressed Biogas projects

Published on: 3:01 pm

  • GAIL (India) Limited informed the exchanges Thursday that it has signed a Memorandum of Understanding (MoU)and Carbon Clean Solutions Limited (CCSL) for exploring project development opportunities in Compressed Biogas (CBG) value chain in India. Read More

UCO Bank board approves raising up to Rs3,000cr in FY21; stock trades flat

Published on: 2:59 pm

  • Shares of UCO Bank is trading flat on the BSE in the afternoon session. The board has approved the proposal to raise equity capital aggregating Rs3,000cr.
  • In its exchange filing, “further to our communication dated 18.07.2020, we Inform that the Board of Directors of the Bank, this day, 23rd July 2020, approved the proposal by circulation for raising of equity capital aggregating to Rs3,000cr during the financial year 2020-21 through various modes such as Follow on Public Offer (FPO), Qualified Institutional Placement (QIP), Preferential Issue etc. subject to necessary approvals from shareholders, Govt. of India, RBI and SEBI. Further, as per the advise of the Board of Directors, the above proposal of raising of equity capital will be placed In the Annual General Meeting of the Bank scheduled to be held on 7th August, 2020 for seeking the shareholders'' approval,” the bank said. Read More

Bajaj Auto on Covid-19 impact: Strong liquidity position, financial resources, debt-free to help biz

Published on: 2:50 pm

  • Both exports and domestic sales were impacted due to restrictions on production from the beginning of the pandemic, said Bajaj Auto while presenting its financial quarter result for June 2020 (Q1FY20) period. The two-wheeler and three-wheeler manufacturer, believes things are far from normal as recovery is unstable due to irregular local shutdowns in various parts of the country. Read More

Eclerx Services utilize 100% of Rs109.50cr buyback; stock plunges 3%

Published on: 2:36 pm

  • Eclerx Services has completed its buyback issue. The company intimated exchanges that the Buy-Back Committee on July 22, has utilized Rs109.50cr which is  100% of the maximum buyback and has approved the closure of the same.
  • Eclerx whose buyback commenced on July 10, 2020, bought back 2,093,815 equity shares at a price band of Rs522.97 per share. Read More

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • BSE Sensex is trading at 38,053.94 up 182.42 or 0.48%
  • while Nifty50 is trading at 11,192.40 up 59.80 or 0.54%.
  • The Nifty Bank is trading up 0.58% at 23015.45 while Mid-cap Index is up by 0.47%. Read More

Tube Investments of India posts a consolidated loss of ~Rs65cr in Q1FY21

Published on: 2:28 pm

  • Tube Investments of India Limited announced its quarterly results on July 23, 2020. Consolidated net revenue in Q1FY21 stood at Rs456.81cr, which declined by 67% yoy from Rs1,384.46cr in Q1FY20.     
  • EBITDA stood at Rs (-)33.94cr in Q1FY21  that decreased by 120.88% yoy. For Q1FY20, it had posted EBITDA of Rs162.51cr. EBITDA margin as of Q1FY21 was at 7.43% that declined by 19.17% yoy against the same quarter, previous year.  Read More

Cox & Kings clarifies on Mumbai policy enquiry in IndusInd Bank case; stock clocks upper circuit

Published on: 2:20 pm

  • The travel and tourism firm, Cox & Kings, has clarified over the Mumbai policy enquiry in regards to IndusInd Bank case where the latter has reportedly filed a complaint against the former for defrauding Rs20cr. Investors tapped the travel firm's stock on exchanges after it intimated exchanges about no such actions taken from the Mumbai police. Read More

Bharti AXA General bags Rs800cr crop insurance mandate under PMFBY

Published on: 2:19 pm

  • Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today said the company has received Rs 800 crore worth crop insurance mandate from the Governments of Maharashtra and Karnataka to insure their farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY).
  • The company has secured authorization for a period of three years from both the state governments to implement the PMFBY in six districts of Maharashtra and three districts of Karnataka. Read More

HDFC AMC Q1FY21 reults; net profit rises by ~4% yoy

Published on: 2:08 pm

  • HDFC Asset Management Company (AMC) announced its quarterly results on July 23, 2020. Net revenue in Q1FY21 stood at Rs411.49cr, which declined by 18.42% yoy from Rs504.39cr in Q1FY20.      
  • EBITDA stood at Rs316.48cr in Q1FY21 that decreased by 20.03% yoy. For Q1FY20, it had posted EBITDA of Rs395.73cr. EBITDA margin as of Q1FY21 was at 76.91% that declined by 1.55% yoy compared to the same quarter, the previous year. Read More

RIL's eyes Rs13 lakh cr valuation; Mukesh Ambani richer than Google's founders, Elon Musk and Warren

Published on: 2:05 pm

  • A little over a week since Reliance Industries (RIL) presented its 43rd AGM, a new milestone has been touched now by the company's Chairman and Managing Director (MD) Mukesh Ambani. RIL has continued to remain the largest Indian company in terms of market capitalisation, and Thursday the company was eyeing an Rs13 lakh cr valuation on Sensex. Read More

Injured foreign experts released from hospital, Oil India says

Published on: 1:57 pm

  • Oil India Limited informed the exchanges Wednesday that three foreign experts from M/s Alert namely Anthony Steven Reynolds, Doug Dallas and Craig Neil Duncan suffered minor burn injuries while removing a spool from the well head.
  • “The three experts were provided immediate medical attention by a doctor at the well site and later on they were taken to burn a unit section of Astha Nursing Home at Dibrugarh. They have been released after dressing of the burn injuries. It is expected that operations will resume at Baghjan tomorrow,” the company said.  Read More

Zydus Cadila gets nod from USFDA to initiate clinical trials of Desidustat in cancer patients

Published on: 1:54 pm

  • Zydus, a leading discovery-based, global pharmaceutical company today announced that it has received approval from the USFDA, to initiate clinical trials of Desidustat in Chemotherapy Induced Anemia (CIA).
  • Zydus has also initiated a Phase II(b) trial of Desidustat in Mexico for the management of patients with COVID-19, Cadila said in the filing. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Indices are firm in the afternoon trade, with the BSE Sensex is trading at 338,111.84 up 240.32 or 0.63%.
  • Nifty50 is trading at 11,208.55 up 75.95 or 0.68%. Read More

Airtel appoints Ganesh Lakshminarayanan as CEO-Enterprise Business

Published on: 1:25 pm

  • Bharti Airtel (“Airtel”), India’s largest integrated telco, today announced the appointment of Ganesh Lakshminarayanan as CEO-Enterprise Business.
  • In his new role, Ganesh will be responsible for further strengthening Airtel’s market leadership in the B2B segment and accelerate growth as enterprises undergo digital transformation to become future ready. He will report to Ajay Chitkara, Director – Airtel Business. Read More

Coal India unveils special spot e-auction scheme 2020 for importers - All features

Published on: 1:14 pm

  • The state-owned Coal India (CIL) has launched registration for special spot e-auction scheme 2020 for import substitution. The auction will be available for only coal importers. On Sensex, the CIL stock was trading flat at Rs133.90 per piece at around 1.11 PM. Read More

Sterlite Technologies Q1FY21 results; consolidated profit plunges by ~98% yoy

Published on: 1:08 pm

  • Sterlite Technologies announced its quarterly results on July 23, 2020. Consolidated net revenue in Q1FY21 stood at Rs876.2cr, which declined by 38.81% yoy from Rs1,431.99cr in Q1FY20.     
  • EBITDA stood at Rs121.68cr in Q1FY21 that decreased by 62.37% yoy. For Q1FY20, it had posted EBITDA of Rs323.38cr. EBITDA margin as of Q1FY21 was at 13.89% that declined by 8.69% yoy against the same quarter, the previous year. Read More

Rupee gains 11 paise against US Dollar tracking domestic markets

Published on: 1:07 pm

The Indian rupee appreciated against the US dollar in opening trade amid weak American currency and foreign fund inflows. The currency is trading at 74.84/$, up 11 paise.
The currency opened on higher at 74.65, registering a rise of 11 paise over its previous close. Read More

Market pulse at 12:30 AM today

Published on: 12:30 pm

  • Equity Market Indices continue to make gains after a flat start. 
  • BSE Sensex is trading at 38,075.44 up 203.92 or 0.54%
    while Nifty50 is trading at 11,199.60 up 67.00 or 0.6%.
  • The Nifty Bank is trading up 0.57% at 23013.15 while Mid-cap Index is up by 0.68%.
  • ZEEL, Eicher Motors IOC, Asian Paints and BPCL are the top gainers. Axis Bank, Shree Cement, Infosys, Wipro and TCS are the top losers.Read More

Sensex, Nifty near day’s high; auto, pharma stocks gain

Published on: 12:30 pm

  • Equity benchmark indices extended gains and hit fresh intraday high in today’s trade. The barometer index, the S&P BSE Sensex was up 247 points or 0.65% at 38,125 and the Nifty50 index added 84 points or 0.75% at 11,216.
  • In the broader market, the S&P BSE Mid-Cap index rose 1.02% while the S&P BSE Small-Cap index gained 0.82%.
  • The market breadth was strong on the BSE, 1,403 shares rose and 998 shares fell. A total of 145 shares were unchanged.
  • Shares of Yes Bank slumped and hit the lower circuit and traded at on BSE with heavy volumes. The stock has consistently been falling since the follow-on public offer pricing which was at a steep discount. Read More

Vodafone Idea gains 4% as SC directs IT-dept to refund Rs833cr to the telco

Published on: 12:20 pm

  • Investors had bullish sentiments in Vodafone Idea stock during Thursday's trading session. The telcos have gained by more than 4% on Sensex by touching an intraday high of Rs8.90 per piece before correcting. The performance swayed after the Supreme Court (SC) dismissed Income Tax (IT) department's plea challenging the Bombay High Court's order for refunding Rs833cr to the telco.
  • According to CNBC report, upholding Vodafone's claims for refund of taxes for the year AY 2014-15, the SC said the I-T department had in October 2019 concluded that Rs833cr was due and payable to the telecom service provider.
  • In the first week of July, the Bombay HC directed the IT-dept to refund Rs833cr to Vodafone with two weeks, however, the department had opposed the order stating potential demands against the telco. Read More

Asian markets trade mixed; Hang Seng index gain

Published on: 12:07 pm

  • Asian stock markets were trading on a mixed note on Thursday with Chinese mainland shares selling off. The stock markets in Japan are closed for a public holiday.
  • South Korea’s Kospi index fell 0.48%, shares in Taiwan were also down 0.54% while Hong Kong’s Hang Seng and ASX 200 rose in today’s trade.
  • Chinese mainland markets were lower, with the Shanghai Composite traded down 0.31%.
  • As per media reports, South Korea’s central bank released advanced estimates of the country’s gross domestic product for the three months that ended in June. Growth declined 3.3% for the quarter compared with the prior three months that ended in March and was down 2.9% from last year, Bank of Korea said. Read More

Dilip Buildcon surges 7% after winning new EPC JV project in Gujarat

Published on: 11:50 am

  • Dilip Buildcon Limited has received the letter of acceptance (LOA) on July 22, 2020 from the Narmada, Water Resources, Water Supply and Kalpasar Department (Water Resources) for an EPC project in the state of Gujarat. The project is the joint venture between DBL and Hindustan Construction Company Limited (HCC).
  • Dilip Buildcon Ltd is currently trading at Rs302.40 up by Rs20.4 or 7.23% from its previous closing of Rs282 on the BSE. 
  • “The bid project cost is Rs4167.70cr with completion period of 48 months and maintenance period of 10 years,” the company informed the exchanges on Thursday. Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • After a flat start, the indices are making rapid gains in the late mornong trade.
  • BSE Sensex is trading at 38,013.93 up 142.41 or 0.38% while Nifty50 is trading at 11,187.35 up 54.75 or 0.49%.
  • The Nifty Bank is trading up 0.25% at 22940.10 while Mid-cap Index is up by 0.85%.
  • ZEEL, IOC, BPCL, Eicher Motors and Asian Paints are the top gainers. Axis Bank, Shree Cement, Infosys, TCS and Bharti Infratel are the top losers. Read More

Sarda Energy's operations affected due to damage in one Turbine Generator set

Published on: 11:10 am

  • Sarda Energy & Minerals Ltd. informed the exchanges Thursday that in the course of operations some abnormality was observed in one of the three turbines and the machine (Turbine Generator) was shut down for inspection on July 6, 2020.
  • Following the necessary guidelines and protocol required to inspect the machine and also to prevent spread of Covid-19, after opening and inspection by external technical experts it was observed that a part is damaged and requires repairing for which it has to be sent to the workshop of the contractor. It may take two to three months to restart the machine.
  • In the meantime the company has arranged power from its wholly-owned subsidiary Sarda Metals & Alloys Limited, so as to maintain the production at normal levels. Read More

Future Consumer slumps 4% after board approves divestment of entire stakes held in Sarjena Food

Published on: 11:02 am

  • Future Consumer on Thursday witnessed selling pressure on Dalal Street after the company's board approved for divestment of its entire shareholding in Sarjena Foods Private Limited (Sarejana). The divestment is proposed to be carried by way of shares sale.
  • At around 10.58 AM, Future Consumer stock was performing at Rs10.10 per piece down by 3.81% on Sensex. The stock has touched an intraday high and low of Rs10.40 per piece and Rs10.05 per piece respectively.
  • According to the regulatory filing, Future Consumer will divest  3,24,675 equity shares constituting 19.59% of total paid-up share capital of Sarjena.
  • "Considering the commercial viability of the investment in the business of Sarjena, the Board of Directors of the Company have decided and approved divestment of the entire shareholding of the Company aggregating to 19.59% in Sarjena," said Future Consumer in its statement. Read More

Ganesha Ecosphere expects to remain profitable in FY21

Published on: 11:00 am

  • Ganesha Ecosphere Limited expects to remain profitable during the year ended March 31, 2021 although there may be some adverse impact during the first quarter. The management is closely monitoring the business situations and it expects the operations to fully normalize by third quarter of FY21.
  • The company informed the exchanges Wednesday that there is no liquidity concerns as the company has sufficient liquidity in the form of unutilized bank limits and short term investments. There is no impact on the capital and financial resources of the company.
  • The company has not availed any moratorium in its loan repayments and has repaid all its loan instalments and interest dues till date. Also the company is focussing on faster receivable collection and liquidation of inventory. Read More

RCom: Covid-19 impact will be only ascertained over the next few months; stock gains 5%

Published on: 10:52 am

  • Anil Ambani-backed Reliance Communication (RCom) on Thursday clocked the upper circuit limit on exchanges after the company intimated about the Covid-19 impact on the business and outlook ahead. At around 10.47 am, the RCom stock was performing at the upper price band of Rs3.59 per piece zooming by 4.97% on Sensex.
  • On Wednesday, RCom in a regulatory filing said, "we would like to inform you that while Reliance Communications Limited (the “Corporate Debtor”) is sensitive about the impact of the pandemic (COVID-19), not only on human life but on businesses and industrial activity across the globe and in the country." However, adding the company said, "its effect will only be realized and ascertained over the next few months."
  • RCom mentioned that it has been monitoring the situation closely and has taken proactive measures to comply with various directions/regulations/guidelines issued by Government of India, various state governments and local bodies to ensure the safety of workforce across all its offices. Read More

ABB to deliver the largest automation projects in the Indian agro-chemical industry for Deccan Fine

Published on: 10:50 am

  • ABB India Limited informed the exchanges Thursday that it will deliver the largest automation projects in the Indian agro-chemical industry for Deccan Fine Chemicals. This mission critical automation and safety system controls over 100 reactors at the largest multi-product plant, at their SEZ facility in Tuni, Andhra Pradesh.
  • ABB India Ltd is currently trading at Rs943.50, up by Rs17.5 or 1.89% from its previous closing of Rs926 on the BSE.
  • Deccan Fine Chemicals currently has three manufacturing sites, each consisting of highly automated production plants, labs, warehousing facilities and advanced effluent treatment facilities. ABB’s offered solution is designed for both high availability and high fault tolerance by positioning the primary and back-up critical controllers and servers at two separate locations. Read More

Market pulse at 10:30 AM today

Published on: 10:30 am

  • Equity market indices remain volatile after a flat start, however, it continue to trade higer. 
  • BSE Sensex is trading at 37,913.90 up 42.38 or 0.11% while Nifty50 is trading at 11,164.60 up 32.00 or 0.29%.
  • The Nifty Bank is trading down 0.19% at 22,839.85 while Mid-cap Index is up by 0.59%.
  • BPCL, ZEEL, IOC, UPL and GAIL are the top gainers. Axis Bank, Shree Cement, Infosys, Bharti Infratel and Hindustan Unilever are the top losers.
  • Nifty Media, Pharma and Realty drive the early morning trade while Nifty Bank, Private Bank and IT are trading in negative. Read More

L&T sees 79% yoy drop in Q1 PAT to Rs303cr; bags order worth Rs23,574cr

Published on: 10:22 am

  • Larsen & Toubro (L&T) on Thursday was trading in the green after the company announced its first-quarter result for the period ending June 2020 (Q1FY21).
  • L&T's consolidated net profit attributable to shareholders of the company, including profits from the discontinued business was at Rs303cr reflecting a decline of 79% yoy during Q1FY21.
  • L&T said, "The PAT was impacted mainly due to lower revenue, credit provisions in Financial Services business and under-recovery of overheads."
  • Meanwhile, the company's consolidated gross revenue of Rs21,260cr for the quarter, registering a  decline of 28% yoy. In the period, international revenues were at Rs9,497cr constituting 45% of the total revenue, with the increased composition of the non-cyclical IT&TS segment. Read More

Rossari Biotech witnesses bumper listing; up 58% from its issue price of Rs425

Published on: 10:15 am

  • Rossari Biotech made a strong debut on the exchanges today. The stock got listed at Rs670 on the BSE, a premium of 58% over its issue price of Rs425.
  • The stock opened at Rs670 on the BSE, up by Rs245 over the issue price of Rs425 per share, while on the NSE, it debuted at Rs669.25, a 57.47% premium over IPO price.
  • The speciality chemical manufacturer Rossari Biotech IPO was subscribed 3.5 times on the last day of bidding.
  • The IPO has received bids for 2,86,22,335 equity shares against the issue size of 81,73,530 equity shares (excluding anchor book), the data available on the exchanges showed. Read More

Marwana Sugars faces adverse impact on financials due to Covid-19; stock slips 1.5%

Published on: 10:09 am

  • Mawana Sugars Limited informed the exchanges Wednesday that in view of national lockdown in the month of April and May 2020, the revenue and profitability of the company would be adversely impacted. The ethanol and chemical business have been largely impacted due to economic slowdown.
  • Due to high level of uncertainty, it is not possible to assess the future impact on its operations. However, the company is adapting to the changing business environment and would be in a position to suitably respond and fulfill the needs of its customers.
  • Due to adverse impact on off take of sugar and other businesses, the liquidity position of the company would remain constrained. The company would continue to remain in arrears for payment of the dues of the farmers from whom it has purchased cane even though it has enough sugar stocks to pay the entire cane dues. The company has however put in place a cash flow management procedure which would enable it to maintain adequate liquidity for its operations. Read More

Wipro to launch 5G edge services solutions suite

Published on: 9:28 am

  • Wipro Limited on Thursday announced that it will launch its 5G edge services solutions suite. The solutions suite to be provided by Wipro is built with IBM TRIRIGA and IBM Edge Application Manager. Wipro, a leading global information technology, consulting and business process services company, will engage with clients to implement the Universal  Edge solutions suite that leverages 5G network capabilities. Read More

Sensex, Nifty trade volatile; Axis Bank, Bajaj Auto stocks slip

Published on: 9:26 am

  • Equity benchmark indices opened flat as selling pressure witnessed in financials and auto stocks, however, gains in FMCG and pharma space capped the losses. Investors will focus on a stock-specific approach while another huge spike in daily Covid-19 cases may keep the sentiment in check.
  • At 9:18 AM, the Sensex was trading 57 points lower at 37,814 and the Nifty fell 27 points to 11,106. Read More

NCPI makes payment of EMIs, insurance, mutual funds and other bills seamless; launches UPI AutoPay

Published on: 9:12 am

  • The National Payment Corporation of India (NPCI) has now made recurring payments even more seamless, by launching UPI AutoPay. The new facility under UPI 2.0, will help both individual users and merchants as mandates are generated instantly and payments get deducted automatically on the authorized date.
  • Further, UPI AutoPay will enable customers for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments among others. Read More

IBA, bank unions decide a 15% wage hike annually; over 8 lakh bank employees to benefit

Published on: 8:50 am

  • After nearly three years of negotiations, looks like the Indian Banks' Association (IBA) and bank unions have finally decided in regards to wages. It is now being known that IBA and bank unions have agreed upon a 15% wage hike annually for a period of five years from 2017 to 2022. The decision was made in a marathon meeting held at the largest lender State Bank of India (SBI) headquarters in Mumbai.
  • The banks association body had announced a 15% hike to employees in 2012. However, the unions demanded a 20% hike for the period between 2017-2022, on the contrary, the association offered for 12.25% hike in wages. Read More

Further in relief loan moratorium? RBI may extend the deadline for some stressed sectors

Published on: 8:27 am

  • The loan moratorium deadline is nearing soon, and now reports are stating that the Reserve Bank of India (RBI) may provide further relief in the EMI instalments for some stressed sectors. RBI's loan moratorium benefit is available till August 2020 end
  • According to a LiveMint report, RBI may allow lenders to offer companies in stressed sectors such as aviation, automobiles and hospitality the option to pause loan repayments even after the six-month moratorium ends on August 31, two people directly aware of the discussions said.
  • Reportedly, people aware of the talks between RBI and the banks said on condition told the news agency that the regulator has been conducting an impact assessment of sectors and borrower segments by collating data on repayments and cash flows of borrowers since the lockdown was announced in March to get a better understanding of the challenges faced by borrowers. Read More

Commodity Mantra Morning Update: Gold, Oil steady; Base Metals trading lower

Published on: 8:13 am

  • Gold
  • On Thursday, gold trades above 1850 mark on stimulus hopes. Spot Gold was down 0.27% at $1,866 whereas COMEX Gold Future was trading down 0.07% at $1,866 per troy ounce.
  • MCX Gold prices moved above previous consolidation high on the daily chart suggesting rise in bullish bet. The daily RSI is in a bullish crossover. On the lower end, support seen at 49750 while on the higher end resistance seen at 50300.
  • Oil 
  • On Thursday, oil trades higher on global stimulus announcement. West Texas Intermediate (WTI) crude was up 0.10% at $41.94 whereas Brent crude was up 0.07 at $44.34.
  • MCX Crude oil prices remained above 50EMA on the hourly chart. The hourly RSI is in a bullish crossover. On the lower end support seen at 3030 while on the higher end resistance seen at 3200.   
  • Base Metals
  • On Thursday, base metals were trading mostly with a negative bias. On London Metal Exchange (LME), Aluminium was down 0.09% at $1,687 whereas Copper was down 0.23% at $6,461 Zinc was down 0.18% at $2,199 while Lead was down 0.14% at $1,811. Read More

Top stocks in focus: Glenmark Pharma, Biocon, L&T, Vodafone Idea, Rossari Biotech

Published on: 7:38 am

  • Rossari Biotech will list its equity shares on bourses on July 23.
  • Glenmark Pharma announced Phase-3 clinical trial results of Favipiravir in mild-to-moderate COVID-19 patients.
  • International Combustion resumed operations at the Aurangabad plant.
  • Satin Creditcare Network has scheduled a meeting for July 25 for issuance of NCDs up to Rs25cr through private placement.
  • Bajaj Auto informed on Covid-19 impact - All manufacturing operations came to a near standstill from 28 to 43 days between March and May.
  • Coal India to publish a notice inviting registration for special spot e-auction scheme for import substitution (only for coal importers) on July 23, in newspapers. Read More

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