Live market updates

28th Sep, 2020

De Nora India resumes normal operations at Kundaim-Goa

Published on: 4:50 pm

  • De Nora India Limited has resumed normal manufacturing operations and registered office at Kundaim-Goa from September 28, 2020. The company had resumed partial operations last month after temporary halt in operations due to Covid-19 crisis.
  • “This is in furtherance to our letter dated August 24, 2020, concerning partial resumption of manufacturing operations and registered office at Kundaim-Goa from August 27,2020. We hereby inform that the normal manufacturing operations and registered office of the company has resumed with effect from September 28, 2020.
  • DE Nora India ended at Rs216, up by Rs7.95 or 3.82% from its previous closing of Rs208.05 on the BSE. The scrip opened at Rs217.55 and has touched a high and low of Rs222.55 and Rs213.20 respectively. Read More

Crude oil futures rises to Rs2,984 per barrel tracking global cues

Published on: 4:35 pm

  • On Monday, crude oil futures rose gradually compared to the previous closing. At around 4.31 pm, on MCX, the crude oil futures for October 2020, stood at Rs2,988 per barrel surging by 0.64%. While the futures for November 2020 delivery, was at Rs3,036 per barrel up 0.90%.
  • On the global front, the US West Texas Intermediate (WTI) was performing at $40.53 per barrel above 0.70%. Meanwhile, Brent Crude also surged by 0.60% trading at $42.17 per barrel.
  • Last week on Friday, rating agency S&P Global in its research note said, the oil and gas sector leads the overall corporate default tally so far in 2020 with 37. Of these, nearly 70% are from the US., where oil demand and prices plunged this year due to excess crude oil supplies and the COVID-19 pandemic.
  • The research note added, oil and gas companies were highly vulnerable heading into the crisis, leading the US weakest links tally (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications) in December 2019 with 36. Read More

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JSW Energy subsidiary gets LoAs for 810 MW Blended Wind Power Projects

Published on: 4:18 pm

  • JSW Solar, a 100% subsidiary of JSW Energy, has received Letter of Awards for total Blended Wind capacity of 810 MW from Solar Energy Corporation (SECI) against Tariff based Competitive Bid invited by SECI for setting up of 2500 MW ISTS-connected Blended Wind Power Projects (Tranche - IX).
  • “JSW Solar Limited (100% subsidiary of JSW Energy Limited) has received Letter of Awards for total Blended Wind capacity of 810 MW from Solar Energy Corporation Limited (SECI) against Tariff based Competitive Bid invited by SECI for setting up of 2500 MW ISTS-connected Blended Wind Power Projects (Tranche - IX),” the company said in the filing on Friday.
  • JSW Energy Ltd ended at Rs57.75, down by Rs0.15 or 0.26% from its previous closing of Rs57.90 on the BSE. Read More

SJVN announces PIB recommendation for investment approvals

Published on: 4:09 pm

  • SJVN Limited informed the exchanges Monday that the Public Investment Board (PIB), Ministry of Finance, Government of India has recommended the proposals relating to 210 MW Luhri HEP and 66MW Dhaulasidh HEP in the state of Himachal Pradesh for investment approval.
  • Last year, SJVN entered into MoU with Government of Himachal Pradesh for Development of 7(seven) Hydro Projects of 1958 MW in the state. 
  • SJVN traded at Rs21.90 down by Rs0 or 0% from its previous closing of Rs21.90 on the BSE. The scrip opened at Rs21.85 and has touched a high and low of Rs22.05 and Rs21.85. Read More

NTPC invites bids for supply of biomass pellets to co-fire thermal power plants

Published on: 4:03 pm

  • One of the largest power producer and public sector undertaking (PSU), NTPC has invited bids for the procurement of biomass pellets for its various thermal plants. Bids are invited on the basis of Domestic Competitive Basis (DCB) as part of NTPC's endeavour to reduce the burning of crop residue on farmlands that cause air pollution.
  • NTPC plans to envisage consumption of five million tonnes of pellets in the current year at its 17 its power plants including NTPC Korba (Chhattisgarh), NTPC Farakka (West Bengal), NTPC Dadri (Uttar Pradesh), NTPC Kudgi (Karnataka), NTPC Sipat (Chhattisgarh), and NTPC Rihand (Uttar Pradesh).
  • According to the NTPC statement, the company had first undertaken this unique initiative on a pilot basis in 2017 for biomass co-firing by replacing some of the coal with pellet based fuel at NTPC Dadri, Uttar Pradesh. Post successful implementation, NTPC now plans to replicate the model in 17 of its state of the art plants. Read More

Tata Steel converts over worth Rs224cr warrants in Tata Metaliks to fund the latter's expansion proj

Published on: 3:50 pm

  • Tata Steel has converted warrants held in Tata Metaliks into equity shares for funding the latter's expansion projects and also to strengthen the balance sheet. Both the companies belong under Tata Group.
  • According to the regulatory filing, Tata Steel exercised it's right towards the conversion of  34,92,500 Warrants into 34,92,500 equity shares having a face value of Rs10 each aggregating to Rs224.22cr.
  • Tata Steel made paid 25% of the amount on the application and the balance amount of Rs168.16cr paid on September 25, 2020. The warrants were exchanged at an issue price of Rs642 per Warrant.
  • The transaction was carried in cash. Read More

LTTS to set up a HUB Development Center for shared Engineering Services

Published on: 3:44 pm

  • L&T Technology Services, a global leading pure-play engineering services company, today announced that it has been selected to provide engineering services for Tenneco’s DRiV original equipment (OE) Ride Control business group.
  • The stock ended at Rs1,640, up by Rs53.6 or 3.38% from its previous closing of Rs1,586.40 on the BSE.
  • LTTS will set-up a HUB Development Center to provide DRiV with additional engineering capacity in conventional damper and component development. The HUB Development Center will also provide a hybrid, unified engineering business model for supporting established domains such as mechanical, product lifecycle management (PLM) and digital engineering. LTTS will also work with DRiV to modernize and upgrade engineering tools and create a global benchmarking framework for product lifecycle analysis. Read More

Lupin launches Fosaprepitant for Injection

Published on: 3:36 pm

  • Pharma major Lupin announced the launch of Fosaprepitant for Injection, 150 mg Single-Dose Vial, having received an approval from the United States Food and Drug Administration (USFDA) earlier.
  • Fosaprepitant for Injection, 150 mg Single-Dose Vial, (RLD: Emend) had annual sales of approximately USD 136 million in the US, as per IQVIA MAT July 2020.
  • Fosaprepitant for Injection, 150 mg Single-Dose Vial, is the generic equivalent of Emend for Injection, 150 mg Single-Dose Vial, of Merck Sharp & Dohme Corp. (Merck), indicated for adults in combination with other antiemetic agents, for the prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy (HEC) including high-dose cisplatin. Read More

Markets closed higher; Nifty regains 11,200-mark

Published on: 3:30 pm

  • Domestic markets traded with a positive bias throughout the day as across the board short covering was witnessed in major large and midcap stocks. Bank Nifty index outperformed the Nifty index by ~1.75%, with both the indices closing the day around intraday highs.
  • Major heavyweights like ICICI Bank, Axis Bank, Reliance Industries and SBI were among the top outperformers contributing to the majority of the index gains. The Nifty Midcap index closed ~3% higher.
  • The market breadth ended in the favour of the advances with the advance/decline ratio closing at 3:1x. Nifty and Bank Nifty added fresh long positions. Read More

Advait Infratech becomes 326th company to get listed on BSE SME Platform

Published on: 3:13 pm

  • Advait Infratech Limited became the 326th company to get listed on the BSE SME Platform on September 28, 2020. Advait Infratech Limited came out with an initial public offering of 1,350,000 Equity Shares of Rs.10 Each (“Equity Shares”) for Cash at a Price of Rs51 Per Equity Share (The “Offer Price”), Aggregating to Rs6.89cr.
  • The company has successfully completed its public issue on September 18, 2020. Read More

Tech Mahindra recognised as Leader for IT Services for Communications Service Providers, Worldwide

Published on: 2:50 pm

  • Tech Mahindra announced today that it has been recognized as a Leader in Gartner’s September 2020 Magic Quadrant for IT Services for Communication Service Providers, Worldwide.
  • Tech Mahindra has been acknowledged as a leader in the analysis made with completeness of vision and ability to execute as the two axes of the Magic Quadrant. Read More

Reserve Bank of India postpones MPC meet

Published on: 2:48 pm

  • The Reserve Bank of India's (RBI) meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1 is being rescheduled.
  • The dates of the MPC’s meeting will be announced shortly, RBI said on its official website. Read More

Nifty Auto index outperforms; Balkrishna Industries hits fresh record high

Published on: 2:31 pm

  • Benchmark indices extended gains for the second straight session and currently trading at day’s high in the afternoon session.
  • The Nifty Auto index climbed over 2.9% or 223.85 points at 7,893.35 levels.
  • Shares of Balkrishna Industries hit a record high on the BSE on Monday on the back of heavy volumes. Read More

Premier Explosives hits upper circuit after receiving arms licence

Published on: 2:21 pm

  • Shares of Premier Explosives hit an upper circuit at Rs117.75 after it has received arms licence for making all types of warheads and fuses in Telangana.
  • The company on Saturday has informed the exchanges that it has received the licence from Arms License Issuance Authority, Department for Promotion of Industry and Internal Trade (DPIIT) under Arms Act 1959. Read More

Market pulse at 2:15 PM today

Published on: 2:15 pm

  • BSE Sensex is trading at 37,952.75 up 564.09 or 1.51%.
  • Nifty50 is trading at 11,218.95 up 168.70 or 1.53%. The Nifty Bank is trading up 3.01% at 21,614.35 while Mid-cap Index is up by 3.25%.Read More

Nifty Bank gains 3% as SC adjourns loan moratorium hearing on Oct 5

Published on: 2:11 pm

  • Investors tapped buying stocks after the Supreme Court on Monday heard a batch of petitions seeking interest waiver during RBI's loan moratorium period. Both private and public sector undertakings (PSU) banks witnessed huge buying sentiment.
  • At around 1.59 PM, Nifty Bank was trading at 21,619.85 soaring by 637.50 points or 3.04%. Read More

Hexaware becomes Microsoft Azure Expert Managed Service Provider

Published on: 1:55 pm

  • Hexaware Technologies Ltd today announced that it has become a Microsoft Azure Expert Managed Service Provider (MSP). Hexaware has also earned the Advanced Specialization for Data Warehouse Migration to Azure.
  • Hexaware successfully achieved the Azure Expert MSP designation through a rigorous third-party audit by demonstrating depth of knowledge and proficiency across their Azure capabilities. Read More

NALCO sign MoU with Numaligarh refinery for long-term supply of CP coke

Published on: 1:52 pm

  • State-run National Aluminium Company (NALCO) has informed the exchanges that it has signed a memorandum of understanding (MoU) with Numaligarh Refinery (NRL) for long term supply of Calcined Petroleum Coke (CPC) to ensure raw material security. Read More

Gold price tumbles as US dollar emerges investors haven; Silver price dives as well

Published on: 1:49 pm

  • On Monday, the yellow metal continued to remain under pressure as global economic recovery risks loom making the greenback haven. Also, the silver price maintained downside.
  • On MCX, the Gold futures for October 2020, was trading at Rs49,480 down 0.36%. While gold futures for December 2020, tumbled by 0.31% trading at Rs49,494 at around 1.40 PM. Read More

Symphony introduces Universal packaged air coolers for industrial and commercial application

Published on: 1:33 pm

  • Symphony Ltd. aims to give momentum to the Make in India move in the country by the launch of Universal packaged air coolers for industrial and commercial applications.
  • This is the world’s first Universal packaged air coolers that provide high level of flexibility during installation.
  • These aesthetically designed air coolers consume 90% less electricity than AC and are very easy and quick to install. Read More

SBI to consider raising of additional AT1 Bonds worth Rs5,000cr this week; stock advances 3%

Published on: 1:23 pm

  • Largest lender State Bank of India (SBI) was trading on a bullish note during Monday's trading session, as the lender's central board directors are set to meet on September 30, 2020, to consider raising capital through the issuance of additional AT1 bonds.
  • At around 01.19 PM, SBI was trading at Rs187.15  per piece surging by 2.72% on Sensex.
  • The stock has also touched the day's high of Rs187.70 per piece. Read More

Ratnamani receives a domestic order worth Rs216cr; stock gains 3%

Published on: 1:16 pm

  • Shares of Ratnamani Metals & Tubes extended gains for the second straight session on the stock exchanges.
  • The company has received a domestic order in the company's Carbon Steel Division, for the supply of coated Carbon Steel pipes for the oil & Gas sector. Read More

Market pulse at 1:15 PM today

Published on: 1:15 pm

  • Indices led by mMedia, auto, metal, banking and financial services stocks push the gains further.
  • BSE Sensex is trading at 37,922.73 up 534.07 or 1.43%.
  • Nifty50 is trading at 11,213.15 up 162.90 or 1.47%. The Nifty Bank is trading up 2.97% at 21,605.90 while Mid-cap Index is up by 3.28%. Read More

RIL gains 1% as subsidiary Reliance Retail receives subscription amount Rs7,500cr from Silver Lake

Published on: 1:13 pm

  • Mukesh Ambani-backed Reliance Industries (RIL) was performing in green on Monday's trading session, as the company's subsidiary Reliance Retain Ventures (RRVL) has received the subscription amount of Rs7,500cr from SLP Rainbow Holdings Pte. Ltd. (Silver Lake).
  • The stock has clocked the day's high of Rs2,238.70 per piece. Read More

Lupin launches Atorvastatin Calcium tablets USP

Published on: 12:59 pm

  • Pharma major Lupin Limited (Lupin) announced the launch of Atorvastatin Calcium Tablets USP, 10 mg, 20 mg, 40 mg, and 80 mg, having received an approval from the United States Food and Drug Administration (U.S. FDA) earlier.
  • The product will be manufactured at Lupin’s Nagpur facility in India. Read More

Ester Industries climbs 3.5% after rating upgrade to BWR A‐

Published on: 12:52 pm

  • Brickwork  Ratings India  Private  Limited  has  upgraded  credit rating for credit facilities of Ester Industries Limited.
  • The rating agency has upgraded the fund based long-term rating of the company from BWR BBB+ with stable outlook to BWR A‐ with Stable outlook.
  • The fund based short-term rating has been also upgraded from BWR A2 to BWR A2+. Read More

Indoco Remedies soars on launch of FEVINDO an antiviral drug for Covid-19 treatment

Published on: 12:49 pm

  • Mumbai-headquartered Indoco Remedies was in focus on Monday's trading session after the company launched FEVINDO (Favipiravir) 400 mg Tablets in India.
  • On Sensex, Indoco stock has advanced by as much as 8.8% with an intraday high of Rs284.10 per piece in early deals.
  • Last week on Saturday, Indoco launched Fevindo ‐ 400 (Favipiravir) which is an antiviral drug, effective against the RNA‐based influenza virus. Read More

Shremik commences operations at new office

Published on: 12:38 pm

  • Shrenik Limited has commenced commercial operations at new office in Udhana, Surat in Gujarat from Saturday.
  • “The company has taken on lease the office situated at Y/48 & Y/48M, Laxmi Narayan Industrial Estate, BRC Compound, Opp. Daxeshwar Mahadev Mandir, Udhana, Surat - 394220, Gujarat for its Surat Branch. The commercial operations have commenced from September 25, 2020,” company informed the exchanges on Saturday.
  • The company had been closed down its office located at Sachin Palsana Highway, Surat - 395002, Gujarat, in June and respective goods have been transferred at new branch office.
  • “New Location of the Branch Office is more suitable considering the Business operations of the company compare to old branch office,” company said.Read More

Nifty IT stocks laggard as September quarterly season nears; TCS, Infosys, Wipro in red

Published on: 12:21 pm

  • All sectoral indices are broadly on a bullish note during Monday's trading session tracking global counterparts, however, the curve of upside was lacklustre in IT stocks.
  • The Nifty IT opened in red during early deals, however, the index now trades on the muted level. Investors are seen to maintain cautious ahead of September 2020 (Q2FY21) quarter season which is set to commence from next month.
  • At around 12.06 PM, Nifty IT was trading at 19,656.95 up 27.60 points or 0.14%. The index has also touched the day's high and low of 19,774.75 and 19,463.65 respectively. Read More

Gulf Oil Lubricants India announces strategic lubricants partnership with S-Oil Corporation of South

Published on: 12:20 pm

  • Gulf Oil Lubricants India Ltd. (GOLIL), has announced a long- term strategic partnership with S-Oil Corporation, South Korea – one of the leading oil refining and lubricant manufacturing companies in Asia, to exclusively manufacture and market their entire range of lubricants under the brand - ‘S-Oil Seven’ for the Indian market.
  • Gulf Oil Lubricants India Ltd is currently trading at Rs666.05, up by Rs29.55 or 4.64% from its previous closing of Rs636.50 on the BSE.
  • The relationship which in the past has been built as key Term Partner on the base oil imports is now extended as the S-Oil lubricant products will soon be launched in India. It is the first- time ever that a S-Oil lubricant product is being manufactured outside of South Korea.
  • With wide range of automotive products, S- Oil Seven has been a trusted brand for leading automakers such as Hyundai Kia, Ssangyong and other various OEMs and is exported to more than 60 countries in the world from South Korea. Read More

Market pulse at 12:15 PM today

Published on: 12:15 pm

  • BSE Sensex is trading at 37,904.00 up 515.34 or 1.38%.
  • Nifty50 is trading at 11,208.35 up 158.10 or 1.43%. The Nifty Bank is trading up 2.59% at 21,526.10 while Mid-cap Index is up by 3.24%.
  • ONGC, IndusInd Bank, Bajaj Finance, Tata Motors and Axis Bank are the top gainers while TCS, Infosys, Cipla, Wipro and Hindustan Unilever are the top losers. 
  • Nifty Media (above 4%) leads the all positive trade while Auto, Metal, Realty, Banking and Financial Services are all trading over 2%. Nifty IT and Pharma have come out of negative zone..
  • Out of 50 stocks traded on the NSE, 46 advanced and 4 declined. Read More

Rupee trades at 73.63 against US Dollar

Published on: 12:01 pm

  • The Indian rupee advanced after opening lower against the US dollar tracking weak American currency and positive domestic equities. The rupee unit opened 3 paise lower at 73.64 at the interbank forex market, then gained ground and touched 73.55 against the greenback, up 6 paise over its previous close.
  • The currency on Friday has closed higher at 73.61 against the US dollar.
  • The country's foreign exchange reserves increased by $3.378 billion to touch a lifetime high of $545.038 billion in the week ended September 18, as per RBI data showed.
  • On the domestic equity market front, the Sensex was trading 446 points higher and the Nifty rose 132 points to 11,192. Read More

CARE reaffirms ratings of Repco Home Finance to AA-/Stable

Published on: 11:58 am

  • CARE Ratings Limited has reaffirmed the ratings of Repco Home Finance Limited to AA- / Stable.
  • “CARE Ratings Ltd vide email dated September 25, 2020, has reaffirmed the rating revision communicated on September 19, 2020 and the rating of company’s Loan facilities and Non-Convertible Debentures stands at CARE AA- with Stable outlook,” company informed the exchanges on Saturday.
  • The company stock is currently trading at Rs164.70, up by Rs1.1 or 0.67% from its previous closing of Rs163.60 on the BSE.
  • The scrip opened at Rs165 and has touched a high and low of Rs167.25 and Rs161.85 respectively. Read More

Dr Reddy's launches dimethyl fumarate delayed-release capsules in US market; stock up 2%

Published on: 11:56 am

  • Pharma-major Dr Reddy's Laboratories has launched a therapeutic equivalent generic version of Tecfidera delayed-release capsules, Dimethyl Fumarate in the US market.  The launch was made along with the company's subsidiaries. Also, the US Food and Drug Administration (USFDA) has approved the same.
  • The capsules are available in 120 mg and 240 mg in bottle count sizes of 14 and 60 capsules, respectively.
  • Dr Reddy's in its regulatory filing said the  Tecfidera brand and generic market had U.S. sales of approximately $3.8B MAT for the most recent twelve months ending in June 2020, according to IQVIA Health.
  • On Monday, Dr Reddy's stock soared by as much as 1.68% with an intraday high of Rs5200 per piece in early deals of Sensex. Read More

Deepak Fertilizers RE skyrockets by 40%; Co. board to discuss 2nd tranche of $15M FCCB allotment thi

Published on: 11:37 am

  • Deepak Fertilizers & Petrochemicals board is set to meet later this week, for considering the allotment of the second tranche of Foreign Currency Convertible Bonds (FCCBs) aggregating to $15M. However, on Monday, the company was also in focus as it has launched rights issue was available for trading to eligible equity shareholders.
  • At around 11:35 AM, the Deepak Fertilizers Rights Entitlement (RE) was trading at the 52-week high of Rs21.95 per piece skyrocketing by 39.81% on Sensex.
  • At the same time, Deepak Fertilizers stock is trading at Rs153.35 per piece surging by 2.71%. The stock has gained by over 3% by touching an intraday high of Rs154.45 per piece on Sensex in early deals.
  • Last week, the company intimated exchanges about its rights issue through an advertisement published in the Finance Express (FE) and other daily newspapers. Read More

Escorts zooms 7.5% after Kubota Tractors begin commercial production

Published on: 11:27 am

  • Escorts Limited informed the exchanges on Saturday that its joint venture with Kubota Corporation has begun commercial production of Kubota Tractors from September 25.
  • “Escorts Limited has been informed by Escorts Kubota India Private Limited (EKI) - a 60:40 Joint Venture between Kubota Corporation, Japan and Escorts Limited, that they have started the commercial production of Kubota Tractors from September 25, 2020,” company said.
  • Escorts is currently trading at Rs1,292.15, up by Rs89.05 or 7.40% from its previous closing of Rs1,203.10 on the BSE. The scrip opened at Rs1,238 and has touched a high and low of Rs1,296 and Rs1,214.55 respectively. Read More

Asian markets trade mostly higher; Kospi index up over 1.5%

Published on: 11:18 am

  • Asian markets were trading mostly higher on Monday ahead of a US Presidential debate and amid a resurgence of Covid-19 cases in Europe.
  • Hang Seng index rose 0.74%, the Shanghai Composite was marginally up 0.14%, the Nikkei 225 added 0.85% while the Topix index gained 0.57% and South Korea’s Kospi also rose 1.53%.
  • On the economy front, China’s industrial profits rose 19.1% in August, the country’s National Bureau of Statistics announced over the weekend.
  • Meanwhile, US stocks see another volatile session as morning weakness sees huge buying interest as Dow Jones closes higher by over 350 points after seeing intraday swings of over 650 points. Nasdaq swings back into action as technology stocks make a comeback with the index closing higher by over 240 points. Read More

Market pulse at 11:15 AM today

Published on: 11:15 am

  • Equity market indices trading 1.29% higher with Media stocks leading the charge
  • BSE Sensex is trading at 37,871.72, up 483.06 or 1.29%.
  • Nifty50 is trading at 11,192.55, up 142.30 or 1.29%. The Nifty Bank is trading up 2.41% at 21,488.30 while Mid-cap index is up by 2.77%.
  • ONGC, Tata Motors, Adani Ports, Bajaj Finance and IndusInd Bank are the top gainers while Cipla, TCS, Infosys, Wipro and Divis Lab are the top losers. 
  • Nifty Media (above 4%) leads the trade while Auto, Metal, Banking and Financial Services are also doing well. Nifty IT and Pharma have fallen into negative territory.
  • Out of 50 stocks traded on the NSE, 43 advanced and 7 declined. Read More

Nifty Media index surges over 3.5%; Zee, PVR stocks gain

Published on: 11:01 am

  • The Nifty Media is trading above 3.5% higher at 1,538 levels, contrubuting most to the benchmark indices in the Monday trade. The index has opened at 1,514.60 points and touch a high of 1,540.65 and low of 1,506.7.
  • PVR and Inox Leisure stocks surged higher after West Bengal Chief Minister Mamata Banerjee has allowed cinemas and open theatres to function in the state from October 1, 2020, as per media reports. After more than five months of a shutdown, India’s top multiplex players PVR and INOX Leisure were in focus in today’s trade.
  • PVR stocks trades at 1202 up 9.18%, touching a low of 1,145 and a high of 1,210 on Monday. Inox Leisure is trading at 270.40 up 6.18%, touching a low of 266.60 and high of 275.
  • Dish TV (4.74%), ZEEL (3.41%), Hathway (2.69%) and Sun TV (2.02) also have healthy contribution to the Media Index. Read More

PVR, Inox Leisure in focus as theatres to reopen in West Bengal from October 1

Published on: 10:33 am

  • After more than five months of a shutdown, India’s top multiplex players PVR and INOX Leisure were in focus in today’s trade. As per media reports, West Bengal Chief Minister Mamata Banerjee has allowed cinemas and open theatres to function in the state from October 1, 2020.
  • Other cultural congregations like plays, music, dance and magic shows will also be allowed from the same day, but there is a ceiling of maximum 50 people.
  • West Bengal’s Chief Minister said on Twitter that, “to return to normalcy, Jatras, Plays, OATs, Cinemas & all musical, dance, recital & magic shows shall be allowed to function with 50 participants or less from Oct 1, subject to adherence to physical distancing norms, wearing of masks and compliance to precautionary protocols.”
  • Reacting to this news, shares of PVR Ltd hit a high in the opening deals. Read More

Mukand Limited gains 5% on execution of loan agreement of Rs1,000cr

Published on: 10:28 am

  • Mukand Limited has executed a Term Loan Agreement with a Bank on September 26, 2020 for availing a promoter backed unsecured term loan at competitive rate of interest, initially for an amount of Rs650cr and an additional loan amount of Rs350cr subject to approval of the shareholders of the company for increase in borrowing powers of the company, thereby aggregating to Rs1,000cr.
  • The tenure of the loan is for two years and the disbursement of the term loan is subject to fulfilment of certain conditions.
  • Mukand Ltd is currently trading at Rs44.20, up by Rs2.1 or 4.99% from its previous closing of Rs42.10 on the BSE. The scrip opened at Rs44.20 and has touched a high and low of Rs44.20 and Rs44.20 respectively. 
  • “The aforesaid loan will be utilised for refinancing existing high cost borrowings of the company which should result significant saving of interest costs,” the company informed the exchanges on Sunday. Read More

Market pulse at 10:15 AM today

Published on: 10:15 am

  • Indices gained for the second straight day, The Nifty Media carry gain from Friday's trading sessions to remain bullish.
  • BSE Sensex is trading at 37,767.01 up 378.35 or 1.01%. Nifty50 is trading at 11,163.10 up 112.85 or 1.02%. The Nifty Bank is trading up 1.66% at 21,330.15 while Mid-cap index is up by 2.25%.
  • ONGC, Bajaj Finance, Tata Motors, Adani Ports and NTPC are the top gainers while Infosys, Cipla, Bharti Airtel and TCS are the top losers. 
  • Nifty Media (above 3%) leads the all positive trade while Auto, Banking and Financial Services are also trading healthy.
  • Out of 50 stocks traded on the NSE, 46 advanced and 4 declined. Read More

3 independent directors to run Lakshmi Vilas Bank on an interim; Re-appointment of 7 directors disap

Published on: 10:14 am

  • In the latest annual general meeting (AGM), a section of shareholders of Chennai-based Lakshmi Vilas Bank (LVB) has opposed to the re-appointment of seven directors including the Managing Director and CEO S Sundar. Instead, the Reserve Bank of India (RBI) has now approved a three-member committee of directors (CoD) who will lead the bank in the ad-interim. Read More

Vodafone Idea stocks extend gains; up 2%

Published on: 10:10 am

  • Shares of Vodafone Idea extended its Friday's gain and the stock is currently trading higher by 2% in the morning trade on the stock exchanges.
  • On Friday, Vodafone Group Plc has won an international arbitration against India over retrospective tax demand of Rs20,000cr.
  • The Finance Ministry has said on Friday that it has just been informed that the award in the arbitration case invoked by Vodafone International Holding BV against Government of India has been passed. 
  • The Government will be studying the award and all its aspects carefully in consultation with its counsels. After such consultations, the Government will consider all options and take a decision on further course of action including legal remedies before appropriate fora, Ministry of Finance added. Read More

Surya Roshni spurts over 7% on receiving orders of Rs272.86cr

Published on: 9:40 am

  • Surya Roshni Limited has received orders of Rs272.86cr (excluding GST) for supply of coated API Line Pipes to GAIL (India) Limited and Indradhanush Gas Grid Limited (IGGL) for North-East Gas Grid Pipe Line project. Read More

Nifty above 11,100-mark; metal, bank stocks gain

Published on: 9:30 am

  • Benchmark indices started the week on a higher note led by gains in metal, pharma, and auto indices rising over 1% each in the opening trade.
  • At 9:18 AM, the Sensex was up 188 points at 37,577 while the Nifty rose 55 points at 11,105. Broader markets also rose in early deals with the Nifty Midcap and Nifty Smallcap rose 1% and 1.5%, respectively. Read More

Sun Pharma closes buy-back period; stock up ~1%

Published on: 9:22 am

  • Sun Pharmaceutical Industries Limited on Friday Intimated the exchanges about closure of Buy-back period for buy-back of Equity Shares. No Equity Shares have been bought back under the Buy-back as the volume weighted average market price of Equity Shares of the company during the Buy-Back period was higher than the Maximum Buy-back Price.  Read More

S&P reaffirms India's sovereign rating; strong external settings to act buffer against financial

Published on: 8:41 am

  • Standard and Poor’s(S&P) has reaffirmed India's sovereign rating at 'BBB-' which is the lowest investment grade. However, the rating agency has maintained a stable outlook and believes that the country's economy will rebound from the Covid-19 pandemic. This would be the second time in four months that S&P maintained a similar stance on India.
  • Such also comes as a relief for the country, as other rating agencies like Moody's Investors Services and Fitch Rating have kept a negative watch with their lowest investment grade on India.
  • S&P in its note said last week, "The stable outlook reflects our expectation that India’s economy will recover following the resolution of the COVID-19 pandemic, and that the country’s strong external settings will act as a buffer against financial strains despite elevated government funding needs over the next 24 months." Read More

Commodity Mantra Morning Update: Gold, Oil lower; Base Metals trade higher

Published on: 8:39 am

  • Gold
  • On Monday, gold remains weak on the strong US dollar. Spot Gold was down 0.10% at $1,860 whereas COMEX Gold Future was trading down 0.16% at $1,863 per troy ounce.
  • MCX Gold price moved above the previous swing high on the hourly chart. The hourly RSI is in positive crossover and rising. On the lower end support seen at 49,450 while on the higher end resistance seen at 50,050.
  • Oil
  • On Monday, oil price trades lower on the resurgence of coronavirus. West Texas Intermediate (WTI) crude was down 0.50% at $40.05 whereas Brent crude was down 0.52% at $42.19. Read More

Stock market news that you should not miss today

Published on: 7:45 am

  • Here is the important stock market news to watch out for today.
  • Markets to open on a positive note; support @10,854, resistance at 11,185.
  • FIIs sold shares worth Rs2,080,21 (cash), bought Rs2070.63cr in index futures.
  • US markets closed higher on Friday; Asian markets opened in the green.
  • Oil trades lower at 41.82 USD/bbl.
  • The government of India said that it will study the arbitration case award in the Vodafone International case.
  • Reliance Retail gets subscription amount of Rs7,500cr from Silver Lake for 1.75% stake. Read More

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