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04 Jun 2020, 03:42:00 PM IST

Market closing

Indian stocks closed lower in a choppy trading session on Thursday, snapping six-days of bull run.

The benchmark Sensex, closed 128 points or 0.4% lower at 33,980, after swinging between gains and losses. Nifty ended 32 points or 0.3% lower at 10,029.

Bharti Airtel, TechM, Sun Pharma and HCL Tech, surging 3-6% wer top Sensex gainers. Asian Paints, Bajaj Finance, HDFC, Kotak Bank and IndusInd Bank, down 3-5%, were top laggards on the 30-share barometer.

Among sectoral indices, Nifty Bank slipped over 2%, while other indices ended in the green. BSE Midcap and Smallcap ended flat.

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04 Jun 2020, 03:24:52 PM IST

Multiplex stocks gain

PVR Ltd up 7%

Inox Liesure Ltd up 18%

04 Jun 2020, 03:20:08 PM IST

InterGlobe Aviation up 9%

Bucking the weak March quarter earnings, the InterGlobe Aviation zoomed 9% on Thursday. While domestic flights resumed operations on May 25, overseas flights are yet to recommence services.

04 Jun 2020, 03:05:16 PM IST

Bharti Infratel board to meet on 11 June for final decision on Indus merger

“The Board has decided to meet on 11th June, 2020 to take the final decision on the matter, keeping in mind the best interest of the company and its stakeholders… Accordingly, there can be no certainty whether the merger will get completed or not,” Bharti Infratel said in a filing with exchanges.

04 Jun 2020, 02:58:14 PM IST

Motilal Oswal on financial sector

The interest rate environment has eased rapidly in recent months as the government and RBI announced steps to handhold the system amid the covid-19 shock. Most large private and PSU banks have announced a series of sharp cuts in term/savings rates to offset NIM pressures. In a recent move, Axis Bank and ICICI Bank reduced their SA rate by 25bps to 3.0%, and SBI lowered its SA rate by 5bps to 2.7%. While a sharp reduction in the repo rate has resulted in moderation in yield under the externally benchmark-based price regime loans, a reduction in deposit rates would offset margin pressure to some extent. Amid this backdrop, we assessed the margin trajectory for the major banks; we believe private banks are relatively well-positioned to preserve their margins even as we expect slight compression in NIMs (net interest margins) at the sector level. We maintain our preference for ICICI Bank, HDFC Bank, and SBI.

04 Jun 2020, 02:43:14 PM IST

Paint volume checks reveal negligible growth; high valuations dampen outlook

Channel checks point to consumers putting off painting their premises, a new pain point that the paint industry may have to confront. Stocks of major paint companies such as Asian Paints Ltd and Berger Paints Ltd were down 4% and 2% respectively in Thursday’s trade. (Full report)

04 Jun 2020, 02:38:26 PM IST

HDFC twins, Kotak Bank, ICICI Bank drag Sensex

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04 Jun 2020, 02:23:36 PM IST

Nifty Pharma up nearly 2%

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04 Jun 2020, 02:15:13 PM IST

RIL reclaims ₹10 lakh crore m-cap

Shares of RIL jumped over 2% on Thursday to touch an intraday high of 1589 apiece on the BSE. Lead by this company’s market capitalisation corssed 10 lakh crore mark.

04 Jun 2020, 02:07:21 PM IST

Rupee closing

Rupee ends at 75.57 against US Dollar versus Wednesday’s close of 75.46.

04 Jun 2020, 01:59:39 PM IST

What if India’s rating is cut to junk?

A cut in India’s sovereign rating to junk status may threaten the nation’s chances of being added to global bond indexes, steepen the bond yield curve and weaken the rupee, according to UBS Group AG.

The Swiss bank expects S&P Global Ratings and Fitch Ratings to lower their outlook on the rating to negative from stable over the next couple of months.

Here are some scenarios from the UBS analysis

04 Jun 2020, 01:55:06 PM IST

BSE SmallCap down 0.24%

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04 Jun 2020, 01:47:33 PM IST

Cholamandalam Investment falls 9%

Shares of Cholamandalam Investment and Finance Company declined as much as 9% after net profit slumped 85.38% to 42.66 crore for the quarter ended 31 March against 291.86 crore for the same quarter last year. At 01:30 pm, shares were trading at 144 down 7.5% from its previous close.

04 Jun 2020, 01:42:42 PM IST

BSE MidCap down 0.2%

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04 Jun 2020, 01:15:19 PM IST

Only a tenth of ₹20 trillion economic package is direct support, says Rajiv Bajaj

Only a tenth of the 20 trillion worth of stimulus the Centre announced last month, to help people and businesses to tide over the covid-19 crisis, makes for direct support which is way less than what other countries have offered, industrialist Rajiv Bajaj said on Thursday in an online conversation with former Congress president Rahul Gandhi. (Full report)

04 Jun 2020, 01:13:23 PM IST

Sebi may consider easier fundraising via preferential allotment

Markets regulator, Securities and Exchange Board of India (Sebi), is likely to consider relaxing pricing norms for preferential allotment that will allow listed companies to raise funds at a time when businesses are under pressure due to the covid-19 pandemic, according to a Mint report.

04 Jun 2020, 01:05:55 PM IST

Investors bet RBI has more tricks up its sleeve, bond yields drift back

Apart from a 40 basis point cut in interest rates on May 22 — one that didn’t leave markets too enthused – the Reserve Bank of India hasn’t actively intervened to tamp down yields since the enhanced 12 trillion borrowing was unveiled May 8. It hasn’t made any purchases of primary or secondary market debt or launched more of Operation Twist, where it buys long-end bonds while simultaneously selling short-term notes. (Full report)

04 Jun 2020, 12:57:01 PM IST

4 reasons why investors are betting big on Reliance Jio

Over the past six weeks, the digital business of Mukesh Ambani’s Reliance Industries Ltd , known as Jio Platforms, raised a striking $10 billion from global investors. (Full story)

04 Jun 2020, 12:43:23 PM IST

Jindal Stainless down 1.4%

“The month of May, JSL dispatched export orders of over 12,000 tonnes, comprising more than 40% of the entire share of its dispatches. In a normal month, this percentage hovers around 18-20%. In June, the Company is slated to dispatch over 18,000 tonnes, taking the export volume back to pre-covid-19 period,” Jindal Steel Ltd said in a regulatory filing.

04 Jun 2020, 12:23:51 PM IST

Motilal Oswal neutral on Britannia Industries

Motilal Oswal has maintained ‘neutral’ ratings on Britannia Industries with a target price of 3,470, 1% downside. “Two factors highlighted in the post-results call could keep multiple re-rating in check. (a) The management going back on its stated commitment of Inter Corporate Deposits (ICDs) not exceeding INR5b. (b) The company following the policy of not repaying debt while letting the investment book to build up despite a sharp inventory reduction in the past six months. This would lead to consequent concerns over ROCE. While we have revised our FY21 and FY22 EPS by 19.8% and 15.4%, respectively, but valuations fully capture upside at 45.5x FY22 EPS. Maintain Neutral,” the brokerage said in a note.

04 Jun 2020, 12:15:24 PM IST

RIL up 2%

The rights issue of Reliance Industries Ltd (RIL) was subscribed 1.6 times as it closed on Wednesday. With this, RIL will move closer to its plans of becoming a zero net-debt company by March 2021.

04 Jun 2020, 12:12:12 PM IST

Nifty PSU Bank up nearly 2%

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04 Jun 2020, 12:02:26 PM IST

GSK Pharma on coronavirus impact

“There is no impact on capital and financial resources of the company. The company is debt-free and carried cash and cash equivalents of around Rs.1066 crores as of 31st March 2020,” GSK Pharmaceuticals said in a regulatory filing.

At 12:00pm, shares of GSK Pharmaceuticals traded nearly 1% up at 1377 apiece on the BSE.

04 Jun 2020, 11:55:45 AM IST

Cyient appoints Meenu Bagla as VP and chief marketing officer

Cyient Ltd has appointment of Meenu Bagla as vice president

and chief marketing Officer. Before joining Cyient, Bagla served as the global head of marketing at Tech Mahindra. She has also held marketing leadership positions at major multinational companies, including Quinnox, Wipro, Oracle, Aditya Birla Group, and CSS Corp.

04 Jun 2020, 11:52:07 AM IST

IndusInd Bank down nearly 4%

IndusInd Bank launches India’s first mobile app based facility for opening current accounts in a paperless manner. The app uses multiple ‘Application Programme Interface’ (APIs) which enables secured validation of KYC documents from authorised government platforms, it said in a regulatory filing.

04 Jun 2020, 11:34:15 AM IST

As covid-19 halts growth, near term outlook dims for Info Edge

The covid-19 pandemic and the ensuing lockdown exacerbated the growth slowdown at Info Edge (India) Ltd. Revenue during the March quarter grew 10.3% year-on-year, the slowest in two years. The stock was down 2.5% in early deals on Thursday. (Full report)

04 Jun 2020, 11:31:33 AM IST

Aurobindo Pharma’s Q4 earnings ahead of Street; launches key to future growth

Aurobindo’s revenue growth across geographies is encouraging, particularly from the overseas markets. Its US formulations business clocked a steady growth of 21% year-on-year (YoY) in Q4. Europe formulations business also saw a decent increase of about 26% YoY. The increase in anti-retroviral sales were a decent 31% y-o-y. Some of this could be attributed to pre-stocking though. (Full report)

04 Jun 2020, 11:25:37 AM IST

Nestle India down 1.4%

Nestle India has resumed operations at at all of its manufacturing locations, distribution centres and scaling up continues in all area of operations, it said in a regulatory filing.

04 Jun 2020, 11:15:50 AM IST

Steel Strips Wheels up 4%

The company has received orders worth 3.35 lakh euros for supply of over 8,000 wheels in the EU and US markets. The orders will be executed in June and July from its Chennai truck wheel plant, the company said in a regulatory filing.

04 Jun 2020, 11:09:38 AM IST

Market update

Indian benchmark equity indices swung between gains and losses in early trade on Thursday as investors turned cautious after six-days market rally.

At 11:05 am, Sensex was little changed at 34,064.36 points while Nifty was at 10,054 points.

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04 Jun 2020, 10:56:04 AM IST

Religare Enterprises up nearly 5%

The company has raised 300 crore by divesting stake in group firm Religare Health Insurance Company Ltd (RHICL) to Kedaara Capital. Consequent to the capital raising, the company said it has retired previous loan and has become completely external debt free.

04 Jun 2020, 10:35:17 AM IST

Tata Steel up 1%

The committee of directors at Tata Steel has approved raising 400 crore through a debt issue. The committee has approved allotment of 4,000 non-convertible debentures having face value of 10 lakh each on private placement basis to identified investors, the company said in a BSE filing.

04 Jun 2020, 10:24:49 AM IST

Rupee update

Rupee slips 15 paise to 75.62 against US dollar in early trade.

04 Jun 2020, 10:23:20 AM IST

Tata Consumer Products up 2%

The pandemic has imposed incremental operating costs on the business, the company said in a regulatory filing. “While there will be some impact on our profitability in the short term; however, it is difficult to assess the exact quantum at this stage. The Company has taken adequate measures across the organization to control costs, to conserve cash and to address any evolving situation resulting from the pandemic,” it added.

04 Jun 2020, 10:18:50 AM IST

JSPL up nearly 5%

Private sector steel maker JSPL on Wednesday reported a 9% fall in consolidated crude steel production to 6.20 lakh tonne for May. The consolidated sales in May rose 26% to 7.96 lakh tonnes as compared with 6.31 lakh tonnes in the corresponding month of 2019.

04 Jun 2020, 10:06:56 AM IST

BPCL up 0.2%

State-run refiner Bharat Petroleum Corporation (BPCL) posted a consolidated net loss of 1,819.6 crore for the fourth quarter ended March 2020. Changes in inventories of finished goods, stock-in-trade and work-in-progress came in negative at (3,036.42) crore during the quarter against 3,646.4 crore in previous quarter, following steep correction in global oil prices, the company said in a regulatory filing.

04 Jun 2020, 10:05:53 AM IST

US FDA issues Form 483 to Aurobindo Pharma’s subsidiary

US FDA as issued ‘Form 483’ with 9 observations to AuroLife Pharma LLC’s oral solid manufacturing facility situated at Dayton, New Jersey. Aurobindo Pharma has received a letter from USFDA classifying the inspection as ‘Official Action Indicated’. The Company believes that this OAI classification may not have any material impact on the existing revenues, the supplies of our US business or pipeline products at this juncture, it said in a filing with the exchanges.

04 Jun 2020, 09:50:51 AM IST

Aurobindo Pharma up 3%

The company reported a 45.07% jump in its consolidated net profit to 848.99 crore for the quarter ended March 31. Aurobindo Pharma had posted a net profit of 585.22 crore for the corresponding period of the previous financial year.

04 Jun 2020, 09:47:37 AM IST

HDFC Life up 3%

Housing Development Finance Corporation (HDFC), promoter of HDFC Life, on Wednesday sold 2.6 crore shares of the insurance company worth a little over 1,274 crore through an open market transaction.

04 Jun 2020, 09:45:32 AM IST

RIL 0.4% up

The rights issue of Reliance Industries Ltd (RIL) was subscribed 1.6 times as it closed on Wednesday. With this, RIL will move closer to its plans of becoming a zero net-debt company by March 2021.

04 Jun 2020, 09:42:58 AM IST

Sectoral indices on NSE

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04 Jun 2020, 09:24:16 AM IST

Market opening

Indian benchmark equity indices opened flat on Thursday tracking mixed cues from Asian peers. Sensex opened 37 points lower at 34,072.50 while Nifty opened at 10,054.25, down 7 points from its previous close.

Of 30 Sensex shares, 12 were in the red. TechM, ICICI Bank, HDFC Bank, surging 1-2%, were top Sensex gainers.

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04 Jun 2020, 09:06:05 AM IST

Market pre-opening

Indian stocks traded flat to negative in the pre-opening session on Thursday. At 9:02 am, Sensex dropped 1283 points or 3.8% to 32,825. Nifty declined marginally by 17 points or 0.2% to 10,044.

04 Jun 2020, 08:44:48 AM IST

Oil update

Oil prices rose again on Wednesday, briefly trading above $40 a barrel, the highest since March, and reflecting increased demand.

Brent crude futures for August settled up 22 cents, or 0.6%, at $39.79 a barrel. The session high of $40.53 was the highest since March 6. West Texas Intermediate (WTI) crude for July rose 48 cents, to $37.29 a barrel.

04 Jun 2020, 08:43:41 AM IST

Markets at close on Wednesday

Indian stocks closed nearly 1% higher for the sixth consecutive session on Wednesday lead by healthy buying in financials. Strong cues from Asian peers also supported the market sentiment.

After hitting an intraday high of 34,488.69 points, Sensex ended 284 points or 0.8% higher at 34,109.54. Nifty closed 82 points or 0.83% higher at 10,061.55.

04 Jun 2020, 08:41:36 AM IST

Asian stocks set to extend gains as stimulus fans recovery hopes

Stronger appetite for riskier assets is set to lift Asian equities on Thursday, as government stimulus expectations support investor confidence in an economic recovery from the coronavirus.

Singapore’s SGX Nifty declined 0.4% indicating a tepid start for Indian stocks.

Australian S&P/ASX 200 futures rose 1.23% in early trading.

Japan’s Nikkei futures rose 1.1%.

Shanghai SE Composite Index dropped 0.3%.

Hong Kong’s Hang Seng was down 0.2%.

04 Jun 2020, 08:41:36 AM IST

Wall Street closes sharply higher on signs of economic rebound

Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond US social unrest and pandemic worries.

The Dow Jones Industrial Average rose 527.24 points, or 2.05%, to 26,269.89, the S&P 500 gained 42.05 points, or 1.36%, to 3,122.87 and the Nasdaq Composite added 74.54 points, or 0.78%, to 9,682.91.

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