Sensex slips 210 pts amid weak global cues; Voda Idea up 7% ahead of Q4 nos

All that happened in the markets today

4:06 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"Benchmark indices ended on a negative note, on the back of mixed global cues as surging virus cases around the world and especially in the US, threatened to derail the economic recovery hopes. With states in India set to extend lockdown or reconsidering bringing back lockdown measures, markets seem to be weighing the bad news. As before, the uptrend remains intact but the upside may be capped."

3:44 PM

SECTOR WATCH:: Nifty FMCG gains 0.72%

3:43 PM

MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex declined 210 points or 0.6 per cent to end at 34,961.52 while NSE's Nifty ended at 10,312, down 71 points or 0.68 per cent.

3:28 PM

MARKET CHECK

3:21 PM

MARKET CHECK:: Top 5 losers on the BSE at this hour

3:15 PM

BROKERAGE VIEW:: Centrum Broking on HG Infra Engg

HG’s strong OB with a progressive improvement in share of executable orders over next 6 months gives it strong scalability potential. Margins have remained steady and leverage should continue to remain low at 0.5x Net Debt/EBITDA (1.2x after including mobilisation advances as debt). Valuations at 9.6x/6.4x FY21/22E EPS are inexpensive and protect downside. We value HG’s EPC business at 9xFY22 EPS and value equity invested in road assets at Rs 38/share on 0.7x P/B basis. Maintain Buy with PT of Rs 320.               

3:07 PM

Index heavyweights Reliance Industries and HDFC contribute the most to the Sensex's fall today

2:57 PM

Vodafone Idea extends rally into third day ahead of Q4 results on Tuesday

Brokerage firm Kotak Institutional Equities expects a 6 per cent quarter on quarter (QoQ) increase (flat on a yearly basis) in revenue on the back of a full-quarter benefit from the December tariff hikes, partly offset by subscriber loss to 296 mn (304 mn in 3QFY20). READ MORE 

2:46 PM

Bharat Forge shares slip 10% on weak March quarter earnings

Shares of Bharat Forge slipped 10 per cent to Rs 317 in the intra-day trade on the BSE on Monday after the company reported a consolidated net loss of Rs 68.59 crore for the quarter ended March 2020 (Q4FY20), due to lower sales and one-time exceptional loss. The company had posted a net profit of Rs 324 crore in year-ago quarter.

 

Consolidated revenue from operations declined 34.8 per cent year-on-year (YoY) at Rs 1,742 crore against Rs 2,671 crore in the previous year quarter. READ MORE

2:38 PM

Fall from intra-day highs today

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
OMAXE	222.20	176.45	176.45	-20.59
SOMANY CERAMICS	135.00	116.45	118.00	-12.59
NAVA BHARAT VENT	59.85	53.60	53.75	-10.19
BHARAT FORGE	353.40	317.40	320.60	-9.28

2:32 PM

Why is big tech flirting with Indian telcos?

What is hidden in Facebook’s 9.99 per cent acquisition of Jio Platforms (JPL) is Facebook’s indirect acquisition of at least 9.99 per cent economic interest in Jio Infocomm (Jio). Before the announcement of the Facebook deal, Reliance strategically made Jio a wholly-owned subsidiary of JPL. What made an investment in JPL so attractive was a slice of the world’s largest telco with huge growth potential. This deal has changed investors’ perception about the Indian telecom sector and set the ball rolling for big investments in Indian telcos. READ MORE

2:22 PM

It's not the lockdown but enabling of a false theory, says Rajiv Bajaj

Bajaj Auto’s plant in Waluj, Aurangabad, has seen an exponential rise in the number of Covid-19 cases with three of its employees succumbing to the disease. Rajiv Bajaj, managing director, Bajaj Auto, tells Shally Seth Mohile the numbers going up is inevitable, not only at Bajaj Auto but everywhere, with the unlock. READ INTERVIEW HERE

2:10 PM

MARKET CHECK:: Top 5 gainers on the BSE at this hour

2:04 PM

Rupee Closing

Rupee ends higher at 75.58 per US dollar vs Friday's close of 75.63/$

1:55 PM

Credit cards, Gold ETFs: How India spent and saved during Covid-19 lockdown

Despite the government’s efforts to stem the economic fallout of the pandemic, the fall in income levels triggered a fall in consumption/spending as people spent mostly on essentials and purchase of big-ticket items was put on a backburner. Maruti Suzuki India, for instance, reported zero sales in the domestic market, (including sales to OEM), in April 2020 as all production facilities were closed in compliance with the government orders. READ MORE

1:38 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ASTRAZENECA PHAR	3573.75	3591.00	6.70
EID PARRY	286.05	291.45	5.01
I O B	13.32	13.83	1.06
IDBI BANK	41.30	41.75	3.77
OMAXE	176.45	222.20	-20.00

1:26 PM

Bank stocks still not fully pricing in Covid-19 lockdown impact: Analysts

Despite improving loan recoveries in June 2020, analysts believe the situation for the Indian banking sector remains fluid as the economic impact of Covid-19 is far from over. While the moratorium given by the Reserve Bank of India (RBI) will optically limit gross non-performing assets (GNPAs) till the first half of financial year 2020-21 (H1FY21), asset quality deterioration is inevitable, they say. READ MORE

1:17 PM

MARCH QUARTER RESULTS | Bharat Forge incurs loss of Rs 73.3 cr vs profit of Rs 320 cr YoY

>> EBITDA at Rs 110.3 crore

>> One-time loss of Rs 94 crore
 

1:04 PM

European indices mixed in early deals

(Source: Reuters)

12:54 PM

MARCH QUARTER RESULTS | MRF logs profit of Rs 669 crore vs Rs 294 cr YoY

>> Revenue at Rs 4,073 crore

12:43 PM

Andhra Paper rallies 17% after Bright Star Investments buys 1.25% stake

Andhra Paper rallied 17 per cent to Rs 247.45 during the session on the back of heavy volumes. The trading volumes on the counter jumped an over 10-fold with a combined 4.4 million equity shares changing hands on the NSE and BSE till 12:06 pm. READ MORE

12:37 PM

Sector watch:: Nifty Metal index dips 3%, top sectoral drag at this hour

12:29 PM

MARKET CHECK:: Coal India slips around 4.5% post March quarter results

12:18 PM

March quarter result filing extension to benefit scores of companies

Nearly a fifth of the top 500 companies will benefit from the market regulator’s move to extend the deadline for filing the March quarter results by another month. As of Friday, around 87 companies from the BSE500 universe were yet to disclose the results.4 Of these, four companies were from the Nifty50 index. If one looks at the entire listed universe, only 1,373 of over 4,100 listed companies that declared their December quarter numbers are yet to file their March quarter results. READ MORE

12:05 PM

RITES to pick 24% stake in Railway's station redevelopment entity

The Centre’s Rs 1-trillion plan to redevelop 400 stations across the country is likely to get a boost with Railways subsidiary RITES in the final stage of taking up 24 per cent stake in the Indian Railway Stations Development Corporation (IRSDC). According to sources, a shareholder agreement was signed on May 21. READ MORE  

12:03 PM

MARKET UPDATE:: Indices remain subdued

11:52 AM

4 gunmen killed in attack on Pakistan Stock Exchange in Karachi: Report

People are feared killed in an ongoing gunbattle after the Pakistan Stock Exchange in Karachi came under attack from terrorists, Geo News reported. Four militants stormed the exchange and opened indiscriminate fire. According to the report, police said three of the four terrorists have been killed while one remains inside the building. Militants launched a grenade attack at the main gate of the building and stormed the building after firing indiscriminately. READ MORE

11:47 AM

AHEAD OF RESULTS:: Tata Steel slips 3%

11:36 AM

NEWS ALERT | Pakistan Stock Exchange building in Karachi under attack by armed men: CNBC TV18, quoting Reuters