MARKET WRAP: Indices gain for 3rd day, Sensex up 86 pts; PSU banks rally

All that happened in the markets today

3:50 PM

Market Closing Comment :: Vinod Nair, Head of Research at Geojit Financial Services

Ever present fears regarding the Covid-19 impact on economic recovery brought about volatility in the global markets, despite US markets surging to record highs. Indian indices also exhibited this volatility before closing the day with a positive bias. Banking index again led the gains. The gains in the Indian market, as in the global markets, have been driven by ample liquidity and the expectation of normalisation of business supported by government measures, in a post covid-19 scenario. However, investors must continue to remain stock specific and use the accumulation strategy for the time being.

3:45 PM

Heatmap: Top Sensex gainers and losers at close

3:43 PM

Nifty sectoral indices at close

3:40 PM

MARKETS AT CLOSE

3:38 PM

AGR Case :: Sale of spectrum is allowed under trading guidelines, observes SC

>> But how can spectrum be sold under IBC? All resolution transactions must be as per IBC.

3:36 PM

MARKETS AT CLOSE

The S&P BSE Sensex ends 86 points, or 0.22 per cent, higher at 38,615, and the Nifty50 index settles 23 points, or 0.2 per cent, higher at 11,408

3:36 PM

AGR Case :: DOT had refused to grant nod to Jio-R.Comm spectrum sale agreement, despite TDSAT judgment in favour of R.Comm, says Salve

>> Not the right stage for SC to decide the issue of sale of spectrum.

>> Issue of sale of spectrum is to be decided by the DoT.

>> Even possible for UVARC to back out of bid with DoT now saying that spectrum sale can't be allowed under IBC

3:29 PM

Economists agree on massive GDP contraction, differ widely on the extent

Economists and various agencies have pegged the contraction in gross domestic product (GDP) in the range of 13.6-35 per cent in the first quarter of 2020-21. The National Statistics Office (NSO) is slated to release the official number at the end of the current month. READ MORE

3:24 PM

AGR Case :: Spectrum can be sold only with the DOT nod, says Salve

>> If resolution plan succeeds, DOT will decide on sale of spectrum at that stage, let Govt decide.

3:21 PM

Cabinet Decisions :: All banks, NBFCs allowed to offer loans to MSMEs at discounted rates

3:20 PM

AGR Case :: Not seeking to sell the spectrum, but only looking to transfer the right to use, says Salve

3:18 PM

AGR Case :: How can telcos sell spectrum if they only have a right to use and don't own them, observes SC

3:14 PM

AGR Case :: Spectrum is recorded as an asset, by virtue of having been purchased in an auction, argues Harish Salve

>> Telcos own the right to use the spectrum, an extremely valuable right of the telcos.

>> Nobody's case that spectrum is owned by anyone else other than the Govt. 

 

>> License merely transfer the right to use, that right involves payments.

3:13 PM

MARKET UPDATE:: Sensex off day's high, turns flat

3:13 PM

Cabinet Decisions :: Jaipur, Guwahati and Thiruvananthapuram Airports to be given to pvt players

>> To be given on lease for operation, development and maintenance for 50 years 

3:11 PM

Cabinet Decisions :: PFC and REC to extend more loans to discoms beyond the cap of 25% of last year's working capital

3:11 PM

World Bank sees higher GDP fall in India than 3.2% it projected for FY21

The World Bank on Wednesday said that it is likely to project a steeper contraction of India's economy than 3.2 per cent it has forecast for the current financial year due to the increasing number of Covid-19 cases and the resultant regional lockdowns. It cautioned India against using its tariff policy to attract the firms wanting to shift from China. READ MORE

3:05 PM

NEWS ALERT | Centre to sell stake in IRCTC via OFS: TV reports

>> Govt likely to hold first pre-bid meeting on Sept 3

>> Bidding window will be Sept 4-11

3:00 PM

NEWS ALERT :: AGR hearing begins

2:49 PM

June Quarter Result :: Muthoot Finance reports profit of Rs 841 cr vs Rs 530 cr YoY

>> Revenue comes in at Rs 2,385 cr vs Rs 1,857 cr YoY

2:47 PM

AGR Case :: Hearing to soon begin in SC

>> Harish Salve, appearing for Jio and SBI, likely to argue on -

1. Jio having fully paid its dues.

2. Sale of Spectrum under IBC. 

 

>> No clarity yet on staggered payment

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)
VODAFONE IDEA	8.78	-0.07	-0.79
BHARTI AIRTEL	538.00	11.20	2.13
TATA COMM	907.95	29.40	3.35

2:40 PM

SBI, Bank of Maharashtra: PSU bank stocks are showing a breakout formation

Shares of public sector banks were in focus on Wednesday, rallying up to 6 per cent on the National Stock Exchange (NSE) in intraday deals. Among individual stocks, Punjab National Bank jumped 5.2 per cent to Rs 34.6 apiece on the NSE in the intra-day trade. READ MORE

2:28 PM

BSE Industrial index gains over 1%; IRB Infra zooms 17%, hits 52-week high

Among individual stocks, IRB Infrastructure Developers zoomed nearly 17 per cent to hit a 52-week high of Rs 138.80 on the BSE during the day after the company informed it has received unanimous Arbitral award of Rs 73.86 crore for one of its earlier projects in Punjab. At 02:06 PM, the stock was trading 9.5 per cent higher at Rs 130 levels. READ MORE 

2:19 PM

Banks may restructure Rs 8.4 tn loans as economy sputters: India Ratings

Almost 60 per cent of Rs 8.4 trillion credit is already susceptible to slip into non-performing asset (NPA) category after lockdowns to contain the coronavirus devastated the economy, in absence of restructuring. READ MORE

2:07 PM

Rupee Closing

Rupee ends weaker at 74.83 per US dollar vs Tuesday's close of 74.76/$

2:05 PM

CSB Bank reports 174% YoY jump in Q1 profit at Rs 53.5 cr; stock zooms 14%

Shares of CSB Bank zoomed 14.4 per cent to Rs 227.85 per share on the BSE on Wednesday after the bank's net profit grew 174.1 per cent on a yearly basis to Rs 53.56 crore in June quarter of FY21, as against Rs 19.54 crore in Q1FY20. In the March quarter of FY20, the bank had incurred net loss of Rs 59.68 crore. Net interest income (NII) came in at Rs 185.3 crore for the quarter under review, up 40 per cent YoY from Rs 132.4 crore earned in Q1FY20. The bank's operating profit before provisions and contigencies stood at Rs 129,09 crore, clocking a growth of 222 per cent YoY. READ MORE

1:51 PM

European indices trade higher in early deals

1:42 PM

JUNE QUARTER RESULTS | CSB Bank Q1 profit rises 174% YoY to Rs 53.6 crore

-- Net interest income (NII) up 40% YoY to Rs 185.3 crore

-- Gross NPA unchanged at 3.5%

-- Net NPA at 1.7% vs 1.9% (QoQ)

1:34 PM

Dilip Buildcon surges 10% on receiving LoA for project worth Rs 1,335 cr

Shares of Dilip Buildcon surged 10 per cent to Rs 418.05 on the BSE on Wednesday after the company announced that its Joint Venture with HCC has received a letter of acceprtance (LoA) from Rail Vikas Nigam Limited for a new project worth Rs 1,334.95 crore in Uttarakhand. "HCC-DBL has received letter of acceptance (LOA) for a new Project viz Constructlon of Tunnels, Bridges, Yard and formation works from chainage 117+365 To 125+320 (FLS) under Package-9 in connection with new BG Line between Rishikesh and Karanprayag (125km) in State of Uttarakhand, India," the company said in an exchange filing. READ MORE

1:34 PM

Charticle: FII/ DII ownership trends for June quarter of FY21

The domestic equity market has made a remarkable comeback since the market crash of March. The S&P BSE Sensex has zoomed 50 per cent while NSE's Nifty has jumped 52 per cent, respectively from their March lows. The broader market, too, has participated in the market rebound. For instance, the Nifty Midcap 100 index has gained 52 per cent. READ MORE