Sensex gains 180 pts, broader indices outperform; Glenmark Pharma soars 27%

All that happened in the markets today

4:19 PM

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

"In spite of renewed global concerns regarding the second wave of coronavirus infections, Indian markets ended on a positive note. Markets chose to focus on regulatory approvals to domestic pharma companies to manufacture covid-19 treatment drugs and the expectation that this would lead to faster recoveries. As such, the pharma index was the major sectoral gainer in today’s trade. Concerns remain with regard to the increasing infections and the ongoing situation with China, and investors are advised to keep a short term outlook for the time being."

3:45 PM

SECTOR WATCH:: Nifty IT ends in the red

3:42 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:37 PM

CLOSING BELL

The S&P BSE Sensex rallied 180 points or 0.5 per cent to end at 34,911 while NSE's Nifty ended at 10,311, down 67 points or 0.65 per cent.

3:23 PM

INDEX LOSER:: HDFC down 1%

3:18 PM

BUZZING STOCK:: PTC India zooms 15%

3:10 PM

RBI bars YES Bank from coupon payment on Upper Tier II bonds

The private lender had approached banking sector regulator RBI seeking approval to pay interest due as on June 29, 2020 for Upper Tier II Bonds. These Unsecured Non-Convertible Upper Tier II bonds carry coupon of 10.25 per cent.
 

Its overall capital adequacy ratio stood at 8.5 per cent at end of March 2020 with Common Equity tier I (CET I) of 6.3 per cent. Its stock was trading 1.8 per cent lower on BSE. The capital adequacy ratio is below the regulatory requirements. READ MORE

3:09 PM

MARKET UPDATE: Sharp fall in Sensex from day's high

2:59 PM

Top contributors to today's up move in Sensex

2:54 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI GREEN	441.60	441.60	4.99
ALEMBIC PHARMA	952.00	984.00	0.64
BAYER CROP SCI.	5890.00	6091.00	-1.70
CIPLA	660.50	696.00	3.67
DIXON TECHNOLOG.	5586.90	5819.10	-1.77

2:50 PM

Bank of Baroda Q4 preview: Covid-19, telecom stress may keep earnings muted

Hit by business disruption amid Covid-19 outbreak and merger with Dena and Vijaya Bank, state-owned Bank of Baroda is likely to post muted March quarterly earnings on Tuesday, June 23. While analysts remain divided on the bank’s net profit, which ranges from Rs 356 crore to (-) Rs 1,659 crore; asset quality figures due to exposure to the telecom sector would be under their radar. READ MORE

2:41 PM

Top gainers on BSE today

COMPANY	PRICE(rs)	CHG(%)
GLENMARK PHARMA.	534.45	30.64
INDIABULLS HOUS.	250.85	22.88
PTC INDIA	47.15	15.42
IRB INFRA.DEVL.	81.10	14.71
INDIAN BANK	64.30	14.31

2:29 PM

BROKERAGE VIEW:: ICICI Securities on Shalby Ltd

Like other hospitals, Q4 performance was impacted by Covid 19. This is likely to continue for some time and more so for Shalby where significant traction is from elective surgeries (read arthroplasty) although management remains hopeful of early recovery. Arthroplasty continues to dominate its revenue pie although it has been seeing greater traction in other specialities as well. Leverage free b/s, strong margins and free cash flow generation are some of the strongholds. However, skewed margins, weak return ratios are still major concerns. We value the company on an SOTP basis by valuing hospitals (above six years) at 6x FY22E EV/EBITDA and hospitals (below six years) at 1x FY22E EV/sales. We arrive at an SOTP target price of Rs 70. Ramp up in below six years hospitals will be key to watch for re-rating.

2:22 PM

BUZZING STOCK:: IDFC First Bank soars 10%

2:11 PM

MARKET UPDATE:: IRB Infra jumps 15%

1:58 PM

MARKET UPDATE:: Broader indices outperform benchmarks

1:49 PM

SBI Cards hits 12-week high on heavy volumes, zooms 28% in a month

Shares of SBI Cards and Payment Services rose 6 per cent on Monday to hit 12-week high of Rs 655, on the BSE on the back of heavy volumes. The stock was trading at its highest level since March 30, 2020. In the past month, it has rallied 28 per cent, as compared to 14 per cent rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 3.56 million shares changing hands on the NSE and BSE till 12:41 pm. READ MORE

 

1:41 PM

RIL 57th most valuable firm globally by market-cap; Saudi Aramco tops chart

The up move in RIL has been triggered by a series of investments in its telecom business vertical – Reliance Platforms – by marquee global companies and investors that include Facebook, Silver Lake Partners, KKR, General Atlantic, Mubadala, and TPG. In the process, RIL has become net-debt free much ahead of its deadline to achieve this status by March 2021. READ MORE  

1:29 PM

Sebi reports 13% income growth at Rs 963 cr in 2018-19 over rise in fees

Capital markets regulator Sebi has posted a 13 per cent increase in its total income to over Rs 963 crore in 2018-19, mainly due to rise in earnings from fees and subscription income. As per the annual accounts of Sebi, the total expenditure of the regulator also rose to Rs 492.34 crore for the year ended March 31, 2019, from Rs 414.46 crore in the previous fiscal. READ MORE

1:17 PM

European stocks open lower

1:11 PM

MARKET UPDATE:: Industrial stocks gain

1:00 PM

MARKET UPDATE:: PNB gains nearly 3%

12:51 PM

MARKET UPDATE:: Sensex regains momentum, tops 35k

12:43 PM

Rupee at day's high

12:43 PM

MARKET UPDATE:: Vodafone Idea trades around 11% higher

12:35 PM

STOCK ALERT:: Alembic Pharma hits 52-week high

12:34 PM

NEWS ALERT | Adani Power board approves voluntary delisting with floor price of Rs 33.82/share: Exchange filing

12:27 PM

ONGC looking at optimising operations, capex amid Coronavirus pandemic

State-run ONGC is looking at opportunities for optimising its capital and operational expenditures as the coronavirus pandemic has impacted the progress of its projects. "The short term liquidity position was managed by raising short term borrowings to the extent required. The onset of Covid-19 itself will impact project progress to some extent and the Company is identifying opportunities for Capex and Opex optimisations," Oil and Natural Gas Corporation Ltd (ONGC) said in a regulatory filing. READ MORE

12:12 PM

BROKERAGE VIEW:: Anand Rathi Shares on Mangalam Cement

Accepting the moratorium on a few loans resulted in its current-maturity debt payments falling to Rs 500m (vs. Rs 920m earlier) in FY21. Further, the flyash supply contract for the Jhalawar unit for five years will save over Rs 200/ton in flyash prices. The Harduaganj power plant is now expected to begin by Oct’20, keeping Aligarh utilisation under pressure. We expect volumes to dip 9% in FY21, and grow 12% in FY22, with Rs 620/Rs 720 EBITDA/ton for FY21/FY22 (vs. Rs 748 in FY20). We retain our Buy rating, with a higher target of Rs 267 on FY22e EV/EBITDA of 6x, EV/ton of $40.

Risks: Rise in fuel/diesel costs, extension of the lockdown.

11:58 AM

ICICI Bank, SBI: Fitch revises IDR outlook. Time to sell these stocks?

On Monday, global rating agency Fitch revised the outlook from “stable” to “negative” on the Long-Term Issuer Default Ratings (IDR) of nine Indian banks that includes State Bank of India (SBI), Bank of Baroda (BOB), BOB’s subsidiary in New Zealand, Bank of India (BOI), Canara Bank (Canara), Punjab National Bank (PNB), ICICI Bank (ICICI), Axis Bank (Axis) - following revision in the outlook on India rating ('BBB-'). It affirmed rating on IDRs, Support Ratings (SR) and Support Rating Floors (SRF).  READ MORE