HDFC Bank, RIL help Sensex settle 478 pts higher; Nifty ends at 11,385

All that happened in the markets today

3:44 PM

Nifty sectoral indices at close

3:39 PM

Heatmap: Sensex gainers and losers at close

3:38 PM

SENSEX AT CLOSE

3:36 PM

Markets at close

Sensex ends 478 points, or 1.26 per cent, higher at 38,528, and the Nifty50 index ends at 11,385, up 138 points, or 1.23 per cent.

3:35 PM

AGR Case :: How did R.Comm claim to have assets of over Rs 35K cr, whereas now the fair value is just a little over Rs 10K cr?, observes SC

3:34 PM

AGR Case :: Only at the stage of resolution applicant seeking DOT nod, will the issue of spectrum sale under IBC will arise, says Salve

3:32 PM

DLF, Sunteck: Realty stocks up on hope of improvement in consumer sentiment

A common theme among the brokerages regarding realty companies is the possible consolidation where bigger companies will be able to ride the storm and gain market share at the expense of smaller players. HDFC Securities, for instance, sees DLF, Prestige Estate, and Brigade Enterprises doing well in the residential segment. READ MORE

3:25 PM

AGR Case :: By recognizing spectrum as security, DoT has acknowledged that spectrum can be assigned, says Salve

>> PSBs would only be lend if security is allowed that can be monetised

3:24 PM

Peoples Bank of China among 357 investors to acquire stake in ICICI Bank

The government had in April notified new norms for FDI investments by neighbouring countries which would require approvals. It is not clear if portfolio investments need to go through some vetting process or the government will continue with this open route till the time no FDI approval is required. READ MORE

3:19 PM

Gujarat aims for the skies, approves 70+ floor buildings in 5 cities

The government said skyscrapers would show the state’s mettle in infrastructure. With the construction of the skyscrapers, the state’s urban infrastructure will be able to accommodate the rising population and generate more employment for the dwellers. READ MORE

3:13 PM

Sensex Heatmap at this hour

3:13 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
BIRLASOFT LTD	150.20	177.80	173.25	15.35
PNB HOUSING	241.20	270.60	265.80	10.20
DLF	145.30	159.60	158.60	9.15
IIFL FINANCE	71.00	80.85	77.00	8.45

3:06 PM

Nifty Bank index rises nearly 500 pts

3:02 PM

AGR Case :: Govt has allowed sale of spectrum under DoT's trading guidelines, says Salve

>> Trading guidelines require DoT nod for sale of spectrum, not seeking to bypass DoT nod

2:58 PM

MARKET CHECK:: Sensex extends gains, up 500 pts now

2:57 PM

Reliance Industries gains 1%

2:56 PM

NEWS ALERT :: There is no question of one operator paying the AGR dues of another operator, says Salve

>> Jio has already paid the relevant SUC charges.

>> Jio has already paid AGR as per the spectrum shared, no dispute. 

>> Additional customer and additional revenues on account of shared spectrum will reflect as a part of AGR, has been accounted for computing payable license fee, SUC dues.

2:55 PM

BUZZING STOCK:: HDFC Bank recovers over 3% from day's low

2:54 PM

Telecom stocks at this hour

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
VODAFONE IDEA	8.82	-0.16	-1.78	20270216
BHARTI AIRTEL	522.70	1.30	0.25	427601
TATA COMM	868.40	20.90	2.47	25428

2:49 PM

AGR Case :: Jio was looking to buy R.Comm spectrum, prior to insolvency proceedings, subject to DoT approving the spectrum sale, says Salve

>> Spectrum sharing took place between various operators after DOT allowed sharing under 2015 guidelines.

2:47 PM

AGR Case :: These proceedings before SC are not apt for deciding claims of Govt as a creditor in the R.Comm insolvency, argues Salve

>> There is not even a well crystalized policy on the issue of sale of spectrum ubdrr IBC at this stage

2:43 PM

AGR Case :: Would be premature to decide if spectrum can be sold or not under IBC, says Harish Salve for RComm

>> Only when the R.Comm resolution applicant moves DoT for spectrum sale,  should the issue be decided at that stage.

>> UVARC, the top bidder for R.Comm, is not fronting for anyone. Infact, Jio has submitted that they are not interested in bidding for R.Comm.

 

>> UVARC's equity comes from public sector banks and public sector insurance cos.

2:39 PM

AGR Case :: R.Comm insolvency was triggered by Ericsson, could not have been withdrawn even if Ericsson has paid, says Salve

>> CoC has accepted a resolution plan, resolution plan envisages auction of R.Comm spectrum subject to DoT nod

Alert: CoC is Committee of Creditors

2:37 PM

AGR Case :: In 20 years, all kinds of manipulation and legal filings can take place, we can't allow like this, says SC

>> Harish Salve, you may raise technical points, but not technicalities will come in our way in enforcing recovery of AGR dues.

Alert: Harish Salve represents Reliance Communication

2:34 PM

AGR Case :: There are huge dues payable, how can we let it go?, observes SC

>> We had directed payment within  a certain period, Govt is seeking 20 years, what if cos go into insolvency.

>> We are fully conscious of the scope of proceedings, we will not exceed our power.

2:32 PM

NEWS ALERT :: AGR hearing underway in SC

2:25 PM

United Breweries: Re-opening of bars, cash reserves augur well for the stk

Emkay Global Financial Services, in a report dated August 17, noted that while the company's Q1FY21 performance was weak, it was largely in-line with expectations. "Q1 operational performance was largely in line, with sales falling 75 per cent and an EBITDA loss of Rs 9.6 crore. Volumes fell 77 per cent due to the loss of a peak period during the lockdown, coupled with continued shutdown of on-premise channels and increase in taxes... But these should reverse as volumes/utilisations improve. Input outlook remains benign, while the cost reduction has been strong," it noted. READ MORE

2:13 PM

MARKET CHECK

2:09 PM

Rupee Closing

Rupee ends higher at 74.76 per US dollar vs Monday's close of 74.89/$

1:56 PM

Berger Paints: Weaker Q1 show indicates premium valuation unjustifiable

Berger Paints’ (Berger’s) June 2020 quarter (Q1) profit performance, announced last Friday, was not only weaker than the Street’s expectation, but also worse than the numbers of market leader Asian Paints. This hurt sentiment towards Berger’s stock, which, at 60 times its FY22 estimated earnings, is currently trading around 16 per cent premium to Asian Paints, which is also three times in size. READ MORE