Financial stocks lift indices, Sensex gains 364 pts; Nifty ends at 11,466

All that happened in the markets today

4:15 PM

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

Indian benchmark indices built up on its opening gains, with the support of global cues, and ended the day on a strong note. Following more reopening guidelines by the government, the markets chose to ignore the rising cases of infections. It instead keeps riding the positive momentum brought about by ample liquidity in the markets and expectations of the economy improving. Gains were led by banking index and especially by private banks. Investors advised to remain cautious considering the market run-up and be selective in their investments.

3:45 PM

SmallCap index outperforms benchmarks; India VIX dips 4%

3:42 PM

Nifty Bank index ends 533 points higher

3:40 PM

Heatmap: Sensex gainers and losers at close

3:39 PM

Nifty sectoral indices at close

3:38 PM

MARKETS AT CLOSE

3:37 PM

CLOSING BELL

S&P BSE Sensex ends 364 points, or 0.95 per cent, higher at 38,799, and the Nifty50 index closes 95 points, or 0.83 per cent, up at 11,466

3:29 PM

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

3:28 PM

AGR Case :: Have been paying all dues pending against Airtel since acquiring Videocon spectrum in May 2016, says Sibal for Airtel

>> No demand raised for prior dues pertaining to the spectrum traded in May 2016.

>> Even if demand raised, Airtel reserves right to appeal demand in TDSAT, not for court to decide at this stage

3:24 PM

BROKERAGE VIEW:: ICICI Securities on Jubilant Foodworks

RATING: ADD | TARGET PRICE: Rs 2,100

Jubilant Foodworks started charging delivery fee (ranging from Rs21-42) from mid-July. This, in our opinion, is a significant positive in the near-term (helps mitigate the cash loss impact) and there is no real worry of negative price elasticity (consumers are not prioritising value in FY21). That said, Domino’s brand has worked hard, since 2017, to improve he reasons-to-buy of “value” which might be at risk in long-term.

3:17 PM

AGR Case :: Kapil Sibal for Airtel

>> Aircel - Airtel spectrum traded in June 2016.

 

>> Airtel paid the entire price upfront, purchased it in auction. 

 

>> No claim against Airtel, no demand raised by DOT.

>> Videocon entered IBC on June 2018, AGR judgment came from SC in Oct 2019. 

>> In May 2016, traded 1800MHz Videocon spectrum in 6 circles, no demands were raised by DOT for shared spectrum

3:16 PM

AGR Case :: License agreement, certified by President, recognises Spectrum as a security., says Ranjit Kumar for Aircel CoC

>> If spectrjm not recognized as a security that can be monetised, why would banks lend a single ruppee to telcos.

>> Telcos don't have cash reserves that that they can purchase spectrum, operate without banks. 

 

>> Economy will face negative consequences if spectrum sale under IBC not allowed.

3:16 PM

SECTOR WATCH:: Telecom stocks trade mixed

COMPANY	LATEST(rs)	CHG(%)
VODAFONE IDEA	8.93	4.69
BHARTI AIRTEL	516.60	-0.65
TATA COMM	890.70	0.07

3:11 PM

BUZZING STOCK:: Pfizer gains 6%

3:06 PM

At least 5% of PNB's Rs 7.21 trillion loan book may be restructured

India’s second largest state-owned bank Punjab National Bank (PNB) is expecting at least five per cent of its loan book to undergo restructuring. “In respect of loan book size, our rough estimate is that 5-6 per cent of the credit book may be eligible under the restructuring profile. But we will be able to get a better estimate by the end of September,” PNB managing director and chief executive officer SS Mallikarjuna Rao said in a press conference on Monday. READ MORE

3:05 PM

AGR Case :: Commercial decision of DoT to decide on allowing permission for spectrum sale, says Ranjit Kumar for Aircel COC

>> SC cant make that commercial decision for DoT.

 

>> There will be no auction, banks won't lend to telcos if spectrum not recognized as security.

3:04 PM

AGR Case :: SC makes observations

>> What is being proposed is like you renting out your house to a tenant, and the tenant selling your house under IBC.

>> New person will take over the asset, free of encumbrances and liabilities. 

 

>> Spectrum, if cancelled, will have to surrendered to DOT, may be auctioned for higher realization.

2:54 PM

MARKET CHECK:: Sensex holds gains

2:54 PM

AGR Case :: DoT has clarified that prior to 2016 there was no case of spectrum sharing, says Salve

>> Spectrum trading between Jio-R.Comm is a small part of the total spectrum that was owned by R.Comm

>> No additional demand has been raised by the DOT against Jio, R.Comm 

 

>> No AGR dues are attributable to the small fraction of total R.Comm spectrum sold.

2:40 PM

AGR Case :: Harish Salve argues

>> At the stage of resolution applicant seeking DOT nod to sell, the applicant may provide for part payment and DOT may see commercial wisdom.

>> There will be room for negotiation while seeking DOT nod.

2:38 PM

AGR Case :: Govt should move to cancel license, spectrum if dues are being wiped out, observes SC

>> If telcos are unwilling to pay, we will direct cancel of spectrum allocation.

 

>> How else is DOT supposed to deal with such an issue?

2:38 PM

AGR Case :: Govt liability is not being wiped out because sale of spectrum, says Salve

>>  It is as per the IBC and status of DoT as operational creditor

>> Notion of security under IBC allows for sale of right to use spectrum. 

>> It is not for this court to decide, DoT can decide on sale of spectrum at the appropriate stage.

2:37 PM

AGR Case :: License agreement recognises spectrum as a security, can be monetized under IBC, argues Salve

>> Resolution plan is proposing for sale of right to use under trading guidelines. 

 

 

2:35 PM

AGR Case :: SC observes, we are verifying if IBC proceedings are subterfuge to escape paying AGR dues.

>> Can an asset (spectrum) that does not belong to telcos be sold under IBC.

2:17 PM

NEWS ALERT | Hearing begins in the AGR case

Harish Salve, appearing for CoC of Reliance Communications, begins arguments

2:07 PM

Vodafone Idea, YES Bank: 10 stocks showing a volume breakout on the charts

Volume plays a crucial role in identifying the interest of market participants in a stock. Higher the volume, more the interest in a particular counter. Volume also reflects stocks where maximum trading activity is happeing in a session. This information assists in identifying momentum stocks and then traders / investors can capitalise on the opportunity. On the charts, when a breakout or breakdown is confirmed by strong volumes, the trend is considered as more reliable as compared to a movement in stock price where strong volumes are missing. READ MORE  

2:06 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADVANCED ENZYME	240.50	247.70	2.06
AFFLE INDIA	2548.40	2548.40	10.00
ALKYL AMINES	3355.75	3449.95	5.12
APL APOLLO TUBES	2411.00	2431.80	3.39
ASIAN PAINTS	1959.00	1994.75	0.03

2:04 PM

Rupee Closing

Rupee ends at 74.31 per US dollar vs Friday's close of 74.84/$

1:56 PM

Orient Bell shares zoom 13% as Porinjo's Equity Intelligence hikes stake

Equity Intelligence bought 80,000 shares at an average price of Rs 91.87 on Friday, NSE bulk deal data showed. According to the shareholding pattern for the quarter ended June 2020, Equity Intelligence held 1.57 per cent stake in the company. READ MORE 

1:46 PM

Nifty Pharma index trades lower in an otherwise firm market