MARKET WRAP: Indices extend gains, Sensex up 524 pts as RIL surges over 6%

All that happened in the markets today

3:43 PM

SECTOR WATCH:: Nifty Realty soars over 6%

3:42 PM

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

3:35 PM

CLOSING BELL

The S&P BSE Sensex rallied 524 points or 1.53 per cent to end at 34,732 while NSE's Nifty ended at 10,244, up 153 points or 1.51 per cent.

3:28 PM

MARKET CHECK

3:26 PM

Alembic Pharma gets USFDA nod for generic Adapalene gel for acne treatment

Alembic Pharmaceuticals on Friday said its joint venture had received nod from the US health regulator for generic Adapalene gel used for the treatment of acne. The company's JV Aleor Dermaceuticals has received approval from the United States Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Adapalene gel USP, 0.3 per cent, Alembic Pharma said in a filing to the BSE. READ MORE 

 

3:12 PM

MARKET CHECK:: Bajaj Finance jumps 7%

3:00 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI GREEN	420.60	420.60	4.99
ALEMBIC PHARMA	942.80	950.00	3.80
COROMANDEL INTER	718.80	748.95	-2.81
DHANUKA AGRITECH	726.20	804.00	-6.86
DIXON TECHNOLOG.	5650.00	5758.00	1.48

3:00 PM

MARKET CHECK :: Nifty Energy index up over 3.5%

2:50 PM

MARKET UPDATE :: Sensex at day's high, up 600 pts

2:38 PM

MARKET UPDATE :: Choppy session for markets; Sensex up nearly 500 pts

2:30 PM

MARKET UPDATE:: RIL contributes over 260 pts in Sensex's gains of around 390 pts

2:22 PM

Finance Ministry invites bids from transaction advisors for LIC IPO

The government proposes to engage up to two pre-IPO transaction advisors, for assisting the Department of Investment and Public Asset Management (DIPAM) in the preparatory processes leading to the Initial Public Offer (IPO) of Life Insurance Corporation of India (LICI), tipped to be the largest ever in the country. READ MORE

2:17 PM

RIL partly-paid shares hits 10% upper circuit, surge 16% in 2 days

Shares of Reliance Industries’ partly-paid (RIL PP) shares were locked in the 10 per cent upper circuit band at Rs 812.90 on the BSE on Friday, having rallied 16 per cent in the past two days, after group chairman Mukesh Ambani said that RIL has become net debt-free company after raising a record Rs 1.69 lakh crore from global investors and a rights issue within two months. RIL PP shares have a face value of Rs 2.5 each. READ MORE 

2:10 PM

Rupee closing

Rupee ends lower at 76.18/$ vs Thursday's close of 76.14 against the US dollar

2:09 PM

MARCH QUARTER EARNINGS: Cadila Health reports profit of Rs 392 crore

Revenue -- Rs 3,752 crore

Ebitda -- Rs 791 crore

Margin -- 21.1 per cent

2:08 PM

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

1:54 PM

Difficult for Vodafone Idea to pay upfront AGR dues: Credit Suisse

In a report it said that after having paid Rs 6,900 crore of AGR dues, estimate is that Vodafone Idea would have Rs 6,000 crore of cash balance as of March 2020 assuming no incremental capex in fourth quarter of financial year 2020.

 

"With VIL not having access to incremental debt funding, it would be difficult for VIL to pay more than Rs 50 billion of incremental dues. On the other hand, having already paid 48 per cent of dues, incremental upfront payment will not be a problem for Bharti Airtel especially post the recent capital raise and declining leverage on back of improving profitability," Credit Suisse said. READ MORE

1:47 PM

MARKET CHECK:: Ruchi Soya continues to soar, hits 5% upper circuit

1:38 PM

STOCK ALERT :: RIL's m-cap hits Rs 11 trillion-mark

1:36 PM

$30-billion deal renewal headache for IT companies

IT outsourcing deals worth around $30 billion that are coming up for renewal over the next three months are likely to be negatively impacted owing to the uncertain demand environment.

 

According to outsourcing advisors and experts, while almost half of the deals are likely to see delay, the others are expected to be renewed at a lower price as enterprises ask for discounts in roll-over contracts. READ MORE

1:26 PM

MARCH QUARTER RESULTS | Bajaj Electricals incurs net loss of Rs 1.1 crore

>> EBITDA at Rs 37 crore; margin 2.9%

>> Revenue at Rs 1,300.7 crore

>> Board approves raising Rs 500 cr via debt securities

1:19 PM

Tariffs, trade barriers: How India plans to protect domestic biz from China

The plan has been under review since at least April, according to a government document seen by Reuters, and is in line with Prime Minister Narendra Modi's recently announced self-reliance campaign to promote local products.

 

The new duty structures are likely to be gradually outlined over the next three months, said the sources, who asked not to be named as the plan is still being finalised. READ MORE

1:08 PM

BHEL, BPCL: 42 of 57 stocks in BSE PSU index set to rise, shows MACD

The S&P BSE PSU index consists of 57 stocks. Out of these, 42 are exhibiting positive momentum with upward strength as per the Moving Average Convergence Divergence (MACD). This indicator shows the bullish and bearish dimension on the positive crossover / negative crossover and the relevance of the zero line. Stocks that cross or stay above the zero line with a positive crossover are said to have an upward direction with strong positive momentum. As this is a trend following indicator, the upward direction of the moving averages highly denotes firm underneath strength. READ MORE

1:01 PM

No dividend for FY20: Thomas Cook's Rs 300-crore cash saving plan

Global travel industry has been hit due to travel bans and quarantine measures imposed by states to restrict the spread of Covid-19.

 

Thomas Cook pre-tax loss on standalone basis widened to Rs 83.50 crore in fourth quarter FY 2020 compared to Rs 23.80 crore during same period due last year, the company said in stock exchange filing late on Thursday evening. A one time stamp duty payment of Rs 25 crore contributed to the loss. READ MORE

12:49 PM

Kaya, Alok Textiles, Birla Tyres and 35 others rally over 100% in a month

Shares of Kaya, Alok Textiles, Birla Tyres, Borosil Renewables, Hathway Bhawani Cabletel & Datacom, and Dalmia Bharat Sugar and Industries were among the 38 stocks whose market price has more-than-doubled over the past one month. Besides, Nectar Lifesciences, Bilcare, Satin Creditcare Network, Aayush Food and Herbs, Ujaas Energy, Anjani Foods and Tiaan Ayurvedic & Herbs have also appreciated by an over 100 per cent during the same period. READ MORE

12:37 PM

MARCH QUARTER RESULTS | Ramco Cements posts net profit of Rs 146.2 crore

>> Revenue at Rs 1,390 crore

 

>> Ebitda at Rs 279.2 crore

 

>> Ebitda margin at 20.1 per cent
 

12:33 PM

RIL, HDFC contribute the most to the Sensex's 300-point up move

12:23 PM

MARKET UPDATE :: Nifty hits intra-day high of 10,200

>> Nifty tops 10,200 for the first time since June 9

12:18 PM

NEWS ALERT :: CSB Bank appoints Pralay Mondal as President (Retail, SME, Operations and IT)

Alert: Pralay Mondal recently tendered his resignation as Executive Director & Head of Retail Banking in Axis Bank

12:12 PM

BROKERAGE VIEW:: Emkay Global Financial Services on Pidilite Industries

RATING: SELL |  TARGET PRICE: Rs 1,170

• Sales declined of 6% to Rs15.4bn and EBITDA grew 8% to Rs3bn, both largely in line with expectations. Adjusted PAT (excl. exceptional of Rs330mn in 4QFY20 and tax write-back of Rs530mn in 4QFY19) fell 3% and was 16% below estimates.
   
• Gross margin expansion was stronger at 510bps, led by a 20% decline in VAM and lower crude prices. A further 20% fall in VAM prices and soft crude prices are likely to benefit but forward covers, rupee depreciation and lower sales may limit gains in the near term.
   
• Aggression in new products and investments in new businesses are positive and may drive better returns in the long term. However, these would also require increased spending to scale up and are unlikely to be margin accretive in near term.
   
• We cut FY21-22EPS by 6%. The uncertain pace of recovery, growth challenges from the slowdown in real estate and higher competition in construction chemicals can pose further downside risks to earnings. We maintain Sell, with a TP of Rs 1,170 (40x Jun-22 EPS).