MARKET: Sensex slips 194 pts as financials fall; Nifty Bank tanks 813 pts

All that happened in the markets today

4:09 PM

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

"Indian benchmark indices ended a volatile day in the red, following negative global cues and domestic uncertainties. Global markets were impacted due to rising US-China tensions and suspected the second wave of virus infections. Financials led the losses following an RBI report which expected a surge in bad loans this year. A record number of virus infections in India also added to the uncertainty. Investors are advised to remain stock specific and keep accumulating only quality stocks in this scenario."

3:44 PM

SECTOR WATCH:: Nifty IT and Nifty Metal indices end in the green

3:43 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 194 points or 0.51 per cent to settle at 37,935 while NSE's Nifty ended at 11,132, down 62 points or 0.56 per cent. 

3:29 PM

Alembic Pharma gets board approval to raise up to Rs 1,000 cr via QIP

Alembic Pharmaceuticals on Monday said its board has given an approval to raise up to Rs 1,000 crore through a qualified institutions placement (QIP). The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a QIP issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing. READ MORE 

3:24 PM

BUZZING STOCK:: Equitas Holdings slips over 7%

3:21 PM

MARKET CHECK

3:13 PM

BUZZING STOCK:: Muthoot Finance gains over 4%

3:07 PM

India Cements PBT drops 75% to Rs 26 cr in Q1, income almost halves

India Cements' profit before tax (PBT) dropped by 75.26 per cent to Rs 26.06 crore during the quarter ended June 30, 2020 from Rs 105.35 crore during the same period last year. The company's total income dropped to Rs 760.32 crore from Rs 1,472 crore. READ MORE 

2:56 PM

State-owned banks need more capital from govt to mitigate risks: Fitch

The plans of state-owned banks to raise capital from private sources will not be sufficient to mitigate anticipated risks unless supplemented with more capital support from the government, Fitch Ratings said on Monday. Several large state banks have recently announced plans to raise a total of $6 billion in fresh equity from the capital market. READ MORE

2:49 PM

Asian Paints at day's high now, top Sensex gainer at this hour

2:39 PM

MARKET UPDATE:: ICICI Bank trades over 5% lower

2:32 PM

Don't extend loan moratorium, it is being misused, Deepak Parekh urges RBI

HDFC chairman Deepak Parekh on Monday made strong plea to Reserve Bank of India not to extend the moratorium beyond August as some borrowers who have the ability pay, are taking advantage of the relaxation to defer payments. Refraining from responding to the call, RBI governor Shaktikanta Das said there is lot of interest in suggestions given by Parekh, adding that he had taken note oif them but would not be able to comment on them immediately. The governor was interacting with members of Confederation of Indian Industry (CII). READ MORE

2:28 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
CCL PRODUCTS	220.00	254.25	242.45	10.20
MULTI COMM. EXC.	1475.85	1641.65	1624.50	10.07
MPHASIS	1073.80	1206.30	1174.00	9.33
ADANI GREEN	326.00	353.00	348.55	6.92
KAJARIA CERAMICS	398.85	426.60	424.80	6.51

2:22 PM

RIL now accounts 10% market-capitalisation of all BSE listed companies

Reliance Industries (RIL) has dominated the Indian equity markets with its share in the total market capitalisation (market-cap) of all BSE listed companies nearly doubling in the past two years. Mukesh Ambani-controlled company saw its combined market-cap (partly and fully paid shares) hitting the Rs 14.38 trillion mark at the bourses on Monday. With this, RIL accounted for 9.8 per cent of the total market-cap of BSE listed companies of Rs 147.23 trillion. READ MORE

2:15 PM

Rupee Closing

>> Rupee settles flat at 74.84 per US dollar vs Friday's close of 74.83/$

2:08 PM

Mistry family in talks with investors to raise Rs 4K cr, aims to cut debt

The billionaire Mistry family is in talks with several investors to raise up to Rs 4,000 crore by selling part of its stake in Sterling and Wilson Solar (SWSL), and also with Canadian financial powerhouse, Brookfield, to raise debt against its Tata Sons shares.

 

The proceeds of the funds raised will be used to reduce the group’s debt and repay dues to SWSL, said a source close to the development. READ MORE

1:58 PM

NEWS ALERT:: Indian gold prices hit all-time high of Rs 52,000 / 10 gms

1:54 PM

BROKERAGE VIEW:: Centrum Broking on Asian Paints

We reckon its strategy, communicating safe painting gaining consumer confidence, strengthening rural coverage and developing products meeting customer needs would yield better revenues in the medium-term. Further, management said down-trading is visible in paint industry. Nonetheless, its focus on driving volume and gain market share from local players may get momentum in FY21. Considering tailwinds from benign RM cost (Crude oil) we have increased FY21E/22E PAT by 0.7%/4.4%. We retained Buy rating with DCF-based revised target price of Rs 1,916 (Implied 54.4x FY22 EPS).

1:50 PM

BUZZING STOCK:: Aarti Drugs surges 11%

1:46 PM

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

1:34 PM

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

1:26 PM

BROKERAGE VIEW:: Edelweiss Securities on AU Small Finance Bank

The AU story has been all about an asset franchise-driven ability to deliver tearaway asset growth with pristine asset quality outcomes, driving a sequence of BVPSenhancing dilutions. Covid-19 severely impairs FY20-22E compounding but that long term thesis remains. We maintain ‘BUY/SO’ with a TP of Rs 930.

1:23 PM

European indices trade mixed in early deals

1:14 PM

Tech Mahindra Q1 preview: PAT may dip 30% YoY; opportunities in 5G eyed

Tech Mahindra, analysts at ICICI Securities note, was severely impacted by the ongoing Covid-19 pandemic and is expected to report 8.7 per cent QoQ decline in dollar revenues due to anticipated dip in Business Process Services (BPS) revenues, network revenues, seasonal dip in Comviva revenues, and project deferrals. Revenue in rupee terms could decline by 5.6 per cent QoQ and 3.5 per cent YoY to Rs 8,959 crore. Earnings before interest, and tax, and amortisation (EBITDA) margins is also expected to dip 199 bps QoQ to 12.2 per cent due to a decline in utilisation and negative operating leverage. Net profit is estimated at Rs 682 crore, down 28.9 per cent YoY, and 33.2 per cent QoQ. READ MORE  

1:08 PM

Nifty IT index hits record high; Infosys, TCS, HCL Tech gain over 2%

Shares of information technologies (IT) companies continued their upward movement on Monday with Nifty IT index hitting a fresh record high on the National Stock Exchange (NSE), gaining 2 per cent in an otherwise weak market. Tata Consultancy Services (TCS), Infosys, HCL Technologies, Mindtree and Tech Mahindra were up 2 per cent each, while Mphasis, NIIT Technologies and Larsen & Toubro Infotech were up in the range of 3 per cent to 8 per cent. READ MORE

12:54 PM

BUZZING STOCK:: CDSL jumps 8% after June quarter nos

Major Highlights

• Total Profit after Tax (Consolidated) for the three months ended June 30, 2020 increased by Rs. 18.81 crore (67%) to Rs. 46.73 crore from Rs. 27.91 crore for the same period in the previous year;
• Total Profit after Tax (Standalone) increased by Rs. 16.66 crore (82%) to Rs. 37.01 crore from Rs. 20.35 crore for the same period in the previous year;
• Total Income (Consolidated) for the quarter increased by Rs 12.58 crore (17 %) to Rs. 86.01 crore from Rs. 73.43 crore;
• Total Income (Standalone) for the quarter increased by Rs. 15.11 crore (29 %) to Rs. 66.96 crore from Rs. 51.85 crore;
• Total EBITDA (Consolidated) for the quarter increased by Rs.21.13 crore (56 %) to Rs. 58.80 crore from Rs. 37.63 crore

12:48 PM

RIL, HDFC Bank, ITC, HUL: Here's how to trade index heavyweight stocks

Reliance Industries Ltd (RELIANCE): The counter that has scaled a new all-time high has seen a strong build-up of longs with above average volumes during recent sessions. The price is showing strength despite the RSI being in an overbought condition around 80. From a medium-term perspective, Rs 1,900 levels remain a key support for the stock. READ MORE

12:38 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ABB POWER PRODUC	873.85	925.60	-1.67
COROMANDEL INTER	785.90	829.85	-1.72
DEEPAK FERTILIZ.	138.25	139.65	3.48
DEEPAK NITRITE	609.20	619.80	2.64
GARWARE TECH.	1698.05	1737.00	1.15

12:37 PM

Covid-19 impact: IPO slump stonewalls private equity exits in H1 2020

The value of private equity (PE) exits in the first half of the calendar year 2020 dropped to $1.9 billion, a 47 per cent decline over the same period last year and a 69 per cent fall compared with H2 2019.

 

Market volatility and the decline in the number of initial public offerings (IPO) following the Covid-19 pandemic were the chief reasons for the dip in exits. Public market sales accounted for 80 per cent of the exit value in H1 2020, mainly due to SBI Cards’ $1.4 billion IPO.  READ MORE