Sensex soars 593 pts, ends above 55,400; Nifty at 16,529; IT stocks dazzle

On the contrary, broader indices underperformed and ended mildly lower

3:36 PM

CLOSING BELL :: Sensex, Nifty hit record peaks

In a spectacular day for benchark indices, BSE Sensex soared past 55,000 mark for the first time to new high of 55,488. The index closed the day at 55,437, up 593 points or 1.08%. NSE's Nifty50 crossed both 16,400 and 16,500 levels today. The index settled at 16,529, up 165 points or 1.01% after hitting new high of 16,544.

3:25 PM

Crypto platform Poly Network rewards hacker with $500,000 'bug bounty'

Poly Network, the cryptocurrency platform which lost $610 million in a hack earlier this week, confirmed on Friday it had offered the hacker or hackers a $500,000 "bug bounty".

 

In a statement it thanked the hacker - who it dubbed a "white hat", sector jargon for an ethical hacker who generally aims to expose cyber vulnerabilities - who had returned the bulk of the funds for "helping us improve Poly Network's security".  READ MORE

3:07 PM

TCS market-cap nears Rs 13-trillion mark

A sharp rally in stock price propelled TCS' market capitalisation (market-cap) towards Rs 13-trillion mark, at Rs 12.87 trillion, in the intra-day trade today. Reliance Industries, with an m-cap of Rs 13.53 trillion, stands at number one position in the overall market-cap ranking. READ MORE

2:45 PM

Govt's retro tax settlement with Cairn Energy may hinge on Vedanta case

The Union government’s offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue.

 

The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. READ MORE

2:28 PM

This specialty chemicals firm has rallied 52% in 6 days; here's why

Jubilant Industries is the flagship company of agri and performance polymers business of the Jubilant Bhartia group. The company’s diversified portfolio includes a wide range of crop nutrition, crop growth and crop protection agri products and performance polymers products comprising consumer products like adhesives, wood finishes; food polymers and latex such as vinyl pyridine, SBR and NBR latex. READ MORE

2:18 PM

June Quarter Result :: Grasim Industries

>> PAT: Rs 482 crore vs loss of Rs 282 crore YoY

>> Revenue: Rs 3,762 crore

>> Ebitda: Rs 739 crore

2:10 PM

Bond losses seen as RBI's rate setters move toward a hawkish stance

India’s bond yields will rise by year-end as disagreement among central bank’s rate-setting panel members indicates they are moving toward a more hawkish stance, a Bloomberg survey has found. The benchmark 10-year yield will climb to 6.40% by December, while the five-year yield will increase to 5.90%, according to the median estimate in the survey of 15 traders, fund managers and economists conducted this week. The 10-year yield closed at 6.23% on Thursday, and the five-year at 5.74%. READ MORE

2:04 PM

Volatility rises in market as VIX jumps 4%

>> India VIX was last up 4.5% at 12.93

1:45 PM

BUZZING :: Star Cement fixes record date for buyback & appoints MD

>>  Board of Directors has appointed Prem Kumar Bhajanka, Non-Executive Director as Managing Director effective13th August, 2021 upto 31st March, 2024.

>> Board has fixed Wednesday, 25th August, 2021 as the ‘Record Date’ for determining the members of the Company who are eligible to participate in the Buy-Back offer

1:34 PM

Bharti Airtel concludes spectrum trading agreement with Jio; stock up 2.5%

Shares of Bharti Airtel hit a new record high of Rs 638.60, up 2.5 per cent on the BSE in the intra-day trade on Friday, after the company announced the closure of its agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in three circles to Jio. The stock surpassed its previous high of Rs 629.15, touched on Thursday, August 12, 2021 in the intra-day trade. READ MORE

1:18 PM

Voda Idea Q1 loss may narrow; fund raising, ARPU growth plan eyed: Analysts

Debt-laden Vodafone Idea may have narrowed its net loss during April-June quarter of FY22 (Q1FY22), expect analysts, as subscriber churn remained contained, and amid marginal blow to revenue.

 

The telecom services provider, which is set to report its Q1 earnings on Saturday, August 14, had incurred a massive loss of Rs 25,460 crore in the year-ago period (Q1FY21) and Rs 7,022.8 crore in Q4FY21 (March quarter of FY21). READ MORE

1:01 PM

Suzlon, Dish TV, Voltas: Trading strategies for volume buzzers of the day

Suzlon Energy Limited (SUZLON)
Likely target: Rs 7.45
Upside potential: 14%

After crossing Rs 9 levels, Suzlon Energy shares have witnessed profit booking. The stock has found some support around 100-days moving average (DMA) placed at Rs 6.35 levels. The stock has support at Rs 5.70 (200-DMA) and faces resistance at Rs 7.45, which is its 50-DMA. If the stock manages to hold the support of 100-DMA, a rally upto Rs 50-DMA levels cannot be ruled out. READ MORE

12:46 PM

What led to a 7% crash in Aurobindo Pharma shares?

Aurobindo pharma stock down by 7% on the back of company announcement of capital infusion of ₹420 Crores in Cronus Pharma and weak set of numbers for Q1FY2022.  Aurobindo Pharma Limited announced that the company will subscribe to fresh equity shares in Cronus Pharma Specialities India Private Limited, amounting to Rs, 420 Crores for 51 % of the equity share capital. Cronus is a Hyderabad based generic veterinary pharmaceutical products company engaged in the development, manufacturing, and sale of veterinary pharmaceutical products.  Cronus Pharma has reported revenue of ₹11.4 Crores in FY2021 and the company awaits regulatory inspection from USFDA. Aurobindo pharma will be doing capital infusion at valuations of 72 times of FY2021 sales, which we believe valuations are on the higher side.  

-- Yash Gupta Equity Research Associate, Angel Broking

12:39 PM

BUZZING :: TCS surges to new 52-week high

12:28 PM

NEWS ALERT :: Airtel and Jio conclude spectrum trading agreement

>> Bharti Airtel announced the closure of its agreement with Reliance Jio Infocomm to transfer the ‘Right to Use’ of Airtel’s 800 MHz spectrum in three circles to Jio.

>> Airtel has received Rs 1004.8 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs. 469.3 crore relating to the spectrum.