Closing bell: Sensex gains 207 points; Nifty settles at 11,435; Sun Pharma shares surge 7% after Q1 results
11 min read.Updated: 14 Aug 2018, 03:43 PM ISTLivemint
BSE Sensex closed 207.10 points up at 37,852, while the Nifty 50 ended 79.35 points higher at 11,435.10. Here are the highlights from the markets
Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 gained on Tuesday, breaking a two-day losing streak after retail inflation slowed to a nine month low, providing comfort to the government and Reserve Bank of India. Retail inflation dropped to a nine-month low of 4.17% in July from 4.92% a month ago, on the back of softening food prices and a favourable base. Moreover, FIIs sold shares worth Rs 971.86 crore on net basis on Monday, while DIIs purchased Rs 216.29 crore of shares, showed provisional data. In global markets, stocks in Europe and Asia regained their footing as the threat from the collapse of the Turkish lira ebbed and reassuring German data offset signs of slowing growth in China. Oil prices rose after a report from Opec confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply. Here are the highlights from the markets:
BSE Sensex closed higher by 207.10 points, or 0.55%, to 37,852, while the Nifty 50 rose 79.35 points, or 0.70%, to close 11,435. During the day, the Sensex surged 287.5 points to a high of 37,932.40 and the Nifty 50 rose 96.7 points to a peak of 11,452.45.BSE MidCap and SmallCap advanced 0.89% and 0.53%, respectively. Among the sectoral indices on BSE, healthcare gained most at 2.48% followed by realty, energy, bankex and finance. Industrials, telecom, power and capital goods declined.Sun Pharma, Yes Bank, ICICI Bank, Reliance Industries and Axis Bank were among the top gainers, whereas UPL, Adani Ports, Hero MotoCorp, LT and Bharti Airtel were among the major losers.
14 Aug 2018, 03:20:00 PM IST
Q1 results: SpiceJet flies into red, posts Rs 38 crore net loss
Budget carrier SpiceJet on Monday posted a net loss of Rs 38.06 crore during the quarter ended June 30, compared with a net profit of Rs 175 crore a year ago. Total income from operations stood at Rs 2,236 crore during the quarter, against Rs 1,870 crore in the same period last financial year. Gains from exceptional items stood at Rs 63.47 crore during the June quarter. Read more
14 Aug 2018, 03:05:00 PM IST
Q1 results: Sun Pharma posts profit, beats estimate
Sun Pharmaceutical Industries Ltd shares surged as much as 8.05% to Rs 608.10 after the company posted a first-quarter profit, beating Street estimates. Net profit came in at Rs 983 crore for the three months ended June 30, compared with a loss of Rs 425 crore a year earlier, the company said. In the year-ago quarter, Sun Pharma incurred costs of Rs 951 crore related to settlements in a US antitrust case over sleep disorder drug Modafinil. Read more
14 Aug 2018, 02:50:00 PM IST
IDBI Bank reports loss for 7th straight quarter
IDBI Bank Ltd posted its seventh straight quarterly loss as mounting bad loans continued to weigh on the state-run lender. Net loss was Rs 2,410 crore for the quarter ended 30 June, compared with a loss of Rs 853 crore a year earlier, the Mumbai-based bank said. Gross bad loans as a percentage of total loans was 30.78% at the end of June, compared with 27.95% a quarter earlier, and 24.11% a year earlier. IDBI shares fell 3.71% to Rs 58.25. Reuters
14 Aug 2018, 02:45:00 PM IST
Bitcoin drops below $6,000 as almost every cryptocurrency sinks
Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2% to $5,887 as of 3.07pm in Hong Kong, the lowest level since June, according to Bloomberg composite pricing. Ether sank as much as 13%, while all but three of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over the past 24 hours.The total market capitalization of virtual currencies dropped to $192 billion from a peak of about $835 billion in January, erasing much of the gains seen during the speculative mania at the end of 2017. Ether has tumbled 39% this month, while Bitcoin has dropped about 22%.
14 Aug 2018, 02:15:00 PM IST
European equities advance at open
European stocks rose in cautious opening deals on Tuesday, aided partly by rebounding German economic growth, as fears remain over Turkey’s currency crisis. In initial deals, London’s benchmark FTSE 100 index of top blue-chip firms climbed 0.2% to 7,660.59 points compared with Monday’s closing level. In the eurozone, Frankfurt’s DAX 30 gained 0.7% to 12,444.63 points and the Paris CAC 40 added 0.5% to 5,437.43 points. Germany’s powerhouse economy rebounded from a first-quarter slowdown to book 0.5 percent quarter-on-quarter growth between April and June, federal statistics authority Destatis said Tuesday in preliminary data. AFP
14 Aug 2018, 02:00:00 PM IST
Rupee falling not a worry, says government
The government on Tuesday blamed external factors for the rupee’s fall to an all-time low against the US dollar and said there is nothing to worry, reported PTI. Economic affairs secretary Subhash Chander Garg said the “rupee is depreciating due to external factors” and there is “nothing at this stage to worry”.In early trade today, the rupee crossed past the psychological 70-mark to hit an all-time low of 70.08 a dollar for the first time amid concern over the risk of contagion from Turkey’s financial-market turmoil. However, the home currency recovered and was trading at 69.86, up 0.09%, at 1.47pm.
14 Aug 2018, 01:40:00 PM IST
WPI inflation eases to 5.09% in July
Wholesale inflation eased to 5.09 per cent in July on account of cheaper food articles, especially fruits and vegetables, government data showed today. The wholesale price index (WPI) based inflation was recorded at 5.77% in June. In July 2017, it was at 1.88%. Wholesale inflation in the food articles category was (-) 2.16 per cent in July as against (+) 1.80% in the previous month, the commerce and industry ministry data showed. PTI
14 Aug 2018, 01:08:00 PM IST
Steel Strips Wheels shares erase gains after Q1 results
Steel Strips Wheels Ltd shares fell 1.7% to Rs 1180.10 from day’s high of 1220.65. The company reported a profit after tax of Rs 21.51 crore in the quarter ended 30 June, compared to Rs 16.41 crore a year ago. Revenue from operations stood at Rs 501 crore in the June quarter, compared to Rs 351 crore in the same period last year.
14 Aug 2018, 12:40:00 PM IST
Lincoln Pharma shares rise 3% after Q1 results
Lincoln Pharmaceuticals Ltd shares jumped 2.93% to Rs 246 after the company reported a profit of Rs 16.07 crore in the quarter ended 30 June, compared to Rs 4.92 crore last year. Consolidated revenue from operations compared to Rs 99.82 crore in the June quarter, versus Rs 150 crore a year ago.
14 Aug 2018, 12:00:00 AM IST
Sensex, Nifty extend gains
BSE Sensex traded higher by 172.77 points, or 0.46%, to 37,817.67, while the Nifty 50 rose 61.05 points, or 0.54%, to 11,416.80. In intraday trade, the 30-share index rose 196.78 points to 37,841.68 and the Nifty 50 surged 63.6 points to 11,419.35.BSE MidCap and SmallCap rose 0.14% and 0.38%, respectively. Among the sectoral indices on BSE, realty and IT gained most at 1.13% and 1.11%, respectively, followed by teck, FMCG, bankex and finance.Axis Bank, Tech Mahindra, Wipro, Hindustan Unilever and Yes Bank were among the top gainers, whereas Adani Ports, UPL, HPCL, Vedanta and Bharti Airtel were among the major losers.
14 Aug 2018, 11:43:00 AM IST
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Oil prices rose after a report from OPEC confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply. Front-month Brent crude oil futures were at $72.81 per barrel at 0515 GMT, up 20 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.4 percent, at $67.45 per barrel.In July, Saudi Arabia told the producer group of the Organization of the Petroleum Exporting Countries (OPEC) that it had cut production by 200,000 barrels per day (bpd) to 10.288 million bpd. OPEC’s monthly report published on Monday, which uses data from secondary sources, confirmed the Saudi cut, which traders said triggered crude’s upward move early on Tuesday. Reuters
14 Aug 2018, 11:07:00 AM IST
Gati shares down 5% after Q1 results
Logistics company Gati Ltd’s shares fell as much as 5.1%, their biggest daily percent loss since 27 June. The compay reported a 71% decline in its June-quarter profit at Rs 5.08 crore. Quarterly expenses rose 5.6% to Rs 452 crore. Gati’s stock has fallen 23.6% this year as of last close.
14 Aug 2018, 10:55:00 AM IST
Cadila Healthcare shares down 4% after Q1 results, Windlass Healthcare deal
Cadila Healthcare shares traded 3.89% to Rs 340.75. The company on Monday said that it has entered into an agreement to acquire 51% share capital of Windlass Healthcare Pvt Ltd. The cost of acquisition is ₹155.55 crore and it will be completed by end of September 2018, it added. Also, the company posted over three fold jump in consolidated net profit to ₹460.5 crore for the quarter ended 30 June, 2018 on account of robust sales. Its net profit was ₹138.4 crore in the year-ago period.
14 Aug 2018, 10:43:00 AM IST
Rupee fall continues, hits 70 a dollar for first time
The Indian rupee erased all the morning gains and crossed past the psychological 70-mark first time against the US dollar as the contagion from the economic crisis in Turkey remained relatively contained in developed markets overnight. At 10.34am, the rupee was trading at 70.08 a dollar, down 0.21%, from its previous close of 68.93. The home currency opened at 69.84 and touched a high of 69.75 a dollar. Earlier in the opening trade the currency gained nearly 0.2% after consumer price inflation slowed to nine month low, providing comfort to the government and Reserve Bank of India.
14 Aug 2018, 10:30:00 AM IST
PVR shares rise 3%
PVR shares rose as much as 3.18% to Rs 1,323.85. PVR on 12 August said that it has agreed to buy a 71.7% stake in SPI Cinemas Pvt. Ltd for ₹ 633 crore—a move that will help India’s largest multiplex operator boost its presence in the lucrative south Indian market. The acquisition of SPI, the largest cinema exhibitor in south India, will make PVR the seventh largest cinema exhibitor in the world.
Ruchi Soya Industries Ltd shares rose 5% to Rs 9.43 after the company posted a profit of Rs 22.60 crore in June quarter against loss of Rs 286 crore last year same quarter. Moreover, the Competition Commission of India has approved the acquisition of Ruchi Soya by Adani Wilmar. Adani Wilmar had emerged as the highest bidder (H1) with an offer of about Rs 6,000 crore for Ruchi Soya, which is facing insolvency proceedings.
14 Aug 2018, 09:50:00 AM IST
Jet Airways shares down over 1%
Shares of Jet Airways India traded 1.36% lower at Rs 282.60. The company has written to a consortium of overseas lenders, seeking a waiver of a loan covenant on its existing debt facility of about $185 million, Mint reported, citing two people directly aware of the development said. Jet Airways shares have taken a beating in recent days. They declined nearly 14% in the last 30 days.
14 Aug 2018, 09:33:00 AM IST
Tata Steel shares rise 3% after Q1 results
Tata Steel Ltd rose as much as 3.12% to Rs 587 after its consolidated first-quarter net profit more than doubled to ₹1,934 crore from ₹921 crore in the corresponding period of last year. The growth in earnings was backed by burgeoning sales growth in the automotive and industrial sectors, and better operational efficiencies.
Banking stocks gains after retail inflation slowed to nine month low in a relief for the government and the Reserve Bank of India. Punjab National Bank rose 1.6%, Bank of Baroda 1.6%, State Bank of India 1.3%, ICICI Bank 1.1%, Axis Bank 1.1%, Federal Bank 1.1%, Yes Bank 0.8%.
14 Aug 2018, 09:22:00 AM IST
Rupee, bond prices gain as retail inflation eases
The Indian rupee and 10-year bond prices rose on Tuesday after retail inflation slowed to a nine month low, providing comfort to the government and Reserve Bank of India. The rupee was trading at 69.76 a dollar, up 0.24%, from its previous close of 68.93. The home currency opened at 69.84 and touched a high of 69.75 a dollar. On Monday, the rupee hit record low at 69.93 as emerging-market currencies weakened amid concern over the risk of contagion from Turkey’s financial-market turmoil.
14 Aug 2018, 09:18:00 AM IST
Market update: Sensex, Nifty open higher
BSE Sensex traded higher by 150.55 points, or 0.40%, to 37,795.45, while the Nifty 50 rose 39.80 points, or 0.34%, to 11,394.80.
14 Aug 2018, 09:00:00 AM IST
Opening bell: Cues to look out for before trading today
■ US stocks slipped on Monday as a financial crisis in Turkey that sent its currency tumbling last week worsened, dampening investor sentiment around the world. Asian markets gained on Tuesday, with major markets bouncing back after sliding in the last session.■ India’s retail inflation dropped to a nine-month low of 4.17% in July, from 4.92% a month ago, on the back of softening food prices and a favourable base, according to data released on Monday by the Central Statistics Office.■ Jet Airways has written to a consortium of overseas lenders, seeking a waiver of a loan covenant on its existing debt facility of about $185 million, Mint reported, citing two people directly aware of the development said. Moreover, In a sign of Jet Airways (India) Ltd’s deteriorating financial health, it now appears that the airline was put under “default” status by lenders on at least eight occasions since February, according to separate Mint report.■ Auto parts maker Sansera Engineering Ltd filed the draft red herring prospectus for its initial public offering (IPO), joining a long list of companies headed for stock markets.■ Tata Steel Ltd’s consolidated first quarter net profit more than doubled to ₹1,934 crore from ₹921 crore in the corresponding period of last year.■ Indian Oil Corp (IOC), the nation’s largest oil company, plans to invest Rs 20,000 crore in city gas distribution projects in the next five to eight years as it bets big on gas business to complement its traditional oil refining and marketing business, Chairman Sanjiv Singh said on Monday.■ Earnings corner: IDBI Bank, SpiceJet and Sun Pharma are among the companies that will be announcing their June quarter earnings today(Harsha Jethmalani/Mint)With inputs from Reuters