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PremiumOTHERS :Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed marginally higher on Tuesday, amid mixed sentiment in global equity markets. European stocks edged higher despite sell-off in Asian markets amid escalating trade tensions between US and other major economies. The Indian rupee weakened against the US dollar, amid global policy uncertainties. Meanwhile, foreign investors bought shares worth Rs198.68 crore on net basis, while local investors sold equities to the tune of Rs86.22 crore on Monday, provisional data showed. Here are the highlights from the markets:
BSE Sensex closed higher by 19.69 points, or 0.06%, to 35,490.04, while the Nifty 50 rose 6.70 points, or 0.06%, to close at 10,769.5. BSE MidCap and SmallCap were down 0.33% and 0.59%, respectively.Among the sectoral indices on BSE, telecom, FMCG, IT and Teck closed with gains, while energy, power, realty and utilities declined. Coal India, Asian Paints, TCS and Maruti were top gainers, whereas Tata Motors, Reliance Industries, Power Grid and Tata Steel were among the major losers.
Infosys Ltd on Tuesday asserted it has sufficient time to file a key US regulatory document—the subject of a recent whistleblower complaint—and said the filing will be made “within the stipulated time”. The company also strongly denied reports that there is an ongoing probe by the US Securities and Exchange Commission (SEC), and dubbed “speculation” to that effect as “baseless and incorrect”. Read more
The Indian rupee weakened against the US dollar, amid global policy uncertainties and sell-off in global equity markets. The rupee was trading at 68.14 a dollar, down 0.01% from its Monday’s close of 68.13. It opened at 68.14 a dollar and touched a high and a low of 68.08 and 68.22, respectively. The 10-year bond yield was trading at 7.821% compared to its previous close of 7.828%. Bond yields and prices move in opposite directions.
JMC Projects (India) Ltd shares rose 4.29% to Rs547.50 after the company said that it has secured orders worth Rs1,966 crore in the domestic market.
Aurobindo Pharma rose 1.42% to Rs 616.35 on BSE after the company said it received final approval from the US drug regulator for Ertapenem injection.
Greenply Industries Ltd notched up volume of 5 lakh shares on BSE, a 591.87 fold spurt over two-week average daily volume of 846 shares. The stock slipped 0.64% to Rs.232.05. Volumes stood at 2391 shares in the last session.AIA Engineering Ltd clocked volume of 26117 shares on BSE, a 18.08 times surge over two-week average daily volume of 1444 shares. The stock lost 0.62% to Rs.1,515.00. Volumes stood at 983 shares in the last session.Dr Lal Pathlabs Ltd registered volume of 2.01 lakh shares on BSE, a 12.74 fold spurt over two-week average daily volume of 15751 shares. The stock slipped 1.42% to Rs.931.05. Volumes stood at 5967 shares in the last session.(Ashwin Ramarathinam/Mint)
BSE Sensex traded higher by 122.86 points, or 0.35%, to 35,593.21, while the Nifty 50 rose 35.70 points, or 0.33%, to 10,798.15. BSE MidCap edged up 0.14%, while SmallCap moved down 0.21%.Among the sectoral indices on BSE, telecom, FMCG, teck and IT were leading, while energy, healthcare, realty and industrials fell. Bharti Airtel, Coal India, HDFC and TCS were top gainers, whereas Tata Motors, Reliance, ICICI Bank and Tata Steel were among the major losers.
Orchid Pharma shares gained as much as 4.96% to Rs9.73 after Ingen offered to pay Rs 1000 crore and 10% equity to lenders in its revised offer, as original offer from Ingen was pegged at Rs 900 crore which was lower than the liquidation value.
Shares of cement companies traded higher as the goods and services tax (GST) Council will consider a proposal to reduce GST rates on more items used in construction to 18% from 28%. Shares UltraTech Cement, ACC, Ambuja Cements and Shree Cement rose over 3%.
Shares of AC maker Voltas Ltd fell as much as 4.2% to Rs493, their lowest since 21 July 2017. The stock posted its biggest intraday percentage loss since 18 May. Tata Group is exploring options to divest up to 9% stake in Voltas, tweeted CNBC TV18.“Rumours of promoter group selling some stake in Voltas is having an effect on the shares. It’s not a negative news though, just that few investors might believe that there might be some overhang on the stock as supply comes into the market when the sale happens,” said John Perinchery from Emkay Global Financial Services.But if you were to think logically, I would have probably expected Tata Group to divest some marginal stake in big firms such as TCS or Tata Motors especially if it’s for a strategic move to invest in defense, added PerincheryVoltas was not immediately available for comment.(Reuters)
RBI wants power projects that have defaulted on bank loans to undergo resolution under the insolvency and bankruptcy code, just like their industrial counterparts, but promoters claim their situation is different
IBC bitter for power projects but may be sweet for Indian economy https://t.co/kaYAyCTz4R
— Livemint (@livemint) June 26, 2018
Shares of Avanti Feeds Ltd surged as much as 11.77% to Rs582.40 after the sub division of each equity share from face value of Rs2 to Rs1 each and issue of Bonus shares of Rs1 each for every two equity shares of Rs1.Karur Vysya Bank Ltd shares advanced as much as 2.81% to Rs107.80 as it was decided in the board meeting to issue of Bonus shares in the ratio of 1:10, subject to approval of the shareholders of the Bank.(Ashwin Ramarathinam/Mint)
Shares of Ratnamani Metals & Tubes gained as much as 3.55% to Rs971.90 after it has received a domestic order for supply of welded carbon steel pipes valued at Rs 125.51 crore, which will be completed by March/April 2019
Shares of Glaxosmithkline Consumer Healthcare Ltd gained as much as 3.78% to Rs6,303.45 after Coco-Cola joined the race for GSK India Consumer unit as reported by The Economic Times.
Shares of Info Edge India Ltd jumped as much as 7.09% to Rs1,259 after it signs accord with SoftBank Vision Fund unit SVF India.
A buoyant stock market is a good time for firms to tap retail investors. However, retail investors need to be wary of getting locked in at high valuations. Take the case of auto component maker Varroc Engineering Ltd. Its initial public offering (IPO), which opens for retail subscription today, has a price band of ₹ 965-967 per share, which implies an expensive price-to-earnings ratio of 29 times its FY18 earnings. Read more
The Indian rupee weakened against the US dollar on Tuesday, amid global policy uncertainties and sell-off in global equity markets. The rupee was trading at 68.20 a dollar, down 0.10% from its Monday’s close of 68.13. It opened at 68.14 a dollar and touched a high and a low of 68.13 and 68.21, respectively.The 10-year bond yield was trading at 7.84% compared to its previous close of 7.828%. Bond yields and prices move in opposite directions. So far this year, rupee lost 6.31%, while foreign institutional investors have sold $831.55 million in equity and $8.37 billion in debt, respectively.(Ashwin Ramarathinam/Mint)
BSE Sensex traded lower by 82.89 points, or 0.23%, to 35,387.46, while the Nifty 50 fell 28.65 points, or 0.27%, to 10,733.80.
■ Coca Cola is set to join global consumer giants and others in pursuit to buy GlaxoSmithKline’s consumer nutrition business, reports The Economic Times.■ India’s banking regulator initiated a second probe into the affairs of ICICI Bank Ltd for allegedly delaying provisioning for stressed loans and so-called loan evergreening, among other wrongdoings, reports Mint.■ The merger of Vodafone with Idea is likely to be delayed by two or three months, if the duo decide to challenge a demand from the department of telecommunications regarding various spectrum charges, reports Business Standard.■ Jet Airways said it has agreed with Boeing to buy 75 of its 737 Max aircraft, as the private carrier expands to meet domestic passenger demand, reports Reuters.■ The boards of Mangalore Refineries and Petrochemicals (MRPL) and Hindustan Petroleum Corporation (HPCL) are set to take up the proposal for merger of the two companies by August, reports Business Standard.(R. Sree Ram/Mint)
■ Global equities fall on trade row concerns. US markets closed sharply lower, with S&P 500 losing 1.37% to 2,717 as further threat from the US administration against trading partners hit investor sentiment. Tracking the cues, Asian markets opened lower.■ The goods and services tax (GST) Council will consider a proposal to reduce GST rates on more items used in construction to 18% from 28%, reports Mint.■ Indian Railways is set to put out its largest tender for 22,000 wagons at a cost of at least Rs7,000 crore in the current financial year that could see big orders for wagon makers, reports The Economic Times.(R. Sree Ram/Mint)
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