Markets

India's forex reserves surge to all-time high of $493.48 billion

The reserves, which are counted as a key strength as the country faces the economic impact of the COVID-19 pandemic, had risen by USD 3 billion to an all-time high of USD 490.044 billion in the previous week

Invoked pledged Dish TV shares due to default by Essel Group firms: Yes Bank

• Yes Bank shares closed 3.04% up at ₹28.80 apiece on BSE. Dish TV closed 4.83% higher at ₹4.83 apiece
• Yes Bank in a filing on Friday stated that its disclosure on May 29 clearly mentioned that the pledge has been invoked due to default/ breach by various Essel Group companies

Shares of Hexaware jump 20% on proposal to delist

• Public shareholders hold a 37.6% stake in the IT company owned by Baring PE Asia
• A holding firm for majority stakeholder Baring PE Asia has offered ₹285 apiece for remaining shares

Gold bond issue price fixed at ₹4,677 per gram of gold

• The central bank in April had announced that the government will issue Sovereign Gold Bonds in six tranches from April 20 till September
• Govt has also decided to offer a discount of ₹50 per gram on nominal value to investors applying online, and making payment against application via digital mode

Wall Street jumps, Nasdaq set for record high after strong May jobs data

• Cyclicals, small caps and transports outperform as US payrolls unexpectedly jump by 2.5 mn in May; Boeing jumps on hopes of a pickup in air travel
• Indexes up: Dow 3.39%, S&P 500 2.81%, Nasdaq 2.16%

Index heavyweights drive markets higher, global shares support

• The European Central Bank said that it will increase its Pandemic Emergency Purchase Programme by 600 billion euros
• Indian markets, led by financials, came back strongly from yesterday’s indecisiveness

Dow futures jump nearly 600 points after surprise fall in May unemployment

The Labor Department's closely watched monthly employment report showed the jobless rate dropped to 13.3% last month from 14.7% in April

What’s the euphoria behind Tata Motors stock?

• The company said it has resumed operations at all plants with the Jamshedpur unit, also getting approval on 27 May to restart production
• The company’s joint-venture plant in Changshu, China has been operational since March

In a despondent pandemic narrative, SBI brings a ray of hope

• SBI has had less than a quarter of its loan book go into moratorium. Besides, 82% of the bank’s borrowers have paid at least two loan instalments during the moratorium period

SBI shares post their biggest gain in about 3 months

• SBI reported a record profit of ₹14,488 crore for last year
• The bank's gross bad loans as a percentage of total loans improved in March quarter

Bulls back in action as Sensex surges 300 points. But market experts cautious

• SBI shares surged about 8% in today's trade
• Broader markets outperformed today with BSE midcap and smallcap indices surging 1.8% and 2.5% respectively.

Steel stocks jump amid slow down but growth will be tempered

• Integrated steel players are expected to navigate their way out of the slow a bit better than other steel players
• Price realisations are better in the export market, and companies are already beginning to increase exports in their sales mix

Bharti Airtel share prices may double in 3 years: Jefferies

• India’s telecom market has drawn attention from global giants
• The ratio of mobile revenue to gross domestic product for India is among the lowest of countries with similar per capita GDP, suggesting scope for average revenue per user to rise

With pre-IPO fund raising nearly done, all eyes now on Jio Platforms IPO

• On listing, the general expectation is that Jio Platforms will be valued much higher than what the Street had pegged its valuations at

Hexaware jumps 20% as board set to consider delisting proposal

• Baring PE, through HT Global, holds 62.4% stake in Hexaware, while 37.6% is held by public shareholders. For the delisting, HT Global will consider a price of ₹285 apiece

PI Industries reports subdued Q4 but maintains growth outlook for FY21

• Revenues in the domestic business dropped 12%, due to delays in product placements
• If business conditions steadily normalize, the company expects to clock 20% plus revenue growth in FY21

Wipro share price up 0.81% at closing today

In comparison, the Sensex was up +0.90% while the broader Nifty 50 index was up +1.13%.

Power Grid Corporation of India share price up 1.36% at closing today

In comparison, the Sensex was up +0.90% while the broader Nifty 50 index was up +1.13%.

NTPC share price up 3.0% at closing today

In comparison, the Sensex was up +0.90% while the broader Nifty 50 index was up +1.13%.