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Photo: AP
Photo: AP

Sensex loses 190 points, Nifty ends below 9,200; RIL tanks 6%

  • Indian stocks closed in the red in Tuesday’s trading session tracking weakness in the global equities and fears of a second wave of coronavirus infections
  • After hitting an intraday low of 30,844.66, the benchmark Sensex pared some of the losses and settled 190 points or 0.6% lower at 31,371

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12 May 2020, 03:39:57 PM IST

Market closing

Indian stocks closed in the red in Tuesday’s trading session tracking weakness in the global equities and fears of a second wave of coronavirus infections.

After hitting an intraday low of 30,844.66, the benchmark Sensex pared some of the losses and settled 190 points or 0.6% lower at 31,371. Nifty closed 42 points or 0.5% lower at 9,196.

Shares of Reliance Industries tanked 5.7% as investors resorted to profit booking after the recent rally. Asian paints closed nearly 3% lower after Goldman Sachs downgraded the stock to sell with a target price of 1,111 per share, citing lower volume growth in the next few years as the reason for downward revision.

Kotak Bank HUL and HDFC, shedding 1-3%, were among other laggards on Sensex. NTPC, Bharti Airtel, ITC and Power Grid, on the other hand, were the top gainers.

Of 30 shares in the Sensex pack, 10 closed in the red.

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12 May 2020, 02:33:59 PM IST

BSE SmallCap down 0.8%

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12 May 2020, 02:11:34 PM IST

Rupee closing

The rupee surged 22 paise to close at 75.51 (provisional) against the US dollar on Tuesday, amid a weak American currency in the overseas market.

On Monday, the rupee had settled at 75.73 against the US dollar.

12 May 2020, 02:09:26 PM IST

State Bank of India hit 52-week low

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12 May 2020, 02:02:40 PM IST

Banking heavyweights drag Sensex by over 500 points

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12 May 2020, 01:53:33 PM IST

Sterlite Technologies approves interim dividend

The board of directors of the company has approved final dividend of 175% ( 3.50/- per Equity Share of 2/- each of the Company). The final dividend, if declared at the annual general meeting will be paid within the statutory time limits.

12 May 2020, 01:30:16 PM IST

Sterlite Technologies down 1.7%

Sterlite Technologies March-quarter consolidated net profit falls 803.3 million rupees versus 1.65 billion year ago.

12 May 2020, 01:25:26 PM IST

Tata Motors has no value without Jaguar Land Rover, says CLSA

With the coronavirus pandemic crippling demand for automobiles worldwide, Tata Motors Ltd. is worth nothing without its luxury unit Jaguar Land Rover, according to CLSA Ltd.

The $3.7 billion Indian auto company faces a significant increase in debt due to the crisis, and its plan to deleverage may be delayed by four to six quarters, CLSA said. It has already received a lifeline from parent Tata Sons Pvt Ltd. in the form of a preferential equity allotment, and the brokerage thinks further aid could be required.

“JLR is the only driver of its valuation," analyst Amyn Pirani wrote in a report, downgrading Tata Motors to underperform from buy. “We believe future equity infusions are also likely to be utilized for loss funding and hence we do not attribute any equity value to its India business." (Bloomberg)

12 May 2020, 01:16:08 PM IST

India's automakers warn of up to 45% sales drop as economy slumps amid pandemic

India's automakers have warned that total automobile sales could fall as much as 45% in the current fiscal year in a worst-case scenario as economic growth slumps due to the COVID-19 pandemic, and they are seeking government help through the crisis.

The Society of Indian Automobile Manufacturers (SIAM), an industry trade body, told government officials last week that if India's economy contracts by 2% in the year starting April 1, sales of cars, trucks and motorbikes could decline by as much as 45% from a year before. (Reuters)

12 May 2020, 01:10:57 PM IST

GE Power resumes production at Noida plant

GE Power India on Tuesday said it has resumed production at its facility in Noida, Uttar Pradesh.

Earlier on May 2, the company had resumed operations at it Durgapur plant in West Bengal.

The company had suspended operations temporarily at its facilities located at Durgapur and Noida due to the lockdown imposed by the government in March to contain covid-19 pandemic.

12 May 2020, 01:08:44 PM IST

Motilal Oswal on Coromandel International

The brokerage has put 'buy' rating on the shares of the fertilizer maker with a target price of 738.

"Coromandel International (CRIN)’s key markets are Andhra Pradesh (AP), Telangana, Maharashtra, Karnataka, West Bengal, and Odisha. These six states account for 94% of CRIN’s NPK/DAP volumes and 84% of its overall volumes. Key crops grown in the regions mentioned above include paddy, pulses, cotton, soybean, and maize. Thus, the acreage movement in the above crops would have a bearing on CRIN’s performance," the brokerage said in a note.

12 May 2020, 12:57:46 PM IST

Market update

Indian stocks slid on Tuesday as coronavirus cases rose steadily at home and elsewhere, while a clutch of poor corporate earnings reports and the lack of an economic stimulus to aid small businesses further weighed on sentiment.

At 12:50 pm, the benchmark Sensex was down 606 points at 30,954.59 while Nifty retreated 165 points to 9,074.70, lead by heavy selling in financials and auto stocks.

RIL, Kotak Bank and HDFC, shedding 3-4% each, were top Sensex laggards. NTPC, Bharti Airtel and Power Grid were among the top gainers.

Of 30 shares in the Sensex pack, 16 were in the red.

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12 May 2020, 12:38:31 PM IST

Asian Paints down 3%

Shares of Asian Paints declined as much as 3.65% to 1511.95 after Goldman Sachs downgraded the stock to 'sell' with a target price of 1,111 per share.

The brokerage has cited lower volume growth over the coming few years as the reason for downgrade.

12 May 2020, 12:34:52 PM IST

Alkem Laboratories gets EIR

Alkem Laboratories gets US FDA inspection report for St. Louis manufacturing facility and the inspection has now been closed by the regulator.

12 May 2020, 12:28:04 PM IST

PM Narendra Modi to address the nation at 8 pm today

12 May 2020, 12:22:16 PM IST

Nifty Auto down 1.6%; Top laggards

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12 May 2020, 12:10:52 PM IST

DHFL down 1%

Lenders to Dewan Housing Finance Corp Ltd (DHFL) will hold a video conference today to discuss, among other issues, the impact of covid-19 induced disruptions on the resolution process and the company's operations.

12 May 2020, 12:08:48 PM IST

Hindustan Zinc fixes record date for interim dividend

Hindustan Zinc Ltd has fixed 20 May as the record date for the purpose of payment of interim dividend.

12 May 2020, 12:04:37 PM IST

MCX extends exit option to traders of all commodities if negative prices kick in

India's largest commodities bourse MCX on Monday decided to extend the negative pricing mechanism to all commodities futures contract by giving an exit option to traders if the prices enter negative zones, after the controversial settlement of the May crude contracts in negative territory on April 21.

This means that the exchange is offering an alternative mechanism of an exit opportunity to traders in all commodities if the prices fall into the minus zone.

12 May 2020, 12:01:19 PM IST

PSBs sanctioned loans worth ₹5.95 lakh crore between 1 March and 8 May

12 May 2020, 11:57:36 AM IST

Nifty Bank down over 3%; Top losers

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12 May 2020, 11:52:28 AM IST

Vodafone Group meets full-year expectations

UK's Vodafone Group, the world's second largest mobile operator, met expectations with a 2.6% rise in full-year core earnings to 14.9 billion euros ($16.10 billion), but said it could not predict the current year outcome due to the uncertainty caused by the coronavirus.

12 May 2020, 11:49:57 AM IST

Indian Railways earns ₹16 crore on day 1 of booking

The Indian Railways, which started the booking for the 15 pairs of Special trains almost two months after suspending the passenger, mail and express train services, have earned 16.15 crore from over 45,500 tickets booked on Monday.

12 May 2020, 11:46:52 AM IST

Maruti resumes operations at Manesar plant

The country's largest carmaker Maruti Suzuki India on Tuesday said it has resumed operations at its Manesar plant in Haryana after around 40 days of closure due to the coronavirus-led lockdown.

Operations at both Manesar and Gurugram facilities were suspended since March 22. (Full report)

12 May 2020, 11:35:56 AM IST

Kotak Equities puts 'sell' rating on Godrej Properties

"Godrej Properties (GPL) closed the year with a strong sales performance of Rs59 bn (+12% yoy) aided by the launch of as many as 17 projects, with sales in 4QFY20 at Rs23.6 bn (+10% yoy) marking the best quarterly performance for the company. While pre-sales performance remains strong (historical strength area), margin performance for delivered projects is less enthusing with EBITDA margins of 14% in FY2020 and losses of Rs851 mn from JVs. Maintain SELL rating with revised fair value of Rs610/share (from Rs700/share)," the brokerage said.

12 May 2020, 11:25:12 AM IST

Sensex, Nifty have dropped over 24% in 3 months

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12 May 2020, 11:21:59 AM IST

Shares of oil marketing companies under pressure

Standalone credit profiles of India's oil marketing companies are at greater risk of downward revision due to the coronavirus-induced drop in demand and refining margins, Fitch Ratings said. However, the Issuer Default Ratings of Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which are driven by sovereign linkages through the state's direct or indirect ownership, will remain stable.

12 May 2020, 11:06:32 AM IST

Top gainers on Nifty IT

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12 May 2020, 11:03:30 AM IST

Most sectoral indices on the NSE in the red. IT stocks buck the trend

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12 May 2020, 10:53:41 AM IST

Rupee update

The rupee depreciated 22 paise to 75.95 against the US dollar in opening trade on Tuesday amid strengthening American currency overseas and weak opening in domestic equities.

The local unit opened at 75.89, then lost further ground and fell to 75.95 against the US dollar, down 22 paise over its previous close.

12 May 2020, 10:51:12 AM IST

Glenmark starts clinical trial of potential covid-19 generic drug in India

The pharma company has initiated Phase 3 clinical trials of antiviral tablet Favipiravir, for which it received approval from India’s drug regulator DCGI in late April. Glenmark is the first company in India to initiate Phase 3 clinical trials on Favipiravir for covid-19 patients in India.

12 May 2020, 10:37:47 AM IST

Stock recommendations by Angel Brooking

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12 May 2020, 10:27:05 AM IST

Ind-Swift Laboratories up nearly 5%

The company has received Establishment Inspection Report from US FDA for the general manufacturing practices at its API facility in Derabassi, Punjab. The APis manufactured from the Derabassi manufacturing facility are supplied across the World to over 70 countries covering more than 280 customers including all the major drug manufacturers across the globe.

12 May 2020, 10:03:32 AM IST

Godrej Agrovet down 2.2%

The company reported a 42.65% decline in consolidated net profit at 69.20 crore during the fourth quarter ended March 31 due to higher expenses. Godrej Agrovet's net profit stood at 120.68 crore in the year-ago period.

12 May 2020, 10:00:44 AM IST

IRCTC jumps 5%, hits upper circuit

Indian railways on Monday said it will kick start 30 special trains to and from New Delhi from May 12, while other regular passenger services including all express, passenger and suburban trains services will continue to be suspended. These special trains will have only air conditioned (AC) coaches, including AC first, second and third class, with fare structure similar to a Rajdhani trains, excluding catering fee.

12 May 2020, 09:59:07 AM IST

Maruti Suzuki down 4.4%

The company has resumed production at its Manesar plant from today with 50% workforce.

12 May 2020, 09:57:59 AM IST

BSE MidCap down nearly 2%

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12 May 2020, 09:56:41 AM IST

IDBI Bank down 1.5%

Japanese insurer Nippon Life has begun discussions with the Hinduja family-backed IndusInd Bank to explore a strategic investment in the private lender, which is battling bad loans and a potential ratings downgrade, according to a report in The Economic Times.

12 May 2020, 09:40:54 AM IST

Piramal Enterprises tanks nearly 9%

The company on Monday reported a net loss of 1,702.59 crore in the quarter ended March 31, mainly on the back of additional provisioning in lieu of the challenges posed by the covid-19 pandemic. Piramal Enterprises had reported a net profit of 454.63 crore in the corresponding quarter of last fiscal.

12 May 2020, 09:38:12 AM IST

InterGlobe Aviation up 2.4%

InterGlobe Aviation-owned IndiGo is in the process of putting together a bid for bankrupt airline Virgin Australia, Australian publication Financial Review said in a report on Monday. IndiGo - a low cost airline with 48 per cent market share in India - is in the Virgin Australia data room and seeking to put together an indicative proposal for administrator Deloitte, the report said.

12 May 2020, 09:34:49 AM IST

RIL down 1%

New York-based private equity firm General Atlantic could end up investing around Rs. 10,000 crore for a 2% stake in Jio Platforms Ltd , a wholly-owned subsidiary of Reliance Industries Ltd (RIL). General Atlantic and RIL have been in discussion for a while now.

12 May 2020, 09:33:30 AM IST

Franklin Templeton begins reaching out to investors for refunds

Franklin Templeton India has started contacting its 300,000 investors whose money is stuck in the six shuttered debt schemes. This comes after rap from Securities and Exchange Board of India (Sebi) last week, when the markets regulator had asked the company to focus on refunding investors. (Full report)

12 May 2020, 09:29:08 AM IST

Biocon down 0.5%

Biocon Biologics, a subsidiary of Biocon, has received the Certificate of GMP (goods manufacturing practice) compliance from European Medicine Agency represented by the competent authority of Germany.

12 May 2020, 09:24:23 AM IST

Market opening

Indian benchmark indices opened in the red tracking weakness in Asian peers. Sensex opened over 200 points lower at 31,342.93 while Nifty opened at 9,168.85.

Nestle, Sun Pharma and ITC were rare Sensex gainers. Of 30 shares in the Sensex, 27 were in the red.

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12 May 2020, 09:04:43 AM IST

Market pre-opening

Indian stocks opened in the red in the pre-opening session on Tuesday. At 9:01 am, Sensex slipped 157 points or 0.5% to 31, 403. Nifty retreated 30 points or 0.3% to 9,209.

12 May 2020, 08:58:19 AM IST

Stocks to Watch

Reliance Industries, IndiGo, IndusInd Bank, Piramal Enterprises are among the top stocks that could be in focus in today's session.

12 May 2020, 08:37:28 AM IST

Markets at close on Monday

Indian stock markets rally fizzled out towards end of trading session after a 2% gain on Monday. As countries worldwide are opening up activities after lockdown, there were also warnings of new rise in infections in few countries. This has added to the uncertainty in markets. The BSE Sensex ended at 31,561.22, down 81.48 points or 0.26% while the 50-share index Nifty was at 9,239.20 down 12.30 points or 0.13%.

12 May 2020, 08:32:11 AM IST

Crude update

Brent crude futures climbed to a high of $30.11 a barrel on Tuesday and were up 0.8%, or 24 cents, at $29.87 at 0206 GMT, reversing some of the previous session's losses. The benchmark fell $1.34 on Monday.

12 May 2020, 08:28:33 AM IST

Asian stocks fall in the early trade

Asian equities and oil prices slipped in the early trade amid growing investor worries about a second wave of covid-19 after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted.

Japan's Topix index fell 0.2%.

Australia’s S&P/ASX 200 Index dropped 1.4%.

South Korea’s Kospi index lost over 1%.

Hong Kong's Hang Seng Index retreated 1.4%

Shanghai Composite Index was little changed.

Singapore's SGX Nifty was down nearly 1%, suggesting a weak opening for Indian stocks.

12 May 2020, 08:28:33 AM IST

US stocks end mixed as more states restart economic activity

Wall Street stocks finished mixed Monday as markets weigh hopes about reopening the economy against worries over coronavirus cases and the damage already inflicted by the shutdowns.

The Dow Jones Industrial Average ended down 0.5 percent at 24,221.99.

The tech-rich Nasdaq Composite Index jumped 0.8 percent to 9,192.34, while the broad-based S&P 500 ended essentially flat at 2,930.19.

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