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Of 30 Sensex shares, 25 closed in the green in Monday's trading session. Photo: Mint
Of 30 Sensex shares, 25 closed in the green in Monday's trading session. Photo: Mint

Sensex, Nifty close nearly 2% higher, shrug Moody’s downgrade

  • Sensex advanced 522 points or 1.6% to close at 33,825. Nifty climbed 153 points or 1.6% to end at 9,979
  • Bajaj Finance, Kotak Bank and IndusInd Bank, surging 6-8% were top Sensex gainers

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02 Jun 2020, 03:41:22 PM IST

Market closing

Indian stocks closed nearly 2% higher on Tuesday lead by healthy buying in financial stocks, even as Moody’s Investors Service downgraded country's sovereign credit rating by a notch to the lowest investment grade with negative outlook.

Sensex advanced 522 points or 1.6% to close at 33,825. Nifty climbed 153 points or 1.6% to end at 9,979.

Bajaj Finance, Kotak Bank and IndusInd Bank, surging 6-8% were top Sensex gainers. Maruti, ITC and NTPC, on the other hand, were top laggards on the 30-share barometer.

Of 30 Sensex shares, 24 closed in the green.

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02 Jun 2020, 03:20:28 PM IST

Tata Motors up 8%

Tata Motors on Tuesday said it has resumed operations across all its manufacturing plants in the country.

The company has restarted operations at all plants with Jamshedpur facility also getting approval on May 27, Tata Motors said in a regulatory filing.

02 Jun 2020, 03:18:17 PM IST

Motherson Sumi up 5%

Automobile components major Motherson Sumi Systems Ltd on Tuesday reported a 68.4% decline in consolidated net profit to 135.66 crore for the fourth quarter ended March 31, mainly affected by the coronavirus pandemic.

The company had posted a consolidated net profit of 429.31 crore in the corresponding period of the previous financial year, Motherson Sumi Systems Ltd (MSSL) said in a regulatory filing.

02 Jun 2020, 03:04:42 PM IST

Top gainers on Nifty Realty

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02 Jun 2020, 02:45:52 PM IST

Rupee rebounds 18 paise to close at 75.36 against US dollar

The rupee on Tuesday rebounded by 18 paise to close at 75.36 (provisional) against the US dollar after Prime Minister Narendra Modi asserted that the country will get back its economic growth.

The rupee opened lower at 75.57 at the interbank foreign exchange market and moved between 75.62 and 75.36 during the day trade. (PTI)

02 Jun 2020, 02:37:34 PM IST

Sterling and Wilson Solar up 5%

Sterling and Wilson Solar has commissioned its first 125-MW solar energy project in Oman. The company has commissioned a series of high-performing solar power projects globally and has to its credit around 9.2 GWp projects in various geographies. This portfolio includes a 1,177 MWp solar project in Abu Dhabi - one of the worlds largest single location Solar PV plants.

02 Jun 2020, 02:34:58 PM IST

Strides Pharma up nearly 3%

Strides Pharma Science on Tuesday said it has received US health regulator’s approval for its generic version of triamcinolone acetonide ointment used for treatment of various skin conditions.

The approval is granted to the company's step-down wholly owned subsidiary, Strides Pharma Global, Singapore, by the United States Food and Drug Administration (USFDA) for triamcinolone acetonide ointment USP, 0.05 per cent, Strides Pharma Science said in a regulatory filing.

02 Jun 2020, 02:16:53 PM IST

Refiners plan 100% capacity as lockdown lifts, demand picks up

As states ease lockdown in phases and economic activity resumes, refiners are beginning to ramp up refining capacity anticipating a pick up in fuel demand.

Demand for fuel had come to a standstill as coronavirus-induced lockdown across the country restrained movement of vehicles, shut factories, suspended flights and rail movement. (Full report)

02 Jun 2020, 02:09:41 PM IST

Nestle board proposes a five year extension for CMD Suresh Narayanan

Nestle India has proposed to grant a five-year extension to its current chairman and managing director, Suresh Narayanan.

Narayanan's term as managing director, which was for a period of five years from 1st August, 2015 is expiring on 31st July, 2020. The board has proposed an extension till July 2025.

02 Jun 2020, 02:01:32 PM IST

Voltas shares gain 7% on strong Q4 performance

Voltas Ltd, a Tata Group company and leading air-conditioner manufacturer, had reported a 12.52% increase in its consolidated net profit at 159.50 crore in the March 2020 quarter.

Its consolidated net profit was 141.74 crore in the January-March quarter of the last fiscal, Voltas said in a regulatory filing.

02 Jun 2020, 01:59:36 PM IST

Do investors need to realign their portfolios post Moody's downgrade?

Most Indian investors have a vast majority of their equity and debt investments in India, a phenomenon called ‘home bias.’ Mint spoke to financial planners on whether Indian equity or debt investors need to adjust their portfolios in response to the rating downgrade. (Full report)

02 Jun 2020, 01:56:30 PM IST

NCC jumps 9%

The company has received four new orders worth 1136 crore in May, it said in a regulatory filing. These orders are received from State Government agencies and do not include any internal orders, the company added.

02 Jun 2020, 01:42:58 PM IST

BSE MidCap up 1%

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02 Jun 2020, 01:32:43 PM IST

Covid-19 may affect future revenues, customer spending: Wipro

The repercussions of the covid-19 crisis may adversely affect Wipro Ltd’s future revenues, operating results, and overall financial performance, the company said in its annual 20F filing with the US Securities & Exchange Commission (SEC).

“The conditions caused by the covid-19 pandemic can affect the rate of customer spending, including through cancellations or rampdowns of existing projects, increased requests for furloughs, increased requests by customers for price discounts," Wipro said in a filing.

02 Jun 2020, 01:25:33 PM IST

Yes Bank eyes FPO route to raise funds

The bank is expected to file for FPO in first half of June.

FPO issue size likely to be between 8,000 crore and 10,000 crore.

Kotak Securities, Axis Capital, SBI Capital and Citi among key Bankers.

Sebi's relaxed rules allow for raising 50% to 150% of issue size.

This flexibility allows Yes Bank to raise 5,000 crore to 15,000 crore. (Source: CNBC-TV18)

02 Jun 2020, 01:12:18 PM IST

Market update

Indian stocks opened higher on Tuesday even as Moody’s Investors Service downgraded country's sovereign credit rating by a notch to the lowest investment grade with negative outlook.

At 13:05 pm, Sensex climbed over 500 points to hit an intraday high of 33,830.82 points. Nifty advanced over 150 points to touch a high of 9,978.60. Healthy buying in finance, banking and capital goods stocks also supported the indices.

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02 Jun 2020, 12:56:32 PM IST

JSW crude steel production 12.48 lakh tonnes for May’20

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02 Jun 2020, 12:54:43 PM IST

Top gainers on Nifty Bank

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02 Jun 2020, 12:43:51 PM IST

SBI creates separate vertical for financial inclusion, micro credit

India’s largest public sector lender on Tuesday said it has created a separate vertical to focus on financial inclusion and micro markets (FI&MM).

Under this newly-launched vertical, the bank will offer loans predominantly for agriculture and allied activities, and micro and small enterprises. “In a major restructuring exercise, SBI has created a separate FI&MM vertical within the bank with an exclusive focus on financial inclusion and micro markets, especially in rural and semi-urban areas," the bank said in a statement.

02 Jun 2020, 12:38:31 PM IST

Motilal Oswal maintains buy on Maruti Suzuki

Motilal Oswal has maintained 'buy' rating on Maruti Suzuki with a target price of 5,850. "We are estimating FY21E volumes to decline ~13.8% YoY, implying a residual decline of ~3.3%. We see a downside risk to our volume est., owing to the uncertainty of recovery in 2HFY21. The stock trades at 42x/24.8x FY21/FY22E earnings. Maintain Buy," the brokerage said.

02 Jun 2020, 12:32:21 PM IST

Most sectoral indices on NSE in the green

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02 Jun 2020, 12:18:55 PM IST

NDMC’s May sales dip, recovery likely to be slow

NMDC’s May iron ore sales reflect the slow production in steel companies due to the lockdown. But sales could see a revival in the second half as construction and manufacturing activity begins to gather pace. Investors seem to be focusing on the pickup as NMDC’s share price increased by about 2% on Tuesday, and 14% in the past month.

While NMDC’s May sales fell about 24% year on year in May to 2.55 million tonnes, they were still higher than the sales in April of about 1.8 million tonnes. This shows that a modest recovery in iron ore sales is taking place even as steel companies are also beginning to raise production. NMDC’s April sales fell drastically by 38% as the lockdown saw several steel companies scale down production.

02 Jun 2020, 12:11:21 PM IST

Yes Securities maintains sell on Voltas

Yes Securities has maintained 'sell' rating on Voltas with a target price of 492. "Cooling products business margins would be under pressure as competition heats up and players cut prices to liquidate inventory to benefit from the recent spurt in demand. We have cut our FY21/FY22 estimates by 43.9%/17.5% factoring in the lost summer season in UCP and slower execution in the international projects business. We maintain our Reduce rating on the company with a revised SOTP target price of 492," the brokerage said.

02 Jun 2020, 12:05:15 PM IST

Motilal Oswal neutral on Escorts

Motilal Oswal has maintained 'neutral' rating on Escorts with a target price of 768. "We are estimating ~3% growth in volumes for FY21E, implying 10% residual growth or monthly run-rate of ~8.1k units. The stock trades at 18.8x/15.2x FY21/FY22E EPS. Maintain Neutral," the brokerage said in a note.

02 Jun 2020, 11:45:54 AM IST

Bajaj Finance up over 3%

Bajaj Finance shares traded 3.61% higher at 2238.00, giving it a market capitalization of 1,34,658.01 crore.

02 Jun 2020, 11:44:25 AM IST

FY20 saw remuneration growth for top IT chief executives, barring TCS

Among chief executives of India's top information technology (IT) companies, Salil Parekh of Infosys drew a pay package of around 40 crore ($6.15 million) in the last fiscal, up 27% year-on-year. (Full report)

02 Jun 2020, 11:33:01 AM IST

Wipro's Premjis forgo variable, CEO Neemuchwala's FY20 pay rises 12%

Wipro Ltd’s founder Azim H Premji and chairman Rishad A Premji have foregone their variable compensation and profit-linked commission for fiscal 2020 as “a sign of solidarity" amid business uncertainty caused by coronavirus disruptions, which is likely to last for the next few months, according to its 20F filing with the US Securities and Exchange Commission (SEC). (Full report)

02 Jun 2020, 11:26:29 AM IST

Tractor demand, rural exposure soften covid-19 blow for M&M and Escorts

Farm equipment manufacturers withstood the sales slump better in May than others in the automobile sector. Mahindra & Mahindra Ltd (M&M) reported a 2% growth in farm equipment sales in May in the domestic market. (Full report)

02 Jun 2020, 11:19:34 AM IST

Shriram Transport plans to raise up to ₹2,000 crore via rights issue

Commercial vehicle financier Shriram Transport Finance Co. Ltd (STFC) has joined the ranks of lenders planning to raise capital and bolster balance sheets to deal with contingencies and opportunities arising out of the covid-19 crisis with a proposed 2,000-crore rights issue, according to a Mint report.

02 Jun 2020, 11:18:20 AM IST

PM Modi says...

Five things are important for India to be self-reliant: Intent, Inclusion, Investment, Infrastructure and Innovation.

Will reduce govt intervention from people's lives

I would go beyond 'Getting Growth Back' and I would say, Yes, we will definitely get our growth back

Getting economy back on track is one of our highest priorities

I strongly believe in India's crisis management, MSMEs and farmers

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02 Jun 2020, 11:14:09 AM IST

Bharti Airtel up nearly 2%

Bharti Airtel shares traded 1.8% higher at 569, giving it a market capitalization of 3,10,448.49 crore.

02 Jun 2020, 11:09:25 AM IST

Top gainers on Nifty Auto

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02 Jun 2020, 10:47:18 AM IST

AT-1 bonds: Rift widens between bond holders and Yes Bank

Axis Trustee Services Ltd, which represents several direct and indirect retail bondholders, has issued a notice to Yes Bank, alleging that the failed to make adequate disclosures about the instrument when it sought shareholder nod to raise funds. Yes Bank in turn has said trustees were creating hurdles in fund raising and smooth functioning of the bank. (Full report)

02 Jun 2020, 10:36:59 AM IST

As IndiGo reports Q4 earnings today, all eyes on journey ahead for stock

The aviation industry is one of the worst-affected sectors globally owing to the covid-19 crisis. In India, domestic travel restrictions have been eased in a phased manner recently. Indeed, how demand pans out in the coming days would be a key factor in determining the fortunes of the sector. (Full report)

02 Jun 2020, 10:25:07 AM IST

Sebi orders special audit in Franklin's shut schemes

The market regulator has ordered a special audit in the six debt schemes shut down by Franklin Templeton India. This comes after Securities and Exchange Board of India's (Sebi) initial assessments pointed to certain investments by the fund houses not meeting mutual fund's model code of conduct norms, according to a Mint report.

02 Jun 2020, 10:04:44 AM IST

Weaker non-banks find it tough to raise debt even as moratorium eludes

Smaller and weaker non-bank financiers face more difficulty in raising debt compared to their peers with stronger parentage as risk aversion intensifies amid the covid-19 crisis.

The covid-19 pandemic has affected the funding of most non-banking financial companies (NBFCs) with bond spreads over the three-year government securities rising by another 50-70 basis points (bps), against the 250-300 bps existing spread. (Full report)

02 Jun 2020, 09:58:05 AM IST

Kotak Institutional Equities puts 'sell' on Voltas

"Voltas’ UCP segment posted strong 20% revenue growth and 590 bps y-o-y margin expansion boosted by very healthy primary dispatches in Jan-Feb 2020, cushioning the post-lockdown loss in revenues in March 2020. FY2021 revenues may be negatively impacted on account of low demand and high inventory build-up. We cut FY2021/22E EPS by 16%/5%, which drives a revised FV (fair value) of 440 ( 455 earlier)," the brokerage said in a note.

02 Jun 2020, 09:53:52 AM IST

Tata Power up 4%

Tata Power has completed the acquisition of 51% stake in TP Central Odisha Distribution Ltd (TPCODL) for 178.5 crore, it said Monday. TPCODL carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power.

02 Jun 2020, 09:49:58 AM IST

TVS Motor Company up 4.3%

The company reported total sales of 58,906 units in May after resuming operations which were suspended due to nationwide lockdown. Total two-wheeler sales stood at 56,218 units, out of which domestic sales were at 41,067 units last month, TVS Motor said in a statement. Three-wheeler sales stood at 2,688 units in May, it added.

02 Jun 2020, 09:43:51 AM IST

RIL up 0.7%

Riding on the 1.3 trillion in aggregate fund raising in the last few weeks, Reliance Industries is expected to repay its entire reported net debt even if the Saudi Aramco deal is delayed, Edelweiss said in a research report.

"We analysed RIL's balance sheet following the recent deal-making. Having raised, on aggregate, 1.3 lakh crore in equity over the past month, we expect the company to repay its entire reported net debt of 1.6 lakh crore in 2020-21, even if the Aramco deal is delayed," the brokerage said. (Full report)

02 Jun 2020, 09:35:27 AM IST

Hero MotoCorp up 2%

The country’s largest two-wheeler manufacturer reported total sales of 1,12,682 units in May. The company usually dispatches around 6-7 lakh units per month. The sales numbers are not comparable with the corresponding month of the last fiscal since production operation was hampered by lockdown measures taken by the Union and the state governments to contain the spread of coronavirus.

02 Jun 2020, 09:33:50 AM IST

All sectoral indices on NSE in the green

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02 Jun 2020, 09:28:16 AM IST

Kotak Mahindra Bank up 4.5%

Billionaire banker Uday Kotak will sell up to 56 million shares in Kotak Mahindra Bank through a block deal on Tuesday to reduce his stake to 26.1%. These shares will be priced between 1,215 and 1,240 and will constitute 2.83% of the total equity shares outstanding. Based on these share prices, the deal will be valued between 6,804-6,944 crore.

02 Jun 2020, 09:21:41 AM IST

Market opening

Indian stocks opened higher on Tuesday even as Moody’s Investors Service downgraded country's sovereign credit rating by a notch to the lowest investment grade with negative outlook.

Sensex opened 147 points higher at 33,450.19, while Nifty advanced 54 points to open at 9,880.85

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02 Jun 2020, 09:09:31 AM IST

Bajaj Auto May 2020 sales

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02 Jun 2020, 09:05:03 AM IST

Market pre-opening

Indian equity markets opened in the green on Tuesday. At 9:02 am, Sensex climbed 214 points or 0.64% to 33,517, while Nifty advanced 84 points or nearly 1% to 9,910.

02 Jun 2020, 08:47:14 AM IST

Moody's downgrades India's sovereign rating

India’s sovereign credit rating was cut by a notch to the lowest investment grade with negative outlook by Moody’s Investors Service, which cited growing risks that Asia’s third-largest economy will face a prolonged period of slower growth amid rising debt and persistent stress in parts of the financial system. (Full report)

02 Jun 2020, 08:45:20 AM IST

Stocks to Watch

Kotak Mahindra Bank, Hero MotoCorp, RIL, Tata Power, Eicher Motors are among the top stocks that could be in focus on Tuesday.

02 Jun 2020, 08:44:01 AM IST

Market at close on Monday

Indian benchmark equity indices closed nearly 3% higher on Monday led by financial and metal stocks, as the country geared up to further open its economy.

After touching an intraday high of 33,673.83 points, Sensex pared some of the gains and closed 879.42 points or 2.7% higher at 33,303.52. Nifty advanced 245.85 points or 2.6% to end at 9,826.15.

02 Jun 2020, 08:41:39 AM IST

Asian stocks mixed

Asian stocks were mixed on Tuesday as investors assessed prospects for the deployment of the US military to quell social unrest.

Singapore's SGX Nifty was little changed suggesting a flat opening for Indian equities.

Topix index rose 1%.

Australia’s S&P/ASX 200 Index fell 0.2%.

South Korea’s Kospi index rose 0.7%.

Hong Kong’s Hang Seng Index rose 0.5%.

Shanghai Composite was little changed.

02 Jun 2020, 08:41:40 AM IST

Wall Street closes higher

US stocks posted gains on Monday as signs of US economic recovery helped offset jitters over increasingly violent social unrest amid an ongoing pandemic and rising US-China tensions.

The Dow Jones Industrial Average rose 91.91 points, or 0.36%, to 25,475.02, the S&P 500 gained 11.42 points, or 0.38%, to 3,055.73 and the Nasdaq Composite added 62.18 points, or 0.66%, to 9,552.05.

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