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Markets end higher for third straight day; Sensex reclaims 36K

Equities have been rising the past few days on hopes of economic stimulus and a vaccine for covid-19. (Photo: PTI)Premium
Equities have been rising the past few days on hopes of economic stimulus and a vaccine for covid-19. (Photo: PTI)

  • Bharti Airtel, RIL, Power Grid among top gainers on Sensex
  • On Nifty, 33 stocks advance, 17 decline

Welcome to Mint live market blog. Track this space for latest news and updates.

03 Jul 2020, 03:48:07 PM IST

Indian equities close higher as Sensex moves above 36K

Indian benchmark equity indices closed higher for the third straight day, with the Sensex reclaiming the 36,000-level and Nifty above 10,600.

At close, the Sensex was up 177.72 points or 0.5% at 36,021.42, and the Nifty rose 55.70 points to close at 10,607.40.

About 1333 shares advanced, 1359 declined, and 148 were unchanged.

Bharti Airtel, Eicher Motors, Adani Ports, Hero MotoCorp and Bajaj Auto were among major gainers on the Nifty, while JSW Steel, Tata Steel, IndusInd Bank,

HDFC Bank, and Zee Entertainment dragged.

Except bank and metal other sectoral indices ended in the green. BSE Midcap and Smallcap indices ended higher.

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03 Jul 2020, 03:41:05 PM IST

Bharat Bond ETF may include 'AA' rated securities of PSUs: Dipam Secy

Bharat Bond ETF, India's first ever corporate bond exchange traded fund, may look at including 'AA' rated securities of public sector companies going ahead as the government aims to deepen the market, Press Trust of India reported, citing Tuhin Kanta Pandey, secretary, Department of Investment and Public Asset Management (Dipam).

The ETF currently invests only in 'AAA' rated bonds of public sector companies.

"We have kept that provision. We have not restricted it to 'AAA' rated in future. As we go along, we may have to consider, because we want to develop a bond market. The opportunity for more corporates," Pandey said.

Bharat Bond ETF with a fixed maturity of 3 years and 10 years, had fetched about 12,400 crore from its debut offer in December 2019.

03 Jul 2020, 03:30:00 PM IST

Volume toppers on Sensex today

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03 Jul 2020, 03:27:42 PM IST

Nifty top gainers/losers

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03 Jul 2020, 03:22:51 PM IST

Angel Broking on June auto sales numbers

"From the Auto sales number point of view, June month proved to be quite cheerful for two-wheelers and tractor companies. While passenger vehicle and LCV sales are expected to improve gradually from here on, MHCV sales are expected to remain subdued for some time. We expect the tractor segment will continue to outperform the broader automobile space given strong growth visibility due to a buoyant rural economy. Two-wheeler companies operating at 90-95% of pre-covid levels give hope for faster-than-expected recovery in the segment. Though PV demand is likely to face some headwinds due to deferment in discretionary spends, entry level cars are likely to see better traction due to shift towards personal mobility on account of covid-19 concerns. In the commercial vehicle space we expect LCVs will do better than the MHCV space," said Rajit Rajoriya, equity research associate, Angel Broking Ltd.

03 Jul 2020, 03:20:10 PM IST

International flights to remain suspended till 31 July: DGCA

International commercial air passenger services will remain suspended till 31 July, the Directorate General of Civil Aviation (DGCA) said in a circular on Friday.

"These restrictions shall not apply to international all-cargo operations, and flights specifically approved by (the) DGCA," the circular said. "However, international scheduled flights may be allowed on selected routes by the competent authority on (a) case to case basis."

DGCA had last month suspended all international flight operations 15 July.

03 Jul 2020, 03:11:12 PM IST

Refrain from any action to escalate situation at LAC: China on PM Modi's Ladakh visit

China on Friday said no party should engage in any action that may escalate the situation at Line of Actual Control (LAC) after Prime Minister Narendra Modi made a surprise visit to Ladakh and met the soldiers there, news agency ANI reported.

"India and China are in communication and negotiations on lowering the temperatures through military and diplomatic channels. No party should engage in any action that may escalate the situation at this point," Chinese foreign ministry spokesperson Zhao Lijian said during a briefing when asked about the Prime Minister Modi's visit.

03 Jul 2020, 03:09:26 PM IST

Nifty Metal index under pressure

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03 Jul 2020, 03:03:51 PM IST

Bharti Enterprises top bidder for UK's OneWeb: Report

Sunil Mittal-backed Bharti Enterprises has emerged the top bidder for acquiring stake in OneWeb, a UK-based company that has proposed a mega-constellation of satellites in low earth orbit to deliver affordable wireless internet services to anywhere in the world, the Hindu BusinessLine reported.

03 Jul 2020, 03:00:23 PM IST

Since April, ₹62,361 crore refunded to tax payers

The Central Board of Direct Taxes (CBDT) on Friday said it has issued tax refunds worth 62,361 crore to more than 2 million tax payers since a refund drive started on 8 April to improve liquidity of individuals and businesses.

CBDT said the refund of 23,453.6 crore has been issued in 1.9 million personal income tax cases. Corporate tax refund of 38,908.4 crore has been issued in 1,36,744 cases since the drive started on 8 April.

03 Jul 2020, 02:58:26 PM IST

Moody's rates TCS, Infosys, RIL above the sovereign

Moody's Investors Service has rated Tata Consultancy Services (TCS), Infosys and Reliance Industries above the sovereign due to their strong financials and significant global earnings, news agency ANI reported.

Moody's said the stable outlooks on Genpact and UPL Corporation, in contrast to the negative outlook on India's Baa3, rating reflect that they can maintain their current ratings if the sovereign was downgraded to Ba1.

Two other companies' ratings are capped at the same level as the sovereign rating. Oil and Natural Gas Corporation's and Petronet LNG's credit quality is also stronger than the sovereign's. But their ratings are capped at Baa3 because of their strong links with the government or other government-owned entities.

03 Jul 2020, 02:55:49 PM IST

Nifty PSU Bank index worst hit among sectoral indices

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03 Jul 2020, 02:50:40 PM IST

Rupee strengthens to close at 74.64 against US dollar

The Indian rupee strengthened on Friday, given the weakness in the greenback and and tracking gains in domestic equity market.

The rupee closed at 74.64 against the dollar, a level seen on 18 March, up 0.5% from its previous close of 75.01. It had opened at 74.59 and touched an intraday high of 74.58. Year to date, the currency has shed 4.37%.

03 Jul 2020, 02:48:46 PM IST

Modi takes a swipe at China, says expansionism poses risk to world peace

Taking a swipe at China, Prime Minister Narendra Modi on Friday said the world has come together to reject expansionism which poses a problem for the global community, instead countries were now focused on development.

Addressing the Indian Army, Air Force and personnel of the paramilitary Indo-Tibetan Border Police (ITBP) in Nimu, Ladakh, on his brief visit to the region, Modi did not mention China once by name.

But his remarks slamming expansionism were a clear indication of whom the message was targeted at.

“Expansionism had always posed a challenge to the world peace," Modi said in a 26-minute speech. Those practicing the concept have been either eliminated or they have had to back down, Modi said.

03 Jul 2020, 02:36:48 PM IST

Air France to cut over 1,000 jobs at subsidiary: Reuters

Some 1,022 jobs will be cut at France's HOP! airline as parent Air France prepares to shed jobs to grapple with the coronavirus crisis, Reuters reported.

03 Jul 2020, 02:28:55 PM IST

European stocks flat; investors weigh rising coronavirus cases

European stocks were largely flat in thin volumes on Friday as another record surge in U.S. coronavirus cases dulled optimism from a brisk recovery in China's services sector.

The pan-European STOXX 600 index was largely flat after opening marginally higher. London's was FTSE 100 was down 0.1%. Paris's CAC 40 was down 0.3%.

US markets will be shut Friday for Independence Day.

03 Jul 2020, 02:19:17 PM IST

Japan ruling party drafts proposal to cancel visit by China’s Xi: Bloomberg

Lawmakers in Japanese Prime Minister Shinzo Abe’s ruling Liberal Democratic Party have drafted a resolution calling for the cancellation of a state visit by President Xi Jinping following China’s clampdown on Hong Kong, Bloomberg reported.

If the proposal is approved at party meetings next week, it could be submitted to Abe’s office as soon as Tuesday, according to lawmaker Yasuhide Nakayama, who heads an LDP foreign policy panel.

03 Jul 2020, 02:11:33 PM IST

Nifty broad market indices

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03 Jul 2020, 02:10:44 PM IST

Nifty sectoral indices

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03 Jul 2020, 02:08:04 PM IST

India lodges protest with Pakistan on ceasefire violations

India has lodged a strong protest with Pakistan over many instances of unprovoked ceasefire violations by Pakistani troops along the Line of Control (LoC) and the International Border, aimed at infiltrating terrorists into Jammu and Kashmir, two people familiar with the development said Friday.

At least 14 Indians have been killed and 88 injured in more than 2,432 incidents of unprovoked ceasefire violations by Pakistani forces till the end of June, one of the people cited above said.

03 Jul 2020, 02:00:00 PM IST

Japan signals strong support for New Delhi amid India-China standoff

In a strong gesture of support to India and an equally powerful message to China, Japan's ambassador to India Satoshi Suzuki on Friday said it was opposed to any unilateral action to change the status quo along the India-China border.

“Had a good talk with FS Shringla. Appreciated his briefing on the situation along LAC, including GOI’s policy to pursue peaceful resolution. Japan also hopes for peaceful resolution through dialogues. Japan opposes any unilateral attempts to change the status quo," Suzuki said in a Twitter post after a conversation with Indian foreign secretary Harsh Vardhan Shringla.

03 Jul 2020, 01:58:20 PM IST

Hyundai Creta overtakes Kia Seltos to become India's top-selling SUV in June

Kia Motors sold 7,114 units of Seltos in June, while Hyundai's Creta had sales of 7,207 units.

03 Jul 2020, 01:53:18 PM IST

Centre gives out 2 crore N95 masks, 1 crore PPE kits to states for free

To help in the fight against coronavirus, since 1 April, the central government has distributed more than 2.02 crore N95 masks and more than 1.18 crore PPE kits to states/UTs/central institutions free of cost. The government has also distributed 6.12 crore HCQ tablets, along with 11,300 ‘Make in India’ ventilators.

03 Jul 2020, 01:46:38 PM IST

JSW Steel Q1 crude steel output at 2.96 man tn

JSW Steel reported 2.96 million tonne of crude steel production for the April-June quarter (Q1 FY21) down 25.4% sequentially and 30.2% lower year-on-year, the company told the stock exchanges in a filing.

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03 Jul 2020, 01:41:12 PM IST

Govt may delay JEE, NEET exams

Given the relentless surge in coronavirus cases, the union government may defer the Joint Entrance Exam (JEE) and the National Eligibility cum Entrance Test (NEET).

The JEE (Main) and the NEET for engineering colleges and medical colleges respectively are scheduled for later this month. While JEE (Mains), the first leg of the two-tier JEE entrance, is scheduled for 18-23 July, NEET is for 26 July.

"The union HRD minister has been talking about the safety of the students as a key factor. The situation in the last week -10 days, after a CBSE board exam decisions, has only worsened with more positive cases being reported every day. This makes it a tough case to go ahead with a physical mode of exam for two high stake exams," said a government official.

03 Jul 2020, 01:37:42 PM IST

Nifty Auto higher

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03 Jul 2020, 01:26:17 PM IST

Global oil prices down on demand concerns

Oil prices fell on Friday as the resurgence in coronavirus cases globally and particularly in the US, the world's largest oil consumer, stoked concerns about demand revival.

Brent crude futures were down 35 cents, or 0.8%, at $42.79 a barrel, and U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.9%, to $40.30 a barrel.

03 Jul 2020, 01:12:11 PM IST

China says artificial blocks to bilateral ties to harm India's interests: Reuters

China's foreign ministry has said it will take necessary steps to uphold rights of Chinese businesses in India, Reuters reported.

03 Jul 2020, 01:07:17 PM IST

India not to import power equipment from China: R K Singh

Power Minister R K Singh on Friday said India will not import power equipment from China amid a border standoff with the country, Press Trust of India reported.

During a virtual press conference with state counterparts, he also asserted that the equipment import from China and Pakistan would not be permitted especially on the basis of inspection.

He said state discoms should not give orders for supply of equipment to Chinese firms.

"We manufacture everything here. India imported 71,000 crore worth power equipment including 21,000 crore from China," Singh said in his opening remarks at the state energy ministers conference.

03 Jul 2020, 01:04:36 PM IST

Nifty gainers/losers

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03 Jul 2020, 01:04:00 PM IST

Top Sensex contributors

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03 Jul 2020, 01:03:07 PM IST

Top gainers/losers on Sensex at 1pm

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03 Jul 2020, 01:01:41 PM IST

Motilal Oswal on Motherson Sumi

Brokerage Motilal Oswal has a buy rating on the Motherson Sumi stock with target price of 122 apiece.

At the proposed share-swap and benchmark valuation, the implied value of the other businesses of SAMIL is ~INR60b for FY19/FY20 derived PAT of the core business at ~INR1.8b/INR0.9b. This solution simplifies the structure well and aligns the interest of all the stakeholders. However, considering the limited understanding of the core businesses of SAMIL, implied valuations seem to fully capture the medium-term growth potential of its key businesses.

"We believe this would drive a better value discovery of the Non-India Wiring Harness business, also giving the minority shareholder the option to invest in either or both of the businesses," the brokerage added.

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03 Jul 2020, 12:58:02 PM IST

Axis Bank up over 1%

Private sector lender Axis Bank will wind up its UK operations as it focuses on domestic business.

The bank said it has been reviewing its international strategy. As part of this, it has adopted a clear objective to focus on the Indian banking market and harness the potential.

"In line with this objective, the bank has taken a decision to fully wind down and close the operations of Axis Bank UK Ltd, a subsidiary of the bank, and targeting for surrendering of the banking licence by end of April 2021," the lender had said Thursday in a filing to stock exchanges.

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03 Jul 2020, 12:52:56 PM IST

Bombay HC adjourns hearing plea challenging high electricity bills in Maharashtra till 7 July, CNBC TV-18

03 Jul 2020, 12:50:24 PM IST

ICMR pushes Bharat Biotech to launch vaccine by 15 August

The Indian Council of Medical Research has written to Bharat Biotech India Ltd to expedite the clinical trials for their jointly developed Covid-19 vaccine 'Covaxin' ready for launch by Independence Day on 15 August.

“It is envisaged to launch the vaccine for public health use latest by 15 August 2020 after completion of all clinical trials. BBIL is working expeditiously to meet the target, however final outcome will depend on the cooperation of all clinical trial sites involved in this project," Balram Bhargava, ICMR director general and health research secretary, wrote in the letter dated Thursday.

03 Jul 2020, 12:38:45 PM IST

Muthoot Finance to consider stock split

The board of directors of Muthoot Finance will meet on 18 July to consider and approve the proposal for sub-division / stock split of equity shares of the company, subject to the approval of shareholders and to seek approval of shareholders for raising the borrowing limit to 75,000 crore from 50,000 crore now.

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03 Jul 2020, 12:32:14 PM IST

India motorcycle segment may outperform rest of auto industry

Fitch Solutions Country Risk and Industry Research on Friday said the motorcycle segment in India would perform better than the rest of the auto industry as more consumers look at buying the two-wheelers as personal mobility solution amid the coronavirus pandemic

Domestic motorcycle production would gain some support from shift in demand but more benefit would accrue from the export market as the demand for motorcycles remains relatively robust in many emerging markets (EMs), the Fitch Group unit said in a statement.

03 Jul 2020, 12:19:55 PM IST

Late fee relief on GST return filings now available till July : CBIC

The government has capped the late fee for filing monthly goods and services tax (GST) returns at 500 per return for the period from July 2017 to July 2020, Central Board of Indirect taxes and Customs (CBIC) said on Friday.

Last month, the GST Council had offered relief on late fee for the period starting 2017 till January 2020 in addition to the relief earlier given for the February to April period. Now the relief is available for the May-July period as well.

03 Jul 2020, 12:17:31 PM IST

Angel Broking on RIL-Intel deal

"We are positive on Reliance Industries Ltd. from a long term perspective as we believe that the digital and retail business will be key growth drivers for the company going forward. Potential listing of the digital and retail business over the next 3-5 years would also lead to significant value unlocking for shareholders in the long run. We also expect the hydrocarbon business to recover in the second half of the year as demand for petro products normalizes. Given no significant capex outlay in the near future, the hydrocarbon segment should generate free cash flows which can be used to fund expansion in other businesses," said Jyoti Roy, deputy vice president, equity strategist, Angel Broking Ltd.

03 Jul 2020, 12:06:27 PM IST

Granules India's US subsidiary recalls drug

Granules Pharmaceuticals, Inc., Chantilly, VA , a wholly owned subsidiary of Granules India, is voluntarily recalling twelve (12) lots of Metformin Hydrochloride Extended-Release Tablets USP, 750 mg, 100 and 500 count bottles within expiry due to the detection of N-Nitrosodimethylamine (NDMA) levels above the acceptable daily intake limit, the Indian parent said in a filing to the exchanges.

NDMA is classified as a probable human carcinogen (a substance that could cause cancer) based on results from laboratory tests. NDMA is a known environmental contaminant and found in water and foods, including meats, dairy products, and vegetables.

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03 Jul 2020, 11:44:41 AM IST

BSE Small Cap 0.5% higher at 12,611.86

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03 Jul 2020, 11:37:07 AM IST

BSE MidCap higher 0.7% higher at 13,306.88

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03 Jul 2020, 11:28:38 AM IST

Nifty IT index rises, among top gainers

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03 Jul 2020, 11:26:00 AM IST

HDFC Life Insurance to replace Vedanta on Nifty 50

HDFC Life Insurance Company will replace Anil Agarwal-controlled Vedanta on the benchmark Nifty 50, the exchange said in a release on Thursday.

“The Index Maintenance Sub-Committee (IMSC) has decided to replace Vedanta from various indices on account of proposed voluntary delisting. The changes shall become effective from July 31, 2020 (close of July 30, 2020)," NSE said in a statement

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03 Jul 2020, 11:21:36 AM IST

Most active stocks on Nifty

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03 Jul 2020, 11:19:05 AM IST

Volume toppers on Sensex

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03 Jul 2020, 11:14:29 AM IST

Nifty Realty highest among sectoral gainers

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03 Jul 2020, 11:04:50 AM IST

Top gainers/losers on Nifty

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03 Jul 2020, 11:02:41 AM IST

Nifty at 11am

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03 Jul 2020, 10:55:43 AM IST

Nifty Auto among top sectoral gainers

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03 Jul 2020, 10:52:28 AM IST

India Nikkei/IHS Markit Composite PMI at 37.8 in June vs 14.8 May

India Nikkei/IHS Markit June Services PMI at 33.7 against 12.6 in May.

03 Jul 2020, 10:48:37 AM IST

HDFC's Deepak Parekh pushes for one-time debt recast for developers

Deepak Parekh, a doyen of India's banking and finance sector, has again suggested that the Reserve Bank of India should permit a one-time debt recast of developer loans.

In his letter to shareholders, the chairman of Housing Development Finance Corporation said this has been a long-standing request and a measure implemented in the past to revive the sector.

“If developers do not have cashflows due to a slowdown in sales or delay in receiving requisite building approvals, they can neither complete the existing projects nor can they service their loans," he said.

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03 Jul 2020, 10:45:46 AM IST

Banking stocks under pressure

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03 Jul 2020, 10:41:17 AM IST

Bollywood's iconic choreographer Saroj Khan passes away

03 Jul 2020, 10:37:37 AM IST

PM Modi arrives in Leh, Ladakh

Prime Minister Narendra Modi arrived in Leh in Ladakh on Friday on a short visit in the backdrop of tensions between India and China along the border.

The visit comes two weeks after 20 soldiers were killed in a violent clash at Galwana valley one of points of friction along the border.

Modi arrived in Leh, headquarters of the Indian army’s 14 Corps along with the chief of defence staff Bipin Rawat.

03 Jul 2020, 10:34:30 AM IST

Domestic gold prices down for third consecutive day

Gold prices in the country fell for the third day in a row on improved global risk sentiment and a stronger rupee. On MCX, gold futures declined 0.2% to 48,171 per 10 gram.

In global markets also, gold edged lower as a strong US jobs boosted investors' risk appetite.

Spot gold fell 0.1% to $1,773.13 per ounce while US gold futures shed 0.3% to $1,785.60.

Losses were arrested as investors continued to worry about surging cases of the coronavirus and trade tensions between the US and China. On Wednesday, gold prices had touched a near eight-year high of $1,788.96.

03 Jul 2020, 10:20:57 AM IST

Indian rupee higher against US dollar

Indian rupee rose against the greenback on Friday, extending gains from the previous session. It unit had opened 41 paise higher at 74.60 per dollar compared with the previous close 75.01.

03 Jul 2020, 10:10:03 AM IST

Zydus Cadila gets DGCI nod for human clinical trials for its covid-19 vaccine

Zydus Cadila on Friday said it has received the approval from Drug Controller General of India - Central Drugs Standard Control Organisation (DCGI-CDSCO) to initiate Phase I/II human clinical trials for its Covid-19 (plasmid DNA) vaccine. The company has completed preclinical development and plans to begin the trials in July 2020, it said.

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03 Jul 2020, 10:01:57 AM IST

Nifty Technicals: ICICI Securities

"In line with our view, the Nifty resolved higher and achieved our intermediate target of 10600. In the process, the daily price action formed a bull candle with a positive gap carrying a higher high-low, indicating continuance of positive bias," brokerage firm ICICI Securities said in a note.

·Going ahead, a decisive close above 10600 would open the door for extension of ongoing up move towards 10,900 in coming weeks. Failure to sustain above 10,600 would lead the index to consolidate in the broad range of 10,200-10,600 amid stock specific action, it added.

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03 Jul 2020, 09:57:28 AM IST

Nifty sectoral indices

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03 Jul 2020, 09:53:55 AM IST

Motherson Sumi down over 6%

Motherson Sumi Systems Ltd – India’s largest automotive component manufacturer – will de-merge its domestic wiring harness business into a separate entity, which will be subsequently listed. As part of the new structure, Samvardhana Motherson International Limited, the holding company, will be merged with the existing organisation, which will include the rest of the automotive component businesses.

After regulatory approvals, Motherson Sumi Systems will be renamed Samvardhana Motherson International Limited.

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03 Jul 2020, 09:50:04 AM IST

JB Chemicals higher; KKR to acquire controlling stake in company

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03 Jul 2020, 09:45:41 AM IST

Nifty broad market indices

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03 Jul 2020, 09:44:50 AM IST

Coronavirus: Record recoveries in India in 24 hours, highest new cases

Reported coronavirus cases in India rose to 6,25,544, with 20,903 fresh cases reported in past 24 hours, the highest single-day jump so far. Recoveries also recorded a huge jump with 3,79,891 patients getting cured so far. In past 24 hours, 20,032 patients were declared cured, the highest single-day figure in recoveries so far. The recovery rate has jumped to 60.72%.

The death toll rose to 18,213, including 379 fatalities in 24 hours.

According to figures released by the health ministry, currently there are 2,27,439 active coronavirus cases in the country and the gap between recovered patients and active cases has now widened to 1,52,452.

03 Jul 2020, 09:35:40 AM IST

Top gainers/losers on Nifty

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03 Jul 2020, 09:31:23 AM IST

RIL in focus, shares jump nearly 1%

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03 Jul 2020, 09:29:59 AM IST

Benchmark indices surge in opening deals

India's benchmark indices were higher in opening deals with both the Sensex, Nifty above crucial levels.

At 0917 am, the Sensex was up 203.69 points or 0.57% at 36047.39, and the Nifty was up 63.60 points or 0.60% at 10615.30. About 854 shares advanced, 283 shares declined, and 62 shares were unchanged.

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03 Jul 2020, 09:13:20 AM IST

Intel arm invests ₹1,894.5 crore in Reliance's Jio

Intel Capital will invest 1,894.50 crore in Jio Platforms, the Mukesh Ambani company said in a statement on Friday. Intel Capital is the investment arm of US-based semiconductor giant. Intel is the eleventh foreign entity to have invested in the Reliance Industries subsidiary since 22 April when Jio’s first deal--with Facebook--was announced.

Facebook has bought a 9.99% stake in Jio for 43,573.62 crore.

03 Jul 2020, 09:10:07 AM IST

Indian equities higher at pre-open; RIL in focus

Benchmark indices were higher in the pre-opening session, with the Nifty above 10,600.

At 0902am, the Sensex was up 74.43 points or 0.21% at 35918.13, and the Nifty was up 64.30 points or 0.61% at 10,616.00.

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03 Jul 2020, 09:03:14 AM IST

KKR to acquire controlling stake in JB Chemicals

Global investment firm KKR will purchase a controlling stake--54%--in JB Chemicals & Pharmaceuticals, one of the leading Indian pharma companies specialising in branded formulations.

As part of an agreement, KKR will acquire its stake from the founding Mody family at a purchase price of 745 apiece and make an open offer for an additional 26% stake in the company.

The deals values the transaction at around $500 million. According to the agreement, once KKR acquires 54% stake, the promoter group can sell additional shares to the private equity firm but not exceeding 64.9%.

03 Jul 2020, 08:57:35 AM IST

Petrol, diesel prices unchanged for fourth straight day

State-run oil marketing companies left unchanged prices of petrol and diesel for the fourth day on Friday. Since 7 June, petrol prices have risen by 9.17 a litre while those of diesel by 11.14 a litre.

03 Jul 2020, 08:51:06 AM IST

Reliance Industries now a net debt-free company, says Mukesh Ambani

Reliance Industries (RIL) on Friday said it has become a net debt-free company, having raised 1.75 trillion against its net debt of 1.61 trillion. The company raised 1.15 trillion rupees through a 24.71% equity stake sale of its subsidiary Jio Platforms to 10 investors.

RIL also raised 53,124.20 crore through a rights issue of its shares.

"Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs1.75 lakh crore. Our net-debt was 161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free," the oil-to-telecom conglomerate said in a press statement.

03 Jul 2020, 08:48:02 AM IST

Stocks to Watch

Among Indian equities, HDFC, Axis Bank, RIL, HUL, Motherson Sumi, Muthoot Finance will be in focus today.

03 Jul 2020, 08:46:36 AM IST

SGX Nifty futures higher in global cues

The SGX Nifty futures were 0.4% higher on Friday at 10,598.20, indicating a gap-up opening for the Indian benchmark.

On Thursday, the Sensex had closed at 35,843.70, up 429.25 points or 1.21% while the Nifty ended at 10,551.70, up 121.65 points or 1.17%.

03 Jul 2020, 08:43:22 AM IST

Asian markets tick higher buoyed by strong US jobs data

Asian stocks advanced on Friday, tracking overnight gains on Wall Street. A better-than-expected US jobs data offset concerns about economic recovery.

Futures on the S&P 500 were little changed as of 11:39 a.m. in Tokyo. The index gained 0.5% on Thursday.

In thin trade, Japan’s Topix index advanced 0.1%, Hong Kong’s Hang Seng added 0.7%, Shanghai Composite climbed 1.3% and Australia’s S&P/ASX 200 Index rose 0.2%.

Euro Stoxx 50 and S&P 500 futures were little changed.

03 Jul 2020, 08:36:10 AM IST

US equities end higher on strong jobs data

US equities closed higher and the Nasdaq closed at an all-time high on Thursday as a record surge in payrolls buoyed investor sentiment, which cemented hopes that the US economic recovery was well under way.

The Dow Jones Industrial Average rose 97.05 points, or 0.38%, to 25,832.02, the S&P 500 gained 14.23 points, or 0.46%, to 3,130.09 and the Nasdaq Composite added 55.38 points, or 0.55%, to 10,210.01.

The U.S. economy added 4.8 million jobs in June, according to the Labor Department, 1.8 million more than expected, setting a second consecutive record.

The unemployment rate down to 11.1%.

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