Having opened in the red, domestic indices staged a smart recovery led by advances in banks, metal, auto and FMCG stocks. Sensex touched a high of 50,687.51 and low 49,926.45, while the Nifty moved in the range of 14,714.75-14,913.70
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04 Feb 2021, 03:44:44 PM IST
Sensex ends above 50,600, Nifty a tad shy of 14,900 as banks, FMCG stocks soar
Extending their rally to the fourth straight session, domestic benchmark indices closed at fresh record highs led by advances in banks, FMCG, and metal stocks.
The Sensex rose 358.54 points or 0.71% to close at 50614.29, while the Nifty advanced 105.70 points or 0.71% to end 14895.70.
On the Nifty50 index, ITC, State Bank of India, Bajaj Finance, Coal India and ONGC were the top gainers, while Asian Paints, UPL, Cipla, IndusInd Bank, and Tata Motors fell the most.
Except IT, all other sectoral indices ended in the green. Nifty PSU Bank surged the most, up 5.9%, while Nifty Metal and FMCG rose 2% each. The Nifty Bank closed at a record high, topping the 35,000-mark.
BSE Midcap and Smallcap indices rose over 1% each.
04 Feb 2021, 03:28:33 PM IST
NITI Aayog's next list of companies for disinvestment in few weeks, says Rajiv Kumar: PTI
NITI Aayog will prepare the next list of central public sector companies for disinvestment in the next few weeks, its vice chairman Rajiv Kumar said on Thursday, expressing hope that the proposed asset reconstruction and management companies to address banks' bad loan woes will do a good job like the UTI.
Days after finance minister Nirmala Sitharaman announced the Union Budget for 2021-22 laying out various measures (including disinvestment proposals) to bolster the pandemic-hit economy, Kumar emphasised that the Modi government has shown consistent commitment for the welfare of farmers and for the improvement of the agriculture sector.
04 Feb 2021, 03:19:37 PM IST
Top gainers/losers on Nifty
04 Feb 2021, 03:05:09 PM IST
ITC, Kotak Bank, SBI lead gains on Sensex
04 Feb 2021, 03:03:33 PM IST
Sensex at 4pm
04 Feb 2021, 02:50:29 PM IST
Zee Entertainment Q3 results: Net profit rises to ₹400 cr
Zee Entertainment Enterprises on Thursday reported a consolidated net profit of Rs400 crore for the quarter ended Decembe. The company had posted a net profit of Rs349 crore in the year-ago period.
Consolidated total income rose 30% year-on-year to Rs2,757 crore during the quarter under review.
Excluding content syndication deal, Q3 revenue was at Rs2,178.1 crore, and EBITDA at ₹715.7 crore.
Domestic advertising grew 7.5% and domestic subscription revenue rose 9.3% on a like-to-like basis, Zee Entertainment said in a regulatory filing.
04 Feb 2021, 02:43:42 PM IST
BHEL commissions 800 MW thermal power plant in Madhya Pradesh
04 Feb 2021, 02:42:03 PM IST
NTPC announces interim dividend, net profit rises to ₹3,315 crore in Q3
NTPC Ltd on Thursday reported a 10% increase in its December quarter net profit to Rs3,315 crore. Revenue from operations rose to Rs24,509 crore from Rs23,496 crore during the period under review.
The board of the company has approved an interim dividend of ₹3 per share for the financial year 2020-21. The date of payment/dispatch of dividend shall be February 26 2021, the company said.
P&G Hygiene rallies 11% after strong Q2 performance
Shares of Procter & Gamble Hygiene & Healthcare surged 10.9% after the company reported an 84.4% jump in its December quarter standalone net profit to Rs250.62 crore.
Net sales rose 18.5% year-on-year to ₹1,018.44 crore in December, as the company received a major boost due to its superior strategy, robust product portfolio, strong retail execution and market recovery the company witnessed during the quarter.
04 Feb 2021, 02:33:39 PM IST
HDFC, India's largest mortgage financier, may remain NBFC: Bloomberg
India’s largest mortgage financier may remain a shadow lender, despite a central bank proposal for large non-banking finance firms to become full-fledged banks.
“In terms of remaining a large non-banking finance company, that option is very very much on the table," Housing Development Finance Corp. Vice Chairman and Chief Executive Officer Keki Mistry, said in an interview with Bloomberg TV on Thursday. “We will obviously have to look at the regulations and then take a call. We are very comfortable, we stand the way we are and we believe we would."
04 Feb 2021, 02:24:56 PM IST
ITC top gainer on Sensex
04 Feb 2021, 02:03:03 PM IST
Sensex at 2pm
04 Feb 2021, 01:54:46 PM IST
European indices higher at open
Europe's main stock markets rose slightly at the open on Thursday, as traders pored over results from some of the world's biggest companies.
London's benchmark FTSE 100 index gained 0.2% to 6,523.32 points.
In the eurozone, Frankfurt's DAX 30 index was also up 0.2% at 13,964.15 points and the Paris CAC 40 advanced to 5,573.69.
04 Feb 2021, 01:53:13 PM IST
SBI reports December quarter PAT at Rs5,196 crore vs Rs5,583.4 cr a year ago
The lender's asset quality improved in Q3 in absolute as well as percentage term on a sequential basis. Gross NPA was at 4.77% in the reporting quarter vs 5.28% a quarter ago.
SBI was expected to post a net profit of Rs4,850 crore in the three months to December, according to an average of estimates of 15 analysts polled by Bloomberg.
04 Feb 2021, 01:48:42 PM IST
Protests, access to internet ‘hallmarks of thriving democracy’, says US
The US on Thursday said peaceful protests and unhindered access to the internet are hallmarks of a “thriving democracy", even as it backed reforms that improve and open up India’s markets to attract more private investments.
04 Feb 2021, 01:40:43 PM IST
Air India Ltd has dues of over ₹498 crore towards VVIP charter flights
Various government departments owe divestment-bound, debt-ridden national carrier Air India Limited at least ₹498 crore towards VVIP charter flights.
Civil aviation minister Hardeep Singh Puri on Wednesday informed the Rajya Sabha that the government's total dues on the account of airfares for VVIP flights stood at ₹498.17 crore at the end of December.
04 Feb 2021, 01:33:12 PM IST
Jubilant FoodWorks rises on strong December quarter results
Delhi HC hearing Future Retail's plea against status quo on RIL deal
04 Feb 2021, 01:01:51 PM IST
Unilever restores sales growth forecast as confidence returns: Bloomberg
Unilever restored its forecast for multiyear sales growth, signaling confidence in its ability to emerge from the pandemic in stronger shape after dropping its guidance last year.
The company said Thursday it’s returning to a previous target for annual underlying growth of 3-5%. Profit should increase at a faster rate, Unilever forecast.
Unilever also outlined key focus areas, including plant-based foods and high-end beauty, as it seeks faster growth from categories increasingly in vogue with millennial shoppers. Such products helped advance underlying sales by 3.5% in the fourth quarter, beating the consensus analyst estimate for 3.2%
04 Feb 2021, 01:00:33 PM IST
Indian billionaire’s refiner buys first cargo of carbon-offset oil: Bloomberg
Indian refiner Reliance Industries Ltd. has taken delivery of 2 million barrels of crude from Occidental Petroleum Corp. that the U.S. oil producer says is carbon neutral.
Reliance -- which operates the world’s biggest refining complex -- said it’s currently evaluating opportunities and partnerships for carbon-neutral oil and the purchase fits with its overall plan to become a net-zero carbon company by 2035, according to an emailed response to questions on Thursday. The cargo meets a tiny fraction of its processing capacity, with the company capable of refining as much as 500 million barrels of crude a year.
04 Feb 2021, 12:58:40 PM IST
MPL inches closer to becoming gaming unicorn with $95 million funding
Bengaluru-based Mobile Premier League (MPL) has raised $95 million in a Series D round led by Composite Capital and Moore Strategic Ventures, taking the mobile eSports company's valuation to $945 million.
The investment takes MPL closer to becoming the second major unicorn in Indian gaming industry. Mumbai based fantasy gaming platform Dream 11 with estimated valuation of $1-$1.5 billion was the first startup in the gaming industry to acquire the coveted unicorn status.
MPL plans to use the new funds to expand its overseas business in 2021 and also to grow its eSports portfolio by organising more tournaments at national and international level.
04 Feb 2021, 12:56:39 PM IST
Axis Mutual Fund looks east with Greater China Equity Fund of Fund
Axis Mutual Fund has launched Greater China Equity Fund of Fund, following strong returns delivered by Edelweiss Greater China Equity Offshore Fund, the only other Indian mutual fund focused on China.
The Edelweiss Fund, with a size of ₹762 crore has delivered a return of 84% in rupee terms over the past year, vastly outstripping the 28% delivered by the S&P BSE 500 Total Returns Index (TRI). Its 10-year return stands at 16.73% CAGR, also higher than the 12% delivered by the S&P BSE 500 TRI.
Axis Mutual Fund has a tie up with Schroders Asset Management, a global asset manager and the new fund will feed into Schroders International Selection Fund - Greater China.
04 Feb 2021, 12:43:22 PM IST
Dr Reddy’s prospects get a boost as Sputnik V vaccine shows high efficacy
Dr Reddy's Laboratories Ltd has remained in the spotlight with positive news flow around the vaccine. The peer-reviewed phase-3 trial results of Russia's Sputnik V vaccine showed it to be 91.6% effective against covid-19. The probability of results showing high efficacy in Indian trials has increased with this development, say analysts. The phase 3 trial on 1,500 volunteers in India is underway and the data is expected by March.
Dr Reddy’s had tied up with the Russian Direct Investment Fund (RDIF) for manufacturing and distributing its covid-19 vaccine – Sputnik V - in India. The successful completion of trials and regulatory approval for Sputnik-V and higher efficacy being shown now means the vaccine offers substantial growth opportunities. Even though other vaccines have already been launched in the country, there is likely to be strong demand for vaccine committed by Dr Reddy’s given the higher number of covid-19 cases in India.
04 Feb 2021, 12:10:36 PM IST
Earthquake of magnitude 4.8 rocks Sikkim
04 Feb 2021, 12:03:27 PM IST
Sensex at 12pm
04 Feb 2021, 12:02:35 PM IST
MRF rises nearly 3%, on course to hit Rs1,00,000 apiece
04 Feb 2021, 11:56:57 AM IST
Nifty PSU Bank rises most among sectoral indices
04 Feb 2021, 11:48:55 AM IST
Street cheers Apollo Tyres' robust earnings, debt repayment; stock up 10%
Tyre companies have been on investors' radar for their impressive December quarter earnings. Following, the strong operational performance in Q3FY21, shares of key tyre makers have seen sharp rallies in recent trading sessions.
Joining the party is Apollo Tyres Ltd.
On a year-on-year (y-o-y) basis, the company saw over two-fold jump in its consolidated net profit to ₹443.8 crore. Consolidated operating income rose 17% y-o-y to ₹5,154 crore. The company said that its consolidated margins at 19.2%, up almost 300 basis points sequentially, were a decadal high. It added that margin performance was helped by recovery in topline, subdued raw material cost, and control over costs.
Dilip Buildcon declared lowest bidder in tender floated by IRCON International
04 Feb 2021, 11:21:39 AM IST
HCL signs five-year global deal with Airbus
Noida-based HCL Technologies (HCL) on Thursday said it has signed a five-year digital workplace services agreement with Airbus.
HCL will establish a modernized digital workplace to enhance the user experience and service quality for the majority of Airbus employees globally, the company said.
HCL was selected as Airbus’s preferred partner as it was able to offer the broadest combination of standard functionality and innovation capabilities to generate greater efficiency and improved time to market.
First case of South African coronavirus strain registered in Italy: ANI
04 Feb 2021, 11:04:18 AM IST
Sensex at 11am
04 Feb 2021, 11:00:52 AM IST
Nifty Auto up over 1% despite weakness in broader market
04 Feb 2021, 10:52:46 AM IST
Company-specific issues hit Cognizant's Q4; 2021 outlook lags Indian peers
Unlike Indian IT companies, who posted a bumper quarterly earnings in December, Cognizant Technology Solutions' results were disappointing.
In constant currency terms, its revenue stood at $4.2 billion, a year-on-year (y-o-y) decline of 3%. Revenues took a hit after the company exited content moderation services and a large financial services engagement. The company follows a January-December accounting year. (Read here)
04 Feb 2021, 10:50:47 AM IST
Ultratech Cement to raise up to Rs3,000 crore via dollar-denominated bonds: BSE filing
Ultratech Cement's board has approved a proposal raise up to ₹3,000 crore through issuance of US dollar-denominated bonds.
"The finance committee... approved raising funds by way of issuance of foreign currency (USD) denominated bonds (Notes) aggregating up to USD 400 million, corresponding to ₹3,000 crore, to be offered and sold within the United States to qualified institutional buyers... in one or more tranches," the company said in a regulatory filing late on Wednesday.
04 Feb 2021, 10:49:40 AM IST
Dividend, Q3 results lift Bajaj Consumer Care’s shares to new highs
Shares of Bajaj Consumer Care Ltd hit a new 52-week high for the second consecutive day on NSE on Thursday in early deals. The company announced better than expected December quarter results on Wednesday during market hours. The company’s shares have risen around 30% in the past two days.
Bajaj Consumer’s board also recommended an interim dividend for financial year 2021. “Interim dividend (announcement) of ₹6 per share somewhat allays consensus concerns on cash utilization," said analysts from ICICI Securities Ltd in a report on 4 February.
Nifty Bank index falls 1% led by losses in HDFC Bank, IndusInd Bank
04 Feb 2021, 10:37:42 AM IST
Millions of defaults threaten microfinance's future in India: Bloomberg
In February last year, unaware the coronavirus pandemic was about to wipe out her livelihood, Arpita Das borrowed $2,300 to buy materials and equipment for her family fishing business in West Bengal, India. A few weeks later, demand for her prawns collapsed, leaving her unable to make the $180 monthly repayments to two microlenders.
The 33-year-old mother of two, who’d never missed a payment since she started borrowing three years earlier, is now living off the vegetables and grains she grows on a plot of land outside the home she shares with her husband and his parents. With the whole family out of work, they’re unlikely to have any income unless she can borrow $1,400 for this year’s prawn harvest.
04 Feb 2021, 10:24:38 AM IST
Rupee opens at 72.94 per dollar today vs Wednesday's close of 72.96
04 Feb 2021, 10:22:07 AM IST
India to host meeting of countries in the Indian Ocean Region
Defence Minister Rajnath Singh will host a meeting of his counterparts from countries in the Indian Ocean Region on Thursday with an eye to boosting India’s role as a security partner of choice as well as securing markets for India-made defence hardware.
The one-day meeting of the Indian Ocean Region defence ministers is taking place on the sidelines of the Aero-India show in Bengaluru.
According to the defence ministry, 18 of 28 countries invited have sent their delegates with the others being represented by their diplomatic envoys in India or joining the meeting through a video link.
04 Feb 2021, 10:15:51 AM IST
Power ministry to launch manufacturing programme for critical equipment: Business Standard
The Ministry of Power will launch a domestic manufacturing programme for critical power and renewable energy equipment at an outlay of ₹1,500 crore in the coming financial year. The scheme titled 'Manufacturing Zones under Atmanirbhar Bharat Package' in the Union Budget would entail setting up three manufacturing zones in a year.
These zones are divided into three categories– coastal, land-locked and hilly states. The scheme would call for offers from the states to submit applications to set up these zones. The three selected zones would get ₹500 crore each for the development of manufacturing hubs.
04 Feb 2021, 10:11:02 AM IST
Airtel takes on growth leadership mantle, as Reliance Jio slows down
For the second quarter in succession, Bharti Airtel Ltd has beaten Reliance Jio Infocomm Ltd’s net subscriber additions figure by a wide margin. Airtel added 14.2 million subscribers in the December quarter, on the back of an addition of 13.9 million in the preceding quarter. Jio’s comparable numbers for the two quarters stand at 5.2 million and 7.3 million subscribers respectively. (Read here)
Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has become a tad nervous as it is en route to the next psychological level of 15000. It is taking a bit of a breather. The trend continues to remain bullish and we should be able to achieve 15000 during the course of this month. A buy on dips approach would be advisable. We have a support range between 14200-14400 and as long as that is holding strong, we can safely accumulate long positions in this market.
04 Feb 2021, 10:05:12 AM IST
Sensex at 1000am
04 Feb 2021, 09:57:49 AM IST
Cognizant Q4 revenue down 3% to $4.2 billion
Cognizant Technology Solutions Corp. on Thursday posted revenue of $4.2 billion, down 3% year-on-year, for the fourth quarter ended December, which included impact of the anticipated exit from a customer engagement and certain content services.
The company follows the calendar year.
The adjusted margin for the fourth quarter narrowed to 12.3% from 17% in the year-ago quarter.
04 Feb 2021, 09:48:24 AM IST
Adani Total Gas posts record profit; in 3-year deal to import LNG
Adani Total Gas Limited, the city gas distribution joint venture between India’s Adani Gas and French energy giant Total, has reached a three-year deal to import liquefied natural gas (LNG) from Total.
The gas will be procured by Adani Total for sale in India to the company’s domestic and industrial customers, Adani Total chief executive Suresh Manglani said on Wednesday.
The company's consolidated net profit jumped 27% from the year earlier to ₹145 crore in the three months ended 31 December. Revenue grew 1% to ₹522 crore during the period. (Read here)
RIL to sell its Marcellus Shale asset for $250 million
Reliance Marcellus, LLC a wholly owned subsidiary of Reliance Industries Limited (RIL), will divest all its interest in certain upstream assets in the Marcellus shale play of south-western Pennsylvania, the company said on Thursday.
These assets, currently operated by various affiliates of EQT Corporation, have been agreed to be sold to Northern Oil and Gas (NOG), Inc, a Delaware entity, for a consideration of $250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of $14.00 per common share over the next seven years.
Nifty view: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term trend of Nifty continues to be positive. Having placed at the resistance zone of around 14,800 levels, there is a possibility of volatility or minor profit booking from the highs of 14,800-14,900 levels in the short term, but eventually this hurdle is going to be taken out on the upside. Immediate support is placed at 14,750.
04 Feb 2021, 09:06:29 AM IST
04 Feb 2021, 09:05:30 AM IST
Markets at pre-open
04 Feb 2021, 09:02:30 AM IST
SBI Q3 net profit seen at ₹4,851 crore, say analysts
India’s largest lender State Bank of India (SBI) is expected to post a net profit of ₹4,850.5 crore in the three months to December 2020, 13% lower than ₹5,583.36 crore in the same period last year, according to an average of estimates by 15 analysts polled by Bloomberg.
The bank will declare its Q3 FY21 results on Thursday. (Full Report)
04 Feb 2021, 08:43:49 AM IST
Petrol prices scale to new record high in Delhi on Thursday
Retail prices of petrol hit a new record high on Thursday in the national capital with oil marketing companies (OMCs) raising pump prices by 35 paise a litre to ₹86.65. Diesel prices were also up 35 paise a litre, selling at ₹76.83 a litre in Delhi.
State Bank of India, Hero MotoCorp, Adani Power, Adani Transmission, HPCL, Kalpataru Power Transmission, NTPC, Tata Power, Trent, Zee Entertainment Enterprises, are among the companies that will report December quarter results today.
04 Feb 2021, 08:30:39 AM IST
SGX Nifty indicates a flat to negative start for domestic indices
04 Feb 2021, 08:29:28 AM IST
Asian stocks ease on caution
Asian stocks came under pressure on Thursday as a mixed Wall Street session gave investors few immediate reasons to increase their risk positions following the recent social media-driven trading chaos.
Markets have calmed significantly in the past few days with the Cboe Volatility index down on Wednesday as wild swings in stock prices of GameStop and other social media favorites subsided and the retail trading frenzy faded.
However, caution continues to dominate sentiment despite positive corporate earnings and firm signs of economic recovery.
The Australian S&P/ASX 200 index lost 0.34% during early trade and Japan's Nikkei 225 fell 0.35%.
04 Feb 2021, 08:28:39 AM IST
US stocks see mixed session on Wednesday
The Dow and S&P 500 rose slightly on Wednesday, registering a third straight session of gains, with Alphabet Inc’s shares hitting a record high following its strong quarterly results. Nasdaq Composite dropped 0.02%.
Investors also continue to watch shares of companies such as GameStop and AMC Entertainment, which have been targets of a community of online investors seeking to push them higher at the expense of hedge funds who bet the stocks would fall.