Home >Markets >Live Blog >RIL, HDFC Bank lift Sensex by 466 points, Nifty ends above 10,750

RIL, HDFC Bank lift Sensex by 466 points, Nifty ends above 10,750

Indian stock markets closed over 1% higher on Monday Premium
Indian stock markets closed over 1% higher on Monday

  • Indian stocks closed higher for fourth straight session on Monday lead by gains in Reliance Industries and HDFC Bank
  • Sensex closed at 36,487, up 465.86 points or 1.3%, while Nifty settled 162.45 points or 1.5% higher to close at 10,769.80

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06 Jul 2020, 03:37:56 PM IST

Market closing

Indian stocks closed higher for fourth straight session on Monday lead by gains in Reliance Industries and HDFC Bank.

Sensex closed at 36,487, up 465.86 points or 1.3%, while Nifty settled 162.45 points or 1.5% higher to close at 10,769.80, both hitting four-month highs.

M&M and Bajaj Finance, surging 6-8% were top Sensex gainers, followed by RIL, Maruti Suzuki, TCS and Tata Steel. Bajaj Auto, Bharti Airtel, HDFC Ltd and HUL were among the laggards.

Of 30 shares in the Sensex pack, 5 closed in the red.

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06 Jul 2020, 03:06:14 PM IST

Torrent Power up 1.5%

The company has issued and allotted Series 6 – 3,000 secured, rated, listed, taxable, non-cumulative, redeemable, non-convertible debentures of 300 crores at a coupon rate of 7.30% p.a. on private placement basis, it said in a regulatory filing.

06 Jul 2020, 02:46:06 PM IST

Corporate debt to further rise by ₹1.67 trillion in FY21-22: India Ratings

As businesses struggle to resume operations after gradual relaxation of nationwide lockdown, corporate debt is likely to increase adding to the already stressed balance sheet. According to India Ratings and Research (Ind-Ra), top 500 debt-heavy private sector borrowers may see an additional 1.67 trillion of debt due to covid-19 led disruptions. The tepid corporate capex coupled with muted revenue is likely to restrict credit growth in FY21, it said on Monday.

06 Jul 2020, 02:37:28 PM IST

RITES Ltd up 4%

The state-owned RITES on Friday said it had renewed its pact with Coal India for project management consultancy services of rail infrastructure business, and construction of rapid loading system, coal handling plants and silos.

06 Jul 2020, 02:34:57 PM IST

Ircon International jumps over 9%

The company had inked pact with NIIFL and Ayana Renewable Power for exploring opportunities in solar energy sector in June.

NIIFL and Ircon will evaluate strategic partnerships across infrastructure projects and have agreed in-principle to identify, bid and execute solar energy projects through joint ventures/consortium arrangements, as per the agreement.

06 Jul 2020, 02:31:01 PM IST

Manappuram Finance approves ₹300 crore NCD Issue

The board of directors of the company has approved the issuance of the private placement of rated, secured, redeemable non-convertible debentures upto 300 crores, Manappuram Finance said in a regulatory filing.

06 Jul 2020, 02:20:12 PM IST

Rupee closing

Rupee pares initial gains, settles 2 paise down at 74.68 against US dollar.

06 Jul 2020, 02:16:48 PM IST

Motilal Oswal maintains buy on Oil India

Motilal Oswal has maintained 'buy' on Oil India with a target price of 110.

In the long run, the company intends to add gas production of around 5 million metric standard cubic meter per day starting 2024-25E, while arresting the decline in oil production, the brokerage said.

"The stock trades at 6.1x FY22E EV/EBIDTA and 5.7x FY22E EPS of INR17.1 with FY22E PBV of 0.4x. We use SOTP-based fair value of 8x FY22E adj. EPS of INR13.7 and add investments to arrive at a price target of INR110. Maintain Buy," it added.

06 Jul 2020, 02:05:37 PM IST

RIL, HDFC Bank top contributors in the rally

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06 Jul 2020, 01:55:23 PM IST

Motilal Oswal maintains buy on ONGC

Motilal Oswal has maintained 'buy' rating on ONGC Ltd with a target price of 105. "ONGC did not see any reduction in crude oil demand starting 1st Apr'20. However, gas production saw modest decline of 9% during the lockdown. However, it has now been restored to normal pre-covid levels... ONGC is trading at 3.3x FY22E EV/EBITDA and 4.3x FY22E P/E of INR19.0 with FY22E PBV of 0.5x. We value the company at 10x FY22E adj. EPS of INR7.8 and add value of investments to arrive at a target price of INR105. Reiterate Buy," the brokerage said.

06 Jul 2020, 01:40:42 PM IST

Indowind Energy Ltd drops 3%

The company has settled the service tax dispute pending since FY 2007-2008 with potential claims of about 40 crore mainly with regard to FCCB along with other miscellaneous issues, by paying 54 lakh, under the Samadan Scheme announced by Government of India.

06 Jul 2020, 01:34:00 PM IST

Cadila slips 1%

Pharmaceutical major Zydus Cadila said has got approval from Mexico's Federal Commission for the Protection against Sanitary Risk for its one of its lead research candidate Desidustat to be tested in the management of covid-19.

The clinical and regulatory development of Desidustat in covid-19 is being executed in Mexico by Avant Sante Research Centre, a leading contract research organisation headquartered in Monterrey.

06 Jul 2020, 01:25:21 PM IST

Steel export growth may soften on lower demand

India’s steel production in the first quarter fell 53% year-on-year (y-o-y). While production improved in June over May, the overall impact of the lockdown in the first quarter is high. However, some companies have lately reported higher utilisation. (Full report)

06 Jul 2020, 01:15:16 PM IST

Nifty Bank up 2%; Top gainers

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06 Jul 2020, 01:08:38 PM IST

Top gainers on Nifty Metal

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06 Jul 2020, 12:53:56 PM IST

BEML up 2%

BEML is among the three Indian companies that have shown interest in manufacturing rakes for the monorail projects, weeks after town planning authority MMRDA scrapped the bids by two Chinese firms.

BEML has already bagged the contract for manufacturing metro rakes for Metro 2A (Dahisar-DN Nagar) and Metro-7 (Dahisar E-Andheri E).

06 Jul 2020, 12:46:59 PM IST

Cochin Shipyard Ltd up 3%

The company had posted a 44% jump in consolidated profit to 137.52 crore for the quarter ended March 31, 2020.

06 Jul 2020, 12:41:52 PM IST

Angel Broking puts buy on Dr Reddy's

Angel Broking has put 'buy' rating on Dr Reddy's Laboratories with a target price of 4,570. "Dr Reddy’s has a very strong product portfolio with 55%-65% of it’s revenue coming from it’s chronic which is a high growth segment and will be least impacted due to lockdown globally. The company also has a very diversified geographical spread with the US accounting for 38% of revenue followed by RoW (26%), Emerging markets (19%) and India (17%)," the brokerage said.

06 Jul 2020, 12:38:25 PM IST

JK Cement up 5%

Shares of JK Cement jumped over 5% hitting an intraday high of 1490 apiece on the BSE. The rally can be attributed to company’s solid March quarter results and a relatively better outlook despite the covid-19 outbreak.

06 Jul 2020, 12:22:52 PM IST

ITI Ltd surges 20%

The shares of ITI Ltd jumped 20% hitting an intraday high of 134.30 apiece on the BSE. State-run electronics manufacturing firm had posted a 47% drop in consolidated profit at 36.46 crore for the March quarter on account of covid-19 disrupting the supply chain.

06 Jul 2020, 12:19:43 PM IST

Market update

Indian shares rose for a fourth straight session on Monday tracking firm cues from global peers. At 12:10 pm, Sensex climbed 447.65 points or 1.24% to 36,469.07, while Nifty added 149.30 points or 1.41% to 10,756.65, both hitting four-month highs.

M&M, up 4.4%, was the top Sensex gainer followed by TechM, IndusInd Bank and HDFC Bank. Bajaj Auto, Sun Pharma and HUL were among the laggards.

Of 30 Sensex shares, 26 were in the green zone.

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06 Jul 2020, 12:06:28 PM IST

Eclerx Services Ltd jumps 11%

Shares of Eclerx Services surged 11% on Monday ahead of the board meeting to consider a share buy-back proposal.

06 Jul 2020, 11:56:13 AM IST

Marico’s June quarter update shows covid-19 impact

Marico Ltd released its June quarterly update on Friday evening, its shares reached their highest in 2020. In early deals on Monday though, the stock lost more than 2% on a day when the Nifty 50 index increased by 1%. (Full report)

06 Jul 2020, 11:54:34 AM IST

Biocon down 0.5%

Biotechnology major Biocon aims to list its biosimilar unit in the next two-three years depending upon market conditions, as per the company's Annual Report for 2019-20.

06 Jul 2020, 11:36:53 AM IST

Yes Bank down 0.4%

Yes Bank will auction properties of Thapar Group's Avantha Holdings and Oscar Investments Ltd of Singh brothers alongside those of some individuals later this month to recover loan dues of over 1,000 crore.

The sale of immovable assets will take place through e-auction on various dates in July under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

06 Jul 2020, 11:34:41 AM IST

In washout Q1, HDFC Bank belies sector, while IndusInd Bank and Federal Bank show pain

Strict lockdowns amid a stubbornly steep coronavirus infection curve has resulted in a 1.08% contraction of the banking sector’s loan book in the first quarter, according to Reserve Bank of India’s (RBI) data. Private sector banks such as IndusInd Bank and Federal Bank have reflected the contraction of the system and reported a 3.09% and 0.89% sequential contraction in their loan books. (Full report)

06 Jul 2020, 11:23:03 AM IST

Top laggards on Nifty Pharma

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06 Jul 2020, 11:09:05 AM IST

Steel Strips Wheels Ltd receives new orders worth over $1 million

"SSWL has bagged firm exports orders for over 119,000 wheels for US Caravan Trailer Market to be executed in the month of August from its Chennai plant. This is the largest monthly order from one customer and encompasses most of the developments we have done for the US market. As EU and US markets gain momentum after the slowdown of the pandemic, this appears as a major step towards acceleration of business activities and resuming normalcy. Inflow of more orders are expected to come from various other customers as the market gains stability."

06 Jul 2020, 10:56:54 AM IST

Kalpataru sells power transmission asset to Adani for ₹1286 crore

Kalpataru Power Transmission Limited (KPTL) has signed definitive agreements to sell Alipurduar Transmission Limited (ATL) to Adani Transmission Limited for a total enterprise value of about 1286 crore.

06 Jul 2020, 10:53:36 AM IST

Angel Broking puts buy on Bharti Airtel

Angel Broking has put 'buy' rating on Bharti Airtel with a target price of 672. "Telecom operators have increased tariffs by ~35% in Nov’19. There is a possibility of another round of tariff hikes by telecom companies in FY21 given that tariffs are still very low . If Vodafone Idea goes out of business, Bharti would benefit significantly from addition of subscribers," the brokerage said.

06 Jul 2020, 10:49:43 AM IST

Rights, QIPs to dominate capital markets in H2 2020

India Inc, which needs to repair its balance sheets to cope with the fallout of the covid-19 pandemic and the ensuing lockdown, will look to tap fundraising avenues through rights issue and qualified institutional placement (QIP) offerings in the second half of 2020.

Activity in the initial public offering (IPO) market, on the other hand, is expected to remain largely dormant, with only a few high quality issuers tapping the markets. (Full report)

06 Jul 2020, 10:44:43 AM IST

RIL hits 52-week high

After raising billions of dollars from the likes of Facebook and Intel for its digital business, billionaire Mukesh Ambani's Reliance Industries has launched JioMeet video conferencing app with unlimited free calling that is being seen as rate war on rival Zoom.

06 Jul 2020, 10:35:20 AM IST

Pharma stocks under pressure

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06 Jul 2020, 10:27:37 AM IST

Rupee update

Rupee rises 14 paise to 74.52 against US dollar in early trade.

06 Jul 2020, 10:24:45 AM IST

Adani, Gateway settle dispute on Snowman stake sale

Adani group and Gateway Distriparks Ltd on Monday informed stock exchanges that they have settled a dispute regarding sale of controlling stake in cold chain logistics company Snowman Logistics Ltd, owned by Gateway. (Full report)

06 Jul 2020, 10:19:49 AM IST

For India Inc, FY21 is all about cost rationalisation

As highly anticipated, India Inc didn’t report any fireworks in the March quarter earnings. Some bright spots in terms of improvement in operating margins or profits were largely buoyed by cost reduction. Struggling with liquidity issues, companies opted for various cost-cutting measures. These included reduction in salaries, postponing capital expenditure plans and slashing advertisement expenses. (Full report)

06 Jul 2020, 10:17:06 AM IST

BSE MidCap up 0.8%

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06 Jul 2020, 10:06:36 AM IST

Marico down nearly 2%

Sharing a quarterly update, the company said it witnessed significant disruptions during the first fortnight of April but since then, has been able to steadily scale up operations to near-normal levels in June.

06 Jul 2020, 10:01:35 AM IST

Hindustan Oil Exploration drops 3%

Hindustan Oil Exploration has temporarily suspended operations at PY-1 field in Tamil Nadu as a precautionary measure amid the covid-outbreak.

06 Jul 2020, 09:55:36 AM IST

Coal India up 0.5%

State-owned mining majors NLC India Ltd and Coal India Ltd have formed a joint venture to develop solar and thermal power assets to the tune of 5,000 megawatts of power.

06 Jul 2020, 09:54:05 AM IST

Edelweiss Financial Services down 2.3%

The company reported a consolidated net loss of 2,281.5 crore in the three months to March 2020, owing to a jump in impairments recorded in the quarter. The company’s total impairments stood at 2,549 crore in Q4 FY20 versus 185.11 crore in the same period last year.

06 Jul 2020, 09:49:46 AM IST

Metropolis Healthcare up 1%

American private equity firm The Carlyle group on Friday made a complete exit from its investment in diagnostic chain Metropolis Healthcare Ltd, selling its residual stake in the company for around 84 crore, through block deals on the stock exchanges.

06 Jul 2020, 09:42:57 AM IST

Bharti Airtel up 0.3%

Bharti Enterprises, the holding company of Bharti Airtel, has won the auction to acquire 20% stake in bankrupt satellite broadband operator, OneWeb.

06 Jul 2020, 09:38:26 AM IST

ICICI Bank up 1%

The board of directors of ICICI Bank will meet on Wednesday to discuss a proposal to raise funds by issuing equity shares to strengthen its financial position. "A meeting of the Board of Directors of the bank will be held on Wednesday, July 8, 2020 to discuss and consider the proposal of raising funds by issue of equity shares and/or other equity linked securities," the bank said in a regulatory filing on Sunday.

06 Jul 2020, 09:35:00 AM IST

HDFC Bank up nearly 3%

The private sector lender reported 21% growth in its advances which totalled 10.04 lakh crore on June 30 as compared to 8.29 lakh crore a year ago and 9.93 lakh crore on March 31.

06 Jul 2020, 09:33:55 AM IST

IndusInd Bank up 3.3%

IndusInd Bank's net advances jumped 4% y-o-y to 2 lakh crore as on 30 June, while the deposits grew by 6% to 2.11 lakh crore.

06 Jul 2020, 09:29:04 AM IST

Prism Johnson up 9%

The board of directors of the company has approved divestment of its entire holding of 51% of the paid-up equity share capital in Raheja QBE General Insurance Company Limited to QORQL Private Limited, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm (owned by One97 Communications Limited), for an aggregate consideration of 290 crore.

06 Jul 2020, 09:21:47 AM IST

Market opening

Indian benchmark indices opened in the green on Monday tracking firm cues from global peers. Sensex opened about 300 points higher at 36,313.46, while Nifty climbed 116 points at 10,723.85.

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06 Jul 2020, 09:08:06 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Monday. At 9:04 am, the Sensex advanced 250 points or 0.7% to 36,270 while Nifty added 104 points or 1% to 10,711.

06 Jul 2020, 08:47:56 AM IST

Oil update

Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while US benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.

Brent crude rose 18 cents, or 0.4%, to $42.98 a barrel by 0252 GMT after a 4.3% gain last week, while US West Texas Intermediate crude was at $40.42, down 23 cents, or 0.6%, from its previous settlement on Thursday. US markets were closed on Friday to mark July 4 holiday celebrations.

06 Jul 2020, 08:46:31 AM IST

Market at close on Friday

Equity indices advanced for the third straight day to close near four-month highs on Friday, propelled by Reliance Industries which announced another stake sale in its digital unit.

After touching a high of 36,110.21, the 30-share BSE Sensex settled 177.72 points, or 0.50%, higher at 36,021.42.

The NSE Nifty rose 55.65 points, or 0.53%, to end at 10,607.35.

This is the highest closing for both the benchmarks since March 6.

06 Jul 2020, 08:42:51 AM IST

Asian shares gain

Asian shares scaled four-month peaks on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery, even as surging coronavirus cases delayed re-openings across the United States.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1% to its highest since February.

Australia's ASX All Ordinaries advanced 0.12%

China's Shanghai SE Composite Index gained 3.35%

Hong Kong's Hang Seng climbed 2.28%

Singapore's SGX Nifty added 1%, suggesting a firm opening for Indian stocks.

06 Jul 2020, 08:42:51 AM IST

Wall Street closes higher

Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday as investors headed into their long holiday weekend buoyed by a record surge in payrolls, which provided assurance 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.

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