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Photo: Hemant Mishra/Mint
Photo: Hemant Mishra/Mint

Markets end higher for 5th straight session; Bajaj Finance, IndusInd top gainers

  • Indian benchmark share indices on Tuesday closed firm for the fifth session, in a volatile trade, amid hopes of an economic recovery despite a rise in cases of coronavirus
  • Sensex settled at 36,674.52, up 0.5% or 187.24 points, while Nifty advanced 36 points or 0.3% to end at 10,799.65

Welcome to the Mint live blog. Track this space for the latest stock market updates.

07 Jul 2020, 03:36:01 PM IST

Market closing

Indian benchmark share indices on Tuesday closed firm for the fifth session, in a volatile trade, amid hopes of an economic recovery despite a rise in cases of coronavirus.

Sensex settled at 36,674.52, up 0.5% or 187.24 points, while Nifty advanced 36 points or 0.3% to end at 10,799.65.

Bajaj Finance, surging nearly 8%, was the top Sensex gainer followed by IndusInd Bank, Bajaj Finserv, ICICI Bank and Axis Bank. Power Grid, ITC, NTPC and Tata Steel were among the laggards.

Of 30 Sensex shares 15 closed in the red.

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07 Jul 2020, 03:13:38 PM IST

Broader indices outperform benchmark Nifty50

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07 Jul 2020, 03:05:40 PM IST

US firms in India not ready to pay digital tax, lobby group says

A lobby group representing US technology giants has said its members are not yet ready to make the first payment of the country's digital tax due this week, urging New Delhi to defer the move.

India in March said all foreign billings for digital services provided in the country would be taxed at 2% from April 1, a move that caught U.S. technology firms off guard as they were battling the coronavirus pandemic. (Reuters report)

07 Jul 2020, 02:56:45 PM IST

Nifty IT up nearly 2%

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07 Jul 2020, 02:36:22 PM IST

Nifty Financial Services up 1.5%

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07 Jul 2020, 02:31:04 PM IST

Top gainers on Nifty Private Bank

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07 Jul 2020, 02:28:36 PM IST

Bandhan Bank up over 6%

Bandhan Bank's loans and advances for the June quarter stood at 74,325 crore, up 18% year-on-year, while total deposits increased 35% to 60,602 crore.

07 Jul 2020, 02:19:44 PM IST

Crude oil futures decline marginally on low demand

Crude oil futures on Tuesday dropped 0.69 per cent to 3,002 per barrel as participants trimmed their positions on low demand.

On the Multi Commodity Exchange, crude oil for July delivery fell by 21, or 0.69 per cent, to 3,002 per barrel with a business volume of 5,140 lots.

Crude oil for August delivery was quoting lower by 24, or 0.78 per cent, at 3,042 per barrel with an open interest of 127 lots.

West Texas Intermediate crude oil was trading lower by 0.81 per cent at USD 40.30 per barrel.

Brent crude was trading 0.67 per cent down at USD 42.81 per barrel in New York.

07 Jul 2020, 02:15:59 PM IST

Rupee closing

Rupee tumbles 25 paise to close at 74.93 against US dollar.

07 Jul 2020, 02:02:36 PM IST

Bharat Biotech’s Krishna Ella faces his biggest challenge

Dr Krishna Ella, founder chairman of Bharat Biotech Ltd, faces the biggest test of his career this week, as Covaxin, the company’s vaccine candidate, enters human trials.

Though the timeline suggested by the Indian Council of Medical Research (ICMR) for launching the vaccine is considered unprecedented in the field of vaccines, the company’s track record in indigenously developing vaccines has given hope to the medical fraternity on its ability to make a breakthrough despite the short time-frame. (Full report)

07 Jul 2020, 01:45:47 PM IST

Bank of Maharashtra cuts MCLR by 10 bps across tenors

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07 Jul 2020, 01:32:47 PM IST

PSU stocks zoom on hope of bagging orders from government

Shares of public sector undertakings (PSU), especially in the defence and telecom sectors--Bharat Electronics, Mishra Dhatu Nigam Ltd, Hindustan Aeronautics Ltd, Bharat Earth Movers Ltd, Bharat Dynamics--surged on Tuesday on expectation of bagging orders from the government. (Full report)

07 Jul 2020, 01:25:00 PM IST

Bharat Dynamics rockets 87% in a month, but valuations get pricey

Bharat Dynamics Ltd has been on a roll on the bourses. The stock jumped 30% in July and over 79% in the past one month on expectations of better results. On that count, the company did not disappoint. But the sharp jump prices-in most positives, even the likely bulging order book in the coming year.

Of course, the Q4 execution was good with a decent revenue growth and a sharp improvement in operating profits. Analysts had factored in the revenue growth, but the operating-mix helped expand margins, and turned out to be far better than the Street expected.

Even so, the 64% year-on-year rocketing Q4 revenue growth was remarkable. It highlights the fact that the company has been able to hasten its execution and deliveries in Q4. Analysts say that this has made up for deferred sales of the Akash missile project.

07 Jul 2020, 01:19:06 PM IST

BSE to delist 2 companies

Leading stock exchange BSE has said it will delist two companies from July 7 as trading in their shares has remained suspended for over six months.

The two companies facing delisting are --Sancia Global Infraprojects Limited and Delma Infrastructure Limited.

For the last few years, the exchange has been delisting firms in which trading remained suspended for a long time.

"Two companies that have remained suspended for more than 6 months would be delisted from the platform of the exchange, with effect from July 7, 2020 pursuant to order of the delisting committee of the exchange," BSE said in a circular.

07 Jul 2020, 01:13:05 PM IST

Tata Power seeks shareholders' nod to raise ₹2,600 cr from Tata Sons

Tata Power will seek shareholders' approval for a proposal to raise 2,600 crore via issuance of preferential shares to its promoter Tata Sons in an annual general meeting (AGM) later this month. The company has listed a special resolution for issuance of shares to Tata Sons on a preferential basis in the 101st AGM scheduled for July 30, stated a regulatory filing. Earlier this month, Tata Power board approved a proposal to raise 2,600 crore via issuance of preferential shares to Tata Sons.

07 Jul 2020, 01:01:27 PM IST

Bajaj Finance up nearly 5%

Consumer durables financier Bajaj Finance Ltd on Monday said it may consider additional accelerated provisioning for covid-19 in the first quarter of FY21 to further strengthen its balance sheet.

In the March quarter of FY20, Bajaj Finance had set aside 900 crore as provisions for covid-19, leading to a 19.4%% year-on-year (y-o-y) decline in consolidated net profit at 948.1 crore. (Full report)

07 Jul 2020, 12:52:37 PM IST

Maruti Suzuki partners with Axis Bank

Maruti Suzuki has collaborated with Axis Bank to offer easy financing options for potential car buyers amid weak consumer sentiment and plunging automobile sales. As a part of the tie-up, Axis Bank will offer flexi EMI options to ease the liquidity and repayment stress of customers during the tough times.

07 Jul 2020, 12:45:19 PM IST

Bajaj Auto down 1.2%

A section of workers at Bajaj Auto's Waluj manufacturing plant are seeking temporary suspension of operations after 400 employees at the facility have tested positive for covid-19. (PTI)

07 Jul 2020, 12:41:03 PM IST

Asia markets slip as virus outbreaks mute hopes for rebound

Japan's benchmark Nikkei 225 dropped 0.4% to finish at 22,614.69 and South Korea's Kospi lost early gains to decline nearly 1.0% to 2,166.73. Australia's S&P/ASX 200 was little changed, edging less than 0.1% lower to 6,012.90. Hong Kong's Hang Seng shed 0.7% to 26,161.15, while the Shanghai Composite gained 1.2% to 3,373.22.

07 Jul 2020, 12:19:51 PM IST

Tata Power subsidiary completes sale of 3 ships for $212.76 million

Tata Power on Tuesday said its Singapore-based subsidiary Trust Energy Resources completed the transaction for the sale of its three ships for USD 212.76 million (around 1,592 crore).

"Singapore-based Trust Energy Resources Pte Ltd (TERPL), a wholly-owned subsidiary of Tata Power has announced completion of sale of its three ships -- MV Trust Agility, MV Trust Integrity and MV Trust Amity to Oldendorff Carriers GmbH & Co. KG, Germany -- for a consideration of USD 212.76 million," Tata Power said in a regulatory filing.

07 Jul 2020, 12:13:23 PM IST

Indian cement stocks are the most expensive among global peers

Shares of Indian cement manufacturers are trading at a premium to their global peers. As the alongside chart shows, one-year forward price-to-earnings (PE) multiples of Indian companies are much higher than their global counterparts. Even on an Ev/Ebitda basis, which is another parameter for valuations, Indian companies are expensive. EV stands for enterprise value. Ebitda is short for earnings before interest, tax, depreciation and amortisation. These valuations are in spite of a bleak demand outlook, weak price recovery and consequently poor earnings growth.

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07 Jul 2020, 12:05:53 PM IST

HDFC Bank cuts MCLR

Private sector lender HDFC Bank has cut MCLR by 20 bps across tenors with effect from 7 July.

07 Jul 2020, 11:58:21 AM IST

Market update

After a positive opening, Indian benchmark indices slipped into the red dragged by index heavyweights including RIL, ITC and HDFC Bank.

Sensex dropped 390 points from day’s high to hit an intraday low of 36,271.09. At 11:55 am the 30-share barometer was down 119 points or 0.3% points at 36,374.52, while Nifty retreated 49 points or 0.5% to 10,714.70. PSU banks, realty and metal stocks were top drags.

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07 Jul 2020, 11:39:08 AM IST

Motilal Oswal maintains buy on AU Small Finance Bank

Motilal Oswal has maintained 'buy' on AU Small Finance Bank with a target price of 675."AUBANK reported a stable operating performance in FY20, with deposit growth holding strong despite an increasing focus on retail deposits. Collection efficiency remains the key to assessing the overall impact of moratorium, which would keep asset quality under watch. We estimate growth to remain modest, while credit cost would likely remain elevated (estimate of 1.7% for FY21E, in addition to 52bp of COVID-19 provisions made in 4QFY20). Maintain Buy, with unchanged TP of INR675," the brokerage said.

07 Jul 2020, 11:35:24 AM IST

Top gainers and losers on Nifty

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07 Jul 2020, 11:35:25 AM IST

Of 30 Sensex shares, 20 are in the red

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07 Jul 2020, 11:11:57 AM IST

As growth goes for a toss for Bajaj Finance in Q1, moratorium brings some relief

All indicators of growth were a shadow of what Bajaj Finance witnessed in the past quarters. For instance, the company managed to add 1.7 million new loans during the June quarter as against 7.3 million added in the year-ago period. (Full report)

07 Jul 2020, 11:05:36 AM IST

After a soft Q4FY20, Godrej Consumer’s Q1FY21 update shows signs of recovery

In the March quarter, Godrej Consumer Products Ltd (GCPL) was one of the worst hit fast-moving consumer goods (FMCG) companies. Its India volume had declined as much as 15% last quarter, as the covid-19 disruptions hit sales. (Full report)

07 Jul 2020, 10:56:59 AM IST

Stock recos by Motilal Oswal

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07 Jul 2020, 10:49:35 AM IST

TCS hits 52-week high

Shares of TCS jumped nearly 2% on Tuesday to hit a fresh 52-week high of 2,301.85 apiece on the BSE.

07 Jul 2020, 10:30:02 AM IST

Top gainers on Nifty IT

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07 Jul 2020, 10:27:26 AM IST

Greaves Cotton up 2.4%

Ampere Vehicles, the electric vehicle arm of Greaves Cotton, has acquired 74% stake in Noida-based electric three-wheeler manufacturer Bestway Agencies Pvt. Ltd. (BAPL) for an upfront cash consideration of 7 crore.

07 Jul 2020, 10:24:26 AM IST

Petronet LNG down 2%

The country's biggest liquefied natural gas infrastructure company will set up 1,350 LNG dispensing stations across major national highways to expand its business, after the government last month allowed marketing and distribution of LNG by any entity.

07 Jul 2020, 10:16:41 AM IST

BSE Oil & Gas index down 1.4%

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07 Jul 2020, 10:12:21 AM IST

Max Financial services up nearly 2%

IDBI Trusteeship Services Limited has released 12.5 lakh pledged shares of Max Financial Services (MFSL). "12,50,000 shares of MFSL were released by the Trustee to the promoter group on the instructions of the lender on account of release event in terms of the loan agreement, resulting in reduction in the number of pledged shares," MFSL said in the regulatory filing.

07 Jul 2020, 10:10:48 AM IST

US looking at banning Chinese social media apps, including TikTok: Mike Pompeo

Secretary of State Mike Pompeo said late on Monday that the United States is "certainly looking at" banning Chinese social media apps, including TikTok.

"I don't want to get out in front of the President (Donald Trump), but it's something we're looking at," Pompeo said in an interview with Fox News. (Full report)

07 Jul 2020, 10:04:19 AM IST

NIIT Technologies surges nearly 9%

Shares of NIIT Technologies Ltd jumped as much as 9% on Tuesday to hit intraday high of 1562 apiece on the BSE.

07 Jul 2020, 09:55:33 AM IST

PVR down 0.3%

The company’s 300 crore rights issue will open from 17 July to 31 July. The rights issue price has been fixed at 784 per equity share while the entitlement ratio is 7 fully paid-up equity shares for every 94 equity share held by eligible shareholders as on the record date i.e. 10 July.

07 Jul 2020, 09:49:53 AM IST

Punjab National Bank down 1.3%

State-owned Punjab National Bank (PNB) on Monday said its board will consider a proposal to raise capital through a mix of both equity and debt on July 9. Besides, the board will clear opening balance sheet of the amalgamated bank as on April 1, which is post amalgamation of Oriental Bank of Commerce and United Bank of India into PNB, the bank said in a regulatory filing.

07 Jul 2020, 09:47:22 AM IST

BSE MidCap up 0.2%

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07 Jul 2020, 09:44:05 AM IST

Suzlon Energy drops 5% on weak Q4 performance

Suzlon Energy on Monday posted a consolidated net loss of 834.22 crore for the March quarter mainly due to lower revenues and high finance cost. The consolidated net loss of the company was 294.64 crore in the quarter ended on March 31, 2019.

07 Jul 2020, 09:38:04 AM IST

Shriram Transport up 0.5%

Commercial vehicles financier Shriram Transport Finance Co Ltd (STFC) on Monday said that it has fixed a price of 570 per share for its proposed rights issue, through which the lender plans to raise up to 1,500 crore. The rights issue share price is a 18% discount to STFC’s closing price of 697.5 apiece on Monday, on the BSE.

07 Jul 2020, 09:35:16 AM IST

Bajaj Finance up 2.4%

Consumer durables financier Bajaj Finance Ltd may consider additional accelerated provisioning for covid-19 in the first quarter of FY21 to further strengthen its balance sheet. In the March quarter of FY20, Bajaj Finance had set aside 900 crore as provisions for covid-19, leading to a 19.4%% year-on-year (y-o-y) decline in consolidated net profit at 948.1 crore.

07 Jul 2020, 09:31:48 AM IST

IT stocks gain, banks and financials under pressure

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07 Jul 2020, 09:30:02 AM IST

Bandhan Bank jumps 5%

the bank's loans and advanced for the June quarter stood at 74,325 crore, up 18% year-on-year, while total deposits increased 35% to 60,602 crore.

07 Jul 2020, 09:23:04 AM IST

Market opening

Indian benchmark indices opened about a quarter percent higher on Tuesday amid mixed Asian peers. Sensex opened at 36,660.35, up 173 points, while Nifty gained 33 points to open at 10,802.85.

Bajaj Finance and L&T, Infosys, up over 1% each, were top Sensex gainers followed by Infosys, Bajaj Auto, and Bajaj Finserv. Axis Bank, M&M, ONGC and SBI were among the laggards on the other hand.

Of 30 Sensex shares, 13 were in the red at open.

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07 Jul 2020, 09:06:43 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Tuesday. At 9:03am, Sensex advanced 134 points or 0.4% to 36,620, while Nifty added 43 points or 0.4% to 10,806.

07 Jul 2020, 08:48:10 AM IST

Stocks to Watch

Bajaj Finance, Bandhan Bank, HUL, Godrej Consumer, PVR are among the top stocks that may be in news on Tuesday.

07 Jul 2020, 08:45:49 AM IST

Markets at close 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, both hitting four-month highs.

07 Jul 2020, 08:32:05 AM IST

Asian shares mixed

Asian stocks traded mixed Tuesday after strong global gains Monday.

Australia's ASX All Ordinaries added 0.15%.

China's Shanghai SE Composite Index climbed 1.25%.

Hong Kong's Hang Seng gained 0.11%.

South Korea's KOSPI slipped 0.4%.

Singapore's SGX Nifty dropped 0.4%, indicating a weak opening for the Indian stock markets.

07 Jul 2020, 08:32:05 AM IST

Wall Street ends higher

US stocks rose sharply on Monday as a rebound in US services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.

The Dow Jones Industrial Average rose 459.67 points, or 1.78%, to 26,287.03, the S&P 500 gained 49.71 points, or 1.59%, to 3,179.72 and the Nasdaq Composite added 226.02 points, or 2.21%, to 10,433.65.

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