Indian benchmark equity indices closed in the red in a volatile trading session on Wednesday as investors weighed the consequences of Indo-China border conflict
After swinging between gain of as much as 1% and losses of as much as 0.8%, Sensex settled 97 points or 0.3% lower at 33,507
Welcome to the Mint live blog. Track this space for the latest stock market updates.
17 Jun 2020, 03:36:30 PM IST
Indian benchmark equity indices closed in the red in a volatile trading session on Wednesday as investors weighed the consequences of Indo-China border conflict.
After swinging between gain of as much as 1% and losses of as much as 0.8%, Sensex settled 97 points or 0.3% lower at 33,507. Nifty closed 36 points or 0.4% lower at 9,877.
Maruti Suzuki, closing 4% higher, was top Sensex gainer, followed by Bharti Airtel, Axis Bank, IndusInd Bank and Bajaj Finance. Kotak Bank, ITC, Power Grid and M&M were among the laggards.
Of the 30 Sensex shares, 16 closed in the red.
17 Jun 2020, 03:25:22 PM IST
Bharti Airtel up 3.4%
Bharti Airtel has acquired a strategic stake in Edtech startup Lattu Media Pvt Ltd as part of the Airtel Startup Accelerator Program, it said in a regulatory filing.
17 Jun 2020, 02:57:55 PM IST
Information security spending to see slow growth of 2.4% in 2020: Gartner
Global spending on information security and risk management technology and services will continue to grow through 2020, although at a lower rate than the previous forecast, according to research firm Gartner.
Information security spending is expected to grow at 2.4% to reach $123.8 billion in 2020, down from the 8.7% growth Gartner projected in its December 2019 forecast update.
17 Jun 2020, 02:56:27 PM IST
Crisil on NBFCs' liquidity
Liquidity covers of non-banking financial companies (NBFCs) have not depleted significantly over the past two months, Crisil’s analysis of the NBFCs it rates indicates. However, fund-raising continues to be a challenge for most NBFCs because investors remain risk-averse. With debt repayments remaining high in the near term – especially June 2020, how NBFCs manage the refinancing risk will be a key monitorable. In the milieu, availability of moratorium on loans NBFCs had taken from banks will offer them material liquidity support.
17 Jun 2020, 02:52:04 PM IST
Auto Stocks rally
17 Jun 2020, 02:48:58 PM IST
Welspun Copr gains 5%
The company reported a net profit of ₹138.3 crore in the March quarter against loss of ₹148.7 crore in the previous fiscal. The company's revenue stood at ₹2,758.9 crore against ₹2,756.1 crore, in Q4FY19.
17 Jun 2020, 02:35:19 PM IST
BSE Telecom up 2.5%
17 Jun 2020, 02:26:56 PM IST
Crude oil futures decline on low demand
Crude oil futures on Wednesday dropped 1.19 per cent to ₹2,895 per barrel as participants trimmed their positions on low demand.
On the Multi Commodity Exchange, crude oil for June delivery fell by ₹35, or 1.19 per cent, to ₹2,895 per barrel with a business volume of 4,721 lots.
Crude oil for July delivery was quoting lower by ₹26, or 0.88 per cent, at ₹2,932 per barrel with an open interest of 1,137 lots.
However, West Texas Intermediate crude oil was trading up by 0.08 per cent at USD 38.41 per barrel.
Brent crude was trading 0.44 per cent higher at USD 41.14 per barrel in New York. (PTI)
17 Jun 2020, 02:19:53 PM IST
Rupee recovers lost ground, settles 4 paise up at 76.16 (provisional) against US dollar.
17 Jun 2020, 02:11:41 PM IST
PM Modi to hold all-party meet over China border clash
Prime Minister Narendra Modi has called for an all-party meeting on 19 June to discuss the ongoing border conflict with China. The meeting will be attended by presidents of all political parties.
17 Jun 2020, 02:11:41 PM IST
Disputes, litigation may mar NMDC's recovery in fiscal second half
NMDC’s sales volumes were down about 17% year on year (y-o-y) in Q4 as the pandemic hit sales in March. Production was down by about 9.5 million tonnes, an 11% fall y-o-y. The decline in demand is a worry given that construction and manufacturing activity is in a lull. (Full report)
17 Jun 2020, 01:59:42 PM IST
Bharti Airtel, Maruti Suzuki lift Sensex by over 200 points
17 Jun 2020, 01:57:39 PM IST
BSE MidCap up 0.7%
17 Jun 2020, 01:50:23 PM IST
Low spot electricity prices boost trading volumes on IEX
Shares of Indian Energy Exchange Ltd (IEX) have recovered sharply from the recent market-wide sell-off. The stock is now down just 6% from its January highs. The recovery has been attributed to the sharp uptick in trading volumes on its electricity trading platform. (Full report)
17 Jun 2020, 01:33:36 PM IST
Yes Bank down nearly 1%
Yes Bank Ltd. is planning to raise at least ₹8000 crore in a public offering of shares to boost its capital, according to people familiar with the matter.
The bank, which counts two of India’s largest lenders State Bank of India and HDFC Ltd. as its investors, will kick off the fundraising soon, the people said. That could help Yes Bank raise its Tier-1 core capital ratio to around 10%, from 6.3% as of end-March, said the people, who asked not to be identified as the information is private. (Full report)
17 Jun 2020, 12:54:58 PM IST
Indian stock markets recouped opening losses in the afternoon trade after the Supreme Court directed the Union government and RBI to review the loan moratorium scheme. At 12:50 pm, Sensex jumped over 400 points from day’s low to 33,708.05, while Nifty advanced 26 points or 0.3% to 9,940.50.
17 Jun 2020, 12:48:22 PM IST
Banks, financial stocks reverse losses
17 Jun 2020, 12:43:29 PM IST
SC directs government, RBI to review loan moratorium scheme
The Supreme court on Wednesday has directed the Union government and Reserve Bank of India (RBI) to review the issue of loan moratorium scheme and to create tailored schemes in view of different sectors including agriculture and other business.
The Apex court pulled up Union government at the commencement of the hearing saying, “Central Government can't raise its hands in helplessness. It can’t say now that it is between banks and customer."
It added that the since it was the Centre who announced the moratorium scheme, it is their duty to ensure that “benefits are given to customer purposefully." (Full report)
17 Jun 2020, 12:32:15 PM IST
Motilal Oswal neutral on Shoppers Stop
Motilal Oswal has maintained 'neutral' ratings on Shoppers Stop with a target price of ₹190. "We value SHOP on an SOTP basis and assign EV/EBITDA of 13x to standalone (Shoppers Stop) EV/sales of 1x to Crossword on FY22E to arrive at a TP of INR190. The stock trades at EV/EBITDA of 14x on FY22E. Maintain Neutral," the brokerage said.
17 Jun 2020, 12:09:36 PM IST
After subdued Q4FY20, all eyes on recovery in FY21 for HPCL
State-owned oil marketing company (OMC), Hindustan Petroleum Corp. Ltd’s (HPCL) March quarter results were weak. The company reported a standalone net profit of ₹27 crore, a sharp 99% decline from the year-ago period. But that shouldn’t come as a surprise for investors considering the covid-19 led demand disruptions during the quarter. (Full report)
17 Jun 2020, 11:53:24 AM IST
HPCL up 2.6%
The company reported a steep 99% drop in its net profit to ₹27 crore for the March quarter as refining margins plunged and inventory losses mounted because of a sharp fall in international oil prices. Hindustan Petroleum Corp Ltd (HPCL) had posted a net profit of ₹2,970 crore in the corresponding period a year ago.
17 Jun 2020, 11:45:32 AM IST
Angel Broking puts accumulate on HDFC Ltd
Angel Broking has put 'accumulatr' rating on mortgage lender HDFC Ltd with a target price of ₹2,000. "The sufficient liquidity at low cost would be the key criteria for NBFC/Bank to navigate the current situation, as asset side inflow is limited due to moratorium. HDFC Ltd is able to raise fund at competitive rate owing to strong operating metrics, experienced Management and industry’s best credit rating. The HDFC Ltd is trading (Core Banking Business – 1.42x FY22ABV) at a significant discount to historical average valuations and offers favorable risk reward from current levels given global tailwinds," the brokerage said.
17 Jun 2020, 11:41:49 AM IST
NMDC Ltd up 0.4%
State-owned miner NMDC reported over 76% decline in consolidated net profit at ₹347 crore for the quarter ended March 31, mainly on account of reduced income and higher expenses.
The company had posted a net profit of ₹1,451.81 crore in the year-ago quarter, NMDC said in a filing to the BSE.
17 Jun 2020, 11:39:51 AM IST
Wipro up 2.5%
IT services major, Wipro Ltd, has launched a digital inspection solution to improve workplace safety and experience. The solution will be available to clients both in perpetual or subscription-based license model, with no additional cost for mobility. (Full report)
17 Jun 2020, 11:34:35 AM IST
Will Lakshmi Vilas Bank get a rescuer this time?
Troubled Lakshmi Vilas Bank has got a second shot at survival through a non-binding agreement with a private equity investor. (Full report)
17 Jun 2020, 11:31:10 AM IST
RIL, HDFC twins, ITC drag Sensex
17 Jun 2020, 11:27:00 AM IST
Global fund managers reduce cash levels but find equities overvalued
Cash levels have dropped from 5.7% to 4.7% in May in one of the biggest drops since August 2009. This shows that fund managers have been deploying more of their cash. Interestingly, this is being led by institutional investors and not by retail investors. (Full report)
17 Jun 2020, 11:19:52 AM IST
Sebi panel moots steps to improve inquiry process, quality of orders, recovery
A high-powered panel, constituted by the Securities and Exchange Board of India (Sebi), on Tuesday released its comprehensive report to improve the market regulator’s inquiry and enforcement processes. (Full report)
17 Jun 2020, 11:16:46 AM IST
Three-fourth of loan book under moratorium: Tata Motors Finance
Tata Motors Finance Ltd (TMF), the captive financing arm of Tata Motors Ltd, has said that about three-fourth of its loan book is under moratorium as of June.
The company, a wholly owned subsidiary of Tata Motors, has assets under management (AUM) worth ₹37,000 crore and its annual book size is likely to decline this year on extension of moratorium. (Full report)
17 Jun 2020, 11:09:53 AM IST
Navin Fluorine International
The company reported Q4 profit at ₹272.7 crore versus ₹35.18 crore while revenue at ₹276.6 crore versus ₹252.6 crore, year-on-year.
17 Jun 2020, 11:01:10 AM IST
Steel Strips Wheels gains nearly 4%
Steel Strips Wheels Ltd. has bagged fresh Exports order for Truck & Trailer market from USA. Order comprises supplies of close to 10,000 truck steel Wheels in the period of June to September from its Chennai plant. Total revenue generated by this additional order would be over $400,000, the company said in a regulatory filing.
17 Jun 2020, 10:56:40 AM IST
Maruti Suzuki partners with Karur Vysya Bank
Maruti Suzuki has partnered with Karur Vysya Bank to offer flexible finance schemes to the new car buyers. Under the partnership customers can avail multiple finance schemes and longer repayment options on car loans.
17 Jun 2020, 10:46:02 AM IST
Rupee slips 5 paise in early trade
The rupee slipped 5 paise to 76.25 against the US dollar in opening trade on Wednesday amid strengthening US dollar and escalating tension between India and China near the border.
The rupee opened weak at 76.21 at the interbank forex market and fell further to 76.25 against US dollar, down 5 paise over its last close.
It had settled at 76.20 against the US dollar on Tuesday.
17 Jun 2020, 10:43:20 AM IST
Ashok Leyland down 1%
Hinduja group flagship Ashok Leyland said its board will meet on 19 June to discuss plan to raise ₹200 crore via issue of securities.
17 Jun 2020, 10:35:07 AM IST
SBI slips 0.4%
The country's largest lender SBI on Tuesday said it will seek shareholders’ approval in mid-July to raise up to ₹20,000 crore equity capital through various means in the current fiscal.
17 Jun 2020, 10:26:38 AM IST
Nifty Pharma up 0.4%; top gainers
17 Jun 2020, 10:08:05 AM IST
Bank of Maharashtra down 3%
The state-owned lender reported a drop of 20.46% in its net profit for the quarter ended 31 March, compared to the same period last year, on account of higher provisioning. Bank of Maharashtra posted a net profit of ₹57.57 crore for the quarter ended March from ₹72.38 crore in the year-ago period.
17 Jun 2020, 10:07:07 AM IST
SpiceJet trades flat
The domestic carrier hopes that it will be able to return its grounded Boeing 737Max aircraft fleet to operation by October-November later this year, according to a Mint report. SpiceJet ordered as many as 205 of these planes in 2017, of which 13 have been delivered. The planes were, however, grounded around the world in March 2019 after two fatal crashes.
17 Jun 2020, 09:58:10 AM IST
Petrol, diesel prices increased for 11th straight day
Petrol price on Wednesday was hiked by 55 paise per litre and diesel by 60 paise a litre, marking the 11th consecutive day of increase in rates that now totals to ₹6.02 for petrol and ₹6.4 for diesel.
Petrol price in Delhi was hiked to ₹77.28 per litre from ₹76.73, while diesel rates were increased to ₹75.79 a litre from ₹75.19, according to a price notification of state oil marketing companies.
17 Jun 2020, 09:49:50 AM IST
HCL Technologies down 0.6%
The IT major on Tuesday said that it has commenced its operations in Sri Lanka and plans to create over 1,500 new local employment opportunities for both freshers and experienced professionals, within the first 18 months of kick-starting its operations.
17 Jun 2020, 09:46:24 AM IST
HDFC Ltd up 1%
The country's largest mortgage lender plans to raise funds and the proposal regarding this will be discussed by its board on June 19. In a regulatory filing on Tuesday, HDFC Ltd. said a meeting of its committee of directors, duly constituted by the board of directors, will be held on June 19.
17 Jun 2020, 09:41:05 AM IST
Bank stocks under pressure ahead of SC hearing; Nifty Bank in the red
The Supreme Court on 17 June will hear plea on interest waiver during the moratorium period. The SC said the scope of hearing is limited to the interest waiver, which is levied on accrued interest
17 Jun 2020, 09:37:19 AM IST
HDFC AMC down over 2%
Standard Life Investments plans to sell up to 2.82% stake in HDFC Asset Management. According to the regulatory filing, floor price for the sale shall be ₹2,362.
17 Jun 2020, 09:23:39 AM IST
Indian benchmark equity indices opened lower on Tuesday tracking weak cues from Asian peers and country's increasing tensions with China along the international border. Sensex opened 122 points lower at 33,438.31, while Nifty opened 22 points lower at 9,876.70.
17 Jun 2020, 09:07:51 AM IST
Indian stocks were in the red in the pre-opening session on Wednesday. At 9:04 am, Sensex dropped 130.49 points or 0.4% at 33,418 while Nifty retreated 55.10 points or 0.4% at 9,874.50.
Indian benchmark equity indices closed in the green on Tuesday, recovering losses made in afternoon trade owing to tensions along the India-China border. After swinging between gain of as much as 2.4% and loss of as much as 1%, Sensex settled 376.42 points or 1.13% higher at 33,605.22. Nifty advanced 84.70 points or 0.86% to end at 9,898.40.
17 Jun 2020, 08:47:33 AM IST
Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in US stockpiles cast doubt on the demand outlook in the world’s two largest economies.
West Texas Intermediate crude for July delivery fell 2% to $37.63 a barrel on the New York Mercantile Exchange as of 9:56 a.m. in Singapore after rising 3.4% on Tuesday.
Brent for August settlement dropped 1.5% to $40.36 a barrel on the ICE Futures Europe exchange following a 3.1% gain in the previous session
17 Jun 2020, 08:44:28 AM IST
Asia stocks given pause by virus surge, India-China conflict
Asian share markets took a breather on Wednesday as a resurgence of coronavirus cases challenged market confidence in a rapid economic recovery, even as the rebound in US retail sales in May broke all records.
Geopolitics also lurked as a worry with India reporting 20 of its soldiers had been killed in clashes with Chinese troops at a disputed border site.
Australia ASX All Ordinaries dropped marginally by 0.02%
China's Shanghai SE Composite Index slipped 0.37%
Hong Kong's Hang Seng retreated 0.26%
Singapore's SGX Nifty fell 0.4%, indicating a weak opening for Indian stocks.
17 Jun 2020, 08:44:28 AM IST
Wall Street closes higher
Wall Street advanced on Tuesday as the prospect of additional stimulus and a record jump in retail sales suggested the US economy could bounce back sooner than expected, five months into its pandemic-inflicted recession.
The Dow Jones Industrial Average rose 543.68 points, or 2.11%, to 26,306.84, the S&P 500 gained 60 points, or 1.96%, to 3,126.59 and the Nasdaq Composite added 173.38 points, or 1.78%, to 9,899.40.