Home >Markets >Live Blog >Sensex rallies 519 points, Nifty ends at 10,471; Bajaj Finance, L&T top gainer
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Photo: iStock

Sensex rallies 519 points, Nifty ends at 10,471; Bajaj Finance, L&T top gainer

  • Indian stocks closed in the green on Tuesday, taking the benchmark index to its highest level in more than three months
  • Bajaj Finance, surging over 9% was the top Sensex gainer, followed by L&T, IndusInd Bank NTPC and power grid

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23 Jun 2020, 03:40:19 PM IST

Market closing

Indian stocks closed in the green on Tuesday, taking the benchmark index to its highest level in more than three months, after a report of a step back in a border dispute with China.

The S&P BSE Sensex closed 519.11 points or 1.5% higher at 35,430.43, while the NSE Nifty 50 Index advanced 160 points or 1.6% to closed at 10,741.

Bajaj Finance, surging over 9% was the top Sensex gainer, followed by L&T, IndusInd Bank NTPC and power grid. RIL, Maruti and Bharti Airtel were among the laggards.

Of 30 Sensex shares, 3 closed in the red.

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23 Jun 2020, 03:29:17 PM IST

Top gainers on Nifty Financial Services

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23 Jun 2020, 03:10:59 PM IST

Indian Bank March quarter earnings

March-quarter net loss stood at 2.18 billion against loss of about 1.90 billion an year ago

The lender earned 54.93 billion interest in the quarter ended 31 March 2020 versus 49.68 billion in the same quarter of the previous fiscal.

March-quarter provisions and contingencies stood at 18.92 billion versus 16.39 billion y-o-y.

23 Jun 2020, 02:56:51 PM IST

Anil Ambani clarifies on loans availed from Chinese Banks

• Regarding the claim of the Chinese Banks, the loan in respect of which the proceedings have been initiated was not for any personal borrowing but for a corporate loan which was availed by the telecom company, Reliance Communications, in the normal course of business eight years ago in 2012 from a consortium of 3 Chinese Banks –CDB, ICBC and C-EXIM -- for global refinancing.

• Regarding the proceedings filed by SBI, Anil Ambani emphasized that this also does not relate to any personal borrowing but arose out of a guarantee given for a loan which was availed by Reliance Communications and Reliance Infratel, way back in 2016 to repay the debts of Chinese and certain other Indian Banks.

23 Jun 2020, 02:50:19 PM IST

Key takeaways from Reliance Power Ltd AGM

While addressing the shareholders of the companyduring the virtual AGM today, Anil Ambani said that:

• All the power plants of Reliance Power remained fully operational despite facing Covid-19 and lockdown challenges.

• R-Power continues to be one of India's top 3 private power generation companies with operating portfolio of around 6000 MW.

• R-Power is committed to cleaner and greener power by reducing emissions and is undertaking a capex of nearly Rs. 3,300 crore to install FGDs in its coal based plants.

• Reserve Bank of India (RBI) has allowed banks to grant moratorium for all principal and interest payments and permitted to defer recovery of interest applied on working capital facilities, but Reliance Power has not avail of moratorium of debt in any of the SPVs, as the management considers availing of such Moratorium to be a financial penalty.

23 Jun 2020, 02:37:07 PM IST

Why Trump's visa restrictions will have limited impact on Indian IT

Investors in information technology (IT) stocks took the news of US visa restrictions in their stride, with the Nifty IT index up nearly 1.5% in Tuesday's trade. (Full report)

23 Jun 2020, 02:24:18 PM IST

Crude oil futures rise on spot demand

Crude oil prices on Tuesday rose by 8 to 3,072 per barrel as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for delivery in July traded higher by 8, or 0.26 per cent, at 3,072 per barrel in 5,060 lots.

Analysts said raising of bets by participants kept crude prices higher in futures trade here.

Globally, West Texas Intermediate crude oil rose 1.79 per cent to USD 40.46 per barrel, while Brent Crude was trading down 0.63 per cent at USD 42.81 per barrel in New York.

23 Jun 2020, 02:20:29 PM IST

Muted demand outlook is among many worries for investors in Ramco Cements

There was hardly anything exciting about Ramco Cements Ltd’s March quarter earnings. Cement volume growth slipped 11% year-on-year (y-o-y) to 2.93 million tonne hit by the coronavirus lockdown. Like its peers, the company’s management is cautious about demand outlook and has warned of a slowdown in the builder and commercial segments. (Full report)

23 Jun 2020, 02:18:20 PM IST

Rupee closing

Rupee jumps 37 paise to close at 75.66 against US dollar.

23 Jun 2020, 01:51:50 PM IST

Yes Securities puts buy on AIA Engineering

Yes Securities has put 'buy' rating on AIA Engineering with a target price of 1,948. "The global high chrome grinding media is a duopoly, with AIA competing with Magotteaux International while enjoying a monopoly status in India. We remain optimistic on the business prospects with strong adjusted ROE (ex-cash) of 28%, healthy FCF generation, prudent capital allocation & strong balance sheet. Upgrade to ‘BUY’ with TP of Rs1948 at 28x FY22 EPS," the brokerage said.

23 Jun 2020, 01:45:52 PM IST

Kotak Securities maintains buy on Power Grid

"We maintain BUY rating on PWGR with a revised fair value of Rs220/share (from Rs235/share) based on March 2022E DCF. At 7X P/E, 1.2X P/B and a 6% dividend yield, PWGR remains attractively valued with near-term growth visibility yielding 10% CAGR in earnings between FY2020 and FY2023E. We note that downward revision in earnings of 5% for FY2021E primarily factors the provision of one-time rebate of Rs11 bn on account of Covid-19 provided to beneficiary states," the brokerage said.

23 Jun 2020, 01:33:27 PM IST

Glenmark Pharma falls 7% on profit booking

Shares of Glenmark Pharmaceuticals dropped as much as 7.20% on profit booking after the company launched antiviral drug Favipiravir, for the treatment of mild to moderate covid-19 patients.

23 Jun 2020, 01:18:44 PM IST

Top gainers on Nifty PSU Bank index

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23 Jun 2020, 01:16:48 PM IST

Fitch revises outlook of IOC, NTPC among other state-owned firm to negative

Fitch Ratings on Tuesday said it has revised the outlook on ratings of six government-owned firms such as Indian Oil Corp (IOC), NTPC and GAIL to 'negative' from 'stable', following a change in outlook on sovereign India rating.

The PSUs whose rating outlook has been revised include IOC, Bharat Petroleum Corp Ltd (BPCL), Oil India Ltd (OIL), GAIL India Ltd, Power Grid Corp of India Ltd and NTPC Ltd.

23 Jun 2020, 01:14:30 PM IST

DB Corp March quarter consolidated net profit falls

March quarter consolidated net profit 240.5 million versus 544.6 million year ago.

March quarter consolidated revenue from operations 4.87 billion versus 5.89 billion year ago.

23 Jun 2020, 01:05:02 PM IST

Gilead Sciences to start trials of inhaled version of remdesivir drug

"Remdesivir, our investigational antiviral medicine, is currently given to patients intravenously through daily infusions in the hospital," Gilead Sciences said in a statement, adding that the inhaled formulation will be given through a nebulizer, which could potentially allow for easier administration outside the hospital at early stages of the disease. (Full report)

23 Jun 2020, 01:01:16 PM IST

H-1B visa suspension may adversely impact margins of IT companies

Increasing protectionism in the US, Trump issued a presidential proclamation that temporarily blocks foreign workers entering on H-1B visas, which are for skilled workers, and L visas for managers and specialised workers being transferred within a company. (Full report)

23 Jun 2020, 12:43:19 PM IST

HDFC plans acquisitions with new funds: Keki Mistry

Housing Development Finance Corp. is raising $1.8 billion of new capital to help it make acquisitions in areas ranging from lending to insurance, according to Keki Mistry, vice chairman and chief executive officer of India’s biggest mortgage lender. (Full report)

23 Jun 2020, 12:38:54 PM IST

L&T up 4.5%

The construction arm of L&T has secured orders between 2,500 crore and 5,000 crore for its Transportation Infrastructure Business and Water & Effluent Treatment Business, the company said in a regulatory filing.

23 Jun 2020, 12:30:31 PM IST

Info Edge weathers covid-19 stress, but the coming year is a worry

The business of recruitment and real estate listings has taken a hit during the March quarter, but Info Edge (India) Ltd managed to weather the slowdown. The fourth-quarter numbers were largely in sync with what analysts had pencilled in, despite the company seeing a loss of revenues in the last fortnight of Q4. As a result, the results managed to impress the Street with shares of Info Edge rising over 5% on Tuesday. (Full report)

23 Jun 2020, 12:28:52 PM IST

L&T affirms its commitment to self-reliant India

Affirming the company's commitment towards achieving self-reliance, SN Subrahmanyan, CEO & MD, L&T, said: “With an unfortunate incident involving our brave soldiers at our border, sentiments are running high in the country. As a company involved in nation-building for more than eight decades, we firmly stand with the policy of manufacturing best-in-class products locally through ‘Make in India’."

“We can drastically reduce our dependency on imported products including those from China by putting processes and systems in place to develop a large scale, efficient and cost-effective domestic industrial ecosystem over a medium to long term," added Subrahmanyan.

23 Jun 2020, 12:21:01 PM IST

Market update

Indian shares rose on Tuesday, driven by broad-based gains across sectors on the back of increased inflows from global investors, while IT stocks reversed course to trade higher, shrugging off concerns over US visa restrictions.

At 12:18 pm, Sensex rose 226.40 points or 0.65% to 35,137.72, while Nifty advanced 75.50 points or 0.73% to 10,386.70.

Foreign institutional investors have been net buyers for the past few sessions, Central Depository Services data showed, suggesting more global investors were pushing some of the huge surplus of cash pumped into the banking system by central banks to buy back into Mumbai.

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23 Jun 2020, 12:01:14 PM IST

L&T Construction awarded large contracts for its various businesses

The construction arm of L&T has secured orders between 2,500 crore and 5,000 crore for its Transportation Infrastructure Business and Water & Effluent Treatment Business, the company said in a regulatory filing.

23 Jun 2020, 11:45:42 AM IST

Sundar Pichai on freezing H1-B Visas

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23 Jun 2020, 11:41:44 AM IST

Motilal Oswal on automobile sector

-The covid-19 pandemic has not only put the brakes on initial signs of recovery seen in 2Ws/PVs, but has also brought in uncertainty considering the several unknowns associated with its impact. This potentially deepens the impact of the BS6-related price increase on FY21 demand.

-Valuations are reflecting for recovery from 2HFY21, leaving limited margin for safety for any negative surprises. Hence, we prefer companies with: a) higher visibility in terms of demand recovery, b) a strong competitive positioning, c) margin drivers, and d) balance sheet strength.

-MM and EIM are our top large-cap picks. Among the mid-caps, we prefer MSS.

23 Jun 2020, 11:34:56 AM IST

Yes Securities maintains buy on Greenlam Industries

Yes Securities has maintained 'buy' rating on Greenlam Industries with a target price of 1,031 and 34% upside. "Based on our channel check assessment and management commentary, we remain convinced that market leader like GRLM will emerge stronger from COVID scenario on the back of strong balance sheet and superior working capital & supply chain management. We maintain our BUY rating with target price of 1,031/share – DCF derived value with implied P/E multiple of 24.7x on FY22E," the brokerage said.

23 Jun 2020, 11:16:24 AM IST

India to impose tariff barrier on solar cells, modules, inverters from 30 July

In what will make solar cells, modules and inverters imported from China expensive, India is set to impose a basic customs duty as soon as the safeguard duty, currently in place, expires on 29 July, said two people aware of the development.

To impose this 20% tariff barrier on imports of green energy equipment, the ministry of new and renewable energy will soon write to the ministry of commerce and industry. (Full report)

23 Jun 2020, 11:04:01 AM IST

Yes Bank down 0.6%

Private sector lender Yes Bank Ltd said the Reserve Bank of India (RBI) has temporarily disallowed it from paying interest on its tier-II bonds due on 29 June, due to its weak capital position. (Full report)

23 Jun 2020, 10:56:53 AM IST

Rupee update

The rupee appreciated 16 paise to 75.87 against the US dollar in early trade on Tuesday as sustained foreign fund inflows and rising domestic equity market boosted investor confidence.

The rupee opened strong at 75.86 against the US dollar. However, it soon edged marginally lower to quote 75.87 against the US dollar, a rise of 16 paise over its previous close.

23 Jun 2020, 10:44:56 AM IST

BSE MidCao up 1.3%

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23 Jun 2020, 10:32:19 AM IST

Bharti Airtel slips 0.5%

Fitch Ratings has revised the outlook on Bharti Airtel's Long-Term Foreign-Currency (FC) Issuer Default Rating (IDR) to negative from stable, affirming it at 'BBB-'. The rating agency said the outlook change is sovereign-driven, and that projected that Bharti's 2020-21 revenue and Ebitda (earnings before interest, taxes, depreciation, and amortisation) will remain robust, fuelled by improvement in the Indian wireless market and continued growth momentum in African markets, despite the effect of the coronavirus pandemic.

23 Jun 2020, 10:07:07 AM IST

Bank of Baroda likely to report a loss of ₹161 crore for Q4

State-owned Bank of Baroda (BoB) is expected to post a net loss of 161 crore for the March quarter of fiscal 2020, as against a loss of 991 crore in the same period last year, according to an average of estimates by 11 analysts polled by Bloomberg.

The bank will declare its Q4 results today.

23 Jun 2020, 10:02:42 AM IST

GE Power drops 2%

The company reported over 44% decline in consolidated net profit at 14.87 crore for the quarter ended March 2020. GE Power had posted a consolidated net profit of 26.85 crore during the quarter ended March 2019, a regulatory filing said.

23 Jun 2020, 09:54:46 AM IST

Info Edge up 4.5%

Info Edge (India) Ltd, the parent of recruitment portal Naukri.com, late on Monday approved a plan to raise up to 1,875 crore via qualified institutional placement offering (QIP).

23 Jun 2020, 09:47:20 AM IST

Is euphoria around Glenmark stock misplaced?

As investors chased Glenmark shares on Monday after it announced regulatory approval to launch an oral antiviral to treat mild to moderate covid-19 patients, analysts feel that the euphoria is misplaced and will fizzle out soon. Following Glenmark’s announcement of launching antiviral drug favipiravir, under the brand name FabiFlu, shares jumped 40% during the day on Monday. (Full report)

23 Jun 2020, 09:45:50 AM IST

ICICI Prudential Life Insurance up 1%

The government of Singapore on Monday bought shares of ICICI Prudential Life Insurance Ltd worth 643.4 crore, according to stock exchange data. The shares were bought from the life insurer's promoter ICICI Bank Ltd at 391.6 apiece.

23 Jun 2020, 09:42:04 AM IST

HDFC AMC up nearly 1%

The company in a regulatory filing said that its promoters currently hold 73.97% stake and it is now compliant with Sebi’s minimum shareholding norms.

23 Jun 2020, 09:40:58 AM IST

Resurging agriculture sector keeps up sales momentum for Balkrishna Industries

Revenue grew just 0.4% from the year-ago quarter reflecting price cuts and low realisations. But thanks to low raw material costs, operating earnings grew by an impressive 21% from a year ago. The stock gained about 2% Monday. (Full report)

23 Jun 2020, 09:38:13 AM IST

Sebi eases fundraising norms for distressed firms

Markets regulator, Securities and Exchange Board of India (Sebi), on Tuesday eased rules for pricing preferential shares issued by distressed firms to raise funds. The measure was first proposed on 22 April through a discussion paper.

Currently, a preferential share issuer has to consider two share price figures—the average of weekly high and low for 26 weeks, and the average of weekly high and low for two weeks preceding the share issue. The preferential share price has to be at least the higher among these two figures. (Full report)

23 Jun 2020, 09:35:41 AM IST

IT stocks decline

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23 Jun 2020, 09:31:12 AM IST

PSU banks rally, IT stocks under pressure

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23 Jun 2020, 09:25:52 AM IST

Market opening

Indian benchmark indices opened in the green on Tuesday tracking firm cues from global peers. Sensex opened 104 points or 0.3% higher at 35,015.73 while Nifty advanced 36 points or 0.4% to 10,347.

Bajaj Finance, surging 2% was the top Sensex gainer followed by IndusInd Bank, Bajaj Auto and Power Grid. Infosys, TechM, TCS, ITC were among the laggards.

Of 30 Sensex shares, 6 were in the red at open.

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23 Jun 2020, 09:10:16 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Tuesday. At 9:07 am, Sensex rose 105.40 points or 0.3% to 35,016 while Nifty advanced 37 points or 0.4% to 10,347.

23 Jun 2020, 08:47:55 AM IST

Stocks to Watch

IT companies, Bharti Airtel, HDFC AMC, Axis Bank, Asian Paints are among the top stocks that may be in focus on Tuesday.

23 Jun 2020, 08:45:50 AM IST

Markets at close on Monday

Indian benchmark equity indices closed over 0.5% higher on Monday, led by healthy buying in banks, metals and pharma stocks. Sensex closed 180 points or 0.52% higher at 34,911 while Nifty advanced 67 points or 0.65% to settle at 10,311.

23 Jun 2020, 08:41:48 AM IST

Asian markets rise in early deals

Stocks mostly rose Tuesday as investors continue to see the positives in the reopening of economies around the world, which is offsetting worries about a second wave of infections.

Australia ASX All Ordinaries gained 0.30%.

China's Shanghai SE Composite Index advanced 0.08%.

Hong Kong's Hang Seng added 0.54%.

Singapore's SGX Nifty was up 0.3% indicating a positive opening for Indian stocks.

23 Jun 2020, 08:40:54 AM IST

Wall Street ends higher

Wall Street's three major indexes closed higher on Monday with the biggest gains in technology stocks as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases in the United States and other countries.

The Dow Jones Industrial Average rose 153.5 points, or 0.59%, to 26,024.96, the S&P 500 gained 20.12 points, or 0.65%, to 3,117.86 and the Nasdaq Composite added 110.35 points, or 1.11%, to 10,056.48.

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