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Photo: Hemant Mishra/Mint

Sensex ends 142 points higher, Nifty above 11,250; M&M, L&T top gainers

  • Sensex settled at 38,182.08, up 141.51 points or 0.37%, while Nifty ended 56.10 points or 0.5% higher at 11,270
  • Mahindra & Mahindra, rising nearly 5%, was the top Sensex gainer followed by L&T, Sun Pharma, Tech Mahindra and NTPC

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10 Aug 2020, 03:37:57 PM IST

Market Closing

Indian benchmark share indices closed higher on Monday lead by healthy buying in pharma stocks. Sensex settled at 38,182.08, up 141.51 points or 0.37%, while Nifty ended 56.10 points or 0.5% higher at 11,270.

Mahindra & Mahindra, rising nearly 5%, was the top Sensex gainer followed by L&T, Sun Pharma, Tech Mahindra and NTPC. Reliance Industries, Asian Paints and Maruti Suzuki were among the top laggards on the other hand. Of 30 Sensex shares, 12 closed in the red.

BSE Healthcare, closing 4.7% higher, was the top sectoral gainer followed by BSE Capital Goods, BSE Realty and BSE Industrials.

“We have kept above the 11250 level which is a bullish sign. The Nifty should attempt 11500 as its next price target. The support continues to be at 11100," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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10 Aug 2020, 03:08:06 PM IST

Tata Consumer’s shares re-rate after Jun quarter; valuations match Britannia’s

Tata Consumer Products Ltd’s shares have undergone a massive re-rating since the restructuring of the Tata group’s consumer businesses last year. This has continued and even accentuated after the company’s June quarter results.

The non-alcoholic beverages and food company delivered a strong set of results, with pre-tax earnings increasing by 42% year-on-year (y-o-y). But the stock’s 15% jump in three trading days is clearly taking things a bit far. Tata Consumer shares now trade at 47 times estimated FY22 earnings based on Bloomberg data. Valuations are now on a par with packaged foods company, Britannia Industries Ltd’s stock, which trades at 47.5 times FY22 estimated earnings. Britannia’s pre-tax earnings had increased by 81% for the June quarter, as a result of a spike in at-home food consumption as people stayed indoors. (Full report)

10 Aug 2020, 02:56:27 PM IST

ABB Power Products and Systems up 5.6%

ABB Power Products and Systems India Ltd’s plan to buyback shares worth 917 crore through an open offer has attracted the scrutiny of the markets regulator after complaints by a section of minority shareholders, according to a Mint report.

10 Aug 2020, 02:49:52 PM IST

Equity mutual funds see negative inflows for first time in over four years

Equity mutual funds witnessed net outflows of 2,480 crore in July for the first time in over four years, shows the data released by Amfi. Last time the category saw net redemptions was in March 2016. The category then saw net outflows worth 1,370 crore. 8 out of 10 equity-oriented mutual fund categories have seen net outflows in July. Multicap funds saw the worst outflows to the tune of 1,033 crore in July. (Full story)

10 Aug 2020, 02:34:00 PM IST

Rupee closing

Rupee settles 3 paise higher at 74.90 against US dollar.

10 Aug 2020, 02:20:15 PM IST

Force Motors reports ₹64.99 crore loss in June quarter

Consolidated net loss stood at 64.99 versus profit of 26.17 year ago.

Consolidated revenue from operations stood at 185 crore versus 802 crore year ago.

10 Aug 2020, 02:12:00 PM IST

Cipla’s Q1 shows all-round growth; costs savings could be tailwinds

Shares of Cipla Ltd vaulted 9% on Monday amid an all-round revenue and operating performance despite the covid-19 led supply challenges. Investors also responded to the positive commentary coming from the management on costs savings. This could sustain investor interest in the coming quarters.

Cipla’s Q1 revenue growth of 10% year-on-year (y-o-y) was ahead of the Street. India operations' revenue growth of about 16% y-o-y was led by sharp growth in the trade generics segment. Cipla’s chronic portfolio did well during the quarter. However, the recently launched covid-19 products performance was marginal in Q1. (Full report)

10 Aug 2020, 01:58:57 PM IST

Birla Corporation drops 7%

MP Birla group's flagship company Birla Corporation Ltd reported a 53% fall in its net profit to 66 crore for the first quarter of the current fiscal.

It had posted a net profit of 141 crore in the year-ago period, the company said in a statement.

The company's revenue was also down by around 35% year-on-year to 1,241 crore during the period under review.

10 Aug 2020, 01:47:27 PM IST

Bata India drops nearly 2%

Shoemaker Bata India Ltd reported a consolidated net loss of 100.88 crore for the first quarter ended June 2020 as sales were hit by the coronavirus-related lockdowns.

The company had posted a net profit of 100.97 crore in the April-June quarter a year ago, Bata India said in a BSE filing.

10 Aug 2020, 01:45:13 PM IST

Motilal Oswal on Mahindra & Mahindra

Motilal Oswal has maintained 'buy' rating on Mahindra & Mahindra with a target price of 720.

"We upgrade FY21/FY22E EPS by 9%/3% to reflect the volume upgrade in tractors and UVs, as well as the improving mix. M&M is one of the few Auto stocks trading at a good discount to LPA. Maintain Buy with TP of INR720," the brokerage said.

10 Aug 2020, 01:37:08 PM IST

BSE MidCap up 1.5%

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10 Aug 2020, 01:31:30 PM IST

Amara Raja Battries up 3.5%

Amara Raja Batteries Ltd reported a 56% decline in consolidated profit after tax at 62.49 crore in the first quarter ended 30 June impacted adversely by the coronavirus pandemic.

The company had posted a consolidated profit after tax of 140.73 crore in the same period last fiscal, Amara Raja Batteries Ltd said in a regulatory filing.

10 Aug 2020, 01:28:53 PM IST

Bharti Airtel launches ‘Ultra-Fast 4G’ services in Andamans

Bharti Airtel Ltd on Monday launched ‘Ultra-Fast 4G’ services in Andaman and Nicobar Islands with the commissioning of submarine optical cable fibre project. Airtel has become the first private telco to roll out high-speed 4G services in the islands.

10 Aug 2020, 01:22:10 PM IST

India's incentives for domestic API production could cut supply risk: Fitch

The Indian government's recent incentives to boost domestic manufacturing of active pharmaceutical ingredients (APIs) and key starting materials (KSMs) can improve backward integration over the next few years and curtail supply-chain disruption risk for Indian drug makers, Fitch Ratings said on Monday.

The incentives address core issues of pricing competitiveness and funding, and may assist the investment decisions of local pharma companies in the current environment, it said. (Full report)

10 Aug 2020, 01:13:07 PM IST

Godfrey Phillips' cigarette plant located in Navi Mumbai resumes production

Cigarettes and tobacco products major Godfrey Phillips India on Monday said its cigarette manufacturing plant located in Navi Mumbai, Maharashtra, has resumed manufacturing operations for export purposes after relaxation in lockdown guidelines.

The company had on 30 March informed the bourses about suspension of its manufacturing operations due to the lockdown on account of the coronavirus pandemic. (Full report)

10 Aug 2020, 01:02:17 PM IST

Dalmia Bharat: Rising exposure to east India could dampen near-term margins

Thanks to the individual home building segment in east India, sales volume of Dalmia Bharat Ltd stood at 3.66 million tonnes in the June quarter. This is a decline of nearly 20% year-on-year (y-o-y), but Dalmia has fared better than industry, which saw volumes fall 30-35% in the June quarter, said the company management in a post earnings conference call.

As per the management, demand in its key east India market fell nearly 10% y-o-y in April, but improved thereafter during the quarter, following which Dalmia managed to increase its market share by 3-4%. On the other hand, its South India market was severely hit by the pandemic-led regional lockdowns, where Dalmia saw demand fall 25-30% during the quarter. (Full report)

10 Aug 2020, 12:55:11 PM IST

RIL down 0.24%

Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices forces it to slash investment spending.

Reliance’s shares fell in mid-July after Chairman Mukesh Ambani said a transaction had been delayed “due to unforeseen circumstances in the energy market and the covid-19 situation."

A deal with Reliance would help the world’s biggest crude exporter join the ranks of the top oil refiners and chemical makers. State-owned Aramco, which bought chemical firm Saudi Basic Industries Corp. for $70 billion this year, is already a major supplier of crude to India, while Reliance sells petroleum products such as gasoline to the kingdom. (Bloomberg)

10 Aug 2020, 12:42:35 PM IST

Concor drops 14.5% on weak June quarter performance

State-owned Container Corporation of India Ltd (Concor) on Friday said its consolidated profit nosedived 75.97% to 58.26 crore for the quarter ended on June 30, 2020.

The company had clocked a consolidated profit of 242.51 crore during the corresponding quarter a year ago, the multi-modal logistics company said in a regulatory filing to the BSE.

10 Aug 2020, 12:37:39 PM IST

Top contributors in Sensex rally

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10 Aug 2020, 12:28:20 PM IST

Siemens down 2%

The company reported a consolidated net loss of 1.9 crore for June quarter 2020 mainly due to lower revenues in view of the covid-19 pandemic. In the year-ago period, the company logged a profit of 250.1 crore.

10 Aug 2020, 12:18:22 PM IST

PM Modi launches submarine cable project to boost 4G services in Andamans

Prime Minister Narendra Modi on Monday launched the submarine optical fibre cable project that will connect Chennai and Andaman and Nicobar Islands and boost 4G services on the islands. The rollout of the 1,224 crore underwater project comes amid concerns over national security following the India-China geopolitical tensions. (Full report)

10 Aug 2020, 12:13:58 PM IST

All sectoral indices on NSE in the green

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10 Aug 2020, 12:03:25 PM IST

Cipla gains 10% after a strong Q1 performance

Shares of Cipla Ltd gained as much as 9.57% after it posted a net profit of 566.04 crore in quarter ended June, an increase of 26.6% from 447.15 crore a year ago.

10 Aug 2020, 11:54:46 AM IST

Angel Broking on Sobha Ltd

“Sobha Ltd reported a washout quarter for Q1FY21. Consolidated revenue from operations for Q1FY21 stood at 350 crores down by 70% YoY from 1,176.7 crores in Q1FY20. Revenue from real estate down by 73.6% at 222.9 crores and revenue from contractual & manufacturing down by 61.7% at 127 crores.Total area sold for the quarter at 0.65 Mn sq ft as compared to 1.06 Mn sq ft in Q1FY20 down by 39%.Booking value for the quarter stood at 488 crore.Profit after tax for the quarter stood at 6.6 Crore down by 92.7% as compared to 90.6 Crore in Q1FY20.We remain cautious on the sector as well as on the company as demand is likely to be impacted due to covid 19. The company also has debt of 3,021 crores which will weigh on the stock," said Yash Gupta, Equity Research Associate, Angel Broking.

10 Aug 2020, 11:47:50 AM IST

BSE Telecom up nearly 1% ahead of AGR hearing

The Supreme Court will today examine whether the insolvency proceedings of bankrupt telcos Reliance Communications (RCom), Aircel and Videocon Telecom are bonafide, while an order on the timeline of staggered payments of adjusted gross revenue-(AGR) related dues is awaited.

In its last hearing on 20 July, the apex court had directed the Department of Telecommunications (DoT) to submit details of the insolvency proceedings of the bankrupt telcos before the next hearing.

10 Aug 2020, 11:43:05 AM IST

Asia tech shares selloff seen as buy opportunity for some funds

Friday’s attack by President Donald Trump on WeChat may have pushed many investors to offload Asia’s technology shares. But for some, the selloff has presented a good buying opportunity.

Jian Shi Cortesi, a fund manager at GAM Investment Management in Zurich, bought some Chinese internet stocks on Friday and plans to further increase holdings if the stock prices pull back more. (Full report)

10 Aug 2020, 11:30:07 AM IST

Q1FY21: Covid-19 cuts the ground beneath Bata India’s feet

Shares of shoemaker Bata India Ltd were trading lower in early morning deals on NSE on Monday. The company’s June quarter (Q1FY21) results announced on Friday post market hours were severely hit owing to the covid-19 led disruptions. Bata swung to a net loss of 100 crore during Q1FY21 from 100 crore profit for the same period last year. (Full report)

10 Aug 2020, 11:25:15 AM IST

Vodafone Idea is in a state of rapid transformation, says management

Vodafone Idea working on a five-point strategy to help the company tide over its current challenges, which includes a potential fund raise post the outcome of its ongoing case in the supreme court over Adjusted Gross Revenue ( AGRD) dues, likely to come up for hearing again this week. In addition to the fundraise, according to the details of strategy, which the company shared with analysts recently, it has planned network rollout strategy across 16 key circles, aimed at driving ARPU growth through higher 4G upgrades, enterprise partnerships, digital revenue initiatives and cost optimisation measures that will help save around 4000 crores over next 18 months. (Full report)

10 Aug 2020, 11:21:10 AM IST

Defence stocks soar as govt restricts import of 101 items in phases

Investors are lapping up defence-related stocks as ministry of defence has identified 101 specific weapons, platforms, equipment, imports of which will be restricted in a phased manner over the next five years. Stocks like Bharat Electronics Ltd, Bharat Dynamics Ltd, Hindustan Aeronautics Ltd, Apollo Micro Systems Ltd, Reliance Naval and Engineering rallied 4-12% in early trade on Monday. (Full report)

10 Aug 2020, 11:15:11 AM IST

Punjab & Sind Bank down 1.4%

Net loss of state-owned Punjab & Sind Bank widened to 116.89 crore in the first quarter ended June 30, mainly due to mounting bad loans. The lender had reported a net loss of 30.28 crore during the same quarter a year ago. Sequentially, the bank registered a net loss of 236.30 crore in the fourth quarter last fiscal.

10 Aug 2020, 11:07:26 AM IST

Rupee opens flat against US dollar

The rupee opened on a flat note against the US dollar on Monday tracking weakness in Asian peers even as domestic equities started on a positive note.

At the interbank forex market, the rupee opened weak at 74.96, down 3 paise over its previous close of 74.93.

The domestic unit, however, soon pared the losses and was trading 2 paise higher at 74.91 against the greenback. (PTI)

10 Aug 2020, 11:05:06 AM IST

Eveready Industries hits fresh high

Promoter group Khaitan family's stake in Eveready Industries has slipped below 10% after IndusInd Bank acquired nearly 8% stake by invoking pledged shares of the battery maker. Williamson Magor Group, owned by the Khaitan family, is the promoter while the Burman family is the single largest public shareholder in the city-based company with nearly 20% stake.

10 Aug 2020, 10:59:02 AM IST

Angel Broking on Divis Lab

“Divi’s Laboratories reported an excellent set of numbers in Q1FY21. Consolidated revenue from operations for Q1FY21 stood at 1,730 crores up by 48.8% YoY from 1162.8 crores in Q1FY20.Gross margins stood at 63% in Q1FY21 up by 190 bps from 61.1% in Q1FY20.EBITDA up by 80.9% YoY to 700 Crores as compared to 387 Crores in Q1FY20. Due to increase in profit margins and saving in other expenses and employee cost.Profit after tax for the quarter stood at 492 Crore up by 80.% as compared to 272 Crore in Q1FY20. Company posted above expected set of numbers for the quarter," Yash Gupta, Equity Research Associate, Angel Broking said.

10 Aug 2020, 10:53:09 AM IST

Nifty Pharma rallies over 5%

Divis Labs, Cipla, Sun Pharma, Aurobindo Pharma, Dr Reddy's, Torrent Pharma hit 52-week highs.

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10 Aug 2020, 10:40:35 AM IST

Hareesh V, Head Commodity Research at Geojit Financial Services says

Rising pandemic cases and escalating US-China tensions continue to lift the safe haven demand of gold and thus prices of the commodity. However, with dollar gaining strength after the key US employment numbers and a near record high prices are likely to calm down major buying sentiments.

10 Aug 2020, 10:37:25 AM IST

Yes Securities puts buy on Birla Corporation

Yes Securities has put 'buy' rating on Birla Corporation with a target price of 943.

"BCORP posted volume de-growth of ~34% for Q1FY21 – which was in-line with industry de-growth. NSR of BCORP witnessed marginal decline of 0.5% y/y due to soft prices in East. Peer companies have delivered strong increase in NSR sequentially owing to pricing tailwinds in operating markets and higher share of trade mix (+10-15% shift in mix towards trade segment). However, operating markets of BCORP witnessed stable pricing while trade mix has been high historically for the company (80-85% of sales), leaving less scope for incremental improvement. Cost optimization measures and stable pricing translated into EBITDA/te of 981 (-5% y/y). Absolute EBITDA stood at 2,331 mn (-39.4% y/y) vs. our estimates of 2,445 mn," the brokerage said

10 Aug 2020, 10:29:25 AM IST

Nifty Pharma top sectoral gainer, metal stocks under pressure

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10 Aug 2020, 10:24:31 AM IST

Cipla, M&M, Sun Pharma, Dr Reddy's hit 52-week high

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10 Aug 2020, 10:19:05 AM IST

Divi's Lab becomes second most valuable pharma company in India

Divi's Laboratories Ltd has become the second most valuable listed pharmaceutical company with its share price rising 65% so far in 2020, beating drug makers like Aurobindo Pharma, Dr. Reddy’s Laboratories Ltd and Cipla Ltd that have much higher revenues.

The stock hit an all time high of 3201.85 on Monday, up 15% from its previous close.

10 Aug 2020, 10:15:19 AM IST

Coal India up 0.4%

Mining major Coal India Ltd has revised its production target to 650-660 million tonne for the 2020-21 fiscal in the wake of disruptions caused by the covid-19 pandemic, according to a PTI report. The miner had earlier set a target of 710 million tonne for the fiscal.

10 Aug 2020, 10:07:49 AM IST

ONGC up 1%

ONGC Ltd has approved the offer and issuance of up to 10,000 unsecured, listed, redeemable, non-cumulative, taxable, non-convertible debentures of face value of 10,00,000 at par aggregating to a total issue size of up to 1,000 crore on a private placement basis to identified investors at the interest rate of 6.40% per annum, it said in a regulatory filing.

10 Aug 2020, 10:01:52 AM IST

DCB Bank down 0.4%

The private sector lender posted a marginal decline of 2.5% in net profit at 79 crore for the first quarter of the current financial year. DCB Bank had registered a net profit of 81 crore in April-June, 2019-20.

10 Aug 2020, 09:58:10 AM IST

Eveready Industries up 4%

Promoter group Khaitan family's stake in Eveready Industries has slipped below 10% after IndusInd Bank acquired nearly 8% stake by invoking pledged shares of the battery maker. Williamson Magor Group, owned by the Khaitan family, is the promoter while the Burman family is the single largest public shareholder in the city-based company with nearly 20% stake.

10 Aug 2020, 09:54:09 AM IST

Manish Hathiramani, technical analyst, Deen Dayal Investments says

"The markets have been successful in going past the 11250 mark on opening and has also managed to sustain there. We should now be targeting 11400-11500 as the next level. The support is now at 11100 so any dip can be utilised as a buying opportunity."

10 Aug 2020, 09:52:29 AM IST

Persistent Systems CEO Chris O’Connor resigns

Chief executive officer and executive director of Persistent Systems Christopher (Chris) Robert O’Connor has tendered his resignation with immediate effect, according to a regulatory filing.

10 Aug 2020, 09:47:56 AM IST

Defence companies gain on import embargo

Astra Microwave gains 8.3%

Bharat Forge jumps 6%

BEML up 5.6%

Bharat Electronics surges 1.36%

Bharat Dynamics climbs 7.5%

Rolta India adds 4.5%

India’s defence ministry has brought out a list of 101 items that will be on an import embargo catalogue in a move seen as a major push to boost the indigenous manufacture of military hardware. With this, the defence ministry estimates that contracts worth almost 4 trillion will be placed with domestic industry in the next five to seven years.

10 Aug 2020, 09:42:34 AM IST

IndusInd Bank up nearly 1%

Private sector IndusInd Bank has acquired 7.82% stake in battery maker Eveready Industries by invoking pledged shares following loan default. The bank invoked pledge on 56,83,320 shares forming 7.82% of paid-up equity share capital of Eveready Industries.

10 Aug 2020, 09:37:36 AM IST

Abbott India up 5%

The company reported a 54.22% rise in its net profit to 180.35 crore for the quarter to June 2020. Abbott India had posted a net profit of 116.94 crore for the corresponding period of the previous fiscal.

10 Aug 2020, 09:32:09 AM IST

Cipla jumps 5.15%

Cipla reported a 26.58% rise in its consolidated net profit to 566.04 crore for the quarter ended June on the back of robust sales. Cipla had posted a net profit of 447.15 crore for the corresponding period of the previous fiscal.

10 Aug 2020, 09:22:47 AM IST

Market opening

Indian benchmark share indices opened higher on Monday amid mixed cues from Asian peers. Sensex opened 128 points higher at 38,168.42, while Nifty climbed 70 points at 11,270.25. Bajaj Finance, rising over 1%, was the top Sensex gainer followed by L&T, M&M and IndusInd Bank. Infosys and HCL Tech were the only laggards.

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10 Aug 2020, 09:07:03 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Monday. At 9:04 am, Sensex advanced 108 points or 0.3% to 38,149, while Nifty gained 64 points or 0.6% at 11, 278.

10 Aug 2020, 08:59:12 AM IST

Stocks to Watch

Cipla, IndusInd Bank, DBC Bank, Eveready Industries and Abbott India are among the top stocks that may be in news in today's trade.

10 Aug 2020, 08:40:51 AM IST

Market at close on Friday

Domestic equity benchmarks Sensex and Nifty ended flat on Friday as negative cues from global markets and spiking COVID-19 cases in the country kept investors on the edge.

After touching a low of 37,787.38 during the day, the 30-share BSE Sensex clawed back lost ground to end 15.12 points or 0.04% higher at 38,040.57.

Similarly, the NSE Nifty rose 13.90 points or 0.12% to finish at 11,214.05.

10 Aug 2020, 08:22:02 AM IST

Asian shares trade mixed

Asian shares started cautiously on Monday as investors kept one eye on flaring tensions between the United States and China and another eye on US fiscal stimulus after talks between the White House and Democrat lawmakers broke down.

Australia ASX All Ordinaries gained 1.15%

China's Shanghai SE Composite Index added 0.30%

Hong Kong's Hang Seng dropped 0.30%

Singapore's SGX Nifty advanced 0.2%

10 Aug 2020, 08:22:02 AM IST

Slowing job growth, stimulus worries weigh on Nasdaq

The Nasdaq closed lower on Friday, as data showed a sharp slowdown in US employment growth and investors worried lawmakers would fail to agree on another fiscal stimulus bill to bolster the economy from a coronavirus-induced recession.

The Dow Jones Industrial Average rose 46.5 points, or 0.17%, to 27,433.48, the S&P 500 gained 2.12 points, or 0.06%, to 3,351.28 and the Nasdaq Composite dropped 97.09 points, or 0.87%, to 11,010.98. (Reuters)

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