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Market rally fizzles out after 2% gains; RIL among top laggards

Photo: Ramesh Pathania/MintPremium
Photo: Ramesh Pathania/Mint

  • Indian stocks failed to hold on to the robust gains made earlier in the day and ended flat after traders shrugged off RIL AGM announcements
  • Sensex dropped about 800 points from day's high to settle at 36,051.81, up 18.75 points or 0.05%, while Nifty ended 28.10 points or 0.26% higher at 10,635

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15 Jul 2020, 03:41:04 PM IST

Market closing

Indian stock market failed to hold on to the robust gains made earlier in the day and ended flat amid profit booking in RIL.

Sensex dropped about 800 points from day's high to settle at 36,051.81, up 18.75 points or 0.05%, while Nifty ended 28.10 points or 0.26% higher at 10,635.

Infosys, closing 6% higher, was the top Sensex gainer followed by HCL Tech, TCS, TechM, Axis Bank and ITC. RIL, Bharti Airtel, ONGC, IndusInd Bank and SBI were among the top laggards.

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15 Jul 2020, 03:08:24 PM IST

Eveready Industries jumps 10%

Shares of Eveready Industries India surged 9.96% after Burman family acquired 8.48% stake.

At 03:00 pm, Eveready Industries was trading at 92.85 up 4.44% from its previous close, while the benchmark index, Sensex gained 0.91% to 36362.65.

Shares of the battery maker added 20.90% in two sessions.

15 Jul 2020, 02:57:35 PM IST

New OS for entry level 4G/5G smartphones

Google and Jio are partnering to build an Operating System that could power a value engineered, entry-level 4G/5G smartphone, says Mukesh Ambani.

15 Jul 2020, 02:52:23 PM IST

RIL shares slip into the red

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15 Jul 2020, 02:47:16 PM IST

Rupee closing

The rupee appreciated 27 paise to settle at 75.15 against the US dollar on Wednesday tracking weakness in the greenback and gains in the domestic equity market.

The rupee opened at 75.35 against the US dollar, then gained further ground and finally settled at 75.15 against the US dollar, up 27 paise over its previous close.

It had settled at 75.42 against the greenback on Tuesday.

15 Jul 2020, 02:39:08 PM IST

RIL unveils Jio Glass

Jio’s latest innovation, Jio Glass, is at the cutting edge of technology that provides best-in-class Mixed Reality services to give users a truly meaningful immersive experience, says Kiran Thomas, President RIL.

15 Jul 2020, 02:30:15 PM IST

Jio ready with world class 5G solution, says Mukesh Ambani

Jio’s global-scale 4G and fiber network is powered by several core software technologies and components. It is this capability and know-how that positions Jio on the cutting edge of another exciting frontier- 5G

15 Jul 2020, 02:24:56 PM IST

Google will invest ₹33,737 crores for a 7.7% stake in Jio Platforms

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15 Jul 2020, 02:14:32 PM IST

Mukesh Ambani says...

"A strategic partnership with Google, under which the US-based IT giant will invest 33,737 crore for a 7.7% stake in Jio Platforms.

1,52,056 crore have been invested in Jio Platforms.

RIL's exports stood at 2,02,830 crore in FY20. The company accounts for 9.1% of India's total merchandise exports and 21,660 crore to customs and excise duty- highest in the private sector.

RIL's contribution to India's exchequer unmatched. The company is one of India's highest payer of income tax at 8,368 crore. RIL is also India's highest tax payer with 69,372 crore in GST and VAT payments.

RIL's consumer business EBITDA growth stood at 49%, contributing about 35% to the company's consolidated EBITDA.

JioMeet has already been downloaded by over 5 million users."

15 Jul 2020, 02:01:37 PM IST

Zydus Cadila gets USFDA nod to market ointment for treating skin conditions

Drug firm Zydus Cadila on Wednesday said it has received final nod from the US health regulator to market generic Betamethasone Dipropionate ointment used for the treatment of a variety of skin conditions.

The company has received final approval from the United States Food and Drug Administration (USFDA) to market Betamethasone Dipropionate ointment USP 0.05 per cent, Zydus Cadila said in a statement. (Full report)

15 Jul 2020, 01:53:07 PM IST

Wipro surges nearly 16%

IT company Wipro on Tuesday posted a marginal increase in consolidated profit to 2,390.4 crore for the quarter ended on June 30, 2020. The company had posted a consolidated profit, attributable to equity holders, of 2,387.6 crore in the same period a year ago.

15 Jul 2020, 01:52:38 PM IST

BSE IT up 5%

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15 Jul 2020, 01:42:45 PM IST

Zydus Cadila starts human dosing of covid-19 vaccine candidate

Zydus Cadila Ltd has started human dosing of its covid-19 vaccine candidate as part of its phase I and II trial to test for its safety and immunogencity of the vaccine.

“We look forward to the adaptive phase I/II clinical studies and gathering important data on ZyCoV-D in the months ahead," Zydus Cadila chairman Pankaj R. Patel said in a statement. (Full report)

15 Jul 2020, 01:40:03 PM IST

PSBs approve buying bonds, CPs worth ₹14,667 crore issued by NBFCs

The finance ministry on Wednesday said state-owned banks have approved purchase of bonds and commercial papers (CPs) worth 14,667 crore issued by 67 non-banking financial companies (NBFCs), under the Partial Credit Guarantee Scheme (PGCS).

"As of 10 July, 2020, under the extended PCGS, PSBs (public sector banks) have approved for purchase bonds/commercial papers issued by 67 NBFCs amounting to 14,667 crore, of which 6,845 crore is for bonds/CPs rated below AA, providing liquidity support to NBFCs with lower rated Bonds/CPs," finance minister Nirmala Sitharaman’s office said in a tweet. (Full report)

15 Jul 2020, 01:22:33 PM IST

Infosys, RIL lift Sensex by over 650 points

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15 Jul 2020, 01:12:45 PM IST

Moratoriums, a debt trap for microfinance?

A large share of poor households depend on small loans from MFIs. According to industry body Sa-dhan, around 85% of the borrowers have already opted for the moratorium by May-end. The mounting interests during the moratorium period pose a huge challenge for the sustenance and profitability of MFIs. (Full report)

15 Jul 2020, 01:00:09 PM IST

Delivery on targets set by RIL in its AGMs has been mixed

Since 2016, Reliance Industries Ltd (RIL) has used its annual general meetings (AGMs) as a platform to announce strategic initiatives. Of course, it all started with the launch of Reliance Jio’s 4G services, and chairman Mukesh Ambani’s target to achieve 100 million subscribers within the shortest possible time.

Hardly anyone had envisaged that the target would be achieved within only 170 days. And while we may nitpick about Jio services being free while it notched up its first 100 million subscribers, it turned out that customers stayed even after the company started charging them. (Full report)

15 Jul 2020, 12:47:16 PM IST

Borrowing costs ease for NBFCs but the sector faces big challenges

India’s shadow banks are benefiting from a drop in borrowing costs after government stimulus steps, but the troubled sector faces more challenges ahead as the economy reels from the pandemic.

The lenders’ borrowing costs declined in June for a second straight month, according to a gauge that’s among four indicators compiled by Bloomberg to check on the health of the industry. But the fall is primarily because of easy cash conditions in the nation’s banking system and not because businesses have strengthened, according to Sundaram Asset Management Co. (Full report)

15 Jul 2020, 12:38:35 PM IST

Most sectoral indices in the green on NSE

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15 Jul 2020, 12:35:28 PM IST

RIL among world's top 50 most-valued publicly traded firms

Mukesh Ambani-led Reliance Industries Ltd on Wednesday entered the list of the world's top 50 most-valued publicly traded firms after its shares surged over 120% since mid-March.

The rise in market value of the oil-to-telecom conglomerate is driven by its retail and telecom businesses. (Full report)

15 Jul 2020, 12:28:56 PM IST

Reliance shareholders richer by ₹3.2 trn in 2020

Reliance Industries Ltd annual shareholders meeting is nothing less of a great Indian wedding where lakhs of investors travel far distance to catch a glimpse of chairman Mukesh Ambani and the entire family. However, this time Birla Matoshri auditorium in Mumbai, where Reliance Industries has been generally holding its annual general meeting (AGM), will remain empty on 15 July as the the company will host its 43rd AGM virtually for first time ever.

According to stock exchange filings, RIL has close to 2.63 million retail shareholders as on March. Shareholders around the world will log on to virtual platforms to hear Mukesh Ambani speak but the fanfare is not diluted.

The stock has been hitting new record highs this month. On Wednesday, Reliance Industries shares hit record high at 1978.50, gaining around 3%. This year so far, Reliance shareholders have become richer by 3.2 trillion while the stock has gained 30.41% from beginning of January till now. Despite the stock markets crash post covid-19 led lockdown, the company has successfully raised funds. On 23 March, when benchmark indices had seen single decline Reliance shares hit a low of 867.82 and since then it has soared 126%.

15 Jul 2020, 12:06:02 PM IST

RIL AGM expected to be technology focused after Jio Platforms fundraise

Over the past few years, RIL AGMs have been increasingly marked by announcements of the long term telecom-technology vision for the company starting from the Reliance Jio Infocomm telecom services, the JioPhone and a digital commerce ecosystem. The company has been increasingly positioning itself among technology companies with major strides in telecom, data services, content and digital commerce spaces among many others. (Full report)

15 Jul 2020, 11:56:25 AM IST

Nifty IT rallies 5.4%; Infosys, MphasiS, HCL Tech, L&T Infotech hit 52-week highs

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15 Jul 2020, 11:48:37 AM IST

Market update

Indian equity benchmark indices rallied about 2% in early trade on Wednesday led by gains in index-heavyweights Infosys and Reliance Industries amid largely positive trend in global markets.

At 11:40 am, Sensex was at 36,786.11, up 753.05 points or 2.09%, while Nifty advanced 209.50 points or 1.98% to 10,816.85.

Shares of Infosys surged as much as 8% intraday to hit a fresh 52-week high of 848 apiece on the BSE. Axis Bank, HCL Tech, TechM, Bajaj Finance and Bajaj Finserv were among other gainers.

Reliance Industries Ltd entered the club of top 50 most valuable publicly traded firms globally. The shares of the oil-to-telecom conglomerate have rallied over 120% since mid-March, led by which it became first Indian firm to cross 12 trillion market capitalisation.

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15 Jul 2020, 11:36:03 AM IST

Indian pharma market grows 2.4% y-o-y in Q1 after April-May slump

The Indian pharma market has seen an encouraging pickup in total sales in June, but the pace of recovery is still slow. After a drop in April and May, the total pharma market grew about 2.4% year-on-year (y-o-y) in June.

The covid-19 pandemic that saw patient visits to doctors and hospitals decline during the lockdown is slowly reversing. But the overall growth rate still remains slow and could well slow down the rise of the Nifty Pharma index which gained about 27% year to date. (Full report)

15 Jul 2020, 11:24:23 AM IST

Emami slips 1.5%

The company has completed the divestment of 100% equity stake in Emami Cement Limited to Nuvoco Corporation Limited for an enterprise value of 5,500 crore, Emami Ltd said in a regulatory filing.

15 Jul 2020, 11:13:08 AM IST

Oil India up 1.5%

The Department of Telecommunications on Tuesday withdrew its order asking state-owned Oil India Ltd to pay 48,489 crore in adjusted gross revenue related dues, Oil India said in a stock exchange filing.

15 Jul 2020, 11:05:37 AM IST

Maruti Suzuki to recall 1.34 lakh units of Baleno, WagonR

Maruti Suzuki India Limited has proactively announced to voluntarily undertake a recall for WagonR (1 Litre) manufactured between November 15th 2018 and October 15th 2019 and Baleno (Petrol) manufactured between January 8th 2019 and November 4th 2019, according to a regulatory filing. The recall will cover 134,885 vehicles of both Baleno and WagonR models.

15 Jul 2020, 10:58:59 AM IST

Angel Broking on Wipro's Q1 earnings

“Wipro reported a 7.3% qoq degrowth in IT services revenues to USD 1.92bn which was in line with market expectations. In rupee terms consolidated revenue contracted by 5.1% qoq to 14,913 crore while gross profits increased by 5.7% qoq to 4,543 crore. Gross margins expanded by 311bps qoq to 30.5% given a sharp decline in cost of revenues by 9.1% qoq. Consolidated operating profit for the quarter was up by 2.1% qoq while consolidated operating margins were up by 127bps qoq to 18.1%. Operating margins for the IT services business improved by 140bps qoq to 19.0%. Net profit for the quarter was up by 2.8% qoq to 2,390 crore. While the Q1FY21 revenues were in line with street estimates margins and profits came in well above street estimates due to cost control by the company. Markets will also look forward to management commentary and their outlook for the rest of the year given likely budget cuts by clients."

15 Jul 2020, 10:54:50 AM IST

Infosys surges 8% ahead of Q1 earnings announcement

The net profit of Infosys for the quarter ended March was down nearly 3% q-o-q at 4,335 crore, even as revenues grew 0.8% sequentially to 23,267 crore.

15 Jul 2020, 10:47:09 AM IST

Rupee surges 14 paise to 75.28 against US dollar in early trade

The rupee appreciated 14 paise to 75.28 against the US dollar in early trade on Wednesday tracking weakness in the greenback and gains in the domestic equity market.

The rupee opened at 75.35 against the US dollar, then gained further ground and touched 75.28 against the US dollar, up 14 paise over its previous close.

It had settled at 75.42 against the greenback on Tuesday.

15 Jul 2020, 10:46:06 AM IST

SBI up nearly 2%

The shareholders of country’s largest public sector lender have approved raising of equity capital up to 20,000 crore via various modes including FPO, or private placement QIP, ADR/GDR or a combination of these.

15 Jul 2020, 10:30:47 AM IST

Cadila Healthcare up nearly 1%

Drug firm Zydus Cadila on Wednesday said it has started human clinical trials of its COVID-19 vaccine candidate ZyCoV-D.

In the phase of trials, the company will be enrolling over 1,000 subjects across multiple clinical study sites in India, it said in a regulatory filing.

The adaptive phase I/ II human clinical trials of ZyCoV-D have commenced with the first human dosing, it said, adding that “the adaptive phase I/II dose escalation, multi-centric study will assess the safety, tolerability and immunogenicity of the vaccine."

15 Jul 2020, 10:21:36 AM IST

Dabur India up 0.5%

FMCG major Dabur's promoters have hiked their stake in dry cell battery major Eveready Industries by 8.48% to close to 20% by acquiring 61.67 lakh shares from the open market on Tuesday, according to a BSE filing. On the other side, Khaitan family, the promoters of Eveready Industries, has seen a sharp decline in its holding from close to 44% to around to 22% over the past one year after lenders relentlessly invoked pledged shares.

15 Jul 2020, 10:12:04 AM IST

Infosys Q1 earnings: Five things to watch out for

Given the business uncertainty, analysts believe IT companies will refrain from giving any annual guidance until the next two quarters or so. ICICI Securities expects Infosys to report a 5.2% q-o-q decline in dollar revenues in constant currency terms. “In addition, with cross currency headwind of 30 basis points, we expect dollar revenues to decline 5.5% q-o-q to $3021 million." In rupee terms, revenues are expected to decline 1.6% q-o-q. (Full report)

15 Jul 2020, 10:04:36 AM IST

RIL hits 52-week high ahead of AGM

Shares of Reliance Industries Ltd (RIL) jumped about 2% intraday on Wednesday to hit a fresh 52-week high of 1948.75 apiece on the BSE.

15 Jul 2020, 09:57:02 AM IST

Kotak Institutional Equities maintains 'buy' on RIL

"We reiterate BUY on RIL, while raising our SoTP-based FV to 2,150 from 1,750 earlier, ascribing higher value to the retail business and rolling forward to September 2021; our estimates remain largely unchanged as we incorporate the recent transactions and FY2020 AR. Progress on digital commerce business, monetization of incremental ecosystem opportunities, increase in telecom tariffs and recovery in O2C business environment are the key catalysts to watch out for. Potential closure of transactions related to O2C and fiber-InvIT, and further strategic partnerships in digital services and retail business can be positive triggers as well," the brokerage said.

15 Jul 2020, 09:47:12 AM IST

Yes Bank gains 2.6%

Private sector lender Yes Bank Ltd said that it has allotted 3.41 billion shares as part of the anchor book allotment for its 15,000 crore follow-on public offering (FPO), raising 4,098 crore. The anchor allotment was led by Tilden Park, which invested 2,250 crore. Shares were allocated to the anchor investors at a price of 12 per share.

15 Jul 2020, 09:41:41 AM IST

Wipro up 13.31%

IT company Wipro on Tuesday posted a marginal increase in consolidated profit to 2,390.4 crore for the quarter ended on June 30, 2020. The company had posted a consolidated profit, attributable to equity holders, of 2,387.6 crore in the same period a year ago.

15 Jul 2020, 09:35:01 AM IST

Delta Corp up 5%

Company’s June quarter consolidated net loss stood at 282.4 million versus a profit of 424.8 million year ago. Consolidated net sales in June quarter stood at 483.4 million versus 1.87 billion in Q1FY20.

15 Jul 2020, 09:28:20 AM IST

RIL AGM may blow the bugle for financial services launch

Reliance Industries Ltd (RIL)'s annual shareholder meetings are never a dull affair. But this year could be different as the oil-to-telecom conglomerate gears up to hold its first online annual general meeting ever on Wednesday.

RIL's over a lakh shareholders can log in simultaneously from 500 different locations in India and abroad to attend the meeting. (Full report)

15 Jul 2020, 09:20:36 AM IST

Market opening

Indian benchmark equity indices opened about 1% higher on Wednesday, tracking firm cues from global peers.

Sensex opened at 36,314.76, up 281 points, while Nifty opened 94 points higher at 10,701.

Axis Bank, up over 2%, was the top Sensex gainer followed by Infosys, Tata Steel, Bajaj Finance and IndusInd Bank. Bharti Airtel, ITC, Nestle and Kotak Bank were among the laggards. Of 30 Sensex shares, 26 were in the green.

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15 Jul 2020, 09:04:22 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Wednesday. At 9:01 am, Sensex jumped 267.37 points or 0.7% higher at 36,300.43, while Nifty advanced 109 .90 points or 1% to 10,717.25.

15 Jul 2020, 08:55:29 AM IST

Stocks to Watch

Wipro, Infosys, Yes Bank, SBI, Dabur, RIL and Emami are among the top stocks that may be in focus in today's trade.

15 Jul 2020, 08:39:37 AM IST

Markets at close on Tuesday

Indian benchmark equity indices closed nearly 2% lower on Tuesday, dragged by losses in banks and financial stocks amid selloff in global markets.

The BSE gauge Sensex ended 660.63 points or 1.80% lower at 36,033.06; while the NSE Nifty closed 195.35 points or 1.81% down at 10,607.35.

Banking stocks continued to slump, crashing over 3%; while metals and auto counters emerged as other major sectoral laggards, ending lower by 2.5% each.

15 Jul 2020, 08:39:38 AM IST

Asian shares rise

Asian shares jumped on Wednesday as optimism about a coronavirus vaccine bolstered risk appetite while the euro rose to a four-month top on the prospect of stimulus ahead of a crucial EU summit.

Japan’s Topix index gained 1.3%.

Hong Kong’s Hang Seng rose 0.2%.

South Korea’s Kospi index climbed 0.7%.

Australia’s S&P/ASX 200 Index gained 1.6%.

Singapore's SGX Nifty advanced 0.74%, indicating a firm opening for Indian benchmark indices.

15 Jul 2020, 08:39:38 AM IST

Wall Street ends higher

Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2% higher as investors bought energy and materials stocks and looked beyond a recent rise in coronavirus cases.

The Dow Jones Industrial Average surged 2.13% to end at 26,642.59 points, while the S&P 500 gained 1.34% to 3,197.52. The Nasdaq Composite added 0.94% to 10,488.58.

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