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Sensex, Nifty close nearly 2% lower; Banks, financial stocks bleed

  • After touching an intraday low of 32,923.74, Sensex settled 552.09 points 1.63% lower at 33,228.80
  • IndusInd Bank, falling over 7%, was the biggest Sensex laggard, followed by Axis Bank, Bajaj Finance, NTPC and ICICI Bank

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15 Jun 2020, 03:37:54 PM IST

Market closing

Indian benchmark equity indices closed nearly 2% lower on Monday, led by heavy selling in banking and financial stocks, as the number of coronavirus cases continued to rise. A second wave of infections in China and weak Asian markets also weighed down the investor sentiment.

After touching an intraday low of 32,923.74, Sensex settled 552.09 points 1.63% lower at 33,228.80. Nifty declined 159.20 points or 1.60% lower at 9,813.70.

IndusInd Bank, falling over 7%, was the biggest Sensex laggard, followed by Axis Bank, Bajaj Finance, NTPC and ICICI Bank. RIL, HCL Tech, Sun Pharma, Mahindra & Mahindra and ONGC were among the gainers.

Among sectoral indices, BSE Bankex and BSE Finance closing 3-4% lower, were top drags.

Of 30 Sensex shares, 25 closed in the red.

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15 Jun 2020, 03:32:57 PM IST

SBI Card launches Video based Customer Identification Process

SBI Card on Monday announced the launch of Video Know Your Customer (VKYC) feature. The credit card arm of India's largest public sector lender launched VKYC following recent Reserve Bank of India (RBI) guidelines permitting VCIP as a method of establishing customer identity together with E-Sign process.

15 Jun 2020, 03:09:22 PM IST

Sun Pharma and Hikma enter into exclusive licensing agreement

Sun Pharma on Monday announced that one of its wholly-owned subsidiaries and Hikma Pharmaceuticals PLC have entered into an exclusive licensing and distribution agreement for ILUMYA™, an innovative biologic product, for the Middle East & North Africa (MENA) region.

ILUMYA™ (tildrakizumab) is an USFDA approved innovative IL-23p19 monoclonal antibody used for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.

15 Jun 2020, 03:05:02 PM IST

Tata Power to develop 120 MW Solar Project in Gujarat

Tata Power has received a Letter of Award from Gujarat Urja Vikas Nigam Limited (GUVNL) to develop a 120 MW solar project in Gujarat.

The energy will be supplied to GUVNL under a Power Purchase Agreement (PPA), valid for a period of 25 years from scheduled commercial operation date. The Company has won this capacity in a bid announced by GUVNL under Phase VIII dated February 2020. The project is required to be commissioned within 18 months from the date of execution of the PPA.

15 Jun 2020, 02:59:21 PM IST

Petrol, diesel price likely to be increased further

As per a report from ICICI securities, while the current retail price hikes are encouraging, further price hike of 5.5 per litre (7-8 per cent) is needed if net margin of oil marketing companies is to recover to 1.19 per litre on July 1, 2020. (Full report)

15 Jun 2020, 02:57:21 PM IST

HC permits airlines to allow passengers on middle seats

The Bombay High Court on Monday permitted all flight operators to allow passengers to occupy middle seats in flights, but said they should strictly comply with guidelines of the Directorate General of Civil Aviation (DGCA) on measures to prevent the spread of covid-19.

15 Jun 2020, 02:48:15 PM IST

LNG terminal owners GAIL, Petronet join India’s first gas trading platform

Liquefied natural gas (LNG) terminal owners, state-run GAIL (India) Ltd and Petronet LNG Ltd (PLL) have joined India’ first natural gas exchange, that went online today, said Rajesh Kumar Mediratta, director, Indian Gas Exchange. (Full report)

15 Jun 2020, 02:44:14 PM IST

Rupee settles 19 paise lower

The rupee depreciated 19 paise and closed below the 76 per dollar mark on Monday as weak domestic equities and sustained foreign fund outflows weighed on investor sentiment.

The rupee opened weak at 75.93 at the interbank forex market. It fell further and finally settled for the day at 76.03 against the US dollar, down 19 paise over its last close. It had settled at 75.84 against the US dollar on Friday.

15 Jun 2020, 02:31:14 PM IST

Bank stocks see sell-off ahead of SC decision on loan moratorium interest waiver

Shares of banking and financial stocks lead the decline of benchmark indices on Monday as investors await Supreme Court (SC) order of possibility of a complete interest waiver during moratorium period. BSE Bankex slipped nearly 4% dragged by sell-off in stocks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank. Benchmark index Sensex slipped over 2% during the day.

15 Jun 2020, 02:17:57 PM IST

Oil falls on growing fears of a second wave of coronavirus

Oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand.

Brent crude was down 93 cents, or 2.4%, at $37.80 a barrel by 0808 GMT. US West Texas Intermediate crude was down $1.33, or 3.7%, at $34.93 a barrel.

15 Jun 2020, 02:14:23 PM IST

India launches maiden gas exchange

Indian Energy Exchange, the country's largest electricity trading platform, is the parent of the gas exchange, and had been planning to set up the nation’s first natural gas exchange to tap into the increasing demand for clean fuel. (Full report)

15 Jun 2020, 02:04:50 PM IST

Wipro up 2.4%

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)

15 Jun 2020, 01:59:21 PM IST

India’s falling prices keep room open for more policy easing

India’s wholesale prices fell more than estimated in May, indicating easing price pressures in the economy ravaged by the coronavirus pandemic.

Wholesale prices fell 3.2% last month from a year earlier, the Commerce Ministry said in a statement on Monday. The median of 16 estimates in a Bloomberg survey of economists was for a 1.2% drop.

The data signals weak demand, and opens room for the central bank to further cut interest rates to support an economy headed for its first annual contraction in more than four decades. The consumer price-targeting Reserve Bank of India has lowered borrowing costs by a cumulative 115 basis points this year, and pledged to ease more to support growth. (Bloomberg)

15 Jun 2020, 01:49:14 PM IST

Nifty Bank, Nifty Financial Services down over 3%

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15 Jun 2020, 01:37:14 PM IST

Lakshmi Vilas Bank up 5%

The Bank has received preliminary, non-binding letter of intent (LoI) from M/s. Clix Capital Services Private Limited & Clix Finance India Private Limited. Under the non-binding LOI, the proposed transaction is subject to completion of due diligence, and will be subject to regulatory and other customary approvals.

15 Jun 2020, 01:26:14 PM IST

Motilal Oswal puts buy on Mindtree

Motilal Oswal has put 'buy' ratings on Mindtree Ltd with a target price of 1,080 and 18% upside. "Conservatively, we were earlier building in ~300bp QoQ contraction in EBITDA margins for 1QFY21, to be followed by further ~170bp QoQ decline in 2QFY21. In that context, the margin defensibility communicated by Mindtree through this exchange update is surprising. Currently, it appears the peak of uncertainty would be behind by 1QFY21, thus, we expect limited likelihood of margin impact beyond the said period. We upgrade our EBIT margin/EPS estimates over FY21-22E by 70-180bp/5-13%," the brokerage said.

15 Jun 2020, 01:21:16 PM IST

Financial heavyweights drag Sensex by over 700 points

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15 Jun 2020, 01:18:28 PM IST

Motilal Oswal maintains buy on Eicher Motors

Motilal Oswal has maintained 'buy' rating on Eicher Motors with a target price of 19,700 and 17% upside. "We cut FY21/FY22 EPS estimates by 29%/10% to factor slower production ramp-up for RE and challenges in VECV volumes. Maintain Buy, with TP of ~INR19,700 (Jun'22 SOTP based)," the brokerage said in a note.

15 Jun 2020, 12:59:30 PM IST

Motilal Oswal puts buy on Mahindra & Mahindra

Motilal Oswal has put 'buy' ratings on Mahindra & Mahindra with a target price of 585 and 15% upside. "We upgrade FY21/FY22E EPS by 8%/2% to reflect an improving mix. An improving core business and possible course correction on capital allocation would drive stock performance as valuations are still cheap. Buy, with TP of ~INR585," the brokerage said in a note.

15 Jun 2020, 12:50:40 PM IST

Market update

Indian stocks declined over 2% on Monday, led by heavy selling in banking and financial stocks, as the number of coronavirus cases continued to rise. A second wave of infections in China and weak Asian markets also weighed down the investor sentiment.

At 12:45 pm, Sensex dropped 749.15 points or 2.22% to 33,031.74. Nifty declined 214.20 points or 2.15% to 9,758.70.

IndusInd Bank, falling over 6%, was the biggest Sensex laggard, followed by Axis Bank, ICICI Bank and NTPC. Mahindra & Mahindra, HCL Tech and ONGC were the rare gainers.

Of 30 Sensex shares, 27 were in the red.

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15 Jun 2020, 12:28:57 PM IST

BSE MidCap down 1.3%

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15 Jun 2020, 12:20:11 PM IST

BHEL ends FY20 miserably; stock down over 5%

It’s not that investor optimism was running high on Bharat Heavy Electricals Ltd (Bhel). High amount of receivables and execution challenges were primary concerns for shares of the state-owned capital goods company. Unfortunately, March quarter results, announced on Saturday, did little to improve the investor outlook. (Full report)

15 Jun 2020, 12:17:57 PM IST

WPI contracts by 3.2% in May

India’s wholesale price inflation contracted in May by 3.21% as the industry department resumed releasing the detailed wholesale price index (WPI) data after suspending it for a month.

The Department of Promotion of Industry and Internal Trade (DPIIT) in the commerce ministry could not collect the wholesale price data for April due to the nationwide lockdown imposed to contain spread of coronavirus pandemic.

15 Jun 2020, 12:00:57 PM IST

TCS slips 1.5%

TCS on Monday announced the launch of TCS Crystallus™, a set of pre-configured industry solutions help industries transform digitally.

"TCS Crystallus caters to various industries, including life sciences, hi-tech, professional services, and travel and transportation. For instance, TCS Crystallus for life sciences includes business solutions like the Intelligent Field Inventory Management solution that uses IoT and blockchain to provide real time visibility of surgical kits to all the ecosystem partners, ensuring right availability at the end point of usage and timely monetization," TCS said in a statement.

15 Jun 2020, 11:53:36 AM IST

Mahindra & Mahindra up nearly 1%

Mahindra & Mahindra (M&M) on Friday reported a consolidated loss of 3,255.02 crore for the January-March quarter, and said it may consider giving up control of its loss-making Korean arm SsangYong Motor Company besides selling its electric two-wheeler company in the US.

M&M also said it is carrying out a detailed analysis of all its loss-making international subsidiaries, after which it will take a call on each of them.

The company is also slashing the capex for the fiscal by 10-15% than earlier planned.

15 Jun 2020, 11:49:32 AM IST

Reliance Industries' partly paid shares surge 7% on debut

Reliance Industries' (RIL) partly paid shares, which were issued in the recent rights offer, on Monday listed on stock exchanges, with a 7% gain at 689 on the BSE.

The rights issue of RIL was subscribed 1.6 times. The issue was open for subscription from 20 May with a simultaneous rights entitlement (RIL RE) platform, which allowed shareholders freely trade their entitlements on a stock exchange for the first time ever. (Full report)

15 Jun 2020, 11:48:01 AM IST

United Breweries board to meet on 24 June

The board of directors of United Breweries Ltd will meet on 24 June to consider the audited financial results for the quarter and year ended 31 March, 2020 and recommend dividend on equity shares for FY20.

15 Jun 2020, 11:38:06 AM IST

BSE Finance down 3%

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15 Jun 2020, 11:25:09 AM IST

Nifty Bank down 4%

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15 Jun 2020, 11:10:48 AM IST

Eicher Motors: Q4 weak but recovery in Royal Enfield provides silver lining

Royal Enfield maker Eicher Motors Ltd reported weak performance for the March quarter (Q4) but said business is seeing a good recovery. The stock gained 1.3% in Monday morning trade.

Revenue and operating earnings fell in the range of 12-37%. Operating profit margins dropped 7.8 percentage points to 19.6%, a record low. Negative operating leverage due to low sales volumes and expenses related to the recall of vehicles impacted the company’s performance last quarter. (Full report)

15 Jun 2020, 10:58:54 AM IST

IDFC First Bank up 0.2%

The lender on Friday said it has raised nearly 2,000 crore by issuing shares on preferential basis to its promoters and various other financial services players.

15 Jun 2020, 10:45:46 AM IST

Sensex slips over 600 points

IndusInd Bank top laggard on the Sensex, followed by Bajaj Finance, Axis Bank, ICICI Bank and Tata Steel.

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15 Jun 2020, 10:29:45 AM IST

Yes Securities maintains buy rating on KNR Constructions

Yes Securities has maintained buy rating on KNR Constructions Ltd with a target price of 266 and 35% upside. "Considering the COVID impact on topline and margins, we cut our estimates for FY21 and FY22. Despite strong order book position, we expect revenues to be under pressure in FY21 due to loss of execution during April and May coupled with existing labor shortage. Operating margin is likely to come under pressure during H1 FY21 due to slow execution while fixed costs continue. However, we believe, the Company is well placed to speed up execution as COVID related impact settles. Continued focus on asset monetization and comfortable balance sheet position provide comfort. We maintain our BUY rating on the stock for revised target of 266," the brokerage said.

15 Jun 2020, 10:18:40 AM IST

Grasim Industries down nearly 2%

Aditya Birla Group firm Grasim Industries reported 45.61% increase in consolidated net profit to 2,305.19 crore for the fourth quarter ended March 31. The company had posted a net profit of 1,583.12 crore during the January-March quarter of the previous fiscal, Grasim Industries said in a regulatory filing.

15 Jun 2020, 10:11:48 AM IST

Petrol and diesel prices raised ninth day in a row

The petrol and diesel price in Delhi touched 76.26 per litre and 74.62 per litre respectively. This comes in the background of country’ petroleum product demand doubling in May. The petrol and diesel prices have been increased by 5 per litre and 4.87 per litre respectively over the last nine days.

15 Jun 2020, 10:04:52 AM IST

Hindalco up 2.4%

The company posted a 43.2% decline in consolidated profit to 668 crore for the last quarter of 2019-20 due to lower income. Hindalco had posted a consolidated profit of 1,178 crore in the year-ago period.

15 Jun 2020, 10:00:53 AM IST

Vodafone Idea up 0.7%

Franklin Templeton Mutual Fund on Sunday said it has received an interest payment of about 103 crore from Vodafone Idea Ltd, which will be distributed among investors in proportion to their holdings in the plans of the segregated portfolios.

15 Jun 2020, 09:55:37 AM IST

Jet Airways down nearly 5%

The NCLT has allowed Jet Airways to sell its premises in Bandra Kurla Complex (BKC) to settle 360 crore dues of mortgage lender HDFC, clear overseas debt and cover corporate insolvency resolution process costs.

15 Jun 2020, 09:45:39 AM IST

Pharma stocks trade firm in the weak market; BSE Healthcare up 1.4%

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15 Jun 2020, 09:43:11 AM IST

AstraZeneca India jumps nearly 6%

Shares of AstraZeneca India extended gains on Monday from previous session, fuelled by hopes that the company will benefit from its Anglo-Swedish parent’s covid-19 vaccine candidate that is being developed with the University of Oxford.

15 Jun 2020, 09:39:49 AM IST

BSE Bankex slips 2.5%; IndusInd Bank top laggard

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15 Jun 2020, 09:35:16 AM IST

Tata Motors down nearly 3%

The company on Saturday said it is buying out its partner Jayem Automotives in their joint venture JT Special Vehicles Pvt Ltd that develops high performance vehicles. Tata Motors has inked a pact to acquire 50 % stake of Jayem Automotives in JT Special Vehicles Pvt Ltd (JTSV).

15 Jun 2020, 09:31:58 AM IST

Eicher Motors up 1.4%

The company reported a 44.22% decline in its consolidated profit after tax (PAT) to 304 crore for the fourth quarter ended March 31, 2020. Eicher Motors had posted a PAT of 545 crore for the corresponding period of the previous financial year, Eicher Motors said in a regulatory filing.

15 Jun 2020, 09:29:04 AM IST

Pharma and IT stocks gain, financials drag

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15 Jun 2020, 09:22:08 AM IST

Market opening

Indian benchmark equity indices opened in the red on Monday tracking weak cues from Asian peers. Sensex opened 110 points lower at 33,670.55, while Nifty dropped 53 points at 9,919.35.

Of 30 Sensex shares, 26 were in the red.

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15 Jun 2020, 09:09:01 AM IST

Market pre-opening

Indian stocks slipped into the red zonein the pre-opening session on Monday. At 9:10 am, Sensex retreated 110.34 points or 0.3% to 33,670.55, while Nifty dropped 53.55 points or 0.6% at 9,919.35.

15 Jun 2020, 08:49:56 AM IST

Stocks to Watch

RIL, Dr Reddy’s, Cadila Healthcare, Tata Motors, Biocon, Jet Airways and Eicher Motors are among the top stocks that may be in focus in today's trade.

15 Jun 2020, 08:48:15 AM IST

Market at close on Friday

After a roller-coaster ride, Indian equities ended higher on Friday. Key indices recouped sharply from the opening lows, which were a result of a massive sell-off in the global markets. A surge in the number of coronavirus cases again and US Federal Reserve's gloomy outlook on recovery for the world's largest economy had clouded investor sentiment on the Wall Street.

While the Sensex rose 242.52 points, or 0.7%, to 33,780.89, Nifty 50 gained 70.90 points, or 0.7%, to 9,972.90.

15 Jun 2020, 08:47:00 AM IST

Oil update

Oil extended losses after posting its first weekly loss since late April. Brent crude was last down 2.25% at $37.86 a barrel while US crude fell 3.09% to $35.14.

Oil investors await OPEC+ committee meetings of experts later this week who will advise the producer group and its allies on output cuts.

15 Jun 2020, 08:39:59 AM IST

Asian stocks under pressure

Asian markets started the week on the backfoot on Monday while oil prices slipped as fears of a second wave of coronavirus infections in China sent investors scurrying for safe-havens.

Singapore's SGX Nifty dropped nearly 1% indicating a weak opening for Indian stocks.

Japan’s Topix index was down 0.2%.

Hong Kong’s Hang Seng fell 0.6%.

Kospi Index dropped 0.2%.

Shanghai Composite lost 0.1%.

Australia’s S&P/ASX 200 Index, which tumbled almost 5% the previous two sessions, was down 0.1%.

15 Jun 2020, 08:39:59 AM IST

Wall Street ends higher

US stocks ended higher on Friday as bargain hunters stepped back into the market following sharp losses a day earlier, but all three major indexes suffered their biggest weekly percentage declines since March.

The Dow Jones Industrial Average rose 477.37 points, or 1.9%, to 25,605.54, the S&P 500 gained 39.21 points, or 1.31%, to 3,041.31 and the Nasdaq Composite added 96.08 points, or 1.01%, to 9,588.81.

For the week, the Dow ended down 5.6%, the S&P 500 fell 4.8% and the Nasdaq shed 2.3%, the biggest weekly percentage declines for the indexes since the week ended March 20.

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