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Markets close 1% higher despite India-China tensions; HDFC twins, ICICI Bank top gainers

  • Sensex, Nifty slipped into the red in the afternoon trade over fears of escalating tensions between India and China
  • Benchmark equity indices, which rallied more than 2% in the morning trade, fell 0.5% after the news

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16 Jun 2020, 03:37:54 PM IST

Market Closing

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.

HDFC twins and ICICI Bank, surging nearly 4% each, were top Sensex gainers, followed by Infosys, Kotak Bank and Hero MotoCorp. IndusInd Bank, TechM, Axis Bank and ITC were among the top laggards on the 30-share barometer.

Of 30 Sensex shares, 16 closed in the red.

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16 Jun 2020, 02:58:17 PM IST

Tata Motors shares slip 8% on weak March quarter performance

Shares of Tata Motors fell as much as 8.41% on Tuesday after the company posted a consolidated net loss of 9,894.25 crore in the March 2020 as against a net profit of 1,117.48 crore a year ago.

The shares recouped some losses and were trading at 94.25 down 6% from its previous close, while the benchmark index, Sensex gained 0.9% to 33,529.15 points. (Full report)

16 Jun 2020, 02:47:37 PM IST

Oil update

Brent Crude Oil Futures gain $1 to $40.72/bbl

16 Jun 2020, 02:35:36 PM IST

Mindtree pleasantly surprises with sanguine covid-19 impact update

Mindtree Ltd projected a softer than expected blow to its performance from covid-19. The stock gained 1.5% this week after the company said it expects a high single-digit decline in dollar revenues in current quarter (Q1 FY21) from Q4 FY20.

Travel, transport and hospitality which contributed 16% of Mindtree’s revenues in the March quarter is likely to be impacted by covid-19 pandemic. (Full report)

16 Jun 2020, 02:29:56 PM IST

Motilal Oswal neutral on Havells India

Motilal Oswal has maintained 'neutral' rating on Havells India with a target price of 515. "We forecast FY20–22E revenue/EBITDA/PAT growth of 6%/9%/5% as FY21 is expected to be a washout. Note that our adj. PAT growth is lower than EBITDA growth as tax rates should normalize to 25.2% from 18.7% in FY20. We maintain a Neutral rating with TP of INR515 as we await a better entry point in the stock," the brokerage said in a note.

16 Jun 2020, 02:25:14 PM IST

Rupee closing

Rupee pares initial gains, settles 17 paise down at 76.20 (provisional) against US dollar.

16 Jun 2020, 02:17:39 PM IST

Market update

Indian shares fell in afternoon trade over fears of escalating tensions between the country and China after the Indian army said one of its officers and two soldiers were killed in a "violent face-off" along the Line of Actual Control (LAC).

The Nifty and the Sensex, which rallied more than 2% in the morning trade on hopes of a liquidity boost from the US corporate bond-buying program, fell 0.5% after the news.

16 Jun 2020, 01:44:20 PM IST

Sensex slips into the red

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16 Jun 2020, 01:39:27 PM IST

Cable, DTH overlook ARPU to retain users

While several other industries perish with dwindling revenues, broadcast distribution platforms in India, including cable and direct-to-home (DTH) services, say they are pinning hopes on either retaining their subscriber base or seeing an increase of at least 7-8% post the covid-19 pandemic. This will happen despite lower ARPUs (average revenue per user) as companies allow deferred payments or options to choose cheaper packs. (Full report)

16 Jun 2020, 01:28:03 PM IST

Indian Army officer, two soldiers killed near China border

“During the de-escalation process underway in the Galwan Valley, a violent face-off took place yesterday night with casualties. The loss of lives on the Indian side includes an officer and two soldiers. Senior military officials of the two sides are currently meeting at the venue to defuse the situation," the Indian army statement said. (Full report)

16 Jun 2020, 12:52:30 PM IST

Bayer CropScience hits 52-week high

Bayer CropScience has partnered with ITC to market its crop protection products to farmers through the latter's e-Choupal online platform.

The partnership has commenced as a pilot project in Mysore, Karnataka, and will gradually be expanded to other geographies across India, Bayer CropScience said in a statement.

16 Jun 2020, 12:42:03 PM IST

Top gainers on Nifty Bank

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16 Jun 2020, 12:38:53 PM IST

FMCG, pharma stocks slip into the red

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16 Jun 2020, 12:27:29 PM IST

FDI inflows into India may dip sharply in 2020: UNCTAD

the impact of the pandemic and the consequent lockdown measures, supply chain disruptions and economic slowdown even as FDI inflows to the country jumped over 20% to $51 billion in 2019, according to the United Nations Conference on Trade and Development (UNCTAD).

According to the World Investment Report 2020, India jumped from 12th position in 2018 to 9th position in 2019 among the world’s largest FDI recipient.

16 Jun 2020, 12:23:48 PM IST

HDFC twins, Infosys top index contributors

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16 Jun 2020, 12:09:34 PM IST

Motilal Oswal maintains buy on Tata Motors

Motilal Oswal has maintained 'buy' ratings on Tata Motors with a target price of 122 and 22% upside. "We lower our FY21/FY22 EBITDA by -18%/0% to factor weakness in volumes in both businesses and higher interest cost, resulting in PAT loss in both the years. Maintain Buy, with TP of INR122 [Jun’22-based SOTP]," the brokerage said in a note.

16 Jun 2020, 12:05:12 PM IST

Exports may mitigate pain of a recession year for India

Exports shrank by a smaller margin of 36% in May compared with a 60% contraction in April. Much of this improvement is attributed to smoothening of supply chain disruptions as many countries began to ease lockdown measures. (Full report)

16 Jun 2020, 12:02:58 PM IST

After subdued Q4, near-term growth elusive for Grasim Industries

Shares of Grasim Industries Ltd are about 27% lower than its highs seen in January. Unfortunately for investors, March quarter results announced on Saturday bring little respite. (Full report)

16 Jun 2020, 11:57:41 AM IST

Sensex off day's high

After touching an intraday high of 34,022.01 points in the morning trade, Sensex pared some of the gains. At 11:55 am, Sensex was up 544.56 points or 1.64% at 33,773.36.

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16 Jun 2020, 11:50:48 AM IST

BSE MidCap up over 1%

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16 Jun 2020, 11:41:32 AM IST

Tata Motors turns focus to costs, cash optimisation

Tata Motors Ltd reported weaker-than-expected numbers for the March quarter. The stock, which lost 4.7% Monday, is trading with a marginal loss of 0.5% in Tuesday's session.

Revenue dropped 28% reflecting a sharp fall in automobile sales. Low sales adversely impacted the operating leverage. Operating profit margin more than halved. Add to this, the impairment charges pertaining to India passenger vehicle business, the firm reported a massive loss of 9,313 crore for Q4FY20. (Full report)

16 Jun 2020, 11:37:35 AM IST

Dalmia Bharat's operating efficiency improves in Q4, but road ahead is rocky

Dalmia Bharat’s fourth-quarter results showed an improvement in operating efficiencies despite the company seeing a fall in sales volumes. This seems to have spurred the stock on Tuesday as it gained about 2% in early trade.

The fourth-quarter revenues were lower due to the lockdown. In fact, the company saw a 7% year-on-year (y-o-y) decline in volumes during the quarter. This lower volume growth reflected in a fall in revenues of about 11% y-o-y. (Full report)

16 Jun 2020, 11:22:38 AM IST

Alembic Pharma up 4%

Alembic Pharmaceuticals Limited today announced that the company has received final approval from the US FDA for its Abbreviated New Drug Application (ANDA) Deferasirox Tablets.

Deferasirox tablets are indicated for treatment of Chronic Iron Overload Due to Blood Transfusions (Transfusional Iron Overload) and for treatment of Chronic Iron Overload in Non-Transfusion-Dependent Thalassemia Syndromes.

16 Jun 2020, 11:12:10 AM IST

Market update

Indian shares rose about 2% on Tuesday, joining a global rally, after the US Federal Reserve's corporate bond buying programme boosted hopes of liquidity in domestic markets.

At 11:05 am, Sensex added 662 points or 2% at 33,890.80 while Nifty advanced 193.55 points or 2% at 10,007.25.

Tata Steel, ICICI Bank, HDFC twins and Infosys, surging up to 4%, were top Sensex gainers, followed by Kotak Bank, Hero MotoCorp and Bajaj Finance.

Of 30 Sensex shares 29 were in the green. Tech Mahindra, marginally down was the only laggard.

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16 Jun 2020, 11:03:29 AM IST

Axis Bank up 0.4%

Veteran banker Pralay Mondal has quit Axis bank as its retail banking head citing personal reasons, a year after he joined the bank. Mondal will step down in the month of September 2020 to pursue other opportunities, the bank said.

16 Jun 2020, 11:01:48 AM IST

Can Fin Homes up 7%

The housing finance arm of Canara Bank, reported a 35.84% rise in its net profit to 90.91 crore for the March 2020 quarter, on the back of higher interest income. The company had posted a net profit of 66.92 crore during the corresponding quarter of FY19.

16 Jun 2020, 10:58:35 AM IST

Tata Communications hits 52-week high

Tata Communications today announced that the Asia Direct Cable (ADC) Consortium, of which it is a member, is building a high-performance submarine cable connecting China (Hong Kong SAR and Guangdong Province), Japan, the Philippines, Singapore, Thailand and Vietnam. The consortium has selected NEC Corporation to construct the 9,400-kilometer long ADC cable, which is expected to be completed by the fourth quarter of 2022.

16 Jun 2020, 10:53:54 AM IST

Cadila Healthcare up 0.6%

Zydus Cadila has received final approval from the USFDA to market Deferasirox Tablets (US RLD: Jadenu™ Tablets) in the strengths of 90 mg, 180 mg and 360 mg.

Deferasirox binds to iron and removes it from the bloodstream. It is used to treat iron overload caused by blood transfusions in adults and children who are at least 2 years old.

16 Jun 2020, 10:42:44 AM IST

Rupee rises 19 paise in early trade

The rupee appreciated 19 paise to 75.84 against the US dollar in early trade on Tuesday tracking gains in Asian currencies and the domestic equity market.

The Indian unit opened strong at 75.89 against the US dollar, then gained further ground and touched 75.84 against the US dollar, up 19 paise over its previous close. It had settled at 76.03 against the greenback on Monday.

16 Jun 2020, 10:32:38 AM IST

HCL Infosystems down 5%

The company's consolidated loss widened to 70.94 crore for March 2020 quarter from 43.90 crore in the year-ago period. HCL Infosystems’ revenue from operations also decreased to 227.71 crore in January-March 2020 quarter from 875.60 crore a year ago.

16 Jun 2020, 10:30:31 AM IST

JK Tyre and Industries drops nearly 4%

The company reported a consolidated net loss of 52.78 crore for the fourth quarter ended March 31, 2020. JK Tyre and Industries had posted a net profit of 33.66 crore for January-March period of FY19.

16 Jun 2020, 10:04:38 AM IST

CSB Bank up 6%

Kerala-based lender on Monday reported narrowing of losses in the March quarter to 59.69 crore as against 150.64 crore in the year-ago period. For FY2019-20, CSB Bank reported a net profit of 12.72 crore as against a loss of 197.42 crore in the year-ago period.

16 Jun 2020, 09:55:37 AM IST

Ind-Swift Laboratories climbs 10%; hits upper circuit

The company is all set to commercially launch its key API – Fexofenadine - an AntiHistamine Drug used for the treatment of seasonal allergic rhinitis and Urticaria in US market, it said in a regulatory filing.

16 Jun 2020, 09:46:59 AM IST

Pfizer slips over 1%

The company reported a 5.90% decline in net profit at 103.01 crore for the quarter ended March 31, 2020. Pfizer had posted a net profit of 109.47 crore in the corresponding period of the previous fiscal.

16 Jun 2020, 09:41:10 AM IST

Pay cut at Tata Sons

Top brass at Tata Sons and Tata Group companies will take 15-20% pay cut to cushion the impact of coronavirus on costs, CNBC-TV18 reported quoting sources.

16 Jun 2020, 09:33:11 AM IST

Banks, Financial stocks rally

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16 Jun 2020, 09:31:49 AM IST

Lakshmi Vilas Bank gains 5%; hits upper circuit

Mid-size private sector lender Lakshmi Vilas Bank has received a preliminary proposal from the Aion Capital-backed non-banking lender Clix Capital for a merger that will augment the Chennai-based lender's capital base by around 1,900 crore.

16 Jun 2020, 09:27:17 AM IST

Tata Motors up 2%

The company reported a consolidated net loss of 9,863.75 crore for the January-March period of FY20. During the same period of the previous fiscal, the company had reported a net profit of 1,108.66 crore.

16 Jun 2020, 09:26:27 AM IST

RIL gains nearly 1%

Saudi Arabia’s sovereign wealth fund, PIF, is all set to pick up a stake in Jio Platforms which would complete 25% of Jio’s equity dilution to the investors, news agency IANS said quoting a report by the Gulf News. The Public Investment Fund (PIF) will acquire 2.33% stake in the RIL subsidiary for around $1.5 billion.

16 Jun 2020, 09:23:09 AM IST

Market opening

Indian benchmark equity indices opened over 2% higher on Tuesday tracking firm cues from global peers. Sensex opened 625 points higher at 33,853.72, while Nifty advanced 201 points to open at 10,014.80. IndusInd Bank and ICICI Bank, surging 3-4%, were top Sensex gainers, followed by Tata Steel, Bajaj Finance and Axis Bank. All stocks in the 30-share barometer were in the green.

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16 Jun 2020, 09:06:13 AM IST

Market pre-opening

Indian markets were in the green in the pre-opening session on Tuesday. At 9:03 am, Sensex added 421.76 points or 1.27% at 33,650, while Nifty advanced 190.10 points or 1.94% to 10,003.80.

16 Jun 2020, 08:45:24 AM IST

Stocks to Watch

RIL, Tata Motors, Lakshmi Vilas Bank, Ind-Swift Lab and Pfizer are among the top stocks that may be in news on Tuesday.

16 Jun 2020, 08:41:35 AM IST

Market at close on Monday

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.

16 Jun 2020, 08:28:12 AM IST

Asian shares jump

Asian shares and Wall Street futures rallied on Tuesday as the formal start of the Federal Reserve's corporate bond buying programme boosted global investor sentiment and calmed earlier worries about a second wave of coronavirus infections.

Australia ASX All Ordinaries jumped 3.47%

Shanghai SE Composite Index advanced 0.79%

Hong Kong's Hang Seng jumped 2.41%

Singapore's SGX Nifty added 2%, suggesting a firm opening for Indian markets

16 Jun 2020, 08:28:12 AM IST

Wall Street closes higher

Wall Street closed higher on Monday following an announcement by the US Federal Reserve regarding its corporate bond purchasing program that boosted investor confidence, which had been wavering amid a spike in new coronavirus cases.

The Dow Jones Industrial Average rose 157.62 points, or 0.62%, to 25,763.16, the S&P 500 gained 25.28 points, or 0.83%, to 3,066.59 and the Nasdaq Composite added 137.22 points, or 1.43%, to 9,726.02.

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