Domestic indices had opened higher on Tuesday but soon erased gains to trade in a narrow range. Sensex today touched a high of 48,996.53 and low of 48,149.45. Nifty moved between 14,461.50 and 14,723.40. PSU banks surged
Adani Ports and Special Economic Zone, Alembic Pharmaceuticals, Apollo Pipes, DCM Shriram, IIFL Securities, Larsen & Toubro Infotech, and RBL Bank, among 20 companies, are scheduled to release their quarterly earnings today.
04 May 2021, 03:43:37 PM IST
Sensex, Nifty end the day in red as coronavirus woes spooks investors; IPL suspended
Having moved in a narrow range though the day, benchmark indices saw heavy losses in the last hour of trade, driven by selling in metal, pharma and auto stocks. RIL, HDFC twins were top drags on the Sensex.
The Sensex fell 465.01 points or 0.95% to close at 48253.51, while the Nifty was down 137.70 points or 0.94% at 14496.50.
Tata Consumer Products, Cipla, Dr Reddy’s Labs, Divis Labs and Reliance Industries were the worst hit on the Nifty, while SBI Life Insurance, ONGC, BPCL, Bajaj Finance and Adani Ports rose.
All sectoral indices, barring PSU Bank index, ended in the red. Nifty Pharma fell over 2% while Nifty PSU Bank rose over 3%.
04 May 2021, 03:19:46 PM IST
Alembic Pharma gets tentative US FDA approval: exchange filing
Alembic Pharmaceuticals on Tuesday said ts joint venture Aleor Dermaceuticals (Aleor) has received tentative approval from the US Food & Drug Administration for its Abbreviated New Drug Application (ANDA) for Metronidazole Gel USP, 1 %.
India rupee at 73.83 to a dollar vs open of 73.90/dollar
04 May 2021, 03:06:28 PM IST
Bajaj Healthcare launches Favipiravir tablets to treat mild to moderate covid-19: exchange filing
04 May 2021, 02:55:16 PM IST
Gainers/losers on Nifty
04 May 2021, 02:47:25 PM IST
04 May 2021, 02:46:14 PM IST
04 May 2021, 02:43:27 PM IST
JSW Energy arm to issue dollar-denominated notes in overseas markets: exchange filing
JSW Hydro Energy Limited proposes, subject to market conditions and certain conditions precedent, an issue of debt instruments in the form of US Dollar denominated senior secured notes. The issuer is a wholly-owned subsidiary of JSW Energy Limited. The Notes will be secured by, inter alia, assets of the issuer and a pledge over 51% of the equity shares of the issuer held by JSW Energy.
Delhi HC refuses to entertain plea for SIT probe in deaths due to shortage of oxygen: ANI
04 May 2021, 02:33:57 PM IST
Dell, Foxconn, Lava among 19 companies who applied for India’s PLI scheme for IT hardware
The Indian government today said that 19 companies have applied for its new production linked incentive (PLI) scheme for IT hardware. The scheme was announced in March and is similar to the one offered for domestic mobile phone production last year. The applicants for the IT hardware scheme include 15 domestic companies and 4 global firms.
Dell, Wistron, Rising Stars Hi Tech (a subsidiary of Foxconn) and Flextronics are among the global firms who are hoping to receive the benefits of the scheme. Domestic firms include Lava, Micromax, Dixon Technologies, Infopower (a joint venture between Sahasra Group and Taiwanese MiTAC Holdings Corporation), Syrma Technologies, Neolync Electronics, Optiemus Infracom, Netweb Technologies, Smile Electronics, Panache Digilife, RDP Workstations and more.
The PLI Scheme for IT hardware offers an incentive of 2-4% on net incremental sales of goods over the base year of 2019-20. It is applicable for a period of four years, lasting up to 2024-25, and benefits of the scheme will be provided to approved applicants from 1 April, 2021.
Laptops, tablets, all-in-one personal computers (AIOs) and servers are amongst the target segments under this scheme.
04 May 2021, 02:28:24 PM IST
Suspended operations at cement units in MP, UP from May 1: Jaiprakash Associates
04 May 2021, 02:15:49 PM IST
Kangana Ranaut's Twitter account suspended
04 May 2021, 02:08:45 PM IST
Bankers urge RBI to allow moratorium for 3 months, especially to retail & MSME borrowers: CNBC TV18
04 May 2021, 01:48:16 PM IST
Set up pan India vaccination camps or will stop work: Air India employees
04 May 2021, 01:43:33 PM IST
Nifty Pharma worst hit among sectoral indices
04 May 2021, 01:38:30 PM IST
HCL announces multi-year contract with Hitachi ABB Power Grids
Full lockdown only way to stop Covid spread, says Rahul Gandhi
04 May 2021, 01:24:10 PM IST
European stocks struggle: Bloomberg
European stocks struggled for traction and U.S. futures slipped on Tuesday as technology shares continued to weigh on equities following weakness among sector giants on Wall Street. The dollar rallied.
The Stoxx 600 Index erased a gain as online food delivery service HelloFresh and semiconductor firm Infineon Technologies AG dragged the benchmark lower. Travel firms gained after the European Union announced plans to reopen its borders to tourists after months of pandemic-induced restrictions. Shares rose in Hong Kong, Australia and South Korea.
04 May 2021, 01:20:38 PM IST
Nifty slips below 14,650
04 May 2021, 01:12:15 PM IST
IPL suspended for this season
04 May 2021, 01:09:20 PM IST
Saudi Arabia expected to cut June crude prices for Asia: Reuters survey
Top oil exporter Saudi Arabia is expected to cut its official selling prices (OSPs) for Asia in June, tracking weakness in Middle East benchmark Dubai and demand uncertainty amid a new wave of regional COVID-19 outbreaks, a Reuters survey showed.
Sources at five Asian refiners expected the June OSP for flagship Arab Light crude to decrease by an average of 28 cents a barrel, which would become the producer's first price reduction since December last year.
Their forecasts tracked a loss in benchmark Cash Dubai's premiums to Dubai swaps, which weakened notably over the second half of April and ended the month at its lowest since Feb. 24.
04 May 2021, 01:07:59 PM IST
Sensex wipes gains, trades in the red
04 May 2021, 01:04:27 PM IST
MCA gives compliance relief to businesses
The ministry of corporate affairs has offered relaxation in certain compliance requirements for businesses including a longer interval between two board meetings in view of the hardships during the second wave of the pandemic.
Companies are normally required to hold a minimum of four board meetings in a year with the interval between them not exceeding 120 days. This has now been relaxed by 60 days so that the interval could go upto 180 days, the ministry said in a notification issued on Monday.
The ministry, in a separate notification, also said it has received several requests to waive the additional fee for late filing of statutory forms which fall due between 1 April and end of May in view of the Covid-19 restrictions and disruption.
04 May 2021, 01:02:27 PM IST
Ola Electric hires Wayne Burgess as Head of Vehicle Design
04 May 2021, 12:56:04 PM IST
Mphasis to expand its footprint in the UK, expects to create close to 1000 jobs
RBI balance sheet expansion needed to fight covid: Uday Kotak
The covid-19 pandemic has brought India to a juncture where the Reserve Bank of India (RBI) might inevitably have to expand its balance sheet to support the economy, veteran banker Uday Kotak said on Monday.
Such an expansion is a serious option when the country is trying to save lives and livelihoods, said Kotak, the promoter and chief executive officer of Kotak Mahindra Bank.
“I believe we have come to a time when we will have to be much more open to expand the balance sheet of the central bank and I think the RBI has given the signal through the G-SAP programme," Kotak said, referring to the central bank’s plan to purchase ₹1 trillion of sovereign debt papers from the secondary market in the first three months of 2021-22. (Read here)
04 May 2021, 12:28:27 PM IST
Banks lead gains on Sensex
04 May 2021, 12:19:55 PM IST
Oil price check
Oil prices dipped on Tuesday, reversing gains earlier in the session, after more US states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19 cases soar, Reuters reported.
Brent crude futures fell 7 cents, or 0.1%, to $67.49 a barrel, having risen 1.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures also ticked 6 cents, or 0.1%, lower to $64.43 a barrel, after gaining 1.4% on Monday.
04 May 2021, 12:17:36 PM IST
Covid lockdown: Delhi govt announces free ration for 72 lakh beneficiaries for two months
04 May 2021, 12:17:05 PM IST
Nifty PSU Bank index soars, top performer among sectoral indices
04 May 2021, 12:14:16 PM IST
India rupee at 73.95 per dollar vs open of 73.90 to a dollar
The Indian unit had settled at 73.93 per dollar on Monday.
04 May 2021, 12:01:29 PM IST
Amfi restarts Aadhaar-linked paperless registration for MF distributors
04 May 2021, 11:48:48 AM IST
Tata Chemicals stock falls on disappointing March quarter earnings
Shares of Tata Chemicals Ltd fell on Tuesday, reacting to the company's disappointing March quarter earnings. Among key parameters, its operating performance was particularly disappointing.
Consolidated Ebitda margin contracted more than than 600 basis points (bps) to 10.7% on the back of a steep fall in gross margin to the tune of 590 bps. One basis point is one hundredeth of a percentage point. Ebitda fell nearly 30% y-o-y to Rs280 crore in the March quarter. Ebitda is short for earnings before interest tax depreciation and amortization.
Analysts at Motilal Oswal Financial Services Ltd pointed out that operating margins were estimated at 17% and Ebitda at Rs430 crore. "One-off item, which impacted Ebitda in its North American operations, was due to the Polar Vortex, leading to higher gas price (net) of Rs45 crore during 4QFY21. Adjusting for the same, Ebitda stood at Rs330 crore, down 18% y-o-y."
True North sells entire 7.49% stake in Magma Fincorp: reports
04 May 2021, 11:42:44 AM IST
PUBG Mobile’s Indian version may be called Battlegrounds India
04 May 2021, 11:36:01 AM IST
Market view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking
Every meaningful decline in the market is getting bought into and despite the key indices struggling, individual themes are not holding them back. Although, we may see flat close for Nifty and slightly weaker for BANKNIFTY, we witnessed a good broad based activity in the market. Hence, it’s advisable to stick to a stock centric approach and it’s okay if we avoid index specific trades for a while. But for compulsive index traders, try to buy as close as possible to intraday supports and avoid carrying overnight aggressive bets. As far as Nifty is concerned, 14550 – 14400 remains to be a sacrosanct support zone; whereas on the higher side, we may see Nifty reclaiming 14800 – 14900 once it surpasses the 14700 mark.
Sectorally, the financial space remains to be the weakest link but fortunately BANKNIFTY managed to hold on to a key support of 32000. It would be interesting to see how it behaves in the coming session. Further, as alluded to in the above section, individual themes are doing exceedingly well, especially stocks from the broader market and hence, it’s better to identify such potential candidates."
04 May 2021, 11:29:51 AM IST
Nifty sectoral indices at this hour
04 May 2021, 11:21:43 AM IST
Varun Beverages starts 2021 on a good note, but faces near-term covid-19 stress
Varun Beverages Ltd (VBL), one of the largest franchisees of PepsiCo outside the US, has begun the financial year on a good note. The company follows a January to December accounting year and the March quarter (Q1CY21) is its first.
Consolidated revenues for the quarter saw a robust growth of 34% year-on-year to Rs2241 crore, slightly ahead of Bloomberg consensus estimate of Rs2144.70 crore. VBL’s revenue growth was driven by a 33% increase in volume to 151-million-unit cases. Volume performance was helped by recovery in business operations plus lower base of last year’s quarter owing to lockdown restrictions in the latter part of March.
Analysts from Kotak Institutional Equities, in a report on 4 May, said, “VBL’s underlying growth momentum was healthy with two-year organic volume compound annual growth rate of 11.7% in 1QCY21."
While that augurs well, gross profit margin has contracted 294 basis points year-on-year to 55.8%. One basis point is one-hundredth of a percentage point. Gross margins were adversely hit mainly on account of change in product mix and lower gross margins from international operations.
L&T Technology slumps as investors give thumbs down to its guidance
Shares of mid-tier IT company L&T Technology Services Ltd tanked in opening deals on Tuesday. The Street was unimpressed with the company's earnings performance as well as FY22 guidance.
On a sequential basis, its constant currency revenue grew 3.8%, missing analysts estimates by 130-150 basis points (bps). One basis point is one hundredeth of a percentage point. However, operating margin improved 140bps quarter-on-quater to 16.6%, aided by increased offshore mix and better utilisation.
During the quarter, it won six deals valued at over $10 million, including two contracts over $25 million. In a post earnings conference call, the company's management said going forward, its pipeline remains strong, however deal closures are uncertain.
For FY22, the company has guided for dollar revenue growth of 13-15%. The
management has attributed the modest guidance to their increased caution due
Mukesh Ambani-led Reliance Industries Ltd (RIL) is expanding its presence in the pharma sector and has operationalized 114 pharmacies. It is engaging customers through outreach initiatives, an RIL official said, adding that the company has started a pilot for hyperlocal delivery in Bengaluru.
“Pharma is a business which we are in the process of establishing. We’re activating Netmeds, which we acquired in September last year, and a whole round of impactful activation and campaigns which have gone behind it," said Dinesh Thapar, group chief financial officer, Reliance Retail, after the company’s fourth-quarter earnings announcement on 30 April.
RIL had acquired a 60% stake in online pharmacy Netmeds for ₹620 crore not only to strengthen its e-commerce play but also to beef up its healthcare portfolio using the Jio platform. Netmeds has been integrated with Reliance Retail’s online grocery platform, JioMart.
Indian rupee opens at 73.89 to a dollar vs Monday's close of 73.92/$
04 May 2021, 10:15:27 AM IST
Petrol, diesel prices raised after assembly elections
State-owned oil marketing companies (OMCs) raised petrol and diesel prices on Tuesday after the results were declared for assembly elections in West Bengal, Assam, Kerala, Tamil Nadu, and Puducherry on Sunday.
This is for the first time since 23 February that fuel prices have been raised in the backdrop of the high-pitched state assembly elections. While petrol price has been increased by 15 paise per litre in Delhi, diesel prices have been hiked by 18 paise per litre. Petrol and diesel were retailing at Rs90.55 per litre and Rs80.91 per litre respectively on Tuesday in Delhi at state-run Indian Oil Corporation Ltd’s outlets.
04 May 2021, 10:07:45 AM IST
SBI Life’s Q4 gives credence to valuation boost amid pandemic
Shares of SBI Life Insurance Company Ltd are very close to their pre-pandemic highs and the company’s March quarter performance has given credence to this valuation boost.
SBI Life reported 63% growth in value of new business (VNB) and an expansion of VNB margin to 22.2%. On both these metrics, the company exceeded analysts’ expectations. Ergo, most have increased their expectations for the next year citing the healthy growth trajectory of the company and its conservative assumptions behind margins. “We raise VNB forecasts for FY22-23 by 9-10% as we factor better premium growth," wrote those at Jefferies India Pvt Ltd. (Read here)
Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The markets are still unsure of the direction. We have a strong support at 14400 which we are not breaking and there is a stiff resistance at 14700 which we are unable to get past convincingly. Until either level is not taken out, we will not see a meaningful move in the markets. If we can get past 14700, the Nifty could scale higher to 15100. If the index breaks 14400, it could drop to 14100.
04 May 2021, 09:49:23 AM IST
Nifty slips below 14,600
04 May 2021, 09:47:50 AM IST
Sensex erases gains, falls over 100 points
04 May 2021, 09:40:10 AM IST
Adani Ports and SEZ gains ahead of quarterly earnings
Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The support of 14400 was well respected. We took a sharp U-turn from that level to revisit the resistance of 14700. If we can get past this level and stay above it, we still have reasons to target 15100. If we break 14400, we could slip further to 14100.
Adani Ports and Special Economic Zone, Adani Total Gas, IIFL Securities, Larsen & Toubro Infotech, Procter & Gamble Hygiene & Health Care, RBL Bank, Suven Life Sciences, among others, will release quarterly earnings today.
04 May 2021, 07:50:18 AM IST
Barclays cuts FY22 GDP growth forecast to 10%
Blaming the slow pace of vaccinations and uncertainty around the number of those infected and dead in the second COVID-19 wave, global brokerage firm Barclays cut India's FY22 GDP growth estimate to 10% from an earlier projection of 11%.
If the ongoing localised lockdowns continue till June, it will lead to economic losses of $38.4 billion, it said.
In a more pessimistic scenario of the pandemic not being brought under control soon and mobility restrictions continuing till August, the growth rate can fall to 8.8%, Barclays warned.
The country's economy is estimated to have contracted 7.6% in FY21 as the pandemic-induced lockdowns led to hit economic activity, jobs and demand.
04 May 2021, 07:46:41 AM IST
SGX Nifty indicates weak start for Indian benchmarks
In early deals today, SGX Nifty futures were at 14,657.50, down 0.3% from previous close, indicating a weak start for domestic benchmarks.
04 May 2021, 07:00:50 AM IST
Asian stocks mixed in early deals
Asian stocks were mixed and U.S. equity futures retreated in early deals on Tuesday following the overnight dip in technology giants on the Wall Street. The dollar steadied after declining along with Treasury yields.
South Korean shares slid while Australia rose modestly. Trading will be limited with Japan and China among markets closed for holidays.
Australia’s S&P/ASX 200 Index rose 0.3%, while South Korea’s Kospi shed 0.4%
Hang Seng Index futures added 0.8%.
04 May 2021, 06:58:14 AM IST
Wall Street stocks largely end higher on optimism about US growth
Wall Street stocks mostly rose on Monday, fulled by optimism over strengthening US growth, but the Nasdaq fell due to weakness in Amazon and other large tech names.
An industry survey showed America's manufacturing rebound from the Covid-19 downturn slowed in April as factories struggled to obtain supplies, but even so companies were increasingly optimistic about the future.
The Dow Jones Industrial Average climbed 0.7% to end the day at 34,113.23, while the broad-based S&P 500 rose 0.3% to 4,192.66.
The Nasdaq shed 0.5% to finish at 13,895.1.
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