Sensex up 395 pts at close, Nifty at 15,834; IT drags; realty, banks top gainers

Market closing: The Sensex closed at 52,880.00, up 395.33 points or 0.75%, while the Nifty was at 15,834.35, up 112.15 points, or 0.71%. IT, pharma closed in red. Banks, financials and realty were top gainers. On the 30-share Sensex, SBI, Tata Steel, L&T, and 20 others stocks closed in green, while Tech Mahindra, Dr Reddy's, HCL Tech, and four other stocks closed in red.

Gold prices on Monday rose ₹69 to ₹47,354 per 10 gm in the futures trade, as speculators created fresh positions amid firming spot demand. On the Multi Commodity Exchange, gold contracts for the August delivery traded higher by ₹69, or 0.15%, at ₹47,354 per 10 gm in a business turnover of 10,652 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Gold prices traded 0.52% higher at $1,792.60 per ounce in New York.

The company's board approved the issue 1,37,99,200 shares at ₹10 apiece. The stock was trading at ₹832.00 apiece, up 0.89% at 3:01 pm.

Godrej Consumer Products said it is eyeing double digit 2-year coumpounded annual growth rates. The company also eyes sales growth via volume and price increases, it said in a regulatory filing. Led by demand for household insecticides, and personal wash and hygiene products, the company saw double digit sales growth in home care and personal care products, respectively, Godrej Consumer Products said in its Q1 update.

Wockhardt Ltd 's stock was trading at ₹541.55 apiece, up 1.59% at 2:40 pm. The company has incorporated a new subsidiary, Wockhardt Biologics Ltd. The company has authorised, subscribed and paid-up capital of ₹5,00,000 divided into 50,000 equity shares of ₹10 each. Wockhardt Ltd will hold approximately 65% of the total share capital while the remaining stake will be held by promoter group.

Sonalika Tractors, one of the leading manufacturers of tractors, sold 33,219 units in the first quarter of FY22, the highest ever for the company in the three-month period, despite adverse impact of the second wave of covid-19. (Read here)

Liquidity surplus in the banking system increased in the week ending 2 July, its highest levels since early April, largely due to month-end inflows towards salaries, wages and pensions, Care Ratings said in a report on Monday.

During the week, the outstanding liquidity surplus ranged between ₹4.8 trillion and ₹6 trillion as against the surplus of ₹4.3- ₹4.6 trillion in the preceding week. (Read here)

One97 Communications Ltd, the parent of Indian payments firm Paytm, will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, two sources close to the matter told Reuters on Monday. The company is planning an initial public offering of its equity shares which is contemplated to include a fresh issue of equity shares by the company and an offer-for-sale of equity shares by the existing shareholders of the company. (Read here)

The Hinduja group promoted lender said that retail deposits and deposits from small business customers amounted to ₹1.05 trillion as of 30 June, compared to ₹95.81 billion as of 31 March. Casa deposits in the June quarter were at 42.1% compared to 40.1% during the same period a year ago.

Housing sales declined 23 per cent in April-June across seven cities compared with the previous quarter due to the second wave of the COVID pandemic, but witnessed an 83 per cent rise on an annual basis, according to JLL India. In its latest report, real estate consultant JLL India said that sales of residential properties stood at 19,635 units during April-June period of this calendar year.

Sales of residential properties stood at 25,583 units in the January-March quarter of 2021, and at 10,753 units during April-June period of last year. (PTI)

Vedanta plans to float an IPO for its unit Sterlite Power Transmission by end 2021, according to media reports.

The government has decided not to impose anti-dumping on imports of certain copper products, used in the electrical industry, from China, Thailand, Korea and three other countries, according to an office memorandum.

In April, the commerce ministry's arm Directorate General of Trade Remedies (DGTR) recommended imposing the duty on "copper and copper alloy flat-rolled products" from China, Korea, Malaysia, Nepal, Sri Lanka and Thailand, after conducting a probe. (PTI)

The ED on Monday said it has arrested Kewal Krishan Kumar, chairman and managing director (CMD) of Delhi-based Shakti Bhog Foods Limited, in a money laundering case linked to an alleged multi-crore bank loan fraud.

Kumar was arrested on Sunday here and later produced before a special Prevention of Money Laundering Act (PMLA) court that sent him to ED custody till July 9, the federal investigative agency said in a statement. The agency, prior to the arrest, also raided at least nine premises in Delhi and Haryana. (PTI)

US private equity firm KKR on Monday said it has signed definitive agreements to acquire Global Infrastructure Partners’ (GIP) entire stake in Highway Concessions One (HC1) and seven highway assets with a total length of 487 kilometers. (Read here)