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Sensex closes flat, Nifty at 15,923; IT drags; realty, pharma top gainers

Market closing: Sensex, Nifty closed flat on Friday. (REUTERS)Premium
Market closing: Sensex, Nifty closed flat on Friday. (REUTERS)

  • Market closing: Benchmark Indian equity indices closed flat on Friday. The Sensex closed at 53,140.06, down 18.79, or 0.04% while the Nifty closed at 15,923.40, down 0.80 points, or 0.01%. Banks, financials, IT and media were top drags. Pharma, realty, metals, FMCG and auto closed in green.

Benchmark Indian equity indices closed flat on Friday. However, Sensex and Nifty remained above 53,000 and 15,900 levels respectively. Asian indices were mixed at close on Friday. All eyes will turn later on Friday to the latest set of US retail sales data.

16 Jul 2021, 03:50:03 PM IST

Market closing

Benchmark Indian equity indices closed flat on Friday. The Sensex closed at 53,140.06, down 18.79, or 0.04% while the Nifty closed at 15,923.40, down 0.80 points, or 0.01%. Banks, financials, IT and media were top drags. Pharma, realty, metals, FMCG and auto closed in green. On the 30-share Sensex, Bharti Airtel, Tata Steel, UltraTech, and 13 stocks other stocks closed in green, while HCL Tech, Bajaj Finserv, Infosys, and 11 other stocks closed in red.

Sensex at close
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Sensex at close
16 Jul 2021, 03:28:43 PM IST

Tatva Chintan Pharma IPO fully subscribed within hours of opening

The initial public offer of specialty chemical manufacturing company Tatva Chintan Pharma Chem was fully subscribed within the first few hours of opening on the first day of subscription on Friday. The 500-crore IPO received bids for 52,48,425 shares as compared to 32,61,882 shares on offer, translating into 1.61 times subscription, as per data available with the exchanges.

16 Jul 2021, 03:27:39 PM IST

SIDBI net profit rises 3.6% to ₹2,398.28 cr in FY21

SIDBI has reported a net profit of 2,398.28 crore in fiscal ended March 2021, up by 3.6% from a year ago. It had posted a net profit of 2,315 crore in previous fiscal year. The results were declared at the 23rd Annual General Meeting of Small Industries Development Bank of India (SIDBI), it said on Friday. Operating profit (before provision) recorded a year-on-year growth of 8% in FY21 over FY20 to 4,063 crore, it said.

16 Jul 2021, 03:25:19 PM IST

Godrej & Boyce gets ₹468 cr order for PHWR project

Godrej & Boyce has bagged a 468 crore order from Nuclear Power Corporation of India to supply steam generators for 700 MW pressurized heavy water reactors (PHWR) project. The company's process equipment division will be supplying the generators for the indigenous project and is the biggest order for the division yet, Godrej & Boyce said in a statement. Steam generators are critical equipment in a nuclear power plant for generating clean (non-fossil) and reliable source of power for baseload requirements, the statement said.

The generators will be manufactured at the company's facility in Dahej, Gujarat. (PTI)

16 Jul 2021, 03:21:24 PM IST

TCS, Infosys, Wipro to hire more than 1 lakh freshers

As covid cases continue to decline, hiring activity of Indian firms is showing signs of revival after the disruption caused by the deadly second wave in the country. India's biggest informational technology (IT) service providers Tata Consultancy Services (TCS), Infosys and Wipro are expected to welcome more than 1 lakh freshers combined in this fiscal year, as claimed by the firms in their respective quarterly earnings update. (Read here)

16 Jul 2021, 03:21:24 PM IST

India's power demand to rise even as capacity additions remain sluggish: Fitch

India's electricity demand is expected to rise by about 6% in the financial year ending March 2022 (FY22) after falling 1.2% in FY21, as the lockdown during the recent pandemic resurgence is less restrictive and more localized than in 2020, said Fitch Ratings in a report. (Read here)

16 Jul 2021, 03:21:25 PM IST

New IBBI rule restricts bankruptcy administrators’ assignments

Corporate turnaround professionals hired by lenders to run bankrupt companies cannot continue in the role if a colleague is found representing any of the parties in the case, says a new rule brought out by Insolvency and Bankruptcy Board of India (IBBI). (Read here)

16 Jul 2021, 03:18:24 PM IST

Retailers Association of India seeks opening of shopping malls in Maharashtra

As covid-19 cases abate, the Retailers Association of India (RAI) has appealed to the Maharashtra government to allow malls and shopping centres to operate on a par with standalone shops and markets. (Read here)

16 Jul 2021, 03:12:55 PM IST

Nalco, NMDC drive sector gains

Nifty Metal index
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Nifty Metal index
16 Jul 2021, 03:12:55 PM IST

Paytm IPO commentary: Yash Gupta, equity research associate, Angel Broking

"Paytm has filed DRHP with SEBI to raise 16,600 crore through initial public offer (IPO), which will be the biggest IPO in India’s stock market history. In 2010 Coal India IPO was the biggest IPO in India with IPO size of 15,200 crore and in 2008 Rpower with the IPO size of 11,700 was the 2nd biggest IPO. Paytm parent company One97 Communication filed DRHP with SEBI today. One97 communication is a digital payment platform backed by Softbank. The company will issue fresh issues of 8,300 crores and offer for sale of 8,300 crores by its shareholders. Company will use proceeds from fresh issues to strengthen its payment ecosystem and for the new business. 10% of the IPO will be reserved for the retail participants. In the unlisted market, shares of Paytm are in high demand, company share price has increased from 1,000 before the news of IPO to 2,500 as per the market reports. We have a positive outlook for the Paytm IPO."

16 Jul 2021, 03:06:12 PM IST

BHEL, PowerGrid drive gains

BSE Power index
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BSE Power index
16 Jul 2021, 03:04:23 PM IST

Fitch affirms IOC's rating at BBB-

Fitch Ratings affirmed Indian Oil Corporation's long term rating at BBB-. The company's standalone credit profile was also affirmed at bb+.

16 Jul 2021, 02:48:34 PM IST

HDFC AMC gains

HDFC Asset Management Co.'s stock was at 3,128.75 apiece, up 1.35% at 2:48 pm. The company reported Q1 net profit of 345.4 crore, up 9.3% from 316.1 crore in the previous quarter. Revenue was up 0.8% to 507.1 crore compared to 503 crore in the previous quarter. Ebitda was down 3.9% to 381 crore from 396.3 crore in the previous quarter. (QoQ)

16 Jul 2021, 02:45:15 PM IST

Banks, IT shed gains

Nifty sectoral indices
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Nifty sectoral indices
16 Jul 2021, 02:35:34 PM IST

Intel is in talks to buy GlobalFoundries for about $30 bn

Intel Corp. is exploring a deal to buy GlobalFoundries Inc., according to people familiar with the matter, in a move that would turbocharge the semiconductor giant’s plans to make more chips for other tech companies and rate as its largest acquisition ever. A deal could value GlobalFoundries at around $30 billion, the people said. It isn’t guaranteed one will come together, and GlobalFoundries could proceed with a planned initial public offering. GlobalFoundries is owned by Mubadala Investment Co., an investment arm of the Abu Dhabi government, but based in the U.S. (Read here)

16 Jul 2021, 02:23:03 PM IST

Divi's Labs top gainer

Nifty Pharma index
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Nifty Pharma index
16 Jul 2021, 02:15:52 PM IST

JMC Projects gains

The company's stock was trading at 122.75 apiece, up 2.55% at 2:13 pm. The company has secured new orders of 1,624 crore. These include road projects in Ghana worth 1,128 crore and building projects in India worth 496 crore.

16 Jul 2021, 02:05:57 PM IST

Sensex heatmap

HCL tech, Infosys, Bajaj Finserv top drags
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HCL tech, Infosys, Bajaj Finserv top drags
16 Jul 2021, 01:55:25 PM IST

Three reasons why IRCTC shares are surging

IRCTC share price: The Indian Railway Catering and Tourism Corporation (IRCTC) shares today once again scaled new high when it hit 2,398.80 per stock mark — logging around 5.5 per cent rise in the IRCTC share price today. In the last one month, the Indian Railways' PSU stock has surged around 14.5 per cent and scaling new high has become a regular phenomena for the IRCTC stock. According to stock market experts, IRCTC will further go northward as three triggers are working in favour of this counter — acceleration in unlock activities, rise in rail infrastructure spending and more private trains running on the railway tracks in future. (Read here)

16 Jul 2021, 01:55:25 PM IST

India's April-June oil imports up 11.7% y/y: report

India's oil imports in April-June, the first quarter of this fiscal year, stood at 4.1 million barrels per day (bpd) of oil, a growth of 11.7% from a year earlier when local fuel demand collapsed due to a covid-induced nation-wide lockdown, the data showed. (Reuters)

16 Jul 2021, 01:42:40 PM IST

Zomato IPO oversubscribed 10.7 times

Zomato's initial public offer (IPO) was oversubscribed 10.7 times on the third and last day of the sale with institutional buyers pouring in to grab shares of the food delivery platform. The offer received bids for 770.07 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. Retail investors sought 6.09 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 78.87 crore shares were bid by 1 pm hours. Non-institutional investors put in bids for 109.82 crore shares against their reserved portion of 19.42 crore. Qualified institutional buyers (QIBs) sought nearly 15 times their quota of 38.8 crore shares. The portion set aside for employees has been subscribed 42%. (PTI)

16 Jul 2021, 01:41:09 PM IST

Venus Remedies sees marginal gains

The company's stock was trading at 458.65 apiece, up 0.01% at 1:39 pm. The pharmaceutical company on Thursday launched a dedicated consumer healthcare division, foraying into the Rs30,000-crore consumer healthcare market in India.

16 Jul 2021, 01:26:05 PM IST

India to call bids for 4 GWh of grid-scale battery storage

In a push for India’s green economy and helping national grid management functions, the government plans to call bids for setting up around 4000-megawatt hour (MWh) of grid-scale battery storage system at regional load dispatch centres (RLDCs). This was announced by union power and new renewable energy minister Raj Kumar Singh on Thursday at a conference organised by lobby group Confederation of Indian Industry (CII). (Read here)

16 Jul 2021, 01:15:40 PM IST

Banks, IT drag

Nifty sectoral indices
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Nifty sectoral indices
16 Jul 2021, 01:00:46 PM IST

Gold prices fall today for first time in four days, silver rates rise

Gold prices in India today edged lower after rising for three days in a row. On MCX, gold rates were down 0.09% to 48,355 per 10 gram while silver futures rose 0.23% to 69,840 per kg. In global markets, gold rates were higher near one-month high after US Fed chief reassured that he was in no rush to tighten policy. Spot gold was up 0.3% at $1,832.23 per ounce. (Read here)

16 Jul 2021, 12:39:45 PM IST

Just Dial trades lower

The local search firm's stock was trading at 1,093.80 apiece, down 1.19% at 12:38 pm. The company is scheduled to declare its Q1 earnings today. It is also reportedly in talks about a potential acquisition by RIL.

16 Jul 2021, 12:16:33 PM IST

Speciality Chemicals: outlook looks promising as growth drivers intact

Investor interest in the chemicals sector has remained firm with a strong surge in demand and realisations which have continued since FY21. Stock prices of Deepak Nitrite Ltd, Alkyl Amines Chemicals Ltd, Gujarat Fluorochemicals Ltd and many more have more than tripled in last year. Manufacturers as Vinati Organics Ltd, Navin Fluorine International Ltd, Atul Ltd, Galaxy Surfactants Ltd etc have seen gains rise more than two times. (Read here)

16 Jul 2021, 12:03:00 PM IST

Tech Mahindra, Infy drag

Nifty IT index
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Nifty IT index
16 Jul 2021, 11:45:38 AM IST

IndiaBulss Real Estate top drag

Nifty realty index
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Nifty realty index
16 Jul 2021, 11:45:38 AM IST

European drug regulator says 'no application received yet' for Covishield approval

The European Medicines Agency (EMA) has said that it has not yet received any authorisation application from the developers of the Covishield vaccine, reported news agency ANI. "For the Covid-19 vaccine Covishield to be evaluated for use in the EU, the developer needs to submit a formal marketing authorisation application to EMA, which to date has not been received," the EMA said. (Read here)

16 Jul 2021, 11:31:09 AM IST

Paytm files for ₹16,600 cr IPO. Details here

Paytm's parent company One97 Communications has today filed draft prospectus for its initial public offering (IPO) of up to 16,600 crore, reported news agency Reuters. Paytm's IPO comprises of fresh issue of up to 8,300 crore, offer for sale of up to 8,300 crore. The shareholders of One97 Communications had recently given nod for its IPO at the extraordinary general meeting held on 12 July. (Read here)

16 Jul 2021, 11:17:50 AM IST

Authum Investment gains

Authum Investment & Infrastructure Ltd's stock was trading at 1,139.75 apiece, up 5.00% at 11:17 am. The non bank lender has emerged as the successful bidder for the acquisition of Reliance Commercial Finance Ltd. RCFL’s creditors approved Authum’s bid of 1,629 crore.

16 Jul 2021, 11:09:27 AM IST

PNB Metlife: Metlife eyes increase in JV stake

-The US-based insurer has met with the insurance regulator to discuss an increase in stake to 75%, CNBCTV18 reported

-Elpro International, M Pallonji Group eye stake sale

16 Jul 2021, 11:06:18 AM IST

FedEx to invest $100 mn in Delhivery

FedEx Express, a subsidiary of American transportation giant FedEx Corp., on Friday said it has entered into equity and commercial agreements with Delhivery, a logistics and supply chain services company in India, which will utilise their combined strengths to unlock India’s international trade potential. Completion of this transaction is subject to closing conditions, including regulatory approval. (Read here)

16 Jul 2021, 10:57:43 AM IST

Paytm files DRHP for IPO

16 Jul 2021, 10:56:42 AM IST

RIl gains

Reliance Industries' stock was trading at 2,107.50 apiece, up 1.16%. The company has added 499 units and affiliates in just over four years as the refiner and chemicals maker expanded into new businesses, including telecom and renewable energy. India’s most valuable company had 88 Indian and 47 foreign units in 2016-17. That increased to 296 Indian and 53 foreign subsidiaries in 2020-21, according to RIL’s latest annual report.

16 Jul 2021, 10:43:19 AM IST

Bandhan Bank’s weak Q1 is a warning on microfinance

Investors of Bandhan Bank, micro-lender turned full-service bank, will need to watch out for additional pain on asset quality as a sharp fall in collection efficiency during the June quarter doesn’t bode well. The lender’s metrics also confirm worries about the severe impact of the second wave on the microfinance segment. (Read here)

16 Jul 2021, 10:23:15 AM IST

L&T Infotech, HCL top drags

Nifty IT indices
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Nifty IT indices
16 Jul 2021, 10:19:46 AM IST

Rupee inches 2 paise higher to 74.52 against US dollar in early trade

16 Jul 2021, 10:11:54 AM IST

Gold on track for fourth weekly gain on dovish Fed rhetoric

Gold prices were headed on Friday for a fourth straight weekly gain after the US Federal Reserve allayed investor fears of a faster tightening of monetary policy, though the safe-haven metal was subdued by pressure from a firmer dollar. Spot gold was flat at $1,827.00 per ounce, as of 03:51 GMT, having hit a peak since 16 June at $1,833.65 on Thursday. Bullion gained 1.1% so far for the week. US gold futures were flat at $1,828.80.

16 Jul 2021, 10:08:05 AM IST

Wipro hits new 52-wk high, but analysts little enthused by its 'best ever' quarter

IT services provider Wipro Ltd reported decent earnings in the June quarter. It's sequential constant currency organic revenue growth at around 4.9% was highest in the past nine years and above the management's revenue guidance of 2-4%. Wipro also beat peers on this front. Tata Consultancy Services Ltd and Infosys Ltd saw constant currency growth of 2.4% and 4.8%, respectively in the June quarter. In a post earnings conference call the company's management said, this is the best ever quarterly results and Q1 saw Wipro report the highest organic sequential growth in 38 quarters. Reacting to the earnings, shares of the company rose around 2% on the NSE in Friday's opening trade to touch a new 52-week high of 589.

16 Jul 2021, 09:54:02 AM IST

IT, realty top drags

Nifty sectoral indices
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Nifty sectoral indices
16 Jul 2021, 09:41:34 AM IST

Tatva Chintan IPO: grey market premium, price, other details in 10 pts

Tatva Chintan Pharma Chem Ltd's initial public offering (IPO) has opened for biding today and it will remain open for subscription till 20th July 2021. As per the Red Herring Prospectus (RHP) of Tatva Chintan IPO, price band of the public issue has been fixed at 1073 to 1083, share allotment will take place on 26th July 2021 while the tentative date for listing of the company share is 29th July 2021. (Read here)

16 Jul 2021, 09:28:30 AM IST

India's Covid tally rises to 3,10,26,829 with 38,949 new cases; 542 more fatalities push death toll to 4,12,531: Govt

16 Jul 2021, 09:23:37 AM IST

Market opening

The Sensex opened at 53,244.40, up 85.55 or 0.16%, while the Nifty was at 15,958.35, up 34.15 points or 0.21%. Realty, metals were top gainers at market open. On the 30-share Sensex, Bajaj Auto, Tata Steel, ITC, and 22 other stocks were in green, while ICICI Bank, Titan, NTPC and Infosys were in red.

Sensex at open
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Sensex at open
16 Jul 2021, 09:15:08 AM IST

Zomato IPO: What GMP signals about the public issue on last date of subscription

Zomato IPO (Initial Public Offering) has been subscribed 4.8 times by 15th July 2021 and today is the last date for bidding for the public issue. In the grey market, Zomato shares are available at a premium of 10, which is higher from its previous day's premium of 8.75 to 9.

16 Jul 2021, 09:01:16 AM IST

Oyo secures $660 mn from international investors: report

Oyo has secured $660 mn in a debt financing round from global institutional investors, according to media reports. The funds will be used to retire current debts, Oyo group chief financial officer Abhishek Gupta said.

16 Jul 2021, 09:01:16 AM IST

RBI projects GDP growth at 10.5% for FY22

The Reserve Bank of India (RBI) on Thursday projected India's FY22 gross domestic product (GDP) forecast at 10.5%. RBI's Monetary Policy Committee had projected this estimate during the policy announcement in April. Last month, the central bank had cut its projection for GDP growth for fiscal 2021-22 to 9.5% from the earlier forecast of 10.5%. (Read here)

16 Jul 2021, 08:43:29 AM IST

India's exports grow 48.34% to $32.5 bn in Jun; trade deficit at $9.37 bn

The country's merchandise exports rose by 48.34% to $32.5 billion for the seventh straight month in June, tracking growth in shipments across sectors such as petroleum products, gems and jewellery, and chemicals, leather and marine goods, as per the data released by the Commerce Ministry today.

Imports in June too rose by 98.31% to $41.87 billion, driven by a rise in oil and gold imports, leaving a trade deficit of $9.37 billion as against a trade surplus of $0.79 billion in the same month last year. (Read here)

16 Jul 2021, 08:43:29 AM IST

China launches national carbon trading scheme: state media

China launched a much-delayed national emissions trading system designed to drive down harmful greenhouse gases, state media said Friday, in a key step by the world's biggest polluter towards decarbonising its economy by 2060. "China's carbon market will become the world's largest market covering greenhouse gas emissions," official news agency Xinhua said as the market opened, covering 2,225 big power producers that generate four billion tonnes of greenhouse gases a year.

16 Jul 2021, 08:36:51 AM IST

Xiaomi Overtakes Apple as World’s No. 2 Phone Maker, Canalys Says

Xiaomi Corp. has become the world’s second biggest smartphone maker over the past quarter following an 83% jump in shipments, according to preliminary estimates by Canalys. This marks the first occasion that Xiaomi, the Chinese maker of everything from rice cookers to gaming monitors, has broken into the top two, historically dominated by Samsung Electronics Co. and Apple Inc. Samsung had a 19% share in the second quarter, Xiaomi had 17% and Apple was at 14%, according to the research firm’s data. Shares of Xiaomi rallied as much as 4.1% on Friday, the best performer on Hong Kong’s benchmark Hang Seng Index.

16 Jul 2021, 08:31:49 AM IST

Market outlook

Markets are likely to be volatile on Friday while trends in SGX Nifty suggest a marginally higher opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 53,158.85, up 254.80 points or 0.48%. The Nifty closed at 15,924.20, up 70.25 points or 0.44%. (Read here)

16 Jul 2021, 08:23:33 AM IST

Bandhan Bank's loan growth slips sequentially in Jun

Bandhan Bank witnessed an 8% rise in its loans and advances to 80,128 crore in the June quarter this fiscal, as per provisional data. The loans and advances during the same period of 2020 stood at 74,331 crore. Compared sequentially, it was down by 8% from 87,043 crore in the March quarter, Bandhan Bank said in a release on Thursday.

16 Jul 2021, 08:13:34 AM IST

Centre invites proposals to manage LIC public listing

Government has invited proposals for appointing investment bankers, legal advisers, registrar and share transfer agent (RTA) and an advertising agency for managing the initial public offering of Life Insurance Corp. of India, which is poised to become the biggest share sale by an Indian company. (Read here)

16 Jul 2021, 07:57:43 AM IST

Petrol, diesel prices remain at record high levels

In Delhi, petrol remained at 101.54 in the national capital, whereas diesel is retailing at 89.87. In India's financial capital Mumbai, petrol is being sold at 107.75 per litre, whereas diesel price at 97.45 per litre. In Kolkata, petrol price reached 101.74 per litre whereas diesel price remained at 93.02 per litre. (Read here)

16 Jul 2021, 07:42:44 AM IST

Asian stocks open lower

Asian stocks and US equity futures dipped Friday amid concerns about the economic growth outlook and coronavirus flareups in some parts of the world. Treasuries and the dollar held advances. Shares posted modest drops in Japan, China and Hong Kong. China Evergrande Group soared after the country’s most-indebted developer said it will consider a special dividend.

S&P 500 futures shed 0.2% as of 10:45 a.m. in Tokyo. The S&P 500 fell 0.3%

Nasdaq 100 futures declined 0.3%. The Nasdaq 100 fell 0.7%

Japan’s Topix index fell 0.1%

Australia’s S&P/ASX 200 index was steady

South Korea’s Kospi index retreated 0.6%

Hong Kong’s Hang Seng index slipped 0.3%

China’s Shanghai Composite index was down 0.3%

SGX Nifty slipped 0.04%

16 Jul 2021, 07:30:40 AM IST

Wall Street indices close lower

Wall Street traded lower even as the four largest U.S. consumer banks posted blockbuster second-quarter results earlier this week that were above analysts' estimates. The Dow Jones Industrial Average eked out a 0.15% gain but the S&P 500 fell 0.33% and the Nasdaq Composite slid 0.70%. The number of Americans filing new claims for unemployment benefits fell to a 16-month low last week as the U.S. labor market steadily gains traction while other data showed import prices rose solidly in June but have probably peaked.

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