Market Closing: Indian benchmark equity indices settled lower for fourth straight session on Friday led by losses in banks, metals and auto stocks. Weakness in global markets also weighed on investor sentiment.
Asian markets were mixed Friday as fears that the global recovery will fire inflation continued to niggle investor sentiment as they faced up to the fact that interest rates will not be kept at record lows forever.
19 Feb 2021, 03:37:40 PM IST
Indian benchmark equity indices settled lower for fourth straight session on Friday led by losses in banks, metals and auto stocks. Weakness in global markets also weighed on investor sentiment.
Sensex ended at 50,889.76, down 434.93 points or 0.85%, while Nifty dropped 137.20 points or 0.91% to 14,981.75.
Dr. Reddy's, closing over 2% higher, was the top Sensex gainer followed by IndusInd Bank, HUL, NTPC and RIL. ONGC, SBI, Axis Bank and ICICI Bank were among the laggards. Of 30 Sensex shares, 19 closed in the green.
19 Feb 2021, 03:04:24 PM IST
Firm growth prospects for UPL, but debt reduction holds key
After a brief pause in November, the rally in UPL stock has resumed its momentum. It is up almost 40% since November lows and analysts see further gains. The strong Q3 performance posted by the company has added to investor confidence.
The demand for agrochemicals in the country continues to remain firm led by good reservoir levels after the strong monsoon season, robust winter crop sowing and increased farmer income. Growth in India market provided support to UPL’s performance during Q3, while Latin America, the key market for UPL, saw some weakness. European markets too reported a robust growth, compensating partly for weakness in LATAM. (Full report)
Opposing government's privatisation plans, bank unions on Friday staged protest in all the state capitals and plan to march towards Parliament next month if their demands are not met, All India Bank Employees' Association (AIBEA) said.
Finance Minister Nirmala Sitharaman during her Budget speech earlier this month announced plans to privatise two public sector banks.
19 Feb 2021, 02:24:52 PM IST
Indian Bank signs MOU with SID of IISc, for funding Start-ups and MSMEs
State-owned Indian Bank on Friday said it has entered into an MOU with Society for Innovation and Development (SID), an initiative of Indian Institute of Science, for extending exclusive credit facility to Start-ups and MSMEs.
This initiative is a part of the Banks scheme Ind Spring Board for financing Start-ups and will empower Start-ups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.
Muthoot Finance approves fundraising up to ₹6,000 crores
The Board of Directors of Muthoot Finance Limited at their meeting held today has considered and approved fund raising to the tune of ₹6,000 crores by way of private placement of redeemable non-convertible debentures to be issued in one or more tranches as may be decided by the Board of Directors or a committee thereof from time to time.
Oil India Limited (OIL) in consortium with Engineers India Limited (EIL) has decided to bid for acquiring 61.65% stake of Bharat Petroleum Corporation Limited (BPCL) in Numaligarh Refinery Limited (NRL).
Mall company The Phoenix Mills Ltd’s progress on recovery from the adverse impact of covid-19 restrictions has been decent. In the December quarter, consolidated revenue decline was curbed to 34% year-on-year. This is a consistent improvement from the revenue drop of 48% and 78% in the September quarter and June quarter, respectively. (Full report)
Aurobindo Pharma receives US FDA Approval f or Droxidopa Capsules
Aurobindo Pharma Limited has received final approval from the US FDA to manufacture and market Droxidopa Capsules, 100 mg, 200 mg and 300 mg. Droxidopa Capsules are generic version of Lundbeck NA Ltd's Northera® Capsules.
The approved product has an estimated market size of $352 million for the twelve months ending December 2020, according to IQVIA.
Zydus Cadila gets USFDA nod for low blood pressure drug
Zydus Cadila on Friday said it has received final approval from the US health regulator to market Droxidopa capsules, used to treat low blood pressure.
Zydus Cadila has received final approval from the United States Food and Drug Administration (USFDA) to market Droxidopa capsules in the strength of 100 mg, 200 mg, and 300 mg, Cadila Healthcare said in a regulatory filing.
Zydus Cadila is part of the Cadila Healthcare group.
IDFC First Bank gets board nod for ₹3,000 crore fund mop-up
Private sector IDFC First Bank on Thursday said its board has okayed raising up to ₹3,000 crore through various means.
The lender said there are significant opportunities for growth based on the strong capabilities it has built as well as the strong outlook for economic recovery in India.
The board of the bank has approved raising of funds "up to ₹3,000 crore by way of issuance of securities, through one or more permissible mode(s), including but not limited to a private placement, Qualified Institutions Placement, Follow-on Public Offering or a combination thereof," IDFC First Bank said in a regulatory filing.
Crisil upgrades long-term credit ratings of Escorts Limited; outlook revised to stable
Crisil Ratings has upgraded its ratings on the long-term bank facilities of Escorts Ltd (Escorts) to ‘AA’ from ‘AA-‘and revised its outlook to ‘Stable’ from ‘Positive’. The rating on the short-term bank facilities and commercial paper programme has been reaffirmed at ‘A1+’.
"The rating action follows improvement in the business risk profile driven by healthy market share in tractors and higher-than-expected demand for tractors in the domestic market, which will translate into revenue growth of 16-17% (higher than earlier expectation of 9-10%) for Escorts’ tractor division (77% of revenue in fiscal 2020) in fiscal 2021. The company’s domestic market share increased to 11% in the first nine months of fiscal 2021, with share in the south market rising to 5.4% from 4.8% in fiscal 2020. Growth in fiscal 2022 is likely to remain at mid-single digit level for tractor segment, supported by higher realisations. The strong financial risk profile and liquidity will support in case of lower-than-expected growth in fiscal 2022," Crisil said.
Unichem receives US FDA nod for Apremilast Tablets
Unichem Laboratories Limited has received ANDA approval for its Apremilast Tablets, 10 mg, 20 mg and 30 mg from the US FDA to market a generic version of Amgen’s Otezla® (apremilast) Tablets, 10 mg, 20 mg, and 30 mg.
Apremilast tablets are indicated for the treatment of adult patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy.
"The markets have opened below 15100 which is a short term support for the Nifty. We need to evaluate today's closing price: for the markets to continue remaining bullish, we would need to close above 15100. A break of this level on a closing basis would alert the bearish triggers of the market and it can drop to 14800 and then 14600. It would be better to evaluate the index on Monday with new weekly support and resistance levels," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
19 Feb 2021, 09:41:11 AM IST
Ambuja Cements Q4 profit up 34% at ₹968 crore
Ambuja Cements, a part of Swiss firm LafargeHolcim, on Thursday reported an increase of 34.06% in consolidated net profit at ₹968.24 crore for December quarter 2020, helped by volume growth.
The company, which follows January-December financial year, had clocked a net profit of ₹722.26 crore in October-December 2019, Ambuja Cements said in a BSE filing.
Revenue from operations was up 4.58% to ₹7,452.87 crore during the quarter as compared to ₹7,126.44 crore in the year-ago period.
PSU banks extend gains; metals, private banks under pressure
19 Feb 2021, 09:20:30 AM IST
Indian benchmark equity indices opened lower on Friday amid weakness in global markets. Sensex opened at 51,238.02, down 86.67 points or 0.17%, while Nifty declined 44.15 points or 0.29% at 15,074.80.
RIL, up nearly 1%, was the top Sensex gainer followed by L&T, TechM, HUL and Titan. Power Grid, ICICI Bank, ONGC and M&M were among the laggards. Of 30 Sensex shares, 23 were in the red at open.
19 Feb 2021, 09:07:03 AM IST
Indian stocks traded lower in the pre-opening session on Friday. At 9:04am, Sensex was at 51,253.33, down 71.36 points or 0.14%, while Nifty dropped 18.35 points or 0.12% at 15,100.40.
19 Feb 2021, 08:41:57 AM IST
Markets at close on Thursday
Indian shares ended lower for a second successive session on Thursday as investors took profits from recent winners including HDFC and ICICI banks, while state-run lenders extended their red-hot rally.
Domestic stock benchmarks have gained nearly 11% this month thanks to strong corporate earnings, a well-received federal budget and healthy foreign fund inflows, prompting investors to lock in gains from some high-flying stocks.
The NSE Nifty 50 index closed 0.59% lower at 15,118.95, while the S&P BSE Sensex ended 0.73% lower at 51,324.69.
19 Feb 2021, 08:24:58 AM IST
Rupee at close on Thursday
The rupee pared its initial losses to settle higher by 9 paise at 72.65 against the US dollar on Thursday following consistent forex inflows and losses in the American currency in the global markets.
19 Feb 2021, 07:31:58 AM IST
Asian stocks under pressure
Asian stocks opened with declines as investors assess how rising borrowing costs could impact the equity rally. Treasuries retained losses.
Japan’s Topix index fell 0.5%.
South Korea’s Kospi slipped 0.25%.
Australia’s S&P/ASX 200 Index declined 1.04 %.
Singapore's SGX Nifty added 0.12%.
China's Shanghai Composite was down 0.22%, while Hong Kong's Hang Seng declined nearly 1%.
19 Feb 2021, 07:31:58 AM IST
Wall Street ends lower
Stocks on Wall Street closed lower on Thursday as investors shifted out of big technology names, while an unexpected rise in weekly US jobless claims pointed to a fragile recovery in the labour market.
The Dow Jones Industrial Average fell 119.68 points, or 0.38%, to 31,493.34, the S&P 500 lost 17.36 points, or 0.44%, to 3,913.97 and the Nasdaq Composite dropped 100.14 points, or 0.72%, to 13,865.36.