Market closing: Benchmark Indian equity indices closed over 0.3% lower on Monday. At market closing, the Sensex was at 52,735.59, down 189.45 points, or 0.3%, while the Nifty was at 15,814.70, down 45.65 points, or 0.3%. PSU banks, pharma and metals were top gainers
Indian indices closed over 0.29% lower on Monday after opening at record highs. Finance minister Nirmala Sitharaman announced eight new relief measures, including four new schemes, with ₹50,000 cr dedicated allocation for health infrastructure in non-metro cities. Asian markets closed lower. All eyes will be on official factory activity data from China due on Wednesday and the US jobs report for June.
28 Jun 2021, 03:57:15 PM IST
Benchmark Indian equity indices closed 0.27% lower on Monday. At market closing, the Sensex was at 52,735.59, down 189.45 points, or 0.36%, while the Nifty was at 15,814.70, down 45.65 points, or 0.29%. PSU banks, pharma and metals were top gainers. Among broader indices, BSE midcap and smallcap indices 0.40% and 0.46% higher, respectively. The Nifty midcap100 and smallcap100 indices were up 0.53% and 0.37% at close, respectively. On the 30-share Sensex, Tata Steel, Dr Reddy, Tech Mahindra, and 9 other stocks close din green, while TCS, Titan, HCL Tech, and 15 other stocks closed in red.
28 Jun 2021, 03:27:21 PM IST
Nirmala Sitharaman Press Conference LIVE: New credit to 2.5 L individuals
-Max ₹1.25 L to individuals
-Stressed a/c may also benefit
-defaultors if within 89 days or less limit may be covered
-75% default amount guarantee
-3 yr loan duration
-2.5 lakh small borrowers to be covered
-joint lending group framework with NBFC, MFIs in loop
-capped at MCLR+2%
-80% disbursal by MFIs
- ₹7,500 cr allocation
-valid till 31 March 2022
28 Jun 2021, 03:22:11 PM IST
Nirmala Sitharaman Press Conference LIVE:ECLGS additional ₹1.5 L cr over and above ₹3 L cr
- ₹2.69 L cr already disbursed
-12 PSBs, 25 private banks and NBFCs disbursed loans
-Contact intensive sectors received ₹4,000 cr
-Overall limit now at ₹4.50 L cr
28 Jun 2021, 03:17:21 PM IST
Nirmala Sitharaman Press Conference LIVE: 1.1 L cr guarantee for covid affected sectors
Of this health sector gets: ₹50,000 cr cover
-for scaling up medical infra in tier-2 and -3 non-metro cities
-new projects will get 75% coverage
-expansion projects to get 50% coverage
-loans of upto ₹100 cr
-3 yr guarantee
-interest rate for health sector capped at 7.95%
Other sectors will get ₹60,000 crore
-interest rate capped at 8.25%
28 Jun 2021, 03:12:25 PM IST
Nirmala Sitharaman Press Conference LIVE: 8 relief measures to be announced
-4 new measures
-1 health infra
-others about exports etc
28 Jun 2021, 03:02:40 PM IST
Narendra Solanki, head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers on market performance.
“Indian markets started on a positive note following mixed Asian market cues Covid cases weigh on global sentiment. During the afternoon session markets traded with minor losses on account of selling in frontline stocks. Some anxiety also came with India Ratings and Research (Ind-Ra) statement its earlier estimate of gross domestic product (GDP) growth at 10.1% for the current financial year (FY22) is unlikely to hold due to the speed and scale of covid 2.0. On sectoral front, selling was witnessed in financial services, IT and Private Banks while Metals, Pharma, PSU Banks and FMCG traded in green."
28 Jun 2021, 02:58:58 PM IST
Chhattisgarh steel plant demerger to be completed in Q3: NMDC
NMDC Ltd is expecting the demerger of its three-million tonne per annum capacity steel plant being set up in Chhattisgarh to be completed by the third quarter of the current fiscal, Amitava Mukherjee, director (finance), NMDC said during the company's earnings call. The company's board is expected to give its approval to the draft demerger scheme by 31 July and once that happens, then it will be taken to Sebi and Competition Commission of India for necessary approvals. (PTI)
BharatPe appoints Parth Joshi as chief marketing officer
BharatPe on Monday announced the appointment of Parth Joshi as the company's chief marketing officer. Joshi has extensive experience in building brands, across India and overseas, and will work closely with Suhail Sameer, group president, BharatePe. (Read here)
28 Jun 2021, 02:50:06 PM IST
WhatsApp appoints ex-Amazon Pay director to lead Payments in India
Messaging giant, WhatsApp, had appointed Manesh Mahatme to head its Payments business in India. Mahatme joined WhatsApp after spending nearly seven years at Amazon Pay India, where he was Director and then a Board Member. He also spent four years at telecom giant Airtel’s payments unit, Airtel Money.
28 Jun 2021, 02:40:57 PM IST
Newgen Software Technologies gains
Newgen Software Technologies' stock was trading at ₹574.90 apiece, up 8.58% at 2:37 pm. The company's promoters sold a stake equalling around 10.57% in around 15 June at an average price of around ₹454 apiece.
Power Mech Projects gains; secures ₹9,294 cr project from CIL
The company's stock was trading at ₹722.35 apiece, up 8.12% at 2:28 pm. A consortium led by Power Mech Project has secured the Kotre Basantpur Pachmo mine development and operation project from Coal India Ltd unit Central Coalfields Ltd for 25 years' duration, including two years of development period. The aggregate project value is ₹9,294 crore, the company said.
Shared workspace provider WeWork has launched virtual offices for self-employed individuals, entrepreneurs, businesses where they can use any of its office addresses as their address in official communication, govt formalities like GST etc. WeWork is also allowing them to use its premises selectively for meeting rooms and other benefits. Co-working operators have been launching new products to add revenue streams as well as bring back people to offices. (Read here)
28 Jun 2021, 02:21:03 PM IST
28 Jun 2021, 02:15:46 PM IST
TCS to transform treasury operations for Commercial Bank of Kuwait
Tata Consultancy Services on Monday announced that Commercial Bank of Kuwait has selected its 'BaNCS for Treasury' solution to "manage risk better, enhance asset class coverage, and drive future growth". CBK was looking for a modern, integrated treasury solution to help transform its treasury operations and offer new generation asset classes, enhance risk management, and ensure regulatory compliance, a TCS statement said. "TCS BaNCS for Treasury will help CBK offer a wider range of cash and derivative treasury products, integrate various trading and messaging platforms, manage cash and positions in real time, and offer extensive accounting and reporting capabilities," it said. (PTI)
As credit card swipes slow, ICICI Bank, SBI Cards emerge winners
Indians swiped their credit cards less frequently in April than they did in March, largely due to mobility restrictions being put in most states due to the second wave. Credit card spends showed an 18% month-on-month drop, according to latest data from the Reserve Bank of India (RBI). But what should worry more is that 47% drop in new card accretion. But a look at individual credit card issuers shows that even when the overall pie shrank, some managed to increase their share. ICICI Bank showed a sharp rise in fresh card issuance followed closely by SBI Card and Payments Services Ltd. The share of these two lenders rose to 17.2% and 19.2% respectively from a year ago period.
28 Jun 2021, 01:53:11 PM IST
anks, auto drag
28 Jun 2021, 01:47:59 PM IST
Escorts to hike tractor prices
Escorts unit Escorts Agri Machinery will increase the prices of its tractors effective 1 July, it said in a regulatory filing. The company cited a steady rise in commodity prices for the price hike. The company's stock was trading at ₹1,194.70 apiece, up 1.07% at 1:47 pm.
RITES' stock was trading at ₹275.40 apiece, up 1.81% at 1:44 pm. The company has secured two orders worth ₹461.23 crore and ₹288.44 crore, from the Indian Railways totalling ₹749.67 crore, it said in a regulatory filing.
Yash Gupta equity research associate, Angel Broking Ltd on KIMS listing
Krishna Institute of Medical Sciences Ltd got listed on stock exchanges at ₹1,008.9 on 28 June. We had given a subscribe rating to the KIMS IPO and the listing was in line with our expectation. We suggest short term investors to book profit at ₹977, with gains of 17.8%, and recommend that long-term investors may book partial profit and hold the remaining quantity as the company can perform well in the long run. KIMS is trading at EV/Ebitda of 21 times and price to earnings of 37 times, which is cheaper compared to peers. Additionally, the company has best return of equity (ROE) & return on capital employed (ROCE) among peers of 23.8% and 24.8% respectively.
28 Jun 2021, 01:35:41 PM IST
Agni Prime: DRDO's latest ballistic missile is short in size yet powerful
India's Defence Research and Development Organisation (DRDO) today successfully flight-tested a new generation nuclear-capable ballistic missile Agni P also known as 'Agni Prime' from Dr APJ Abdul Kalam island off the coast of Odisha, Balasore at 10.55 am. Agni-Prime is an advanced version of Agni-1 missile. (Read here)
28 Jun 2021, 01:30:09 PM IST
India shifts 50,000 troops to China border
India has redirected at least 50,000 additional troops to its border with China in a historic shift toward an offensive military posture against the world’s second-biggest economy. Over the past few months, India has moved troops and fighter jet squadrons to three distinct areas along its border with China, according to four people familiar with the matter. All in all, India now has roughly 200,000 troops focused on the border, two of them said, which is an increase of more than 40% from last year. Both the Indian Army and a spokesman for the Prime Minister’s Office in New Delhi didn’t respond to requests for comment. (Read here)
28 Jun 2021, 01:24:48 PM IST
Piramal Enterprises gains; to raise ₹1,000 cr via NCDs
Piramal Enterprises' stock was trading at ₹2,466.85 apiece, up 1.82%. The company's board has approved the issue of non-convertible debentures worth ₹1,000 crore. The issue comprises up to ₹100 crore with an option to retain
over subscription of up to ₹900 crore. The issue carries a coupon of 8.25% payable annually. Redemption will be at par on 28 June 2023, the company said.
HC refuses to stay new IT rules regulating digital news media
The Delhi high court on Monday refused to stay the new Information Technology rules which seek to regulate digital news media, saying it was not in agreement with the petitioners on passing such an order at this stage. A vacation bench of justices C Hari Shankar and Subramonium Prasad said the notice has been issued to them only for implementation of notification on which there was no stay. “We are not in agreement with you. If you want we will pass a reasoned detailed order or if you want we can renotify it before the roster bench. You take instructions and let us know," the bench said. (PTI)
Medical devices player Healthium Medtech (formerly Sutures India) is preparing for an initial public offering (IPO) in 2021 based on buoyant valuations in the pharma and healthcare sector, Moneycontrol.com reported citing people with knowledge of the matter. Healthium is backed by private equity player Apax Partners. The firm leads global production of surgical needles by volume, according to the report. The company is eyeing a $300-400 million fundraise, vakluing the company around $1 billion, one of the persons said. “ICICI Securities, Nomura, Credit Suisse and CLSA have been taken on board and the kickoff for the IPO happened last week," a second person said.
28 Jun 2021, 12:59:03 PM IST
TCS, Infy top drags
28 Jun 2021, 12:54:42 PM IST
Emami increases stake in Helios Lifestyle
Emami's stock was trading at ₹537.15 apiece, down 0.55% at 12:53 pm. The company has increased its stake in Helios Lifestyle Pvt. Ltd to 45.96% from 33.09% earlier. In the current round of investment, Emami has acquired 51,991 shares in Helios. The company did not share the quantum of investment.
Cement sector's profitability outlook improves with recent price hikes: CLSA
Foreign brokerage house CLSA expects the recent price hikes taken by cement manufacturers to aid margin growth of the companies in FY22. Cement companies have taken consecutive price increases in March, April, and May. Consequently, all India prices of blended cement are currently 5-7% above 4QFY21, it said in its latest report on the sector. (Read here)
28 Jun 2021, 12:35:32 PM IST
Finance minister N Sitharaman to address press conference at 3 pm
28 Jun 2021, 12:30:32 PM IST
HDFC Bank invests in Virtuoso Infotech
HDFC Bank and its unit HDFC Securities Limited have acquired a 7.4% stake in Virtuoso Infotech. Virtuoso Infotech specializes in product engineering and offers customized software solutions for enterprises across a wide range of sectors.
Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking on gold
WTI Crude rose over 4% in the week gone by as plummeting US Crude inventories and a promising demand outlook underpinned the prices.
As per reports from the US Energy Information Administration (EIA), US Crude inventories plunged about 7.6 million barrels surpassing the markets expectation of a 3.6-million-barrel fall indicating a solid recovery in demand.
The Organization of the Petroleum Exporting Countries and allies, Opec+, is returning 2.1 million barrels per day in the global markets from May 2021 to July 2021. Markets expect that the group might continue to ease the production curbs imposed in 2020 following the paced vaccine distribution and reopening of global economies.
28 Jun 2021, 12:05:08 PM IST
Amarjeet Maurya, AVP-MidCaps, Angel Broking on Dodla Dairy
Dodla Dairy Ltd (DDL) was incorporated on 15 May 1995 in Hyderabad. The company sells fresh milk, ghee, butter, curd, paneer, gulab jamun, doodh peda, basundhi and junnu, targeted at home consumption. The dairy sells UHT milk, flavoured milk, ice cream and beverages such as buttermilk
We had recommended 'SUBSCRIBE' on the Dodla Dairy IPO. The stock is up ~41% from the higher end of the price band. At CMP of ₹605, the stock is trading at 23.2x PE (9MFY21 annualised profit ) which leaves little room for upside. Hence, we recommend to book profits.
28 Jun 2021, 11:59:27 AM IST
L&T Infotech drags
28 Jun 2021, 11:54:28 AM IST
BofA upgrades Bank of Baroda to 'buy'
Bank of America Securities has upgraded Bank of Baroda to 'buy' from underperforming'. The target price is ₹120, up from ₹88.
SAT grants interim relief to Franklin Templeton in Sebi case: report
The Securities Appellate Tribunal has granted interim relief to Franklin Templeton in Sebi order case, CNBCTV18 reported. The tribunal has stayed the Sebi order which restrains FT from launching new debt schemes. SAT has asked FT to deposit ₹250 crore in three weeks in an escrow account. The next hearing in the matter is scheduled for 30 August.
28 Jun 2021, 11:40:08 AM IST
BofA upgrades Bank of Baroda to 'buy
Bank of America Securities has upgraded Bank of Baroda to 'buy' from underperforming'. The target price is ₹120, up from ₹88.
28 Jun 2021, 11:34:30 AM IST
Finolex Industries's stock was trading at ₹188.70, down 8.67% at 11:14 am. The company reported March quarter consolidated profit of ₹2.99 billion compared to ₹586.6 million a year ago. The company's quarterly consolidated revenue from operations is ₹12.49 billion compared to ₹7.69 billion a year ago.
Raised issue of Indians with covishield jabs facing problems with travel to EU with higher authorities: SII's Adar Poonawalla
I realise that a lot of Indians who have taken COVISHIELD are facing issues with travel to the E.U., I assure everyone, I have taken this up at the highest levels and hope to resolve this matter soon, both with regulators and at a diplomatic level with countries.
Yash Gupta equity research associate, Angel Broking Ltd on Thyrocare-Pharmeasy deal
Dr Valumani, promoter of Thyrocare Technology Ltd, has entered into agreement to sell his entire holding (66.1%) in Thyrocare to Pharmeasy for total value of ₹4,546 crores (1,300 per share). Pharmeasy's parent company will make an open offer to acquire an additional 26% stake in Thyrocare at 1,300 per share. Currently, the stock is trading at around 1,370 per share and we expect the stock to remain in this range for some time. Short term investors should book profits rather than applying for the open offer. Long term investors should remain invested and wait for fresh buying opportunities. Pharmeasy has a platform along with a good client base, which will elevate Thyrocare’s low-price high-volume business to the next level. We expect the stock to perform well upon completion of this open offer.
Bank privatisation: Panel to forward names for cabinet nod: report
Bank privatisation panel headed by cabinet secretary has finalised names for cabinet approval, CNBCTV18 reported, citing people familiar with the matter. Indian Overseas Bank and Central Bank are main candidates, according to the people. The finance ministry is working on legislative amendments regarding privatisation of government banks.
28 Jun 2021, 10:52:08 AM IST
Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking Ltd on gold trajectory
"Spot gold ended the week with marginal fall of 0.2% as mixed signs on the stance of the US Federal Reserve in the times ahead kept the markets cautious. The fall in the precious metal was limited as the US infrastructural bill pressured the Dollar. Gold prices also found some support earlier in the week after US Federal Reserve chairman Jerome Powell stated that the rising inflation won’t be the sole factory behind any rate hike. However, soon after Fed chair’s comments eased markets concerns, few Fed officials projected a period of high inflation in the world’s largest economy. Prospects of a persistent increase in price levels reignited chances of a tighter monetary policy which kept the markets cautious. The losses for the yellow metal were capped on bets on a potential inflation as it is widely considered as a hedge against inflation.
While prospects of shift in the monetary approach by the US central bank is expected to weigh on the gold; mounting inflation concerns might keep the prices in check in the week ahead."
28 Jun 2021, 10:43:23 AM IST
Sameet Chavan, chief analyst-Technical and Derivatives, Angel Broking, on Nifty
"In our previous weekly commentary, we had advocated some caution considering the formation of ‘Hanging Man’ pattern on weekly chart. To activate this, the prices should have slipped below the low i.e. 15,450 in this case. But since it reversed from 15,500, the pattern was not confirmed. Also, we had shared our observation on the placement of the NIFTY MIDCAP 50 index around some crucial levels. All these negative developments have not been completely negated yet; but the kind of up move we witnessed in BANKNIFTY on Friday’s session, the bulls seem to have upper hand here. Hence, banking becomes a deciding factor going ahead. A follow up move in the coming sessions would definitely push the Nifty towards its much awaited milestone of 16,000 and may even extend towards 16,200 later. Hence, it would be interesting to see how things pan out in the banking space. As far as supports are concerned, the immediate levels are placed at 15,700 – 15,670 and the base is to be seen at 15,450 now. Till the time market defends these important supports, the short term trend remains bullish. But having said that we would still reiterate that one should avoid being complacent and it’s better to continue with the strategy of ‘one step at a time’. Because although it’s difficult to time it, whenever any rally overstretches without giving any meaningful correction, the market tends to surprise anytime. So to be on the safer side, try to avoid aggressive leveraged positions overnight."
28 Jun 2021, 10:30:27 AM IST
Dodla Dairy lists at 28.5% premium over issue price
Shares of Dodla Dairy Ltd made a strong debut on the exchanges on Monday, listing at ₹550, a 28.5% premium from its issue price of ₹428 apiece. Dodla Dairy's ₹520 crore initial share-sale was subscribed 45.62 times at a price band of ₹421-428 apiece during the share sale between 16 June and18 June. (Read here)
28 Jun 2021, 10:30:27 AM IST
KIMS shares receive strong listing
Krishna Institute of Medical Sciences or KIMS shares registered strong listing today at BSE and NSE. At BSE, KIMS shares got listed at ₹528 while at the NSE, KIMS IPO listing took place at ₹550 per equity shares. Immediately after the listing, KIMS share price soared to its intraday high of ₹1,059 while its intraday low stands at ₹956 at NSE. According to market observers, KIMS IPO listing is in sync with the grey market expectations as the KIMS IPO GMP today was ₹110, which is quite close to both NSE and BSE listing of the KIMS shares. (Read here)
28 Jun 2021, 10:22:41 AM IST
Rupee falls 6 paise to 74.26 against US dollar in early trade
28 Jun 2021, 10:15:55 AM IST
IT top drag
28 Jun 2021, 10:07:50 AM IST
Affle Global claims victory in IndusOS lawsuit, PhonePe refutes
Digital advertising platform, Affle Global Pte. Ltd. (AGPL) claims that it has won the arbitration case against digital payments company, PhonePe, after opposing the latter’s acquisition attempt of app discovery platform IndusOS, at the Singapore High Court (HC). (Read here)
28 Jun 2021, 09:47:09 AM IST
Covid update: India reports 46,148 new cases, 979 deaths in last 24 hours
As many 46,148 new COVID-19 cases were reported in India in the last 24 hours, taking the cumulative count of infections to 3,02,379,331, informed the Union Health Ministry on Monday. India also reported 979 deaths in last 24 hours, taking the total death tally to 3,96,730.(Read here)
28 Jun 2021, 09:42:49 AM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty trajectory
"The Nifty is again facing resistance at the 15,900 level. If we are successful in getting past it, we should be heading to 16,100 as the next target point. 15,700-15,750 is a good support range for the markets and if we can continue to respect that, every dip can be utilized to accumulate long positions for higher targets."
28 Jun 2021, 09:40:45 AM IST
Strides Pharma gains
Strides Pharma Science Ltd's stock was trading at ₹769.60 apiece, up 1.42% at 9:39 am. The company said that the National Institute of Pharmacy and Nutrition (OGYÉI), Hungary completed an EU Good Manufacturing Practices inspection at its Puducherry facility on 28 April.
Indian game streaming startup Loco gets Krafton’s backing
Loco, an Indian streaming platform for video games, received $9 million from investors including South Korean gaming company Krafton Inc. in its first fundraising effort to capitalize on the growing popularity of games-based entertainment in the South Asian nation.The Mumbai-based startup was also backed in its seed round by the likes of Lumikai Ltd., India’s first gaming media fund, London-based Hiro Capital and early stage investors including 3one4 Capital and Axilor Ventures. Loco will use the funds to upgrade its technology and content, the startup said in an announcement Monday. (Bloomberg)
28 Jun 2021, 09:24:03 AM IST
Indians invest billions in cryptocurrencies Bitcoin, Dogecoin, Ether despite RBI's concerns on crypto
The cryptocurrency aficionados’ mantra that Bitcoin is equivalent to digital gold is winning converts among the world’s biggest holders of the precious metal. In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $200 million to nearly $40 billion in the past year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban. (Read here)
28 Jun 2021, 09:19:09 AM IST
Benchmark Indian equity indices opened at an all time high on Monday. The Sensex opened at 53,031.46, up 106.42 points, or 0.20%, while the Nifty was at 15,915.35, up 55.00 points, or 0.35%. ONGC, Grasim, Tata Steel and RIL were top gainers.
28 Jun 2021, 09:08:58 AM IST
The Sensex was at 53,127.91, up 202.87 points, or 0.38% at market pre-opening, while the Nifty was at 15,860.35, up 69.90 points, or 0.44% at 9:07 am.
28 Jun 2021, 09:07:55 AM IST
SoftBank Group mulls first overseas bond sale since 2018
SoftBank Group Corp. hired banks for a potential sale of dollar and euro bonds, in what would be its first overseas debt sale in three years. The Japanese technology conglomerate mandated Deutsche Bank AG, Barclays Plc and HSBC Holdings Plc for a possible offering of notes with tenors from three years to 12 years, according to a person familiar with the matter, who isn’t authorized to speak publicly and asked not to be identified. The company previously sold U.S. currency and euro-denominated notes in 2018. (Bloomberg)
28 Jun 2021, 08:58:31 AM IST
Didi's $4 billion IPO order books to close Monday - sources
Didi Global Inc will close the investors order book for its U.S. IPO to raise up to $4 billion one day early on Monday, according to two sources with direct knowledge of the matter. The sources could not be named as the information is not yet public. Didi did immediately respond to a request for comment. The books will close at 5pm in each region on Monday, people familiar with the matter said. (Reuters)
28 Jun 2021, 08:50:06 AM IST
Dr Reddy's announces commercial launch of DRDO formulated 2-DG drug
Dr Reddy's Laboratories has announced the commerical launch of the covid drug 2-deoxy-D-glucose (2-DG) drug, according to a regulatory filing. The drug, found to help speed up recovery from covid and reduce oxygen dependence, has been developed jointly by the Institute of Nuclear Medicine and Allied Sciences, a lab of the DRDO, in collaboration with Dr Reddy's Laboratories, Hyderabad.
28 Jun 2021, 08:42:33 AM IST
Gold ticks up on weaker dollar, tame inflation data
Gold prices inched higher on Monday, as the dollar eased and tamer-than-expected US inflation data allayed fears of an early monetary policy tightening by the Federal Reserve. Spot gold was up 0.1% at $1,781.19 per ounce by 01:09 GMT. US gold futures rose 0.1% to $1,780.30.
28 Jun 2021, 08:37:10 AM IST
Abu Dhabi Investment Authority picks up minority stake in Mobikwik
The UAE's sovereign wealth fund Abu Dhabi Investment Authority has picked up a minority stake in the IPO-bound digital payments player Mobikwik for nearly $20 million (about ₹150 crore), valuing it at $700 million, the company has said. The company was in bad press in March after alleged massive data theft, following which the Reserve Bank of India (RBI) had ordered a forensic audit on the Gurugram-based company set up in 2009. Personal data of its about 10 million customers were allegedly stolen by hackers.
28 Jun 2021, 08:31:37 AM IST
IL&FS receives ₹1,925 cr as termination payment for metro project
IL&FS said it has received ₹1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. This payment, duly received in escrow accounts, comes in compliance with the Supreme Court’s order of 26 March 2021, that ruled in favor of IL&FS in the Gurgaon Metro Project-developed via ILFS subsidiaries and Special Purpose Vehicles-Rapid Metro Rail Gurgaon Ltd (RMGL) and Rapid Metro Rail Gurgaon South L (RMGSL). (Read here)
28 Jun 2021, 08:27:03 AM IST
After Air India, Cairn to target more state companies to recover money due from govt
After Air India, Britain's Cairn Energy PLC plans to target assets of state-owned firms and banks in countries from the US to Singapore as it looks to ramp up efforts to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes. (Read here)
28 Jun 2021, 08:20:55 AM IST
Markets are likely to be volatile on Monday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Friday both the benchmark indices Sensex and Nifty hit record high. The BSE Sensex ended at 52,925.04, up 226.04 points or 0.43%. The Nifty was at 15,860.35, up 69.90 points or 0.44%.
28 Jun 2021, 08:06:27 AM IST
Stocks to Watch
Ashok Leyland, Cadila, DLF, IndiGo, NTPC, PNB Housing, among other stocks may be in the news today. (Read here)
28 Jun 2021, 07:56:48 AM IST
Tata Steel to SAIL — experts recommend buy on these commodity stocks
After the strong beginning of July series on Friday, stock market experts are busy recommending stocks that can outperform the market in upcoming trade sessions. In this regard, they recommend investors to look at commodity stocks predicting better return in such stocks in comparison to other sector stocks. Speaking on shares to buy when the market opens on Monday, they recommended Tata Steel and Steel Authority of India (SAIL) stocks and said that demand for steel is expected to continue moving northward in next few months and hence these stocks may pick momentum after the recent profit-booking. (Read here)
28 Jun 2021, 07:43:12 AM IST
Indian economy takes a breather in May before gaining momentum as covid recedes
India’s economy showed more signs of cooling in May, but the weakness is already beginning to dissipate of late as the nation exits lockdowns imposed to check the pandemic’s spread.
A slew of data from services activity to automobile sales pointed to lack of demand last month, which in turn kept the needle on an overall activity indicator unchanged at 6. The relatively strong score is because the gauge uses the three-month weighted average rates to smooth out volatility in the single-month readings. (Read here)
28 Jun 2021, 07:30:23 AM IST
Asian markets open on a cautious note
Asian shares got the week off to a cautious start on Monday as a spike in coronavirus cases across Asia over the weekend hurt investor sentiment while oil hovered around 2-1/2 year highs. MSCI's broadest index of Asia-Pacific shares outside Japan was last a shade weaker at 703.17, still near a two-week high of 705.35 made on June 16. Australian shares slipped 0.3% while South Korea's KOSPI index was slightly higher. Japan's Nikkei was 0.1% weaker. Investors were concerned about a spike in coronavirus infections in Asia with Australia's most populous city of Sydney plunging into a lockdown after a cluster of cases involving the highly contagious Delta strain ballooned.
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