Market closing: The Sensex closed at 52,653.07, up 209.36 points or 0.40%, while the Nifty was at 15,778.45, up 69.05 points or 0.44%. Metals, PSU banks, realty, and IT were top gainers, while FMCG, auto, private banks, and pharma were top drags at market close.
Indian indices closed over 0.40% higher on Thursday buoyed by recovery in Asian markets after the Chinese government tried to allay industry fears following a spate of selloffs triggered by regulatory tightening around tech companies. The Fed struck a dovish note after it assured that there would be some way to go before a liquidity wind down. All eyes will be on the US GDP numbers due out later today.
29 Jul 2021, 03:52:50 PM IST
Rupee gains 9 paise to close at 74.29 (provisional) against US dollar
29 Jul 2021, 03:52:35 PM IST
Gold rallies ₹382; silver zooms ₹1,280
Gold in the national capital on Thursday rallied by ₹382 to ₹46,992 per 10 gm amid a jump in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹46,610 per 10 gm. Likewise, silver also jumped ₹1,280 to ₹66,274 per kilogram, from ₹64,994 per kg in the previous trade.
29 Jul 2021, 03:45:27 PM IST
The Sensex closed at 52,653.07, up 209.36 points or 0.40%, while the Nifty was at 15,778.45, up 69.05 points or 0.44%. Metals, PSU banks, realty, and IT were top gainers, while FMCG, auto, private banks, and pharma were top drags at market close. On the 30-share Sensex, Tata Steel, Bajaj Finserv, SBI, and 13 other stocks closed in green, while Maruti Suzuki, Power Grid, Bajaj Auto, and 11 other stocks closed in red.
29 Jul 2021, 03:24:28 PM IST
PVR's stocks was trading at ₹1,351.70 each, up 1.18% at 3:24 pm. The company reported a Q1 consolidated net loss of ₹2.19 billion compared to a loss of ₹2.26 billion a year ago. The company will undertake a staggered opening of screens effective 30 July.
Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers on market performance
“Indian markets started on a positive note following upbeat Asian market peers with reports that the Chinese Securities regulator has stepped-in to assuage investor concerns over tech crackdown supported sentiment and favourable outcome of Federal Open Committee which ended its two-day meeting by keeping interest rates in a target range between zero and 0.25%. During the afternoon session markets continued their firm trade. Investors’ remain energized as Chief Economic Adviser (CEA) stated that India is expected to hit a growth rate of 6.5-7% in 2022-23 and accelerate further to 8% in the subsequent years on the back of reforms undertaken by the government. Forecasts for gross domestic product were raised to a 9.2% expansion in the fiscal year ending March 2022, from the previous 9%, while the gross value added outlook edged down slightly to 9%. On sectoral front, Metals outshined all others sector and was trading with gains higher than 4% followed by Realty, IT, PSU Banks while FMCG and Auto traded in red."
29 Jul 2021, 03:06:53 PM IST
UTI AMC appoints Vetri Subramaniam as its first CIO
UTI Asset Management Co. Ltd (UTI AMC) has appointed Vetri Subramaniam as its first chief investment officer (CIO). The AMC also appointed Ajay Tyagi as the head-equity for its mutual fund operations, effective 1 August. Subramaniam will oversee the equity, fixed income, research and dealing functions of the company. He joined UTI AMC as head of equity in January 2017.
Airtel Africa Q1 profit zooms to $142 mn amid all-round growth
Airtel Africa on Thursday said its profit after tax more than doubled to $142 million (over ₹1,051 crore) in June quarter compared to the year-ago period, amid higher operating profits along with stable net finance costs. Airtel Africa —which provides telecom and mobile money services, with a presence in 14 countries in Africa—said that strong revenue growth was recorded in all regions and across key services. During June quarter of 2021-22, reported revenue grew nearly 31% to $1,112 million (about ₹8,229 crore), with constant currency growth of about 33% .
IBBI notifies hefty monetary penalty for erring bankruptcy professionals
Tightening disciplinary framework for insolvency professionals, the government has notified hefty penalties for breaches in guiding distressed businesses through bankruptcy proceedings. Erring professionals will face a penalty of up to 25% of the fee charged by them, an order from Insolvency and Bankruptcy Board of India (IBBI) said on Wednesday. (Read here)
29 Jul 2021, 02:24:14 PM IST
LIC Housing Finance's Q1 numbers belie estimates
LIC Housing Finance's stock was trading at ₹419.85, down 3.05% at 2:23 pm. The non bank lender reported Q1 net profit of ₹1.53 billion, compared to ₹8.17 billion a year ago, compared to an estimated net profit of ₹7 billion.
Colgate’s shares take a knock after subdued Q1FY22 earnings
Colgate Palmolive (India) Ltd’s shares declined by more than 3% during trading hours on Thursday on the National Stock Exchange. This is on a day when the broader Nifty 50 index was marginally higher. The reason is simple. June quarter results of the company, which offers oral care products, are slightly lower than expected. Colgate’s operating revenues increased by 12% year-on-year to ₹1,158 crore. Of course, this was helped by the favourable base of last year considering that the performance then was impacted by the first covid-19 lockdown. On a two-year compound annual growth rate (CAGR) basis, revenues have increased by 3.7%, which is nothing to write home about.
India continues to bring volatility to global sugar market: Fitch
Fitch Solutions on Thursday revised up again its 2021 price forecast for sugar as prices have remained more supported than it was expecting amid bad weather in Brazil. It now forecasts prices to average USc16.5/lb in 2021 compared with USc14.7/lb previously. This suggests sugar prices will average at their highest level since 2016 in 2021. (Read here)
29 Jul 2021, 01:51:34 PM IST
Nykaa set to file IPO papers soon, said to seek $4 bn valuation
India’s Nykaa is preparing to file for an initial public offering that could value the startup at more than $4 billion, according to people familiar with the matter, another sign of the growing interest in India’s technology sector.
The country’s top e-commerce company for beauty, founded by Falguni Nayar, is aiming to file its draft red herring prospectus, or DRHP, within the next few days, said the people, asking not to be named because the matter is private. It plans to sell just more than 10% of the equity, one of the people said, which could raise $400 million or more.
Supreme Court reserves judgment in Amazon's plea seeking stay on Future-RIL deal
29 Jul 2021, 12:44:46 PM IST
Alkem Laboratories says USFDA inspection at Taloja facility ends with 'zero' observations
Drug firm Alkem Laboratories on Thursday said the US health regulator has conducted an inspection of its Taloja facility in Maharashtra, and it ended with 'zero' observations. The US Food and Drug Administration (USFDA) had conducted a remote and virtual bio-analytical inspection of the company's Bioequivalence Center located at Taloja, Maharashtra from July 26-28, 2021, Alkem Laboratories said in a regulatory filing. At the end of the inspection, no form 483 was issued, the company added. A form 483 is issued by the USFDA to notify a company's management of any objectionable condition at its manufacturing facility. The form is issued after completing the inspection. (PTI)
India's gold demand up 19% in Apr-Jun qtr at 76 tonne: WGC
India's gold demand increased by 19.2% to 76.1 tonne during the April-June quarter this year, largely due to low base effect, owing to the nationwide lockdown that hit economic activity last year, the World Gold Council (WGC) said in a report. The overall gold demand during the second quarter of 2020 calendar year stood at 63.8 tonnes, according to the WGC's 'Gold Demand Trends Q2 2021' report. In value terms, India's gold demand witnessed 23% growth during April-June quarter at ₹32,810 crore, compared to ₹26,600 crore during the corresponding period of 2020.
29 Jul 2021, 12:29:53 PM IST
HCL Tech gains
HCL Tech's stock was trading at ₹1,003.90 each, up 2.16% at 12:28 pm. The IT firm named Jill Kouri global chief marketing officer.
Housing sales may rise 20-35 % in upcoming monsoon months: report
With the macroeconomic factors this year expected to mirror 2020, there is a possibility of a 20-35 % spurt in housing sales in the monsoon months in 2021 as was seen last year, says a study by real estate services company JLL. "While fuel prices have risen in recent months along with rising inflation, the RBI has retained its accommodative stance and kept the repo rate unchanged. With the expectation of moderating inflationary pressures as supply-side disruptions are sorted and with home loan rates sticking to their historic lows since last year, the support structure for sales of homes seems intact this year in the upcoming monsoon season as well as the approaching festive season," the study said.
29 Jul 2021, 11:53:25 AM IST
RIL, Tata Steel drive gains
29 Jul 2021, 11:35:35 AM IST
Nestlé India’s June qtr results show it is no longer an outlier
Nestlé India Ltd’s June quarter results (Q2CY21) were not appetising. This at a time when the base effect was favourable, given that the year-ago quarter was hit hard due to disruptions caused by nationwide covid-19 lockdown. Nestle India follows a January to December financial year and the June quarter is its second. (Read here)
Biocon gains on USFDA nod for insulin biosimilar Semglee
Biocon's stock was trading at ₹385.00 each , up 0.86% at 11:31 am. The US Food and Drug Administration will allow pharmacists to automatically substitute the cheaper version of insulin, just as they do with generic pills for other kinds of drugs. It’s the FDA’s first approval of an “interchangeable" biosimilar, a near-copy of an injected biologic medicine that’s manufactured inside living cells. It could save diabetics and health plans millions of dollars annually and encourage other drugmakers to create more biosimilar medicines. Health data firm IQVIA projects U.S. savings from increasing use of biosimilars from 2020 through 2024 will top $100 billion. The FDA agreed that Viatris Inc.’s Semglee was interchangeable with widely used Lantus, a fast-acting insulin. Approval of a second such interchangeable biosimilar of a long-acting insulin appears imminent from the same developers, Pittsburgh-based generic giant Viatris and its partner, India’s Biocon. Mylan N.V., one of two companies that merged to create Viatris last December, launched Semglee in the US last summer.
ArcelorMittal, the world’s largest steelmaker, reported on Thursday higher than expected second quarter earnings and said it would start a new $2.2 billion share buy-back programme. The Luxembourg-based company said second-quarter core profit (Ebitda), the figure most watched by the market, was $5.1 billion, almost seven times higher than the year-ago figure of $0.7 billion and far higher than the average forecast in a company poll of $4.67 billion. (Reuters)
29 Jul 2021, 11:25:42 AM IST
Cognizant Q2 net income up 41.8%; to hire 1 L people this year
Cognizant has reported 41.8% increase in June quarter net income at $512 million (around ₹3,801.7 crore), and said it expects to hire about one lakh people this year as the IT major looks to arrest high attrition rates in the company. The US-based company, which posted a net income of $361 million in the June 2020 quarter, has also raised its FY2021 revenue growth guidance to 10.2-11.2% (9-10% in constant currency) on the back of strong booking momentum. Cognizant's revenue rose 14.6% (12% in constant currency) at $4.6 billion in the quarter under review, from $4 billion in the year-ago period. This is higher than the company's guidance of 10.5-11.5% revenue growth for the June 2021 quarter. (PTI)
29 Jul 2021, 11:23:07 AM IST
SaaS startup Loopin raises $820K in seed round led by Venture Highway
Loopin, a software as a service (SaaS) startup, has raised $820,000 in seed round, led by Venture Highway. First Cheque and a few angel investors also participated in the round. The product is currently in beta with select organisations, and will likely see a market launch later this year, the Bengaluru and Seattle-based company said. (Read here)
29 Jul 2021, 11:13:30 AM IST
Nestlé India drags
29 Jul 2021, 11:06:59 AM IST
Auto, FMCG drag
29 Jul 2021, 10:21:20 AM IST
Tata Sons arm to acquire controlling stake in Tejas Networks
Tejas Networks' stock as trading at ₹246.00 each, up 4.99% at 10:20 am. The telecom and network firm, on Thursday said an arm of Tata Sons will acquire controlling stake in it for nearly ₹1,890 crore in a multi-step deal. The company has executed definitive agreements with Panatone Finvest, a subsidiary of Tata Sons (Tata group holding firm), it said in a statement. As part of the agreement, the company will make a preferential allotment of 1.94 crore equity shares at a price per equity share of ₹258 per share aggregating to ₹500 crore to Panatone. There will also be another preferential allotment of 3.68 crore warrants, each carrying a right to subscribe to one equity share at an exercise price of ₹258 per equity share aggregating to ₹950 crore. (PTI)
Rupee rises 7 paise to 74.31 against US dollar in early trade
29 Jul 2021, 10:18:14 AM IST
Bharti Airtel top gainer, Kotak Mahindra Bank top drag
29 Jul 2021, 10:10:05 AM IST
Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
"The markets are trading around the midpoint of the current range which is between 15,400-15,900. The volumes are soft and the momentum is spiritless. Until we do not get past either of the two levels, the Nifty will not witness a significant move."
29 Jul 2021, 10:02:39 AM IST
Tatva Chintan Pharma's shares list at 95% premium
Tatva Chintan Pharma Chem Ltd (TCPCL) had a bumper debut on the stock exchanges on Thursday, with its shares listing at nearly 95% premium over its issue price. Its ₹500 crore initial public offering (IPO) was subscribed nearly 180 times last week. The price band for the issue was set at ₹1,073-1083. (Read here)
29 Jul 2021, 10:02:39 AM IST
Coforge stock up 5% on robust Q1 earnings and record deal wins
Midcap IT services provider Coforge Ltd reported robust earnings in the June quarter. It's sequential organic revenue growth of 7% in constant currency terms exceeded analysts' expectations. Growth was driven by deal ramp-ups in the Americas. Order intake continued to remain strong at USD318 million, which is the highest ever. This includes three large deals, with one USD105m deal win. Reacting to the earnings, the shares of Coforge rose around 5% on the NSE on Thursday to hit a new 52-week high of ₹5,007.
Former IndiGo president, Rakesh Jhunjhunwala may float new airline venture: report
Former IndiGo president Aditya Ghosh may join investor Rakesh Jhunjhunwala to launch a new airline venture, NCBCTV18 reported, citing people familiar with the matter.
29 Jul 2021, 09:55:34 AM IST
Happiest Minds trades lower
Happiest Minds' stock was trading at ₹1,362.50 each, down 1.82%. IT services firm Happiest Minds Technologies Ltd reported a 29% year-on-year decline in its net profit to Rs35.7 crore for the fiscal first quarter ended June (Q1 FY22) due to an exceptional expense of ₹6.1 crore. Revenues for the quarter grew 38.2% year-on-year to ₹244.6 crore on the back of broad-based growth. In US dollar terms, revenues during April-June grew 41.4% year-on-year and 9.6% sequentially to $33.1 million. (Read here)
29 Jul 2021, 09:53:57 AM IST
India reported on Thursday 43,509 new covid cases in the last 24 hours, the government said in a statement.
29 Jul 2021, 09:35:29 AM IST
The Sensex opened at 52,693.53, up 249.82 points or 0.48%, while Nifty was at 15,762.70, up 53.30 points or 0.34%. IT, pharma, metals were top gainers.
29 Jul 2021, 09:12:02 AM IST
The Sensex was at 52,693.53, up 249.82 points, or 0.48%, while Nifty was at 15,762.70, up 53.30 points, or 0.34% at market pre-opening.
Cryptocurrency prices were slightly lower today with Bitcoin trading 0.4% lower at $39,668. Ether, the coin-linked to ethereum blockchain and dogecoin were down nearly 1% to $2,289 and $0.20 respectively. Other digital coins like Cardano, Uniswap also plunged, whereas, XRP, Stellar and Litecoin were up over the last 24 hours. Bitcoin remains far below its mid-April high of almost $65,000. However, it has been surging in the past few sessions after recent positive comments from billionaire Elon Musk and Ark Investment Management's Cathie Wood, along with speculation over Amazon’s potential involvement in the cryptocurrency sector. (Read here)
29 Jul 2021, 08:44:20 AM IST
Cognizant raises 2021 revenue guidance to 9-10% as digital biz grows
Cognizant Technology Solutions Corp. raised its 2021 revenue growth guidance to 9-10% in constant currency from 5.6-7.6% it had guided earlier as business is picking up especially in the digital transformation space. Cognizant, which follows the calendar year, expects revenue for the September quarter to grow 10-11% in constant currency in the range of $4.69-4.74 billion. The Teaneck, New Jersey-based firm posted revenues of $4.6 billion, up 12% annually in constant currency, for the second quarter ended June driven by digital revenues that grew 20% year-on-year. Cognizant said this is its highest-ever quarterly revenue, and the largest-percentage quarterly growth since 2015 that beat its own guidance range. (Read here)
29 Jul 2021, 08:23:21 AM IST
Cabinet clears amendment to LLP Act, 12 offences to be decriminalised
The Union Cabinet on Wednesday approved amendments to the Limited Liability Partnership (LLP) Act, with an aim to decriminalise 12 provisions under the law. "An amendment has been proposed in the Limited Liability Partnership Bill for the first time. We are doing a lot of changes in the Companies Act and corporate bodies are getting a lot of ease of doing business. LLPs are becoming popular among start-ups," said Union finance minister Nirmala Sitharaman after the cabinet meeting. (Read here)
29 Jul 2021, 08:22:28 AM IST
IBC amendment bill aimed at aiding MSMEs gets LS approval
The Lok Sabha on Wednesday cleared the Insolvency and Bankruptcy Code amendment bill that lays down the framework of a simpler alternative bankruptcy resolution framework for small businesses. (Read here)
29 Jul 2021, 08:20:42 AM IST
Markets are likely to consolidate on Thursday while trends in the SGX Nifty suggest a flat opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 52,443.71, down 135.05 points or 0.26%. The Nifty closed at 15,709.40, down 37.05 points or 0.24%.
29 Jul 2021, 08:10:44 AM IST
Stocks to Watch
Adani group, Ashok Leyland, Equitas Holdings, HDFC, Maruti Suzuki, among other stocks may be in focus on Thursday. (Read here)
29 Jul 2021, 08:01:54 AM IST
Windlas Biotech fixes price band of ₹448-460 a share
Windlas Biotech Ltd initial public offering has fixed its issue price at ₹448-460 a share. Earlier the firm said its issue will open on 4 August and closes on 6 August. The IPO consists of a fresh issue of ₹165 crore and an offer for sale of up to 5.14 million shares by its current promoters and shareholders. At the upper end of price band the company will raise approximately ₹401 crore. (Read here)
29 Jul 2021, 07:51:09 AM IST
Asian stocks rise on China revival, reassuring Fed
Asian stocks rose Thursday on China’s efforts to soothe market nerves and the Federal Reserve’s reassurance that it’s moving very gradually toward tapering stimulus if the U.S. makes more economic progress.
Hong Kong and Chinese shares outperformed at the open, rebounding from steep losses sparked by Beijing’s crackdown on private enterprises. MSCI Inc.’s Asia-Pacific gauge jumped about 1%. S&P 500 futures fell back after the index was little changed overnight, while Nasdaq 100 futures dipped as Facebook Inc. fell in extended trading on a cautious outlook. Chinese authorities appears to have become uncomfortable with this week’s selloff. State-run media published articles suggesting the rout is overdone, while analysts have speculated about intervention by government-linked funds.
S&P 500 futures fell 0.2% as of 10:50 a.m. in Tokyo. The S&P 500 was steady.
Nasdaq 100 futures lost 0.3%. The Nasdaq 100 rose 0.4%
Japan’s Topix index rose 0.2%
Australia’s S&P/ASX 200 index added 0.4%
South Korea’s Kospi index was flat
Hong Kong’s Hang Seng index jumped 1.9%
China’s Shanghai Composite index advanced 1.1%
29 Jul 2021, 07:33:58 AM IST
US stocks bounce, dollar softens as Fed says recovery on track
U.S. stocks edged higher on Wednesday and the dollar slipped into losses after the Federal Reserve said the economic recovery was on track, but offered no clues about when monetary policy will eventually be tightened. The Fed said after its latest policy meeting that the economy has kept strengthening despite a rise in coronavirus infections, and that accelerating inflation remained the result of "transitory factors". In a news conference after the meeting, Fed Chairman Jerome Powell said it is not yet time to think about raising interest rates. He said the central bank was thinking about tapering asset purchases but has not set a timetable for when to do so.
The Dow Jones Industrial Average fell 0.15%, the S&P 500 edged up 0.17%, and the tech-focused Nasdaq Composite rebounded 0.75% after hitting its lowest in more than two months on Tuesday.
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