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Business News/ Markets / Stock Markets/  Indices shed losses, end marginally higher
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Indices shed losses, end marginally higher

US stocks had tumbled Friday led by a rout in tech stocks while Asian equities got off to a shaky start on Monday. Oil prices slumped on fading optimism about a recovery in global demand amid the coronavirus pandemic

Asian stocks rose as earnings from companies including Fanuc Corp. boosted sentiment. Photo: Reuters Premium
Asian stocks rose as earnings from companies including Fanuc Corp. boosted sentiment. Photo: Reuters

Welcome to the Mint live blog. Track this space for latest stock market updates.

07 Sep 2020, 03:17:30 PM IST

SBI invokes personal guarantees of Bhushan Power & Steel promoter: Report

The State Bank of India (SBI) has invoked the personal guarantees of Sanjay Singal, promoter of Bhushan Power & Steel Ltd, after the company defaulted on loans worth 48,000 crore to a consortium of banks, Business Standard has reported.

The company's debt resolution is almost ready, with JSW Steel declared the highest bidder with 19,700-crore as an offer for the company.

The matter is pending before the Supreme Court which is expected to come out with its verdict in next two weeks

07 Sep 2020, 02:56:46 PM IST

Tata Motors DVR surges 11% after Tata Sons buys shares worth ₹30 crore

On Friday, Tata Sons and bought 5.3 million shares, or 1.04% of the equity of Tata Motors DVR, at 56.02 per share on the NSE via bulk deal, as per exchange data.

07 Sep 2020, 02:33:09 PM IST

Samsung wins $6.6 bin 5G Verizon deal, Huawei struggles

Samsung Electronics Co. won a 7.9 trillion won ($6.6 billion) order to provide fifth-generation wireless solutions to Verizon Communications Inc. in the US, Bloomberg reported.

The contract was finalized Friday and is valid from 30 June through December 2025, it said in a regulatory filing.

The deal marks one of Samsung’s biggest 5G contracts since South Korea’s largest corporation decided years ago to invest in networking and compete with global players like Nokia Oyj and Ericsson in providing telecom equipment.

07 Sep 2020, 01:47:42 PM IST

Fall in GDP alarming; time for bureaucracy to take meaningful action: Rajan

Terming the 23.9% fall in June quarter economic growth alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action, the Press Trust of India reported.

The current crisis requires a more thoughtful and active government, he said, adding “unfortunately, after an initial burst of activity, it seems to have retreated into a shell."

07 Sep 2020, 01:46:08 PM IST

UTI AMC to launch IPO in week of 14 September

Mutual fund manager UTI Asset Management Co. Ltd (UTI AMC) plans to launch its 3,000 crore initial public offering (IPO) in the week of 14 September, as the company’s existing shareholders look to tap the recovery in the IPO market to meet regulatory requirements.

“The plan is to launch the deal in the week of 14 September, though final dates are yet to be frozen as there is a lot of supply hitting in the IPO market this month," said a person who is advising the company on its IPO plans, requesting anonymity as he is not authorized to speak with the media.

07 Sep 2020, 01:02:32 PM IST

India test flies indigenously developed Hypersonic Technology Demonstrator Vehicle

India on Monday conducted a successful first test flight of the indigenously developed Hypersonic Technology Demonstrator Vehicle (HSDTV), joining the elite club of US, Russia and China.


The HSDTV has a range of uses, including missiles of the future, and energy-efficient, low cost and reusable satellite-launch vehicles.

07 Sep 2020, 12:31:35 PM IST

Vodafone Idea launches unified brand - VI

Vodafone Idea Ltd on Monday launched an integrated brand - VI, two years after the completion of the merger of Vodafone India Ltd and Idea Cellular Ltd. Chief executive Ravindar Takkar said the unified brand has a strong and reliable network, and is built to meet the digital need of customers.

07 Sep 2020, 12:30:18 PM IST

German industrial production up for 3rd month in a row

Germany's industrial production rose for the third consecutive month in July, but gains were modest, official data showed Monday.

Production rose 1.2% compared with that of previous month. This followed gains of 7.4% in May and 9.3% in June as activity in Germany, Europe's biggest economy, recovered from big drops in March and April.

07 Sep 2020, 12:13:59 PM IST

Australia expects to get AstraZeneca's COVID-19 vaccine within months: Reuters

Australia expects to receive its first batches of a potential covid-19 vaccine in January, Prime Minister Scott Morrison said on Monday, as the number of new daily infections in the country's virus hotspot fell to a 10-week low.

Morrison said his government has struck a deal with CSL Ltd to manufacture two vaccines - one developed by rival AstraZeneca and Oxford University, and another developed in CSL's own labs with the University of Queensland.

07 Sep 2020, 12:02:52 PM IST

Asian stocks continue to struggle

Asian shares struggled for traction on Monday after two straight sessions of losses as investors grappled with sky-high valuations at a time when the global economy is in a coronavirus-induced recession while oil prices dropped sharply, Reuters reported.

European stock futures started in the black with those for eurostoxx 50 and Germany's Dax up 0.9% while London's FTSE futures rose 1%.

But the signal for Wall Street was gloomy - E-Mini futures for the S&P 500 slipped 0.5% and Nasdaq futures slid 1.3%, dragged lower by the exclusion of Tesla from a group of companies that were being added to the S&P 500.

U.S. markets will be closed on Monday for the Labour Day holiday.

MSCI's broadest index of Asia-Pacific shares outside Japan was last flat after two straight days of losses toppled it from a 2-1/2-year peak last week.

China's blue-chip index slipped 0.9% while shares of Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) plunged to the lowest since June 16 on fears China's largest chipmaker could be added to a U.S. trade blacklist.

07 Sep 2020, 11:26:20 AM IST

Revenues of 2,170 listed firms dip 24.3% in Q1

For the April-June quarter (Q1), India Inc numbers have perfectly mirrored the country’s macroeconomic headline, Business Standard reported.

The combined revenues of 2,170 listed firms was down 24.3% year-on-year in Q1, in line with the 23.9% contraction in India’s gross domestic product (GDP) for the period.

07 Sep 2020, 11:23:59 AM IST

Global market correction led by US tech stocks seen short-lived

The sustained run-up in US technology stocks in the US has drawn comparisons to the dotcom boom. The sharp sell-off seen in these stocks last week, which took its toll on global markets, has stoked fears of a bubble burst.

However, equity analysts say, while this correction was long overdue, it may not last for long.

"While tech-valuations remain elevated, they are far below dot.com bubble levels - with the added support of low rates today. We do not expect a significant sustained sell-off given the sector's relative attraction. Nonetheless, volatility is expected to be elevated in the near term," Nomura Inc said in a report on 7 September.

07 Sep 2020, 10:20:41 AM IST

Amul to invest ₹1,500 cr in 2 yrs to set up dairy, edible oil, potato processing

Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), which markets dairy products under the Amul brand, will invest around 1,000 crore over the next two years to set up milk processing plants, and another 500 crore on facilities for new products like edible oil, its MD R.S. Sodhi said.

In an interview with PTI, Sodhi said the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) expects 12-15% growth in revenue in current fiscal year from 38,550 crore during the last fiscal year despite COVID-19 pandemic, as demand for branded food products has increased.

07 Sep 2020, 10:06:45 AM IST

Nifty technicals: Sameet Chavan, chief analyst-technicals and derivatives, Angel Broking

“...On Friday, the selling once again resumed to close almost at the lowest point of the week...we may see immediate decline towards 11150-11000-10870 in near term. However, it is important to take a note that since the larger degree trend is strongly up, we would consider any decline as a corrective move within the up trend and hence, it will nowhere be closer or similar to March’s mayhem. In fact, it would certainly provide better opportunities to accumulate quality propositions for a longer run. In case, if market witnesses some bounce back, 11500-11650 remains to be a stiff hurdle. Also, it would now be very difficult for Nifty to surpass 11800 soon..."

07 Sep 2020, 09:48:10 AM IST

India surpasses Brazil with second-highest covid cases in world

India on Monday surpassed Brazil to become the second-most affected country in the world by the coronavirus pandemic.

India has recorded 42,04,614 cases and is now behind the US which has 6.29 million covid-19 cases. Brazil has 4.14 million cases.

07 Sep 2020, 09:14:02 AM IST

China posts a trade surplus of $58.93 billion for August

China’s dollar-denominated exports rose 9.5% for the month of August while imports fell 2.1% in the same period, data from the country’s General Administration of Customs showed on Monday.

07 Sep 2020, 08:50:18 AM IST

Happiest Minds Technologies' IPO to open today

IT services company Happiest Minds Technologies' initial public offering will open today and close on Wednesday.

The IPO comprises a fresh issue of 110 crore and an offer for sale aggregating up to 3,56,63,585 equity shares by promoter and investor. The issue is priced at 165-166 per equity share.

Happiest Minds plans to raise 702 crore via initial public offering, at higher end of the price band. Equity shares after the completion of public issue will be listed on the National Stock Exchange and on BSE Ltd.

07 Sep 2020, 08:34:03 AM IST

Gold ticks higher amid pandemic-induced uncertainty

Gold prices edged higher on Monday as the dollar slipped, with weak economic data out of the US at the end of last week raising fears over the global economic recovery from the COVID-19 slump, Reuters reported.

Spot gold was up 0.2% at $1,935.53 per ounce in early deals, after falling to a one-week low of $1,916.24 on Friday. U.S. gold futures rose 0.4% to $1,941.10.

07 Sep 2020, 08:31:14 AM IST

Oil prices slip in Asian trade

Oil prices dropped more than $1 a barrel, hitting their lowest since July, after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months, Reuters reported.

Fading optimism about demand recovery amid the coronavirus pandemic also weighed. U.S. crude fell 1.3% to $39.24 a barrel. Brent crude skidded 1.1% to $42.16.

07 Sep 2020, 08:17:12 AM IST

Stocks to Watch

Shares of Reliance Industries, Maruti Suzuki, State Bank of India, Vodafone Idea, among others, will be in focus today. A total of 52 companies are expected to report their earnings today, including CG Power and General Insurance Corporation of India.

07 Sep 2020, 08:12:29 AM IST

SGX Nifty down 0.6%

Indian equities will likely open lower on Monday as indicated by SGX Nifty futures which was down 0.59% at 11,307.50 in early deals. On Friday, the Sensex had crashed 633 points or 1.6% lower to 38,357 while the Nifty closed 193 points at 11,333.

07 Sep 2020, 08:08:12 AM IST

Asian stocks wobbly in early deals

Asian shares were on the defensive on Monday as investors grappled with sky-high valuations against the backdrop of a global economy in the grip of a deep coronavirus-induced recession while oil prices dropped sharply, Reuters reported.

Chinese stocks started lower while shares of Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) plunged to the lowest since June 16 on fears the firm could be added to a U.S. trade blacklist.

Japan's Nikkei fell 0.4% with SoftBank coming under heavy selling following media reports it has spent at least $4 billion buying call options on listed U.S. technology stocks.

Australian shares, which had opened in the red, reversed losses to edge up 0.1% led by miners, while South Korea added 0.4%.

That left MSCI's broadest index of Asia-Pacific shares outside Japan barely changed after two straight days of losses toppled it from a 2-1/2-year peak last week.

07 Sep 2020, 08:05:02 AM IST

US equities tumble on tech rout

On Friday, US equities suffered a sell-off, largely led by tech stocks. The Dow Jones Industrial Average fell 160.96 points, or 0.57%, to 28,131.77, the S&P 500 lost 28.31 points, or 0.82%, to 3,426.75 and the Nasdaq Composite dropped 144.97 points, or 1.27%, to 11,313.13.

Investors dumped heavyweight technology stocks due to concerns about high valuations and a patchy economic recovery.

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