Sensex ends above 47k mark; PSU banks, realty stocks shine12 min read . Updated: 28 Dec 2020, 03:39 PM IST
- Benchmark gauges Sensex and Nifty soared to new heights in early deals on Monday, tracking broad-based rallies in global equities.
Welcome to the Mint live blog. Track this space for the latest stock market updates.
Indian benchmark equity indices ended higher on Monday for fourth straight session tracking positive from global markets. Sensex ended at 47,353.75, up 380.21 points or 0.81%, while Nifty settled 123.95 points or 0.90% higher at 13,815.15.
SBI closing over 3% higher, was the top gainer followed by Titan, L&T and IndusInd Bank. HUL, Sun Pharma and Dr Reddy's were among the laggards. Of 30 Sensex shares, 26 closed in the green.
While most businesses took a hit in 2020 due to the pandemic, some suffered more than others. Movie-exhibition companies, or multiplexes, are a case in point. First, multiplexes had to deal with prolonged shutdown, as the sector was among the last to be allowed to restart operations. Second, after opening up, occupancy levels haven’t picked up, which is also partly due to unexciting movie releases. (Full report)
Indian companies managed to raise record high capital in 2020, defying disruptions caused by covid-19 and economic slowdown. Fund raising through public equity markets was at record ₹1.7 trillion in 2020, surpassing previous high of ₹1.6 trillion in 2017, data provided by Prime Database showed. (Full report)
Crude oil prices rose by ₹16 to ₹3,570 per barrel on Monday as participants widened their positions on firm spot demand.
On the Multi Commodity Exchange, crude oil for January delivery traded higher by ₹16, or 0.45%, at ₹3,570 per barrel in 1,436 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude oil gained 0.31% to $48.38 per barrel, while Brent crude traded 0.23% higher at $51.41 per barrel in New York. (PTI)
Music record label Tips Industries on Monday announced a global deal with social media giant Facebook to license its music for videos and other social experiences across Facebook and Instagram.
"It has been a big and significant year for Tips music, as the company signs another global deal with the biggest social media platform in the world Facebook to license its music for videos and other social experiences across Facebook and Instagram," Tips Industries said in a statement.
With the move, Facebook and Instagram users will be able to add Tips' music catalogue to their posts and stories, the statement added.
Markets regulator Sebi will auction properties of Sunheaven Agro India Ltd on January 18 at a reserve price of ₹9.4 crore in order to recover investors' money.
Sunheaven Agro had garnered funds from more than 7,700 investors through issuance of redeemable preference shares without complying with public issue norms.
In a notice on Sunday, the Securities and Exchange Board of India (Sebi) said it will auction two properties of the company at a reserve price of ₹9.4 crore.
Hong Kong stocks declined on Monday, dragged down by tech firms, amid regulatory concerns after China's central bank called for an overhaul at Ant Group, although upbeat China data curbed losses. The Hang Seng index fell 0.3%, to 26,314.63, while the China Enterprises Index lost 1.1%, to 10,311.48 points.
India’s key festive season helped stocks of appliances, apparel and packaged food and grocery move in the month of November, but overall sales during the month were still down 13% on a year-on-year basis, according to findings of a survey by the Retailers Association of India (RAI).
The 10th edition of RAI’s survey was conducted among 68 retailers and covered the month of November. It indicates a steady month-on-month recovery for retail businesses across India with sales in November 2020 being 13% short of last year’s sales when compared on a year-on-year basis. The period under consideration was November 1, 2020 to November 30, 2020 vs Nov 1, 2019 to Nov 30, 2019. To be sure, Diwali was in October last year. RAI’s survey covers categories such as electronics, quick service restaurants, food and grocery, apparel and footwear, among others.
Adani International Container Terminal Pvt Ltd (AICTPL) on Monday said its maiden $300 million bond issuance witnessed 10 times oversubscription.
AICTPL, a JV between Adani Ports and Special Economic Zone (APSEZ) and Terminal Investment Ltd (TIL), is a container terminal operating company based out of Mundra, having an annual capacity of handling over 3.1 million TEUs (twenty foot equivalent units). (Full report)
Tata Consultancy Services Ltd's market capitalisation surged past ₹11 trillion on Thursday becoming the second Indian firm after Reliance Industries Ltd to achieve this milestone.
Shares of TCS jumped nearly 1.2% intraday to hit an all time high of ₹2942 a piece on the BSE.
The outstanding liquidity in banking system amounted to ₹5.09 lakh crore as on December 24, ₹50,386 crore higher than that in the previous week ( ₹4.58 lakh crore as on December 18), CARE Ratings said on Monday.
The sustained liquidity surplus in banking system can largely be attributed to deposit growth persistently surpassing bank credit growth. The incremental bank deposit growth was at 7.5% higher than the incremental bank credit growth by 1.3% as on December 4.
Adani Ports and Special Economic Zone Ltd have crossed ₹1 trillion market capitalisation for the first time on Monday.
The stock surged as much as 2.98% to hit an all time high of ₹492.85 on BSE, led by which its market cap topped ₹1 trillion mark.
Shares of Biocon Limited fell nearly 4% on Monday, having scaled fresh all-time highs last week. The decline is largely the result of the Street's disappointment following deferment of target action date related to approval for the launch of a biosimilar product in the US. (Full report)
Direct-to-home operator Dish TV on Friday said it has received a demand notice from the government for payment of ₹4,164.05 crore, which includes licence fee and interest.
The Ministry of Information and Broadcasting (MIB) through a letter dated December 24, 2020 asked the Essel group firm to pay the said sum towards licence fee from the period from the date of issuance of DTH licence till the financial year 2018-19, the company said in a regulatory filing.
Homegrown electronics manufacturer Padget Electronics has signed an agreement with Lenovo-owned Motorola to manufacture smartphones for the company in India, a regulatory filing revealed. Padget Electronics is a wholly owned subsidiary of Dixon Technologies, and is among five domestic manufacturers who have been approved to receive benefits of the government’s new production linked incentive (PLI) scheme for smartphones. (Full report)
SBI Life Insurance Company on Thursday said it has acquired nearly 9% stake in non-banking finance company Paisalo Digital for about ₹186.20 crore through the open market.
SBI Life has acquired a total of 38,00,000 equity shares equivalent to 8.99% at ₹489.99 per share for a cash consideration as an ordinary course of business on the stock exchange on December 24, it said in a regulatory filing.
After what seems like ages, a late-2020 Brexit deal between the UK and the EU has enthused investors in the Tata Motors stock. Post the deal, Jaguar Land Rover (JLR) can now continue to export and import between the UK and the EU without any restriction and additional overheads. This helped drive the Tata Motors stock up 4% on Monday. (Full report)
"Wipro Ltd's ₹9500 crore buyback will open from at ₹400 per share will open from the 29th of December. Acceptance ratio in the retail segment is expected to be reasonably high given lower retail holdings in the stock. Therefore investors with a short term investment horizon can tender their share in the buyback given the fact that there would be no tax liability in the investor tendering their shares in the buyback. However we would recommend investors with a long term investment horizon of greater than one year to hold on to the stock given strong demand growth expected for IT services due to increased adoption of digital technologies. Moreover the company has been revamping its business model under the new management which is expected to bear fruits over the next couple of years and help the company achieve industry average growth rates," Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd.
Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) has agreed to buy out IMG Worldwide LLC from their sports management joint venture for ₹52.08 crore.
The nation's biggest company by market value, in a stock exchange filing, said it will buy IMG Worldwide's 50% stake in IMG-Reliance Ltd (IMG-R) for no more than ₹52.08 crore in cash.
RIL will rebrand the company after the closure of the deal.
RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010 to develop, market and manage sports and entertainment in India.
IMG is a global leader in sports, fashion, events and media, operating in more than 30 countries, and is a part of the Endeavor network.
The rupee appreciated by 4 paise to 73.51 against the US dollar in opening trade on Monday as sustained foreign fund inflows and strong domestic equities strengthened investor sentiment.
At the interbank forex market, the domestic unit opened at 73.52 against the US dollar, then inched higher to 73.51 against the greenback, registering a rise of 4 paise over its previous close.
On Thursday, the rupee had settled at 73.55 against the US dollar.
The board of directors of the company has approved raising ₹100 crore by issuing bonds on a private placement basis. The Executive Committee of the board at its meeting held on Friday approved the issuance of rated, listed, senior, secured, redeemable, non-convertible debentures aggregating to ₹100 crore, the company said in a regulatory filing.
Ceramic products maker Asian Granito India is looking to further consolidate its exports in the current fiscal on account of robust business orders from the US, Europe and the Middle East. The company is also expanding its business network in over 120 countries from 100 currently, it said in a statement.
The company’s board has approved an up to ₹237-crore buyback proposal at ₹240 per equity share. "...the Board of Directors of the company at its meeting held on December 24, 2020, has inter-alia approved a proposal for buyback of up to 9,875,000 fully paid-up equity shares of the company...for an aggregate amount not exceeding ₹2,370,000,000," a regulatory filing said.
Direct-to-home operator Dish TV has received a demand notice from the government for payment of ₹4,164.05 crore, which includes license fee and interest.
The company has made an additional investment of ₹2.87 crore to use the remaining 8.20 megawatts (MW) solar power from Avaada SataraMH Pvt Ltd (ASPL). Bharat Forge has agreed to use a total of 40.70 MW solar power from ASPL. As part of this, it earlier invested about ₹11.37 crore in ASPL to use 32.50 megawatts.
Vedanta Resources Ltd, the promoter entity of billionaire Anil Agarwal’s Vedanta Ltd, on Thursday bought 185 million shares or a 4.98% stake in the company for ₹2,959 crore from the company’s institutional shareholders, according to bulk deal data available on the exchange. (Full report)
The flurry of bids and counterbids for Dewan Housing Finance Corp. Ltd (DHFL) continued with Piramal Capital and Housing Finance Ltd sweetening its offer to top rival Oaktree Capital’s bid, according to a Mint Report. Piramal raised its total offer for DHFL to ₹38,250 crore on 24 December, improving on Oaktree’s commitment of ₹36,400 crore, and emerging as the top bidder based on evaluation metrics. (Full report)
Indian benchmark indices inched higher at open on Monday tracking positive sentiment over a US covid-19 relief bill. Sensex opened at 47,153.59, up 180.05 points or 0.38%, while Nifty climbed 65.90 points or 0.48% at 13,815.15.
ONGC up 1.34%, was the top gainer followed by Axis Bank, SBI and Sun Pharma. Asian Paints and TCS were the only laggards. Of 30 Sensex shares, 28 opened in the green.
Indian stocks traded higher in the pre-opening session on Monday. At 9:06am, Sensex was at 47,129.89, up 156.35 points or 0.33%. Nifty climbed 57.50 points or 0.42% at 13,806.75.
DHFL, Vedanta, RIL, NIIT, Dish TV, DLF and Coal India are among the top ten stocks that may be in focus today. (Full report)
Six of the top 10 most valued Indian firms together added ₹60,198.67 crore in market valuation last week, with IT majors Infosys and Tata Consultancy Services (TCS) emerging as the biggest winners.
Reliance Industries Ltd (RIL), TCS, Hindustan Unilever Ltd (HUL), Infosys, Kotak Mahindra Bank and Bharti Airtel were the six winners on the top-10 chart.
On the other hand, HDFC Bank, HDFC, ICICI Bank and Bajaj Finance witnessed decline in their market valuation. (Full report)
Equity indices marched higher for the third session on the trot on Thursday, propelled by Reliance Industries and financial stocks, amid a positive trend in global markets.
A sharp jump in the rupee and persistent foreign fund inflows added to the momentum here, traders said.
The 30-share BSE Sensex surged 529.36 points or 1.14% to close at 46,973.54. The broader NSE Nifty zoomed 148.15 points or 1.09% to 13,749.25. Markets were closed on Friday on account of Christmas. It was a long weekend for the stock markets.
Asian shares opened higher Monday on positive sentiment over a US covid-19 relief bill.
Japan's Nikkei 225 advanced 0.43%.
China's Shanghai Composite Index gained 0.37%, while Hong Kong's Hang Seng added 0.16%.
South Korea's Kospi climbed 0.76%.
Singapore's SGX Nifty was up 0.8%.
The S&P 500 ended higher at the close of a shortened session on Thursday as investors headed into the long Christmas weekend with hopes that an imminent stimulus agreement, a Brexit deal, and the ongoing vaccine rollout will spell brighter days in the coming year.
The Dow Jones Industrial Average rose 70.04 points, or 0.23%, to 30,199.87, the S&P 500 gained 13.05 points, or 0.35%, to 3,703.06 and the Nasdaq Composite added 33.62 points, or 0.26%, to 12,804.73.
Ten Of the 11 major sectors of the S&P 500 posted gains, led by real estate. Energy was the lone loser.