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Photo: Reuters
Photo: Reuters

Auto, IT stocks give Sensex a 689 point boost, Nifty ends near 14,350

  • Indian benchmark share indices ended the week on a positive note led by gains in auto and IT stocks. Frim cues from global peers also boosted the investor sentiment.

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08 Jan 2021, 03:42:52 PM IST

Market closing

Indian benchmark share indices ended the week on a positive note led by gains in auto and IT stocks. Firm cues from global peers also boosted the investor sentiment.

Sensex closed at 48,782.51, up 689.19 points or 1.43%, while Nifty ended 209.90 points or 1.48% higher at 14,347.25.

Maruti Suzuki, closing over 5% higher was the top Sensex gainer, followed by TechM, Infosys, Power Grid and Ultratech Cement. IndusInd Bank, Bharti Airtel and SBI were among the laggards. Of 30 Sensex shares 25 closed in the green.

BSE Sensex
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BSE Sensex
08 Jan 2021, 03:20:49 PM IST

Sensex climbs 700 points

BSE Sensex
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BSE Sensex
08 Jan 2021, 03:13:33 PM IST

Tata Power takes over power distribution in western, southern Odisha

Tata Power has taken over the management and operations of Western Electricity Supply Company of Odisha (WESCO) and SOUTHCO Utility upon completion of sale process.

Now WESCO and SOUTHCO will operate under the companies named as TP Western Odisha Distribution Ltd (TPWODL) and TP Southern Odisha Distribution Ltd (TPSODL) respectively.

As per order issued by the Odisha Electricity Regulatory Commission (OERC), Tata Power holds 51% of equity with management control and the state-owned Grid Corporation of Odisha (GRIDCO) will have the remaining 49%.

08 Jan 2021, 03:05:40 PM IST

Reliance Capital's total outstanding debt rises to ₹20,380 cr

Reliance Capital Ltd (RCL), part of Anil Ambani-promoted Reliance Group, has said the total outstanding debt rose to 20,379.71 at the end of December 2020.

The total debt, including interest, stood at 19,805.7 crore on August 31, 2020.

Total financial indebtedness of the listed entity, including short-term and long-term debt and accrued interest, was 20,379.71 crore at the end of December 2020, Reliance Capital said in a regulatory filing on Thursday.

The principal amount due to HDFC Ltd is 523.98 crore and to Axis Bank 100.63 crore, RCL said.

The total amount of outstanding borrowings from banks and financial institutions works out to 700.76 crore, including accrued interest up to December 31, the company added.

Similarly, another group company Reliance Home Finance said the total outstanding debt was close to 13,000 crore.

Total financial indebtedness of the listed entity, including short-term and long-term debt, stood at 12,943.18 crore at the end of December 31, 2020. This includes principal and interest.

08 Jan 2021, 03:00:02 PM IST

JB Chemicals and Pharmaceuticals up 2%

JB Chemicals and Pharmaceuticals on Friday said it has received approval from the US health regulator to market Loratadine tablets, used to treat allergies, in the American market.

The US Food and Drug Administration (USFDA) has approved company's abbreviated new drug application (ANDA) for Loratadine tablets USP 10 mg for treatment of allergic rhinitis caused by pollen and upper respiratory tract allergy, JB Chemicals and Pharmaceuticals said in a regulatory filing.

JB Chemicals' product is a generic version of Bayer Healthcare's Clartin tablets.

"The company expects to commercialise this product in the first quarter of 2021-22 and is expected to improve its US sales," the drug firm noted.

08 Jan 2021, 02:48:56 PM IST

Former HDFC Bank MD Aditya Puri joins Strides Group

Former HDFC Bank managing director Aditya Puri has joined global pharma major Strides Group as an advisor and will also serve as a director of its associate company Stelis Biopharma.

"Eminent corporate doyen Aditya Puri joins the Strides Group as an advisor and also will be a director of its associate company, Stelis Biopharma," Strides Pharma Science Ltd said in a regulatory filing.

Strides Pharma Science said Puri's appointment to the Stelis board comes at an exciting juncture for the company as it transitions from its incubation phase to a consolidation and growth phase to establish itself as a partner of choice globally with the aim of bringing world-class treatments at affordable costs to patients in both emerging and developed markets.

08 Jan 2021, 02:45:29 PM IST

SBI announces up to 30 bps concession on home loans rates

State Bank of India on Friday announced an interest concession of up to 30 basis points on home loans and a 100% waiver on processing fees.

The new home loan interest rates are linked to CIBIL score and start from 6.80% for loans up to 30 lakh and 6.95% for loans above 30 lakh, a bank release said.

Women borrowers will get a concession of 5 bps, it said.

"With an aim to offer attractive concessions to the home buyers, country's largest lender SBI announces further interest concession of up to 30 bps on home loans and 100 per cent waiver on processing fees," the release said.

The bank said interest concession of up to 30 bps is also available in eight metro cities for loans up to 5 crore.

08 Jan 2021, 02:39:32 PM IST

IndiGo to resume direct flights on Kolkata-Shillong route from Feb 1

Private carrier IndiGo will resume direct flights between Kolkata and Shillong from February 1 with the Meghalaya government reopening the state for tourists after remaining closed for almost 10 months due to covid-19, Airports Authority of India (AAI) said on Friday.

08 Jan 2021, 02:25:56 PM IST

NTPC up 2.6%

Power giant NTPC has served notices to six states and two Union Territories for non-payment of dues, according to a PTI report. The states include Uttar Pradesh, Madhya Pradesh, Karnataka, Sikkim and Telangana, while the Union Territories (UTs) are Jammu and Kashmir and Puducherry. NTPC has also made it clear that it will be forced to shut-off or restrict power supply if they fail to clear their dues, the source said.

08 Jan 2021, 02:12:13 PM IST

Improved Kochi terminal prospects lift Petronet LNG’s business outlook

The completion of Gas Authority of India ltd (GAIL’s) Kochi-Mangaluru gas pipeline has lifted the prospects of Petronet LNG Ltd. The rising transmission of gas will mean more Liquified Natural Gas (LNG) cargoes being received at the company’s Kochi terminal improving regasification volumes too. (Full report)

08 Jan 2021, 01:57:08 PM IST

A Thai stock’s 1,000% surge leaves market watchers dumbfounded

Delta Electronics (Thailand) Pcl’s shares have surged more than 11-fold over the past year, leaving market watchers and even the company puzzled. With fundamentals not strong enough to justify the meteoric rise, analysts too are falling out of love with the stock.

While electronic-parts makers have emerged as a hot play after the pandemic boosted work-from-home activities and spurred demand for video-conferencing, cloud services and e-commerce, Delta has rallied more than any of the world’s electrical stocks with a market value of more than $500 million. (Full report)

08 Jan 2021, 01:46:54 PM IST

Indian HNIs cash in on Tesla stock's gains through LRS route

A record 8% jump in Tesla Inc's stock price on Nasdaq and its 8.32 times rise in the past one year led to hefty gains for Indians who have invested in the shares. Indians are permitted to invest up to $250,000 per year in foreign equities under the RBI’s Liberalised Remittance Scheme (LRS). (Full report)

08 Jan 2021, 01:31:56 PM IST

Infosys, HDFC Bank, TCS lift Sensex by over 500 points

Index Contributors
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Index Contributors
08 Jan 2021, 01:24:03 PM IST

Shanghai copper hits 9-year high, London prices at highest since 2013

Shanghai copper hit a more than nine-year high on Friday, while its prices in London rose to their highest in nearly eight years as hopes of more stimulus spurred risk sentiment.

The most-traded February copper contract on the Shanghai Futures Exchange advanced as much as 2.5% to 60,680 yuan ($9,389.70) a tonne, its highest since September 2011, before closing at 60,310 yuan a tonne, up 1.9%.

Three-month copper on the London Metal Exchange rose 0.3% to $8,205 a tonne by 0721 GMT, having hit $8,238 a tonne earlier in the session, its highest since Feb. 18, 2013.

08 Jan 2021, 01:14:25 PM IST

M-cap of BSE-listed companies zooms to fresh record high of over ₹195.21 lakh crore

The market capitalisation of BSE-listed companies zoomed to a fresh lifetime high of over 195.21 lakh crore in morning trade on Friday as markets returned to winning ways after two days of decline.

Helped by the rally in the equity market, the market capitalisation of BSE-listed firms jumped to 1,95,21,653.40 crore ($2.6 trillion) in early trade.

The BSE Sensex surged 471.31 points to a high of 48,564.63 on Friday.

Equity indices had declined for the second straight session till Thursday.

Last year, the Sensex gained 15.7% where the benchmark index witnessed both ruthless selling and massive buying.

Equity investors grew richer by 32.49 lakh crore in 2020 helped by massive returns in the equity market which had a roller coaster ride during the year hit by the coronavirus pandemic.

08 Jan 2021, 12:59:32 PM IST

HMEL to shut Bathinda refinery for 40 days from end-January

India's HPCL-Mittal Energy Ltd (HMEL), part owned by steel tycoon L N Mittal, will shut its 226,000 barrels per day (bpd) Bathinda refinery in northern Punjab state for about 40 days from end-January for maintenance, a Reuters report quoting sources said.

During the shutdown HMEL will also carry out work to be able to hook petrochemical units, including a 1.2 million tonnes a year ethylene cracker, it added.

The 40-day shutdown is expected to start around Jan. 25-26, said one of the sources, adding the company plans to commission petrochemical units in September-October.

State-refiner Hindustan Petroleum Corp and Mittal Energy Investments Pvt Ltd own 49% stake each in the project.

08 Jan 2021, 12:56:53 PM IST

HCL Technologies up 2.3%

IT services major HCL Technologies on Thursday said it has partnered with Claim Genius, an artificial intelligence (AI) automation solutions provider for the auto insurance market, to jointly develop and market new AI claims management solutions.

08 Jan 2021, 12:39:53 PM IST

M&M hikes prices of personal, commercial vehicles by 1.9%

Mahindra & Mahindra (M&M) on Friday announced hike in prices of its range of personal and commercial vehicles by around 1.9% with immediate effect.

M&M, part of the $19.4 billion Mahindra Group, will raise the prices of range of personal and commercial vehicles by 4,500 - 40,000, depending on the model and variant, the Mumbai-based automaker said in a regulatory filing. (Full report)

08 Jan 2021, 12:17:17 PM IST

As IDFC First Bank sheds legacy for retail, investors eye faster growth

Investors have taken a shine to IDFC First Bank Ltd and the lender’s December quarter performance update has given more reasons to optimism. Shares have surged 21.6% in under a week, outperforming the broad market and even the sector index by a mile.

In an exchange filing on Wednesday, the bank said its loan book was flat, while deposits grew by 11.4% year-on-year for the December quarter. On the face of it, the performance is not extraordinary and does not seem to support the optimism for the stock. But, it pays to see metrics in granular detail. (Full report)

08 Jan 2021, 12:03:43 PM IST

Gold prices today fall for second time in 3 days, down ₹6000 from record highs

Gold and silver prices today edged lower in Indian markets, tracking flat global rates. February gold futures on MCX fell 0.25% to 50,775 per 10 gram, in its second decline in three days. In the previous session, gold had jumped 0.85% after crashing nearly 1,200 per 10 gram on Tuesday. As compared to August highs of 56,200, gold rates are down about 6,000 per 10 gram.

In global markets, gold rates moved slightly lower today amid a stronger US dollar and higher yields. But hopes for additional US fiscal stimulus under incoming President Joe Biden administration capped the losses. Spot gold eased 0.1% to $1,911.32 per ounce but the precious metal is still on track for a weekly gain of 0.7%. (Full report)

08 Jan 2021, 11:52:13 AM IST

At 20%, small finance banks have highest return on advances

The fledgling small finance banks are paying nearly double of that of their peers paying in cost of funds at a high of 8.66%, yet maintaining the highest return on advances at close to 20% and on assets and equity in high teens than their peers. (Full report)

08 Jan 2021, 11:41:44 AM IST

DHFL down 5%

US-based Oaktree Capital has said its revised bid for the debt-ridden DHFL is unconditional and comes with a commitment of fresh capital infusion of 1,000 crore for the revival of the company.

08 Jan 2021, 11:27:52 AM IST

Union Bank up 0.5%

State-owned Union Bank of India has raised 1,000 crore by issuing Basel III-compliant bonds on a private placement basis. The bank has issued Basel III-compliant Perpetual Debt Instruments in the nature of debentures eligible for inclusion in Additional Tier 1 Capital to the tune of 1,000 crore, according to a regulatory filing.

08 Jan 2021, 11:11:45 AM IST

Tata Power up 2%

The company has received an order from the Kerala State Electricity Board Limited (KSEBL) to develop a 110-megawatt (MW) solar power project in the state. The energy produced will be supplied to KSEBL under a Power Purchase Agreement (PPA), valid for a period of 25 years from scheduled commercial operation date, Tata Power said.

08 Jan 2021, 10:54:32 AM IST

Biocon Ltd up 2.4%

Biocon Biologics Ltd, a subsidiary of Biocon Ltd, has approved a primary equity investment by Abu Dhabi-based ADQ. As per the terms of the proposed agreement, ADQ will invest 555 Crore for a 1.80% minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of $4.17 billion, Biocon said in a statement.

08 Jan 2021, 10:29:06 AM IST

Rupee update

Rupee drops 7 paise to trade at 73.38 against US dollar in opening deals.

08 Jan 2021, 10:06:26 AM IST

Market outlook

"The index faces resistance at the 14250 level. If we can consistently trade above that price point we should target 14350-14400 as the next target. The market has a good support at the 13900-13950 zone," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

08 Jan 2021, 09:54:09 AM IST

TCS opens nearly 2% higher

The IT firm will announce its earnings for the quarter ended 31 December today. Tata Consultancy Services is expected to sustain the revenue momentum in Q3FY20 following an uptick in business activities. (Full report)

08 Jan 2021, 09:44:01 AM IST

Phoenix mills up over 5%

The leading retail mall developer has seen sustained recovery in the consumption at its malls since reopening.

Consumption across its retail portfolio came in at 13.7 billion in Q3 FY21, up 192% sequentially.

Consumption in December 2020 was steady at approximately 5 billion, at the same level as November 2020 and at 70% of December 2019.

08 Jan 2021, 09:26:50 AM IST

All sectoral indices in the green

Sectoral Indices
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Sectoral Indices
08 Jan 2021, 09:16:30 AM IST

Market opening

Indian benchmark share indices opened higher on Friday tracking firm cues from global peers. Sensex opened at 48,464.91, up 371.59 points or 0.77%, while Nifty climbed 121.05 points or 0.86% to open at 14,258.40.

TCS, up nearly 2%, was the top Sensex gainer followed by Infosys, Power Grid, IndusInd Bank and HDFC Bank. HDFC Ltd was the only laggard in the 30-share barometer.

BSE Sensex
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BSE Sensex
08 Jan 2021, 09:04:30 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Friday. At 9:02am, Sensex was at 48,400.74, up 307.42 points or 0.64%, while SGX Nifty advanced 172.70 points or 1.22% at 14,310.

08 Jan 2021, 08:56:15 AM IST

Stocks to Watch

TCS, Biocon, Tata Power, Union Bank, DHFL and HCL Tech are among top ten stocks that may be in focus in today's trade. (Full report)

08 Jan 2021, 08:53:45 AM IST

Market at close on Thursday

Equity indices Sensex and Nifty nursed losses for the second straight session on Thursday, dragged by IT, banks and consumption stocks, despite a firm trend in global markets.

A sharp drop in the rupee and reversal in foreign fund inflows also weighed on the bourses, traders said.

The 30-share BSE Sensex ended 80.74 points or 0.17% lower at 48,093.32. The broader NSE Nifty slipped 8.90 points or 0.06% to 14,137.35.

08 Jan 2021, 08:41:46 AM IST

Asian stocks follow US higher

Asian stocks opened higher on Friday, with Japan hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year.

Futures for the S&P 500 jumped 1.48% and Japan's Nikkei 225 rose 0.84%, hitting its highest level since August 1990.

Australia’s S&P/ASX 200 climbed 0.3%.

South Korea’s Kospi Index rose 2.5%.

Hang Seng added 0.9%.

Shanghai Composite rose 0.1%.

SGX Nifty was up 0.6%.

08 Jan 2021, 08:41:46 AM IST

Wall Street tops new highs

Stocks on Wall Street hit record levels on Thursday as investors bet a Democrat-controlled Congress will deliver more stimulus spending to help the US economy overcome a steep pandemic-induced downturn.

The Dow Jones Industrial Average rose 211.73 points, or 0.69%, to 31,041.13, the S&P 500 gained 55.65 points, or 1.48%, to 3,803.79 and the Nasdaq Composite added 326.69 points, or 2.56%, to 13,067.48.

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