Market closing: Benchmark Indian equity indices closed over 0.13% lower on Wednesday. The Sensex closed at 52,482.71, down 66.95 points, or 0.13%, while the Nifty was at 15,721.50, down 26.95 points, or 0.17%. Media, banks, financial, realt and FMCG stocks were top drags
Sensex, Nifty closed over 0.13% lower on Wednesday. The Union cabinet gave its nod to BharatNet implementation strategy through PPP model and revamped distribution sector scheme. The discom scheme will have an outlay of ₹3,03,758 crore. Asian markets were mixed at close. China’s June factory activity reportedly dipped to a four-month low on higher raw material costs and a shortage of semiconductors among other factors.
30 Jun 2021, 03:46:23 PM IST
Benchmark Indian equity indices closed over 0.13% lower on Wednesday. The Sensex closed at 52,482.71, down 66.95 points, or 0.13%, while the Nifty was at 15,721.50, down 26.95 points, or 0.17%. Media, banks, financial, realt and FMCG stocks were top drags. On the 30-share Sensex, Infosys, RIL, Nestlé India, and 9 other stocks closed in green, while PowerGrid, Bajaj Finserv, ICICI Bank, and 15 other stocks closed in red.
30 Jun 2021, 03:30:18 PM IST
Cabinet decision on power sector
- ₹3,03,000 cr scheme
-gross budget support ₹97,000 cr
-lossmaking discoms not eligible without presenting a state-approved improvement plan
-AT&C loss to be 12-15% by 2025
-Avg revenue loss to be brought down to zero
-SCADA system to be introduced
-100 cities to get higher distrbn management system
Funding worth ₹29,432 cr required for BharatNet. Of this, ₹19,041 cr viability gap funding by the Centre. 3,61,000 villages will be covered via PPE model in 16 states with a 30-year agreement. There will be global level bidding, says IT minister Ravi Shankar Prasad.
-no player gets more than 4 packages
30 Jun 2021, 03:15:33 PM IST
Manappuram franchise undervalued: BofA
Bank of America Securities has started coverage of gold loan financiers Muthoot Finance and Manappuram Finance. It has a target of ₹225 per share for Manappuram Finance and ₹1,890 for Muthoot Finance. Current valuation grossly undervalues Manappuram's franchise. There is a scope of re-rating, BofA Securities said. It brokerage estimates 20% EPS CAGR and 24% RoE through FY24e for Manappuram Finance.
Shree Renuka Sugar Ltd on Wednesday beat EID Parry and Balrampur Chini to become most valued sugar firm in India after its shares surged nearly 300% in last two months. Currently Shree Renuka Sugar market value stood at ₹8,375.61 crore while EID Parry India Ltd and Balrampur Chini mcap stood at ₹7,627 crore and ₹7,444 crore respectively. The stock gained over 295% since 27 April from ₹9.95 a share. On Wednesday it hit a 52-week high of ₹39.35 a share. The scrip hit an upper circuit for 18 out of 20 sessions.
DGTR for imposing countervailing duty on aluminium wires from Malaysia
he commerce ministry has recommended imposition of countervailing duty on certain types of aluminium wires from Malaysia for five years, a move aimed at guarding domestic players from imports that are subsidised by that country.
The ministry's investigation arm Directorate General of Trade Remedies (DGTR) in its findings after a probe stated that imposition of definitive countervailing duty is required to offset subsidisation. "The authority recommends imposition of definitive countervailing duty...for a period of five years," DGTR said in a notification.
30 Jun 2021, 02:39:54 PM IST
Opec will increase production to keep oil prices at a level customers can afford: Nigeria's NNPC Chief
30 Jun 2021, 02:35:01 PM IST
Divi's Labs drives gains
30 Jun 2021, 02:22:22 PM IST
Hemadri Cements names Sanjay Mukherjee as CEO
30 Jun 2021, 02:19:46 PM IST
Most APAC sovereign credit ratings should remain unchanged: S&P
"Most Asia-Pacific sovereign credit ratings should remain unchanged in the next one to two years despite the continued pressures posed by covid-19. S&P Global Ratings has stable outlooks on more than two-thirds of the 21 long-term sovereign ratings in the region currently. The average Asia-Pacific sovereign rating continues to lie between 'BBB' and 'BBB+'. slow vaccine rollouts may drag on the recoveries of some parts of the region in the next year or so. Most Asia-Pacific countries are likely to receive enough vaccines for high inoculation rates only well into 2022, at the earliest."
30 Jun 2021, 02:13:45 PM IST
Confident RBI will be satisfied with HDFC Bank's plans on digital banking, says senior executive
HDFC Bank ‘s group head for Payments, Consumer Finance, Digital Banking & IT, Parag Rao, says the lender has very aggressive plan to get back into credit card market when RBI ban is lifted, Reuters reported.
Employees' union at GM's Talegaon Plant rejects VSS offer : report
General Motors (GM) says offer will lapse today, CNBC TV18 reported. Union to continue standoff with only 10 of 1,200 employees accepting the VSS offer. GM had laid off employees at the Talegaon plant in light of covid.
30 Jun 2021, 01:52:31 PM IST
Infy, RIL drive gains
30 Jun 2021, 01:29:41 PM IST
Auto volumes to recover in June but sales normalization expected only by 2QFY22
After impact on sales due to lockdown in May delaying the recovery, investors are hoping for recovery in June. Analysts feel that the June sales volumes will see significant recovery increasing hopes for normalization. However complete recovery will be seen in the second half only. June 2021 volumes are likely to be higher than May 2021, but they are unlikely to reach normal levels due to staggered unlocking across states during the month said analysts at Emkay Global Financial Services in their report. However, they expect volumes to recover from Q2FY22 due to the easing of lockdowns, pent-up demand and improving macros. (Read here)
30 Jun 2021, 01:21:42 PM IST
30 Jun 2021, 01:19:52 PM IST
Fourth Partner Energy raises $125 mn from Norfund and TPG Capital’s RISE Fund
Norway’s state-owned Norfund and TPG Capital’s RISE Fund have invested $100 million and $25 million respectively in Hyderabad-based Fourth Partner Energy (4PEL). Fourth Partner Energy focuses on commercial and industrial (C&I) segment and has an operational portfolio of 550 megawatt (MW).
Mint had reported in September last year about the company appointing Investec to raise about $150 million through a stake sale. Fourth Partner Energy is building solar parks in Uttar Pradesh, Maharashtra and Tamil Nadu. The new funds will be raised for business expansion in domestic and international market. (Read here)
30 Jun 2021, 01:14:40 PM IST
Apollo Tyres aims to double revenue to $5 billion by 2026
Apollo Tyres Ltd, the country’s largest tyre manufacturer, plans to double its revenue to $5 billion in the next five years by 2026 and improve operating profit margin to more than 15% on the back of growth in revenues and cost cutting strategies adopted by the company. (Read here)
The company's board has approved raising of funds by way of issuance of NCDs of face value of ₹10,00,000 each. The target fundraise amount is ₹250 crore, the company said. The tenor of isuance will be three years, with a call option available to Indian Hotels Company Ltd to purchase the NCDs from holders every six months.
Cabinet may approve ₹3.03 tn reform based power distribution scheme: report
-Financial support to discoms for infra, upgrades, capacity building, reports CNBCTV18
-Scheme participation may be subject to certain conditions
-Centre's share of total scheme amoutn may be ₹97,631 cr
30 Jun 2021, 12:50:38 PM IST
GST reduced tax rate, increased compliance; more than 66 cr returns filed in 4 yrs: FinMin
With Goods and Services Tax regime completing four years, the Finance Ministry on Wednesday said more than 66 crore GST returns have been filed so far and lower tax rates have helped increased compliance. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out on 1 July 2017. In a series of tweets, the ministry said GST has simplified compliance for all taxpayers and the GST Council also recommended several trade beneficial clarifications in light of the covid-19 pandemic.
30 Jun 2021, 12:44:00 PM IST
Press conference on cabinet decisions likely at 3 PM
30 Jun 2021, 12:33:00 PM IST
DGCA extends restrictions on scheduled international flights till 31 Jul
Tata Motors secures order for 15 hydrogen fuel cell based buses: report
Tata Motors has secured an order for 15 Hydrogen-based fuel cell buses from Indian Oil Corporation Ltd, the vehicle manufacturer said. All 15 buses will be delivered within 144 weeks from the date of signing of the memorandum of understanding. Tata Motors has submitted its bid for the order in December. The company's stock was trading at ₹344.00 apiece, up 0.72% at 12:29 pm. (Read here)
Mixing AstraZeneca and Pfizer covid vaccines produces strong immune response: Study
Alternating doses of the Oxford-AstraZeneca and Pfizer-BioNTech vaccines generate robust immune response against covid-19, according to a study led by researchers from the University of Oxford in the UK. The yet-to-be-published study found that both mixed schedules—Pfizer followed by AstraZeneca, and vice versa—induced high concentrations of antibodies against the SARS-CoV2 spike protein when doses were administered four weeks apart. The spike protein helps the virus to infect and enter the human cells, and current vaccines are targeted against it.
30 Jun 2021, 12:18:58 PM IST
Govt working on amendments to Bank Privatisation Act: report
The Centre is working on amendments to Bank Nationalisation Act, CNBC TV18 reported , citing people with knowledge of the matter. Indian Overseas Bank , Central Bank of India have been recommended for privatisation by Niti Aayog. Ministerial panel to vet proposal before cabinet nod. Govt holds 89.78% stake in Central Bank of India and 95.84% in IOB. Proposal may be tabled in Parliament during Monsoon Session, according to the report.
30 Jun 2021, 12:01:53 PM IST
Sameet Chavan, chief analyst-Technical and Derivatives, Angel Broking, on Nifty trajectory
“We had a flat start yesterday since there was no major trigger on the global front. In the initial trade, the market slid lower and within no time, Nifty was back to 15,750. Around the mid-session, bulls made a valiant attempt to recover but the selling reappeared after reaching the 15,800 mark. Eventually, Nifty ended the session tad below 15,750 by losing more than four tenths of a percent. Yesterday’s session was extremely lethargic in terms of index as well as individual stocks. The other tradable index BANKNIFTY was in action throughout the day, but unfortunately it traded with negativity. The defensive names like FMCG and PHARMA came for a rescue and restricted the damage in our benchmark. The Nifty has now entered a strong support zone of 15,750 – 15,800 and if any recovery has to happen, it will come from this zone only. The banking space here becomes the trend deciding factor because it is now placed at a crucial juncture. On the upside, we would see Nifty heading towards 15,850 – 15,900 once it manages to reclaim the 15800 mark convincingly. Since there is not much traction seen in individual themes as well, one needs to avoid compulsive trading for a while. Also. It’s better to stay away from aggressive leveraged bets till the time we do not see trended moves in the broader market."
30 Jun 2021, 12:00:00 PM IST
Sunteck, DLF top drags
30 Jun 2021, 11:56:44 AM IST
GIC Re shares climb nearly 4 pc after earnings announcement
Shares of General Insurance Corporation of India on Wednesday jumped nearly 4 per cent after the company reported a consolidated net profit of ₹1,991.59 crore for the financial year 2020-21. The stock gained 3.57 per cent to ₹211.50 on the BSE. At the NSE, it jumped 3.52 per cent to ₹211.50. The state-owned reinsurer had posted a loss of ₹186.46 crore in 2019-20. On a standalone basis, it posted a profit after tax of ₹1,920.44 crore for FY21, as against a loss of ₹359.10 crore a year ago, according to a company statement on Tuesday.
30 Jun 2021, 11:36:20 AM IST
India among top 10 in ITU's Global Cybersecurity Index
India has made it to the top 10 in Global Cybersecurity Index (GCI) 2020 by ITU, moving up 37 places to rank as the tenth best country in the world on key cybersafety parameters. The affirmation by the UN body of India's efforts on cybersecurity, comes just ahead of the sixth anniversary of Digital India on July 1. India is emerging as a global IT superpower, asserting its digital sovereignty with firm measures to safeguard data privacy and online rights of citizens. (PTI)
30 Jun 2021, 11:23:12 AM IST
Sunteck Realty stock under pressure after Q4FY21 earnings
Mumbai-based Sunteck Realty Ltd reported decent earnings in the March quarter. Its pre-sales grew 6% sequentially to ₹371crore in Q4FY21 and collections grew 27% to ₹321 crore—the highest ever in a quarter. On a year-on-year basis, collections improved 83% on a low base. The management said collection efficiency was strong at nearly 76%. Moreover, the company's management has approved a fund raising plan of up to ₹2,500 crore. (Read here)
Yash Gupta equity research associate, Angel Broking on pharma sector
Pharma majors—Cipla, Dr.Reddy’s, Sun pharma, Torrent pharma and Emcure—are collaborating for the clinical trial of investigational oral anti-viral drug Molnupiravir for treatment of mild covid-19 patients in India. Molnupiravir is an oral anti-viral that inhibits the replication of multiple RNA viruses including SARS-CoV-2. This drug can be used for the patients who have tested positive for covid 19 and non-hospitalized. The five pharma companies have entered into a collaboration agreement, wherein the parties will jointly sponsor, supervise, and monitor the clinical trial in India. As per the directive of the Subject Expert Committee (SEC) of the Central Drugs Standard Control Organization, Dr. Reddy’s will conduct the clinical trial using its product, and the other four pharma companies will be required to demonstrate equivalence of their product to the product used by Dr. Reddy’s in its clinical trial. Though the covid cases in India are stabilizing at 50,000 cases per day, the fear of third wave and Delta plus variants cannot be ruled out. This drug will help the mild cases of covid to be treated at home and decrease the requirement of hospitalization in such cases. This is positive for all the companies.
30 Jun 2021, 11:04:13 AM IST
Nalco leads metal index gains
30 Jun 2021, 10:52:39 AM IST
LinkedIn says no private data in 700 mn records leaked online: report
Around 700 million records from professional networking social media platform LinkedIn have been leaked, privacysharks.com reported, citing the seller of the data, “GOD User" TomLiner. The records include information such as full names, gender, email addresses, phone numbers, and industry information, Privacysharks.com researchers confirmed. LinkedIn corporate communications manager Leonna Spilman said that the company's intitial analysis indicates that "the dataset includes information scraped from LinkedIn as well as information obtained from other sources. This was not a LinkedIn data breach and our investigation has determined that no private LinkedIn member data was exposed."
30 Jun 2021, 10:45:25 AM IST
HDFC acquires 8.42% stake in Ansal Housing
Mortgage lender Housing Development Finance Corporation Ltd has acquired a 8.42% stake in Ansal Housing Ltd by invoking pledged shares following loan repayment defaults. “...we would like to inform you that the corporation has invoked the pledge on certain shares of Ansal Housing, for recovery of part outstanding dues against loans availed by pledgors from the corporation," it said in a regulatory filing.
RBI raises average base rate to be charged by NBFC-MFIs
The Reserve Bank of India has raised the applicable average
base rate to be charged by Non-Banking Financial Company – Micro Finance
Institutions (NBFC-MFIs) to their borrowers for the quarter beginning 1 July to 7.98% from 7.81% in Q4 FY21.
30 Jun 2021, 10:22:39 AM IST
Rupee slips 2 paise to 74.25 against US dollar in early trade
30 Jun 2021, 10:20:26 AM IST
Embassy Reit trading lot reduced to 1 unit from 200 units
Embassy Reit has reduced the trading lot size of units from 200 to 1 in line with the amendments in in Real Estate Investment Trusts (Reits) Regulation 2014, introduced by Sebi in its Board meeting on Tuesday. The minimum application value in case of Reits and InVITs has been reduced to ₹10,000 -15,000. Currently, the minimum application amount is ₹50,000 and ₹1 lakh in case of Reits and InVITs respectively.
30 Jun 2021, 10:15:32 AM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty trajectory
"The Nifty is clearly range bound, between 15,400 and 15,900. Until either level is not crossed, we will not witness a meaningful move. The bias is still on the upside and therefore any dip can be utilized to accumulate long positions for a target of 16,100."
30 Jun 2021, 10:04:41 AM IST
UFlex's stock surged 15.48% at 10 am to ₹551.35 apiece. The company's March quarter consolidated net profit rose 163% year-on-year to ₹264.7 crore in FY21 and consolidated Ebitda jumped 87% YoY to ₹516.4 crore.
Covid: India reports a slight increase in daily cases, active tally dips further
India on Wednesday reported a slight increase in daily cases cases as 45,951 fresh COVID-19 cases were registered in last 24 hours, the Union Health Ministry informed. The Covid-19 death toll has mounted to 3,98,454 with 817 fatalities in the last 24 hours. (Read here)
30 Jun 2021, 09:51:55 AM IST
Cipla nears 52-week high
Cipla's stock was trading at ₹984.20 piece, down 0.53% at 9:50 am. Moderna Inc.’s covid-19 vaccine on Tuesday became the first messenger RNA jab and the fourth overall to be authorized for emergency use during the pandemic, with the Drugs Controller General of India granting its local partner Cipla Ltd an import licence. Mumbai-based drugmaker Cipla’s import licence will allow the company to ship Moderna’s covid-19 vaccines to India. The jabs were donated by the American firm to India.
Lupin Ltd's stock was trading at ₹1160.00 apiece, down 0.09% at 9:40 am. The pharma company has received tentative approval from the USFDA under the US President's Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application for Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (TLD) Tablets, 50 mg/300 mg/300 mg, and antiretroviral
Fixed Dose Combination (FDC). This product would be manufactured at Lupin’s Nagpur facility.
Covaxin effectively neutralises Delta variant of Covid: Top US health research institute
India's Covaxin, developed by Bharat Biotech in collaboration with the Indian Council of Medical Research, effectively neutralises both Alpha and Delta variants of coronavirus, the US' National Institute of Health has said. (Read here)
30 Jun 2021, 09:29:20 AM IST
Infy, RIL lead gains
30 Jun 2021, 09:25:49 AM IST
30 Jun 2021, 09:22:30 AM IST
The Sensex opened at 52,651.09, up 101.43 points, or 0.19%, while the Nifty was at 15,776.90, up 28.45 points, or 0.18%. Metals, media, auto FMCG gain. On the 30-share Sensex, Bajaja Auto, Tata Steel, Bharti Airtel, and 24 other stocks opened in green, while HCL Tech and TCS opened in red.
30 Jun 2021, 09:12:27 AM IST
The Sensex was at 52,651.09, up 101.43 points, or 0.19% at market pre-oepning, while Nifty was at 15,776.90, up 28.45 points, or 0.18%.
30 Jun 2021, 09:03:10 AM IST
Govt cuts import duty on crude palm oil to 10%
The government on Tuesday reduced basic customs duty on crude palm oil to 10%, which will help bring down the edible oil prices in the retail market.
The Central Board of Indirect Taxes and Customs (CBIC) in a notification cut the basic customs duty on crude palm oil to 10% and refined palm oil to 37.5% with effect from Wednesday. (Read here)
30 Jun 2021, 08:59:22 AM IST
SoftBank Group offers first dollar, euro bond deal since 2018
SoftBank Group Corp. started marketing a multi-tranche bond sale in dollars and euros, in its first overseas debt deal since 2018. The Japanese technology giant was marketing a three-and-a-half-year note in the US currency at initial price guidance in the area of 3.5% and a three-year euro-denominated bond around 2.375% as part of the larger debt offering. The company has a speculative-grade score of BB+ from S&P Global Ratings.
30 Jun 2021, 08:47:45 AM IST
Petrol prices remain unchanged today after breaching ₹100 in 12 states, UTs
Fuel prices stood constant on Wednesday after sixteen hikes in the month of June, according to price notification by the oil retailers.
In the latest increase, petrol had gotten costlier by 34-35 paise and diesel by 28-30 paise on Tuesday after a day's hiatus. (Read here)
30 Jun 2021, 08:37:16 AM IST
Sebi opens up Reits, tightens rules for MFs, hiring directors
The markets regulator on Tuesday tightened norms for mutual funds, hiring of independent directors and opened investments in real-estate investment trusts to small investors and in private equity and venture capital funds to so-called accredited investors. (Read here)
30 Jun 2021, 08:27:18 AM IST
Markets are likely to consolidate further on Wednesday, while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 52,549.66, down 185.93 points or 0.35%. The Nifty was at 15,748.45, down 66.25 points or 0.42%.
30 Jun 2021, 08:27:19 AM IST
Stocks to Watch
AstraZeneca India, Cipla, IRCTC, Sterling and Wilson, among other stocks could be in the news today.
30 Jun 2021, 08:16:52 AM IST
Brazil to cancel Indian vaccine deal amid graft allegations: report
Brazil's health ministry will cancel a contract for Covaxin vaccines developed by India's Bharat Biotech that has faced accusations of irregularities, CNN Brasil reported on Tuesday. The Covaxin contract has become a headache for Brazilian President Jair Bolsonaro after whistleblowers went public with concerns over irregularities in the 1.6 billion reais ($324 million) deal. One health ministry official said he personally alerted the president about his concerns. The health ministry did not respond to a request for comment.
30 Jun 2021, 08:07:55 AM IST
Oil set for best half since 2009 as demand recovery accelerates
Oil is heading for its best half since 2009 as the rebound from the pandemic boosts fuel consumption and tightens the market ahead of a key Opec+ meeting that’s expected to lead to an increase in supply. Futures in New York rose toward $74 a barrel on Wednesday and are up more than 50% this year. The American Petroleum Institute reported that US crude stockpiles fell by 8.15 million barrels last week, according to people familiar, adding to positive sentiment before Opec+ meets on Thursday. The alliance will be busy after delaying preliminary talks on the oil market to allow members more time to resolve differences. The hold-up comes as a covid-19 resurgence in some regions raises concerns over the demand outlook.
30 Jun 2021, 07:56:51 AM IST
FM Sitharaman, US treasury secy Yellen discuss global minimum tax
Union Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet L Yellen spoke over phone on Tuesday and discussed global minimum tax.
"Yellen discussed that the US and India have a shared interest in implementing a robust global minimum tax," said the Department of Treasury. During the call, Yellen stressed on the importance of partnership with India in the G20 and OECD to seize a once-in-a-generation opportunity to remake the international tax system to help the global economy thrive, the treasury said.
30 Jun 2021, 07:43:48 AM IST
Asian markets gain
Asian stocks rose early Wednesday after U.S. shares closed at a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain. The dollar held an advance. Japanese, Australian and South Korean shares climbed modestly. U.S. contracts were higher after the S&P 500 eked out a gain, remaining on track for a fifth monthly advance -- the longest run since August. Moderna Inc. reached an all-time peak after saying its vaccine produced protective antibodies against the delta strain, which has spread around the world since emerging in India.
S&P 500 futures added 0.2% as of 9:26 a.m. in Tokyo. The S&P 500 was little changed
Nasdaq 100 futures rose 0.2%. The Nasdaq 100 rose 0.3%
Japan’s Topix index increased 0.3%
Australia’s S&P/ASX 200 Index gained 0.9%
South Korea’s Kospi index rose 0.4%
Hang Seng Index futures climbed 0.2%
SGX Nifty slipped 0.03%
30 Jun 2021, 07:29:58 AM IST
Wall Street indices end at record high
For all the talk about inflated equity prices, a peak in earnings growth and the spread of a highly infectious coronavirus strain, stocks managed to close at another record.In what some traders called a boring trading session, the S&P 500 eked out a gain of less than 0.1%. The benchmark gauge of American shares also remained on track for its fifth straight monthly advance -- the longest run since August. Technology and retail companies rose, while financials underperformed even after some of the largest Wall Street banks boosted payouts to shareholders.
The S&P 500 was little changed as of 4 p.m. New York time
The Nasdaq 100 rose 0.3%
The Dow Jones Industrial Average was little changed
The MSCI World index was little changed
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