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Shares of the country's largest firm by market value rose as much as 3.4 percent, to Rs 1,849. The company’s board approved buyback proposal for up to Rs 16,000 crore.
The company will buy about 1.99 percent equity for Rs 2,100 each, according to its stock exchange filing. The company reclaimed the Rs 7 lakh crore-mark in its market capitalisation. The stock rose 36 percent so far this year, and gained 53 percent in the past 12 months.
Shares of the Hyderabad-based drugmaker rose as much as 4.8 percent to Rs 2,378 after it received U.S. drug regulator's approval for buprenorphine and Naloxone Sublingual Film in the U.S. Market.
The drug is therapeutic equivalent generic version of Subaxone which is used to treat adults with opioid dependence/addiction, Dr. Reddy’s Labs said in an exchange filing.
India's trade deficit in May widened to $14.62 billion which was higher than the Bloomberg estimate of $14.28 billion.
Highlights of May trade data:
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Shares of the Mangalore-based oil refiner fell as much as 5 percent to Rs 89.80.
Trading volume was more than double its 20-day average.
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Shares of the government-owned construction company rose 0.47 percent to Rs 85.75.
NBCC won contracts worth Rs 481 crore in the month of May, it said in an exchange filing.
The rupee plunged by 40 paise to hit a three-week low of 68.03 against the U.S. dollar following strong demand for the greenback amid sustained foreign capital outflows.
Besides, the dollar strengthening against other currencies overseas as the European Central Bank (ECB) pledged to leave interest rates unchanged until mid-2019, weighed on the rupee, traders said.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,372.84 crore yesterday, as per provisional data issued by the stock exchanges.
Source: Press Trust of India
Shares of the auto components maker rose as much as 6.7 percent, the most in over two weeks to hit a new high at Rs 668.45.
Trading volume was 19.7 times its 20-day average, Bloomberg data showed.
The Shanghai Composite Index dropped to its lowest since September 2016 and a whisker away from the 3,000-point mark as the U.S. prepared to release a list of goods upon which it will impose tariffs.
Shares of the Vadodara-based drugmaker rose as much as 7 percent to Rs 540 after the company received Establishment Inspection Report from the U.S. drug regulator.
The company received EIR from U.S. FDA for inspection conducted by it between March 12-20, Alembic Pharma said in an exchange filing.
Shares of the Jaipur-based financial services firm were locked in a five percent upper circuit at Rs 45.40 after the company announced bonus issue.
The company will be issuing one bonus share for every four shares held by the shareholders. June 20 has been considered as the record date for issuing bonus issue.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of the Delhi-based construction firm rose as much as 5.4 percent to Rs 15.65 after the company said NCLT may not admit ICICI Bank’s insolvency plea.
The company informed exchanges that under the leadership of State Bank of India the 90 percent of lenders have agreed to the debt restructuring plan.
Moreover, the State Bank of India will challenge maintainability of ICICI Bank’s insolvency plea in the NCLT on June 24.
Shares of the Vadodara-based fruit juice maker fell as much as 3.61 percent to Rs 160.
The BSE has placed the company's share under Additional Surveillance Measure or ASM.
The good news for the rupee and bonds is that the monsoon rains so far has been 16 percent above normal. That augurs well for the sowing of kharif crops and may help in containing inflation.
But the uncertainty over crude oil prices is creating a whiplash that is keeping the markets concerned. A $100 a barrel price is not in the realm of imagination anymore.
Saudi Arabia and other OPEC producers will meet their partners including Russia next week to chart out a possible increase in production. India would be hoping that the group decides on pumping more oil so prices could come down.
Another pressure on emerging markets like India is coming from the European Central Bank. The ECB is quitting quantitative easing. The ECB’s dovish tone has weakened the euro, resulting in a stronger dollar.
There are no auctions today, which will keep bond investors happy. The RBI decided to permit Interest Rate Swaptions in rupees, which will enable better timing flexibility for the market participants seeking to hedge their interest rate risks.
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