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Indian equity markets ended the truncated week on a high, ending with gains for the fourth straight day, its longest winning streak since February this year.
The S&P BSE Sensex gained nearly 1,000 points in today's session, ending 3 percent higher at 33,717. For the week, the index was up 7.6 percent. 27 out of the 30 index constituents ended with weekly gains.
The NSE Nifty 50 index ended 3.2 percent higher at 9,859. 44 out of the 50 index constituents ended with gains. The index was up 7.7 percent this week.
Both benchmark indices have posted their best monthly gain since April 2009, registering gains of over 14 percent. This is the fifth straight year where both benchmarks have posted gains for the month of April.
Among sectoral indices, the Nifty Metal index ended with gains of 7.9 percent while the Nifty Auto index gained 6.4 percent in today's session. Nifty I.T. ended 5 percent higher while the Nifty Bank and the Nifty Realty index gained 2 percent each.
1,096 stocks on the NSE ended the day with gains while 697 ended with losses.
At the board meeting held today, the company has taken the following decisions:
The stock currently trades 4.45 percent higher at Rs 156 and is up for the second day in a row.
The company has informed the exchanges that Volvo Eicher Commercial Vehicles has received the required government permissions to restart manufacturing operations in Madhya Pradesh. Operations will resume only with 25-30 percent of the work force.
VECV believes that the start of complete manufacturing operations will still take some more time. Till then it will prioritise dispatching parts to customers and service centres to minimise the impact of running essential service vehicles.
Shares gained as much as 4.1 percent to Rs 14,900 and are up for the third time in four sessions.
The company has updated the exchanges on its debt profile and the outlook on debt reduction.
The company expects its net debt to be around $2.9 billion as of March 31, 2020. This is compared to $3.8 billion as of March 31, 2019 and $4.2 billion as of December 31, 2019, respectively.
The company has also added that it currently has cash and cash equivalents of $875 million as of March 31, 2020.
Shares gained as much as 10 percent to Rs 396.65 and are up for the fourth day in a row. Volumes too have spiked to being 1.6 times higher than its 30-day average.
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The company has signed a definitive agreement to sell 2.31 crore shares, representing 49 percent of the total paid-up share capital of Windlas Healthcare to Windlas Biotech, it said in a statement to the exchanges.
Post this divestment, the company will not hold any equity stake in Windlas Healthcare, the statement added.
Shares are recovering from the lowest point of the day and are trading 0.8 percent lower at Rs 324.
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Shares of the news organisation fell as much as 5.1 percent to Rs 41.5 on the National Stock Exchange in today's session.
As per the latest pledged share data reported on Wednesday, promotes of the company created a pledge of 18.28 lakh shares on April 21.
Shares are currently trading at their lowest level in a month and today's volumes are 8.1 times higher than its 30-day average and 9 times higher than its 20-day average.
The stock currently trades 2.2 percent lower at Rs 2,182 and is the top laggard on the Nifty 50 index.
The company has approved a share buyback at its board meeting held today. It will buyback 31.42 lakh equity shares which represents 4.84 percent of the total paid up equity share capital of the company.
The buyback will be done at a price of Rs 700, which is a 79 percent premium to Wednesday's closing price of Rs 390.
The total buyback size amounts to Rs 220 crore.
Shares gained as much as 7.4 percent to Rs 418.95 and are up for the fourth day in a row.
The company's committee of directors has approved the allotment of 10,000 unsecured, rated, listed, redeemable NCDs worth Rs 10 lakh each, aggregating to Rs 1,000 crore on a private placement basis.
The issue of NCDs will consist of two series, as per the company's press statement.
Series A will have 5,000 NCDs worth Rs 500 crore with a 'floating' coupon rate of 7.85 percent per annum while Series B will have 5,000 NCDs worth Rs 500 crore with a 'fixed' coupon rate of 7.95 percent per annum.
The NCDs are proposed to be listed on the Wholesale Debt Market segment of BSE, the company added.
The stock currently trades 5.7 percent higher at Rs 298.80 and is up for the fourth straight day.
The stock is up for the fourth day today, gaining as much as 4.58 percent to Rs 552.90 ahead of earnings.
The mid-sized technology company gained as much as 7.2 percent to Rs 223 in today's trading session.
Amansa Holdings acquired 21.1 lakh shares of the company, amounting to 1.92 percent stake at Rs 205 per share in a large trade. This after T. Rowe Price sold 30.12 lakh shares of the company, amounting to 2.74 percent stake at Rs 207.02 per share.
The stock had snapped a six-day losing streak on Wednesday and is gaining on volumes that are 7.4 times higher than its 30-day average.
The company is scheduled to report earnings on May 7.
Shares of the mid-sized private lender rose as much as 8 percent to Rs 135.90, its highest level in a month.
BNP Paribas Arbitrage fund acquired 29.79 lakh shares or 0.59 percent stake in the lender on Wednesday at Rs 125.42 per share. The same fund had earlier acquired 60 lakh shares or 1.18 percent stake in the bank on Monday at Rs 112.75 per share.
The stock is gaining on volumes which are 1.8 times higher than its 30-day average. It has gained 24 percent in the last four sessions.
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The power transmission company has informed the exchanges that it has resumed operations and despatches at all of its five factories in India in a phased manner.
This has been done after obtaining all the necessary approvals from relevant government authorities, the statement said.
Domestic project sites of T&D, Railways and Civil businesses have also commenced operations in a phased manner according to the company.
Shares are trading at the day's high, gaining as much as 5.5 percent to Rs 196.9 post the announcement. The stock is up for the fourth straight day.
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Shares of the company gained as much as 4.5 percent to Rs 164 on the National Stock Exchange.
Manulife Investment Management (Singapore) acquired 49 percent stake in the company's two wholly-owned arms Mahindra Asset Management and Mahindra Trustee. Manulife has invested Rs 265 crore in the 51:49 Joint Venture.
Shares are up for the fourth straight day today and have gained 15 percent during this period. This is the best winning streak for the stock in two months.
The stock gained as much as 8.9 percent to Rs 359 and is the top gainer on the Nifty Pharma Index.
Shares of the passenger car maker gained as much as 14.7 percent to Rs 89.70 and is the top gainer on the Nifty 50 index.
Mint reported on Wednesday that Jaguar Land Rover has restored three-fourth of its budgeted production in China. The company spokesperson told the media outlet that with lockdown measures easing in China, all of its retailers are now open and sales are recovering.
23.8 lakh shares of the automobile company exchanged hands in two large trades on the National Stock Exchange, as per Bloomberg data. Buyers and sellers of the trade were not immediately known.
This is the biggest one-day gain for the stock since October 2019. It now trades at the highest level in over a month.
The stock gained as much as 3 percent to Rs 880 and is up for the third time in the last four sessions.
Indian equity markets opened higher for the fourth straight day and are set to post their best monthly advance in April since 2009.
The S&P BSE Sensex opened 2 percent higher at 33,381 while the NSE Nifty 50 index opened at 9,735, up 2.1 percent. 46 out of the 50 Nifty constituents opened with gains.
This is the best gaining streak for the benchmarks in two months. As of closing on Wednesday, both Sensex and Nifty were up 11 percent this month.
All sectoral indices opened with gains with the Nifty I.T. index opening 3 percent higher. Nifty Bank, Nifty Metal and Nifty Auto gained over 2 percent each.
1,157 stocks have begun trade with gains on the NSE while 275 are declining.
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