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Indian equity markets ended nearly unchanged in a rangebound session that saw benchmark indices moving in neither direction.
The S&P BSE Sensex ended 0.1% higher at 38,843 while the NSE Nifty 50 index was unchanged at 11,472.
The Nifty Bank was the outperformer in today's session, ending with gains of over 1% for the third straight day. The index has now gained over 1,000 points in the last three trading sessions.
The top sectoral laggard in today's session was the Nifty Realty index which ended 2.1% lower. Nifty Metal and Nifty Pharma indices fell 0.7% each.
Broader markets too ended off their respective day's high. The midcap index ended with gains of 0.3% while the smallcap index gained 0.5%.
India Volatility Index ended 2% higher but below the mark of 20 at 19.62.
Market breadth was in favour of the laggards. 985 stocks on the NSE ended with losses while 858 stocks posted gains.
Shares gained as much as 3.8% to Rs 4,891 and are up for the second straight day. The stock trades at the highest level since October 2019.
Tata Motors has a target to become zero net debt within the next three years, chairman N Chandrasekaran said at the company's AGM.
Tata Motors currently has a debt of Rs 48,000 crore. The company is committed to both Jaguar and Land Rover Brands, the chairman said at the AGM.
The company's CFO, PB Balaji said that it aims to become sustainably cash positive by FY22.
The CFO also said that the company's revenue and profitability in the second quarter will be better than the first one.
Shares ended 5.3% higher at Rs 127.65. The stock is up for the second straight day.
Shares are off the day's high after gaining as much as 9.9% to Rs 134.8. Shares now trade 3% higher at Rs 126.3, the highest level in six months.
Shares are at the day's low, falling as much as 3.4% to Rs 65, post the announcement. The stock has snapped a five-day gaining streak.
Gold’s Rally to Give Way to Biggest Jeweler Share Sale in India
The company informed the exchanges this morning that it received approval from the U.S. FDA for its Albuterol Sulfate Inhalation Aerosol, 90 mcg (base) / actuation, a generic version of ProAir HFA.
The drug, used in the treatment of acute episodes of Bronchospasm or prevention of asthmatic symptoms, will be manufacturing at the company's Indore facility.
“We look forward to launching the product this quarter and expect a steady rampup through the fiscal year,” CEO Vinita Gupta said in a press release.
The total Albuterol Sulfate Inhalation Aerosol market had sales of nearly $2.9 billion in the U.S. market, out of which the ProAir HFA market accounted for $1.3 billion, according to IQVIA data of June 2020.
Shares of Lupin are off the day's high, after gaining as much as 5.2% to Rs 1,021, its highest level since November 2017.
Let's take a look at how benchmark indices across Europe have opened:
The company informed the exchanges that it has made the payment of interest amounting of $14 million on its U.S. Dollar notes.
It was in a 30-day grace period for making the payment of interest that was originally due on July 22.
Bloomberg News had earlier reported that the company was in talks with a consortium of lenders led by State Bank of India to arrange cash for making the payment.
Failure to make the payment would have amounted to a default for the company.
Shares gained as much as 9.5% to Rs 125, snapping a two-day losing streak.
The record-setting rally of Gold is set to aid the largest IPO by an Indian jeweller, helping it overcome tumbling demand in India, Bloomberg News reports.
Kalyan Jewellers filed a DRHP on Monday which revealed that it plans to raise as much as Rs 1,750 crore through the IPO as it banks on the long-term appeal of Gold.
Gold prices have jumped nearly 30% this year and is likely to benefit the Warburg Pincus-backed jeweller.
"At this moment, you really don't have many big jewellery players in India and investors don't have too many options to put their money in except a couple of companies," Chirag Sheth of Metals Focus told Bloomberg News.
“The share sale can see a lot of interest as physical gold and silver continue to appeal to investors,” according to Abhimanyu Sofat of IIFL.
Kalyan Jewellers currently has 107 stores in India and 30 in the Middle-East.
The company informed the exchanges on Monday that it will consider raising of funds up to Rs 5,000 crore in one or more tranches through the issue of securities.
The proposal will be considered at the company's board meeting on August 27.
As per data on the exchanges, the company's promoter GMR Enterprises also released a pledge of 2.36 crore shares on August 21.
Shares fell as much as 4.1% to Rs 24.25, snapping a three-day gaining streak. The stock is the worst performer on the Nifty Midcap index.
The housing finance division of India's largest life insurer reported a 3% year-on-year growth in its Net Interest Income or core income to Rs 1,239.2 crore
Net profit rose 33.9% compared to last year to Rs 817.5 crore. Higher impairment provisions recorded in the base quarter contributed to higher net profit.
The company reported higher employee benefit expenses as compared to last year to Rs 85 crore.
“Currently LIC housing trades at 0.75x of TTM Networth which is lower compare to the historical average. Considering lower valuation and not much negative in the results stock could see positive movement for midterm,” Jaishankar Parmar of Angel Broking wrote in a note.
Shares gained as much as 11.7% - the most in four months to Rs 309, which is the highest level in five months.
The brokerage has raised its price target on SBI to Rs 282 from the earlier target of Rs 183.
Shares gained as much as 2.6% to Rs 206.65 and are trading at the highest level in five months.
The stock is the second best performer on the Nifty 50 index and is up for the third straight day.
The producer and marketeer of Industrial Alcohol reported a 22.3% decline in its revenue as compared to last year to Rs 230.1 crore.
The decline in topline can be attributed to higher excise duty which tripled compared to last year to Rs 62 crore.
Net profit more than doubled to Rs 18.7 crore year-on-year. Operating performance was strong with Ebitda rising 46.5% while margins expanding to 17.1% from 9.1% on account of lower raw material costs and other expenses.
The company also stated that the impact of Covid-19 is likely to be short-term in nature.
Shares of the company are locked in a 5% upper circuit at Rs 169.5. The stock is up for the third straight day and is trading at the highest level since December 2018.
The rupee opened stronger in today's session after ending at a five-month high on Monday, led by strong inflows.
The currency opened at 74.18 against the U.S. Dollar as compared to Monday's close of 74.32.
The rupee was the best performing currency in Asia on Monday.
Yield on the 10-year government bond opened at 6.088% as compared to Monday's close of 6.165%.
The Reserve Bank of India has announced that it will conduct special Open Market Operations worth Rs 20,000 crore in two tranches.
The RBI will purchase government securities maturing between 2024 and 2032 while simultaneously selling the ones maturing between October and November 2020.
Within the bond markets traders are watching out for the sale of debt worth Rs 12,850 crore issued by 10 state governments.
Shares of Max Financial gained as much as 13.5% - the most in five months to Rs 623.9. The stock trades at the highest level since September 2017.
Shares of Axis Bank gained as much as 1.6% to Rs 450.5 and are up for the third straight day.
Two large trades took place on the stock in the early minutes of trade where 1.36 crore shares or 8.9% of the total equity exchanged hands, as per Bloomberg data.
The company's promoter group had planned a sale of shares at a floor price of Rs 665 per share, implying a 8.3% discount to Monday's closing price.
The base deal size was intended at 1 crore equity shares, with an option for promoters to sell another 25 lakh shares.
Buyers and sellers in the trade remain unknown.
Shares fell as much as 8.5% - the most in over four months to Rs 663.8. The stock is the worst performer on the Nifty 500 index and has snapped a three-day gaining streak.
Coronavirus India Updates: Tally Tops 31.6 Lakh With Nearly 61,000 New Cases
The company informed the exchanges on Monday that it received a letter from its promoters seeking to buy the remainder of the public shareholding of the company and delist the shares from the bourses.
As of August 24, the promoter group of the company held 70.01% stake while the remaining 29.99% was public shareholding.
The company will hold a board meet on August 27, to consider the delisting proposal and appoint a merchant banker for the same.
Shares are locked in an upper circuit of 20% - the most on record at Rs 130.8. The stock trades at the highest level since May 2018 and is up for the fourth straight day.
Indian equity markets opened higher for the fourth straight day, tracking positive sentiment on Wall Street and across the Asia Pacific.
The S&P BSE Sensex opened 0.4% higher at 38,948 while the NSE Nifty 50 index opened above the mark of 11,500, gaining 0.4% to 11,513.
Both Sensex and Nifty ended at the highest level since February on Monday.
Most sectoral indices have opened with gains. Nifty Bank, Nifty Auto, Nifty Metal, Nifty Pharma and Nifty PSU Bank have all opened with gains in excess of 0.5%.
Nifty Realty and Nifty I.T. are the only sectoral indices that have opened with a negative bias.
Broader markets are outperforming in the early minutes of trade. The midcap index has opened 0.8% higher while the Smallcap index is up 1%. Both midcap and smallcap indices are up for the sixth straight day.
Market breadth is in favour of the gainers. 1,199 stocks on the National Stock Exchange are trading with gains while 284 are declining.
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
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