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Indian equity markets ended a rangebound session with modest gains, registering a weekly advance as well.
The S&P BSE Sensex ended 0.3% higher at 40,685 while the NSE Nifty 50 index ended 0.28% higher at 11,930.
Auto stocks were the top performers in today's session. The Nifty Auto index was the top sectoral gainer, ending 3% higher. Three out of the top five gainers on the Nifty 50 index, were auto stocks (Maruti, M&M, Bajaj Auto).
The five-day winning run of the Nifty Realty index came to an end in today's session. The index ended 1.1% lower. All other indices ended flat but with a positive bias.
Broader markets, through ending off the day's high, outperformed the benchmark indices. The Nifty Midcap index ended 0.8% higher while the Smallcap index ended 0.6% higher.
India Volatility Index ended 3.6% lower at 21.82.
1,219 stocks on the NSE ended with gains while 645 posted losses.
The directorate of mines in Odisha has issued a Show Cause Notice to Sarda mines after an inspection of the mines between October 6 and October 9.
The notice states that Sarda Mines has not maintained a proper stack of the mined out iron ores, thereby not following the provisions of Rule-10 of the OMPTS Rules, 2007.
Sarda mines has also not stacked the royalty paid mineral of iron ores separately, despite being asked by the Deputy Director of Mines, Joda, to do so, according to the notice.
Sarda Mines is also accused of transporting the minerals by road instead of the conveyor belt, which is contrary to the conditions stipulated in the approved Environmental Clearance.
Sarda Mines has been given time period of 15 days to respond to the notice, failing which, action will be initiated for violations, the notice said.
Shares fell as much as 2.4% to Rs 203.2. The stock is down for the second straight day.
The company has informed the exchanges that the board has approved a split of stocks into fully paid-up shares of Rs 2 from fully paid-up shares of Rs 10.
It has also approved raising funds to the tune of Rs 400 crore either through an equity issue like a QIP or any other instruments.
The board has also approved increasing the authorised capital of the company to Rs 45 crore from the earlier Rs 36.25 crore.
Shares gained as much as 6.1% to Rs 280.5, post the announcement.
Shares fell as much as 3.7% to Rs 190.2, post the announcement, snapping a four-day gaining streak.
Shares fell as much a 7.2% to Rs 152.5, post the announcement.
Shares rose as much as 4.1% to Rs 40.8, post the announcement.
Shares gained as much as 5.1% to Rs 487.7. The stock is up for the second straight day, trading at the highest level in nearly two months. UBS has raised its price target to Rs 538 from Rs 490 earlier.
Shares fell as much as 3.3% to Rs 2,375, down for the third straight day. This is the longest losing streak for the stock in two months.
Let's take a look at how the European markets are trading:
70.2 lakh shares of the life insurance player exchanged hands in a single large deal on the National Stock Exchange.
The deal took place at Rs 561.5 per share and is valued at Rs 394 crore, data available on Bloomberg indicates.
Buyers and sellers in the transaction remain unknown.
Shares are currently trading little changed at Rs 560.95 - the lowest in nearly a month.
The telecom player's Africa unit has reported numbers in today's session. Revenue for Airtel Africa rose 14% year-on-year to $965 million, the company said in a statement.
Ebitda rose 17% to $437 million while Ebitda as a percentage of revenue rose to 45.3% from 44.1% last year. Net profit declined 9% to $88 million.
Revenue for the Nigeria business rose 15% to $377 million and grew 22% in Constant Currency terms, while the East African business rose 18% year-on-year to $355 million. The East African business grew 33% in Constant Currency terms.
The stock is also in focus after brokerage firm Bernstein initiated coverage with a buy rating and a price target of Rs 600. Bernstein in its note has said that the recent correction should be used as an opportunity to accumulate a quality stock like Bharti Airtel.
Shares recovered from the day's low to gain as much as 1.6% to Rs 437.6. The stock is up for the fourth straight day.
The drugmaker informed the exchanges that it has received final approval from the U.S. FDA to market Albuterol tablets in strength of 2 mg and 4 mg.
Albuterol is a bronchodilator, helping to open up airways in the lungs, making it easier to breath. It is used to treat and prevent bronchospasm.
The drug will be manufactured at the group's formulations manufacturing facility at the SEZ in Ahmedabad.
Shares gained as much as 2.2% to Rs 434.8, post the announcement.
Shares of the company, although off the day's high are gaining in today's trading session.
Investor and D-Mart promoter Radhakishan Damani acquired 0.5% stake in the company on Thursday.
Damani purchased 6.9 lakh shares of the company at Rs 349.14 per share, according to data available on the exchanges.
Shares have cooled off after gaining as much as 5.1% to Rs 378. The stock had ended 10% higher on Thursday. It is up for the fourth straight day in today's session.
Shares fell as much as 2.3% to Rs 247.7, snapping a three-day gaining streak. Shares are currently trading 1.6% lower at Rs 249.4. Most brokerages have raised their price targets on the stock.
Shares fell as much as 3.3% to Rs 979, post the announcement, snapping a five-day gaining streak.
The company has informed the exchanges that it has received an order of nearly 94,000 wheels from the U.S. and EU trailer market.
The order is valued at $1.05 million, the company said in an exchange filing. It will be executed in the months of November and December from the company's plants in Chennai and Dappar.
The company expects similar orders to come going forward and has guided for a 35% year-on-year growth in exports.
Shares currently trade little changed after recovering from the day's low.
The company has informed the exchanges that the board has approved issuance of equity shares worth Rs 1,500 crore on a preferential basis to Flipkart Investments.
It has also entered into a commercial agreement in relation to the sale and distribution of various brands of the company, it said in an exchange filing.
The company will issue 7.3 crore fully paid-up equity shares at Rs 205 per share. Post allotment shareholding will stand at 7.8% according to the company's statement.
The investment agreement provides preemption rights and a right of first refusal between 1-5 years from the date of allotment of shares or if the equity shareholding of the investor falls below a certain threshold.
The transaction is subject to shareholder and regulatory approvals, as may be required.
Shares gained as much as 3.5% to Rs 158.9, post the announcement. The stock is up for the third straight day, trading at the highest in seven months.
SBI Card Sees Spike In Bad Loans On Covid-19 Impact
The currency has opened weaker on the final trading day of the week, after ending with modest gains on Thursday.
The currency opened at 73.64 against the U.S. Dollar, as compared to Thursday's close of 73.54. It was the best performing currency in Asia on Thursday.
Selling of the greenback by exporters and speculators outweighed the impact of a risk-off sentiment in the other markets, according to Reliance Securities.
Within the bond markets today, traders will await the minutes of the first meeting of the New Monetary Policy committee. The government also plans to sell bonds worth Rs 31,000 crore today.
Quantum Asset Management said that the central bank is likely to continue intervening in the bond market through OMOs on a weekly basis, in order to cap long-term yields.
Swedish Steelmaker SSAB AB is exploring a combination with Tata Steel's European business as a back-up plan to deal with Thyssenkrupp, amid industry consolidation, Bloomberg news reports citing people familiar with the matter.
SSAB is holding preliminary talks with Tata Steel as it seeks merger options, the sources said on the condition of anonymity.
The Swedish company would gain control of Tata Steel's European business if they pursued such a deal.
SSAB is among steelmakers interested in acquiring steel assets from Thyssenkrupp, the German conglomerate that’s restructuring to ensure its survival.
Representatives for SSAB, Tata Steel, and Thyssenkrupp declined to comment when contacted on Thursday.
Shares are up for the third straight day, gaining as much as 2.8% to Rs 421 - the highest level in a month.
Shares jumped as much as 14.8% - the most on record, to a record high of Rs 329. The stock is up for the second straight day.
The company post its second quarter earnings on Thursday, announced the issue of a bonus Non-Convertible, Non-Cumulative, Redeemable preference share for every 10 shares held by non-promoter shareholders.
The issue prices will be Rs 100 per share, including a premium of Rs 90 and face value of Rs 10, the company said in an exchange filing.
The total issue size will be worth Rs 90 crore and the coupon rate for the same will be 0.1%. The NCRPS shall be redeemed on the expiry of 36 months from the date of allotment, the company said. The record date for the same will be determined in due course. The redemption price has been fixed at Rs 120.
With regards to its second quarter performance, the company reported a net loss of Rs 6.5 crore this quarter as compared to a profit of Rs 18 crore during the same period last year.
Shares rose as much as 20% - the most on record to Rs 21.35. The stock is up for the second straight day.
Indian equity markets have begun the final trading day of the week on a steady note, after snapping a four-day losing streak on Thursday.
The S&P BSE Sensex has opened 0.4% higher at 40,728 while the NSE Nifty 50 index is up 0.5% at the start of trading at 11,957.
All sectoral indices have opened with gains. The Nifty Bank index is up 0.8% while the Nifty Auto index is gaining 0.7%. Nifty Metal and Nifty I.T. are up 0.6% each.
Broader markets have been outperforming the benchmark indices over the last two sessions. They too have opened with gains in today's trade. Both Nifty Midcap and Smallcap indices have opened with gains of 0.6% each.
Market breadth is in favour of the gainers. 1,108 stocks on the NSE are trading with gains while 335 are declining.
Source: ICICI Direct
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