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Indian equity markets snapped a three-day gaining streak to end lower, due to weak cues from other global markets and rising Covid-19 cases in the country.
European markets continue to trade lower while futures on the Dow Jones are down 120 points.
The S&P BSE Sensex ended today's session down 0.84 percent at 30,672, while the Nifty 50 index managed to hold on to the 9,000 mark, ending 0.74 percent lower at 9,039.
Among sectoral indices, the Nifty Bank underperformed, ending over 2 percent lower, while the Nifty I.T. and Nifty Media index held on to gains of over 1 percent.
Market breadth remained adverse with 685 stocks on the NSE ending with gains while 1,040 posted losses
For the week, the Sensex ended 1.3 percent lower while the Nifty shed 1.1 percent. Financials were the biggest laggards this week. 7 out of the top 10 Nifty laggards this week were financial names.
Shares fell as much as 3.9 percent to Rs 245.2, post the announcement.
Shares trade higher by 1.5 percent at Rs 9,486, post the announcement.
The Board of Directors of the company have approved an allotment of 3,250 listed, unsecured, rated and redeemable Non-Convertible Debentures of Rs 10 lakh each.
The debentures aggregate to a total of Rs 325 crore and will be listed on the Bombay Stock Exchange.
The tenure of the instrument is 3 years and will attract a coupon rate of 8.75 percent per annum.
Shares are off the day's high and are now trading 2 percent lower at Rs 109.8.
Shares gained as much as 4 percent to Rs 949, post the announcement.
Shares are lower for the second straight day, down 2.8 percent at Rs 165.1 ahead of earnings.
The company has informed the exchanges that it received the U.S. FDA approval for its Trientine Hydrochloride Capsules. The drug is a generic equivalent of Syprine Capsules of Bausch Health.
The said drug will be manufactured at the company's Nagpur (Unit 1) facility.
The drug is used in the treatment of patients with Wilson's disease and who are intolerant of penicillamine.
The Trientine Hydrochloride Capsules had annual sales of nearly $86 million in the U.S. as of March 2020 as per the IQVIA.
Shares recovered from the day's low and now trade little changed at Rs 885.
Lets take a look at how benchmark indices across Europe have opened:
Wary India Funds Still Refuse to Buy All But the Safest Debt
Shares trade 3.9 percent lower after falling as much as 6.7 percent to a four-year low of Rs 121.20. Shares of Maruti Suzuki too trade 1.6 percent lower at Rs 4,971.
Key Factors At Play For UPL:
The company will invest a sum of Rs 7.2 crore for two separate acquisitions, it said in an exchange filing on Thursday.
The first acquisition is of Fanclash - an online e-sports focused engagement and community platform. The said acquisition is valued at Rs 3.5 crore.
The second is of Truemeds - a tele-health platform focused on selling top company traded generics / substitute medicines to customers. The said acquisition is for a sum of Rs 3.7 crore.
Shares fell as much as 3.7 percent to Rs 2,366.
The technology services company has informed the exchanges about the schedule of its proposed share buyback.
The buyback will begin on May 29, 2020 and close on June 11, 2020, the company said in an exchange filing.
The company is set to conduct a buyback of 19.56 lakh equity shares of face value of Rs 10 each at a price of Rs 1,725 per share. The buyback price is a premium of 20 percent to its closing price on Thursday.
Shares are trading at the day's high, up as much as 7.3 percent to Rs 1,548 and are up for the fourth straight day. It is also the top performing stock on the Nifty I.T. index.
The private lender informed the exchanges about the impact of the damage caused due to Cyclone AMPHAN.
The lender said that it 45 out of the 49 micro banking outlets were operational on May 21. It expects an exposure of around Rs 260 crore to be impacted due to the cyclone.
It added in its exchange filing that it expects the AMPHAN portfolio to regularise by the third quarter of FY21.
Shares fell as much as 6.95 percent to Rs 196.20. It is also the worst performing stock on the Nifty Bank index.
Nifty Bank: May 28 Expiry
The exchange reported a net loss of Rs 1.3 crore in the fourth quarter. This is in comparison to a net profit of Rs 51.9 crore in the same quarter last year.
The company's Ebitda loss widened to Rs 22.1 crore from Rs 3.1 crore. It also made a provision of Rs 18.6 crore for additional contribution to the Investor Services Fund and Investors Protection Fund.
The company's investment income fell 42 percent while other income fell 59 percent year-on-year.
Shares fell as much as 7.4 percent to Rs 401.25 and are down for the third straight day.
RBI Governor Says:
The kitchenware maker reported a 21 percent drop in revenue to Rs 146 crore in the fourth quarter of FY20. The company informed in its press release that operations - including production and sales were impacted due to the nationwide lockdown imposed to curb the spread of Covid-19.
Net profit fell 30.4 percent to Rs 9.4 crore while Ebitda declined 34.1 percent from the previous year to Rs 14.5 crore. Ebitda margins narrowed to 9.9 percent from 11.9 percent.
In view of the prevailing situation due to the pandemic, the company has not declared any dividend. Declaration of a suitable dividend would be considered once the situation normalises, the company said in a statement.
Shares fell as much as 12.3 percent - its biggest one-day fall since February 2015 to Rs 3,985.
Private equity firm KKR will be investing Rs 11,367 crore in Jio Platforms, making it the fifth large investor that the company has sold stake to.
The sum invested amounts to a 2.32 percent stake in Jio Platforms. The deal values Jio Platforms at an equity value of Rs 4.91 lakh crore.
The press release further stated that this was KKR's largest investment in Asia.
Shares gained as much as 1.2 percent to Rs 1,458 and are up for the third straight day.
The company has informed the exchanges that the class action lawsuit, filed against the company in the U.S. District court, was dismissed by the plaintiff, without prejudice.
The lawsuit was filed against the company and some of its currenct and former officials on behalf of a class of persons or entities who purchased the shares of the company between July 2018 and October 2019, the statement said.
Shares gained as much as 2.34 percent to Rs 687.95. The stock is up for the fifth straight day - its longest winning streak since December 2019 and also the top performer on the Nifty 50 index.
Indian equity markets opened lower due to rising tensions between U.S. and China along with India adding the highest number of Covid-19 cases in a single day.
Most of the Asian markets are trading with losses while futures on the Dow Jones are trading lower by 140 points.
The S&P BSE Sensex opened 0.36 percent lower at 30,822 while the NSE Nifty 50 opened 0.42 percent lower at 9,067. Only 8 out of the 50 Nifty constituents opened with gains.
Banking stocks are underperforming among sectoral indices, with the Nifty Bank index opening 1 percent lower, as has the Nifty Metal index. Other indices have opened with a flat to negative bias.
Market breadth is equal at the start of trade with 630 stocks on the NSE opening with gains while 649 trade with losses.
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