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Indian equity markets erased most of Tuesday's declines, ending with gains after a sharp surge in the last few minutes of the trading day.
The S&P BSE Sensex ended 0.86% higher at 34,247 but remained 100 points off the day's high. The NSE Nifty 50 however, ended with gains of 0.7% at 10,116, 30 points off the day's high.
The PSU Banking index was the outperformer among the sectoral indices, ending with gains of 3.5%. The Nifty Realty and the Nifty Bank ended with gains of close to 2%.
Among the underperforming sectors were Nifty Auto (down 1.1%), Nifty Media (down 0.3%) and Nifty Metal (down 0.6%).
Market breadth remained in favour of the advances with 1,120 stocks on the NSE ending with gains while 707 ended with losses.
Shares gained as much as 10% to Rs 245.45, post the announcement. The stock has gained in four out of the last five trading sessions.
Shares are off the day's high, trading with gains of 1.4% after gaining as much as 3.5% in early trade.
Shares were locked in an upper circuit of 10% to Rs 23.95, post the announcement and now trade 8.7% higher at Rs 23.70.
The real estate index is among the top performers in today's session, trading with gains of over 1%.
Shares are trading 4% higher at Rs 617.4. The stock had surged as much as 10% post the announcement of results.
The company reported a 96.1% decline in its net profit as compared to the previous year to Rs 48.6 crore for the March quarter.
Revenue of the company also fell 88.7% compared from the previous year to Rs 313.1 crore.
Revenue from the polyester segment stood at Rs 233.45 crore while that from textiles stood at Rs 34.59 crore.
The board has also recommended a dividend of 20 paisa per share.
Shares fell as much as 8% to Rs 63.1, post the announcement. The stock snapped a nine-day gaining streak on Tuesday - which was its longest since September 2017.
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Shares are off the day's low and trade 0.2% lower at Rs 90.45 and are down for the second straight day.
Let's take a look at how benchmark indices across Europe have opened:
Shares are recovering from the day's low after falling as much as 7.9% to Rs 233. The stock had a three-day gaining streak until Tuesday and has gained in eight out of the last 10 trading sessions.
The company’s Board of Directors have approved the raising of funds amounting to not more than Rs 150 crore.
The fund raise will be subject to necessary approval from shareholders, statutory and regulatory authorities, the company said in an exchange filing.
The fund raise will be done through an issue of equity shares via a rights issue, QIP or on a preferential allotment basis or through ADRs, GDRs, FCCBs and ECBs or any other combination thereof.
ICICI Securities has been appointed as the sole lead manager for the fund raise.
Shares snapped a three-day gaining streak and are down 1.65% at Rs 89.35.
Shares are trading 1% lower at Rs 390 and are off the lowest point of the day.
Coal India is persuading consumers to switch to domestic coal, as its shipments dwindle owing to lower demand, Bloomberg news reports.
The state-run miner is looking to replace coal imports by non-power consumers like cement, sponge iron, fertiliser and steel as well as power plants designed to burn mainly domestic coal.
Coal India says that such consumers imported 150 million tonnes of coal in the year ending March.
Many power plants are restricting purchases from Coal India owing to high inventory levels.
Coal India's shipments in May fell 23.3% while output fell 11.3% compared to last year.
The Directorate General of Foreign Trade has restricted export of some diagnostic kits including the VTM kits and reagents, Bloomberg News reports citing a statement from India's trade ministry.
The statement adds that the export of certain diagnostic instruments, apparatus including swabs as well as probe and primers which are specific for Covid-19 testing will also be restricted.
Other items in the list of 'restricted' items include:
The data analytics and solutions company reported an 8% decline in its topline on a sequential basis while margins had a contraction of 600 basis points.
The company expects Q1FY21 to be the bottom in terms of both revenue and margins. Forex gains aided the company's profit while operational performance was below analyst projections.
Supply and demand side hit had an impact on onshore revenues which declined 4.6% on a sequential basis.
Brokerage firm Emkay believes that the Covid-19 pandemic will delay the reversal in the company's constantly deteriorating financials since FY17 with earnings likely to decline in FY21 as well.
Shares fell as much as 5.4% to Rs 406.1 and are trading lower for the second straight day.
The oil refiner reported a net loss of Rs 1,887.4 crore during the quarter ending March. This despite a deferred tax reversal of Rs 832.8 crore in the quarter gone by.
The company reported an Ebitda loss of Rs 2,418.4 crore while Gross Refining Margins stood at a negative $4.52 per barrel.
Lower demand for crude and petroleum products impacted the operating performance of the company.
Higher raw material costs and other expenses also contributed to the loss.
Shares are off the day's low, after falling as much as 6.2% in early trade. Until Tuesday, the stock had a three-day gaining streak.
The FMCG company informed the exchanges that its Managing Director and CEO, Vivek Gambhir will step down from his position on June 30, owing to personal reasons.
The exchange filing stated that Gambhir's resignation has been accepted by the Board of Directors. However, he will remain on the board as a Whole-Time Director till September 30, 2020.
Nisaba Godrej, currently serving as a Whole-Time Director has been appointed as the company's new Managing Director till the completion of her term on September 30, 2022.
Godrej will also be the Chairperson of the company's board till March 31, 2022.
Shares fell as much as 4.4% to Rs 630.2, snapping a two-day winning streak.
The company launched a QIP issue on June 9 in order to raise funds. The floor price for the issue is set at Rs 66.72 per share - a 6% discount to Tuesday's closing price.
The exchange filing stated that the company may offer a discount of not more than 5% on the floor price calculated for the issue.
Bloomberg News had reported earlier that the company plans to launch a QIP issue to raise around $100 million.
Shares gained as much as 5.6% to Rs 75, post the announcement.
The staffing and human resources services company reported a net loss of Rs 29.4 crore in the quarter ending March, as compared to a net profit of Rs 26 crore during the same period last year.
The company also created a provision of Rs 6.2 crore with regards to Covid-19.
It also had a MAT credit of Rs 49.6 crore on account of moving to the new tax regime.
Ebitda margins narrowed further to 1.5% while average realisation per associate in general staffing rose to Rs 748 per month from Rs 714 per month.
Shares fell as much as 6.7% to Rs 1,670 and have declined in four out of the last five trading sessions.
Shares gained as much as 18.4% to Rs 201, post the announcement.
The gold financing company has informed the exchanges that the committee of its Board of Directors has approved the issuance of Non-Convertible Debentures worth Rs 250 crore.
The NCD's will be rated, secured, redeemable and will be issued on a private placement basis, the company said.
Shares gained as much as 3.1% to Rs 143.4. The stock is trading at a three-month high and is higher for the fourth straight day. It has gained in 10 out of the last 11 trading sessions.
The drugmaker informed the exchanges that it will be acquiring 21.85% stake in digital solutions company GoApptive.
The acquisition will be done in two stages for a cash consideration of Rs 9 crore, according to its exchange filing.
GoApptive offers digital solutions for customer relationship management, patient support & healthcare data analytics, the statement said.
The first stage of the acquisition will be done for Rs 5.8 crore while the second stage will have a cash consideration of Rs 3.2 crore. The company expects both stages to be completed by October 31, 2020.
Shares gained as much as 1.4% to Rs 649 and are up for the second straight day.
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Indian equity markets opened with gains after pausing a strong surge over the last 10 sessions on Tuesday.
The S&P BSE Sensex opened 0.2% higher at 34,029 while the NSE Nifty 50 index opened at 10,072, up 0.26%. Both benchmark indices fell 1.2% to end near the day's low on Tuesday.
Most sectoral indices have opened flat with no noticeable moves. The Nifty Auto and Nifty Pharma index have opened with a negative bias.
Market breadth was in favour of the advances. 1,077 stocks on the NSE opened with gains while 401 declined in the early minutes of trade.
Within the global markets, Asian markets remain mixed while futures on the Dow Jones are off the day's high, trading higher by 130 points.
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