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Biggest Mumbai Power Outage in Decades Hits Trading Volume
Shares gained as much as 194% to Rs 138.9 - the highest level since May 2018. The stock is up for the third straight day and has gained 30% during this period.
Tiger Global Management-backed RKSV Securities India became the second biggest broker in the country after doubling the number of its customers to 1.2 million in six months to September, Bloomberg News reports.
Top online broker Zerodha also reported a 75% growth in clients to 2.5 million, according to data compiled by the National Stock Exchange.
In comparison, traditional brokers like ICICI Securities and HDFC Securities saw meager additions.
“The golden days are still ahead,” Ravi Kuma, who co-founded RKSV Securities told Bloomberg.
“People working from home is allowing them more time to manage their finances and that is enabling us to open more accounts,” he said.
Let's take a look at how European markets are trading:
Trombay units once the MSETCL transmission lines are connected. inconvenience is regretted.
— TataPower (@TataPower) October 12, 2020
Shares of the NBFC are declining in today's session after Goldman Sachs India sold close to 2% stake on Friday in large trades.
Goldman Sachs India sold 53.95 lakh shares of the company at Rs 33.08 per share, as per data available on the exchanges.
Shares fell as much as 6.2% - the most in over a month to Rs 32.3. The stock is down for the second straight day.
India's import of Gold declined 38% to 8.4 tonnes in the month of September, Bloomberg News reports citing a person with knowledge of provisional finance ministry data.
Gold imports during the same period last year stood at 13.5 tonnes while in August, it stood at 35.5 tonnes.
Imports of the yellow metal had seen a brief rebound in the preceding months, after witnessing a 95% decline in the April-June period due to the Covid-19 induced lockdowns.
Finance Ministry spokesman was did not respond to Bloomberg's call seeking a comment.
Gold import data is also compiled by the Commerce Ministry and may differ from that of the Finance Ministry.
The company has informed the exchanges that it has received an export order of nearly 41,000 wheels from the U.S. and European Union Trailer Market.
The order is worth $4.12 lakh, as per the company's exchange filing and more such orders are anticipated by the company.
The statement added that the order will be executed in the month of November from the company's Chennai plant.
Shares gained as much as 2.4% to Rs 494.4, before cooling off. The stock trades at the highest level in nearly two months.
The company informed the exchanges on Friday that its promoters intend to sell stake through an Offer for Sale.
The promoter IEH FMGI Holdings will sell up to 1.21 crore shares or 21.83% stake in the OFS, it said in an exchange filing.
The floor price of the OFS has been set at Rs 342 per share which is a 21.1% discount to Friday's closing price.
The promoters intend to garner Rs 415.4 crore from the OFS, post which, their stake in the company would come down to 74.99% from 96.82% earlier.
The OFS is open for non-retail investors today while it opens tomorrow for the retail participants.
Shares are locked in a lower circuit of 5% at Rs 416.95.
Shares gained as much as 4.4% - the most in three months, to Rs 175.2, and are up for the second straight day. The stock is the top gainer on the Nifty 50 index. CLSA has a price target of Rs 220 on the stock.
For live updates on the Power outage, click here.
The rupee has begun the new trading week on a subdued note after ending last week with three straight days of gains.
The currency opened at 73.10 against the U.S. Dollar as compared to Friday's close of 73.13. It was the third worst performing currency in Asia last week.
Traders will look forward to Finance Minister Nirmala Sitharaman's press conference at 12:30 P.M. today, for any directional cues.
Yield on the 10-year government bond opened at 5.930% as compared to Friday's close of 5.939%.
Bond market measures announced by the RBI may lead to long-end bonds rallying more than shorter ones, according to a note from Trust Capital.
Traders will also be watching out for macro cues in the form of CPI and IIP data which will be released later this evening.
The most subscribed PSU IPO listed at a premium of nearly 50% on its stock market debut after investors piled into the share sale of the builder of warships, submarines and commercial vessels.
Shares began trading at Rs 214.9, which is a 48% premium to its issue price of Rs 145 per share. The shares than rose to as high as Rs 216.95 in the early minutes of trade. The IPO of Mazagaon dock was subscribed 157 times on the final day of bidding.
On the other hand, UTI AMC, which saw a subdued response to its IPO, listed at a 11% discount to its issue price of Rs 554 per share.
Shares began trading at Rs 490.25, post the IPO which saw full subscription only on the final day of bidding. The overall issue was subscribed over 2 times.
The Mumbai-based manufacturer of ABS and SAN resins reported a 10% growth in its standalone revenue for the July-September period to Rs 307.8 crore.
Net profit for the quarter rose 75% to Rs 35.3 crore while operating profit or Ebitda more than doubled to Rs 46.3 crore.
Ebitda margins saw expansion to 15.1% from 7.1% during the same period last year and were at their highest level in 11 quarters.
Shares fell as much as 7.1% - the most in over seven months to Rs 90.55. Ahead of today's session, the stock had gained 36% in the last seven trading session.
The drugmaker informed the exchanges over the weekend that its formulations facility in Jadcherla, Telangana has received a warning letter from the U.S. FDA.
The company's formulations business comprised of 21% of the total revenue for FY20, JM Financial wrote in a note.
However, the company said that the warning letter will not have a significant impact on the operations or the revenues from the concerned site.
This is the second instance of a Pharma company getting a warning letter from the U.S. FDA after Panacea Biotech received one for its Baddi facility on September 30.
Shares fell as much as 12% to Rs 480, to its lowest level in three months, before a slight recovery. The stock currently trades 7% lower at Rs 508.7, down for the third straight day.
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Indian equity markets opened higher for the eighth straight day, extending their winning streak to the most since April 2018.
The S&P BSE Sensex opened 0.5% higher at 40,716 while the NSE Nifty 50 index opened near the mark of 12,000 at 11,973 - up 0.5%. Both Sensex and Nifty had their best weekly performance in four months last week.
All sectoral indices opened with gains. The Nifty Metal index opened 0.8% higher while the Nifty I.T. index gained 0.7%. The FMCG, Realty and PSU Banking index opened with gains of 0.6% each.
Broader markets, which have been underperforming over the last few sessions have had a subdued start to the day. The Midcap index has opened 0.2% higher while the Smallcap index is up 0.5%.
1,050 stocks on the NSE have opened with gains while 375 are declining.
Source: ICICI Direct
To know about the key stocks in focus, brokerage updates and F&O cues, click here.
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