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Indian equity markets recovered Wednesday's losses, ending the weekly options expiry session with gains of over 1%.
The S&P BSE Sensex ended 1.1% higher at 36,737 while the NSE Nifty 50 index ended 1.2% higher at 10,832. Both benchmark indices have now gained in six out of the last seven trading sessions.
Among sectoral indices, banking and metal stocks outperformed in today's trade. The Nifty metal index ended 1.9% higher while the Nifty Bank and the PSU Bank index gained 1.4% and 1.2% respectively.
The FMCG index was the only sectoral laggard, ending 0.3% lower. The other sectoral indices ended flat but with a positive bias.
The broader markets had a mixed day. The midcap index ended 0.4% higher while the smallcap index ended 1.1% higher.
India Volatility Index ended at a four-month low, down 5.1% at 24.75.
Market breadth remained in favour of the advances. 1,010 stocks on the NSE ended with gains while 799 ended with losses.
The company informed the exchanges that the promoters failed to repay the installment of Rs 500 crore out of the outstanding loans envisaged to be repaid by June 30.
The promoters in a separate exchange filing on June 26, had expressed apprehension regarding the same. Promoters say that the repayment may spill beyond a few weeks due to Covid-19.
The Board has insisted that the promoters provide the necessary security in respect to the June installment in an expeditious manner.
Shares are locked in a 5% lower circuit at Rs 244.8, snapping a four-day gaining streak.
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Flipkart Group will invest Rs 260 crore to purchase a significant minority stake in Arvind Youth Brands - owner of Flying Machine. AVB is the recently formed subsidiary of Arvind Fashions.
In a joint statement, both companies said that the investment is to build on the long-standing engagement between the two organisations.
The transaction is subject to customary conditions precedent, the statement said.
Shares are trading 3.5% higher at Rs 175 after briefly being locked in a 5% upper circuit, post the announcement.
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The company has allotted 2,500 secured, redeemable NCDs having a face value of Rs 10 lakh each on a private placement basis. The NCDs, aggregating to a total of Rs 250 crore will be listed on the Bombay Stock Exchange.
Series A of the NCDs will have a tenor of 10 years while Series B will have a tenor of 18 months. Both coupons will have an interest rate of 9.5% per annum and 8.75% per annum respectively.
Shares are trading 0.9% higher at Rs 158.95, up for six out of the last seven trading sessions.
The company has commissioned the world's first Solar PV Plant at Bina, Madhya Pradesh for the Indian Railways, it said in an exchange filing.
It is for the first time that solar power is directly being used for traction appliances. The plant will feed power to the traction systems of the Indian Railways.
The project was developed on a turnkey basis and on vacant land of the railways.
Shares are trading at the highest point of the day, up 4.5% at Rs 43.1.
Let's take a look at how benchmark indices have opened across Europe:
The company has announced its foray into the global renewable chemicals and materials (RCM) industry.
The company is developing technologies to produce bio-based Renewable Chemicals and Materials (RCM), the company said in an exchange filing.
The RCM industry is expected to reach $200 billion over the next decade, at an estimated CAGR of 11-12%.
It has signed an MoU with the National Chemical Laboratory (NCL) for jointly working on promising project opportunities in the space.
Shares surged to the day's high of 5.7% at Rs 70.7, post the announcement.
The company has informed the exchanges that it has won a Rs 120 crore order from the Indian Railways.
It will deliver transformers to the government's electric locomotive manufacturer 'Chittaranjan Locomotive Works (CLW) for the production of 400 passenger and freight locomotive engines, the company said in an exchange filing.
The transformers will be split between the 6,531 kVA for the goods locomotive engines and the 7,775 kVA for passengers.
Shares are currently unchanged at Rs 841, after rising as much as 1.1%.
Shares are fluctuating between gains and losses, currently trading little changed at Rs 214.
Shares are trading 0.5% higher at Rs 1,671.5.
BofA Securities downgraded the defence player to underperform from its previous buy rating, and also cut its price target to Rs 87 from the earlier Rs 89, citing lack of near-term growth triggers.
The note says that it does not see any visibility of large order wins in the pipeline for the company which may result in a compression of margins due to lower revenues and deterioration of its working capital cycle.
The brokerage said that the stock is now trading at its long-term average valuations post its recent rally.
FY21-22E EPS estimates were cut by 3%, the note said.
Shares fell as much as 3.8% to Rs 99.65. The stock has rallied 30% over the last 15 trading sessions.
The executive committee of the bank's central board has given its approval to invest in Yes Bank's FPO, the lender said in an exchange filing.
The bank will invest a maximum of Rs 1,760 crore in the issue.
The board has also approved the formation of a joint venture entity where SBICAP will invest in Investec Capital Services, India to form a JV.
It will also transfer SBICAP Securities' institutional equities broking and research business to the proposed JV entity.
Shares gained as much as 1.8% to Rs 195.45, up for the fourth day in a row.
Shares are near the day's high, gaining as much as 4.3% to Rs 348.5, up for the second straight day.
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The company has informed the exchanges that the South African Health Products Regulatory Authority has given approval to the company to manufacture Vancomycin.
This comes after the company's manufacturing facility in Navsari, Gujarat was inspected by the National Institute of Pharmacy and Nutrition, Hungary.
The company can now expand its business in South Africa, post the approval.
Shares gained as much as 5.44% to Rs 79.50.
Shares are locked in an upper circuit of 5% at Rs 8.37, snapping a two-day losing streak.
The lender has informed the exchanges that it has filed a Red Herring Prospectus with regards to its Follow-on Public Offer (FPO).
The bank aims to raise Rs 15,000 crore through the offer via fresh issue of equity shares. The issue will open on July 15 and close on July 17, 2020.
Anchor investors can bid on July 14, the bank said in its statement.
A portion of Rs 200 crore has been earmarked for employees of the bank.
Shares are off the day's high after gaining as much as 5.6% to Rs 27.50. The stock now trades 2.3% higher, up for the second straight day.
Indian equity markets opened higher after snapping a five-day rally on Wednesday.
The S&P BSE Sensex opened 0.33% higher at 36,450 while the NSE Nifty 50 index opened at 10,755, up 0.5%. Both benchmark indices fell nearly 1% on Wednesday.
All sectoral indices opened with gains, led by the Realty index, which opened 1.4% higher. The media, metal, PSU Bank index opened 0.8% higher while the FMCG index was flat.
Broader markets opened in-line with the benchmarks. The Midcap index opened 0.4% higher while the smallcap index opened 0.6% higher.
1,075 stocks on the NSE have opened with gains while 494 trade with losses.
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