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Stocks Jump Globally While Gold Dips With Dollar: Markets Wrap
The rupee appreciated 12 paise to close at 74.78 (provisional) against the U.S. dollar tracking weakness in the greenback and gains in the domestic equity market.
At the interbank forex market, the local unit opened at 74.83 against the US dollar, then gained further ground and finally settled at 74.78, up 12 paise over its previous close of 74.90 against the American currency.
During the session, the domestic unit witnessed an intra-day high of 74.77 and a low of 74.86 against the greenback.
Forex traders said gains in the domestic currency were supported by foreign fund inflows into domestic equity and debt markets. Market participants will track Index of Industrial Production (IIP) numbers scheduled to be released later in the day for further cues, they said.
Source: PTI
“After a few consecutive of months of plummeted sales in a post-covid scenario, there are signs of green shoots in passenger vehicles and two-wheelers where the year-on-year de-growth is much lesser than in the previous months,” SIAM President Rajan Wadhera said in a statement on Tuesday. “The sales in August will indicate if this is a sustainable demand and not just pent-up.”
Yes Bank jumps nearly 5% to Rs 15.50 apiece.
The Mumbai-based private lender’s stock is higher for the seventh straight day, on track for the longest winning streak since the period ended Nov. 9, 2018.
The stock has gained a total of 30% during the streak while the Sensex Index increased 2.3%.
Low-cost carrier InterGlobe Aviation (IndiGo) may record a 64% capacity cut this fiscal year ending March due to the pandemic, missing its original 20% growth target amid aircraft underutilization as it continues to take deliveries through to at least September. High maintenance costs that plagued the airline last year may normalize, as its last 40 troubled engines are replaced. Rival Jet Airways’ exit boosted IndiGo’s domestic market share to 48% but also put smaller competitors on a stronger footing, intensifying competition. In the longer term, IndiGo’s cost structure could improve as older A320ceos are replaced by more efficient A320/321neos, which may also position it for international expansion.Bloomberg Intelligence Report
The mortgage lender alloted 5.68 crore shares to investors including Government of Singapore and Invesco Oppenheimer Developing Markets Fund, according to an exchange filing.
It also issued 1.71 crore warrants convertible into shares to investors; also approves allotment of non-convertible bonds to raise Rs 3,693 crore, the filing said.
ICICI Bank Q1 Results: Stake Sales Aid 36% Rise In Profit, Provisions Surge
Q1 (Standalone, YoY)
Exceptional loss of Rs 197.2 crore due to provisioning towards various structural and transformational projects.
Bajaj Electricals operating numbers turn negative for the first time in over five years
Q1 (Consolidated, YoY)
Exceptional gain of Rs 28.4 crore on de-recognition of its existing investment in the manufacturing undertaking of Hind Lamps which was demerged in current quarter.
Motherson Sumi reported revenue for the first quarter that beat the average analyst estimate.
The drugmaker declined as much as 6% to Rs 572 apiece, making it the third-worst performing stock on the S&P BSE Healthcare Index.
The scrip had risen over 16%, the most since April 29, on the previous trading session. Total return is 60.0% YTD vs -6.1 for Sensex Index.
Relative strength index at 74; stock may be overbought.
Why Taher Badshah Says ‘Sharp Correction’ Unlikely Despite Heady Stock Run Up
Record Stimulus Slows Credit Downgrades of Indian Companies
Shares the company rose over 1.7% after it announced details of its right issue.
The company will issue one rights issue share for 27 held. The rights issue was priced at Rs 250 apiece.
The scrip is down nearly 20% YTD vs 6% for the Sensex. Analyst consensus price target (Rs 312.69) is 10.7% above current price, Bloomberg data showed.
Here’s a HDFC Securities report on the road ahead for KEC.
JSW Steel Ltd. produced about 1.25m tonnes of crude steel last month compared with 1.14m tonnes in June, it said in an exchange filing.
Dr. Reddys Laboratories Ltd announced the launch of a generic version of Ciprodex Otic Suspension in the American market, following approval from the U.S. Food and Drug Administration.
Ciprodexis used in adults and children 6 months of age or older to treat certain types of infections caused by certain germs called bacteria. The brand had U.S. sales of approximately $453 million MAT (moving annual turnover) for the most recent 12 months ending in June 2020 , the drug maker said, quoting market data.
The drugmaker’s stock swung between gains and losses in early trade. It is up over 60% YTD and its RSI indicates the stock may be overbought at current levels. Around 56% of the analysts tracking the scrip have maintained a ‘buy’ call on the pharma major.
The company's June quarter profit rose 42.3% on a yearly basis to Rs 18.77 crore. It's profit in the year-ago quarter was Rs 13.19 crore. PAT margin during the quarter expanded by 2.7% YoY.
Shree Cement Emerges As Top Nifty Loser After Q1 Results
UBS says
Indian equity benchmarks opened on a firm note inline with Asian peers and as investors switched their attention toward business resilience despite a steady rise in new coronavirus infections.
The S&P BSE Sensex climbed as much as 0.9% to 38,528 while the NSE Nifty 50 Index rose nearly 0.5% to 11,322. All sectoral indices advanced led by 2% jump in the NSE Metal Index.
The broader market too gained with the NSE Smallcap and Midcap indices advancing over 0.5% each. The overall market breadth was firmly in favour of the bulls with 1216 stocks gaining while 387 declines on the NSE in Mumbai trading.
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