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Indian equity markets failed to hold on to opening gains, ending significantly off the day's high. Private financials were the biggest laggards in today's session.
The S&P BSE Sensex ended 0.27% higher at 36,693 while the NSE Nifty 50 index ended at 10,815, up 0.44%. Both benchmark indices fell 330 and 80 points respectively from the highest point of the day.
Banks underperformed in today's trade with the Nifty Bank and the PSU bank index ending 1.3% and 1.6% lower respectively. Realty stocks were the other laggards with the index ending 1.% lower.
The outperformers in today's trade were I.T., FMCG and Metal stocks. The I.T. index ended 1.7% higher while the FMCG and Metal index gained 1.3% and 1.5% respectively.
HDFC twins ended the session off their respective lows but ended 2% lower and contributed the most in terms of points to the Nifty downside.
Broader markets remained flat in today's session. The midcap index ended 0.2% lower while the smallcap index ended little changed.
Market breadth remained in favour of the laggards. 1,079 stocks on the NSE ended with losses while 777 ended with gains.
The company approved the acquisition of 100% stake in BASF Performance Polyamides from BASF Nederland B.V. and BASF SE.
The deal is for a consideration not exceeding Rs 305 crore. BASF Performance Polyamides is into the business of manufacturing and trading of performance polyamides and has a manufacturing site in Gujarat.
Shares gained as much as 11.9% - the most in four months to Rs 1,335, snapping a four-day losing streak.
Google CEO Sundar Pichai announced a $10 billion Google for India Digitisation Fund to help accelerate the country's digital economy, Bloomberg News reports.
Google will invest in India over the next five to seven years.
Investments will focus on:
Shares are little changed after gaining as much as 1.4% to Rs 983.40.
The Rs 15,000 crore capital through FPO will take care of our growth requirements for 2 years, says Yes Bank CEO Prashant Kumar. pic.twitter.com/2ekKtWcuRn
— BloombergQuint (@BloombergQuint) July 13, 2020
The catering, tourism and ticket booking unit of the Indian Railways reported a 79% growth in its net profit for the quarter ended March.
Margins rose to 34.4% from 14.2% due to lower other expenses and catering expenses. Other expenses for the company fell to Rs 41.5 crore from Rs 89.8 crore.
While revenue for the catering segment fell 20%, that of the Rail Neer business grew 19%. The company's internet ticketing revenue nearly tripled compared to the previous year. Tourism revenue also grew 23% compared to the previous year.
The board declared a dividend of Rs 2.5 per equity share post the earnings.
Shares gave up gains of as much as 3% and now trade little changed at Rs 1,403.5.
Shares are at the day's low, falling as much as 2.4% to Rs 126.7, down for the second straight day.
Let's take a look at how the European markets are faring at open:
The synthetic, organic and pigment dyestuffs manufacturer announced a special interim dividend of Rs 140 per share at a board meeting held on Saturday, July 11.
The record date for the same has been set at July 19, 2020.
The company recently concluded the sale of its masterbatches business to PolyOne Polymers India on a going concern basis through a slump sale, the company said in its exchange filing.
Shares gained as much as 18.2% - the biggest single-day gain in 18 years to Rs 575. The stock is now trading at the highest level since March 2018 and is up for the fifth day in a row.
HDFC Bank Probes Lending Practices at Vehicle Unit
The company reported a 12.5% decline in its revenue for the quarter ended March. Net profit rose 4.8 times due to inventory gain of Rs 4,120.9 crore.
It also had an exceptional loss of Rs 771.8 crore in the current quarter due to write-down of inventory.
Revenue from most of SAIL's major plants including Bhilai and Durgapur declined on a year-on-year basis.
Brokerage firm Morgan Stanley has maintained its underweight rating on the stock with a price target of Rs 27. It has cited high leverage as one of the major concerns with regards to the company.
Shares fell as much as 1.6% to Rs 36.3, post the announcement.
The recently-rescued private lender fell sharply in today's trade after it offered a steep discount to its follow-on public offer.
The lender set its price range for the offer between Rs 12-13, which is a 55% discount to the previous closing price.
The offer will be open for subscription between July 15-17.
"The gap is so much that all are trying to sell the stock on a delivery basis at higher rates and plan to purchase it at a lower rate in the FPO," Rahul Sharma of Equity99 advisors told Bloomberg News.
Shares fell as much as 17.8%, the most in four months to Rs 21.
Shares fell as much as 1.4% to Rs 259.1, post the announcement.
Morgan Stanley has reached a deal to lease up to 1.1 million square feet of office space for 9.5 years from Oberoi Realty, the realty company said in an exchange filing.
The dal will consolidate Morgan Stanley's Mumbai Global In-house Centre operations to a single campus in the city.
The campus will be located in Goregaon, at the company's Commerz III building and will be ready in 2023.
Shares are trading near the day's low falling as much as 1.7% to Rs 360, down for the second straight day.
The construction company has been declared the L1 bidder for a tender floated by the NHAI for a new HAM project worth Rs 882 crore in Gujarat.
The project involves four-laning of the Dhrol-Bhadra Patiya section and has to be completed within a period of 24 months, it said in an exchange filing.
Shares gained as much as 5.5% to Rs 299, before cooling off.
The company has won new orders for the truck and caravan trailer market from the European Union and the U.S.
The order comprises of 16,000 steel wheels, and will be executed in August from the company's Chennai plant, it said in an exchange filing.
The value of these orders is worth 1.78 lakh Euros. The company also said that it is on course to achieve 25% growth in the export segment year-on-year in FY21.
Shares gained as much as 4% to Rs 456, post the announcement.
Qualcomm joins the list of marquee investors to whom Jio Platorms has now sold over 25% stake.
Shares gained as much as 3.5% to Rs 1,944 and are trading at an all-time high, up for the third straight day.
The rupee opened flat in today's session after ending as the worst performing currency in Asia last week.
The currency opened at 75.18 against the U.S. Dollar as compared to Friday's close of 75.20.
RBI Governor Shaktikanta Das on Saturday said that the economic impact of the pandemic has made a recapitalisation plan for public and private banks necessary.
Yield on the 10-year government bond opened at 5.759% as compared to Friday's close of 5.773%.
Within the Bond markets, traders will look forward to the announcement of CPI data for the month of June. Analysts expect CPI in June to rise 5.3%.
Applications worth Rs 10,000 crore worth of funding have been received from NBFCs, as per the government stimulus plan, according to the Ministry of Finance.
Shares are trading near the day's low, falling as much as 1.3% to Rs 1,402, down for the second straight day.
Shares gained as much as 3% to Rs 805.35, post the announcement.
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Indian equity markets began the new trading week on a strong note, tracking gains across its peers in Asia as well as the Dow futures.
The S&P BSE Sensex and the NSE Nifty 50 opened 0.78% higher at 36,880 and 10,851 respectively. Both benchmark indices opened at their highest level in four months.
All sectoral indices opened with gains. The Nifty Bank, Media, Metal, Pharma and PSU Bank index - all opened with gains of 1% while the auto, I.T. and realty index gained over 0.5% each at the start of trade.
Broader markets too have opened in-line with the benchmarks. The midcap and smallcap indices have opened with gains of 0.8%.
Market breadth opened in favour of the advances. 1,129 stocks opened with gains while 69 stocks declined.
Analysts Cut Target Price For Three In Every Four Indian Stocks After Q4 Results
To know more about companies that reported earnings after market hours, key brokerage updates and more, click here.
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