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Indian equity markets extended their gains to the third straight day, despite ending lower from the highest point of the day.
The S&P BSE Sensex ended 0.7% higher at 38,973. The index ended nearly 300 points lower than the day's high of 39,263.
The NSE Nifty 50 index managed to close above the mark of 11,500, ending 0.8% higher at 11,503 - 75 points below the day's high of 11,578.
Gains in today's session were led by I.T. and Metal stocks. The Nifty I.T. index ended 3.5% higher and was the top sectoral gainer. The index rose for the sixth straight day and closed at an all-time high.
TCS was the top gainer on the I.T. index ending at an all-time high with gains of 7.5% - the most in over six months. The stock was also the top gainer on the Nifty 50 index.
The other I.T. stock to end at an all-time high was Wipro - ending with gains of 7% - the most in three months.
Metal stocks were the other outperformers in today's session. The Nifty Metal index ended 2.5% higher in today's session, led by Tata Steel (up 5%), JSW Steel (up 3.2%) and Hindalco (up 3%).
The Nifty Pharma index too ended with gains of 1.7%, courtesy gains seen in Cadila Healthcare, Aurobindo and Sun Pharma.
Autos, PSU Banks and Media stocks were the underperformers in today's session with their respective indices ending flat but with a negative bias.
Broader markets too had a mixed session. The midcap index ended 0.1% lower while the Smallcap index ended with gains of 0.6%.
India Volatility Index ended 7.7% higher at 19.75.
1,047 stocks on the NSE ended with gains while 802 stocks posted losses.
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Shares gained as much as 5.2% to Rs 216.8 - an all-time high for the stock. The stock has snapped a two-day losing streak.
The company has informed the exchanges that its wholly-owned indirect subsidiary Periama Holdings is considering a number of financing options.
The options include conducting an international offering of U.S. Dollar denominated senior notes in an aggregate principal amount of $1 billion, subject to receipt of regulatory approvals.
The notes will be guaranteed by the company, according to the exchange filing.
The proceeds of the issue will be used for repayment of part of the existing indebtedness owed to the company, including interest and for general corporate purposes.
The pricing of the notes, including the aggregate pricipal amount, the offer price and interest rate would be determined through a book building exercise.
Shares gained as much as 2.7% to Rs 289.65 and are up for the second straight day.
Shares gained as much as 2.2% to Rs 369.9, post the announcement.
The company has informed the exchanges that the audit committee has considered and approved the proposed draft scheme of Amalgamation with Electrosteel Castings.
The scheme of Amalgamation provides for transfer and vesting of the entire undertaking of the company into Electrosteel Castings and the dissolution of the company, without winding up, the exchange filing said.
The amalgamation will result in simplification of the group structure and management structure with only one listed company in the group.
Shareholders of Srikalahasthi Pipes will get 59 equity shares of Electrosteel Castings for every 10 shares of face value of Rs 10 held.
The merged entity will have DI Pipe manufacturing capacity of 8 lakh tonnes in India with a market share of 30%.
"The financial indicators post-merger will support Electrosteel to maintain its credit rating. We expect a re-rating for Electrosteel on completion of the merger process," Ashutosh Agarwal, Group CFO at Electrosteel Castings was quoted as saying.
Shares fell as much as 19.2% - the most in over six months to Rs 131.2 - the lowest level in over four months. The stock is down for the third straight day.
The company informed the exchanges about its second quarter business update. Overall sales volume rose 19% as compared to last year to 12,268 MT. The figure during the same period last year stood at 10,306 MT.
The growth was driven by contribution from across product categories, including value-added product segment of fittings.
The company said that it anticipates further improvement in sales over the next few quarters on the back of better demand environment and an uptick in utilisation levels.
Shares gained as much as 7.9% to Rs 426.9, trading at the highest level in nearly two months.
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The company has informed the exchanges that it suffered a technical snag in its CPP Switchyard and connected state grid.
The technical snag resulted in a blackout situation on three occasions in 48 hours between September 30-October 2.
The Captive Power Plant has a capacity of 10x120 MW, which provides uninterrupted power supply to its smelter for Aluminium production.
The blackout impacted smelter potline operations, which was promoptly tackled and normalcy was restored.
Shares are off the day's high, after gaining as much as 2.3% to Rs 32.9.
Bloomberg News reports that the company has received consent from its lenders concerning the merger of Indus Towers and Bharti Infratel.
The agreement to proceed was conditional on consent for a security package for the combined company from Vodafone's existing lenders.
The consent was regarding the 1.3 billion Euros loan utilised to fund the parent's contribution to Vodafone Idea's rights issue in 2019.
The parties will now approach the National Company Law Tribunal to make the merger scheme effective.
Shares recovered from the day's low to gain as much as 2.7% to Rs 9.5. The stock has snapped a three-day losing streak.
The company informed the exchanges over the weekend that collection efficiency has improved to 88% in September, as compared to 82% in August and 76% in July.
Total number of non-paying customers stood at 8%, according to the company. HSBC in a note said that the earlier number stood at 20%.For its acquisition - Madura Micro Finance -collection efficiency improved to 83% in September as compared to 75% in August and 64% in July.
The total number of non-paying customers for MMFL stood at 7% in September.
HSBC has maintained its buy rating on the stock with a price target of Rs 950.
Shares gained as much as 2.3% to Rs 756.5 - the highest level in nearly seven months.
Shares gained as much as 4.3% to Rs 196.5 - the highest level in seven months. The stock is up for the second straight day.
The company informed the exchanges today that it will hold a board meeting on October 19, to consider issue of bonus shares on the fully paid-up equity shares of the company.
The company has fixed October 29 as the record date for the purpose of determining the eligibility of shareholders to vote on the resolution of the bonus share issue, the company said in a statement.
The dairy player will also consider raising funds through private placement of equity shares through a QIP during the board meeting.
Shares gained as much as 11.5% to Rs 870 - which was the highest level since December 2017. The stock has gained in four out of the last six trading sessions.
The company informed the exchanges that it has received an order of nearly 3,200 wheels for the U.S. truck trailer market.
The export order is valued at $1.37 lakh, as per the company's exchange filing.
The order will be executed from the company's Chennai plant.
It is expecting orders of similar capacity are anticipated from the same customer base, as per the statement.
Shares gained as much as 2.5% to Rs 459.8, and is up for the second straight day. The stock is trading at the highest level in a month.
The global I.T. solutions provider announced an order win in the smart transit segment.
The company has won an order from the Transport Department of NCT, Delhi for the supply, commission and operation of the Automates Fare Collection (AFC) system for the busses in Delhi.
The ticketing system will be implemented with interoperability with the DMRC card for a fleet size of over 4,000 buses, the company said in an exchange filing.
The project, valued at Rs 30 crore will be for a duration of five years. It will consist of implementation within six months followed by maintenance and support.
Shares are locked in an upper circuit of 5% at Rs 73.95, post the announcement. The stock is up for the second straight day.
Shares of the company are gaining in today's session after preliminary North American Class 8 net orders surged in September to 32,000 units.
September orders rose 55% to 32,000 units - the highest since October 2018, according to data from FTR Transportation Intelligence.
Class 8 net orders for the last 12 months are now at 1.97 lakh units.
"The orders are a combination of growing replacement demand and some expansion demand in those regions where capacity is tightening," according to FTR.
"Rates have improved, so carriers have the cash, and now they also have confidence. When you combine these two factors, orders tend to surge," according to Don Ake - the Vice President of Commercial Vehicles at FTR.
Shares gained as much as 4.3% to Rs 467.3, up for the second straight day. Shares are up the most in nearly two months.
The rupee opened flat in today's session, resuming after the long weekend.
The currency opened at 73.18 against the U.S. Dollar as compared to Thursday's close of 73.14. It was the fourth best performing currency in Asia last week, as it traded only for four trading sessions, due to a holiday.
Yield on the 10-year government bond opened at 6% as compared to Thursday's close of 5.996%.
ICRA believes that the government may borrow more through the green shoe option as has been done in several recent auctions.
Angel Broking Ltd. listed on the bourses at a discount to its issue price - becoming the first IPO in recent times to not list on the bourses at a premium.
Shares debuted at Rs 275 as compared to its issue price of Rs 306 - a discount of 10%.
The 600-crore IPO of the company was subscribed nearly 4 times on the final day of bidding, according to data available on the exchanges.
The category meant for qualified institutional buyers was subscribed 5.74 times, non institutional investors 69% and retail individual investors 4.31 times.
The company said that proceeds of the issue will be utilised for meeting working capital requirements and for general corporate purposes.
The company has signed a contract with the Ministry of Defence to implement the ASCON Phase-IV project.
The order, worth Rs 7,796 crore is to strengthen the communication network for the Indian Army through the Army Static Switched Communication Network.
The company will deploy the strategic network for secured communication across the country and will be involved in its maintenance for a period of 10 years.
The scope of the project includes a warranty period of two years and maintenance support of the network for another eight years after the warranty.
Shares gained as much as 7.5% to Rs 134.5, up for the second straight day.
The company informed the exchanges that it has achieved highest ever quarterly revenue in the July-September period.
Revenue in the second quarter of FY21 has nearly doubled from the previous quarter and has grown nearly 25% as compared to last year, the company said in an exchange filing.
For the month of September 2020, revenue growth was nearly 40% as compared to September 2019.
The company's non-covid business reached nearly 85% of last years levels in the second quarter and as compared to 71% in the first quarter.
"With the scale-up of the Non-covid business, sustained cost management measures as well as operating leverage on account of significant uptick in revenue, the Ebitda margin for Q2FY21 has improved over Q2FY20," the statement said.
Cash and cash equivalents for the company stood at Rs 300 crore, as on September 30, 2020.
Shares gained as much as 4.6% to Rs 1,868.3, post the announcement.
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The company informed the exchanges on Sunday night that it will consider a proposal of buyback of equity shares at its board meeting on October 7.
During the first intimation of the board meet, it also highlighted that it will also consider an interim dividend for shareholders.
The company also said that it will be providing a sum of Rs 1,218 crore as an exceptional item in the current financial results in the EPIC Systems Corporation matter.
The U.S. Court of Appeals in Chicago on August 20, had returned a verdict on an appeal filed by TCS, reducing the damages award to $140 million from $280 million. The company said that it has filed a petition seeking re-hearing on both compensatory and punitive damages.
Shares gained as much as 5% to an all-time high of Rs 2,650. The stock is up for the sixth straight day - its longest winning streak since June 2019.
Indian equity markets opened higher for the third straight day, extending the gains made during the truncated week. Positive global cues are adding to the sentiment.
The S&P BSE Sensex opened 0.7% higher at 38,956 while the NSE Nifty 50 opened close to the mark of 11,500 - up 0.6% at 11,487. Both benchmarks had gained over 3% last week.
All sectoral indices have opened with gains as well. The Nifty I.T. index is up 1.3% courtesy gains in TCS. The Nifty Auto index has opened 1.1% higher while the Metal and PSU Bank index have opened 0.8% and 0.7% higher respectively.
Broader markets have opened on a steady note. The midcap and smallcap indices have opened with gains of 0.5%.
1,146 stocks on the NSE have opened with gains while 316 have opened with losses.
Source: ICICI Direct
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