Scan to Download
Indian equity markets ended the weekly options expiry session with gains, extending their winning run to the second day.
The S&P BSE Sensex ended 1.2% higher at 35,843, while the NSE Nifty 50 index ended at 10,551, up by 1.17%. As of closing today, the Sensex is up 1.9% while the Nifty is up 1.6% on a weekly basis.
Banks were the underperformers in today's session. The Nifty Bank index ended little changed, led mainly by losses in Axis Bank. The PSU Bank index too ended little changed, with a negative bias.
Auto stocks outperformed in today's session with the Nifty Auto index ending 2.9% higher. Gains were led by Mahindra and Mahindra (up 6.4%) and Hero MotoCorp (up 5.2%). Both the stocks were also the top two gainers on the Nifty 50 index.
The other sector that contributed to gains today was I.T. The Nifty I.T. index ended 2.65% higher led by Infosys, HCL Tech and TCS.
Broader markets moved in tandem with the benchmarks with the midcap and smallcap index ending with gains of 1% each.
The India Volatility Index ended 5.7% lower at 26.5 - its lowest level in four months.
Market breadth remained in favour of the advances throughout the session. 1,090 stocks on the NSE ended with gains while 720 ended with losses.
The diagnostic player has informed the exchanges that the promoters of Shraddha Diagnostic Centre have decided to terminate the Share Purchase agreement signed earlier this year.
The company intended to acquire 51% stake in Shraddha Diagnostic Centre from its promoters, for a total consideration of Rs 9.3 crore, as per its statement on January 16 this year.
The closure of the agreement was subject to fulfillment of certain conditions specified in the Share Purchase Agreement. The promoters of Shraddha Diagnostic Centre have communicated that they will not be able to fulfill certain conditions and as a result, the proposed acquisition not stands closed.
Shares ended 0.3% higher, after gaining as much as 1.8% to Rs 1,374, post the announcement.
India-China Standoff Threatens To Disrupt World’s Biggest Exporter Of Generic Drugs
Kumar Mangalam Birla-controlled Swiss Singapore Overseas Enterprises has hired Frederik Groth as MD & CEO of the company, people with knowledge of the matter told Bloomberg News.
Groth will take over from Rajesh Somani, who will remain with the company as an advisor to the commodities business.
Swiss Singapore Overseas Enterprises has an annual revenue of $4.7 billion and trading volumes of more than 31 million tonnes a year, according to the website.
Groth will join next month and will be based in Dubai.
The company did not respond to Bloomberg News' email seeking a comment.
Shares are locked in an upper circuit of 5% at Rs 76.95, snapping a five-day losing streak.
Kerala-based private lender South Indian Bank has nominated Murali Ramakrishnan as its next CEO, Bloomberg News reports, citing people familiar with the matter.
The bank's appointment has sent two names to the Reserve Bank of India for approval, with Ramakrishnan being the preferred choice.
Ramakrishnan retired from ICICI Bank in May as head of the small and medium enterprises group.
The bank's current CEO VG Mathew, is due to retire in September. EMA Partners, which has the mandate to find the new CEO, declined Bloomberg News' request for a comment on the story.
Shares are locked in an upper circuit of 5% at Rs 8.05 per share, snapping a three-day losing streak.
Shares ended higher for the third straight day, with gains of 7.6% at Rs 49.6.
Let's take a look at how benchmark indices across Europe have opened:
The company has forayed into the business of manufacturing set top boxes, it said in an exchange filing on Wednesday.
The estimated investment in the line of business will be in the range of Rs 40-50 lakh, according to the company.
It anticipates a revenue of Rs 100-150 crore from the said business in FY21 with profitability.
Shares gained as much as 1.9% to an all-time high of Rs 5,988. The stock is up for the third straight day in today's session.
Shares gained as much as 8.4% to a 52-week high of Rs 94.8, before cooling off. It is gaining for the fourth straight day in today's session.
Indian Railways Invites Bids To Run 151 Private Trains
India's rating agencies are seeking permission to withdraw issuer ratings on companies which are not cooperating as these assessments do not reliably reflect credit quality, Bloomberg reports.
Citing a document from major rating agencies submitted to the Reserve Bank of India, the report states that the number of credit ratings where issuers are not co-operating more than doubled to 47% of the total in the two years to March 2020. Bank loans make up over 95% of such ratings.
The recommendations are for ratings to be withdrawn within 12-15 months of being placed in this category.
Ratings agencies were not available for a comment while the Reserve Bank did not reply to an email, seeking a comment on the same.
Virus Shot From Pfizer, BioNtech Shows Promise in Early Test
Shares gained as much as 2.75% to Rs 145.85 and are up for the second straight day.
The drugmaker has informed the exchanges that the U.S. FDA through an e-mail on July 1, has informed that the shortage implications for Hydroxychloroquine Sulphate have changed.
The drug has been removed from the list of drug products in shortage.
As a result, the regulator has removed the exemption given to the company from the import alert for API and formulation of Hydroxychloroquine Sulphate.
Shares have given up gains and are at the day's low, down 0.5% at Rs 1,641.
Shares are at the day's low, falling as much as 1.5% to Rs 432.1, snapping a two-day losing streak.
The Mumbai-based private lender at its board meeting held today has approved the proposal to raise funds to the tune of Rs 15,000 crore.
The funds will be raised through issue of equity shares, depository receipts or through a QIP, the bank said in an exchange filing.
The raising of funds will be subject to shareholder approval and will be put forth at the bank's AGM, the statement said.
The stock gave up gains to trade 1.1% lower at Rs 428.50 per share.
Shares are little changed after gaining as much as 1.55% to Rs 2,886.
Coronavirus India Updates: Tally Set To Top 6 Lakh Cases; Section 144 Imposed In Mumbai
The company reported a 12% rise in its standalone sales for the April-June period to 1.56 million tonnes.
Production during the period grew 8% to 1.67 million tonnes, it said in an exchange filing. This was the highest ever quarterly steel production achieved by the company.
According to the company, exports contributed 58% of the total sales volume during the quarter.
Exports were the highest ever at 9 lakh tonnes during the quarter.
Shares gained as much as 2.2% to Rs 157.20, post the announcement.
Market regulator Securities and Exchange Board of India (SEBI) in an impounding order said that eight entities of the company, indulged in insider trading of the company's stock between July 7 to July 10, 2017.
The entities include CFO L Kishore Babu, his son Praveen Lingamneni, banking team manager Nagesh Lingamaneni and his wife Lakshmi, Licensing team manager D Srinivasa Rao and his wife Radhika and Gopichand Lingamaneni and his wife Pushpa Latha Devi.
The regulator has alleged unlawful gains of Rs 96.68 lakh against these entities.
It has frozen all debits from their bank and demat accounts and has directed them to not alienate assets.
Shares fell as much as 6.75% to Rs 2,090 and are down for the fourth straight day.
The construction company has been declared as the L-1 bidder for a new EPC project worth Rs 4,167.7 crore, it said in an exchange filing.
The project involves construction of Bhadbhut Barrage, flood protection embankments and associated works across the river Narmada in the Bharuch district of Gujarat.
The project is to be completed over a period of 48 months and involves a maintenance period of 10 years.
Shares gained as much as 9.44% - the biggest single-day jump in over two-months to Rs 297.40, the highest level in nearly four months.
Indian equity markets opened higher for the second day, tracking positive cues from Asia and positive developments over a potential Covid-19 vaccine.
The S&P BSE Sensex opened 0.54% higher at 35,604 while the NSE Nifty 50 index opened 0.6% higher, near the 10,500 mark at 10,493. 48 out of the 50 index constituents have opened with gains.
Among the sectoral indices, the Nifty Pharma index was the only sectoral laggard opening 0.4% lower while the Media index opened 1.4% higher. The Nifty Realty, Nifty Bank and Nifty Auto index gained 0.7% each.
Market breadth opened in favour of the advances. 1,078 stocks on the NSE opened with gains while 363 declined.
To know more about results reported after market hours, key brokerage updates and more, click here.
Get your daily fix of the global markets here.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
