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Indian equity markets gave up all of Wednesday's gains to again turn negative for the week as investors seemed to be unenthused by the relief package announcements made on Wednesday. The Finance Minister will be addressing another press conference in just a short while from now.
European markets continue to trade with losses while futures on the Dow Jones are flat, down 20 points.
The S&P BSE Sensex ended 2.77 percent lower at 31,122 while the NSE Nifty 50 ended at 9,142, down by 2.6 percent. 40 out of the 50 Nifty constituents ended with losses.
For the week so far, the Sensex is down 1.5 percent while the Nifty is down 1.1 percent.
Among sectoral indices, the I.T. index was the primary laggard, ending 3.6 percent lower. Nifty Bank, Nifty Metal and the Nifty PSU Bank index ended with cuts of over 2.5 percent.
722 stocks on the NSE ended with gains while 1,032 ended with losses.
The Board of Directors of the company at a meeting held today have approved the raising of funds through listed, secured and redeemable Non-Convertible Debentures (NCDs).
The aggregate amount for the same will be Rs 300 crore with a green-shoe option of Rs 200 crore. The NCDs will be issued on a private placement basis in one or more tranches, the company said in its statement to the exchanges.
Shares recovered from the day's low to gain as much as 1.74 percent to Rs 49.60.
The company has informed the exchanges that the company falls under the essential services category and all its warehouses are fully functional and operational.
The statement says that the Covid-19 pandemic has had no adverse impact on the company's business. However, there have been logistical issues due to unavailability of drivers. The statement further said that the seafood storage business has not been impacted due to the pandemic.
Warehouse occupancy has increased to 91.5 percent from 84 percent in March 2020.
The company's current debt stands reduced to Rs 54 crore from Rs 90 crore in March 2019.
Shares gained as much as 5 percent to Rs 27.35 and are up for the second straight day.
Shares are trading 2.9 percent lower at Rs 788.55, snapping a three-day gaining streak.
The rupee had another subdued session of trade but ended with marginal losses, snapping a two-day gaining streak.
The currency ended at 75.56 against the U.S. Dollar as compared to Wednesday's close of 75.45.
Yield on the 10-year bond ended at 5.78 percent as compared to the opening level of 5.77 percent.
Major States May Lose Rs 97,100 Crore Revenue In April, Says India Ratings
Lets take a look at how benchmarks have opened across Europe:
The company has shared its annual business update with the exchanges. Total loan sanctions for the year stood at Rs 19,942 crore for the company while loans worth Rs 10,121.83 crore were released as of March 31, 2020.
The stock trades little changed after ending with gains of 10.5 percent on Wednesday.
Shares are trading 3.2 percent lower at Rs 84.4 on the National Stock Exchange.
Fuel, power and lighting prices fell 10.1 percent for the month of April while Food prices rose 3.6 percent on a wholesale basis.
The state-run lender has informed the exchanges that the Reserve Bank of India has imposed a penalty of Rs 5 lakh on the bank for bouncing of SGL forms.
The forms are with regards to an RBI Circular dated July 14, 2010. SGL stands for Subsidiary General Ledger.
The stock currently trades 1.7 percent lower at Rs 11.75. It is down for 8 out of the last 9 trading sessions.
Shares of Balrampur Chini are trading 1 percent lower at Rs 92.80 while those of Dhampur Sugar are down 1.4 percent at Rs 93.50. Both stocks are down for four out of the last five trading sessions.
The stock fell as much as 3.2 percent to Rs 494.8 in today's trading session, giving up half of Wednesday's 6.4 percent surge.
This after brokerages like Jefferies and HSBC cut their price targets on the stock, even a they maintained their buy recommendation.
Jefferies has cut the company's price target to Rs 560 from the earlier Rs 660, anticipating a 55-60 percent drop in sales during Q1FY21.
HSBC too has cut its price target to Rs 590 from Rs 700 in order to factor in the Covid-19 disruption and a challenging short-term outlook.
The stock is declining today on volumes that are 1.2 times higher than its 30-day average.
The private lender shared its March quarter updates where its deposits rose 4.4 percent while advances were up 6 percent compared to last year.
The bank's Liquidity Coverage Ratio stood at 245 percent a compared to 214.8 percent in the year-ago period.
Shares fell as much as 2.6 percent to Rs 117.4, snapping a five-day gaining streak.
Finance Minister Smt. @nsitharaman will address a Press Conference today, 14th May 2020, at 4 PM in New Delhi.#EconomicPackage#AatmanirbharBharat #AatmaNirbharBharatAbhiyan #IndiaFightsCorona pic.twitter.com/mTEISUNFGQ
— Ministry of Finance 🇮🇳 #StayHome #StaySafe (@FinMinIndia) May 14, 2020
The company has been declared the L1 bidder for a NHAI project in Uttar Pradesh worth Rs 1,412 crore.
The said project is 53.95 kilometer long four-laning of Meerut-Nazibabad section of NH-119 under the Bharatmala Pariyojana. The project is a HAM project, as per the company's exchange filing.
Shares were locked in an upper circuit of 5 percent. They now trade 3.8 percent higher at Rs 114 and are up for the fourth straight day.
Nifty Bank: May 14 Expiry
30 lakh shares of the capital goods company exchanged hands in two large trades on the National Stock Exchange, as per Bloomberg data.
Buyers and sellers in the trade were not immediately known.
The stock had three large trades taking place in Wednesday's trading session as well.
Shares gained as much as 10.1 percent to Rs 29.3, adding to Wednesday's 23.7 percent surge. The stock is now trading at the highest level in over two months.
The currency has opened weak in today's trading session. It gave up most of its gains on Wednesday to end flat.
The rupee opened at 75.55 against the U.S. Dollar as compared to Wednesday's close of 75.45.
Yield on the 10-year bond opened at 5.81 percent as compared to Wednesday's close of 5.8 percent. Traders will assess Finance Minister Nirmala Sitharaman's announcements made on Wednesday with regards to the Covid-19 relief package.
The company has informed the exchanges that its Vishakhapatnam facility has received an Establishment Inspection Report (EIR) from the U.S. FDA.
The regulator had conducted the inspection at the API facility between January 13-17, 2020.
Shares recovered from the day's low and are now trading 1.2 percent higher at Rs 849.7.
The FMCG company reported a 15 percent decline in its India business volumes in the current quarter. Net profit fell 75.4 percent to Rs 229.9 crore as the base quarter had a deferred tax reversal of Rs 533.5 crore.
While Ebitda fell 17.8 percent, margins contracted to 22.1 percent from 23.6 percent.
Brokerage firm Credit Suisse has maintained its outperform rating on the stock with a price target of Rs 630 but has warned of the company's business in Africa worsening in Q1FY21.
Shares recovered from opening lows to gain as much as 3.65 percent to Rs 553.95. It is also the top performer on the Nifty FMCG index.
The company reported a 20.7 percent decline in its revenue for the quarter ending March. Net profit fell 38.2 percent in the previous year.
Ebitda was down 50 percent while margins narrowed to 1 percent from 7.9 percent. Margins were impacted by higher other expenses due to the Covid-19 pandemic.
The Board of Directors have also agreed in-principle to sell its Mechanical Drives business to its parent company Siemens AG. The said business accounts for 5 percent of the total revenue.
Shares are recovering from the day's low after falling as much as 5.1 percent to Rs 991.
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Indian equity markets gave up almost all of Wednesday's gains at the start of trade today owing to weak cues from Asia and the U.S.
Most markets across the Asia Pacific remain in risk-off mode. Futures on the Dow Jones, however, have pared losses and are now trading higher by 30 points.
The S&P BSE Sensex opened 1.7 percent lower at 31,466 while the NSE Nifty 50 opened at 9,213, down 170 points or 1.8 percent. Both benchmark indices snapped a two-day losing streak on Wednesday, ending with gains of 2 percent each.
Among sectoral indices, the Nifty Bank, Nifty Auto and the Nifty I.T. index opened with cuts of over 2 percent each. The Nifty Realty was the relative outperformer, opening little changed.
512 stocks on the NSE have opened with gains while 797 have opened with losses.
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