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Indian equity markets gained momentum after a sluggish first half to end higher for the second straight day. European indices too are trading with gains of over 1 percent after a subdued start while futures on the Dow Jones have turned positive and trade higher by 270 points.
The S&P BSE Sensex added to Monday's 1.3 percent gains by ending 1.2 percent higher at 32,114. The NSE Nifty 50 ended below the 9,400 mark, but with gains of 100 points, ending at 9,380. 28 out of the 50 constituents of the index ended with gains.
The outperformer in today's session was the Nifty Bank index, ending with gains of 3 percent at 20,671.
Among other sectoral indices, the Pharma index was the top laggard, shedding over 2 percent in trade while the FMCG index too ended with losses of 1 percent.
IDFC First Bank is considering a share sale worth $200 million to boost its capital, people familiar with the matter tell Bloomberg.
The private-sector lender is waiting for the five-week lockdown to end before zeroing in on the route to raise funds, the sources added.
The bank put out an exchange filing a few minutes ago where it mentioned that it will consider capital raising via preferential allotment at its board meeting on Friday, May 1, 2020.
The stock has recovered from the day's low and looks to snap a three-day losing streak.
The company at its board meeting held today has approved a buyback of equity shares worth Rs 100 crore. The buyback will be done at a price of Rs 130, a 26 percent premium to Monday's closing price of Rs 102.65.
At the maximum buyback price, the company will buyback 76.92 lakh shares, which amounts to 4.32 percent of the total paid-up equity shares of the company as of March 31, as per the company's exchange filing.
The company's promoter, promoter group and persons controlling the company will not be participating in the buyback, the statement said.
Shares gained as much as 6 percent to Rs 108.90 and are up for the second straight day.
Source: Bloomberg Intelligence
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At its board meeting held today, the Board of Directors of the two-wheeler maker approved the issue of Non-Convertible Debentures (NCDs) aggregating up to Rs 500 crore on a private placement basis, the company said in a statement to the exchanges.
Shares fell as much as 2.66 percent but recovered from the day's low post the announcement. They now trade 1.5 percent lower at Rs 294.80.
Here's a look at how benchmarks across Europe have opened:
The company will hold a board meeting on May 5, 2020 where it will consider offering rated, listed, unsecured, redeemable Non-Convertible Debentures (NCDs) worth Rs 1,000 crore in three tranches.
The board of directors had passed a resolution for the same at its previous board meeting on March 27.
Shares are trading with gains of 1.4 percent at Rs 76.30 and are up for the second straight day.
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The company has informed the exchanges that it has partially resumed operations at its manufacturing units in Jaipur after approval from relevant authorities.
Production will be scaled to a normalised level in a phased manner based on government directives, it added.
The company's retail business in the U.K. is operating as usual supported by its global supply chain, the statement said.
Shares gained as much as 2.3 percent to Rs 980 and are up for the third straight day.
The company informed the exchanges on Monday that its Modern Trade segment has outperformed for the month of March and April as people stocked up due to the Covid-19 lockdown.
It also attributed its performance to consumer preference for packaged goods due to the safety aspect.
The company also informed of significant growth in its online sales on most of the e-commerce platforms, adding that it is equipped with a robust supply chain and has no shortage with respect to rice and paddy stock.
Shares gained as much as 8.4 percent to Rs 22.60, snapping a two-day losing streak.
Shares of the cement company gave up gains of as much as 4.47 percent and are now trading flat after reporting their first quarter numbers of Calender year 2020.
Revenue for the company fell 3.4 percent while sales volume declined 10 percent compared to the previous year.
Ebitda margin expanded to 21.3 percent from 15.8 percent aided by lower power, fuel and logistics costs.
Today's volumes are 3.2 times higher than its 30-day average. Brokerage firm Morgan Stanley has maintained its overweight rating on the stock with a price target of Rs 186 citing its execution capabilities.
The stock is among the top five performers on the Nifty 50 index, gaining as much as 5.9 percent to Rs 369.95.
The company informed the exchanges that it has completed the acquisition of Yoloo Bio-technology Ltd., which was announced on November 14 last year.
The company has received all customary and regulatory approvals for the same, it said in its exchange filing.
Shares are up for the second straight day today and are gaining on volumes which are 2.2 times higher than its 30-day average.
Axis Bank will be reporting its fourth quarter results later today.
Shares of the power project developer fell as much as 6.8 percent to Rs 28.75, after it reported a net loss in the quarter ending March as compared to a net profit during the same quarter last year.
Net profit in the base quarter was aided by an other income component of Rs 1,356 crore.
The company's Ebitda margin contracted to 3.3 percent from 9 percent year-on-year, largely due to higher other expenses and employee costs.
The stock has declined on heavy volumes today which are 2.4 times higher than its 30-day average.
Nifty Bank: April 30 Expiry
Shares of the local search engine provider gained as much as 10 percent to Rs 383.50 on the National Stock Exchange, after the company announced that it will consider a share buyback at its board meeting on April 30.
This is the biggest single-day gain for the stock in a month. It also trades at the highest level since March 13, 2020.
Shares are up for the second straight day, adding to Monday's gains of 5.7 percent. Today's volumes are 2.8 times its 30-day average.
The stock has rebounded 51 percent from its 52-week low of Rs 250 on March 26, 2020.
The rupee opened with a negative bias in today's trading session despite weakness in the U.S. Dollar.
The currency opened at 76.27 against the greenback as compared to Monday's close of 76.24. It currently trades at the day's low of 76.35.
Yield on the 10-year bond opened at 6.139 percent compared to Monday's close of 6.147 percent.
Traders look forward to the sale of state government debt worth Rs 5,000 crore today. Uttar Pradesh, Andhra Pradesh and West Bengal will sell their debt today.
Shares snapped a four-day gaining streak in today's session, falling as much as 2.64 percent to Rs 1,391. It is also the top laggard on the Nifty 50 index.
The company will hold its board meeting on April 30 where it will consider its quarterly results, as well as issuing equity shares to existing shareholders on a rights basis.
This will be the company's first rights issue in about 30 years as it steps up efforts to pare debt, as per Bloomberg.
The stock had gained 16 percent during its four-day winning streak.
Shares of the private insurance player fluctuated between gains and losses in the early minutes of trade post its fourth quarter earnings.
The company's gross premium rose 3 percent compared to last year while VNB Margins expanded to 25.9 percent from 25 percent for the full year.
Total premium was impacted by Rs 1,100 crore in the last 15 days of March, the company said in its conference call.
The board has also given its in-principle approval to raise Rs 600 crore via NCDs.
Shares fell as much as 2.8 percent to Rs 471.15 after opening higher by almost 2.5 percent.
Shares gained as much as 4.5 percent to Rs 64, snapping a two-day losing streak.
The private lender gained as much as 10 percent to Rs 448.05 and is also the top gainer on the Nifty 50 index post its fourth quarter earnings.
The bank reported a Net Interest Income growth of 44 percent compared to last year. While profits were impacted due to elevation of provisions, the management said that it has fully provided for its exposure to IL&FS and is increasing its concentration towards retail.
The management has also guided for its Corporate book to grow 6-8 percent during the year. Brokerages have retained their bullish stance on the stock with Morgan Stanley and BOBCAPS maintaining their overweight and buy recommendation respectively.
Shares are up for the second day in a row, adding to Monday's 7 percent gain.
Indian equity markets opened higher for the second day tracking positive overnight cues from Wall Street. Asian markets are mixed while futures on the Dow Jones are currently trading with cuts of 60 points.
The S&P BSE Sensex opened 1.13 percent higher at 32,101, adding to Monday's 1.3 percent gains while the NSE Nifty 50 opened at 9,389, higher by 1.2 percent. 47 out of the 50 Nifty constituents opened with gains.
The Nifty Bank index was the outperformer, opening 1.8 percent higher at 20,436 with gains led by HDFC Bank, ICICI Bank and IndusInd Bank.
Among other sectoral indices, the Nifty Pharma index opened 1 percent higher while the others gained between 0.5-1 percent.
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