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Indian equity markets gained for the second successive week, extending their rebound from the lows made in March this year.
The S&P BSE Sensex ended Friday's trading session with gains of 0.9% at 34,287 while the NSE Nifty 50 ended at 10,142, gains of 1.1%. Both benchmark indices have now advanced in eight out of the nine trading sessions in the previous two weeks.
The Nifty Bank outperformed the benchmarks in today's trading session. The index ended 3.1% higher at 21,034.
The top sectoral gainer on Friday was the Nifty PSU Bank index, ending with gains of 7.54% led by State Bank of India. The Nifty Media Index ended 5.5% higher while the Metals Index gained 4.2%.
Market breadth remained in favour of the advances with 1,543 stocks on the NSE ending with gains while 280 posted losses.
For the week, the Sensex and Nifty ended with gains of 5.75% and 5.85% respectively.
Shares of IndusInd Bank trade 2.1% higher at Rs 423.75, after recovering from the day's low.
Had earlier budgeted a 12% credit growth in FY21, however that seems unlikely: SBI Chairman
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The company in its Covid-19 update anticipated sales to substantially recover by the first half of calender year 2020.
It also said that since most of the company's revenue comes from exports, the impact on the business will not be material as it does not see any impact on international demand in the short-term.
The press release said that the company was mulling to start third shift full operations to meet targets.
Shares are up for the fifth straight day, gaining as much as 15.3% before cooling off. This is the best winning streak for the stock since September 2019.
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Shares gained as much as 4.8% to Rs 90, post the announcement.
Shares gained as much as 15.2% - the biggest single day jump since February 2019 to Rs 37.75. The stock is up for the third straight day and is trading at the highest level in three months.
Lets take a look at how benchmark indices across Europe have opened:
The company's arm Railway Energy Management has secured its largest mandate from the Indian Railways.
The mandate involves handling, tendering, installation, supervision and managing power supply from 3 GW solar power plants that will be set-up on vacant land of the railways.
The company would earn long-term revenue through supply management from these installations, besides bid management fee in the beginning.
The long-term revenue is estimated at around Rs 20 crore per year during the life of the project.
Shares gained as much as 5.1% to Rs 251, snapping a two-day losing streak.
The U.S. FDA has granted final approval to Zydus Cadila's for marketing the Atazanavir Capsules in strengths of 150, 200 and 300 mg, the drugmaker said in an exchange filing.
The drug is used to treat infections of the Human Immunodeficiency Virus (HIV) and will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad.
With this, the total number of approvals for the company have risen to 291.
Shares recovered from the day's low to trade little changed at Rs 362.1. The stock had a six-day gaining streak until closing on Thursday.
Shares gained as much as 7.1% to Rs 1,674 and is up for six out of the last seven trading sessions.
Shares are up for the fourth straight day, gaining as much as 3.3% to Rs 511.
Source: RBI
Shares gained as much as 7.7% to Rs 80.35. The stock has gained in seven out of the last eight trading sessions.
The company's revenue and net profit were largely flat during the quarter, declining 4% and 2% respectively compared to the previous year.
Lower cost of raw material aided expansion of Ebitda margin to 20.9% from 19.3%.
The company's technical textile segment declined 22% while chemical segment saw a growth of 5%.
The speciality chemical maker has stated that their fluorochemicals business was adversely impacted due to continued stress in the auto sector.
Brokerage firm Ambit has retained its buy rating on the stock with a price target of Rs 4,000.
Shares fell as much as 3.8% to Rs 3,652 on the National Stock Exchange.
Shares of Bombay Dyeing have reacted positively to the news, gaining as much as 15.3% to Rs 66.45. The stock is now up for the eighth straight day - its longest winning streak since February 2018.
The company has informed the exchanges that promoters have offered to acquire all fully paid up equity shares of the company, held by public shareholders and de-list the stock from the exchanges.
Promoters of the company held 62.4% stake in the company as of March 31, 2020, the exchange filing said. Public shareholding stood at 37.6%.
The promoter / promoter group is considering a delisting price of Rs 285 per share, a 9.8% premium to Thursday's closing price.
The company will now convene a board meeting on June 12 to consider and approve the delisting proposal.
Shares are locked in an upper circuit of 20% at Rs 311.40, snapping a three-day losing streak.
The company has informed the exchanges that the Heavy Civil Infrastructure business has secured an order from the Government of Telangana.
The order involves undertaking the Sita Rama Lift Irrigation scheme to irriate a command area of 9.36 lakh acres in Khamman, Kothagudem and Mahbubabad districts of Telangana, the company said in a statement to the exchanges.
The concerned order falls under the 'large' category, implying a total value between Rs 2,500 crore - Rs 5,000 crore, according to L&T's order classification methodology.
Shares gained as much as 2.84% to Rs 957.15. The stock is also set to report its fourth quarter earnings today.
The real estate player reported a net loss of Rs 1,858 crore in the quarter ending March. An exceptional item of Rs 330.7 crore also contributed to the loss.
Ebitda fell 40.6% while margins narrowed to 18.7% from 21.3%.
It also made an exceptional provision of Rs 272 crore to account for the Covid-19 impact.
Brokerage firm UBS has maintained its buy rating on the stock with a price target of Rs 195. UBS believes that despite a loss in Q4, the company's performance was largely on expected lines.
Shares fell as much as 4.8% - the most in a month to Rs 148.8.
Shares rose as much as 3.1% to Rs 590 before cooling off. The stock is up for three out of the five trading sessions this week.
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Indian equity markets opened the final trading day of the week on a positive note. Cues from Asian markets remain mixed while futures on the Dow Jones are trading higher by 100 points.
The S&P BSE Sensex opened 0.64% higher at 34,198 while the NSE Nifty 50 opened at 10,093, gaining 0.65%.
For the week, the Sensex was up 5.5% while the Nifty gained 5.7% as of closing on Thursday.
Among sectoral indices, PSU Banks and Media index were the outperformers, opening with gains of over 1.5%. The realty index opened lower for the second day in a row, down 0.5%.
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Source: Bloomberg
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