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Indian equity markets shrugged off the initial sluggishness to end with gains and begin the new quarter on a positive note.
The S&P BSE Sensex ended 1.43% higher at 35,414 while the NSE Nifty 50 index managed to close above the 10,400 mark at 10,430, up 1.24%.
The Nifty Bank outperformed in today's session, ending 2.8% higher at 21,977. Gains were mainly led by Axis Bank which also ended as the top performer on the Nifty 50 index with gains of over 6%.
Among the sectoral laggards, the Nifty Pharma index was the underperformer, ending 1% lower while Nifty I.T. and Nifty Realty too ended with losses. Nifty Realty ended lower for the sixth straight day.
Broader markets were subdued in today's session. The Nifty Midcap Index ended with gains of 0.5% while the Smallcap index ended 0.84% higher.
Volatility remains on the lower side with the India Volatility Index ending 3.5% lower at 28.1.
Market breadth remained in favour of the advances. 1,003 stocks on the NSE ended with gains while 833 posted losses.
Eligibility Criteria For NBFCs, HFCs:
Source: RBI
Shares are currently off the day's high, trading 1% higher at Rs 36.05.
Shares recover from the day's low, up 0.75% at Rs 2,566 per share and are up for the second straight day.
Shares of Atul Auto are at the day's low, down 2.2% at Rs 165.55 per share.
Shares of SML Isuzu down 1% at Rs 381.4 per share.
Shares are trading 4% higher at Rs 1,615 per share, up for the second straight day.
The Enforcement Directorate has opposed a plea by lenders, that sought the court's endorsement of Bhushan Power & Steel's sale to JSW Steel, Bloomberg reports citing people with knowledge of the matter.
The ED said that bankruptcy courts do not have the jurisdiction to allow seized properties to be transfered and opened for transactions, the sources said.
The ED has argued that founders of JSW and Bhushan are related parties as they had a joint venture for a coal block earlier.
A JSW representative declined to comment on the story while a spokesperson for the ED could not be reached.
Shares of JSW Steel are trading at the highest point of the day - up 1.4% at Rs 192.
Shares gained as much as 4.9% to Rs 334.9 and is up for the second straight day. The stock ended 10% lower on June 29, the day it reported its fourth quarter earnings.
Shares trade near the day's high, gaining as much as 2.1% to Rs 521.40.
Let's take a look at how benchmark indices have opened across Europe:
Shares are little changed after gaining as much as 1.72% to Rs 18,649 in early trade.
The drugmaker today announced its partnership with Fujifilm corporation and Global Response Aid (GRA) to develop, manufacture and sell favipiravir tablets, a potential treatemnt of Covid-19.
The agreement grants Dr Reddy's the exclusive rights to manufacture the drug and also grants DRL and GRA to develop, sell and distribute the drug in all other countries except Japan, China and Russia.
The company will have exclusive rights for developing, selling and distributing the tablet in India.
Fujifilm will receive an upfront licence fee and royalties on sales from both Dr Reddy's and GRA.
A clinical study on Avigan is under progress from Fujifilm.
Shares fell as much as 1.5% to Rs 3,885 and are down for the sixth straight day. This is the longest losing streak for the stock in four months.
Shares gained as much as 4.9% to Rs 4,290, post the announcement.
The company informed the exchanges on Tuesday that it has received new orders worth Rs 956 crore across various geographies.
The orders from India, Africa and the Middle East are for the T&D business while the company's international subsidiary has secured new T&D projects in Europe.
“These new order wins help us to consolidate our leadership position in the T&D market in India and Africa,” Manish Mohnot, Managing Director and CEO of the company said in a statement.
Shares gained as much as 5.1% to Rs 227.5 and are up for the second straight session.
The company has allotted 2,500 secured, redeemable, NCDs of face value of Rs 10 lakh each. The NCDs, aggregating to Rs 250 crore have been allotted on a private placement basis.
A large Indian Public Sector Bank has subscribed to these NCDs, according to the company's exchange filing.
The NCDs are for a tenor of 548 days and will mature on December 30, 2021. The coupon rate for the same is 9% per annum.
In a separate exchange filing, the company also said that the board will meet on July 3, to consider raising of funds through secured or unsecured debt or any other method as decided, either in local or foreign currency, as considered appropriate.
Shares gained as much as 12.1% to Rs 232.4.
Shares are trading near the day's high, gaining as much as 3.46% to Rs 173.60.
The company has intimated the exchanges regarding another export order it has received from the U.S. Caravan Trailer market.
The order comprises of 10,700 wheels and is worth $1,70,000, according to the exchange filing. The order will be executed in the month of July and August from its Chennai plant.
Shares are off the day's high after gaining as much as 4.8% to Rs 456. The stock trades 2.5% higher, up for the second straight day.
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The cigarette manufacturer and distributor reported a 4% drop in revenue, mainly due to higher excise duty paid during the quarter.
Excise duty for the March quarter tripled to Rs 88.9 crore compared to the previous year.
Net profit was up 36.4% aided by a provision of Rs 15 crore in the base quarter on declining value of investments.
Ebitda rose 80% while margins expanded to 15.3% from 8.1%, also due to change in accounting standards.
Shares fell as much as 5.7% - the most in over three months to Rs 960. The stock now trades at the lowest point of the day.
India's manufacturing PMI for the month of June rebounded to 47.2 from 30.8 in May. This also compares to levels of 52.1 seen in the month of June last year.
This is the third successive month of contraction, according to IHS Markit.
Output levels rose to the highest level since March 2020 at 46.7 from 19.6 in May.
New orders too have risen to a three-month high in the month of June.
A reading above 50 signals an expansion while that below 50 indicates contraction.
The upstream oil explorer reported a standalone net loss of Rs 3,098.3 crore for the quarter ended March. This is compared to a net profit of Rs 4,226.5 crore it reported during the quarter ended December.
The loss was due to an impairment loss of Rs 4,900 crore due to Covid-19.
It also had a deferred tax reversal of Rs 1,641.5 crore this quarter.
Net realisations fell to $49.01 per barrel from $58.24 per barrel on a sequential basis. Brokerage firm Citi expects net realisations to fall further in the first quarter of FY21, citing a sharp drop in oil prices. It has maintained its neutral rating on the stock with a price target of Rs 78.
Shares fell as much as 3.9% to Rs 78.2 and are among the top underperformers on the Nifty 50 index.
The company has informed the exchanges of the transfer of its construction chemicals business to Master Builder Solutions. Shareholders of the company have approved of the divestment, the company said in an exchange filing.
The total consideration of the deal stands at Rs 595.16 crore, which has been received by the company.
The Board of Directors had approved the divestment of the construction chemicals business in February this year and was expected to be completed in Q2FY21.
Shares gained as much as 4.15% to Rs 1,185 and are up for the second straight day.
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The MSCI Global Standard Indexes announced this morning that it has deferred potential increases in Foreign Ownership Limits, resulting from the recently implemented relaxation of the FPI limit of Indian companies to the sectoral limit
The sectoral limits published by NSDL and CDSL are new and market participants need more time to test the disclosure mechanism, the note said.
An increase in foreign ownership limits would have resulted in an increase in the weightage for Kotak Mahindra Bank, which has now been deferred. An increase in weightage would have also resulted in fresh inflows to the stock.
Shares fell as much as 3.3% to Rs 1,316 and are among the top laggards on the Nifty 50 index.
The metals and metal alloys manufacturer reported a 49.7% drop in its net profit for the January-March period, as compared to the previous year.
Operational performance of the company was weak. Ebitda fell 54.7% compared to the previous year while margins narrowed to 24.6% from 32.9%.
The company has also declared a dividend of Rs 1.56 per share.
Shares fell as much as 7.55% to Rs 201.55. This was the biggest single-day drop in the stock in three months.
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The company also said that its inventory levels have been the lowest ever - both with the company and with the channel.
“Supply chain situation, though better than before, continues to remain volatile,” the company said.
Shares gained as much as 2.84% to an all-time high of Rs 1,069.5. The stock is up for the third straight day.
Indian equity markets opened the new quarter and mid-week trade on a flat note but with a positive bias.
The S&P BSE Sensex opened 0.27% higher at 35,009 while the NSE Nifty 50 opened at 10,323, up 0.21%. Both benchmarks ended the April-June period with gains of close to 20%.
Sectoral indices opened on a mixed note but mostly flat. The Nifty Media index opened 0.6% lower while the rest were between 0-0.5% on either end of the spectrum.
Market breadth was in favour of the advances in early trade. 965 stocks on the National Stock Exchange opened with gains while 475 declined.
Asian markets continue to trade with gains while futures on the Dow Jones remain 75 points lower.
To know more about the other stocks in focus, earnings reported after market hours and brokerage upadtes, click here.
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