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Indian equity markets managed to eke out gains in a volatile session of trade. Benchmarks fluctuated between gains and losses through the session, but ended higher for the fifth straight day.
The S&P BSE Sensex ended 0.5% higher at 36,674 while the NSE Nifty 50 index ended within touching distance of the 10,800 mark at 10,799, up 0.33%. Both the indices gained for the fifth straight session, their longest winning streak in a month.
Among sectoral indices, it was private banks and Bajaj Finance that contributed to gains on the Nifty. The Nifty Bank index ended 1.9% higher, while Bajaj Finance was the top gainer on the Nifty 50, ending with gains of 7.7%.
Nifty I.T. was the top performer in today's trading session, ending with gains of 2.1%. The Nifty Media index too ended with gains of 1%. The top underperformer in trade today was the metal index, ending 1.7% lower. Realty, Pharma and PSU Banks were the other sectoral laggards.
Broader markets outperformed in today's trade with the Smallcap index ending with gains of 1% while the midcap index managed gains of 0.4%.
Market breadth ended in favour of the laggards. 958 stocks on the NSE ended with gains while 879 stocks posted gains.
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Shares surged to the day's high, gaining as much as 3.9% to Rs 72.7, post the announcement.
The company has received ANDA approval for its Cyclobenzaprine Hydrochloride Tablets from the U.S. FDA. The tablets will be marketed in the 5 mg, 7.5 mg and 10 mg version.
The tablets are a generic version of FLEXERIL tablets of Janssen Research and Development.
The drug is used in the treatment of muscle spasm, associated with acute, painful musculoskeletal conditions, the company said in a statement.
The product will be commercialised from the company's Goa unit.
Shares pared losses to trade at the day's high, up 1.6% to Rs 186.3, post the announcement.
Bayer CropScience expects the Covid-19 pandemic to have a 'sizeable' impact on its pest control business as demand from sectors like construction and hospitality slows down, Bloomberg News reports citing the company's annual report.
The report said that pre-construction and anti-termite treatment requirements may reduce due to work stoppage at sites during the lockdown. A shortened construction season before the monsoon will also impact demand.
The company also sees reduced demand from the hospitality segment that may trim expenses due to the economic impact of Covid-19.
Shares trade 1% lower at Rs 5,990 and are down for the third straight day.
The Board of Directors on Monday determined the terms of the rights issue approved on June 8. Price of the issue has been set at Rs 784 per share, which is a 25% discount to Monday's closing price.
The entitlement ratio for the issue has been set at 7 shares for every 94 held as on the record date of July 10.
The rights issue will be open from July 17 and will go on till July 31. The company intends to raise Rs 300 crore from this issue.
Shares gained as much as 3.85% to Rs 1,084 and are rising for the fourth straight day.
The state-run miner produced an average of 0.57 million tonnes ot coal daily during the three-day strike that ended on July 4, Bloomberg News reports. This is 56% lower than the daily average in the 10-day period prior to the strike.
In an emailed statement, Coal India said that daily shipments during the three-day strike averaged 0.53 million tonnes, 62% lower than the daily average of the preceding ten days.
Average attendance during the strike was 36%, according to the company.
Shares are trading near the day's low, down 2% to Rs 133.1, snapping a two-day gaining streak.
Broking house UBS has reiterated its sell rating on the company and cut its price target to Rs 410 from Rs 440.
In its note on the Oil & Gas sector, UBS terms Indraprastha Gas as the least favoured stock in the region.
The note says that IGL may reduce its valuation gap with its peers, if volume growth is not considered to be a distinctive factor.
Citing threats to long-term volume and margin growth of CGD players due to potential gas sector reforms, UBS valued CGD players on future expansion, higher capex, volume growth and stable margins.
Shares fell as much as 6.3% - the biggest single-day drop in four months to Rs 413.35. The stock is down for the second straight day and is now trading at the lowest level in three months.
It is also the worst performing stock on the Nifty Midcap Index.
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Shares fell as much as 2.5% to Rs 690.4 and are down for the second straight day.
Shares gained as much as 9.33 to Rs 72.65. The stock is now trading at the highest level in a month.
The company informed the exchanges that it has expanded its decade-long partnership with Tryg, one of the largest non-life insurance companies in the Nordic regions.
TCS will help Tryg adopt a future-ready technology stack and I.T. operating model to accelerate its digital transformation.
TCS will also help Tryg transform its I.T. operations and provide mainframe hosting and operations.
Shares are trading near the day's low, down as much as 1.4% to Rs 2,232.
Krishna Holdings, incorporated in Singapore has informed that it has entered into a binding agreement to divest its entire equity shareholding in Shandong Binani Rongan Cement.
The unit will sell 92.5% stake for an enterprise value of $120 million. The deal is subject to customary closing conditions and regulatory approvals, in compliance with the local laws.
Krishna Holdings is a subsidiary of the company's wholly-owned subsidiary UltraTech Nathdwara Cement.
Shares gave up gains to fall as much as 2.4% to Rs 3,836 and is among the top laggards on the Nifty 50 index.
The wholly-owned subsidiary will now cater to the shipping model requirements of the company's imported coal-based CGPL plant at Mundra under an asset light model, the company said.
Shares gained as much as 1.5% to Rs 51.1, post the announcement.
The global engineering and technology solutions company has announced a new project win with a new European client.
The client provides advanced water processing technologies and solutions for the semiconductor and microelectronics industry.
The ten-month project encompasses design and development of common processes modules software for metal deposition technology, the company said in an exchange filing.
Shares are locked in a 5% upper circuit at Rs 25.4, snapping a four-day losing streak.
The company's board approved a rights issue worth Rs 1,500 crore on Monday. The issue price has been set at Rs 570 per share which is a discount of 18% to Monday's closing price.
Rights entitlement ratio is set at 3 equity shares for every 26 held on record date of July 10. Promoter group will fully subscribe to their rights entitlement and will not renounce their rights.
Shares are trading at the day's high, gaining as much as 3.6% to Rs 722.50 and are up for the second straight day.
Brokerage firm Bernstein has maintained an outperform rating on the stock and raised its price target to Rs 470 from Rs 420, citing the lender as a clear proxy to rural recovery.
The stock gained as much as 5.55% to Rs 376.75 and is up for the fifth straight day. It is also the top performing stock on the Nifty Bank index.
The company has informed the exchanges that its subsidiary - Caplin Steriles has entered into a private label distribution agreement with Xellia Pharma for five generic injectable ANDAs in the U.S.
The first product is expected to be launched shortly while approvals for the rest are expected in the next 12-18 months, the company said in an exchange filing.
The ANDAs are under the name of Caplin Steriles and will be commercialised in the U.S. by Xellia.
Shares gained as much as 3.5% to Rs 352.5, up for the third straight day.
In a large trade on Monday, Infinity Holdings acquired 6.64 lakh shares or 0.55% stake in the company, at Rs 56 per share.
Shares gained as much as 10.2% - the biggest single day gain since May 2019 to Rs 61.80. The stock is up for the third straight day and is trading at the highest level in four months.
The stock has also gained in four out of the last five trading sessions, and is up 15% during the period.
Brokerage firm Goldman Sachs added the I.T. major to its conviction list, raising its price target to Rs 895 from the earlier Rs 756.
Goldman Sachs believes that a large Indian delivery base will be a key competitive advantage for Infosys and that the street is under-appreciating the technological strength of the company.
It also sees tailwinds around outsourcing and offshoring in the medium-term.
Goldman has raised the company's U.S. Dollar revenue growth estimates to 11.9% and 9.9% respectively for FY22 and FY23 respectively from the 10.8% and 9.8% earlier.
Shares are at the day's high, gaining as much as 3.1% to Rs 788. The stock is up for the fourth straight day and is the top performer on the Nifty 50 index.
The company informed the exchanges that it has acquired 35 lakh equity shares or 35% of the total shareholding of Sanskar Ceramics for a consideration of Rs 12.95 crore.
Post the acquisition, the company's shareholding now stands at 50% from 15%.
In an exchange filing on Monday, the company said that it had agreed to proceed with the said acquisition and increase its shareholding.
Shares gained another 10% in today's trading, adding to Monday's 10% gains to trade at Rs 53.20.
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Indian equity markets opened higher for the fifth day in a row, tracking a strong close on Wall Street, despite mixed cues from Asia.
The S&P BSE Sensex opened 0.47% higher at 36,660 while the NSE Nifty 50 opened above the 10,800 mark at 10,802, up 0.4%.
Most sectoral indices opened flat. The FMCG and I.T. index gained 0.4% each, while the Nifty Bank and Nifty Pharma gained 0.2% each.
Broader markets too have opened flat. The Nifty Midcap has opened 0.2% higher while the Smallcap index has risen 0.5%.
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