Scan to Download
Indian equity markets ended a largely rangebound session with a negative bias, owing to mixed cues from the rest of the global equities.
The S&P BSE Sensex traded in a 600 point range through the session and ended 0.3% lower at 33,507.
The NSE Nifty 50 traded in a 170 point range during the session, ending below the 9,900 mark at 9,881, down 0.33%.
Both Sensex and Nifty have alternated between gains and losses in the last 10 trading sessions.
Most sectoral indices remained flat throughout the session. The Nifty Media Index (up 1.73%) and the Nifty Realty Index (up 1.3%) were the top gainers while Nifty Metal (down 0.8%), Nifty PSU Bank (down 0.4%) along with Nifty Bank and Nifty FMCG (down 0.5% each) were the laggards.
Market breadth remained in favour of the advances. 988 stocks on the NSE traded with gains while 819 traded with losses.
The telecom operator has acquired a strategic stake in an Edtech startup Lattu Media, as part of the Airtel Startup Accelerator program, the company said in an exchange filing.
The investment will enable the company to add Edtech to its premium digital content portfolio and give distribution scale to learning material from Lattu Kids.
Shares are trading near the highest point of the day, up 3.65% at Rs 564.85.
I would like to assure the nation that the sacrifice of our jawans will not be in vain. For us, the unity and sovereignty of the country is the most important...India wants peace but it is capable to give a befitting reply if instigated: PM Narendra Modi #IndiaChinaFaceOff pic.twitter.com/kFIC3F1fE4
— ANI (@ANI) June 17, 2020
India's antitrust watchdog is reviewing Facebook's purchase of a 10% stake in Reliance Industries' digital assets.
The Competition Commission of India looks to prevent the misuse of data in all the deals it assesses, Chairman Ashok Kumar Gupta told Bloomberg News in an email interview.
Peculiarities such as 'strong network effects, high return to scale and access to huge amount of data' may incentivise digital firms to engage in anti-competitive conduct, Gupta said, without referring to any particular case.
Facebook in an application to the CCI has argued that the deal does not alter the competitive landscape in any relevant market.
Regulatory filings show Facebook and WhatsApp have proposed to set up a digital marketplace as part of the investment in Jio.
Shares of Reliance Industries trade little changed at Rs 1,614.
Shares are now trading 4.2% lower at Rs 2,433, down for the third straight day.
1.76 crore shares of the Healthcare services company exchanged hands in three large trades on the National Stock Exchange, as per Bloomberg data.
The first two trades saw 60.96 lakh shares exchange hands while the third trade saw 53.97 lakh shares that exchanged hands.
The total number of shares exchanged amount to 11.9% of the company's total equity.
Buyers and sellers in all the three trades were not immediately known.
Shares are locked in an upper circuit of 5% at Rs 56.80, snapping a three-day losing streak.
The drugmaker reported a 22.1% decline in its net profit to Rs 94.1 crore, while revenue remained flat compared to the previous year at Rs 454.8 crore.
Ebitda fell 13.4% while higher raw material costs led to Ebitda margin narrowing to 28.2% from 32.5% during the same period last year.
The company will also be acquiring an 18.25% stake in U.S.-based AACT Inc., to support R&D and development of oncological products.
The acquisition will be done for a cash consideration of $7,50,000. This is subject to approval from the Reserve Bank of India.
Shares fell as much as 3.5% to Rs 617.6, post the announcement. The stock has snapped a two-day losing streak.
The Indian government is against a petition to waive interest payments on loans during the Covid-19 pandemic, Bloomberg News reports citing people with knowledge of the court proceedings.
Regulators have allowed a six-month freeze on principal repayments, Solicitor General Tushar Mehta told the Supreme Court that waiving interest will destabilise banks.
A lawyer for an Association of Banks also opposed the waiver of interest, citing the need to keep paying depositors despite the moratorium period.
The three-judge bench headed by Justice Ashok Bhushan has adjourned the hearing to early August.
Banking stocks have recovered from the lowest point of the day with the Nifty Bank now trading higher by 250 points.
Let's Take a look at how benchmark indices across Europe have opened:
The company has informed the exchanges that it has launched 'Wonder Kitchen' - a foray into food takeaway and home delivery business as part of its business expansion plan.
Wonder Kitchen will be a multi-cusine outlet serving both vegetarian and non-vegetarian cuisines. It has also associated with delivery partners Swiggy and Zomato for online orders and home delivery.
The first outlet has been set up at Kengeri, near to satelite town, Bengaluru.
Shares surged to the day's high, gaining as much as 4.4% to Rs 135.85.
The manufacturers of railway rolling stock has entered into an exclusive cooperation agreement with ABB to address the propulsion equipment business for the Indian Railways.
Both companies will work together to design, develop and manufacture state-of-the-art propulsion systems.
The units will be manufactured at TItagarh's Uttarpara plant in Kolkata with certain components to be supplied by ABB, according to the press release.
Shares of Titagarh Wagons surged to be locked in an upper circuit of 5% at Rs 32.75 per share while those of ABB too recovered from the day's low and now trade little changed at Rs 793.9.
The mining company reported a 76% decline in its net profit for the March quarter due higher taxes and an exceptional expense of Rs 96.4 crore.
Revenue for the Iron Ore segment fell 12% while that for its Pellet segment fell 65% compared to the same period last year.
The company also stated that its revenue loss due to the Covid-19 pandemic stood at Rs 220 crore.
In its Covid-19 update, it mentioned the loss of 10 lakh tonnes of production and 5.5 lakh tonnes of sales in the month of March.
Production of Iron Ore during the quarter fell 11% year-on-year while sales declined 15%.
Shares recovered from the day's low to gain as much as 2.7% to Rs 87.15.
BNP Paribas Wealth Management will exit its onshore wealth management business in India to focus on more value-added services, Bloomberg News reports.
Wealth management clients will be referred to its unit, Sharekhan, an emailed statement from the company representative said.
We can confirm that a number of roles will be affected. As we are currently looking for redeployment opportunities within the group, it would be inappropriate to comment further.
BNP Paribas is setting up an asset management JV with Bank of Baroda while Sharekhan is also foraying into discount brokering through a new subsidiary company, according to the statement.
The engineering solutions provider for distilleries and breweries has signed a Memorandum of Understanding (MoU) with Lygos Inc. to develop Lygos' proprietary yeast for production of Lactic Acid.
As part of the MoU, Lygos will provide its proprietary yeast platform to Praj Industries for jointly developing into various solutions for commercial applications, according to the exchange filing.
The global Lactic Acid market is estimated to be around $1 billion as of 2019.
Shares gained as much as 4.4% to Rs 65.5, snapping a three-day losing streak.
Yes Bank is planning to raise at lease Rs 8,000 crore through a public offering of shares, Bloomberg News reports citing people familiar with the matter.
The fund raising process is likely to begin soon and could help the bank raise its Tier-1 core capital ratio to around 10% from 6.3% at the end of March.
Deliberations are ongoing and details of the fund raising may change, according to the sources.
A Yes Bank representative did not immediately respond to a request for a comment from Bloomberg News.
Shares are off the day's low after falling as much as 4.7%. The stock trades lower for the fifth straight day.
Shares fell as much as 11.9% to Rs 10, snapping a three-day losing streak.
The company's promoter Standard Life plans to sell 60 lakh shares of the company, amounting to 2.82% stake through an Offer for Sale.
The OFS issue for non-retail investors opens on June 17 and for retail investors opens on June 18.
Floor price for the OFS is set at Rs 2,362 per share, which is a 7% discount to Tuesday's closing price.
There is also an oversubscription option of 60 lakh shares for the issue.
Shares fell as much as 3.54% to Rs 2,450 and are down for the third straight day.
The company has informed the exchanged of winning a fresh export order from the U.S.
The order is for 10,000 truck steel wheels for the truck and trailer market in the country.
The company expects a total revenue of $4,00,000 from this order, which will be executed from the company's Chennai plant from June to September.
With this order, the company will also ramp up production at its Chennai Truck Wheels plant.
Shares surged to the day's high, gaining as much as 4.4% to Rs 384. The stock is now up for the third straight day.
The oil refiner reported a 96.4% drop in its net profit for the March quarter, marred by various one-time losses.
The company reported an exceptional loss of Rs 1,002.9 crore due to write-down of inventories and also had tax reversal of current taxes at Rs 1,030.3 crore.
Gross Refining Margin (GRM) for the financial year stood at $1.02 per barrel from $5.09 per barrel, while that for the quarter was a negative $1.23 per barrel.
The company also reported a forex loss of Rs 624.4 crore in the quarter.
Chairman and MD MK Surana says that the company may report an inventory gain in the first quarter of FY21.
Prices of petrol and diesel have been raised for the 11th straight day today.
Shares recovered from the day's low to gain as much as 4% to Rs 218.25.
The rupee has opened flat in today’s trade - after turning negative late on Tuesday owing to escalation of the military standoff between India and China.
The currency opened at 76.22 against the U.S. Dollar as compared to Tuesday's close of 76.21. It was the worst performing currency in Asia on Tuesday. The five-day losing streak for the rupee is the longest since December 2019.
Within the bond markets, traders will eye the treasury bill auction worth Rs 45,000 crore today.
14.2 lakh shares of the industrial and engineering products manufacturer exchanged hands in a single large trade on the Bombay Stock Exchange, according to Bloomberg data.
14.2 lakh shares amount to 1.1% of the company's total equity.
Buyers and sellers in the trade remain unknown as of now.
Shares gained as much as 5% post the trade to Rs 1,144 and are up for the second straight day.
Coronavirus India Updates: Deaths Top 11,000 As States Correct Data; Total Cases Cross 3.5 Lakh
The company reported a 7.7 times jump in its net profit for the March quarter, also aided by a MAT credit reversal of Rs 88.2 crore.
Revenue saw a growth of 9.5% compared to the same quarter last year while Ebitda margins expanded to 24.9% from 20.4%, aided by lower raw material costs.
In its Covid-19 update, the company said that plants manufacturing products for life sciences and crop sciences are running at optimum capacity while those for industrials are running at sub-optimum levels.
The press statement also said that the company is working to develop domestic vendors for some critical raw material which is currently imported.
Shares gained as much as 6% to an all-time high of Rs 1,655.
Billionaire investor Radhakishan Damani is exploring to acquire a controlling stake in the south-based cement company, people with knowledge of the matter told Bloomberg News.
According to sources, Damani has informally reached out to N Srinivasan to explore a takeover. Damani has promised a friendly change in management and is not seeking a hostile takeover.
As of March 31, 2020, N Srinivasan held 29% stake in the company while the Damani family had raised its stake to 20%, according to exchange filing.
A representative for Avenue Supermarts declined to comment, while a spokesperson for India Cements said the information isn’t correct, without elaborating.
Shares gained as much as 10.7% to Rs 139.55 - the highest level in over a month.
Indian equity markets opened with a negative bias, tracking mixed cues from Asia and persistent geopolitical tensions along the Line of Actual Control (LAC).
The S&P BSE Sensex opened 0.5% lower at 33,438 while the NSE Nifty 50 index opened 0.4% lower at 9,876.
Both benchmark indices ended with gains of 1% in a volatile trading session on Tuesday.
Among the sectoral indices, the Nifty Media (up 0.7%) and Nifty Pharma (up 0.3%) have opened with gains, while the rest have opened with declines between 0.5-0.7%.
Market breadth was mostly equal at the start of trade. 715 stocks on the NSE opened with losses while 650 gained.
Inside Clix Capital’s Rescue Plan For Lakshmi Vilas Bank: BQ Exclusive
The Asian Infrastructure Investment Bank (AIIB) has approved a loan of $750 milion to India to assist the government in strengthening its response to the Covid-19 pandemic, an official statement said.
The current loan will be the second for India within the AIIB's Covid-19 Crisis Recovery Facility. It had earlier extended a loan of $500 million as an emergency response.
With this, the total sovereign loans to India approved by the AIIB, amount to $3.06 billion.
To know more about the earnings reported after market hours on Tuesday, companies sharing Covid-19 updates along with F&O cues, click here.
Catch all the live action in the global equity markets here.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
