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Indian equity markets shrugged off mixed cues from the rest of the Asian markets to end near the highest point of the day.
Fitch Ratings downgrading the outlook on the long-term foreign currency Issuer Default Rating had no impact on sentiment.
The S&P BSE Sensex ended 2.1% higher at 34,208 while the NSE Nifty 50 reclaimed the mark of 10,000 to end 2.13% higher at 10,091.
Both benchmarks are now alternating between gains and losses for the 11th day in a row.
Banks were the outperformers in today's trading session with the Nifty Bank and Nifty PSU Bank ending with gains of 3.7% and 2.6% respectively.
The Nifty Metals index was the other major sectoral gainer, ending 3% higher.
All other sectoral indices ended with a positive bias, except the Nifty Pharma index which ended flat.
Market breadth remained in favour of the advances. 1,358 stocks on the NSE ended with gains while 447 ended with losses.
Stock Reaction:
RIL Rights Issue Investors Sitting On Profit Of 30% And More
41 coal blocks will be up for auction in the first round of the commercial coal mining process.
Bloomberg News reports that the 41 mines are expected to generate capital investment of Rs 33,000 crore over 5-7 years in the country.
The mines are supposed to have a peak annual capacity of 225 million tonnes.
The reform will be a win-win for all stake holders, Prime Minister Narendra Modi said at a ceremony to kickstart the process.
The Prime Minister also said that winning bidders will be allowed to gasify coal.
Let's take a look at how benchmarks across Europe have opened:
The south-based cement company's revenue growth was flat during the March quarter while net profit was nearly wiped out - down 99.9% to Rs 20 lakh.
Operational performance improved due to lower power, fuel and freight costs. Ebitda rose 23.9% while margins improved to 23.4% from 18.7%.
The company had an exceptional loss of Rs 178.2 crore due to provision for loss at its Fujairah unit.
Ebitda per tonne for the company rose 34% to Rs 1,298.
Shares gained as much as 3.1% to Rs 1,256 and are up in three out of the last four trading sessions.
Shares trade with little gains at Rs 242 after rising as much as 1.3%.
Hearing begins at the Supreme Court in the AGR dues case.
— BloombergQuint (@BloombergQuint) June 18, 2020
Read background: https://t.co/Op7isjrh2d pic.twitter.com/Yxnkt3bhqj
The company reported a 21.5% decline in its revenue for the March quarter. Ebitda margin halved to 6.3% from 12.8% due to higher raw material costs and employee expenses.
Net profit fell 16% despite deferred tax reversal of Rs 24.4 crore this quarter.
Domestic sales of the company declined 22% while exports fell 20% compared to last year.
It has not provided a guidance for FY21 due to the Covid-19 pandemic. It has warned that the results of Q1FY21 will be significantly impacted due to the nationwide lockdown.
Shares fell as much as 3.5% to Rs 372.3 - their lowest level in nearly three weeks.
Shares fell as much as 2.9% to Rs 1,390 per share.
Shares fell as much as 1.1% to Rs 2,051, snapping a two-day gaining streak.
The private lender informed the exchanges on Wednesday that the amount in SMA/overdue categories, in which the bank had extended moratorium / deferment of payment stood at Rs 1,908.08 crore as on March 31, 2020.
The lender said that as on May 31, 2020, the same amount has been reduced to less than Rs 710 crore.
Shares gained as much as 8.8%, the most in two months to Rs 77.45. It also snapped a two-day losing streak.
It is also the second best performer on the Nifty Smallcap Index.
Watch the company’s interaction with BloombergQuint, today at 1:45 p.m.
Fitch Ratings has revised the outlook on India's long-term foreign-currency Issuer Default Rating to negative from stable. The rating has been affirmed at BBB-.'
Key highlights from the Fitch Report:
52.2 lakh shares of the heavy engineering company exchanged hands in two large trades on the National Stock Exchange, as per Bloomberg data.
The first large trade had 31.68 lakh shares exchange hands while 20.53 lakh shares were transacted in the second large trade.
Buyers and sellers of the trade were not immediately known.
Shares of the company gained as much as 10% to Rs 30.15, snapping a three-day losing streak.
Coronavirus India Updates: Total Cases Near 3.7 Lakh, Deaths Cross 12,000
The gold financing company reported a 29.5% growth in its net interest income as compared to the same period last year. Net profit saw a growth of 59.2% while loan assets rose 22% from the previous year to Rs 41,611 crore.
Gold loan assets for the company rose by Rs 3,113 crore during the quarter gone by.
Capital Adequacy Ratio for the company stood at 25.47 in FY20 as compared to 26.05 in FY19.
Average loan ticket size too grew 22% to Rs 50,824.
Shares gained as much as 7.9% to trade at a record high of Rs 1,078. The stock is up for the third straight day.
Indian equity markets opened lower, in-line with its peers in Asia, owing to lack of directional cues towards the upside.
The S&P BSE Sensex opened 0.41% lower at 33,371 while the NSE Nifty 50 index opened 0.2% lower at 9,863.
Both benchmark indices are alternating between gains and losses over the last 10 trading sessions.
Among the sectoral indices, the Media index continues to surge, opening with gains of 1.25%. Other sectoral indices opened mostly flat.
Market breadth remained in favour of the advances. 829 stocks on the NSE opened with gains while 549 stocks declined.
PM Modi To Launch Auction Of Commercial Mining On Thursday; 41 Coal Blocks To Be Put On Sale
To know more about companies that reported earnings after market hours on Wednesday along with other trading cues, click here.
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