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Indian equity markets registered their biggest one-day drop in over a month owing to weak global cues and poor macro data domestically.
The S&P BSE Sensex ended 5.9 percent lower at 31,715. Only 2 out of the 30 index constituents managed to register gains at the close of trade.
The NSE Nifty 50 index gave up half of the gains made during the previous week, ending at 9,293, down 5.7 percent. 47 out of the 50 index constituents ended with losses.
Among sectoral indices, the Nifty Bank was the principal underperformer, ending 8 percent Lower. Nifty Auto, Nifty Metal and Nifty Realty ended with cuts of over 7 percent.
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The company reported a 10 percent growth in its revenue from power generation to Rs 601 crore while it reported a net profit of Rs 96.4 crore as compared to a net loss of Rs 94 crore in the previous quarter, as per its exchange filing.
The board of the company has also approved to raise funds up to Rs 2,500 crore via issue of equity shares, convertible bonds or other convertible securities through a QIP and other options.
Shares gained as much as 3.6 percent to Rs 218 and are up for the fifth straight day.
The currency snapped a four-day gaining streak and has begun the new week on a negative note.
The rupee ended at 75.72 against the U.S. Dollar as compared to Thursday's close of 75.10. The 0.8 percent drop was the biggest single-day fall seen by the rupee in a month.
Among Emerging Market Peers, the rupee was the fourth worst-performing currency after the South Korean Won, Russian Ruble and the Indonesian Rupiah.
Yield on the 10-year Government bond ended at 6.08 percent after starting at 6.138 percent.
The company has informed the exchanges that it has resumed its Power and Ferro Alloys operations at Paloncha and Dhenkanal in Telangana and Odisha respectively. It has obtained the necessary permissions from the state government.
The release also stated that the operations of the company's subsidiary, Nava Bharat Energy India remain shut as there is no bilateral contract and no alternative viable market on the power exchange.
Shares fell as much as 4.2 percent to Rs 36.20. Shares traded as high as 8.5 percent at one point before cooling off.
Shares of the hospital services provider rose as much as 12.7 percent to Rs 78.95 after it informed the exchanges that it will consider raising funds by issue of equity shares or other equity linked securities on a preferential basis on May 7.
Today's gains are on volumes that are 11.2 times higher than its 30-day average. It is also the biggest single-day gain for the stock since August 2019.
The stock has rebounded 25 percent from its 52-week low of Rs 62 on April 15, 2020.
The company has informed the exchanges that it will acquire the balance 50 percent stake in its subsidiary Ryker Base from Trafigura.
The transaction is valued at $4 million or Rs 30 crore and is expected to be completed by the end of this month.
Ryker Base has a debt of Rs 197 crore availed earlier for funding the cost of a plant.
Shares fell as much as 4.6 percent to Rs 690.3 and are down for five out of the last six trading sessions.
Here's a look at how benchmarks across Europe have opened for trade:
The state-run maker of power plant equipment has floated an Expression of Interest inviting global companies to partner with it and leverage its facilities and capabilities to set up a manufacturing base in India.
The company has a total of 16 manufacturing facilities across the country with a substantial land back.
Shares recovered from the day's low after the announcement, gaining as much as 8.3 percent to Rs 24.35 and are up for the fifth straight day.
The pharma company has informed the exchanges that it has received the final approval from the U.S. FDA to manufacture and market Flucytosine Capsules, the 250 mg and 500 mg version.
The approved drug is used in the treatment of serious infections caused by susceptible strains of Candida.
The said drug is the generic version of Bausch Health's Ancobon capsule. The company intends to launch the product in June 2020.
As per IQVIA, the product had an estimated market size of $43 million for twelve months ending March 2020.
Shares gained as much as 5.22 percent to Rs 658.50 and are up for the third straight day.
The company shared its production and sales figures for the month of April with the stock exchanges over the weekend.
The company's Iron Ore production fell 38 percent compared to last year to 1.8 million tonnes while sales fell to 1.38 million tonnes from 2.8 million tonnes, down 49 percent compared to last year.
Shares fell as much as 8.4 percent to Rs 73.80 and are among the worst performers on the Nifty Metal Index.
CRISIL has re-affirmed the credit rating on borrowings and NCDs of the company at AA and that of its fixed deposits at AA+. The outlook has been revised to negative from stable.
CRISIL says that the outlook reflects the delay in capital raise, adding that it faces a high risk of slippages in the wholesale book due to the Covid-19 lockdown, weak economic activity and its impact on real estate.
Shares are locked in a lower circuit of 5 percent at Rs 188 and are down for the sixth day in a row.
The company in an exchange filing informed that it has decided to hike the prices of all grades of Ferro, SMGR grades, fines and Chemical grades by 45 percent.
This hike will be done on the prices prevalent in April, 2020.
Shares are off the day's high after gaining as much as 7.34 percent and snapping a two-day losing streak. It is the only gainer on the Nifty Metal index.
The bank has approved raising capital worth Rs 2,000 crore via a preferential issue.
The bank will issue shares to its promoter IDFC, along with ICICI Prudential, HDFC Life, Bajaj Allianz Life and Dayside Investment which belongs to the Warbug Pincus Group.
Post the fund raise, the bank's Capital Adequacy Ratio will rise to 15.5 percent while the CET-1 ratio will rise to 15.3 percent.
Shares fell as much as 7.7 percent to Rs 20.2 and are down for the third straight day.
Shares fell as much as 8.3 percent to Rs 1,985 on the National Stock Exchange, snapping a five-day gaining streak.
Shares of Axis Bank fell as much as 8.3 percent to Rs 407.65 while those of State Bank of India fell 6.6 percent to Rs 178, snapping a four-day losing streak.
India's manufacturing PMI for the month of April stood at 27.4 as compared to 51.8 for the month of March. This was the lowest ever reading since the series began, as reported by Bloomberg, quoting IHS markit.
Nifty Bank: May 7 Expiry
The general insurance player saw its Gross Direct premium fall 8.7 percent in the March quarter to Rs 3,181 crore while net profit rose 23.8 percent aided by Motor and retail health segment.
The company also saw its retail indemnity new business growing 69.9 percent in FY20 while private car penetration rose 19 percent.
Motor segment constituents 51 percent of the total product mix for FY20 while health constituted 25 percent.
Shares fell as much as 6.87 percent to Rs 1,202, snapping a four-day gaining streak.
The company reported a 43 percent growth in its Net Interest Income to Rs 555 crore. This is against the Rs 387 crore figure during the same period last year.
Net profit growth however was muted at 3.4 percent due to provisions rising as much as 3 times to Rs 150 crore compared to Rs 40 crore during the previous quarter.
Asset quality remained stable with gross and net NPAs at 1.68 percent and 0.81 percent respectively. The bank's liquidity coverage ratio stood at 133 percent, as per its investor presentation.
Shares are locked in a 5 percent lower circuit at Rs 516.55, snapping a two-day gaining streak.
The company has informed the exchanges that it has reported a crude steel production of 5.63 lakh tonnes for the month of April at an average capacity utilisation of 38 percent.
The update also stated that it has secured required approvals to resume operations in a 'healthy and safe' environment and is gradually ramping up the same.
Production of Flat Rolled Products stood at 3.44 lakh tonnes while that of Long Rolled Products stood at 0.89 lakh tonnes.
Shares are among the top laggards on the Nifty 50 index, falling as much as 9.5 percent to Rs 163.50, snapping a four-day gaining streak.
Bajaj Auto saw zero domestic sales for the month of April, due to the nationwide lockdown to combat the spread of Covid-19.
The company in a press release stated that exports of 2-wheelers fell 80 percent to 32,009 units while exports of commercial vehicles fell 81 percent to 5,869 units.
Shares fell as much as 6.4 percent to Rs 2,455 on the National Stock Exchange and snapped a two-day gaining streak.
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Indian equity markets resumed trading after the long weekend on a negative note, tracking weak cues from across Asia. Futures on the Dow Jones trade lower by 200 points.
The S&P BSE Sensex fell 2.8 percent on open to 32,748 while the NSE Nifty 50 index opened at 9,533, down by 3.3 percent. All constituents of the Nifty 50 opened with losses.
All sectoral indices opened with losses, with the Nifty Bank index opening lower by as much as 1,000 points. Nifty Auto, Nifty Metal were some of the other indices that opened 4 percent lower.
1,133 stocks opened trade with losses while only 321 opened with gains.
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