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Jet Airways Bankruptcy: Staff, Dutch Vendors Want To Be Made Parties To Proceedings
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Indian equity benchmarks extended their early gains to trade at day’s high and are set to register their best single-day gains in three weeks.
The S&P BSE Sensex rose 445 points to 39,560 as of 3 p.m. and the NSE Nifty 50 reclaimed 11,800. The broader market index represented by the NSE Nifty 500 Index rose 1.2 percent.
The Nifty need to sustain around 11,850 levels in the next one-or-two sessions, Viratech Software's Rahul Mohindar told BloombergQuint in an interaction.
"It is too early to call the current market rally a moment of breakout. It is difficult to conclude anything until the 50-stock gauge holds the above mentioned levels," Mohindar said.
Chalet Hotels
Elpro International
Apar Industries
The markets are currently waiting for the outcome of G20 meet and the Union Budget, according to Avendus Capital's Vaibhav Sanghavi.
India is the best among emerging market peers and will witness FPI flows in the medium-term, Sanghavi told BloombergQuint in an interaction.
Sanghavi said that he is currently bullish on staples and discretionary space in the consumption sector. He prefers to avoid NBFC sector at current levels.
Shares of Suzlon Energy rose as much as 25.4 percent, the most in over three months, to Rs 4.20.
The lenders to the wind-turbine maker is said to meet tomorrow to decide on the debt restructuring proposal for the company, Bloomberg reported quoting people familiar with the matter.
The stock declined 50 percent in the past 12 months compared to a 11 percent gain in the Sensex.
Shares of Piramal Enterprises halted their longest losing streak in nearly five months. The stock rose as much as 7.8 percent, the most since October 2018, to Rs 1,878.
Trading in the company's call options totalled 4,019 contracts, compared with the average of 850 over the past 20 days, according to Bloomberg data. Trading in the company's put options totalled 2,303 contracts, compared with the average of 611 over the same period.
The government today said it has identified 5,106 “risky exporters” so far who have claimed GST refunds based on bogus invoices, and would manually check their claims before issuing refunds.
According to sources, such fraudulent claims of Integrated GST (IGST) refunds by exporters could exceed Rs 1,000 crore.
The Central Board of Indirect Taxes and Customs (CBIC), in a statement, also assured genuine exporters that their refund claims would be processed in an automated environment and issued in a timely manner.
Source: PTI
Indian equity benchmarks extended gains to trade at day’s high.
The S&P BSE Sensex rose as much as 261 points or 0.67 percent as of 1 p.m. to 39,373.79 and the NSE Nifty 50 rose as much as 0.6 percent to 11,761.
Indiabulls Housing Finance, Yes Bank and Sun Pharmaceutical Industries were the top performers on the 50-stock index while UPL, Adani Ports And Special Economic Zone and Wipro were the worst performers.
In the commodities, gold surged to over a five-year high after the U.S. Federal Reserve indicated a readiness to cut interest rates.
Shares of Indiabulls Housing Finance halted a four-day losing streak, their longest in three weeks. The stock rose as much as 7.8 percent to Rs 599.
The housing finance company plans to buyback all its non-convertible debentures due in July and August worth Rs 2,285 crore via a tender offer, Bloomberg reported quoting people familiar with the matter.
The buyback proposal is a sign of company’s strong cash position, one of the people quoted above told Bloomberg.
The stock had clocked a record drop of 20 percent yesterday before recovering at the close. The scrip traded at 5.1 times its estimated forward earnings per share compared to 10 times for the two-year historical average.
Jet Airways Bankruptcy: Staff, Dutch Vendors Want To Be Made Parties To Proceedings
Indian equity benchmarks were trading near day’s high after opening lower.
The S&P BSE Sensex traded 0.38 percent or 150 points higher at 39,266 as of noon and the NSE Nifty 50 traded around 11,740, up 0.39 percent.
Anil Ambani-led companies—Reliance Infrastructure, Reliance Power and Reliance Capital witnessed a rallying after surging between 10-15 percent. UPL continued to remain in pressure as the stock extended declines and fell over 12 percent.
Shares of PSP Projects rose as much as 3.4 percent to Rs 538.
The company bagged orders worth Rs 607 crore, according to its stock exchange filing.
Of the shares traded, 64 percent were at the ask price and 32 percent were at the bid, according to Bloomberg data.
Shares of TV18 Broadcast halted a six-day fall, their longest losing streak in nearly two months, to Rs 23.65.
The stock traded at 28 times its estimated earnings per share for the coming year, Bloomberg data showed. Trading volume was almost four times its 20-day average.
India May Raise Income Tax Threshold in Budget to Revive Economy
Shares of UPL fell as much as 7.2 percent, the most in nearly nine months, to Rs 881.
This after brokerage and research firm HSBC raised concerns of lower soyabean demand and pricing pressure due to the trade tensions between the U.S. and China and an outbreak of African swine fever.
“Soyabean demand and pricing are likely to remain under pressure due to the as-yet unresolved U.S.-China trade tensions, events like ASF and the rising U.S. exports to the EU and other countries, which could keep Brazil price premiums in check, unlike in 2018,” the research firm said in a note.
About 35 percent of UPL’s overall revenues during the previous financial year came from the Latin American region—the fastest growing markets for the company.
The scrip has fallen during three trading session in the last four. Trading volume was triple its 20-day average, Bloomberg data showed. The Relative Strength Index on was below 30, indicating that the stock may be overbought.
Shares of the truck and bus maker fell as much as 3 percent to Rs 80.40, the lowest since February.
The company’s plant at Pantnagar will remain closed from June 24 to June 29 to align with the production and sales requirements, according to an exchange filing.
The stock declined 39 percent in the past 12 months compared to an 10 percent advance in the Sensex.
The NSE Nifty 50 is expected to trade around 11,600-12,000 levels till the end of June series, Dealmoney Securities' Head of Research Brijesh Bhatia said.
“There might be a trigger during the first week of July where the markets might trade 3-5 percent higher and we have a target of 12,150-12,300 on the upside,” Bhatia told BloombergQuint in an interaction.
Nifty’s 11.700 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract rose 9.13 percent to Rs 37.65. Over 9.06 lakh shares were added to the open interest which stood at over 22.41 lakh shares.
Indian equity benchmarks pared opening losses, led by the gains in Reliance Industries Ltd. and HDFC Ltd.
The S&P BSE Sensex traded 61 points higher at 39,175 as of 9:50 a.m. after falling over 100 points in the opening trade and the NSE Nifty 50 traded above 11,700, up 0.14 percent.
Tech shares were in focus during today’s trade after Reuters reported that the U.S. is said to limit H-1B visas for countries that force foreign companies to store data locally.
Shares of Jain Irrigation Systems fell as much as 17.3 percent to Rs 16.30, the lowest in over 14 years.
About 19.4 lakh shares of Jain Irrigation changed hands in a block deal, Bloomberg data showed. Buyer and sellers were not known immediately.
Trading volume was almost 15 times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold.
Shares of Adani Green Energy halted a four-day losing streak and rose as much as 5.7 percent to Rs 42.
The company won bids for setting up 600 MW wind-solar hybrid power project by Solar Energy Corporation of India. The fixed PPA tariff is Rs. 2.69/ kWh for a period of 25 years. Project is expected to be commissioned by March 2021.
Trading volume was almost four times its 20-day average, Bloomberg data showed. The stock fell 5.4 percent in the past five days and declined 4.8 percent in the past 30 days.
Shares of HDFC fluctuated between gains and losses to trade 0.58 percent higher at 2,188.10
The company plans to acquire 51.2 percent stake in Apollo Munich for Rs 1,347 crore. Post the acquisition, Apollo Munich will be merged with HDFC Ergo General Insurance. The proposed acquisition is expected to complete within four months and the proposed merger is expected to be completed in nine months.
Of the shares traded, 49 percent were at the ask price and 36 percent were at the bid, according to Bloomberg data.
Here's a lineup of all the major corporate meetings over the next few days.
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