- SENSEXNIFTY 50
Markets| Index | Price | Chng | %Chng |
|---|
| NIFTY BANK | 20,982.35 | +525.50 | +2.57 |
| NIFTY IT | 19,629.35 | +656.35 | +3.46 |
| NIFTY PSE | 2,266.05 | +47.35 | +2.13 |
| NIFTY AUTO | 7,669.50 | +250.65 | +3.38 |
Accenture Q4 results miss estimates: What it means for the Indian IT sector, Nifty IT index up 3%
Information technology (IT) stocks surged on Friday with the Nifty IT index up 3 percent after Accenture announced its fourth-quarter results for fiscal 2020 (Q4FY20). All stocks in the Nifty IT index were positive with Coforge, HCL Tech, TCS, and Infosys leading with 3-3 percent gains.
Even though the company missed estimates, strong revival in new bookings and encouraging management commentary kept brokerages bullish on the IT space.
Accenture revenues fell 2 percent to $10.8 billion (YoY) in Q4 to $11.06 billion for the fourth quarter of fiscal 2019. The Q4 net income was $1.12 billion, compared with $1.15 billion for the fourth quarter last year. Read more
BPCL sale may be delayed to next fiscal year, worsening federal deficit woes: Sources
India’s efforts to privatise refiner Bharat Petroleum Corp. Ltd. could spill over into the next fiscal year, according to a government document and sources, hurting New Delhi’s efforts to rein in a ballooning fiscal deficit.
The privatisation of key companies, including BPCL, is a key part of government plans to pare the fiscal deficit, which has breached its target level just four months into the current fiscal year. Industry sources last year estimated the government’s 53.29 percent stake in BPCL could fetch USD 8 billion to USD 10 billion.
With India’s economy contracting by a record 23.9 percent in the June quarter due to COVID-19, a delayed sale of BPCL could hinder the government’s ability to generate funds for stimulus efforts aimed at restoring growth. New Delhi’s plan to sell its stake in BPCL was first announced in November 2019, and is part of a broader program to spin off or sell stakes in dozens of state-owned companies. Continue reading
IPOs in top gear: September 2020 witnesses 8 launches; busiest month in a decade
September 2020 has ended a long dry spell of the IPO markets, which were severely hit due to the COVID-19 pandemic. The month has been one of the busiest months for the primary markets in a decade, witnessing the launch of 8 IPOs. Before this, more than 8 IPOs in a single month was launched in September 2011.
These 8 IPOs include Happiest Minds, Route Mobile, CAMS, Chemcon Specialty, Angel Broking, UTI AMC, Likhitha Infrastructure, and Mazagon Dock. These IPOs together are looking to raise over Rs 7,000 crore.
The new IPOs come after a four-month-long hiatus during which companies stayed away from the primary market. After the failed IPO of Antony Waste Handling Cell in March, the next IPOs came only in July – Rossari Biotech and Mindspace Business Parks REIT. They together raised Rs 5,000 crore from investors amid heavy demand. Click here to read more
September series: Nifty falls 6.5%, wipes out previous month's gains
The benchmark Nifty index ended the September series with the loss of 6.52 percent as it corrected from the recent highs of above 11,500 to near 10,800 levels. The market halted the positive momentum of the last three series and also wiped out the entire gains of August.
On Thursday, the market witnessed a sixth straight day of decline to record the biggest losing streak in 7 months. Sensex as down over 1,100 points and Nifty lost more than 300 points, posting their biggest single-day fall in four months.
Indian markets declined in sync with weak global cues. The US markets fell sharply after on weak economic data amid uncertainty on fiscal stimulus.
The sustained rise in COVID-19 infection cases and uncertainty over economic growth also dented investor sentiment. India has recorded more than 58.18 lakh confirmed COVID-19 cases, including 92,290 deaths so far.
“Investors are bombarded by a perfect storm of problems including rising virus infections, new lockdowns, a slowing economic recovery, stalled US stimulus talks and election uncertainty. Investors also fretted that a second wave of coronavirus cases during the northern hemisphere's coming winter will derail the economic recovery,” said Deepak Jasani, Head of Retail Research, HDFC Securities. Continue reading
UTI AMC IPO to open on September 29, price band fixed at Rs 552-554
UTI Asset Management Company (AMC) on Thursday fixed a price band of Rs 552-554 per share for its initial public offering (IPO) next week, that will open for public subscription on September 29.
The IPO would close on October 1. The bidding for anchor investors would open on September 28. At the upper end of the price band, the IPO would fetch Rs 2,160 crore.
This will be the third AMC to get listed on the stock exchanges after Nippon Life India Asset Management and HDFC AMC.
The public issue of UTI AMC comprises sale of 3,89,87,081 equity shares or 30.75 per cent stake by existing shareholders.
State Bank of India (SBI), Life Insurance Corporation (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are going to offload 38,03,617 shares each.
This is the tenth IPO to launch in 2020. The most recent IPOs that were launched are Happiest Minds Technologies, Route Mobile, CAMS and Chemcon Speciality Chemicals.
Also Read: Mazagon Dock IPO to open on September 29, price band set at Rs 135-145
At present, SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.24 per cent stake each in UTI AMC. The US-based T Rowe Price owns 26 per cent stake in the company.
(Inputs from PTI)
Gold rate today: Yellow metal trades flat; may rise to Rs 50,200 per 10 grams level
Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Friday following a muted trend in the international spot prices amid strong US dollar. Silver eased to near Rs 59,500 per kg level.
At 11:00 am, gold futures for October delivery eased 0.09 percent to Rs 49,857 per 10 grams as against the previous close of Rs 49,904 and opening price of Rs 49,826 on the MCX. Silver futures traded 0.22 percent lower at Rs 59,500 per kg. The prices opened at Rs 59,320 as compared to the previous close of Rs 59,629 per kg.
“Gold prices were trading lower but recovered from lows. Gold may turn positive on short-covering ahead of a weekend,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal. Read more
Gold rate today: Yellow metal trades flat; may rise to Rs 50,200 per 10 grams level
Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Friday following a muted trend in the international spot prices amid strong US dollar. Silver eased to near Rs 59,500 per kg level.
At 11:00 am, gold futures for October delivery eased 0.09 percent to Rs 49,857 per 10 grams as against the previous close of Rs 49,904 and opening price of Rs 49,826 on the MCX. Silver futures traded 0.22 percent lower at Rs 59,500 per kg. The prices opened at Rs 59,320 as compared to the previous close of Rs 59,629 per kg.
“Gold prices were trading lower but recovered from lows. Gold may turn positive on short-covering ahead of a weekend,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal. Click here to read more
BPCL sale may be delayed to next fiscal year, worsening federal deficit woes: Sources
India’s efforts to privatise refiner Bharat Petroleum Corp. Ltd. could spill over into the next fiscal year, according to a government document and sources, hurting New Delhi’s efforts to rein in a ballooning fiscal deficit. The privatisation of key companies, including BPCL, is a key part of government plans to pare the fiscal deficit, which has breached its target level just four months into the current fiscal year. Industry sources last year estimated the government’s 53.29 percent stake in BPCL could fetch USD 8 billion to USD 10 billion. With India’s economy contracting by a record 23.9 percent in the June quarter due to COVID-19, a delayed sale of BPCL could hinder the government’s ability to generate funds for stimulus efforts aimed at restoring growth. New Delhi’s plan to sell its stake in BPCL was first announced in November 2019, and is part of a broader program to spin off or sell stakes in dozens of state-owned companies. More here
GMR Infra trades higher after announcement of Kakinada SEZ sale
Do not think there is further downside remaining, says Mitul Kotecha of TD Securities
The dollar rally finally took an uneven pause and some bit of recovery is seen in equity markets. Investor focus remains on prospects for fiscal stimulus. In an interview to CNBC-TV18, Arvind Sanger, managing partner of Geosphere Capital Management, Adrian Mowat, emerging markets equity strategist and Mitul Kotecha, senior emerging-market strategist at TD Securities, discussed global markets and US stimulus talks at length.See here
Accenture's Q4 sales down, cites loss in reimbursable travel costs
Accenture on Thursday reported a decline in earnings and revenue for its fiscal fourth quarter that ended on August 31, down approximately 2 percentage points owing to a decline in revenues from the reimbursable travel costs. The company registered USD 10.8 billion in revenue in its fourth quarter, compared with USD 11.06 billion for the fourth quarter of fiscal 2019. The Q4 net income was USD 1.12 billion, compared with USD 1.15 billion for the fourth quarter last year. More here
6 months since the market bottom: Stocks up 50% even as GDP falls 25%
Exactly six months ago, Prime Minister Narendra Modi ordered a nationwide lockdown that was clear to take a harsh economic toll even as it was needed to combat the rising menace of the coronavirus pandemic. Coincidentally, it was also exactly six months ago, on March 24, when the stock market bottomed out following a crash that wiped out 35 percent from the index in less than a month. But while the market bottom became clear only in hindsight, stocks globally appeared to have disconnected themselves from economic fundamentals, with several indices making a fresh lifetime high. Nifty Midcap 100 gained around 53 percent while Nifty Smallcap100 gained over 76 percent from the low levels hit in March this year. Nifty Bank rose over 31 percent since March lows but is still down 33.95 percent YTD. Nifty Pharma remains the best performing sector amid the pandemic. The index is up 88 percent since March and 46.77 percent YTD. More Here
Market slips from opening highs, Nifty Bank turns negative
First successful delisting since 2018: Hexaware Tech promoter accepts exit price
Hexaware Technologies will be the first company to successfully delist from Indian bourses since December 2018. The company's promoter accepted discovered delisting price of Rs 475 per share. “The acquirer and promoter have accepted the discovered price of Rs 475 per equity share as the final/exit price for delisting offer,” mid-size information technology (IT) services firm Hexaware Technologies said in a public announcement. On June 5, promotor HT Global announced a delisting plan for the company. HT Global IT Solutions Holdings is the investment arm of Baring Private Equity Asia, which holds a 62 percent stake in Hexaware Technologies. It will need to have close to 91 percent ownership in the company to go ahead with the delisting. More here
| Company | Price | Chng | %Chng |
|---|---|---|---|
| Reliance | 2,201.70 | +20.50 | +0.94 |
| TCS | 2,422.30 | +90.05 | +3.86 |
| Bajaj Finance | 3,138.95 | +110.05 | +3.63 |
| Dr Reddys Labs | 5,112.20 | +84.80 | +1.69 |
| HCL Tech | 827.70 | +39.40 | +5.00 |
| Company | Price | Chng | %Chng |
|---|---|---|---|
| IndiGrid InvIT | 104.63 | -0.09 | -0.09 |
| Vodafone Idea | 10.36 | +1.24 | +13.60 |
| Reliance | 2,201.70 | +20.55 | +0.94 |
| Indiabulls Hsg | 145.40 | +6.45 | +4.64 |
| Route | 938.60 | +30.50 | +3.36 |
| Company | Price | Chng | %Chng |
|---|---|---|---|
| Bajaj Finserv | 5,803.30 | +377.60 | +6.96 |
| IndusInd Bank | 514.85 | +24.60 | +5.02 |
| HCL Tech | 827.70 | +39.40 | +5.00 |
| Cipla | 770.10 | +36.65 | +5.00 |
| Bharti Airtel | 439.65 | +20.35 | +4.85 |
| Company | Price | Chng | %Chng |
|---|---|---|---|
| Bajaj Finserv | 5,798.80 | +371.60 | +6.85 |
| HCL Tech | 827.50 | +39.45 | +5.01 |
| Bharti Airtel | 439.70 | +20.85 | +4.98 |
| IndusInd Bank | 514.55 | +24.35 | +4.97 |
| Larsen | 889.30 | +38.95 | +4.58 |
| Price | Chng | %Chng | |
|---|---|---|---|
| USD/INR | 73.61 | -0.28 | -0.39 |
| EUR/INR | 85.63 | -0.62 | -0.72 |
| GBP/INR | 93.61 | -0.61 | -0.64 |
| JPY/INR | 0.70 | -0.00 | -0.57 |
| Price | Chng | %Chng | |
|---|---|---|---|
| MCX GOLD 05OCT2020 | 49659.00 | -245.00 | -0.49 |
| MCX SILVER 04DEC2020 | 59027.00 | -602.00 | -1.01 |
| MCX CRUDEOIL 19OCT2020 | 2969.00 | -4.00 | -0.13 |
| MCX NATURALGAS 27OCT2020 | 209.30 | -3.90 | -1.83 |
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