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Stock Market Highlights: Sensex, Nifty end in red led by bank, metal stocks; Bharti Infratel top loser, closes over 8% lower


Stock Market Highlights: Indian indices ended lower on Tuesday after being dragged by metal, bank and pharma stocks. Bharti Infratel snapped its gaining streak by ending over 8 percent lower followed by Zee Entertainment and Tata Motors. Barring IT, all sectors ended in red.

Stock Market Highlights: Sensex, Nifty end in red led by bank, metal stocks; Bharti Infratel top loser, closes over 8% lower
  • Closing Bell: Sensex, Nifty end marginally lower; all sectors, except Nifty IT, in the red

    Indian indices fell in the last leg of trade to end with minor cuts on Tuesday dragged by selling across most key indices, however, IT stocks and index heavyweight RIL capped gains. The Sensex ended 52 points lower at 38,365 while the Nifty fell 37 points to settle at 11,317.

    Broader markets, however, underperformed the benchmarks with Nifty Midcap and Nifty Smallcap indices down 1.6 percent and 1.1 percent, respectively.

    All key sectors, except Nifty IT, were also in the red for the day. Nifty Metal index fell the most, down over 3 percent while Nifty Pharma lost 1.6 percent. The banking and auto indices were also down 1 percent and 0.8 percent, respectively.

    However, Nifty IT rose 1 percent for the day led by L&T Infotech HCL Tech, Infosys, and Wipro, up 1.5-3 percent.

    On the Nifty50 index, BPCL, HCL Tech, Wipro, Infosys, and RIL were the top gainers while Bharti Infratel, Tata Motors, Zee, Hindalco, and Tata Steel led the losses.

  • Will start manufacturing mobiles by Q4FY21, says Dixon Technologies’ Atul Lall

    In a big booster shot for Dixon Technologies, a government panel has cleared $100 billion of mobile export proposals from global manufacturers. In an interview to CNBC-TV18, Atul Lall, MD of the company spoke at length about what this could mean for the company as well as for the sector.

    Speaking about PLI, Lall said, “We have not received any official nod yet. We have submitted 2 applications under the production-linked incentive (PLI) scheme. However, we understand that it’s going to take a week-10 days more for getting the official communication from the government.”

    He further said that the government is giving a 4-5 percent incentive for manufacturing India under the PLI scheme.

    “We are extremely excited about this big opportunity. We have got large contracts both for global markets and domestic markets, it’s lined up with large global ramps. We are going to accelerate our project implementation and we plan to start production sometime in Q4 of this fiscal,” added Lall. Read more here

  • From Airtel to HUL: Motilal Oswal's 15 stock picks for September

    The Indian indices have gained around 3 percent in August after a 7 percent rally in July continuing the upward momentum but at a slower pace. Most stocks including midcaps and smallcaps have also recovered drastically from their March lows. However, most experts continue to advise to maintains caution and look at quality stocks. Motilal Oswal has suggested a multi cap portfolio including quality stocks from all the three categories. Have a look at all the stocks here

  • Soumitro Majumdar, Partner, J Sagar Associates on Kamath Committee report

    Given the specific target for this circular of salvaging otherwise viable businesses, the Expert Committee has detailed out definitions and mandatory financial ratios for resolution plans on a sector- specific basis. General mandatory ratios for sectors, other than those specifically mentioned, have also been set out. This should bring about a basic uniformity in performance appraisals. However, the RBI has accorded full flexibility to banks to rationalise these ratios on a case-by- case basis, subject to compliance with the stipulated floor/ cap. Lenders may also impose other additional benchmarks as per their commercial wisdom while approving resolution plans. Direction to grade sectors depending on the severity of the impact also should enable lenders to consider solutions commensurate with the market realities. This dual approach should be effective in devising workable resolution plans. The regulatory clarity on ICA execution being mandatory will nip a lot of inter – creditor disputes in the bud, and compel focused efforts towards timely resolution plan implementation.

  • Happiest Minds IPO: Issue subscribed over 5 times on Day 2 so far

    The Rs 702-crore initial public offer (IPO) of IT services provider Happiest Minds Technologies continues to see strong subscription on Tuesday, the second day of the bidding.

    So far, the public issue of the Bengaluru-based company has been subscribed 5.1 times, having received bids for 11.87 crore equity shares as against IPO size (excluding anchor book) of 2.3 crore equity shares, according to the data available on the exchanges.

    The reserved portion for retail investors was subscribed more than 25 times and that of non-institutional investors by 185 percent. The reserved portion for qualified institutional investors was subscribed 8.3 percent subscription. Continue reading.

  • Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd on Route Mobile IPO

    Route Mobile provides cloud-communication platform as a service (CPaaS) to enterprises, over-the-top (OTT) players and mobile network operators (MNOs). Company provides voice, email, and omni-channel communication, SMS analytics, firewall, filtering and monetization, SMS hubbing and Instant Virtual Number solutions.

    There are no listed peers for the company in India. Management has till now infused only Rs 6 lakh capital in the company, and it will command a market cap of Rs 1,990 crores at the higher price band. This shows that it is a scalable business model, which can grow without capital infusion. Unlike many other businesses, Covid-19 has led to better growth prospects for the company given increased adoption of digital technologies.

    At the upper end of the price band, the company demands PE multiple of 25.3x on FY20 EPS, which we believe is quite reasonable considering the future prospects of the company. As we are positive on the future outlook for the industry as well as the company, we would recommend to “Subscribe” to the issue for long term as well as for listing gains.

  • Rupee at Close | The Indian rupee ended lower against the US dollar on Tuesday. The rupee closed at 73.60/$ as against Monday's close of 73.34/$.

    Stock Market Highlights: Sensex, Nifty end in red led by bank, metal stocks; Bharti Infratel top loser, closes over 8% lower
  • India seeing 'V-shaped recovery' but GDP loss may not be recovered in short term: CEA

    The country's chief economic advisor, Krishnamurthy Subramanian, said that India is staring at a V-shaped recovery even though he added that it will be difficult to recoup losses from the recent economic contraction over the short term.

    In an interview with CNBC-TV18, the CEA said that core sector output is encouraging and 60 odd indicators including e-way bills, railway freight, power consumption, cement & steel consumption are a "V-shaped recovery but maybe a distorted V-shape recovery where the recovery slope may not be the same as the steep fall.”

    Subramanian added that the government’s measures are key to economic revival and that steps to boost discretionary spend during festive season may be in pipeline.

    “The government needs to spend to boost consumption multipliers,” he opined.

    When asked if there will be a permanent loss of GDP, the CEA said that it is uncertain currently and “will depend on the time horizon” in which it is assessed. "In a short period of time, output loss will not be fully recovered but over a longer period, the GDP lost in Q1 will recover." Read more

  • Stock Update: Wipro's shares traded 2.55 percent higher to Rs 285.85 per share on the NSE after the company won a multi-year global automotive software engineering contract from Marelli. Wipro will leverage its Engineering NXT framework to establish a software engineering factory for Marelli. It will also help improve Marelli's operating efficiency and expedite the launch of cutting-edge technologies, said the company's exchange filing.

  • Piramal Enterprises gains nearly 6% to trade at day's high.

  • European stocks retreat as tech continues to struggle; Royal Mail up 9%

    European markets made a choppy start Tuesday as global investors waited to see whether the dominant U.S. tech sector can recover momentum after last week’s rout, while awaiting key economic data due out of the euro zone, reported CNBC International.

    The pan-European Stoxx 600 slid 0.3 percent below the flatline in early trade, with the tech sector falling another 1.2 percent while telecoms eked out 0.3 percent gains.

    DAX rose 0.13 percent to 13,119 while CAC remain unchanged at 5,055.

  • Gold rate today: Yellow metal falls below Rs 51,000; support placed at 50,450 per 10 grams

    Gold prices in India fell below Rs 51,000 level on the Multi Commodity Exchange (MCX) Tuesday following weakness in the international spot prices amid strong US dollar. Silver prices also declined over half a percent.

    At 10:45 am, gold futures for October delivery fell 0.40 percent to Rs 50,862 per 10 grams as against the previous close of Rs 51,065 and opening price of Rs 50,800 on the MCX. Silver futures traded 0.61 percent lower at Rs 67,852 per kg. The prices opened at Rs 67,799 as compared to the previous close of Rs 68,271 per kg.

    “Gold and silver is trading lower today on the back of  sharp recovery in US Dollar as investors weighed whether an accommodative turn from the European Central Bank later this week could hit the euro, while the pound nursed losses due to Brexit uncertainty,” said Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking Ltd. Click here to read experts' view on gold prices

  • 15% of our clients have not been able to pay as they are under moratorium. Collection efficiency at 82% in August Vs 76% in July. Company plans raising funds in Q3 Or Q4, says CreditAccess Grameen

    Stock Market Highlights: Sensex, Nifty end in red led by bank, metal stocks; Bharti Infratel top loser, closes over 8% lower
  • Government to sell 15% stake in Bharat Dynamics through OFS; shares decline 13%

    Shares of Bharat Dynamics fell over 13 percent on Tuesday after the company said that the government will sell 15 percent sale in the company through an offer for sale route (OFS). The company, in a BSE filing, said that the government will sell up to 1.83 crore equity shares or 10 percent of the company for the face value of Rs 10 each.

    "The Promoter proposes to sell up to 18.33 million equity shares of the Company on September 8, 2020, (for non-retail investors only) and on September 9, 2020 (for retail investors and for un-allotted non-retail Investors who choose to carry forward their bids)," the filing said.

    It added that the government can also exercise the option to additionally sell up to 91 lakh equity shares or 5 percent of the total issued paid-up capital of the company in case of oversubscription. The floor price of Rs 330 per equity share has been decided.

    “If oversubscription is exercised, the total offer size will represent 27,492,188 shares or 15 percent of outstanding equity shares of the company,” it further noted. It also said the OFS will be carried out through a separate designated window of BSE and NSE.

    The Centre, through the President of India, owns an 87.75 percent stake in the company. The stock fell as much as 13.4 percent to the day's low of Rs 332.60 per share on BSE.

  • Stock Update: Future Lifestyle Fashions' shares remain locked in a lower circuit of 5 percent to Rs 114.65 per share on the NSE. The company's statement said that it has reopened 95 percent of its stores. In the month of August, Brand Factory and Central saw about 1 million customers walk-in. The increase in sales was driven by company's flagship brands like Lee Cooper, Indigo Nation, Scullers and Jealous 21, added the statement. 

  • Health insurance policies to become customer friendly come October 2020; here's how
    Stock Market Highlights: Sensex, Nifty end in red led by bank, metal stocks; Bharti Infratel top loser, closes over 8% lower
  • Ashoka Buildcon surges 8% after Co emerges lowest bidder for NHAI projects

    Shares of Ashoka Buildcon surged 8 percent on Tuesday after the company emerged as the lowest bidder for two National Highways Authority of India (NHAI) projects with an aggregate quoted value of Rs 1,390 crore in Bihar under Bharatmala Pariyojana. The company, which is engaged in the construction of roads and highway projects, said the first project comprises a proposal for the four laning of Arrah to Pararia section of NH-319(Old NH-30) from Km 0+000 to Km 54+530 (Design Chainage) in Bihar under Bharatmala Pariyojana phase -1 on EPC mode (Package-I).

  • Security clearances should not jeopardize BPCL deal, says Govt

    In a bid to ensure that the divestment process of state-run Bharat Petroleum Corporation Ltd (BPCL) is completed in time with all protocols, the government is keen on security clearance for prospective bidders before the financial bids opened. According to highly placed sources, the Core Group of secretaries on BPCL disinvestment, headed by cabinet secretary Rajiv Gauba has recommended that ‘the Security clearances should be taken at early stages of bid process and bidders too have been asked to obtain security clearances simultaneous along with financial bids.’ The group has also observed that BPCL divestment is very crucial to meet the disinvestment target of Rs 2.10 lakh crore for the current fiscal, thus even for the winning bidder, if he decides to form a special purpose vehicle (SPV) “the security clearance of all entities involved will be needed,” sources added. More here

  • Future Enterprises Q4 net loss at Rs 394.77 crore

    Future Enterprises Ltd on Monday reported a consolidated net loss of Rs 394.77 crore for the fourth quarter ended March 31, 2020. The company had posted a net profit of Rs 66.58 crore in the January-March quarter a year ago, Future Enterprises Ltd (FEL) said in a BSE filing. Recently, the board of FEL has approved amalgamation of the Future Group entities with the company to facilitate Rs 24,713 crore deal to sell the retail and wholesale business to Reliance Retail, owned by oil-to-chemical conglomerate Reliance Industries Ltd. Its revenue from operations was down 50.01 per cent to Rs 783.28 crore during the quarter under review, as against Rs 1,566.96 crore in the same period last fiscal.

  • Market Watch: Rahul Mohindar of viratechindia.com

    “On the IT stocks, I pick on Tata Consultancy Services (TCS) with target of Rs 2,400-2,410. It is more of an intraday trade, keep a stop loss of Rs 2,320 when buying. 

    I will be selling Coal India for a target of Rs 129, keeping stop loss at Rs 133.

    HDFC which has been in the range for the last two months, I think will once again test the lower end of the range around Rs 1,730-1,740. So, it is a sell on HDFC for a Rs 1,740 target, keeping a stop loss above Rs 1,805.”

  • Sebi sets March 31 as cut-off date for re-lodgement of share transfer requests

    Capital markets regulator Sebi on Monday fixed March 31, 2021, as the cut-off date for re-lodgement of share transfer requests. Transfer of securities held in physical mode has been discontinued with effect from April 1, 2019, but investors have not been barred from holding shares in the physical form. Sebi, in March 2019, had clarified that transfer deeds lodged before the deadline of April 1, 2019, and rejected or returned due to deficiency in the documents may be re-lodged with requisite documents. Now, Securities and Exchange Board of India (Sebi), has "decided to fix March 31, 2021, as the cut-off date for re-lodgement of transfer deeds", according to a circular. "Further, the shares that are re-lodged for transfer (including those requests that are pending with the listed company / RTA, as on date) shall henceforth be issued only in Demat mode," it added.

  • Technical View | The Nifty is trading above 11,300 which continues to remain a bullish sign. However, if we disrespect the levels of 11,200, we could slide further to break 11,000. On the upside, an impulsive bull rally will only be seen post 11,600. Until then we would be in a 300-400 point range between 11,200 - 11,600, says Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

  • Buzzing | Info Edge shares gain over 3% post Q1 earnings

    Shares of Info Edge (India) gained over 3 percent in early trade on Tuesday after the company posted net profit in the June quarter along with better operating performance.The company reported a consolidated net profit of Rs 93.66 crore in the first quarter of fiscal 2021 as compared to a loss of Rs 190.91 crore.Consolidated net revenue in Q1FY21 fell 10.85 percent to Rs 285 crore from Rs 319.7 crore, YoY.On the operating front, earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) jumped 16.62 percent to Rs 104 crore from Rs 89.18 crore. EBITDA margin in Q1FY21 was at 36.49 percent, up by 8.6 percent, YoY.

  • Rupee Opens | The Indian rupee opened at 1-week low against the US dollar, falls 30 paise versus yesterday's close.

    Stock Market Highlights: Sensex, Nifty end in red led by bank, metal stocks; Bharti Infratel top loser, closes over 8% lower
  • IPO market picks up: Two in one week and more in the pipeline

    After witnessing a lackluster year so far amid the COVID-19 pandemic, the Initial Public Offer (IPO) market is likely to pick up again with two IPOs hitting the street this week itself. The IPO of Happiest Minds Technologies, an IT services firm promoted by the founder of Mindtree, went live on exchanges on Monday and sailed through on the day 1 of subscription helped by strong demand for retail investors. The Rs 702 crore public issue of the Bengaluru-based firm has seen a 2.86 times subscription so far. 

    The second IPO lined up this week is of Route Mobile, a cloud communications service provider. The 600 crore IPO will be open for public subscription on September 9. The company has fixed price band of Rs 345-350 a share. The public offer comprises a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters -- Y Sandipkumar Gupta and Rajdipkumar Gupta. The initial public offer (IPO) will conclude on September 11 and the investment by anchor investors will be finalised by September 8. 

  • ED arrests Deepak Kochhar in ICICI Bank-Videocon case

    Deepak Kochhar the husband of former MD and CEO of ICICI Bank Chanda Kochhar has been arrested by the Enforcement Directorate (ED) in Mumbai. Source confirmed with CNBC-TV18 that Deepak was arrested on September 7 in connection with investigations into allegedly financial irregularities between ICICI Bank and Videocon. PTI reported, officials said that Deepak was arrested by the agency in Mumbai under sections of the Prevention of Money Laundering Act (PMLA). The couple were questioned by the central probe agency in a case of alleged irregularities and money laundering in giving bank loans to the Videocon group. The ED, early this year, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him. More here

  • HDFC Bank & Kotak Mahindra contributing more than 40% to Nifty Bank's losses currently

    Stock Market Highlights: Sensex, Nifty end in red led by bank, metal stocks; Bharti Infratel top loser, closes over 8% lower
  • Opening Bell: Sensex, Nifty open on a muted note; financials drag

    Indian indices opened on a muted note Tuesday as decline in financial stocks were capped by gains in heavyweights like RIL, Infosys anf ITC. At 9:18 am, the Sensex was trading 54 points lower at 38,363 while the Nifty was down 17 points at 11,338. Broader markets were also flat, in line with the benchmarks. Among sectors, the banking and fin services indices fell around 0.4 percent in the early deals while IT, pharma and realty sectors were in the green at opening. On the Nifty50 index, RIL, ITC, L&T, HDFC Life and Axis Bank were the  top gainers while Bharti Infratel, Powergrid, Nestle, HDFC and ONGC led the losses.

Stock Market Highlights: Indian indices ended lower on Tuesday after being dragged by metal, bank and pharma stocks. Bharti Infratel snapped its gaining streak by ending over 8 percent lower followed by Zee Entertainment and Tata Motors. Barring IT, all sectors ended in red.