Market HIGHLIGHTS: Sensex ends 523 pts up, Nifty at 10,244; RIL rallies 6.5% with m-cap above Rs 11 lakh cr

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Updated: June 19, 2020 4:37:31 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic benchmark indices Sensex and Nifty ended with gains over 1.51 per cent in Friday's session. RIL shares rallied 6.5 per cent

Share Market Today, Share Market LiveNifty Realty index jumped 6.4 per cent led by gains in DLF and Godrej Properties

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended with over 1.5 per cent gains on Friday, led by a rally in Reliance Industries share price after the company announced that it has become net debt-free nine months ahead of its deadline. The 30-share Sensex jumped 523 points or 1.53 per cent to close the session at 34,732, while the broader Nifty 50 index advanced 153 points or 1.51 per cent to settle at 10,244. Among top Sensex gainers were Bajaj Finance, Reliance Industries, Power Grid Corporation of India, ICICI Bank, Maruti Suzuki and Axis Bank. On the flip side, IndusInd Bank was the top Sensex laggard, followed by HCL Tech, ITC, M&M, HDFC, Infosys and Nestle India. Barring Nifty IT and Nifty Metal, all the sectoral indices settled in the positive territory. Nifty Realty index jumped 6.4 per cent led by gains in DLF, Godrej Properties and The Phenix Mills. Nifty PSU Bank gained 2.23 per cent and Nifty Bank index ended 1.82 per cent higher.

Mukesh Ambani led Reliance Industries on Friday morning announced that it now a net-debt free company after having secured Rs 1.68 lakh crore in investments and from the rights issue in the last 58 days. RIL said it has raised Rs 1.75 lakh crore if it considers the stake sale to BP in the petro-retail JV. Net debt of the oil-to-telecom conglomerate stood at RFs 1.61 lakh crore. RIL bagged 11 cheques from 10 investors, including the Saudi wealth fund and Mark Zuckerberg’s Facebook.

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    16:01 (IST)19 Jun 2020
    Closing bell: Sensex ends over 500 pts higher; Nifty just below 10,250

    The 30-share Sensex jumped 523 points or 1.53 per cent to close the session at 34,732, while the broader Nifty 50 index advanced 153 points or 1.51 per cent to settle at 10,244.

    15:33 (IST)19 Jun 2020
    If Reliance Industries is at 1700 then RIL rights fare value comes at around 870

    The RIL rights share are partly paid shares which would get merged with RIL share after having realised all pending payments. Hence, the close relationship between both these shares in terms of direction. Also, the basic gap between issue price and discounted present value comes at around 110 and adding already paid amount of 314 gives you a base price. Whatever over this is the price gap between Reliance share. Hence, if Reliance is at 1700 that RIL rights fare value comes at about 870: Narendra Solanki, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    15:30 (IST)19 Jun 2020
    Reliance Industries’ partly paid shares rally 22% in just 5 days; stock jumps 10% today

    Reliance Industries’ partly paid shares (RIL PP) today hit 10 per cent upper circuit at Rs 812.90 apiece on BSE after rallying 22 per cent in just five days after listing on BSE and NSE. The surge in share price came after Reliance Industries chairman Mukesh Ambani announced that the firm has become net debt-free nine months ahead of its deadline. RIL PP share price opened at Rs 758.50 and hit an intraday low of Rs 748.

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    15:06 (IST)19 Jun 2020
    Modi’s lending scheme for street vendors takes shape; Rs 10,000 to rebuild business under PM SVANidhi scheme

    Street vendors may now take a loan of Rs 10,000 to reestablish their businesses hit by the coronavirus-led nationwide lockdown. The Ministry of Housing & Urban Affairs and Small Industries Development Bank of India (SIDBI) today signed a Memorandum of Understanding, according to which a special micro-credit facility will be availed to the street vendors.

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    14:22 (IST)19 Jun 2020
    Brokerage views on JK Cement

    We retain BUY on JK Cement (JKCE) with a TP of Rs 1425. We like the co for its increased grey cement capacity in lucrative north markets and as its white/putty profits continue to firm up (on a high base). During 4QFY20, grey capacity ramp-up in north moderated covid-led vol loss in 4QFY20. Grey segment’s profit continued to soar in 4Q and in FY20 on robust pricing in north/central and falling energy costs. Similarly, healthy pricing and low fuel cost even firmed up white/putty profitability in 4Q/FY20. Thus, consol net debt/EBITDA in FY20 fell to 2.3x (from 2.5x), despite 6-yr high capex spend: HDFC Securities

    14:02 (IST)19 Jun 2020
    RIL share price jumps over 4.5%; m-cap at Rs 11 lakh crore

    RIL share price gained over 4.5 per cent to hit a fresh record high of Rs 1,732.50 apiece on BSE in afternoon deals on Friday, taking the market capitalisation to Rs 11 lakh crore.

    Check live prices: Reliance Industries

    13:56 (IST)19 Jun 2020
    LIC IPO process kick-starts; FinMin sets the ball rolling on mega disinvestment

    Kicking-off preparation of the mega Life Insurance Corporation of India (LIC) initial public offering, the Finance Ministry today invited bids from consulting firms, investment bankers, and financial institutions. The bids have been invited for advising the government on the proposed IPO which will see the government divest part of its stake. IPO of the massive insurance company may easily make it one of the top listed companies on the stock exchanges in terms of market capitalisation.

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    13:55 (IST)19 Jun 2020
    We believe that the digital and retail business will be key growth drivers for RIL

    The company has built up a dominant presence in Refining, Petrochemicals, Telecom and Retail businesses. JIO Platforms which houses the telecom business has attracted investments from marquee investors like Facebook, Silver Lake Partners, General Atlantic, KKR, etc. of INR 1,15,694 crores. Investments by such marquee names in Jio platforms will not only help the company pay down its debt but also reinforces our confidence in the management’s ability to transform the company from a brick and mortar to a digital play. We believe that the digital and retail business will be key growth drivers for the company going forward and the proposed listing of the retail business over the next few years is along expected lines and will lead to a rerating for the company. We also expect a similar move by the company for its digital business in the future: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    13:51 (IST)19 Jun 2020
    Investors focus swinging between coronavirus second pandemic wave and Indo-China border

    This week we saw a bullish trend in USD/INR spot and it breached 76.30 zone. The investors focus is basically swinging between coronavirus second pandemic wave and Indo-China border. And this uncertainty has acted to pause the major movement in USD/INR spot. However, the risk sentiments will remain on tenterhooks until there's a truce between India-China. In spot, 75.75 will continue to act as an immediate support with 76.50 being the resistance: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:27 (IST)19 Jun 2020
    EID Parry share price hits 52-week high; sugar stocks rally up to 20% as govt mulls raising MSP of sugar

    Sugar companies shares gained up to 20 per cent on BSE in Friday’s session as a news report suggested that the government is mulling a proposal to hike the minimum selling price (MSP) of sugar from the existing Rs 31 per kg. Besides, most of the sugar companies such as Dwarikesh Sugar, Triveni Engineering & Industries, reported strong numbers in the January-March quarter of the financial year 2019-20. EID Parry, Piccadily Agro Industries, KCP Sugar & Industries Corporation shares hit respective 52-week highs in today’s session.

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    13:13 (IST)19 Jun 2020
    Modi’s Van Dhan Yojana to tribal economy’s rescue; high MSP helps tribals earn Rs 2,000 cr amid lockdown

    In a major boost to India’s tribal economy, the government and private traders procured large quantities of minor forest produce during the nationwide lockdown, which led to the infusion of over Rs 2,000 crores into the tribal communities. With an aim to boost the sagging tribal economy, the government raised the minimum support prices (MSP) of minor forest produces by up to 90 per cent on May 1, 2020, providing higher incomes for the tribal gatherers, said a statement by the ministry of tribal affairs.

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    12:30 (IST)19 Jun 2020
    Gold outlook by Hareesh V, Head Commodity Research at Geojit Financial Services

    Fears of a second wave of coronavirus pandemic and escalating global geopolitical tensions continue to support gold’s haven demand. Meanwhile, hopes of a quick economic recovery and a steady dollar are likely to limit major upsides.

    Technical Outlook (London spot): Buying momentum is likely to continue as long as prices stay above $1710. However, strong resistances are seen at $1740 followed by $1780 levels. The immediate downside reversal point is $1645

    12:05 (IST)19 Jun 2020
    RIL share price hits all-time high as firm becomes net-debt free 9 months ahead of deadline

    Reliance Industries (RIL) share price hit a fresh all-time high of Rs 1,689 apiece on BSE after the company announced on Friday that it has become a net-debt free firm. RIL shares gained 2 per cent in the trade taking the market capitalisation to Rs 10.6 lakh crore. Earlier on Thursday after market hours, Reliance Industries raised Rs 11,367 crore from the 11th investor, The Public Investment Fund (PIF), for a 2.32 per cent equity stake in Jio Platforms. RIL stock price has rallied 95 per cent in less than three months from its 52-week low of Rs 867.82, fuelled by 11 investment deals in nine weeks, which aided the Mukesh Ambani-led firm to raise Rs 115,693 crore by selling 24.70 per cent stake in Jio Platforms.

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    11:39 (IST)19 Jun 2020
    Change in consumer habits may hit Pidilite Industries; should investors buy or sell shares?

    As the novel coronavirus pandemic is expected to shake up consumer habits, discretionary spending might stay muted in the next few quarters. As consumers curtail their expenditure to essential items, analysts are expecting near-term headwinds for Pidilite Industries. The adhesive manufacturer reported a 5.8% decline in sales in the March quarter and saw profit decline 23% on-year basis. Although Pidilite Industries has been a strong market performer over the years, due to a highly uncertain nearterm outlook and expensive valuations analysts expect the scrip’s market performance to be muted. Currently Pidilite Industries shares are trading 0.68% up at Rs 1,400 per share.

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    11:26 (IST)19 Jun 2020
    Prime Minister Garib Kalyan Rojgar Abhiyaan comes as a truly positive move

    As the COVID-19 pandemic hit Indian economy, perhaps the maximum collateral damage was borne by migrant labour. While reverse migration may have long term consequences for industry and the economy, for the migrant laborer, it has been a life-changing experience. The Prime Minister Garib Kalyan Rojgar Abhiyaan commences operations from June 20, with the aim to work in ‘mission mode’ to help migrant workers. Spanning a duration of 125 days, the rural public works scheme will be launched by Prime Minister Narendra Modi on June 20 from district Khagaria, Bihar. It comes as a truly positive move, and India Inc. stands with the Prime Minister in support of this endeavour: Niranjan Hiranandani - President - ASSOCHAM & NAREDCO

    10:55 (IST)19 Jun 2020
    Sell Cummins India – SELL | Target Rs332, Downside 10% ~ Yes Securities

    During FY05‐14, KKC traded at average 1‐yr forward P/E multiple of 17x & delivered average RoE / Core RoIC of 30%/32% respectively. Over FY14‐20, KKC’s valuations re‐ rated significantly (traded at average 1‐yr forward P/E multiple of 32x) in anticipation of strong growth but it disappointed with flat earnings CAGR & average RoE / Core RoIC of 20%/17%.  Retain ‘SELL’ with TP of Rs332 at 17x FY22E EPS. Deteriorating earnings quality (non‐core income as % of PBT at 45% in FY22E) & weakening return metrix justify our ratings & target multiple.

    10:32 (IST)19 Jun 2020
    Sensex and Nifty trade with gains on Friday; check what's keeping investors on edge today

    Sensex and Nifty started Friday’s trading session with gains, despite muted global cues. S&P BSE Sensex was up 127 points or 0.61% at 34,415 points while the Nifty 50 sat above the 10,100 mark. Almost all sectoral indices on Nifty were trading in the green Nifty Bank gaining the most. “The markets have hit a resistance of 10150 and may take a bit of a breather before resuming its uptrend. Today being the last trading session for the week, traders might not want to carry home large positions. However, overall the markets seem to be in a positive trajectory and we should achieve a target of 10300 by next week,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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    10:31 (IST)19 Jun 2020
    ICICI Bank trims holding in ICICI Lombard General Insurance Company, sells 1.8 crore shares.

    ICICI Bank has divested 18,000,000 equity shares of face value of Rs. 10 each of ICICI Lombard General Insurance Company Limited, representing 3.96% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs. 22.50 billion. 

    09:48 (IST)19 Jun 2020
    Buy Biocon in the range of | 385-400 Target: | 474 Stop Loss: | 348 Time frame: Three months ~ ICICI Securities

    The pharma space has shown significant resilience in the last couple of weeks amid broader market volatility. The NSE pharma index has been consolidating above its April 2019 breakdown levels of 9500 and is likely to move towards 2018 highs of 10700. Biocon has moved to its lifetime highs in current market volatility, indicating ongoing positive bias in the stock. We expect it to continue its upward momentum in the near term. Like most stocks, open interest in Biocon has also reduced sharply during the profit booking seen in March. The OI has come down from 15 million shares to just over 5 million shares in March. However, since then, the stock has seen significant OI build-up and current OI is multi month high, despite intermediate profit booking, OI in the stock has largely remained intact suggesting long bias in the stock is still intact.

    09:31 (IST)19 Jun 2020
    Reliance Industries Limited, Chairman Mukesh Ambani on RIL becoming net-debt free

    Today I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021. Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance. Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them, in fulfilment of the vision of our Founder, Dhirubhai Ambani, to consistently increase our contribution to India’s prosperity and inclusive development ~ Mukesh Ambani

    09:30 (IST)19 Jun 2020
    Reliance Industries is now a net-debt free company

    Mukesh Ambani led Reliance Industries on Friday said that it has erased all its net-debt from the Rs 1.68 lakh crore it raised in the last 58 days. "Our net-debt was ₹ 161,035 crore, as on 31st March 2020. With these investments, RIL has become NET DEBT-FREE," RIL said.

    08:43 (IST)19 Jun 2020
    Winding up of 6 debt schemes: Franklin Templeton holds EGM to approve indemnity to directors

    Franklin Templeton Trustee Services on Thursday held an extraordinary general meeting (EGM) to approve granting indemnity to the directors of the company in connection with winding up of six debt schemes of the fund house.

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    08:39 (IST)19 Jun 2020
    Another mega investment in Jio; Mukesh Ambani’s RIL raises Rs 11,000 cr from Saudi Arabia fund

    Mukesh Amabni led Reliance Industries has raised Rs 11,367 crore from The Public Investment Fund (PIF) for a 2.32% equity stake in Jio Platforms on a fully diluted basis. PIF, the sovereign wealth fund of Saudi Arabia, is the 10th cheque that Mukesh Ambani has received for an equity investment into his digital telecommunications arm Jio Platforms. The investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. Including the latest investment Reliance Industries Ltd has now raised a total of Rs 1,15,693 crore from global investors including Mark Zuckerburg’s Facebook. 

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