Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended higher in Monday’s choppy session. BSE Sensex gained 173 points or 0.46 per cent to end at 38,050, while the broader Nifty 50 index rose 81 points or 0.72 per cent to settle at 11,259. NTPC was the top Sensex gainer, up 8 per cent, followed by Bajaj-Auto, Tech Mahindra, ONGC and Maruti Suzuki. On the other hand, State Bank of India (SBI) shares fell the most, down 1.73 per cent. Bharti Airtel, Reliance Industries (RIL), Sun Pharma, ICICI Bank and HDFC Bank were the top Sensex laggards. Barring Nifty Pharma and Nifty PSU Bank indices, all the sectoral indices ended in green. The nifty Auto index jumped 2.43 per cent led by gains in Motherson Sumi Systems, Eicher Motors, Bajaj-Auto and Hero MotoCorp.
The drive to revamp the Micro Small and Medium Enterprises (MSMEs) is more evident in present times than ever, perhaps, owing to a reason that MSMEs may provide a big push to the Government’s much-decorated vision of “Atmanirbhar Bharat”. The recent entry to the reforms, which India may witness, is a special insolvency framework for MSMEs.
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Telecom regulator Trai has clarified that in cases involving sharing of radio waves, the stipulated increment of 0.5 per cent on SUC rate should apply only on spectrum holding in the specific band where sharing is taking place, not on the entire spectrum holding of the licensee. Trai has also recommended that suitable exit clause for intimation of termination of the existing spectrum-sharing arrangement by the operators be included in the spectrum sharing guidelines.
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The broad of directors of the company declared Interim Dividend of Rs 83 per equity share of face value of Re 1 each for the Financial Year 2020-21. The record date for the purpose of determining the entitlement of the shareholders for the purpose of payment of Interim Dividend has been fixed as Thursday, 27 August, 2020 and the Interim Dividend is proposed to be paid to the shareholders, subject to deduction/withholding of applicable taxes, within the time prescribed under law.
Our BUY recommendation on AACL with a TP of INR 3,355 is premised on (1) robust demand from pharmaceutical and agrochemical customers that form ~70% of AACL’s revenue mix, (2) rising domestic market share in Methyl Amines, (3) impending capacity expansion for (high-margin) Acetonitrile, and (4) production linked incentive scheme that provides the right tailwinds for long-term volume growth: HDFC Securities
Prime Minister Narendra Modi’s efforts to bring reforms in the Indian tax system by introducing the faceless assessment facility may face fundamental roadblocks on its way. While the government has rolled out a new system of faceless assessment, appeals, and taxpayers’ charter, it is a major concern that the facility has seen the light of the day without full preparation and thus the implementation may suffer.
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We were impressed by the reduction of Greenfield plant losses this quarter despite a sharp revenue dip. SMP Greenfield losses have been reducing each quarter in the past four quarters; and that is a key monitorable for consolidated margin increase. The global recovery currently has surprised most companies on the positive and barring a second COVID-19 wave, YoY growth should return from Q3FY21: Elara Capital
Once backed by startup accelerator VentureNursery’s Apoorv Ranjan, OYO’s Ritesh Agarwal will now work with Ranjan’s incubator and investment platform Venture Catalysts as a startup advisor. Ritesh Agarwal will help entrepreneurs from Tier-I, II, and III cities in India in their startup journey who are otherwise bereft of the quality mentorship and guidance received by startups in metros.
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BSE Sensex was trading 67 points or 0.18 per cent higher at 37,944, while the broader Nifty 50 was ruling at 11,211, up 30 points or 0.27 per cent
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With the accumulation of another $3bn in a week, India’s forex reserves hit another record high of $538bn on 7th Aug’20. While this provides huge resilience to India’s external sector position, with low (often less than 1%) yield, the cost of holding high forex reserves is rising. India’s foreign exchange reserves scaled another all-time high of $538bn on 7th Aug’20 – an increase of $3bn over the previous week. The rupee has depreciated considerably in the last 12 months. But for this (i.e., in constant dollar terms) India’s foreign exchange reserves would have increased by another $32bn: Anand Rathi Financial Services
Bharat Petroleum Corporation Ltd (BPCL) shares have rallied 66 per cent from March lows. In today’s trade, shares jumped over one per cent to Rs 418 apiece. Following quarter earnings, brokerages have mixed views on BPCL shares. Foreign brokerage CLSA has retained a ‘sell’ rating to the stock. The brokerage firm said that the weak global oil demand kept the refining outlook subdued.
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National Digital Health Mission will digitize an individual’s medical records which can be seen as an enabler for an effective Tele-consultancy and seamless cash transfer benefits under the Ayushman Bharat scheme. It will improve transparency and help the transformation of the Indian Healthcare sector. PM Modi’s focus on Skill India is crucial as India as a country need to move beyond contract manufacturing, the ‘Make in India’ focus must go hand-in-hand with ‘Make for the world’, efforts should be intertwined with innovation for maximum output and reach of our products and services: Satyendra Johari, Founder & Chairman, Johari Digital Healthcare Ltd
With RBI remaining absent in doing OMO’s and OT’s, the yields can surpass a psychological 6 level and bonds may get into a sell-off zone arising out of knee jerk reaction. This could likely impact rupee negatively for a short while. However, with primary trend remaining on a stronger side, every uptick above 75.20-75.50 levels remains a selling opportunity: Amit Pabari, managing director, CR Forex Advisors
Gold eased on Monday, extending a sell-off that left the market with its worst week in five months as caution crept in ahead of the release of U.S. Federal Reserve minutes later this week. Spot gold was down 0.2% to $1,940.73 per ounce by 0258 GMT. Gold fell 4.5% last week in its biggest decline since March as investors reassessed their positions after bullion retreated from a record peak of $2,072.50 scaled on Aug. 7. U.S. gold futures were flat at $1,950.50.
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Automobile giant Tata Motors today clarified that it will not sell stake in Jaguar Land Rover (JLR). Calling Jaguar Land Rover a key pillar of Tata Motors and the wider Tata Group, the company said that it does not even intend to sell the stake. The automobile firm added that the Q1 results have shown solid liquidity despite the disruptions caused by the coronavirus pandemic and it is expected that the firm will be cash positive from the second quarter
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Glenmark Pharma share price jumped 7 per cent to Rs 508.5 apiece in early trade on BSE, after the company’s consolidated net profit more than doubled to Rs 254.04 crore in the April-June quarter. The company had reported a net profit of Rs 109.28 crore in the corresponding quarter of preceding fiscal. The stock price is over 11 per cent off from its 52-week high of Rs 572.70 touched in June this year
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The RBI in its board meeting decided to transfer Rs. 57,128 crore as dividend to the Government as compared to an Rs. 1.76 lakh cr. last year which included a onetime special transfer of Rs. 52,637 crore. The RBI board decided to maintain the contingency buffer of 5.5% which is within the target range of 5.5-6.5%. While the transfer is along expected lines, there is a possibility that the Government may seek an interim dividend from the RBI towards the closure of the financial year like it has done in the past given that the fiscal deficit is likely to overshoot the target of 3.6% by a wide margin: Jyoti Roy , DVP- Equity Strategist, Angel Broking Ltd
India’s rupee has been shielded from the headwind it typically faces in August, thanks to the robust foreign inflows into share sales by the nation’s marquee lenders. ICICI Bank Ltd., Axis Bank Ltd. and mortgage lender HDFC Ltd. have raised a combined 350 billion rupees ($4.7 billion) this month.
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Domestic equity market benchmarks BSE Sensex and Nifty 50 slipped into the red, paring all the opening gains, on Monday, mirroring mixed Asian markets. The 30-share Sensex was down 53 points or 0.14 per cent to trade at 37,824, while the Nifty 50 index breached 11,200 level on the downside and was trading at 11,158.
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The US Dollar has started the week off on a weak note. US real rates are still deep in negative territory and that could continue to weigh on the US Dollar. Asian currencies are stronger against the USD. Rupee is likely to continue to trade sideways. Likely range for today is 74.79-75.00. Nervousness in bond markets after MPC keeping rates on hold is evident as the 10y security got devolved on PDs in Friday’s auction. RBI refraining from announcing OMOs is weighing on sentiment in bond market: Abhishek Goenka, Founder and CEO, IFA Global
Glenmark Pharma share price jumped 7 per cent to Rs 508.5 apiece on BSE, as the company posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June.
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BSE Sensex was up 80 points or 0.22 points to trade at 37,960, while the Nifty 50 was trading above 11,200.
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Can Fin Homes, Petronet LNG, Lux Industries, HFCL, Scooters India, Suven Pharma, Sical Logistics and Orient Paper are among 37 companies that are scheduled to announce their quarterly earnings today.
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In overnight trade on Friday, the S&P 500 ended nearly flat. The Dow Jones Industrial Average rose 0.12%, the S&P 500 lost 0.02% and the Nasdaq Composite dropped 0.21%.
The proposed addition to the list of high-valued transactions would be used by tax department to identify those who avoid filing income-tax returns or underreport income even if they file returns, finance ministry sources have said.
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The department of telecommunications (DoT) can charge Reliance Jio around Rs 13,000 crore as dues for adjusted gross revenues, if its wants, as the company had acquired 47.50 Mhz spectrum in the 800 Mhz band from Reliance Communications (RCom) through a trading pact between January-March, 2016.
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The government has mapped as much as five lakh hectares of land — more than four times the size of Hong Kong — spread across 3,390 industrial belts and special economic zones (SEZs) in the country, as it prepares a national land bank portal to woo investors, a senior government official told FE.
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