Share Market HIGHLIGHTS: Sensex ends 180 points higher, Nifty above 10,300; Glenmark Pharmaceuticals zooms 28%

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Updated: June 22, 2020 4:44:05 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty ended over half per cent higher on Monday. Glenmark Pharmaceuticals share price jumped 28 per cent

Share Market Today, Share Market LiveExcept for Nifty IT, all the sectoral indices ended the session in green

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over half a per cent higher in Monday’s session led by buying in metals, banks and pharma stocks. The 30-share Sensex advanced 180 points or 0.52 per cent to end the session at 34,911, while the broader Nifty 50 index settled at 10,311, up 67 points or 0.65 per cent. Out of 30 Sensex stocks, 21 scrips finished trade in the positive territory. Bajaj-Auto was top Sensex gainer with a growth of 7 per cent, followed by Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, Power Grid Corporation of India and NTPC. On the other hand, HDFC was the top laggard on the Sensex pack. ONGC, TCS, Reliance Industries (RIL), HDFC Bank, Infosys and M&M were among top losers. Except for Nifty IT, all the sectoral indices ended the session in green. Nifty Metal gained 2.62 per cent and Nifty Pharma jumped 2.16 per cent in today’s trade. Only the Nifty IT index declined and closed 0.25 per cent lower.

Drug firm Glenmark Pharmaceuticals on Saturday said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate Covid-19 at a price of about Rs 103 per tablet. “It offers a rapid reduction in viral load within 4 days and provides faster symptomatic and radiological improvement. Of most importance, Favipiravir has shown clinical improvement of up to 88 per cent in Covid-19 mild to moderate COVID-19 cases including those with co-morbidities,” the statement said.

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    15:48 (IST)22 Jun 2020
    Closing bell: Sensex, Nifty end half a per cent higher today

    The 30-share Sensex advanced 180 points or 0.52 per cent to end the session at 34,911, while the broader Nifty 50 index settled at 10,311, up 67 points or 0.65 per cent.

    15:20 (IST)22 Jun 2020
    New brands find ground: Supply shortage from known players push customers to experiment

    New brands have found ground in the past few weeks as absence of supply from known brands push customers to try out newer ones. “In last few weeks over 60% of consumers tried new brands largely due to unavailability of regular ones,” consulting firm Kearney said in a report on Monday, adding that lower price options also drove sales for these companies. However, known players are now at risk of losing their customers as these experiment purchases may become permanent conversion.

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    14:34 (IST)22 Jun 2020
    Larsen & Toubro inks pact with KBR for refinery, petrochemical projects

    Engineering and construction giant Larsen & Toubro (L&T) on Monday said it has inked pact with KBR to build modular process plants for refinery and petrochemical projects. The memorandum of understanding (MoU) has been signed by L&T arm L&T Hydrocarbon Engineering.

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    14:19 (IST)22 Jun 2020
    Maharashtra puts Chinese deals on hold, Yogi Adityanath’s UP takes tough stand on imports from China

    China is set to pay a heavy economic price after a violent clash with India at Galwan Valley, with chief minister Uddhav Thackeray-led Maharashtra already pausing three Chinese projects worth Rs 5,000 crore. Along with the Maharashtra government, Yogi Adityanath’s Uttar Pradesh, and Manohar Lal Khattar’s Haryana have also adopted a tough stance on imports from China, and have stepped up to boycott Chinese companies and products.

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    13:38 (IST)22 Jun 2020
    Britannia’s ‘Many Indias’ strategy to win against local rivals in Hindi heartland

    FMCG major Britannia is trying to push its biscuits category with an eye on the local markets and has come up with a strategy to woo consumers from Hindi Heartland. The maker of Britannia Good Day cookies has deployed a strategy to win ‘Many Indias’, a report said on Monday. “Large brands like Good Day, Milk Bikis and Marie Gold have employed localized strategies to meet the unique needs of different markets and fight local players. A focused and localized strategy has been adopted for the Hindi Heartland states as well,” brokerage and research firm Motilal Oswal said in the report.

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    13:37 (IST)22 Jun 2020
    Brokerage view on Capacite Infraprojects

    Whilst Capacite Infraprojects Ltd (CIL) delivered Rev/EBIDTA/PAT beat of 19/35/100% the headline numbers remain weak. COVID-19 pandemic resulted in CIL missing Mar-20, 2nd half billing, migrant labour issues led to further challenges. We expect CIL 1HFY21 financial performance to be weak with gradual return to normalcy by 3QFY21 end. Building EPC Players have been hit hard as labour availability has dropped to ~15-20% of pre Covid levels. Urban areas turned into containment zones and State Govt imposed restrictions on labour movement. This resulted in projects coming to halt. Stable balance sheet, strong order book (7x FY20 Rev) and gradual unlocking towards normalcy will lead to CIL re-rating. Maintain BUY with Rs 147/sh TP HDFC Securities

    13:27 (IST)22 Jun 2020
    RIL share price more than doubles in 3 months; becomes first Indian firm to hit $150bn m-cap

    RIL share price hit a new all-time high of Rs 1,804.10 apiece on BSE after the company on Friday announced to become a net debt-free firm nine months ahead of its deadline. Reliance Industries share price more than doubled from its March low of Rs 883.85 apiece touched on March 23. The stock gained 2.5 per cent in today’s trade which made the oil-to-telecom conglomerate the first Indian firm to be valued at Rs 11,43,667 crore (USD 150 billion) registering a rise of Rs 28,248.97 crore, on the BSE

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    12:33 (IST)22 Jun 2020
    Diesel now costs as much as petrol, fuel prices soar above Rs 85 a litre in Mumbai; check prices in Delhi

    With a continuous rise in fuel prices in the last 16 days, petrol and diesel prices have come neck and neck with each other for the first time in the history of independent India. Petrol prices have surged by Rs 8.30 per litre and diesel by Rs 9.22 per litre during the ongoing rising streak. Petrol is being sold at Rs 79.56 a litre in Delhi today, while diesel is at Rs 78.85 per litre, according to Indian Oil Corp data.

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    11:56 (IST)22 Jun 2020
    New IPO: Ksolves India public issue opens this week; check price band, lot size, date, other details

    Initial public offer for software services and product company Ksolves India will open for subscription on Tuesday, 23 June 2020, and will close on 26 June 2020. The IPO has a price band of Rs 100 per share. The fresh issue of 4,02,000 equity shares of Rs 10 each at a price of Rs 100 per equity share will aggregate Rs 4.02 crore. Out of which 20,400 shares of the face value of Rs 10 each at a price of Rs 90 aggregating to Rs 20.40 lakhs will be reserved for subscription by the market maker. 

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    10:43 (IST)22 Jun 2020
    Trend in gold positive for intraday

    Gold prices rose on Monday to their highest in a month as surging coronavirus infections intensified concerns over a delay in global economic recovery and prompted investors to seek the safe-haven metal. The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period. The trend will be positive for intraday: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    10:22 (IST)22 Jun 2020
    Glenmark Pharmaceuticals share price rallies 15% as firm launches COVID-19 drug Favipiravir

    Glenmark Pharmaceuticals share price rallied 15 per cent to Rs 470.45 apiece on BSE after the company on Saturday after the company announced the launch of antiviral drug Favipiravir (brand name FabiFlu®) for the treatment of mild to moderate COVID-19 patients. Glenmark Pharma stock has gained 180 per cent in less than three months from its 52-week low of Rs 168 apiece, taking the market capitalisation of the company to Rs 13,274.60 crore.

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    10:02 (IST)22 Jun 2020
    Rupee may move near 76.50-77.00 levels in the days to come

    As the challenge on economy and trade relations is not restricted to the domestic borders and is widespread across the globe, it shall keep the dollar on a stronger foot. Also on the domestic front, RBI has been buying dollars in a large quantum and has taken Forex reserves to $507.64 Bn. Considering the current scenario, strength in the dollar can sustain for a longer period and this will eventually not allow rupee to appreciate sharply below 75.00 levels. However the pressure shall remain on the depreciation side and if the pair continues to trade above 76.20 levels, it might move near 76.50-77.00 levels in the days to come: Amit Pabari, managing director, CR Forex Advisors

    09:50 (IST)22 Jun 2020
    Brokerage view on IRB Infrastructure Developers

    IRB delivered in-line revenue with EBITDA beat of 16% and APAT miss of 25%. IRB-GIC deal is now concluded. Rs 37bn of proceeds realised till date have been utilised towards IRB-GIC INVIT SPVs’ debt reduction to the tune of Rs 30bn making them FCF positive with no funding support requirement envisaged. Further, 1st tranche of Rs 65bn payment to MSRDC for MP expressway completed with Rs 55bn debt drawdown (of Rs 66bn sanctioned) and Rs 10bn equity. We maintain BUY with an SOTP based TP of Rs 142/Sh HDFC Securities.

    09:38 (IST)22 Jun 2020
    Bajaj Finserv, Bajaj Finance top Sensex gainers

    Bajaj Finserv as top gainer with a growth of 7 per cent, followed by Bajaj Finance, IndusInd Bank, Bajaj-Auto, Reliance Industries and Axis Bank Bank.

    Check live prices: Bajaj Finserv

    09:36 (IST)22 Jun 2020
    Glenmark Pharmaceuticals, Cipla gain up to 10%

    Glenmark Pharmaceuticals share price hit 10 per cent circuit at Rs 450 apiece on BSE, while another pharma major Cipla rallied 9 per cent to Rs 696 apiece after launching remdesivir for COVID-19 treatment.

    Check live prices: Glenmark Pharma

    09:24 (IST)22 Jun 2020
    Rupee is likely to open around 76.20 and trade 75.95-76.40 range

    Rupee is likely to open around 76.20 and trade 75.95-76.40 range. Asian currencies are flat against the USD. Indonesian Rupiah is the worst performer. Nifty is likely to trade with a positive bias. Production cuts by OPEC+ and a pick up in demand with economies gradually opening up has balanced oil markets. We could see crude prices inch higher has demand picks up further towards pre pandemic levels. With President Trump restarting his campaign, the focus will now shift to the November US presidential elections. Polls on an average currently show Biden having a 9 percentage point lead over Trump. The lead has widened as many in the US are unhappy with Trump's handling of the pandemic and the protests against racism: Abhishek Goenka, Founder and CEO, IFA Global

    09:23 (IST)22 Jun 2020
    Sensex, Nifty gain in early morning trade

    BSE Sensex and Nifty 50 opened over half a per cent higher in Monday's trade. Sensex up 175 points and Nifty 50 was trading over 10,300-mark in early deals.

    Check live Sensex, Nifty levels

    09:13 (IST)22 Jun 2020
    Brokerage view on Britannia Industries

    While BRIT’s sales growth in FY20 was lower than the past few years, its continued margins expansion drive is commendable, especially in a highly inflationary environment. The company has created a strategy to win in 'Many Indias' in order to grow the biscuits business with several large brands employing localized strategies. 2% of FY20 sales coming from new categories like cream wafers and milkshakes is encouraging from a long term investment perspective Motilal Oswal

    09:06 (IST)22 Jun 2020
    International oil prices have started with gains this Monday morning in Asian trade

    International oil prices have started with gains this Monday morning in Asian trade amid tighter supplies in the markets, however, upside remained limited amid demand recovery concerns due to rise in global covid-19 cases. Domestic crude could start higher this Monday morning, tracking a positive start in the overseas markets. Technically, NYMEX WTI Crude Oil contact did not manage to close above $40.00 level where it retreated from $40.50 levels down to $38.29 level including a pressure to continue below $40.00 levels. MCX Crude Oil July had a positive session where it made a high of 3108 levels further could resist at 3121-3192 levels while 3033 to 2970 levels will act as support: Sriram Iyer, Senior Research Analyst at Reliance Securities

    08:58 (IST)22 Jun 2020
    Stocks in focus: Glenmark Pharma, Cipla, Reliance Capital, HDFC Bank shares to remain in news today

    Cipla announced the launch of remdesivir under its brand name CIPREMI. The US FDA issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc. for emergency use of remdesivir for the treatment of hospitalized 2019 coronavirus disease (COVID-19) patients, company informed.

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    08:19 (IST)22 Jun 2020
    Ashoka Buildcon rating: Buy — Covid hit execution in Q4~ Edelwiess

    Ashoka Buildcon (ABL) reported 4% y-o-y contraction in Q4FY20 revenue as COVID-19 adversely impacted execution. Ebitda margin surged 440bps y-o-y to 18.2% aided by one-offs; consequently, adjusted profit rose 56% y-o-y. Toll revenue remained weak with traffic declining y-o-y across all projects.

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    08:18 (IST)22 Jun 2020
    Hindustan Petroleum: Best placed to gain from strength in auto fuel marketing margins~ ICICI Securities

    Hindustan Petroleum Corporation’s (HPCL’s) consolidated and standalone recurring EPS were in the red in Q4FY20 and down 65-69% y-o-y in FY20, both hit mainly by inventory loss vs gain in FY19. We estimate the company’s Q1FY21e EPS to be up 232% y-o-y, despite steep fall in sales volumes due to lockdown, boosted by record auto fuel marketing margins, y-o-y surge in GRM and inventory gain.

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    08:14 (IST)22 Jun 2020
    Asian stock markets trade flat

    On Monday, Asian stock markets were trading flat as coronavirus cases soared again. In Japan, the Nikkei 225 edged 0.1% higher while the Topix index traded flat. South Korea’s Kospi stood little changed.

    08:13 (IST)22 Jun 2020
    SGX Nifty hints at flat start for Sensex, Nifty

    Trends on SGX Nifty indicated flat start for BSE Sensex and Nifty 50 on Monday. Futures were trading 32 points 0r 0.31 per cent lower at 10,214.50 on Singaporean Exchange

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