Indices snap 4-day losing run; Sensex up 166 pts; small-caps outperform

Sectorally, the Nifty Pharma index was the top gainer, up 0.6 per cent, followed by the Nifty Bank index, up 0.4 per cent

1:35 PM

Canara Bank to raise Rs 3,400 cr in capital via Additional Tier-I bonds

Public sector lender Canara Bank is planning to raise up to Rs 3,400 crore in capital by issuing fresh Additional Tier-I bonds (AT1) to replace maturing bonds and support growth.

 

The bonds worth around Rs 2,500 crore are maturing in the current financial year. The bank has not fixed the time for fresh AT1 bonds for now, bank officials said. India Ratings (Indi-Ra) has assigned “AA\stable” rating for proposed offering of AT1 bonds. READ MORE
 

1:35 PM

European markets check

(Source: Reuters)
 

1:24 PM

India Pesticides likely to list at 15-19% premium, hints grey market trends

The initial public offer (IPO) by the agrochemical firm that ran between between June 23-25 was subscribed 29 times, with the non-institutional quota garnering 51.88 times bids, the qualified institutional category 42.95 times and the retail individual category 11.30 times. READ MORE

1:10 PM

NEWS ALERT :: Laurus Labs receives licence from DRDO to manufacture and market of 2-Deoxy-D-Glucose

Laurus Labs Limited announced today that it has received the licence from Defence Research & Development Organisation (DRDO) to manufacture and market of 2-Deoxy-D-Glucose (2DG).

2DG has been given emergency approval by the Drug Controller General of India (DCGI) for use on Covid-19 patients in the country.

Laurus Labs has already applied with CDSCO for emergency use authroisation (EUA) for 2DG.
 

1:03 PM

India's economic hit from second Covid wave to be limited to Q1: Moody's

India's economic damage due to the second wave of COVID-19 and subsequent lockdowns will remain restricted to the April to June quarter, Moody's Investors Service said in a new macroeconomic outlook. "We currently expect India's real GDP to grow at 9.6 per cent in 2021 and 7 per cent in 2022," it said. "With states now easing restrictions, economic activity in May is likely to signify the trough." READ MORE

1:01 PM

Used vehicle unicorn Cars24 nears $250 mn deal that could double valuation

India’s biggest online marketplace for pre-owned cars is set to raise $200 million to $250 million from existing backers including DST, which may lead the round, said the person, who asked not to be named discussing a private deal. Other investors including Moore Capital Management could join the deal, which could close in a few weeks, the person added. The pact could value Cars24 at $1.6 billion to $2 billion, up from about $1 billion in November, when it closed a Series E round, the person said. READ MORE

12:52 PM

Edelweiss Financial Services to sell its 70% stake in insurance broking JV

Edelweiss Financial Services on Friday said it will exit the insurance broking business by selling its 70 per cent stake in Edelweiss Gallagher Insurance Brokers Ltd for Rs 307.60 crore. "The company has entered into an agreement... to divest its entire shareholding (currently 70 per cent) in Edelweiss Gallagher Insurance Brokers Ltd, a subsidiary, engaged in the business of insurance broking to Arthur J Gallagher & Co...," Edelweiss Financial Services said in a regulatory filing. READ MORE

12:40 PM

Magma Fincorp plans to enter into co-branded credit card business

"As a forward integration step, the Board of Directors of the company has approved a proposal to enter into a co-branded credit card arrangement for issuance of co-branded credit card, subject to obtaining necessary approvals from the regulatory authority(ies)," Magma Fincorp said in a regulatory filing. READ MORE

12:31 PM

What Robinhood's IPO filing says about the traders in Reddit user base

The typical soldier in the army of retail traders upending Wall Street is a 31-year old who grabs their smartphone seven times a day to check the assets in their first-ever brokerage account, which may well hold a good chunk of cryptocurrencies in addition to stocks. Those broad strokes describing retail traders are among the nuggets found in the July 1 filing by online brokerage firm Robinhood Markets, which is aiming for an initial public offering worth over $40 billion. READ MORE

12:19 PM

91% stocks in overbought zone flash bullish signal. Do you own any?

The price action is the most significant aspect in trading in the stock markets. The strength and momentum in the price action trigger a direction, which traders and investors are deeply interested in. The price action flashes these triggers via various patterns like Head and Shoulders, Double bottom, Rising Wedge, Falling Wedge, Rising channel and Falling channel patterns, Flags, etc. READ MORE

12:13 PM

NEWS ALERT ::Cadila Health in focus

 Zydus Cadila receives final nod from US FDA for Emtricitabine and Tenofovir Disoproxil Fumarate Tablets

11:59 AM

'Telecom industry in trouble' is an understatement: Airtel's Sunil Mittal

Telecom czar Sunil Mittal on Thursday said the industry is under tremendous stress and hoped the government will ensure that India's digital dream remains intact through the provision of at least three operators.

 

Mittal acknowledged that telecom tariffs need to go up and that Airtel would "not hesitate" in this regard, but was quick to add that it cannot be done "unilaterally". READ MORE

11:46 AM

Tesla stock trading pattern looks bleak after tough start to 2021

The lackluster performance in recent months has culminated with the stock now on the verge of a so-called death cross. That’s when a security’s average price over the last 50 days falls below that of its 200-day moving average. It’s a closely watched technical measure that may portend a period of continued declines. In Tesla’s case, the last time shares formed this trading pattern was in February 2019 and preceded a more than 40 per cent decline in the share price to $35.79 from $63.98, within a span of 65 days. READ MORE

11:35 AM

Asset managers flag off concerns over steep run-up in mid-, small-cap space

Asset managers have flagged off concerns over the steep run-up in mid and smallcap stocks, which has shrunk the traditional discount available in the segment vis a vis large cap peers.

 

The mid and small cap indices, which underperformed large caps until early 2020, have covered lost ground, gaining 73 per cent and 104 per cent, respectively, in the last one year. READ MORE

11:34 AM

NEWS ALERT | Garden Reach Shipbuilders bags export order worth Rs 134 cr in Bangladesh