Sensex falls 164 pts; Vodafone Idea tumbles 9%, Happiest Minds soars 17%

Despite an overall slowed down momentum in the markets, investors rewarded auto stocks as the June sales figures showed healthy year-on-year recovery

3:38 PM

Rupee Closing

Rupee ends weaker at 74.56 per US dollar vs Wednesday's close of 74.33/$

3:34 PM

CLOSING BELL :: Profit-booking enters 4th day

>> The frontline BSE barometer gave up 164 points, or 0.31 per cent, to end at 52,318 levels.

>> The broader Nifty50, on the other hand, settled at 15,680 levels, down 42 points or 0.26 per cent.

3:25 PM

LARGE TRADE :: Happiest Minds Tech zooms 16% on multiple block deals

3:19 PM

MARKET CHECK :: Sensex drops over 150 pts

3:11 PM

Uncertainty on AGR, spectrum payments weighs on Vodafone Idea: Analysts

A 12 per cent decline in revenues on a sequential basis was largely due to lower average revenue per user (ARPU), which is total revenue divided by the number of subscribers and slipped for Vodafone due to a marginal dip in subscriber base. READ MORE

2:55 PM

Vodafone Idea's auditors raise doubts over its 'going concern' status

As Vodafone Idea reported a net loss of Rs 6,985.1 crore for the January-March quarter, auditors of the company have raised concerns over its survival as a 'going concern'. In its notes to the financial results for FY21 and the fourth quarter of last fiscal, the company said that the group has incurred losses of Rs 44,233.1 crore for the year ended March 31 and the net worth is negative. As at March 31, 2021, the total debt, including interest accrued but not due and AGR liability of the group stands at Rs 1.86 lakh crore. READ MORE

2:44 PM

June Auto Sales :: TVS Motor Company's total sales grow by 27% in June 2021

>> TVS Motor Company registered a growth of 27% in June 2021 with sales of 251,886 units as against sales of 198,387 units in the month of June 2020.

>> Total two-wheelers registered a growth of 25% with sales of 238,092 units in June 2021 as against sales of 191,076 units in June 2020.

>> Three-wheeler of the Company registered a growth of 89% with sales of 13,794 units in June 2021 as against sales of 7,311 units in June 2020.

>> The Company's total exports registered sales of 106,246 units in the month of June 2021 as against sales of 53,123 units in June 2020.

2:41 PM

Power consumption grows nearly 10% to 115.39 billion units in June

Power consumption in the country grew by nearly 10 per cent in June to 115.39 billion units (BU) compared to a year ago, but is still lower than the pre-COVID level, according to power ministry data.

 

Power consumption had slumped to 105.08 BU in June 2020, mainly due to fewer economic activities amid COVID-induced restrictions. READ MORE

2:30 PM

Stocks that hit 52-week high on BSE in an otherwise rangebound session today

Company	PRICE(rs)	52 WK HIGH	CHG(%)
APL Apollo Tubes	1640.20	1675.75	0.72
Apollo Hospitals	3666.65	3680.00	1.34
Bharat Electron	184.10	184.85	3.43
Carborundum Uni.	630.65	643.90	4.02
Century Textiles	617.90	624.40	0.55

2:18 PM

European markets check

(Source: Reuters)

2:10 PM

Shree Renuka Sugars becomes the most valuable sugar co; up 326% in 3 months

Shree Renuka Sugars became the most valuable sugar producing company in terms of market capitalisation (m-cap) on Thursday after its stock soared over 300 per cent during the past three months. The stock hit an over nine-year high in the intra-day session today and was trading at its highest level since February 2012. READ MORE

1:59 PM

Happiest Minds hits new high, rallies 103% so far in current fiscal

Shares of Happiest Minds Technologies continued their northward movement in Thursday's session and hit a new high of Rs 1,099, up 9 per cent, on the BSE on the back of heavy volumes. A combined 11.57 million equity shares, representing 7.88 per cent of the total equity of the company had changed hands on the NSE and BSE till 01:13 pm. At the same time, the S&P BSE Sensex was down 0.05 per cent at 52,458 points. READ MORE

1:49 PM

MARKET VIEW :: What should investors to expect from the Listing of India Pesticides Limited IPO?

India Pesticides Limited IPO will get listed on the bourses on 5th July 2021 and it is expected that investors will receive shares in their de-mat accounts on 2nd July 2021. We have seen good listing for several IPOs in the last two weeks and the expectation for Indian Pesticides Limited is also the same.

If we look at the grey market premium of IPL IPO, it has been volatile since last week and currently it is quoting at Rs 60 as per the different sources. If we look at the fundamentals and valuation of stock, fundamentals look good and based on FY-2021 P/E of 24.5x and EV/EBITDA of 18.2x at the upper band of the IPO price, valuations are slightly better than the peer companies.

Similarly, the company has one of the best ROE & ROCE of 34% and 45% respectively. We expect listing to be at a premium of 15%-25%. We suggest short term investors to book at levels of Rs 350.

Views by: Yash Gupta Equity Research Associate, Angel Broking 

1:39 PM

Dr Reddy's denied approval for Phase 3 trials of Sputnik Light vaccine

The central government's Subject Expert Committee (SEC) has denied permission to Dr Reddy's Laboratories for conducting Phase 3 trials of Russia's COVID-19 vaccine Sputnik Light in India. "The SEC has denied permission to Dr Reddy's to conduct phase-3 trials on the Russian vaccine Sputnik Light in India," sources told ANI here. READ MORE

1:26 PM

Market check :: Sensex erases losses, trades flat