Sensex zooms 395 pts amid buying in realty, bank stocks; Nifty above 15,800

Sectorally, all, except the IT and Pharma indices, ended in the green. Of these, the Nifty Realty index was the top gainer, up nearly 3 per cent.

3:36 PM

CLOSING BELL

The S&P BSE Sensex hit an intra-day high of 52,919 before settling at 52,880 levels, up 395 points or 0.75 per cent.

On the NSE, the Nifty50 index gained 115 points, or 0.71 per cent, to close at 15,834 levels. 

3:34 PM

Market valuation too demanding; divestment target may not be met: Nomura

Valuation of Indian stock market at 22.5 times fiscal 2021-22 (FY22) earnings is too demanding, said analysts at Nomura in their 2021 Asia economic, currencies & equities mid-year outlook call on Monday. Within the region, they expect north Asian markets, particularly China and Japan, to do well in the remaining part of calendar year 2021 (H2-CY21). The Rs 1.75 trillion divestment target for FY22, according to them, may not be achieved. READ MORE

3:26 PM

Shares of SoftBank, biggest investor in Didi, sink after China blocks app

Shares in SoftBank Group Corp. tumbled Monday after Chinese regulators ordered app stores to remove Didi Chuxing, run by the recently U.S.-listed ride-hailing giant in which the Japanese firm is the top shareholder.

 

The government also widened its probe of U.S.-listed tech firms to include Full Truck Alliance Co., another SoftBank investment. SoftBank fell 5.4% in Tokyo, the most among stocks on Japan’s Nikkei 225 Stock Average and the biggest decline since it reported earnings in May. READ MORE

3:13 PM

Apex Frozen Foods hits 20% upper circuit, rises 46% in a week post Q4 nos

In the past week, the stock has zoomed 46 per cent as compared to a 0.20 per cent rise in Sensex, following the company’s March quarter (Q4FY21) results. The company's profit after tax (PAT) more-than-doubled to Rs 8.4 crore from Rs 2.3 crore in the December 2020 quarter (Q3FY21). Although, on a year-on-year (YoY) basis, PAT declined 8.7 per cent from Rs 9.2 crore posted in the same quarter last year. READ MORE

3:02 PM

NEWS ALERT :: Casinos in Sikkim, operated by the company, to resume operations from July 6, says Delta Corp

3:02 PM

Nifty sectoral indices at this hour

2:51 PM

OPEC+ crisis deepens as Saudi Arabia refuses to budge, oil edges up

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, voted on Friday to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022, but objections from the United Arab Emirates (UAE) prevented an agreement. READ MORE

2:40 PM

Stocks that hit 52-week high on BSE today

Company	PRICE(rs)	52 WK HIGH	CHG(%)
Apollo Hospitals	3714.65	3762.25	-0.51
Astral	2045.90	2064.55	0.21
Avanti Feeds	627.90	636.20	10.75
Balkrishna Inds	2296.80	2337.50	-0.05
Cams Services	2862.00	2950.00	-0.31

2:33 PM

Q1 business update :: Godrej Consumer Products expects to deliver strong double-digit sales growth

>> In India, we expect to deliver sales growth in high teens, driven by strong volume growth and calibrated price increases. We expect our 2-year CAGR to be in the double digits.

>> At a consolidated level, we continue to leverage our category and geographic portfolio well and expect to deliver strong double-digit sales growth and our 2-year CAGR to be in the double digits.
 
Click here for details on international biz

2:22 PM

CSB Bank gains 7%, hits record high post June quarter business update

Shares of CSB Bank hit a record high of Rs 372.95, up 7 per cent on the BSE in intra-day trade on Monday after the lender released a business update for the April-June quarter of the financial year 2021-22 (Q1FY22). The stock surpassed its previous high of Rs 362.50 touched on June 30, 2021. READ MORE

2:11 PM

Paytm to file draft prospectus next week for $2.3-bn IPO: Report

One97 Communications Ltd, the parent of Indian payments firm Paytm, will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, two sources close to the matter said on Monday, Reuters reported. READ MORE

2:00 PM

Tata Steel June quarter crude steel output jumps over 43%; sales up 35%

Steel major Tata Steel has posted an over 43 per cent jump in its consolidated crude steel output at 7.94 million tonne (MT) during the quarter ended June 30, 2021. The company's consolidated output of steel in the year-ago quarter was at 5.53 MT, Tata Steel said in a statement released on Sunday. During the April-June period of 2021-22 fiscal, the company's consolidated sales also rose to 7.14 MT, from 5.33 MT in the same quarter a year ago, a rise of 35 per cent. READ MORE

1:49 PM

Q&A | Valuation of SBI, subsidiaries can be better: Chairman Dinesh Kumar Khara

The second Covid-19 wave has hit both individuals and businesses hard. Within three weeks of starting Covid-19 personal loans, State Bank of India (SBI), the country’s largest lender, has disbursed about Rs 400 crore, says its Chairman Dinesh Khara in an interview. While the June quarter was weak, Khara is betting on retail loan growth on the back of the improving economy. However, there is very little traction in corporate loans. He also believes the aberration in inflation will go as supply chains normalise. READ FULL INTERVIEW HERE

1:46 PM

IndusInd Bank Q1 update | Advances down 1% QoQ, up 7% YoY

-- Deposits up 4% QoQ, up 26% YoY
 

1:39 PM

European markets check

(Source: Reuters)