Sensex gains 180 pts, broader indices outperform; Glenmark Pharma soars 27%

All that happened in the markets today

1:58 PM

MARKET UPDATE:: Broader indices outperform benchmarks

1:49 PM

SBI Cards hits 12-week high on heavy volumes, zooms 28% in a month

Shares of SBI Cards and Payment Services rose 6 per cent on Monday to hit 12-week high of Rs 655, on the BSE on the back of heavy volumes. The stock was trading at its highest level since March 30, 2020. In the past month, it has rallied 28 per cent, as compared to 14 per cent rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 3.56 million shares changing hands on the NSE and BSE till 12:41 pm. READ MORE

 

1:41 PM

RIL 57th most valuable firm globally by market-cap; Saudi Aramco tops chart

The up move in RIL has been triggered by a series of investments in its telecom business vertical – Reliance Platforms – by marquee global companies and investors that include Facebook, Silver Lake Partners, KKR, General Atlantic, Mubadala, and TPG. In the process, RIL has become net-debt free much ahead of its deadline to achieve this status by March 2021. READ MORE  

1:29 PM

Sebi reports 13% income growth at Rs 963 cr in 2018-19 over rise in fees

Capital markets regulator Sebi has posted a 13 per cent increase in its total income to over Rs 963 crore in 2018-19, mainly due to rise in earnings from fees and subscription income. As per the annual accounts of Sebi, the total expenditure of the regulator also rose to Rs 492.34 crore for the year ended March 31, 2019, from Rs 414.46 crore in the previous fiscal. READ MORE

1:17 PM

European stocks open lower

1:11 PM

MARKET UPDATE:: Industrial stocks gain

1:00 PM

MARKET UPDATE:: PNB gains nearly 3%

12:51 PM

MARKET UPDATE:: Sensex regains momentum, tops 35k

12:43 PM

Rupee at day's high

12:43 PM

MARKET UPDATE:: Vodafone Idea trades around 11% higher

12:35 PM

STOCK ALERT:: Alembic Pharma hits 52-week high

12:34 PM

NEWS ALERT | Adani Power board approves voluntary delisting with floor price of Rs 33.82/share: Exchange filing

12:27 PM

ONGC looking at optimising operations, capex amid Coronavirus pandemic

State-run ONGC is looking at opportunities for optimising its capital and operational expenditures as the coronavirus pandemic has impacted the progress of its projects. "The short term liquidity position was managed by raising short term borrowings to the extent required. The onset of Covid-19 itself will impact project progress to some extent and the Company is identifying opportunities for Capex and Opex optimisations," Oil and Natural Gas Corporation Ltd (ONGC) said in a regulatory filing. READ MORE

12:12 PM

BROKERAGE VIEW:: Anand Rathi Shares on Mangalam Cement

Accepting the moratorium on a few loans resulted in its current-maturity debt payments falling to Rs 500m (vs. Rs 920m earlier) in FY21. Further, the flyash supply contract for the Jhalawar unit for five years will save over Rs 200/ton in flyash prices. The Harduaganj power plant is now expected to begin by Oct’20, keeping Aligarh utilisation under pressure. We expect volumes to dip 9% in FY21, and grow 12% in FY22, with Rs 620/Rs 720 EBITDA/ton for FY21/FY22 (vs. Rs 748 in FY20). We retain our Buy rating, with a higher target of Rs 267 on FY22e EV/EBITDA of 6x, EV/ton of $40.

Risks: Rise in fuel/diesel costs, extension of the lockdown.

11:58 AM

ICICI Bank, SBI: Fitch revises IDR outlook. Time to sell these stocks?

On Monday, global rating agency Fitch revised the outlook from “stable” to “negative” on the Long-Term Issuer Default Ratings (IDR) of nine Indian banks that includes State Bank of India (SBI), Bank of Baroda (BOB), BOB’s subsidiary in New Zealand, Bank of India (BOI), Canara Bank (Canara), Punjab National Bank (PNB), ICICI Bank (ICICI), Axis Bank (Axis) - following revision in the outlook on India rating ('BBB-'). It affirmed rating on IDRs, Support Ratings (SR) and Support Rating Floors (SRF).  READ MORE