MARKET: Sensex erases day's gains, ends 52 pts lower; Bharti Airtel dips 3%

All that happened in the markets today

1:54 PM

IPO Alert :: Happiest Minds subscribed over 5x till 1:45 pm

1:44 PM

Bond traders in India on edge again amid conflicting signals from RBI

The yield on the 5-year bond has climbed 29 basis points so far in the three trading sessions to Tuesday while the rate on 10-year bonds is up 16 basis points, retracing much of the earlier fall. The quick turn in sentiment shows a tug-of-war between the hopes of the bond market and the central bank’s approach to absorbing a record supply of debt from the government. READ MORE

1:35 PM

European indices mixed in early deals

1:35 PM

Covid-19 impact: GIC Re reports a pre-tax loss of Rs 811.22 crore in Q1FY21

GIC Re’s gross premium income in Q1FY21 dropped 24 per cent to Rs 15,881.55 crore, compared to Rs 20,813.12 crore in the same period last financial year. While it recorded a 25.3 per cent growth in the fire insurance segment in Q1FY21, with premiums to the tune of Rs 3,925.92 crore compared to Rs 3,134.14 crore in Q1FY20, however, other segments such as motor, health, agriculture, and marine segments saw contraction in premiums. READ MORE

1:20 PM

Demand recovery, resumption of ops to offset weak Q1 for Jubilant Life

Jubilant Life Sciences shed 6 per cent on the bourses after reporting muted June quarter results and valuation concerns following the recent rally. Prior to Monday’s correction, the stock had gained over 46 per cent in three months. READ MORE

1:09 PM

NEWS ALERT :: MEA calls reports by Chinese media as 'false'

1:00 PM

Nifty IT index hits record high on swift recovery hope; TCS hits new peak

Shares of information technologies (IT) companies were in focus with Nifty IT index hitting an all-time high of 18,653 on the National Stock Exchange (NSE) on Tuesday on expectation of a swift recovery in BFSI (banking, financial services and insurance) sector to pre-Covid growth levels through FY21. The optimism comes on the back of receding supply challenges and steady technology budgets at large US banks. READ MORE

12:42 PM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
IFB INDUSTRIES	562.20	7.50
DIXON TECHNOLOG.	9590.00	7.47
AMBER ENTERP.	1950.85	6.15
ASHOKA BUILDCON	72.15	5.79
V-MART RETAIL	1893.15	5.68

12:30 PM

Amber Enterprises rallies 9%, hits record high after launching QIP issue

In a draft placement document, Amber said it intends to raise funds for capital expenditure required for the long-term growth of its businesses; extend loans to and invest in its subsidiaries for their long-term and short-term business purposes, repay debt, and make strategic acquisitions or joint ventures. READ MORE

12:16 PM

Page Industries: Muted earnings visibility, high valuation hurt sentiment

Though the Street has, in many cases, responded well to positive management commentary on post-Covid recovery despite weak Q1 numbers, the story has been different for Page. Consequently, the stock has slid 7 per cent since its results last Thursday — more than the 1.7 per cent decline in the Sensex during the same period. READ MORE

12:05 PM

Manappuram Finance, Federal Bank: 5 financial stocks that look weak on charts

NIFTYBANK: The recent gap down below 23,450 has dampened the upside bias. Thereafter continuous negative closes have built more negative opinion. The nearby support comes in at 50-day moving average (DMA) at 22,388 levels, which seems to get tested soon. The trend indicates a sell on rise module with higher side to witness the selling momentum towards 24,000 levels. Remember, Nifty Bank showed a bearish sentiment at 200-DMA recently, and failed to conquer the same. READ MORE 

11:55 AM

Why Goldman Sachs believes the bull-run in markets will continue

The market rally that started in March 2020 after hitting their lowest point in calendar year 2020 has more legs, believe analysts at Goldman Sachs, who do caution that there could be intermittent corrections along the way. Markets, Goldman Sachs says, are in the first phase of a new investment cycle, which it calls a ‘Hope’ phase, following a deep recession. Investors, it says, start to anticipate a recovery in this phase and is typically the strongest part of the cycle. READ MORE

11:42 AM

Kamath committee: Analysts applaud criteria, but fear not all may benefit

The KV Kamath Committee’s report has outlined financial ratios for the 26 sectors impacted the most due to the outbreak of Covid-19 pandemic. The benchmarks, analysts say, seem reasonable with debt being split into mild, moderate, and severe. “The five key ratios -- Debt/equity, Debt/EBITDA, Current Ratio, Debt Service Coverage (DSCR), and Average Debt Service Coverage (ADSCR) -- have been set reasonably, so most companies facing stress should be able to see restructuring. That apart, the committee has also asked banks to split restructured loans into mild, moderate, and severe stress which, we believe, will also be useful to investors to assess the nature of restructuring,” said a Jefferies’ note. READ MORE

11:29 AM

Info Edge up 3% after Q1FY21 results; Axis Capital maintains 'ADD'

Shares of Info Edge gained 3.88 per cent to Rs 3,419.85 on the BSE on Tuesday after the company reported consolidated net profit of Rs 93.66 crore in the June quarter of FY21 (Q1FY21) as compared to loss of Rs 190.91 crore reported in Q1FY20. Consolidated revenue declined 10.8 per cent year-on-year (YoY) to Rs 285 crore during the quarter. Earnings before interest, tax, depreciation, and ammortisation (Ebitda) stood at Rs 104 crore. The Ebitda margin in Q1FY21 came in at 37.3 per cent. READ MORE

11:14 AM

IRCTC gains 7% in 2 days as Railways to operate additional special trains

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) gained 3 per cent to Rs 1,460 on the BSE on Tuesday, rising 7 per cent in the past two trading days on operation of additional special trains with effect from Saturday, September 12. In the first six trading days of the current month, the stock of the government-owned travel support services company has outperformed the market by surging 9 per cent from the level of Rs 1,343. In comparison, the S&P BSE Sensex has risen 0.10 per cent. READ MORE