Financials, RIL lift indices; Sensex jumps 700 pts, Nifty ends at 10,092

All that happened in the markets today

11:13 AM

Pidilite Industries falls 3% on disappointing Q4 results

The company’s profit before tax and exceptional items (PBT) declined 12 per cent year-on-year (YoY) to Rs 255 crore. Net sales declined 6 per cent at Rs 1,535 crore over the previous year quarter, largely impacted by lockdown and disruption in supply chain. EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin improved to 19.5 per cent from 17 per cent, primarily due to softer input costs. READ MORE

11:04 AM

NEWS ALERT | DoT has asked companies to consider reviewing future partnership with Chinese cos like Huawei & ZTE

(as reported by CNBC TV18, quoting sources)

10:53 AM

MARKET UPDATE:: Broader indices outperform benchmarks

10:46 AM

Covid-19 crisis: Move to turn hotels into hospitals raises temperature

Well-intentioned moves don’t always mean good business, and hoteliers have been forced to learn this the hard way. The Delhi government’s recent order to attach hotels to serve as extensions of hospitals to provide for the shortfall of beds and medical facilities for Covid-19 patients has baffled many hoteliers, who say though the move is for a good cause, it will be a blow to the sector already reeling from the impact of the pandemic. READ MORE 

10:33 AM

ITI hits 52-wk high as govt bars BSNL, MTNL from using Chinese 4G equipment

The stock has rallied 32 per cent in the past two trading days after the Department of Telecommunications (DoT) asked state-owned Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam (MTNL) to exclude Chinese gearmakers from supplying 4G telecom equipment. Private telecom operators have been asked to consider staying away from such Chinese firms. READ MORE

10:22 AM

MARKET UPDATE:: Sensex gains momentum

10:13 AM

Gravestone, Dragonfly: Use Doji Candlestick patterns to maximise profits

A Doji candlestick is formed when the open and close prices of a stock or index are nearly the same, which represents indecision among traders. The different forms of a doji candlestick are: long-legged doji, Gravestone doji, and Dragonfly doji. In simple terms, such a candle indicates that the bulls and bears are uncertain about the trend. The strength and momentum for both seems to be at par, resulting in the price settling at the equal level. One can use this candle to make a buy or sell decision. READ MORE

10:06 AM

Rupee opening

Rupee opens flat vs Wednesday's close of 76.15 against the US dollar

10:01 AM

Muthoot Finance surges 9%, hits new high on robust March quarter results

During the quarter, the company’s gold loan portfolio increased by Rs 3,113 crore to Rs 41,611 crore. "Disbursements and collections have normalized and the management are expecting increase in disbursement once movement of people increases and economic activity level picks up. The company is looking to grow gold loan business by about 15 per cent for the whole year," the company said. READ MORE

9:55 AM

NEWS ALERT :: Expect the RBI to cut policy rate by at least another 25bp this fiscal, says Fitch Ratings

9:50 AM

NEWS ALERT :: Medium-term GDP growth outlook may be negatively affected by renewed asset-quality challenges in banks, liquidity issues in NBFC

>> The financial sector was already facing weak business and consumer confidence before the crisis and authorities had to deal with some high-profile cases over lapses in governance. 

 

>> A renewed rise in NPLs and the need for further financial government support now seem inevitable despite regulatory measures announced by the Reserve Bank of India (RBI). These measures include an extension of the 90-day moratorium on recognition of impaired loans to 180 days and several relaxations in bank lending limits such as allowing banks to fund interest on working-capital loans.

>> These moves will put a heavy onus particularly on public-sector banks to bail out the affected sectors and extend impaired-loan recognition, heightening solvency risks if not met by adequate and timely capital support

9:49 AM

NEWS ALERT :: Fitch expects govt debt to jump to 84.5% of GDP in FY21 vs 71.0% of GDP in FY20

>> This is significantly higher than the median of 42.2% of GDP for the 'BBB' category in 2019, to which FY20 corresponds, and 52.6% for 2020.

>> The medium-term fiscal outlook is of particular importance from a rating perspective, but is subject to great uncertainty and will depend on the level of GDP growth and the government's policy intentions.

9:47 AM

NEWS ALERT :: Govt has shown fiscal restraint so far in addressing pandemic, says Fitch Ratings

>> The humanitarian and health needs have been pressing, but the government has shown expenditure restraint so far, due to the already high public-debt burden going into the crisis

>> Most elements of an announced package totalling 10% of GDP are non-fiscal in nature. Some further fiscal spending of up to 1 percentage point of GDP may still be announced in the next few months, which was indicated by a recent announcement of additional borrowing for FY21 of 2% of GDP, although we do not expect a steep rise in spending.

9:46 AM

NEWS ALERT :: Fitch revises India's outlook to negative

>> Fitch Ratings has revised the Outlook on India's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the rating at 'BBB-'.

>> Fitch expects economic activity to contract by 5% in the fiscal year ending March 2021 (FY21) from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5% in FY22.

>>  It remains to be seen whether India can return to sustained growth rates of 6% to 7% as we previously estimated, depending on the lasting impact of the pandemic, particularly in the financial sector.

9:40 AM

FDC gains in trade post Q4 nos