Sensex ends 269 pts up, Nifty tops 11,200; RIL m-cap crosses Rs 13.5 trn

All that happened in the markets today

2:07 PM

INDEX GAINER:: SBI gains over 2.5%

1:56 PM

Eicher Motors rallies 49% in 2 months after announcing stock split plan

In the past two months, the stock has outperformed the market by surging 49 per cent. The company announced, on May 25, its stock split plan to make the stock more affordable for the small retail investors and increase liquidity. In comparison, the S&P BSE Sensex has rallied 24 per cent during the same period. On June 12, the company’s board approved the stock split in the ratio of 1:10 i.e. sub-division of equity shares of the company from the existing one (1) equity share of face value of Rs 10 each into ten (10) equity shares of face value of Rs 1- each. READ MORE 

1:52 PM

BROKERAGE VIEW:: Edelweiss Securities on Sunteck Realty

Sunteck Realty (SRL) has acquired a prime project in Vasai (West), Mumbai, of 4.5msf saleable area. The project has been acquired under the company’s asset-light JDA model with SRL’s revenue share at ~74%. We believe the acquisition is value accretive with NAV addition of nearly Rs 36/share. The company’s robust balance sheet enables further NAV growth through new project acquisition. However, in our view, the pandemic will lead to delay in build-up of annuity portfolio. We factor in the new project as well as the delayed annuity revenue stream; maintain our target price of Rs 268 and ‘BUY’.

1:51 PM

European shares trade higher in early deals

1:43 PM

June Quarter Result :: HDFC AMC clocks consolidated net profit of Rs 302.36 cr vs Rs 292 cr YoY

1:32 PM

Hindustan Zinc: Awaiting fresh triggers for earnings growth amid low demand

Hindustan Zinc’s June quarter performance, as anticipated, was affected by the lockdown. Lower production days in April and reduced workforce availability because of restrictions saw mined metal production fall 5 per cent year-on-year (YoY) and 19 per cent sequentially to 202,000 tonne. READ MORE

1:25 PM

Flipkart acquires Walmart India's wholesale biz to help transform Kiranas

E-commerce company Flipkart has acquired 100 per cent stake in Walmart India Private Limited, which operates the Best Price cash-and-carry business. Flipkart said it would leverage the strong wholesale capabilities of the company and enable growth for kiranas and MSMEs (micro, small and medium enterprises). With this acquisition, the Bengaluru-based firm announced the launch of Flipkart Wholesale, a new digital marketplace that will help transform the kirana retail ecosystem in India by leveraging cutting-edge and locally developed technology. READ MORE

1:18 PM

PNB, Carlyle to remain invested in PNB Housing, says CEO Neeraj Vyas

Neeraj Vyas was recently elevated from an independent director to managing director and chief executive officer (MD & CEO) of PNB Housing. He spells out a strategy to shield the housing financier from jolts as seen in the past. He reiterates that the promoter, Punjab National Bank (PNB), and Carlyle have shelved their plans to sell their stake in the company. "PNB will not let their stake fall below 26 per cent," Vyas added. PNB Housing is due to roll out its rights issue of Rs 1,700 crore, which will find participation from PNB and Carlyle. READ MORE

1:14 PM

NEWS ALERT :: UCO Bank board approves raising up to Rs 3,000 cr in FY21

(Via BSE filing)

1:08 PM

Government likely to extend deadline for BPCL bidding for third time

The government is likely to extend the deadline for bidding for the privatisation of Bharat Petroleum Corporation (BPCL) for the third time in a row, from the current date of July 31. According to sources, the extension of the timelines for expression of interest (EoI) may well be until international airline services are back in place, as a lot of prospective bidders have expressed concerns regarding the current situation. READ MORE

1:01 PM

RIL, HDFC Bank contribute the most to the S&P BSE Sensex's gain today

12:56 PM

June Quarter Result :: Sterlite Tech slips as Q1 profit tanks 97% QoQ to Rs 2.3 cr

12:46 PM

Dilip Buildcon surges 9% after JV wins EPC project worth Rs 4,168 crore

Shares of Dilip Buildcon (DBL) moved higher by 9 per cent to Rs 308 on the BSE on Thursday after the company announced DBL-HCC (JV) has received the letter of acceptance (LoA) from the Narmada, Water Resources, Water Supply and Kalpasar Department (Water Resources) for an Engineering, Procurement and Construction (EPC) project in the state of Gujarat. The project is the joint venture between DBL and Hindustan Construction Company Limited (HCC). READ MORE

12:37 PM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(%)
VODAFONE IDEA	8.59	0.70
ZEE ENTERTAINMEN	165.80	5.57
SUZLON ENERGY	4.54	-3.61
GMR INFRA.	20.80	0.24
TATA MOTORS	105.95	0.76

12:24 PM

As Covid-19 reaches hinterland, is India's rural growth story getting over?

An analysis of the rural economy by Credit Suisse shows that since the start of the pandemic, rural incomes were boosted by government fiscal support; and a bumper Rabi harvest. So far, Credit Suisse argues, the Centre has front-loaded packages in the form of direct cash transfers to women Jan Dhan account holders, more crop procurement, increase in MGNREGA wages, and support via the Pradhan Mantri Gareeb Kalyan Yojana. However, off-setting these cash inflows, Mishra says, are a sharp drop in agricultural credit, weak domestic remittances, and weak perishables output mostly in terms of volumes draining Rs 5,000-10,000 crore/month from rural incomes. READ MORE