MARKET WRAP: Sensex slips 394 pts amid weak global cues; RIL declines 1.7%

All that happened in the markets today

2:49 PM

Aarti Drugs leaps 15%, hits new high as board approves 3:1 bonus shares

Shares of Aarti Drugs surged as much as 15.73 per cent to a lifetime high of Rs 2,790 on the BSE on Thursday after the company's board approved issuing 3 bonus equity shares for every one fully paid-up equity share held. "The Board of Directors has approved the following subject to approval of the Shareholders: a) Increase in authorized share capital of the Company from Rs. 25,00,00,000/- to Rs. 120,00,00,000/- by creation of additional 9,50,00,000 Equity Shares of Rs. 10/- (Rupees Ten only) each. b) the issuance of fully paid up Bonus Share in the ratio of 3:1," the company said in a filing to exchanges today. READ MORE

2:48 PM

AGR Case :: Right to use spectrum is an asset, says Ravi Kadam for Aircel

>> To keep company as a going concern, right to use will be sold on approval of the resolution plan. 

 

>> Resolution applicant is UVARC

2:42 PM

AGR Case :: SC observes, want details from DOT of spectrum allocated to R.Comm, Aircel since 1999.

>> Says, We want details of all instances of spectrum sharing.

>> Asks, if Aircel looking to sell spectrum under IBC?

2:35 PM

AGR Case :: Has Airtel paid AGR dues for spectrum bought from Aircel?, asks SC

>> Kapil Sibal, appearing for Airtel, says: Have paid all relevant dues wrt to spectrum trading, have paid Rs 18,004 cr of AGR dues.

2:27 PM

AGR Case :: No instance of spectrum sharing with any operator by Aircel, says Ravi Kadam

2:21 PM

AGR Case :: Since 8 April 2016, there have been 8 instances of spectrum trading with Bharti, says Ravi Kadam for Aircel Monitoring Committee

>> DoT had approved the sale, had raised demand for dues.

2:14 PM

Rupee closing

Rupee ends lower at 75.03/$ vs Wednesday's close of 74.82 against the US dollar

2:12 PM

NEWS ALERT :: AGR hearing begins

2:04 PM

Is India inching closer to inclusion in the Global Bond Index?

Higher than expected domestic inflation is causing a section of the market to believe that we could possibly be at the bottom of the interest rate cycle. The Overnight Index Swap (OIS) markets are beginning to price out any further accommodation. Despite the sentiment in the bond index turning around post the Monetary Policy Committee (MPC) leaving rates unchanged and after partial devolvement of benchmark security on primary dealers (PDs), the Reserve Bank of India (RBI) has refrained from announcing an open market operation (OMO) so far. READ MORE

1:59 PM

NEWS ALERT | Aarti Drugs’ board approves issuing 3 bonus equity shares for every 1 fully paid-up equity share held

1:46 PM

BUZZING STOCK:: NHPC jumps over 9%

1:42 PM

10-year bond yields climb back to 6% as Reserve Bank of India goes silent

A conspicuous silence from the Reserve Bank of India regarding support for the nation’s bonds has left traders wondering whether the recent gains in yields is a new normal. The central bank may be trying to increase the attraction of sovereign debt by letting yields rise, according to PNB Gilts Ltd. The benchmark 10-year bond yield advanced to 5.97% on Wednesday, the highest since May. READ MORE

1:31 PM

Top losers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
MUTHOOT FINANCE	1196.55	-4.73
HIND.AERONAUTICS	1215.30	-3.68
INDOSTAR CAPITAL	251.85	-3.49
MOTHERSON SUMI	120.75	-3.40
HERITAGE FOODS	357.30	-3.37

1:24 PM

Nifty Metal index trades higher in an otherwise subdued session

1:23 PM

BROKERAGE VIEW:: Anand Rathi Shares on Zee Entertainment

Pulled down by a 65% y/y fall in ad revenue to Rs 4.21bn largely due to the pandemic and market-share loss (Q1 FY21 market share: 15.8%, 18.3% the quarter prior) in certain markets, Zee Entertainment’s revenue plunged 34.7% y/y to Rs 13.12bn. Its subscription revenue grew 5% y/y to Rs 7.44bn. EBITDA declined 67% y/y to Rs 2.2bn. The reported margin was 16.8%, vs. 32.9% a year back. No fresh episodes of existing shows were produced in the first two months, leading to a drop in programming cost. This was partially offset by a content shot at homes and the purchase of licensed content for the linear and digital businesses. Besides, amortisation cost of movies and digital shows continues. At the ruling market price, the risk-reward is favourable. We maintain our Buy rating, with an unchanged target price of Rs 220.