BSE m-cap at Rs 200 trillion as Sensex ends 358 pts up at 50,614; PSBs jump

Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&M helped the benchmark S&P BSE Sensex scale fresh lifetime peak of 50,687.51 level

1:05 PM

Dec Quarter Result :: HPCL reports PAT of Rs 2,350 crore

>> Revenue at Rs 77,412 crore

>> GRM at $2.35/bbl

12:59 PM

RBI in focus as India looks towards bigger borrowing: Decision Guide

Most economists expect India’s central bank will hold interest rates for a fourth straight meeting this week as attention turns to how it’ll react to an expansionary budget and a massive government debt plan.
 

Finance Minister Nirmala Sitharaman’s annual budget on Feb. 1 emphasised spending to revive growth in an economy hurt by the coronavirus pandemic. That would give some comfort to the Reserve Bank of India, which did most of the heavy lifting in the past year through 115 basis points of interest-rate cuts and ensuring liquidity in the financial system. READ MORE

12:48 PM

Result Reaction :: Hindustan Copper jumps 10% post Q3 numbers

>> The company reported a consolidated net profit of Rs 108.19 crore for the quarter ended December 2020 against a net loss Rs 95.61 crore in the year-ago period.

 

12:46 PM

NEWS ALERT :: Valecha Engg to consider delisting from NSE on February 12

(Source: CNBC TV18)

12:42 PM

Future Retail vs Amazon :: Amazon invested in Future Coupons, not in Future Retail, argues Salve

>> Single Judge Bench in FRL suit had warned that Amazon claiming rights over FRL could be potentially FEMA violative.

>> Have secured approval from Sebi, CCI, Exchanges.

>> Have filed application before NCLT for approval, will require shareholders’ meeting.; shareholders’ meeting will require about 5 weeks’ time anyways.

>> Asks, How can Delhi HC restrain all authorities, when they are not even a party here? December 2020 order of the HC has already held Amazon’s actions to be a case of "tortious interference".

12:39 PM

Future Retail vs Amazon :: Delhi HC has passed a strange status quo order, says Harish Salve

>> Says, statutory authorities have been directed to stay the deal when they weren’t even a party before HC. 

 

>> Delhi HC has injuncted statutory authorities, in a private arbitration agreement between 3 parties.

>> Says, Amazon indulging in falsehood that they were not aware of FRL-Reliance Deal.

>> We had asked for 5 days to argue, HC had refused to allow

Alert: Harish Salve is appearing for Future Retail

12:32 PM

ALERT :: Nifty Bank index tops 35,000-mark

12:31 PM

NEWS ALERT :: M&M to recall 1,577 units of the diesel Thar

>> Co has announced proactive inspection & replacement of camshaft, manufactured between September 7 and December 25, 2020 for only limited days of manufacturing, on a batch of 1,577 units of its Thar diesel variants.

>> Says, a machine setting error at the supplier’s plant, on specific dates, may have affected camshafts in some engines of the diesel Thar.
 

12:25 PM

NEWS ALERT :: Godrej Properties approves raising Rs 3,750 crore

>> Board approves raising of funds, including, by way of issuance of equity shares, fully convertible debentures, partly convertible debentures, nonconvertible debentures (with or without warrants), preference shares convertible into equity shares, and/or any other security convertible into equity shares in one or more tranches through public and/or private offerings including preferential issue, qualified institutions placement, further public offer or any other mode.

(Source: BSE filing)

12:24 PM

SECTOR WATCH:: Nifty PSU Bank index surges over 3%

12:14 PM

NEWS ALERT :: Delhi HC begins hearing Future Retail plea against Amazon

>> Future Retail is seeking to vacate previous HC order directing "Status Quo" on the Rs 25,000 cr Future-Reliance deal. 

>> Senior Advocate Harish Salve has opened arguments for Future Retail and submits background of Future Group, Amazon's Investments and FDI Norms.

>> Amazon seeks to object to Future Retail plea on grounds of maintainability; HC refuses objections.

12:09 PM

MARKET CHECK :: Sensex clocks smart recovery, trades near day's high

12:03 PM

MRF stock on course to hit Rs 100,000-mark. Is it a good time to buy?

In the intra-day deals today, the stock hit a high of Rs 93,768, and is just 3 per cent away from its record high of Rs 96,456 per share, touched on January 21, 2021. In the past one year, the stock has gained 30 per cent on the BSE, compared with a 26.3 per cent rally in the benchmark Nifty50 index, and 34.5 per cent rise in Nifty Auto index, ACE Equity data show. READ MORE

11:54 AM

Retail investors hold around Rs 1,000 crore in bankrupt listed companies

Retail investors, hoping for a turnaround in listed companies mired in bankruptcy proceedings, hold significant stakes in these entities, reveals a Business Standard analysis. A study of 115 companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC) shows that retail investors hold stakes in a majority of them. There are nearly 7,500 individual shareholders per company on a median basis, holding a nominal share capital of up to Rs 1 lakh for the full sample. They hold a median stake of 15.8 per cent. READ MORE

11:44 AM

Prince Pipes soars 18%, hits new high on robust December quarter results

The company’s revenue from operations stood at Rs 549 crore in Q3FY21, up 39 per cent YoY, as compared to Rs 396 crore in Q3FY20. Sales volume increased by 18 per cent to 36,711 MT in Q3FY21 compared with 31,122 MT in Q3FY20. Ebitda (earnings before interest, taxes, depreciation, and amortisation) margins improved 526 points to 18.76 per cent from 13.5 per cent in previous year quarter. READ MORE