Sensex adds 123 pts, Nifty tad below 16,300; Bharti Airtel jumps 4%, ITC 3%

The BSE MidCap added 0.10 per cent but the BSE SmallCap index slipped 0.43 per cent

12:12 PM

SBI Life hits new high after Carlyle affiliate offloads entire 1.9% stake

Shares of SBI Life Insurance Company hit a record high of Rs 1,174, up 3 per cent on the BSE in intra-day trade on Thursday after US private equity fund CA Emerald Investments, an affiliate of Carlyle Asia Partners, offloaded its entire 1.9 per cent stake in the company via multiple block deals. The stock of the life insurer surpassed its previous high of Rs 1,147.95 touched on July 29, 2021. READ MORE

11:51 AM

View on telecom sector :: Powerful duopoly in telecom sector not desirable

The Vi story is unfolding with potentially far-reaching consequences for Indian business. It is a fact that the government and the regulatory body didn't act in time to rescue the company. The Supreme Court verdict on AGR dues made the situation precarious for the company which is now heading for default on loans. If this happens it will impact a few banks too since the debt to banks stands above Rs 23000 crore.

 

A powerful duopoly in telecom is not desirable. Therefore, the govt should explore all options to make the hugely crucial telecom sector a three-player industry. Kumaramangalam Birla's offer to give up his stake to give a potential lease of life to Vi and its customers should be welcomed and all options explored. The stakes are huge.

 

In an industry dominated by large players who can destroy competition, it is also important to have a floor price above cost for services. An important learning from this sad episode is that governments' short-sighted policies to maximise revenues can wreck havoc on a crucial industry.

-- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

11:36 AM

Bharti Airtel headed for a multi-year breakout; stock can double from here

After recording an all-time high of Rs 543.55 in 2007, Bharti Airtel shares have traded in a broad range of Rs 520 to Rs 200 from mid-2009 till February 2020. Thereafter, the year 2020 saw the counter break past this consolidation range. However, the price action could not lift the volumes in the favour of the bulls. The selling pressure continued to dominate the stock price above Rs 600 mark. At the current juncture, it will be Airtel's third attempt to conquer the selling pressure in the range of Rs 630 to Rs 600 levels. READ MORE

11:13 AM

CLSA expects this Jhunjhuwala-backed gaming company stock to crash 41%

A lot of investors on Dalal Street try and fine-tune their portfolio in tandem with marquee investor Rakesh Jhunjhunwala's investing strategies. Jhunjhunwala, often referred to as India's Warren Buffett, is said to have a knack for picking multibaggers. But his investment in Nazara Technologies has been mostly a no-show in terms of returns ever since its stellar debut on bourses. READ MORE

10:55 AM

Nava Bharat Ventures tanks 15% on weak June quarter results

Shares of Nava Bharat Ventures tanked 15 per cent to Rs 107.20 on the BSE in the intra-day trade after the company reported a sharp 60 per cent year on year (YoY) drop in consolidated profit after tax (PAT) of Rs 38.45 crore for the quarter ended June 2021 (Q1FY22). It had posted a profit of Rs 95.43 crore in a year ago quarter. READ MORE

10:36 AM

COMMODITY VIEW :: GOLD

For intraday, MCX Gold October future is expected to decline during the session since the dollar has rebounded after Fed Vice-Chair's hawkish statements on rate hike. The bullish comments on the US economy, by Fed Vice Chair Richard Clarida, triggered a rebound in US Treasury yields and turned market attention away from the release of an unexpectedly weak private employment report that had driven the dollar down initially. But, a measure of U.S. services industry activity jumped to a record high in July, boosted by the shift in spending to services and dollar recovered fully. Now, focus is now on U.S. non-farm payroll report, due on Friday. MCX Gold October Future may fall to Rs. 47,750 per 10 gram and MCX Silver September is expected to decline to Rs. 67,200 per kg.

-- Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers

 

10:23 AM

Sonata Software rallies 9%, hits new high post June quarter results

The company’s consolidated revenues grew 33 per cent YoY and 18 per cent quarter-on-quarter (QoQ) to Rs 1,268 crore. Ebitda (earnings before interest, taxes, depreciation, and amortisation) margin improved 165 basis points (bps) YoY but was down 116 bps QoQ at 10.17 per cent during the quarter under review.

 

The management said it sees the demand situation as being extremely satisfactory with growth in existing accounts and new deal pipeline. “Our acquisition of Encore is promising as it gives us access to fast the growing health care provider segment and expanding our cloud footprint apart from a new delivery location in Chennai,” the management said. READ MORE

10:05 AM

Rupee opening

Rupee opens at per 74.15 per US dollar vs Wednesday's close of 74.19/$

9:54 AM

KM Birla steps down as Vodafone Idea chairman; stock slides 38% in 3 days

Shares of Vodafone Idea (Vi) tanked 15 per cent at Rs 5.13, hitting a fresh 52-week low on the BSE in the intra-day trade on Thursday, after telecom major announced that Kumar Mangalam Birla will step down as non-executive director and non-executive chairman at a time when Vi is struggling to stay afloat. The changes to the board will come into effect from close of business hours on August 4, 2021. Himanshu Kapania, a nominee of the Aditya Birla Group, has been appointed as the non-executive chairman. READ MORE

9:44 AM

Street View :: Markets may consolidate for a while before making fresh moves

A major factor favoring the rally is the improving macros as reflected by buoyant tax collections, falling fiscal deficit, low CAD, ample forex reserves, expanding PMI,  booming exports, and softening crude. Business micros will improve under such a benign macro environment assisted by lower tax and low-interest costs. Markets might be factoring in this emerging promising scenario. The return of FIIs with buying of Rs 4946 cr in cash market during the last two days is bad news for the bears. An important feature of yesterday's market action is that while Nifty gained 128 points thanks to the rally in leading financials, the broader market underperformed. Markets may consolidate for a while before making fresh moves in response to emerging triggers.

--  Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:40 AM

Time Technoplast jumps 6% on order for 30,000 cylinders

9:38 AM

SBI Life in the red post bulk deal on the counter

>> US private equity fund CA Emerald Investments, an affiliate of Carlyle Asia Partners, was set to offload its entire 1.9 per cent stake in SBI Life Insurance Company.

9:34 AM

Result Reaction :: HPCL slips 2%

>> Hindustan Petroleum Corporation reported a 36 per cent YoY drop in its June quarter net profit after one of its two oil refineries took a maintenance shutdown, reducing crude oil processing. Net profit in April-June fell to Rs 1,795 crore from Rs 2,183.83 crore in the same period a year back and Rs 3,017.96 crore in the preceding quarter.

9:32 AM

Earnings Impact :: Titan falls 1%

>> The jewellery maker reported a net profit of Rs 61 crore for the quarter ended June as against a net loss of Rs 270 crore in the year-ago quarter. Its sales in Q1 jumped 74.5 per cent YoY to Rs 3,249 crore aided by a low base in the year-ago quarter.

9:31 AM

Banks having exposure to Voda Idea fall up to 6%

BANKS	% FALL
IDFC First Bank	6
Yes Bank	2
IndusInd Bank	2.5
PNB	2

*Source: BSE