Sensex rebounds 640 pts from day's low to end 135 pts down; Airtel jumps 5%

Bargain hunting in domestic equities helped the markets rebound swiftly from intra-day lows on Wednesday

2:45 PM

Rakesh Jhunjhunwala plans 70 planes for new ultra-low cost airline

Jhunjhunwala, who is considering investing $35 million and would own 40% of the carrier, expects to get a no-objection certificate from India’s aviation ministry in the next 15 days, he said in a Bloomberg Television interview Wednesday. The ultra-low cost airline will be called Akasa Air and the team, which includes a former senior executive of Delta Air Lines Inc., is looking at planes that can carry 180 passengers, he said. READ MORE

2:32 PM

IPO CHECK :: Glenmark Life Sciences subscribed over 4 times so far

2:29 PM

Analysts see 16-23% YoY PAT growth, margin contraction for TechM in Q1

A near 1 per cent contribution from acquisitions and ramp-up in deals won in prior quarters are likely to modestly drive the June quarter revenue growth for information technology (IT) major Tech Mahindra (TechM), as per analysts. Growth would be mainly contributed by Enterprise segment while Communications business is expected to be weak during the quarter under review. READ MORE

2:22 PM

Govt's stimulus package for economic revival 'inadequate': Parliamentary panel

The report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises (MSME) sector has noted that in the process of economic recovery post-first wave of the pandemic, the second wave has even more vigorously ripped the economy particularly the MSME sector. READ MORE

2:15 PM

June Quarter Results :: Tata Coffee reports PAT of Rs 28 crore vs Rs 35 crore YoY

>> Co reports one-time loss of Rs 1.2 crore

>> Revenue: Rs 532.7 crore vs Rs 587.5 crore YoY

>> Ebitda: Rs 90 crore vs Rs 110 crore YoY

2:08 PM

June Quarter Results :: SRF declares dividend of Rs 12 per share

>> PAT: Rs 395 crore

>> Revenue: Rs 2,699 crore

>> Ebitda: Rs 671.5 crore; margin at 24.9%

2:02 PM

MARKET CHECK :: Nifty reclaims 15,700

1:54 PM

IPO Alert :: Rolex Rings issue subscribed 2x so far on Day 1; retail portion at 4x

1:49 PM

Bharti Airtel revises base tariff plan for prepaid customers; stock up 5%

Shares of Bharti Airtel moved higher by 5 per cent to Rs 570.5 on the BSE in the intra-day trade on Wednesday after the country's premier communications solutions provider upgraded its prepaid plans and discontinued its Rs 49 entry level prepaid recharge. The revised plans will be effective from Thursday, July 29. "The company's prepaid packs will now start from the Rs 79 smart recharge and offer up to four times more outgoing minutes of usage to customers along with double data," Bharti Airtel said in a press release. READ MORE

1:42 PM

MARKET CHECK :: Sensex rebounds nearly 600 pts from lows

1:33 PM

India's Droom aims to list on Nasdaq, valuation crosses $1.2 billion

Droom, India’s largest online automobile marketplace, has been valued at $1.2 billion in a new funding round that added the company to India’s unicorn club. The company closed the first leg of a pre-IPO funding round of up to $200 million. The round had existing investors and new ones like 57 Stars and Seven Train Ventures. The company is pursuing a possible IPO and aims to be listed either on USA’s Nasdaq or in India in 2022. READ MORE

 

1:17 PM

Gold firms above key $1,800 level ahead of US Fed policy verdict

 Gold prices firmed on Wednesday above the key psychological level of $1,800 on a weaker dollar, though gains were curbed by investor caution ahead of a Federal Reserve meeting that could offer clues on the U.S. central bank's policy tapering plans.

 

Spot gold was up 0.4% at $1,806.00 per ounce, as of 0328 GMT. U.S. gold futures rose 0.4% to $1,806.90. READ MORE

1:01 PM

Maruti Suzuki's Q1 PAT may slip up to 32% QoQ, say analysts

The bottom line could be positive, relative to a net loss posted last year, as auto demand remained resilient during the second wave of Covid-19 compared with last year’s nationwide lockdown. The auto major is slated to report its Q1FY22 result on Wednesday, July 28.

 

Analysts, on an average, expect the automaker to report a standalone net profit anywhere between Rs 787 crore and Rs 987.7 crore. However, the outlier figures on the extreme ends peg the same at Rs 426 crore and Rs 1,097.4 crore. READ MORE

12:50 PM

Godawari Power jumps 5%, hits new high on strong Q1 results

In Q1FY22, revenue from operations grew 96 per cent YoY at Rs 1,126 crore against Rs 574 crore in the corresponding quarter of the previous fiscal. The company recorded its highest-ever quarterly export turnover of Rs 639 crore during the quarter. It has reported the highest ever iron ore production of 559 kmt and the highest ever steel billets production of 115 kmt. READ MORE

12:34 PM

Hem Securities on Rolex Rings IPO

The company is bringing the issue at a price band of Rs 880-900 per share at a P/E multiple of 25 on post issue FY21 EPS. It is one of the top five forging companies in India in terms of installed capacity, serves 60 customers across 17 countries that constitute ~80% of the total market. The company has a strong & sticky clientele & with the company in process of expanding the capacity of its solar projects by an installed capacity of 16 MW, the proposed expansion will help in reducing the company’s carbon footprint and expanding its profit margins. Hence, looking after all the above, we recommend “Subscribe” on the issue both for listing gains & long term perspective.