Sensex drops 274 pts, Nifty ends below 15,750; DRL sinks 10%, Axis Bank 3%

In the broader markets, mid-cap stocks faced a severe blow with the BSE MidCap index erasing 0.67 per cent.

10:14 AM

Alembic Pharma dips 8% on disappointing June quarter results

Shares of Alembic Pharmaceuticals dipped 8 per cent to Rs 840 on the BSE in intra-day trade on Tuesday after the company reported disappointing numbers for the quarter ended June 2021 (Q1FY22), with consolidated profit after tax (PAT) declining 45.4 per cent year-on-year (YoY) to Rs 164.50 crore on weak performance of US business. The pharmaceutical company had posted a PAT of Rs 301 crore in Q1FY21. READ MORE

10:03 AM

Rupee Opening

Rupee opens higher at 74.37 per US dollar vs Monday's close of 74.42/$

9:55 AM

BS Watch :: Is the worst over for ITC stock?

9:38 AM

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The 15600 - 15900 Nifty range may hold for some more time since FIIs have again turned aggressive sellers (Rs 2377 cr in cash market yesterday) at around 15900 levels. Even though DIIs are consistently buying (Rs 1551cr yesterday), they are being overwhelmed by FII selling which has touched Rs 14755 cr in July so far. Nifty is unlikely to decisively break above 15900 until FII selling weakens substantially. Since money is continuously flowing into domestic equity mutual funds, the fund managers don't have any option but to buy even if valuations are high. The mid-small-cap segment is witnessing high volatility in response to results since the institutional activity is low in this segment. The newbie retail investors are now focused on this segment. But this segment can correct hugely when the market turns bearish and, therefore, investors have to be cautious.

9:38 AM

Result Reaction :: Zensar Technologies hits 52-week high

>> The company posted a 38.9 per cent YoY rise in net profit to Rs 101 crore for the June 2021 quarter. Operating revenue fell 1.2 per cent YoY to Rs 936.8 crore in the reported quarter from Rs 948.5 crore in the corresponding period of the previous financial year.

9:35 AM

HUDCO dips 2% as two-day OFS kicks off

>> The government will sell an 8% stake in Housing and Urban Development Corporation (HUDCO) through an offer for sale (OFS), and is expected to mop up about Rs 721 crore from the transaction.

9:34 AM

NEWS ALERT :: China considers imposing export duty on steel

9:32 AM

Earnings Reaction :: Alembic Pharma declines 5%

>> Drug firm Alembic Pharmaceuticals reported a 45.42 per cent YoY decline in its consolidated net profit to Rs 164.52 crore for the quarter ended June 30, 2021. Consolidated revenue from operations stood at Rs 1,326 crore for the quarter under consideration. It was Rs 1,341 crore for the same period a year ago.

9:31 AM

Equitas Holdings jumps 8% on shareholders' nod to amalgamation

>> The board of directors and shareholders of Equitas Holdings Ltd (EHL) and Equitas Small Finance Bank (ESFB) on Monday approved the amalgamation scheme of the two companies. The share exchange ratio would result into each shareholder of the transferor company, EHL, getting 226 equity shares of the transferee company, ESFB, for every 100 shares held by them in the holding company.

>> Equitas SFB was up 6% on NSE

9:26 AM

Earnings Impact :: Tata Motors holds steady despite higher-than-expected loss

>> The company's consolidated net loss narrowed both on a sequential and year-on-year (YoY) basis to Rs 4,451 crore, but it was more than Street's expectations. The auto major had reported a loss of Rs 8,438 crore in the year-ago period (Q1FY21) and Rs 7,605 crore loss in the previous quarter (Q4FY21). The Jaguar Land Rover (JLR) parent company reiterated that global chip shortages, uncertainty due to the spread of coronavirus variants and commodity inflation would impact business in the short term.

 

9:26 AM

Results Impact :: Axis Bank in the red

>> The private sector lender posted a standalone profit of Rs 2,160.15 crore for the quarter ended June 2021, thereby rising 94.2% YoY due to low base. Net interest income grew by 11.1% YoY to Rs 7,760.27 crore in Q1FY22.

9:22 AM

Sector View :: All sectoral indices on NSE in the green; Metals outperform

9:21 AM

Broader markets outperform benchmark

9:21 AM

Sensex Heatmap | Top gainers & losers at opening tick

9:19 AM

OPENING BELL :: Nifty tops 15,850