Localised lockdowns weigh; Sensex declines 244 points amid volatility

The broader markets, however, managed to duck the bear onslaught and supported the overall market breadth

1:27 PM

Sensex Heatmap | Top gainers & losers in afternoon session

1:17 PM

Jubilant Pharmova gains 3% as Rakesh Jhunjhunwala increases stake in the co in Q4

>> Ace investor Rakesh Jhunjhunwala increased his stake in the co by 0.57% to 6.8%
 

1:07 PM

NEWS ALERT | Weekend curfew imposed in Uttar Pradesh: TV reports

>> Night curfew to be imposed across the state from 8 PM to 7 AM

12:57 PM

MARKET VOICE :: Fresh, tailor made stimulus package needed to fight second Covid wave

In order to tide over the second wave, the stimulus has to be tailor made for people and businesses impacted the most. As of now, Maharashtra (14 per cent of India’s GDP) and Delhi (4 per cent) have imposed stringent restrictions on movement of people. Mobility data shows a 34 per cent reduction in workplace activity in Maharashtra from baseline. Compared with this, there is a 17 per cent reduction in Tamil Nadu and 19 per cent reduction in Gujarat. These three states account for nearly 45 per cent of employment in MSMEs and 41 per cent of overall MSME credit. READ MORE

12:49 PM

NEWS ALERT :: Supreme Court stays Allahabad HC’s order imposing lockdown in 5 cities in Uttar Pradesh

12:44 PM

MID-MARKET VIEW | Gaurav Garg, Head of Research, CapitalVia Global Research

Market opened with a positive upbeat in the market. Sentiments were positive with the announcement that the government has liberalized and made an aggressive move to make the vaccines available for all above 18 years of age from May 1. We expect this can be a good move and can keep the sentiments high in the market though the sentiment in the long run depends on the success of the move that can only be determined after some time. We expect the Indian market to continue trading in a small range between 14200-14600 for a short term period. If the market breaks the level of 14200, we expect the market to correct till the level of 13600. 

 

12:38 PM

Competition Commission paper on blockchain tech spells regulatory risk

Major financial bodies are looking more seriously at blockchain, the underlying technology of cryptocurrencies like bitcoin. The Competition Commission of India (CCI), in collaboration with EY, recently came out with a discussion paper on blockchain and its legal ramifications. The 50-page document, which has been reviewed by Business Standard, retains the government’s stand to allow innovation in blockchain but points to regulatory risks as this technology proliferates. READ MORE

12:30 PM

MARKET CHECK

12:19 PM

How GIC's ownership problem is keeping insurance biz from growing up

Like the rest of the insurance industry, General Insurance Corporation of India, or GIC Re, had a diffic­ult FY21. At the worst of the tro­ugh in the first quarter of FY21, the solvency ratio, a key indicator showing how far as­sets cover commitments to fut­ure payments, went down to 1.52 in June 2020, just above the in­s­urance regulator’s man­d­ated 1.5. READ MORE

12:05 PM

Subex surges 32% in 2 days ahead of new product launch

Shares of Subex moved higher by 14 per cent to Rs 59.90 on the BSE in intra-day trade on Tuesday, up 32 per cent in the past two trading days, ahead of the new product launch on Thursday, April 22. The stock of the information technology (IT) software products company was trading at its fresh 52-week high level. In the past one month, it has rallied 65 per cent as compared to a 3.5 per cent decline in the S&P BSE Sensex. READ MORE

11:50 AM

Q&A | Correction may not be deep or extended: Kotak Institutional Equities CEO

The markets are already pricing in this spike in cases and also of more states imposing Maharashtra-style restrictions. In addition, there is hope that vaccination will be ramped up, which will reduce risks. There is also a lot of global liquidity sloshing around and many local investors missed the earlier rally – many want to buy on dips. Other markets like Brazil (5,000+ daily deaths) and France (one-month lockdown) have rallied despite the negative news. Hence, any correction in India is also unlikely to be deep or long lasting. The risk to this view is if the situation results in a nationwide lockdown, but that appears unlikely. READ FULL INTERVIEW HERE

Pratik Gupta

11:39 AM

NEWS ALERT :: UP govt moves SC challenging Allahabad HC order on imposing lockdown in 5 cities

11:33 AM

This specialty steel stock hits 13-year high, rallies 113% in 4 weeks

The company has received nearly Rs 1,510 crore through these transactions during FY2021 and reduced debt to a major extent which is also expected to reduce the interest burden. Acuité believes that the monetisation transactions will not only strengthen the overall capital structure and the liquidity position of the company but also lead to an uptick in net profitability levels going forward. Further, there is a significant likelihood of the completion of a second phase of the monetisation plans in FY2022 which should reduce the debt further and support the working capital requirement of the company, the rating agency added. READ MORE

11:22 AM

US respiratory portfolio to drive medium term sales growth for Cipla

Near-term gains from the increased demand for Covid-related drugs, medium-term traction from the chronics portfolio, and fresh launches in the US are expected to sustain the revenue and earnings growth trajectory for Cipla. These triggers, coupled with a preference for pharma and defensive stocks amid the second wave of Covid in India, saw Cipla gain nearly 25 per cent over the past month. READ MORE

11:08 AM

IPO boom prompts ICICI Bank to make hiring push in investment banking

India’s second largest private lender ICICI Bank Ltd. is making its biggest hiring push in investment banking and institutional equities in four years, as it anticipates a rise in companies going public. The Mumbai-based firm plans to add five mid-to-senior level hires in each of the two units, which currently have 130 bankers in total, according to Ajay Saraf, head of investment banking and institutional equities at ICICI Securities Ltd. READ MORE