Menu

shares

foreign funds

Indian Shares Rise On Tech Rally

, , ,

The NSE Nifty 50 index (.NSEI), with most of its major sub-indexes in the positive territory, was up 0.7% at 17,957.55, as of 0458 GMT, and the S&P BSE Sensex (.BSESN) rose 0.7% to 60,211.71

Indian shares were on track for a third straight session of gains on Monday, boosted by technology stocks, while investors awaited domestic inflation data for cues on the pace of the central bank’s rate hikes.

The NSE Nifty 50 index (.NSEI), with most of its major sub-indexes in the positive territory, was up 0.7% at 17,957.55, as of 0458 GMT, and the S&P BSE Sensex (.BSESN) rose 0.7% to 60,211.71.

The Nifty’s IT index (.NIFTYIT) rose as much as 2% to hit more than three-week high. Infosys Ltd (INFY.NS) and Tech Mahindra Ltd (TEML.NS) were among the top performers on the benchmark Nifty 50, climbing 1.8% and 2%, respectively.

Fall in global oil prices aided gains. India, the world’s third-largest importer of oil, benefits from a fall in prices as it brings down imported inflation.

Crude prices fell over prospects of further interest rate hikes in the United States and Europe, and demand concerns following the imposition of COVID-19 restrictions in China.

“Overall, the sentiment has been good because oil prices have come down, so that augurs well for our market and global markets have been positive,” said Neeraj Dewan, director at Quantum Securities.

Investors will closely watch domestic and U.S. inflation data this week for signs, if inflation has moderated or peaked, Dewan said.

Markets are pricing in 75 basis points rate hike by the U.S. Federal Reserve, but not pricing in back-to-back increases and that indication will be provided by the inflation data, Dewan added.

(Reuters)

economic recovery

After Turbulent Session, Sensex and Nifty Close Slightly Changed

, , ,

The 30-share Sensex slid 48.99 points to 59,196.99 at the close. Its wider counterpart, the Nifty50, closed at 17,655.60, down 10.20 points

Domestic equity indexes finished flat on Tuesday, with gains in select heavyweights like Reliance and Bharti Airtel offset by losses in banking and finance companies.

The 30-share Sensex slid 48.99 points to 59,196.99 at the close. Its wider counterpart, the Nifty50, closed at 17,655.60, down 10.20 points.

Bajaj Finserv down 2.08 percent to Rs 17,014 in the 30-share pack, while Kotak Mahindra Bank fell 1.18 percent, M&M fell 1.08 percent, and HUL fell 1.07 percent. Bajaj Finance, Nestle India, and Asian Paints were among among the stocks that agreed to decrease their dividends.

However, NTPC surged 2.56 percent to Rs 168.40. Bharti Airtel jumped 2.36 percent, followed by Tata Steel at 1.64 percent and Reliance at 0.98 percent. Earlier in the day, Asian markets closed higher, with South Korea’s Kospi, Japan’s Nikkei, and China’s Shanghai Composite up by 0.26 percent, 0.03 percent, and 1.36 percent, respectively.

Sectorally, the Nifty Metal index increased 1.32 percent, while the Nifty Oil & Gas index rose 1.15 percent. However, the Nifty FMCG and Financial Services indexes fell 0.52 percent and 0.37 percent, respectively. The Nifty Midcap50 and Smallcap50 gained 0.25 percent and 0.04 percent, respectively.

IPO

Swastik Pipes Gets NSE Approval For IPO

, , ,

Swastik Pipes Gets Approval From NSE Emerge For Its IPO

Swastik Pipes on Monday announced that it has received approval from NSE Emerge its initial public offering (IPO). It had recently filed a filed a draft red herring prospectus (DRHP) for with NSE Emerge. The issue size comprises of issuance of up to 62.51 lakhs Equity Shares of face value of Rs 10 each fully paid-up shares through the book-building process.

The company plans to issue 62.51 lakh shares through the initial public offering. Close to 40 per cent of the issue will be reserve for QIB, around 20 per cent for HNI’s and 35 per cent for retail investors. The company has appointed Corporate Capital Ventures as the lead managers to the issue. While Skyline Financial Service as been appointed as Registrar to the issue.

Swastik Pipes is promoted by Sandeep Bansal, Anupama Bansal, Shashwat Bansal and Geeta Devi Aggarwal. The company is a leading manufacturer and exporter of T.T. Swastik Band high quality Mild Steel/Carbon Steel ERW Black and Galvanized Pipes/Tubes since 1973. It has two state of art manufacturing plants in Haryana and Uttar Pradesh with production capacity of 20,000 MT per month. In those last few years, the company has diversified into production of Solar Module Mounting Structure, Steel Tubular Poles, GI Structure of rural electrification etc.

Its key customers include Reliance Industries, BHEL, Coal India, DMRC, EIL, Hindustan Zinc, L&T, NALCO, NTPC, ABB Ltd. etc. It’s marquee customers spread over many countries ranging from USA, UK, UAE, Australia, Qatar, Germany, Belgium, Mauritius, Ethiopia and Kuwait.

economy

D-Street Remains Cautious Ahead Of Fed Rate Hike

, , , , , , ,

The NSE Nifty 50 index lost 0.88 per cent to 16,483.85, with a similar drop in S&P BSE Sensex to 55,268.49

Indian shares closed lower on Tuesday, with technology stocks bearing the brunt as investors turned wary of a likely sharp hike in U.S interest rate this week. The NSE Nifty 50 index lost 0.88 per cent to 16,483.85, with a similar drop in S&P BSE Sensex to 55,268.49. “While global growth has clearly entered a slower lane, including rising fears of U.S. recession, we look at several early anecdotes indicating possible worsening of domestic demand outlook,” BofA Securities said in a note released Tuesday. There are several emerging risks, including slowing growth, adverse policy interventions, FX depreciation and rising rates, BofA said, adding that earnings cuts were “imminent”.

“Benchmarks ended on a nervous note a day before the Fed announces its interest rate decision. Profit-booking continued to be the order of the day as investors preferred to remain on the sidelines ahead of the FOMC interest rate decision to trickle in tomorrow. The street suspects that the Federal Reserve will be hiking rates again by another 75bps,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

While Asian shares gained on new Chinese plans to tackle its property crisis, Europe was subdued ahead of a likely 75 basis points Federal Reserve interest rate increase on Wednesday amid mounting worries of a gas crunch. In India,equities received a net USD 52.95 million of inflows this month, up to Monday, after heavy foreign outflows every month since November. For the month so far, the Nifty and the Sensex are up about 4.5 per cent each. Private lender Axis Bank slid 2.9 per cent on its worst day since mid-May despite a beat on quarterly profit, as analysts flagged soft loan growth.

The Nifty IT index slid 2.8 per cent and was the worst performer among sub-indexes, with IT major Infosys dropping 3.5 per cent. “Technically, on intraday charts, the Nifty has maintained a lower top formation and also formed a bearish candle on daily charts, which suggests further correction from the current levels. For traders, 16600 would act as an immediate resistance level and below the same, the correction wave is likely to continue till 16400-16350. A fresh uptrend rally is possible only after the 16600 breakout. Above which, the index could retest the level of 16700-16735,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities 

Food delivery firm Zomato tumbled 12.5 per cent to a record low, fintech firm Paytm slid 7.8 per cent, while online insurance platform PB Fintech dropped 4.1 per cent. Software company Ramco Systems plunged 11.1 per cent after the company said its quarterly loss widened. Financial services provider Bajaj Finserv cushioned some losses on the Nifty 50, adding 5.5 per cent,after announcing plans to issue bonus shares and split stock.

(With Reuters Inputs)

economy

Reliance Industries shares climb over 4 pc; ONGC jumps 7 pc

, , , ,

Among others, Chennai Petroleum Corporation jumped 11.38 per cent, Oil India climbed 8.82 per cent and Mangalore Refinery and Petrochemicals advanced 4.95 per cent.

Shares of firms related to oil exploration and refineries were in heavy demand on Wednesday, with Reliance Industries and ONGC rallying after the government slashed windfall tax on petrol, diesel, jet fuel and crude oil. Reliance Industries shares jumped 4.25 per cent to Rs 2,545.05 on the BSE. Oil and Natural Gas Corporation (ONGC) rallied 7 per cent to Rs 136.40.

Among others, Chennai Petroleum Corporation jumped 11.38 per cent, Oil India climbed 8.82 per cent and Mangalore Refinery and Petrochemicals advanced 4.95 per cent. “The relief announced by the government for the petroleum sector through reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the equity market, the 30-share BSE Sensex was trading 714.52 points or 1.30 per cent higher at 55,482.14. The government on Wednesday slashed the windfall tax on petrol, diesel, jet fuel and crude oil following a decline in international rates. It scrapped a Rs 6 a litre tax on export of petrol and reduced the same on ATF from Rs 6 a litre to Rs 4. Besides, the tax on diesel has been reduced to Rs 11 from Rs 13 per litre, according to finance ministry notifications. Further, the Rs 23,250 per tonne additional tax on crude oil produced domestically has been cut to Rs 17,000 per tonne.

(PTI)

20220721_172517

Indian Shares Edge Up; IndusInd Jumps Over 6% On Strong Q1

, , , , ,

Investors will watch out for the Indian central bank after a source said the RBI was prepared to sell another USD 100 billion to defend the rupee from rapid falls

Indian shares on Thursday hovered near a six-week high, boosted by private lender IndusInd Bank after its quarterly profit surged, while the rupee weakened to be just shy of a record low it touched earlier this week. The NSE Nifty 50 index (.NSEI) rose 0.3 per cent at 16,569, as of 0527 GMT, while the S&P BSE Sensex (.BSESN) was up 0.27 per cent at 55,549.74. Both the indexes closed at a more than six-week high on Wednesday.

“The recent rally (in Indian markets) is being led by banks and automobiles. There has been a growth in loans in banks’ results, and non-performing assets have dropped, which has helped them to improve margins,” said AK Prabhakar, head of research, IDBI Capital Market. “Chip crisis is easing off and raw material costs have come down for automobile companies and they have passed on the hikes to customers. The market is expecting better margins,” Prabhakar said.

The Nifty 50 index has risen about 5 per cent so far this month. The Bank Nifty index (.NSEBANK) and the Nifty Auto index (.NIFTYAUTO) are up 8 per cent and 7.4 per cent, respectively. IndusInd Bank (INBK.NS) jumped 6.3 per cent after it reported a 64 per cent  surge in first-quarter net profit on Wednesday, beating analysts’ estimates, on the back of a 30% drop in provisions and 16% growth in net interest income.

Wipro (WIPR.NS) cut early losses to trade up 0.5 per cent on seeing strong IT services revenue growth in the second quarter after its June-quarter profit declined about 21 per cent. Tata Communications (TATA.NS) surged 9 per cent after it posted about 84 per cent jump in profit for the June quarter. Meanwhile, investors will watch out for the Indian central bank after a source said the RBI was prepared to sell another USD 100 billion to defend the rupee from rapid falls.

(Reuters)

economy

Tata Coffee rallies nearly 13 pc; Tata Consumer jumps over 5 pc

, , , , ,

Tata Coffee shares jumped 12.91 per cent to Rs 221.60 on the BSE.

Shares of Tata Coffee rallied nearly 13 per cent on Wednesday after Tata Consumer Products announced the merger of all businesses of the company with itself as part of a reorganisation plan.

Tata Coffee shares jumped 12.91 per cent to Rs 221.60 on the BSE.

The stock of Tata Consumer Products also rallied 5.28 per cent to Rs 782.50.

Tata Consumer Products Ltd (TCPL) on Tuesday announced the merger of all businesses of Tata Coffee Ltd with itself as part of a reorganisation plan in line with its strategic priority of unlocking synergies and efficiencies.

While the plantation business of Tata Coffee Ltd (TCL) will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL), the remaining business of TCL, consisting of its extraction and branded coffee business, will be merged with TCPL, the company said in a statement.

The demerger to happen as the first step and the merger to happen as the immediate second step, both being proposed through a composite scheme of arrangement.

Under the scheme, shareholders of TCL (other than TCPL) will receive an aggregate of 3 equity shares of TCPL for every 10 equity shares held by them in TCL.

This will be carried out through the issuance of 1 equity share of TCPL for every 22 equity shares of TCL in consideration for the demerger.

For the merger, 14 equity shares of TCPL will be issued for every 55 equity shares of TCL, it added.

“This will enable the consolidation and 100 per cent ownership of the branded, extractions & plantations business of TCL into TCPL and its wholly-owned subsidiary,” it said.

PTI

money

Dodla Dairy shares jump 20 pc on Krishna Milks acquisition

, , , ,

The stock jumped 19.23 percent to Rs 548 on the BSE

Shares of Dodla Dairy Ltd on Monday surged 20 percent after the company acquired Sri Krishna Milks Pvt Ltd for Rs 50 crore to expand its business.

The stock jumped 19.23 percent to Rs 548 on the BSE.

At the NSE, it zoomed 19.99 percent to Rs 548.45.

Dodla Dairy Ltd on Saturday said it has acquired Karnataka-based Sri Krishna Milks Pvt Ltd for Rs 50 crore to expand its business.

In a regulatory filing, Dodla Dairy informed that the company has executed an agreement with Sri Krishna Milks Pvt Ltd for the acquisition of the business as a “going concern” and on a slump purchase basis for consideration of Rs 50 crore.

The deal is expected to be concluded in around two months from the date of the acquisition.

The consideration would be in the form of cash.

Krishna Milks Pvt Ltd (SKMPL), incorporated in 1989, was the first private sector dairy company in Karnataka.

PTI

20211130_093209

Shares dive, oil soars after Russian action in Ukraine

, , , , , ,

Market benchmarks in Europe and Asia fell by as much as 4% as traders tried to figure out how large Putin’s incursion would be and the scale of Western retaliation. Wall Street futures retreated by an unusually wide daily margin of 2.5%

Stocks plunged and oil prices surged by more than 5 per barrel Thursday after President Vladimir Putin launched military action in Ukraine, prompting Washington and Europe to vow sanctions on Moscow that may roil the global economy.

Market benchmarks in Europe and Asia fell by as much as 4% as traders tried to figure out how large Putin’s incursion would be and the scale of Western retaliation. Wall Street futures retreated by an unusually wide daily margin of 2.5%.

Brent crude oil briefly jumped above 100 per barrel in London for the first time since 2014 on unease about possible disruption of supplies from Russia, the No. 3 producer. Benchmark US crude briefly surpassed 98 per barrel. Prices of wheat and corn also jumped.

The ruble sank 7.5% against the dollar.

Financial markets are in a flight to safety and may have to price in slower growth” due to high energy costs, Chris Turner and Francesco Pesole of ING said in a report.

In Brussels, the president of the European Commission said Thursday the 27-nation European Union planned massive and targeted sanctions on Russia.

We will hold President Putin accountable, Ursula von der Leyen said.

In early trading, the FTSE 100 in London fell 2.5% to 7,311.69 as Europe awakened to news of explosions in the Ukrainian capital of Kyiv, the major city of Kharkiv and other areas. The DAX in Frankfurt plunged 4% to 14,047.18 and the CAC in Paris lost 3.6% to 6,537.32.

The futures for Wall Street’s benchmark S&P 500 index and the Dow Jones Industrial Average were off 2%.

That was on top of Wednesday’s 1.8% slide for the S&P 500 to an eight-month low after the Kremlin said rebels in eastern Ukraine had asked for military assistance. Moscow had sent soldiers to some rebel-held areas after recognising them as independent.

Putin said Russia had to protect civilians in eastern Ukraine, a claim Washington had predicted he would make to justify an invasion.

US President Joe Biden denounced the attack as unprovoked and unjustified” and said Moscow would be held accountable, which many took to mean Washington and its allies would impose additional sanctions. Putin accused them of ignoring Russia’s demand to prevent Ukraine from joining NATO and to offer Moscow security guarantees.

Washington, Britain, Japan and the EU earlier imposed sanctions on Russian banks, officials and business leaders. Additional options include barring Russia from the global system for bank transactions.

Prices of benchmark US and international oils hovered near 100 per barrel.

West Texas Intermediate soared 5.86 to 97.96 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to 92.10 on Wednesday.

Brent crude advanced 5.57 to 99.62 per barrel in London after spiking above 100. It lost 20 cents to 94.05 the previous session.

In Asia, the Nikkei 225 in Tokyo fell 1.8% to 25,970.82 and the Hang Seng in Hong Kong lost 3.2% to 22,901.56. The Shanghai Composite Index shed 1.7% to 3,429.96.

Asian economies face lower risks than Europe does, but those that need imported oil might be hit by higher prices if Russian supplies are disrupted, forecasters say.

The Kospi in Seoul lost 2.6% to 2,648.80 and Sydney’s S&P-ASX 200 fell 3% to 6,990.60.

India’s Sensex fell 3.4% to 55,283.65. New Zealand lost 3.3% and Southeast Asian markets also fell.

Investors already were uneasy about the possible impact of the Federal Reserve’s plans to try to cool inflation by withdrawing ultra-low interest rates and other stimulus that boosted share prices.

The dollar weakened to 114.68 yen from Wednesday’s 114.98 yen. The euro fell to 1.1243 from 1.1306.

PTI

economy

InterGlobe Aviation’s Shares Fall Over Four pc

, , , ,

 Shares of InterGlobe Aviation Ltd dived over four per cent during the early trade on Monday, after Rakesh Gangwal resigned from the company’s board of directors.

On the BSE, the shares were down 4.47 percent to Rs 2,025.45 apiece.

Likewise, on the National Stock Exchange (NSE), the scrip declined 4.31 percent to trade at Rs 2,025.2 during the morning trade.

IndiGo co-promoter Rakesh Gangwal on Friday resigned from the board of directors of parent company InterGlobe Aviation.

He further stated that he will gradually reduce his equity stake in the airline over the next five years.

Gangwal and his related entities own around 37 percent stake in this company. Rahul Bhatia and his related entities own around 38 percent in InterGlobe Aviation.

PTI

Load More