KEY HIGHLIGHTS
Closing Bell: A Subdued Session
Indian equity markets faced pressure at higher levels in today's session. Benchmark indices ended with gains but off the highest point of the day.
The S&P BSE Sensex ended 0.37% higher at 38,182 while the NSE Nifty 50 index ended 0.54% higher at 11,274.
Pharma continued to remain the outperformer through the session. The Nifty Pharma ended with gains of 5.5%, led by gains in Divi's Laboratories (Up 12%), Cipla (Up 9.5%) and Lupin (Up 8.3%)
Nifty Realty was the other major sectoral performer, ending with gains of 2.8%. Nifty I.T. (up 1%) and Nifty Metal (Up 0.8%) were the other major sectoral performers.
Broader markets outperformed in today's session. The midcap index ended with gains of 1.4% while the smallcap index gained 1.7% at the close of trade.
The India Volatility Index ended 0.5% lower at 22.45.
Market breadth remained in favour of the gainers. 1,237 stocks on the NSE ended with gains while 612 ended with losses.
How Did The Sectoral Indices Fare
Earnings Reaction: Amara Raja Batteries Q1FY21
- Revenue down 36.6% to Rs 1,151 crore
- Net profit down 56% to Rs 62.7 crore
- Ebitda down 45.4% to Rs 152.2 crore
- Ebitda margin at 13.2% from 15.4%
- OEM demand was subdued due to lockdown challenges across the country.
- Demand for batteries in the after market recovered sharply
- Industrial business witnessed sharp demand ramp up in UPS and telecom sector
- Exports faced major challenges during the quarter
Shares gained as much as 4.8% to Rs 752.6, trading at the highest level in six months.
Earnings Reaction: Container Corporation of India Q1FY21
- Revenue down 27% to Rs 1,189 crore
- Net profit down 73% to Rs 61.7 crore
- Ebitda down 60% to Rs 159 crore
- Ebitda margin at 13.4% from 24.5%
- Received a demand of Rs 776.9 crore from the Ministry of Railways as Land Lease Rental
- Exim segment revenue down 29% to Rs 900 crore
- Domestic segment revenue down 22% to Rs 288.5 crore
- LLR a bigger headwind than anticipated: HSBC
Shares ended 15.2% lower - the biggest one-day drop sice August 2000 to Rs 386.4. The stock is trading at a two-month low.
Earnings Reaction: Amber Enterprises Q1FY21
- Revenue down 79% to Rs 259.5 crore
- Net loss of Rs 22.4 crore from net profit of Rs 61.2 crore
- Ebitda loss of Rs 5.5 crore from Ebitda gain of Rs 116.4 crore
- RAC business contributed 61% of total revenue
- Components & Mobile Application business contributed 39% of total revenue
- Demand scenario has been improving as lockdown restrictions are eased off
- Reviewing our capex plans for FY21
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 5.8% to Rs 1,675, snapping a two-day gaining streak.
Buzzing Stock: GMM Pfaudler
- Trading at an all-time high
- Among the best performing stocks on the Nifty Smallcap Index
- Gains as much as 20% to Rs 6,071
- Up for the sixth straight day
- Longest winning streak in two months
- Has gained 40% in the last six trading sessions
- Today's volumes are 14 times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 87
- Has gained more than five times from its 52-week low of Rs 1,275 on August 13, 2019
- 1 out of the five analysts tracking the stock have a buy recommendation; 1 sell call
- The stock trades 37.8% higher than its 12-month consensus price target of Rs 3,556, implying a negative return potential
Earnings Reaction: Equitas Holding Q1FY21
- Net profit up 1.7% to Rs 60 crore
- Net Interest Income up 19% to Rs 404 crore
- Gross NPA at 2.68% from 2.72% last quarter
- Net NPA at 1.39% from 1.5% last quarter
- Moratorium rate down to 43% in July from 51% in June
- Advances up 27% to Rs 15,573 crore
- Deposits up 11% to Rs 11,471 crore
- All numbers are compared on a year-on-year basis
Shares gained as much as 4.4% to Rs 53.2 and are up for the fifth straight day.
I.T. Index Up In Three Out Of The Last Four Days
Earnings Reaction: Astrazeneca Pharma Q1FY21
- Revenue down 5% to Rs 193.6 crore
- Net profit down 13% to Rs 18.6 crore
- Ebitda down 21% to Rs 28.7 crore
- Ebitda margin at 14.8% from 17.8%
- All numbers are compared on a year-on-year basis
Shares are off the day's high after gaining as much as 4.4% to Rs 3,480, post the announcement.
Markets At 2:10 P.M.
- Benchmark indices off the day's high
- Nifty up 0.65% at 11,287
- Sensex up 0.54% at 38,247
- Nifty Bank up 0.9% at 21,945
- Nifty Midcap Index up 1.3%
- Nifty Smallcap Index up 1.25%
- India Volatility Index up 1.5% to 22.9
- Nifty Pharma remains the top sectoral gainer; up 5.3%
- Nifty Realty index is the other major sectoral gainer; up 2.2%
- Nifty Auto, Nifty I.T. index up close to 1%
- Nifty Metal reverses losses; up 0.3%
- Cipla remains the top Nifty gainer; up 9%
- Eicher Motors is the top Nifty laggard; down 1.4%
- 1,212 stocks on the NSE trade with gains while 594 decline
Money Market Update
The rupee ended little changed in today's session, continuing its rangebound moves over the last few days.
The currency ended at 74.90 against the U.S. Dollar as compared to Friday's close of 74.93.
The rupee was the joint best performing currency in Asia in today's session along with the Philippine Peso.
Yield on the 10-year government bond ended at 5.855% as compared to Friday's close of 5.839%.
Earnings Reaction: IPCA Laboratories Q1FY21
- Revenue up 42.3% to Rs 1,534 crore
- Net profit up 3.4 times to Rs 446.1 crore
- Ebitda up 3 times to Rs 588.2 crore
- Ebitda margin at 38.3% from 18.4%
- Indian formulations revenue up 8% to Rs 489.4 crore
- Exports up 62% to Rs 773.8 crore
- Branded exports revenue up 46% to Rs 133.5 crore
- Domestic API revenue more than triples to Rs 203 crore
- Forex gain of Rs 6 crore Vs Rs 9 crore in the base quarter
Shares ended 7.3% higher at an all-time high of Rs 2,099.
Active Stock Options
- Cipla's 800 Call: Premium up 180% to Rs 28.8. The contract has shed 2.1 lakh shares in Open Interest.
- Larsen & Toubro's 1,000 Call: Premium up 127% to Rs 16.7. The contract has added 82,500 shares in Open Interest.
- Sun Pharma's 550 Call: Premium up 47.8% to Rs 15.6. The contract has added 4.22 lakh shares in Open Interest.
Earnings Reaction: Bata Q1FY21
- Revenue down 84.7% to Rs 135.1 crore
- Net loss of Rs 100.9 crore from net profit of Rs 101 crore
- Ebitda loss of Rs 85.9 crore from Ebitda gain of Rs 243.4 crore
- Witnessed a gradual improvement in business once the lockdown was lifted
- Prevailing uncertainties have dampened the consumer demand for discretionary spends
- Focus on cost controls related to retail stores, factories, rentals & operations and drive efficiencies in its chain
Shares fell as much as 3% to Rs 1,219. The stock is down for the third straight day and is trading at a four-month low.
Nifty Realty Index Up in Four Out Of The Last Five Sessions
Virus Speeds Up JSW Steel's U.S. Business Plans
The Covid-19 pandemic is accelerating JSW Steel's plans to overhaul its loss-making U.S. business, Bloomberg News reports.
The company attempts to spend in structurally fixing its facilities as the pandemic has resulted in the lowest spreads seen by the U.S. steel prices over the last decade.
The steelmaker has idled its Ohio plant to begin upgrading its electric arc furnace and plans to restart production at the 1.5 MT facility in March.
“From next year onward, we truly believe the U.S. operations will be well positioned to be earnings accretive to JSW Steel,” director of the U.S. Operations, Parth Jindal told Bloomberg News in an interview.
When asked if JSW would eventually look to exit the U.S. operations, Jindal said the company remains “very committed,” to the business.
Shares currently trade 0.6% higher at Rs 241.7.
European Markets Open With Gains
European stocks followed their Asian peers higher to gain for the second straight day.
The Stoxx 600 opened 0.2% higher and it continues to pivot near its 50-Day Moving Average of 365.6.
Banking and energy stocks are leading the gains, offsetting the decline seen in technology shares.
Asian markets ex-Japan have ended higher while futures on the Dow Jones are trading higher by 80 points.
Brent crude trades 0.8% higher at $44.76 per barrel while Gold is little changed at $2,032/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 up 0.1% at 3,255
- DAX unchanged at 12,677
- CAC up 0.2% at 4,906
- FTSE 100 up 0.4% at 6,056
- IBEX 35 up 0.5% at 6,586
How Are The Sectoral Indices Faring
Earnings Reaction: Siemens Q3 (Year-End September)
- Revenue down 58.7% to Rs 1,319.5 crore
- Net loss of Rs 4.6 crore from net profit of Rs 24.1 crore
- Ebitda loss of Rs 9.6 crore from Ebitda gain of Rs 353.7 crore
- Gas and Power segment revenue down 52% to Rs 554.6 crore
- Smart Infrastructure revenue down 66% to Rs 309.2 crore
- Mobility segment revenue down 61% to Rs 97 crore
- Digital Industries revenue down 71% to Rs 181.9 crore
- Order backlog of Rs 13,142 crore with more than one-year revenue visibility
- 75% of project sites have reopened and are at utilisation levels between 20% and 70%
Shares fell as much as 2.7% - the most in two months to Rs 1,120. The stock is down for the fourth straight day.
Brokerage Reaction: Mahindra & Mahindra
Shares of the auto and tractor company are surging in today's trade after most brokerages maintained their bullish stance on the stock and raised their price targets.
CLSA's Rationale:
- Tractor margin improves despite a volume decline
- Auto business losses at manageable levels
- Near-term focus on managing supply chain and ramping-up production
- Continued focus on RoE improvement
- Raise FY21-22 core EPS forecast by 11% & 21% respectively
- Key Risks: Delay in recovery of tractor volumes and increase in non-core investments
JPMorgan’s Rationale:
- Walking the talk on capital allocation
- Farm fundamentals are looking up on good crop / monsoons
- Stake sale in the EV business can be an additional catalyst
- Expect U.S. farm business to break-even soon
- Valuations remain accommodative
- Remains preferred pick in the sector
- Localised lockdowns disrupting supply and demand side remains key downside risk
CLSA raised its target to Rs 730 from the earlier Rs 605 while JPMorgan now sees a target of Rs 700 from the earlier Rs 625.
Shares gained as much as 6.7% to Rs 640.8. The stock is the second best performer on the Nifty 50 index and is trading at the highest level since July 2019.
F&O Snapshot: Active Options Contracts
- Nifty August futures add 10% and 10.4 lakh shares in Open Interest.
- Nifty Bank August futures add 29.5% and 4 lakh shares in Open Interest.
Nifty: August 13 Expiry
- 11,300 Call: Premium up 53% to Rs 94.8. The contract has added 4.6 lakh shares in Open Interest.
- 11,200 Put: Premium down 50.5% to Rs 44.2. The contract has added 16.3 lakh shares in Open Interest.
- 11,400 Call: Premium up 54% to Rs 46.2. The contract has added 6 lakh shares in Open Interest.
Nifty Bank: August 13 Expiry
- 22,000 Call: Premium up 45% to Rs 324. The contract has added 3.6 lakh shares in Open Interest.
- 22,500 Call: Premium up 58% to Rs 126. The contract has added 1.4 lakh shares in Open Interest.
- 21,500 Put: Premium down 44% to Rs 128.5. The contract has added 85,500 shares in Open Interest.
Markets At Noon
- Benchmark indices remain near the day's high
- Nifty up 1% at 11,327
- Sensex up 0.9% at 38,391
- Nifty Bank up 1.1% at 22,000
- Nifty Midcap Index up 1.4%
- Nifty Smallcap Index up 1.5%
- India Volatility Index down 0.2% to 22.53
- All sectoral indices trade with gains
- Nifty Pharma extends gains; up 5.6%
- Nifty Realty is the other major gainer up 2%
- Nifty Auto gains 1.7%
- Cipla extends gains as the top Nifty gainer; up 9.3%
- Asian Paints is the top Nifty laggard; down 1.2%
- 1,238 stocks on the NSE trade with gains while 532 declined
Fifth Day Of Gains For The Auto Index
Earnings Reaction: Shilpa Medicare Q1FY21
- Revenue up 38.4% to Rs 222.9 crore
- Net profit up over five times to Rs 86.3 crore
- Ebitda more than doubles to Rs 65.7 crore
- Ebitda margin at 29.5% from 17.9%
- Formulations revenue were higher due to an increase in sales of products
- API revenues higher due to better growth in the oncology business
- Investments in biologics will start showing results in the coming years: Management
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 15.1% - the most in six months to Rs 689.8. The stock is trading at the highest level since November 2017 and is up for the third straight day.
Mutual Fund Data For July
- Net equity outflow of Rs 2,480 crore from inflow of Rs 241 crore
- Total Mutual Fund industry saw inflow of Rs 89,813 crore from inflow of Rs 7,266 crore
- Equity AUM up 6% to Rs 7,28,701 crore
- Total Mutual Fund Industry AUM up 5% to Rs 27,28,115 crore
- Liquid funds saw inflows of Rs 14,055 crore from outflow of Rs 44,226 crore
- Balanced funds saw outflow of Rs 2,196 crore from outflow of Rs 1,705 crore
- All numbers are compared to the previous month
Source: AMFI
Earnings Reaction: Birla Corporation Q1FY21
- Revenue down 35.1% to Rs 1,222 crore
- Net profit down 53.2% to Rs 65.8 crore
- Ebitda down 39.4% to Rs 233.2 crore
- Ebitda margin at 19.1% from 20.4%
- Ebitda per tonne down 5% to Rs 981
- Realisation per tonne down 0.5% to Rs 4,906
- Volumes down 34% to 2.4 million tonnes
The company will increase its grinding cement capacity to 1.54 MTPA from 1.3 MTPS at its Durgapur facility for an investment of Rs 72.6 crore.
It also said that there will be a delay in putting up the 3.9 MTPA green-field integrated cement plant, to be commissioned by August 2021.
Shares fell as much as 8% to Rs 601.3, snapping a five-day winning streak.
Buzzing Stock: Emami
- Top gainer on the Nifty Midcap index
- Gains as much as 18.5% to Rs 304.9
- Biggest single-day gain since January 2008
- Trades at the highest level in six months
- Up for the third straight day
- Has gained 26% in the last three trading sessions
- Today's volumes are more than 30-times higher than its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 81
- Stock has more than doubled from its 52-week low of Rs 130.9 on March 30, 2020
- Breaks out above its 200-Day Moving Average of 255.9
- Brokerage firm Investec has upgraded the stock to buy from hold and raised its price target to Rs 312 from Rs 231
- 23 out of the 32 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 3.9% above its 12-month consensus price target of Rs 287.6, implying a negative return potential
Earnings Reaction: Affle India Q1FY21
- Revenue up 20.3% to Rs 89.8 crore
- Net profit up 42.3% to Rs 18.8 crore
- Ebitda up 20.3% to Rs 22.5 crore
- Ebitda margin flat at 25%
- Broad-based growth from both CPCU and non-CPCU business
- CPCU business had 1.7 crore of converted users during the quarter
- India business revenue up 39% to Rs 42.2 crore
- Overseas business revenue flat at Rs 49.6 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares are locked in an upper circuit of 10% - the biggest single-day advance in six months at Rs 2,026.4. The stock is trading at the highest level in six months and is up for the seventh straight day.
Stock Reaction: Tejas Networks
The optical and data networking product manufacturer has informed the exchanges that it has won a Indian Defence Network project from L&T Construction.
The order, won in the previous quarter is worth Rs 66 crore, the company said in an exchange filing.
The order pertains to supply of its GPON-based fiber-broadband products and high-performance Metro Ethernet switches for the project.
First set of supplies have started this quarter, the company said.
This win reinforces our technology strengths and credibility as a trusted provider of defence communication equipment to tri-services.Sanjay Nayak, MD & CEO, Tejas Networks
The stock is up for the fifth straight day, locked in an upper circuit of 5% at Rs 63.85.
Stock Reaction: Coal India
Coal India's unions have called off a strike scheduled for August 18, Bloomberg News reports.
The strike has been deferred until further notice after extension of the bid deadline for auctioning coal blocks for commercial mining, the unions said in a joint statement.
The unions are protesting against the government's plans to allow private players to mine and sell coal.
The statement said that the protests will continue and another date for the strike is now being discussed.
August 18 was the original deadline for submitting bids.
Shares gained as much as 1.1% to Rs 131.1, up for the third straight day.
Stock Reaction: Coal India
Earnings Reaction: Divi's Laboratories Q1FY21
- Revenue up 48.8% to Rs 1,730.5 crore
- Net profit up 80.6% to Rs 492 crore
- Ebitda up 81% to Rs 700 crore
- Ebitda margin at 40.4% from 33.2%
- Forex gain of Rs 5 crore this quarter as compared to forex loss of Rs 6 crore in base quarter
Motilal Oswal upgraded the stock to buy with a price target of Rs 3,300 citing potential in its contract manufacturing or CRAMS business.
Shares gained as much as 18.2% - the most on record to an all-time high of Rs 3,293.
Markets At 10:10 A.M.
- Benchmark indices trade near the day's high
- Nifty up 0.8% at 11,304
- Sensex up 0.8% at 38,333
- Nifty Bank up 1% at 21,972
- Nifty Midcap index up 1.2%
- Nifty Smallcap index up 1.1%
- India Volatility Index up 2% at 22.98
- Nifty Pharma index is the top sectoral gainer; up 3.3%
- Nifty Auto, Nifty PSU Bank, Nifty Realty gain over 1% each
- Nifty Metal is the only sectoral laggard; down 0.4%
- Cipla is the top Nifty gainer; up 5.4%
- 40 out of the 50 Nifty constituents gain
- Hindalco is the top Nifty laggard; down 1.4%
- 1,216 stocks on the NSE trade with gains while 486 stocks decline
Money Market Update
The rupee has opened little changed in today's trading session after ending last week as the second worst performing currency in Asia.
The currency opened at 74.96 against the U.S. Dollar as compared to Friday's close of 74.93.
India's forex reserves rose to a record $534.6 billion in the week ending July 31, according to RBI data.
Bond market traders are concerned about the record high supply of government bonds after the RBI policy statement excluded any mention of how the borrowing is going to be facilitated.
ICICI Securities Primary Dealership believes that the lack of central bank intervention can send yields higher at each bond auction.
Pharma Index Outperforms
Coronavirus India Updates
- Total cases cross the 2.2 million mark
- 62,064 new cases reported over the last 24 hours
- Total confirmed cases now at 22,15,074
- Active cases at 6,34,945
- Patients cured / discharged / migrated at 15,35,743
- Death toll rises to 44,386
- 1,007 deaths reported in the last 24 hours
- 54,859 recoveries reported over the last 24 hours
Defence Stocks See Strong Traction
Defence-oriented stocks are reacting to Defence Minister Rajnath Singh's tweets on Sunday where an embargo was imposed on the imports of 101 defence items. The list of those items has been prepared by the Ministry of Defence.
Contracts worth nearly 4 lakh crore will be placed upon the domestic industry within the next six to seven years.
The list includes Wheeled Armoured Fighting Vehicles (AFVs) with indicative import embargo date of December 2021, of which the army is expected to contract nearly 200 of them at a cost of over Rs 5,000 crore.
The embargo on imports is planned to be progressively implemented between 2020 and 2024.
Stock Reaction:
- Bharat Electronics: Shares gained as much as 10% - the most in five months to Rs 109.1. The stock is trading at the highest level in seven months.
- Bharat Dynamics: Shares gained as much as 10.9% to an all-time high of Rs 465.1.
- Hindustan Aeronautics: Shares gained as much as 9.6% to Rs 1,041. The stock is trading at the highest since May 2018.
- BEML: Shares gained as much as 5.3% to Rs 691.8. The stock is trading at the highest level in five months.
- Cochin Shipyard: Shares gained as much as 3.8% to Rs 344.65. The stock will also be reporting its earnings today.
Earnings Reaction: Cipla Q1FY21
- Revenue up 9% to Rs 4,346 crore
- Net profit up 21% to Rs 578 crore
- Ebitda up 16% to Rs 1,049 crore
- Ebitda margin at 24% from 23%
- India business revenue up 16% to Rs 1,608 crore
- North America business revenue down 9% to Rs 1,021 crore
- Emerging Markets revenue up 64% to Rs 457 crore
- Europe revenue up 19% to Rs 240 crore
- API business revenue up 1% to Rs 184 crore
- Trade generics business saw a growth of 46%
- R&D Investments at 4.6% of revenue at Rs 200 crore
- Achieved zero net debt position led by strong collections and improved Ebitda
- All numbers are consolidated and compared on a year-on-year basis
Brokerage firm Morgan Stanley has maintained its overweight rating on the stock. It has raised its price target to Rs 847 from the earlier Rs 486. Morgan Stanley has raised its FY21/22 EPS estimates by 16.2% and 23.6% respectively.
Shares gained as much as 6.6% to an all-time high of Rs 777. It is also the top gainer on the Nifty 50 index.
Opening Bell: A Positive Start
Indian equity markets opened higher after a rangebound week, during which benchmark indices managed to post a weekly advance.
The S&P BSE Sensex opened 0.34% higher at 38,168 while the NSE Nifty 50 index opened near the 11,300 mark, up 0.5% at 11,270.
Among the sectoral indices, the Pharma index has opened 2.2% higher led by gains in Cipla while the other indices have opened with a positive bias.
The Nifty Auto, I.T. and PSU Bank index have opened with gains of over 0.5%.
Broader markets too have opened higher. The Midcap index has gained 0.9% while the Smallcap index has gained 0.65%.
Market breadth is in favour of the gainers. 1,186 stocks on the National Stock Exchange have opened with gains while 331 are declining.
Latest On The Coronavirus
- Global cases cross 19.7 million
- Death toll rises to 7.3 lakh
- U.S. crosses 5 million cases
- Infections among children in the U.S. jump 40% in the second half of July
- 4,376 new cases and 292 deaths reported in Mexico
- 322 new infections reported in Australia's Victoria
- Brazil reported 23,010 new cases on Sunday after crossing 3 million cases and 1 million deaths
- Average rate of positive tests in Texas exceeded its seven-day average to a record 20.3%
- 8,373 new cases reported in California with nearly one-third of total patients in the ICU.
- 203 new cases reported in Greece on Sunday.
- Over 1,000 new cases reported in the U.K. - the first time since June 26
- 463 new cases reported in Italy, the second highest in two months
How Did The Fund Flows Fare On Friday
Key Stocks In Focus
- Reliance Industries: Bloomberg News reports that Saudi Aramco is still working on a deal to buy stake worth $15 billion in the company. Chairman Mukesh Ambani during RIL's AGM had said that the transaction had been delayed due to unforseen circumstances in the energy market and Covid-19. Aramco CEO Amin Nassar said during its earnings call that the discussions with RIL are still on.
- Cipla: Earnings ahead of consensus estimates led by strong performance in its India and Emerging Markets business. The company has also managed to achieve a net debt-free status.
- Birla Corporation: To increase grinding cement capacity to 1.54 MTPA from 1.3 MTPS at its Durgapur facility for an investment of Rs 72.6 crore. The company said that there will be a delay in putting up the 3.9 MTPA green-field integrated cement plant, to be commissioned by August 2021.
- IndusInd Bank: Has acquired 7.82% stake in Eveready Industries and 7.5% stake in McLeod Russel India after invoking shares pledged by promoter Williamson Magor. The invocation was done to secure the outstanding dues of Seajuli Developers & Finance.
- Defence Stocks: Defence minister Rajnath Singh says that the Ministry of Defence has prepared a list of 101 items for which there will be an embargo on the imports. Contracts worth nearly 4 lakh crore will be placed upon the domestic industry within the next six to seven years. The list includes Wheeled Armoured Fighting Vehicles (AFVs) with indicative import embargo date of December 2021, of which the army is expected to contract nearly 200 of them at a cost of over Rs 5,000 crore. The embargo on imports is planned to be progressively implemented between 2020 and 2024.
- FDC: Board approved buyback of Rs 21.63 lakh shares or 1.27% of equity at Rs 450 per share. The share buyback aggregates to Rs 97.4 crore. The buyback price is a 34% premium to Friday's closing price.
- Coal India: Cuts FY21 production target to 650-660 MT: PTI
- Nifty Earnings Today: Power Grid, Shree Cement, Titan
- Non-Nifty Earnings Today: Akzo Nobel, AstraZeneca Pharma, Bank of Baroda, Camlin Fine, Cochin Shipyard, Equitas Holdings, HEG, IPCA Labs, KEC International, Meghmani Organics, TTK Prestige, Ujjivan Financial, V-Mart Retail
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Another Rangebound Session In Store?
Good Morning!
India's benchmark indices, though mostly rangebound, managed to post a advance last week.
By Friday this week, nearly all of the Nifty 50 companies will have reported their June quarter earnings.
Today stocks of Cipla, Affle India, Bata, DCB Bank, Amber Enterprises, Amara Raja, Siemens among others will react to their results reported after Friday market hours and over the weekend.
Broader markets managed to outperform the benchmarks last week. Some non-index names - Bank of Baroda, Cochin Shipyard, Equitas, HEG, IPCA Labs, KEC International, TTK Prestige and V-Mart Retail will come out with results today.
Within the Nifty stable - Power Grid, Shree Cement and Titan will report numbers today.
Markets in China and Hong Kong have opened lower while those in South Korea and Australia are outperforming. Japanese markets are shut due to a holiday.
Futures on the Dow Jones reversed early losses and are now trading with gains of 50 points. The index ended little changed on Friday. Oil prices are rising while gold trades lower.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.3% to 11,260 as of 8:00 a.m.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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