Sensex, Nifty Log Best Single-Day Gains In Two Months, Snap 3-Day Losing Streak
Catch all live updates on share prices, index moves, corporate announcements and more from Indian stock markets today.
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India's stock benchmarks snapped three-day losing streak amid strong global cues and a slew of quarterly earnings.
The S&P BSE Sensex gained 1.22% to 52,837.21, while NSE Nifty 50 Index advanced by a similar magnitude to 15,824.05. Infosys Ltd. contributed the most to the index gain, increasing 2.6%. Tech Mahindra Ltd. had the largest increase, rising 5.7%.
This month, the index rose 0.7%
So far this week, the index fell 0.6%
The broader markets almost mirrored their larger peers. The S&P BSE MidCap rose by 1.48% while the S&P BSE SmallCap gained 1.51%. All the sectoral indices barring S&P BSE FMCG (down 0.2%) advanced with S&P BSE Telecom index and S&P BSE Capital Goods rising 3% each.
The market breadth was skewed in favour of the bulls. About 2,176 stocks advanced, 1,058 declined and 128 remained unchanged on the BSE.
Government Announce PLI Scheme For Specialty Steels
India’s cabinet Thursday approved a production-linked incentive plan worth Rs 6,322 crore ($849 million) over five years for making specialty steel, Information and Broadcasting Minister Aurag Thakur said at a briefing.
The plan will help in bringing in investment of about Rs 40,000 crore, generate employment of 525,000, the minister said
It is aimed at boosting production of high-grade specialty steel to minimize the nation’s dependence on import of high-end steel
DB Corp Slumps On I-T Raids
Madhya Pradesh: Visuals from outside the office of Dainik Bhaskar Group in Bhopal
— ANI (@ANI) July 22, 2021
Income Tax Department is conducting searches on Dainik Bhaskar Group in connection with tax evasion case, at multiple locations, as per Sources pic.twitter.com/boH3xLGUUE
CSB Bank Falls Most Since March 2020 After Bad Loans Surge In Q1
CSB Bank drops as much as 19%, the most since March 2020, after the lender reported gross bad loan ratio for the June-ending quarter rose to 4.88% from 2.68% in the previous quarter.
Stock pares decline to 4.2% as of 2:35 p.m. in Mumbai
FIRST QUARTER RESULTS
Net income Rs 61 crore, +14% y/y
Interest income Rs 495 crore, +17% YoY
Interest expense Rs 228 crore, -3.8% YoY
Provisions Rs 98.26 crore, +38% QoQ
Provision for loan losses Rs 104 crore
Covid-related provisions Rs 3.8 crore
Hindustan Zinc Q1 Net Income Misses Estimates
Net Profit Rs 1,983 crore vs estimate of Rs 2,200 crore
Operating revenue Rs 6,378 crore vs estimate of Rs 5,710 crore
Total expenses Rs 3,723 crore, +24% YoY
Ebitda Rs 3,560 crore vs estimate of Rs 3,130 crore
COMMENTARY AND CONTEXT
Maintains FY22 operational, financial guidance
Q1 includes one-time loss of Rs 134 crore
Sees FY22 project capex $100 million
Q1 mined metal output 221,000 tonnes, refined metal output 236,000 tonnes
Chanderiya fumer plant commissioning seen by Nov. end