Closing Bell: Market ends in red, metal, bank index drag; RIL market cap hits Rs 114 lkah crore combined market cap

Stock Market Highlights: The Indian market ended the day in red on Friday but posted sixth straight weekly gains.

The Sensex ended 11 points lower to 38,128 while the Nifty50 index ended at 11,194, down 21 points. Broader markets ended little unchanged as compared to the benchmarks, Nifty Midcap 100 index ended 0.28 points lower while the Nifty Smallcap 100 index ended 0.22 points higher.

Except IT, all sectors ended in the red, with Nifty Metal posting the most amount of losses, down 2.06 percent.

HCL Technologies, Reliance Industries, Tech Mahindra, Sun Pharma and IndusInd Bank were the Nifty50 top gainers while Zee Entertainment, Hindalco, Axis Bank, SBI and GAIL remained the index top losers.

Jul 24, 2020 3:41 PM

Asian Paints Q1 net profit at Rs 219.6 crore Vs CNBC-TV18 poll of Rs 27 crore

Jul 24, 2020 3:23 PM

Should you invest in Mindspace Business Parks REIT IPO? Here's what brokerages suggest

Mindspace Business Parks REIT IPO will open for subscription on July 27 and will close on July 29. Mindspace REIT is the second REIT IPO after Embassy Office Parks REIT. The latter company was the country's first REIT to launch Rs 4,750 crore IPO in March 2019.

Mindspace REIT is the owner of a high-quality office portfolio in India that serves as an essential corporate infrastructure to multinational tenants and has significant embedded growth prospects.

So is it wise to invest in this REIT? Here's what brokerages suggest

Jul 24, 2020 3:09 PM

Should you invest in Mindspace Business Parks REIT IPO? Here's what brokerages suggest

Mindspace Business Parks REIT IPO will open for subscription on July 27 and will close on July 29. Mindspace REIT is the second REIT IPO after Embassy Office Parks REIT. The latter company was the country's first REIT to launch Rs 4,750 crore IPO in March 2019.

Mindspace REIT is the owner of a high-quality office portfolio in India that serves as an essential corporate infrastructure to multinational tenants and has significant embedded growth prospects.

So is it wise to invest in this REIT? Here's what brokerages suggest

Jul 24, 2020 3:09 PM

Goldman Sachs India ups stake by nearly 1% in Rossari Biotech post listing

Goldman Sachs India has bought an additional 0.92 percent stake or 4,81,433 equity shares in Rossari Biotech at Rs 692.17 apiece, showed bulk deals data on the NSE on Thursday. The specialty chemicals manufacturer made a stellar debut on bourses on Thursday receiving strong interest from the retail investors as well as the anchor investors. After rallying about 75 percent over its issue price, the global investment banker acquired the additional nearly 1 percent stake.

The Rossari Biotech stock rose as much as 7 percent intraday to Rs 793.90 per share. At 1:34 pm, the shares traded 2.06 percent to Rs 756.95 on the NSE. Given the higher end of the IPO price band, the deal was struck at nearly 63 percent premium over its issue price. Learn more details here

Jul 24, 2020 2:54 PM

Jul 24, 2020 2:36 PM

Route One Investment gets RBI nod to raise its stake in IndusInd Bank to 10%

IndusInd Bank on Friday said that Reserve Bank of India (RBI) has allowed its existing shareholder, Route One Investment Company (ROIC), to raise stake in the bank.

“RBI has forwarded the bank a copy of the letter addressed to ROIC, approving increasing their shareholding up to 10 percent of the paid-up voting equity capital of IndusInd Bank Limited,” the bank said in its statement.

ROIC is a US-based hedge fund, that already holds approximately 4.96 percent of the issued and subscribed capital of the bank. IndusInd bank said that ROIC had approached the RBI seeking a prior approval to increase their stake in the bank up to 10 percent, which is the maximum permissible limit under current RBI norms.

The bank’s board, in its meeting on July 5, 2020, had granted its approval to the proposed acquisition of Route One Investment Company, and have now received a communication from RBI giving them the green signal. Read more here.

Jul 24, 2020 2:31 PM

Rupee Update: The Indian currency ended with marginal losses on Friday, ending the week with gains. The rupee ended at 74.82 against the US dollar as compared to Thursday's close of 74.76.

Jul 24, 2020 2:14 PM

RIL first Indian company to hit Rs 14 lakh crore market cap

The combined market capitalisation of Reliance Industries' (RIL) fully paid shares and partly paid shares crossed Rs 14 lakh crore on Friday. RIL is the first Indian company to hit Rs 14 lakh crore in market cap, 75 percent above the m-cap of the second most valued company, TCS.

At the time of writing this report, the fully paid Reliance Industries shares were trading 3.68 percent higher at Rs 2,136.55 per share with a market cap of Rs 13,52,765.53 crore. The stock hit an all-time high of Rs 2,149.70 earlier today. The stock has gone up 16 percent since its AGM on July 15.

The partly paid (PP) shares of the company traded at Rs 1,268.65, higher by 7.43 percent on the BSE. The market cap of PP shares was at Rs 53,537.97 crore, taking the combined market cap to Rs 14,06,303.5 crore.

On Thursday, RIL’s fully paid shares’ market cap hit Rs 13 lakh crore. The energy to digital conglomerate has seen its market cap rising to Rs 13 lakh crore from Rs 12 lakh crore in just 8 trading sessions.

Jul 24, 2020 2:04 PM

Goldman Sachs India ups nearly 1% stake in Rossari Biotech post listing

With stellar listing on Thursday, Rossari Biotech has received all the interest from the retail investors as well as the anchor investors.

After rallying about 75 percent over its issue price, Goldman Sachs India acquired an additional stake in the specialty chemicals manufacturer.On Thursday, the global investment banker bought 4,81,433 equity shares (0.92 percent stake) in Rossari Biotech at Rs 692.17 per share, showed bulk deals data on the National Stock Exchange.

The stock rose as much as 7 percent intraday to Rs 793.90 per share. At 1:34 pm, the shares traded 2.06 percent to Rs 756.95 on the NSE.

Given the higher end of the IPO price band, the deal was struck at nearly 63 percent premium over its issue price.

On July 10, Goldman Sachs had bought 1,95,271 equity shares at an issue price of Rs 425 through the anchor book.

Jul 24, 2020 1:42 PM

Jet Airways receives resolution plans from two bidders

Jet Airways receives resolution plans from two bidders. Get latest Aviation online at cnbctv18.com

Jul 24, 2020 1:17 PM

Nirmal Bang feels rural sector is good theme for the next 6 months; do not see Nifty crossing 11,200 level

Rahul Arora of Nirmal Bang feels rural market is a very good theme to play for the next 6 months. He said, "I think it may be one of the bigger themes that will play out in the market despite the outperformance of any other theme. The lenders and the rural theme will continue to play out over the next 6 months till the end CY20.”

Regarding stock market, Arora said that it is about 50 percent higher from the lows and within 10 percent of making a new all-time high. "I think this run on the way up has over extended itself. However, Nifty won't be crossing 11,200 level because it is building in too much of an earnings recovery and also trying to ignore economic aspects. New investors should wait for a bit of a correction. The risk on the long side is very elevated right now and I think potential retail investors could get a better market position to enter later," added Arora.

Jul 24, 2020 1:01 PM

PNB Housing Finance hits upper circuit for second day; rises 10% in two sessions

The share price of PNB Housing Finance hit upper circuit for the second consecutive session, rising 5 percent on Friday after the NBFC reported stable earnings in the June quarter.

The stock has surged as much as 10 percent in two sessions to Rs 220.75 per share on the BSE. However, the stock has declined nearly 50 percent in 2020.

In Q1, the lender beat Street estimates but reported a 9.5 percent fall in consolidated net profit at Rs 257.18 crore as against Rs 284.47 crore in the year-ago quarter. The numbers were driven by stronger PPoP and significantly lower credit costs. Read more here

Jul 24, 2020 12:46 PM

Mindspace REIT's total portfolio value is over Rs 23,000 crore; here are a few key things to know about the IPO

Mindspace Business Parks REIT inches closer to IPO as announced to open for subscription on July 27, seeking to raise Rs 4,500 crore. The price band of the IPO is fixed at Rs 274-275.Get latest Market…

Jul 24, 2020 12:31 PM

This broking stock delivered 178% returns in four months; CLSA upgrades target price by 39%

One of the India's largest broking firms came up with stellar June quarter earnings by completely offsetting the pandemic effect. The firm reported a stunning growth because retail investors had invested money in stocks.

ICICI Securities has also delivered handsome returns to its shareholders in the past four months. The stock gave whopping 178 percent returns to its investors within just four months.

The stock is now trading near its all-time high of Rs 568 on the back of positive investor sentiment and strong growth.

In its quarter ended June 30, 2020, the broking firm reported a 70 percent jump in the net profit at Rs 193 crore, led by strong revenues and margin improvement. Read here whatCLSA had to say

Jul 24, 2020 12:16 PM

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