Closing Bell: Markets end in green; Bajaj Finance, Axis Bank contribute gains

The Indian equity benchmark indices ended in the green territory on Monday as financial heavyweights recovered. Bajaj Finance and Axis Bank contributed gains, surged over 2 percent.

At close, Sensex ended 173 points higher to 38,051 while the Nifty50 index ended at 11,247, up 69 points. Broader indices outperformed the benchmarks, with Nifty Smallcap100 index closing nearly a percent higher while Nifty Midcap100 index closed the day 0.51 percent higher.

Barring pharma sector, all indices ended in the green. Nifty Media was the best-performing index of the day, ending over 2.61 percent higher followed by Nifty Metal (+2.51 percent) and Nifty Auto (+2.43 percent).

NTPC, Eicher Motors, Zee Entertainment, Hindalco and Bajaj Auto remained the top-gainers of the day while SBI, Bharti Airtel, BPCL, Reliance Industries and Tata Motors were the top losers of the Nifty50 index.

Aug 17, 2020 3:41 PM

These nine stocks turned multibaggers in 2020. Did you miss the rally?

The Indian indices have maintained its upward momentum and closed higher for the second consecutive month. On a year-to-date basis a well, the indices have recovered drastically (over 15 percent), now down around 8 percent.

Corporate commentaries on gradual demand recovery coupled with benign global backdrop have aided the north-bound journey for the benchmark indices.

Momentum in stocks has also shifted towards the advances. 9 stocks in the BSE500 index have turned multi-baggers in 2020 despite the major COVID-19-led sell-off.

Laurus Labs, Alkyl Amines, Granules India, Adani Green, Suzlon Energy, Dishman Carbogen, Shila Medicate, Vaibhav Global, and Dixon Tech have surged over 100 percent each in 2020. Read more here.

Aug 17, 2020 3:17 PM

AGR Case | Reliance Jio has submitted before the Supreme Court that there was no legal basis for transferring AGR dues of RComm to Jio. ‘Erroneous’ impression created about company bidding for Reliance Communications ‘fronting’ for someone, Jio said.

Aug 17, 2020 3:10 PM

COVID-19 impact: Hospitality sector's revenue loss estimated at almost Rs 90,000 crore in 2020

The COVID-19 pandemic has taken a severe hit on the revenues of the Indian hospitality sector – organized, semi-organized and unorganized. The total revenue loss for the sector in 2020 is estimated at Rs 89,813 crore as against total estimated revenue of Rs 1,58,113 crore in 2019. Of this, the revenue loss for organized players is seen at Rs 40,309 crore, semi-organized at Rs 8,379 crore, and unorganized at Rs 41,126 crore.

“The markets were set on a path to recover the grounds lost due to the past disruptive events and supply overhang as the year 2020 started on a positive note with strong performances in the first two months. The onset of COVID-19 and the subsequent travel restrictions and nation-wide lockdown, however, has had an unprecedented impact on the sector,” a report by HVS India and ANAROCK said.

The occupancy rate in 2020 is likely to fall 31.6 percent while Revenue Per Available Room (RevPAR) down by 57.8 percent. Read more here.

Aug 17, 2020 3:04 PM

ICICI Securities enables Indian customers to invest In US securities

ICICI Securities Ltd. has partnered with Interactive Brokers LLC, a US-based online brokerage firm, to offer its customers the ability to invest in the US markets through a complete digital experience from onboarding to trading.

The alliance will enable ICICI Securities’ 4.8+ million clients to diversify their investments outside of the Indian market and access multi-asset investment opportunities through Interactive Brokers’ trading platform. Domestic investors can now trade in US markets across stocks, ETFs, and fixed income products. There is no minimum ticket size and US markets even allow for fractional ownership of shares, so even small retail investors can build a portfolio effectively, ICICI Securities said.

Aug 17, 2020 2:58 PM

Rupee Close: The Indian currency ended flat after a rangebound session on Monday. The rupee ended at 74.88/dollar as compared to Friday's close of 74.90. The intraday high of the currency was at 74.78.

Aug 17, 2020 2:44 PM

Stock Update: Britannia's shares surged as much as 2.5 percent to Rs 3,895 per share after the company announced an interim dividend of Rs 83/share. The record date for the dividend has been set as August 27, 2020.

Aug 17, 2020 2:33 PM

Supreme Court AGR dues case hearing: Here's what to expect today

The Supreme Court on Monday dismissed public interest litigation (PIL) seeking "immediate arrangement" for recovery of the adjusted gross revenue (AGR) dues, saying it is already looking into the matter. The apex court will resume hearing on the issue of adjusted gross revenue dues from telecom companies. The three-judge SC bench led by Justice Arun Mishra had on Friday asked the government, Reliance Jio and RCom resolution professional to place on record necessary documents to ascertain who would be liable for the AGR dues of RCom. Furthermore, it asked for details of the spectrum sharing agreements entered into by all insolvent companies. Click here to continue reading

Aug 17, 2020 2:15 PM

HDFC Bank spokesperson says the bank is unaware of any class action lawsuit till we heard about it from media today. We are getting details, will examine it & respond as appropriate; prima facie, it does look frivolous; believe we have been transparent in disclosures

Aug 17, 2020 2:01 PM

European markets fluctuate amid coronavirus and geopolitical tensions

European stocks fluctuated Monday morning amid a choppy start to the week’s trade, with geopolitical tensions and concerns over the spread of the coronavirus on investors’ radar.

The pan-European Stoxx 600 reversed opening losses to climb 0.2 percent, basic resources adding 1.5% while travel and leisure stocks fell 0.9 percent. At 1:40 pm, DAX traded 0.23 percent higher to 12,929 while FTSE100 rose 0.28 percent to 6,107.

The ambivalent start to the week for markets comes as their Asian counterparts traded mixed overnight as tensions between the U.S. and China continue to weigh on investor sentiment.

Aug 17, 2020 1:45 PM

The valuation paradox of Linde Plc and its Indian arm vis-a-vis peers

Have a look at three globally listed companies which are also listed in India. All three are applications based solutions providers for global manufacturing industries, and leading players in the sector.

Of these, two out of the three Indian subsidiaries trade at premium valuations, when compared to their foreign parents. The third company, Linde India, is an interesting case.

Its valuations are lower than those of the Indian arms of Honeywell Automation and 3M Inc. This, when Linde PLC is quoting at a premium to 3M and Honeywell globally. Read more

Aug 17, 2020 1:31 PM

NTPC shares surge 7% after Q1 earnings beat street estimates

Shares of NTPC rose nearly 7 percent on Monday after the state-owned power company's June quarter earnings beat street estimates. Its net profit fell about 6 percent to Rs 2,948.94 crore as against Rs 3,132.73 crore in the corresponding quarter last year.

The sentiment was also positive after the company said that it has begun the bulk supply of fly ash using newly developed infrastructure at its Rihand project in Uttar Pradesh to distant cement plants.

The stock rose as much as 6.7 percent to its intra-day high of Rs 94.40 on BSE.

The company's revenue from operations slipped 2.57 percent YoY to Rs 26,194.76 crore during the quarter under review. The firm's total expenses were at Rs 22,649.04 crore, against Rs 23,814.32 crore a year ago.

In a separate statement, the company said gross power generation of the NTPC group in the June 2020 quarter stood at 60.18 billion units, against 68.49 billion units a year ago.

Brokerage house Jefferies was also bullish on the stock post the results. It maintained a 'buy' call on the stock with a target price of Rs 125 per share.

Aug 17, 2020 1:20 PM

AGR case hearing at 3 PM today.

Aug 17, 2020 1:07 PM

BOTTOMLINE: Motherson Sumi is a success story, but a chequered one at that

After a strong run of many years, the Motherson group stands at the cusp of a reorganization, which threatens to expose some of the chinks in its armour.

The story of Motherson Sumi Systems--the $9 billion India listed company of the $11.3 billion Motherson group--is one of grit and determination. These qualities have transformed the company from a supplier of wiring harnesses for the Maruti 800 in 1983, to a global tier-1 supplier to the best automobile brands in the world, including the likes of Daimler, Audi, Volkswagen, Renault and, of course, Maruti Suzuki.

Behind its startling 3200-fold growth in revenues—a heady ~35 percent compounded growth—has been a strategy of stitching suitable alliances and acquiring productive assets across the globe.