Here are the key highlights from today's trading session:

1. Sensex and Nifty recover from morning lows to close flat

2. Midcap index outperforms benchmark indices, ends 1% higher

3. Sensex closes 15 points higher at 38,041 and Nifty 14 points higher at 11,214

4. Nifty Bank rises 111 points to 21,754 and midcap index 198 points to 16,103

5. Reliance Industries, Asian Paints and Bajaj Finance support while Infosys, TCS & Titan drag

6. M&M slips on below-than-expected earnings; auto business reports EBIT loss

7. Bharti Airtel, Bharti Infratel and Vodafone Idea higher ahead of AGR hearing on Monday

8. Bajaj Finance & Bajaj Finserv close with gains of 4% & 3% respectively

9. Midcap banks like RBL Bank, Federal Bank, IDFC First Bank post healthy gains in trade today

10. Mahanagar Gas closes 1.5% lower after reporting a decline of 73% in profit sequentially

11. Market Breadth favours advances; advance-decline ratio at 2:1

Aug 7, 2020 4:13 PM

Closing Bell: Market ends the week in green; Bajaj twins, HDFC Bank contribute gains, broader market surge

The Indian equity reversed losses from the morning session to end the day in green on Friday supported by financials especially Bajaj twins and HDFC Bank.

At close, the Sensex ended 15 points or 0.04 percent higher to 38,040 while the Nifty index ended at 11,214, up 14 points higher. Broader market remained the highlight of the day as they outperformed the benchmarks, by ending the session 1 percent higher.

Asian Paints, Bajaj Finance, UPL, Bajaj Finserv and IndusInd Bank were the Nifty50 top gainers while Titan, HCL Technologies, Infosys, Sun Pharma and M&M remained the index top losers.

IT index slipped the most, by 1 percent followed by pharma and realty indexes. Nifty PSU Bank was the best-performing index of the day, up 1.22 percent followed by auto, metal and FMCG.

Aug 7, 2020 3:38 PM

M&M Q1FY21: Bumpy quarter as net profit falls 97%; revenue declines to Rs 5,589 crore

Auto major Mahindra & Mahindra reported a massive 97 percent decline in consolidated net profit for April-June quarter of fiscal 2021 to Rs 67.8 crore as against Rs 2,259.74 crore in the same period…

Aug 7, 2020 3:26 PM

Sovereign gold bond scheme: Should you invest in it with gold at all-time high?

The Series-V of the sovereign gold bond (SGB) scheme 2020-21 opened for subscription on Monday and will end on Friday. This issue is available at a time when gold prices are trading at record highs.

As far as investing in SGB is concerned, it is generally considered a good bet as it provides interest along with price appreciation which no other gold investment offers.

However, with gold prices having risen sharply this year, some investors may have second thoughts over whether they should go for SGBs. This is because the current rates are much higher than the issue price of the first tranche.

The issue price of tranche V has been fixed at Rs 5,334 per gm, compared to Rs 4,639 per gram in the first tranche, in keeping with the rise in gold price, though the SGB price is still less than the market price. Read more

Aug 7, 2020 3:18 PM

This Tata Group company stock has risen almost 150% in 4 months

Shares of Tata Consumer Products continued to see positive momentum on Friday surging over 9 percent to hit a fresh 52-week high of Rs 530.10 on the BSE. The stock has gained over 20 percent this week while it has risen over 147 percent since its 52-week low Rs 214 hit on March 24, 2020.

On August 4, the company had reported robust earnings for the first quarter of fiscal 2021.

The Tata Group FMCG major saw its net profit rising 82 percent year-on-year (YoY) to Rs 346 crore. Revenue from operations rose 13.44 percent year on year to Rs 2,173.91 crore from Rs 2,392.36 crore in the corresponding quarter last year led by the volume and value growth in both India and international business. Continue reading

Aug 7, 2020 3:05 PM

COVID-19 Vaccine Update | Serum Institute ties up with GAVI & Bill & Melinda Gates Foundation; to produce 100 m vaccine doses

Aug 7, 2020 2:46 PM

HDFC launches Rs 14,000 crore QIP, sets floor price at Rs 1,838.94

To raise capital for the smooth functioning of the mortgage lending business, HDFC Ltd has launched a mega Rs 14,000 crore qualified institutional placement (QIP), with a floor price of Rs 1,838.94 per equity share.

HDFC Ltd is the sixth company to raise funds via QIP after Kotak Mahindra Bank, JM Financial, PI Industries, Axis Bank and Info Edge.

"The issue price would comprise for an amount aggregating up to Rs 14,000 crore by way of issue of equity shares and warrants and up to Rs 9,000 crore by way of issue of Secured Redeemable Non-Convertible Debentures," the company said in an exchange filing.

The company added that it may not offer more than a five percent discount on the offered floor price at its absolute discretion.

The QIP will consist of equity share sale of Rs 10,000 crore and sale of warrants worth Rs 4,000 crore.

Aug 7, 2020 2:33 PM

Mahanagar Gas Q1FY21 | The company's net profit during the quarter declined 72.8 percent to Rs 45.25 crore from Rs 166.6 crore in the previous quarter. Revenue from operations fell 63.1 percent to Rs 277.5 crore as against Rs 752.7 crore, QoQ. EBITDA declined 67.2 percent to Rs 80 crore as against Rs 244 crore while EBITDA margin came in at 30.6 percent as compared to 35.5 percent, QoQ.

Aug 7, 2020 2:21 PM

Aug 7, 2020 2:09 PM

Alkem Laboratories Q1FY21 | The company's consolidated net profit fell to Rs 423.1 crore as against Rs 187.2 crore while revenue increased to Rs 2,003.5 crore from Rs 1,849.5 crore, YoY. Consolidated EBITDA came at Rs 533.1 crore against Rs 264.5 crore YoY. EBITDA margin stood at 26.6 percent against 14.3 percent YoY.

Aug 7, 2020 2:00 PM

Just In | RBI announces constitution of an Expert Committee for COVID Loan Recast. KV Kamath led expert committee to have 4 other members. Diwakar Gupta, TN Manoharan, Ashvin Parekh and IBA CEO to be on loan recast expert committee.

Aug 7, 2020 1:43 PM

Aug 7, 2020 1:25 PM

Just In | Dilip Buildcon declared L-1 bidder for HAM project in Karnataka worth Rs 1,278 crore.

Aug 7, 2020 1:06 PM

Sobha Q1: The comapny's consolidated net profit fell 92.7 percent at Rs 6.6 crore against Rs 90.6 crore YoY. Revenue declined 70.3 percent to Rs 350 crore from Rs 1,176.7 crore YoY. Consolidated EBITDA was down 39 percent at Rs 193 crore as against Rs 316.6 crore YoY. Consolidated EBITDA margin stood at 55.2 percent against Rs 26.9 percent YoY.

Aug 7, 2020 12:52 PM

Angel Broking on Gujarat State Petronet

“Gujarat State Petronet standalone revenue from operations for Q1FY21 stood at Rs 464 crore down by 9.4 percent YoY from Rs 512.6 crore in Q1FY20, due to revenue degrowth in the Gas Transportation business which is down by 8.8 percent at 454.17 crores in Q1FY21 as compared to 498.37 crore in Q1FY20. Volume in the GSPL network stood at 33.25 mmscmd in Q1YF21 down by 12.1 percent as compared to 37.8 mmscmd in Q1FY20. Drop in PAT was lower at 3.3 percent YoY to Rs 199.35 crore as change in tax rate from 34.1 percent to 26.9 percent helped boost PAT. Demand from Power and Refinery/Petchem has strong traction and this is expected to continue till imported LNG prices recover to pre-COVID levels which could be some time away given the glut in the global gas market,” said Yash Gupta, Equity Research Associate, Angel Broking Ltd

Aug 7, 2020 12:40 PM

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