Nifty, Sensex closed marginally lower on Friday. Markets opened higher, with the Nifty hitting a new record, before turning volatile after the RBI MPC announcement to keep key policy rates unchanged. The MPC’s GDP projection for FY22 was at 9.5%, while the CPI inflation forecast was at FY22 at 5.1%.
04 Jun 2021, 03:53:03 PM IST
The Sensex closed at 52,100.05, down 132.38 points or 0.25%, while the Nifty was at 15,670.25, down 20.10 points, or 0.13%. FMCG, and banking stocks closed in red on Friday. Among broader indices, the BSE midcap and smallcap closed 0.63% and 0.78% higher. Meanwhile, the Nifty midcap100 and smallcap100 closed at 0.72% and 0.37% higher. On the 30-share Sensex, Bajaj Finserv, ONGC, L&T, and 10 other stocks closed in green, while the remaining stocks closed in red.
Air India disinvestment will be completed in 2021, says aviation minister
The disinvestment of cash-strapped Air India is likely to happen by the end of this year, Union Civil Aviation Minister Hardeep Singh Puri said on Friday.
Puri said the disinvestment process of Air India got delayed due to the second wave of the Covid-19 pandemic and assured that the disinvestment process will happen in 2021.
“Air India is getting disinvested. It will take some time due to the pandemic. I want to assure you that it (AI Disinvestment) will happen this year,” the Union Minister told ANI news agency.
04 Jun 2021, 03:12:55 PM IST
Top gainers at this hour
04 Jun 2021, 03:06:36 PM IST
Bharat Forge reports net profit of ₹212.12 cr in Q4
Auto components major Bharat Forge on Friday reported a consolidated net profit of ₹212.12 crore in the fourth quarter ended 31 March riding on robust sales.
The company had posted a consolidated net loss of ₹68.59 crore in the same quarter previous fiscal, Bharat Forge Ltd (BFL) said in a regulatory filing.
Consolidated revenue from operations during the period under review stood at ₹2,082.85 crore as against ₹1,741.92 crore in the year-ago quarter.
04 Jun 2021, 02:57:44 PM IST
Banks top drags
04 Jun 2021, 02:53:17 PM IST
Pvt banks trade lower
04 Jun 2021, 02:35:12 PM IST
PhonePe withdraws injunction plea, to go on full trial against BharatPe
Bengaluru-based digital payments company, PhonePe has withdrawn its injunction plea, against BharatPe, over the use of the ‘Pe’ suffix, as it prepares to go on full trial, with the hearing on the matter expected to be held in July.
After the Delhi High Court dismissed PhonePe’s interim injunction plea, heard by a single bench of C. Hari Shankar, in April, this year; the company moved to a division bench to seek relief on the matter.
However, it withdrew its injunction plea, after moving to the division bench of Delhi High Court, thereafter.
In its latest hearing, dated June 1, PhonePe’s senior counsel told the division bench that it looks to dispose of the injunction suit
04 Jun 2021, 02:08:35 PM IST
FMCG stocks drag
04 Jun 2021, 02:01:07 PM IST
Gold imports plunge in India as virus slashes demand
Gold imports by India plummeted in May after a deadly new wave of the pandemic shuttered stores and restricted mobility, wiping out demand during key festivals and weddings.
Inbound purchases slumped to 11.3 tonnes last month from 70.3 tonnes in April, according to a person familiar with the data, who asked not to be identified as the information isn’t public. Still, that’s higher than the 1.3 tonnes imported in May last year when the country had come to a standstill due to a nationwide lockdown. Finance ministry spokesman Rajesh Malhotra didn’t immediately respond to calls to his mobile phone.
04 Jun 2021, 01:56:57 PM IST
Indian airlines will lose $8 bn due to covid, CAPA Says
Indian carriers are expected to incur a loss of $8 billion by 2022 as the second Covid-19 wave puts any travel recovery on hold.
IndiGo, India’s largest airline, and Air India Ltd. will account for $4.5 billion of losses, CAPA Centre for Aviation said in its report India Airline Outlook for the fiscal year 2022 Thursday. Indian carriers will need about $5 billion to survive but have access to only about $1.1 billion funds through initial public offerings, sale of new shares and other instruments, it said.
04 Jun 2021, 01:45:15 PM IST
Bayer launches consumer health division in India
Global life sciences firm Bayer on Friday said it has launched its Consumer Health division in India comprising 10 brands across the categories of allergy, dermatology, nutrition and analgesics.
These brands include Saridon, Supradyn, Becozym C Forte, Benadon, Alaspan, Canesten and Bayer’s Tonic. These products will be manufactured locally in India, Bayer said in a statement.
“The brands Saridon and Supradyn licensed to Piramal Consumer Products division in the past, have been transitioned back to Bayer’s new Consumer Health business at the end of the licensing agreement term. Piramal will continue to distribute these brands for Bayer Consumer Health in India,” it added.
04 Jun 2021, 01:33:28 PM IST
Bank of India Q4 result
Bank of India reported a consolidated net profit of ₹2.08 million in the year ended March 2021 compared to a loss of ₹3.05 million a year ago. Percentage of gross NPAs stood at 13.77% in the year ended 31 March, conmpared to 14.78%, a year ago.
04 Jun 2021, 01:16:25 PM IST
Bank, FMCG, realty drag
04 Jun 2021, 01:00:38 PM IST
Axis Bank in talks to acquire Spandan Sphoorty: report
Axis Bank is in talks to acquire Spandana Sphoorty, moneycontrolnews reported citing people with direct knowledge of the matter.
Interest in this deal has been evinced on both sides and it has been in the works for a while, the people shared.
Axis Bank is looking at reducing its priority sector lending (PSL) cost with the acquisition, moneycontrol news reported.
04 Jun 2021, 12:41:54 PM IST
Oil prices rise
After a hike for the second time this month, petrol prices crossed the record ₹100-mark in Leh, almost all districts of Andhra Pradesh and parts of Telangana on Friday. According to a price notification by state-owned fuel retailers, petrol got costlier by 27 paise per litre and diesel by 28 paise per litre.
04 Jun 2021, 12:36:33 PM IST
Nissan Delays Release of Flagship Electric Car Amid Chip Crunch
Nissan Motor Co. is pushing back the release of its flagship Ariya electric vehicle, highlighting the struggle automakers everywhere are facing in trying to launch new cars amid a persisting shortage of semiconductors.
When the Ariya SUV was first unveiled in July last year, Nissan said it was scheduled to go on sale in mid-2021. On Friday, the company said a limited-edition model will be available in Japan “this winter” followed by a wider domestic and global roll-out.
04 Jun 2021, 12:23:53 PM IST
Ant faces dent in profitability with new consumer finance unit
Ant Group Co.’s most lucrative business of consumer lending is likely to become less profitable as the financial juggernaut emerges from a six-month regulatory crackdown aimed at curbing its influence.
While the writing has been on the wall for months, the approval of its consumer finance unit on Thursday with a capital base of 8 billion yuan ($1.3 billion) limits Ant’s ability to lend on its own and in partnership with banks. At the same time, the firm might not need to raise more capital, because loans funded entirely by banks but distributed on Ant’s Alipay platform won’t contribute to the unit’s balance sheet.
04 Jun 2021, 12:10:09 PM IST
Astrazeneca names new CFO
AstraZeneca said on Friday it had appointed Alexion’s Aradhana Sarin as its new chief financial officer as it shifts existing CFO Marc Dunoyer to a new role leading the U.S.-based drugmaker after the pair’s merger.
AstraZeneca agreed to buy Alexion in December in its largest ever deal, a bet on rare-disease immunology which also includes a fast-growing cancer medicines unit and a major covid-19 vaccine.
London-listed AstraZeneca said Sarin’s appointment was conditional upon the completion of its $39 billion buyout of Alexion.
04 Jun 2021, 11:58:36 AM IST
04 Jun 2021, 11:53:26 AM IST
CIL, L&T gain
04 Jun 2021, 11:37:31 AM IST
RailTel Corporation bags ₹120 cr order from Bharat Coking Coal
State-owned RailTel Corporation of India on Friday said it has bagged a ₹120 crore-order from Bharat Coking Coal Ltd.
“RailTel Corporation of India Ltd has received the work order of a total amount of ₹119.72 crore from Bharat Coking Coal Ltd (BCCL) for implementation of MPLS-VPN services along with miscellaneous services at 340 locations of BCCL for the period of 60 months,” it said in a filing to BSE.
A Mini Ratna PSU, RailTel is a leading neutral telecom infrastructure providers and has a pan-India optic fibre network on exclusive right of way along railway track. Shares of the company were trading 1.34% higher at ₹132.50 apiece on BSE.
04 Jun 2021, 11:23:18 AM IST
Thomas Cook gains on RBI announcement of additional on tap liquidity
Thomas Cook was trading at ₹68.60, up 4.97% at 11:19. RBI governor Shaktikanta Das announced additional on tap liquidity for hotels, restaurants, tourism cos of ₹15,000 cr at 3 yr repo rate tenor.
04 Jun 2021, 11:11:49 AM IST
HDFC Bank, ICICI Bank top drags
04 Jun 2021, 10:46:47 AM IST
SBI trades lower
SBI was trading at ₹437.30 apiece, up 0.53% at 10:44 am. The state-owned lender reported standalone net profit of ₹20,410 crore in the March quarter compared to ₹14,488 crore a year ago. The state-owned lender’s net interest income stood at ₹1,10,710 crore, up 12.87% from a year ago, SBI said in a regulatory filing.
04 Jun 2021, 10:41:59 AM IST
Banks top drags
04 Jun 2021, 10:33:05 AM IST
NACH to be operational on all 7 days; will facilitate 24×7 RTGS initiative: Das
04 Jun 2021, 10:32:28 AM IST
RRBs may issue certificates of deposit, and buyback these CDs before expiry for liquidity management: Das
04 Jun 2021, 10:31:30 AM IST
Lenders may issue margins on behalf of FPI clients in GSecs within credit risk framework
04 Jun 2021, 10:30:53 AM IST
Max aggergate exposure threshold under resolution framework expanded from ₹25 cr to ₹50 cr for MSMEs: Das
04 Jun 2021, 10:27:43 AM IST
Additional ₹16,000 cr SLF to Sidbi for on lending, refinancing: Das
04 Jun 2021, 10:27:01 AM IST
Additional on tap liquidity for hotels, restaurants, tourism cos of ₹15,000 cr at 3 yr repo rate tenor: Das
04 Jun 2021, 10:24:23 AM IST
Adequate provisioning, Corporate governance at banks, NBFCs of utmost importance: Das
04 Jun 2021, 10:23:17 AM IST
Forward guidance: RBI to use all instruments at its command
04 Jun 2021, 10:22:04 AM IST
Forex reserves within striking distance of $600 bn as of last Friday: Das
04 Jun 2021, 10:21:00 AM IST
GSAP 2.0 in H2FY22 worth ₹1.20 tn: Das
04 Jun 2021, 10:20:23 AM IST
Next operation under Gsec on 17 June: Das
Operation to involve ₹40,000 cr
Of these ₹10,000 cr will be SDLs
04 Jun 2021, 10:18:08 AM IST
RBI to continue to maintain liquidity via GSAP, LAF: Das
04 Jun 2021, 10:15:48 AM IST
Systemic liquidity to equitable distribution defines RBI’s strategy going forward: Das
04 Jun 2021, 10:14:26 AM IST
CPI forecast for FY22 at 5.1%: Das
04 Jun 2021, 10:13:34 AM IST
GDP projection for FY22 at 9.5%: Das
04 Jun 2021, 10:11:58 AM IST
Need further policy push for exports: Das
04 Jun 2021, 10:11:06 AM IST
Fiscal stimuli, vaccine pentration may lead global recovery: Das
04 Jun 2021, 10:10:29 AM IST
Vaccinations may help normalise economic activity
04 Jun 2021, 10:09:57 AM IST
Price pressures from cereals checked by grain buffers; crude oil prices continue to exert pressure
04 Jun 2021, 10:08:44 AM IST
Inflation at 4.3% offers policy elbow room: Das
04 Jun 2021, 10:07:50 AM IST
Monsoon, agri sector resilience, covid compatible ops offer tailwinds for growth
04 Jun 2021, 10:05:53 AM IST
Reverse repo rate, MSF unchanged: Das
04 Jun 2021, 10:04:50 AM IST
Shaktikanta Das: policy repo rate unchanged at 4%; MPC says maintain accomodative stance
04 Jun 2021, 10:03:08 AM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty trajectory
The Nifty is trading above 15,700 this morning. It is all poised to achieve 15,900-16,000 as the it’s next target. The index has a good support at 1,5300 and as long as we can respect that, every dip can be utilized to buy into this market. Intra day profit booking or mild corrections cannot be ruled out. Hence traders should look at dips to accumulate long positions so that the risk reward ratio is favorable.
04 Jun 2021, 09:57:23 AM IST
Covid update: With over 1.32 lakh new cases, total tally goes above 2.85 crore
A minimal dip in new Covid-19 cases was reported after two days in the country with 1,32,364 more people testing positive in the last 24 hours, according to the data released by the Union health ministry on Friday morning.
The count stood at 1,34,154 on Thursday. With the addition of fresh infections, the cumulative caseload in the country has reached 2,85,74,350, the highest across the world.
04 Jun 2021, 09:39:33 AM IST
Glenmark receives USFDA nod for asthma med
Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration for Theophylline ExtendedRelease Tablets, 300 mg and 450 mg, bioequivalent and therapeutically equivalent to the reference listed drug, Theophylline Extended-Release Tablets, 300 mg and 450 mg, of Alembic Pharmaceuticals Ltd, the former said ina regulatory filing.
Glenmark has been granted a competitive generic therapy (CGT) designation for Theophylline
Extended-Release Tablets USP, 450 mg, Glenmark added.Theophylline is used to prevent and treat wheezing, shortness of breath, and chest tightness caused by asthma, chronic bronchitis, emphysema, and other lung diseases. It relaxes and opens air passages in the lungs, making it easier to breathe, according to the US National Library of Medicines’ MedlinePlus service.
04 Jun 2021, 09:32:49 AM IST
Petrol, diesel prices hiked today, rates at new high
Fuel prices were hiked again on Friday after a two days pause, taking the rates to a fresh record high. Petrol price was increased by up to 27 paise per litre and diesel by 28 paise across metros, as per the Indian Oil Corporation (IOC) data. (Read here)
04 Jun 2021, 09:31:06 AM IST
Ahead of RBI’s policy review announcement the Sensex opened at 52,367.52, up 135.09 points, or 0.26%, while the Nifty started at a record 15,712.50, up 22.15 points, or 0.14% on Friday.
04 Jun 2021, 09:06:33 AM IST
SoftBank to back Flipkart
SoftBank Group Corp. is in talks with Flipkart to invest $700 million in the internet retailer, three years after it sold its entire stake in the company to Walmart Inc., two people aware of the development said.
The proposed investment in Flipkart from SoftBank’s Vision Fund 2 is part of a $1.2-1.5 billion funding round, the people said on condition of anonymity. The transaction is expected to value Flipkart at $28 billion, one of the people said, adding that the deal is expected to close in 3-4 months. (Read here)
04 Jun 2021, 09:01:25 AM IST
India remains an important target market for investments: SoftBank Vision Fund CEO
“In India, we’ve already invested more than $2 billion in 8-9 companies in the first five months of this year…a few deals are yet to be announced. And we will continue to invest if we find the right opportunities. We anticipate investing a similar size in the remainder of this year,” SoftBank Vision Fund chief executive Rajeev Misra said in an interview from London. (Read more)
04 Jun 2021, 08:48:15 AM IST
US revokes Defence Production Act; vaccine supply lines to ease says India’s US ambassador
04 Jun 2021, 08:33:06 AM IST
Mcap of BSE-listed companies at fresh record high of over ₹226 tn
The market capitalisation of BSE-listed companies reached a fresh record high of over ₹226 trillion on Thursday after indices bounced back after two days of tepid trend. At the close of trade, the market capitalisation of BSE-listed companies was ₹2.26 trillion.
Investors’ wealth on Thursday gained ₹1.88 trillion helped by the market rally.
The 30-share BSE benchmark closed at 52,232.43, a gain of 382.95 points or 0.74%. (PTI)
04 Jun 2021, 08:19:39 AM IST
IDBI Bank secures $239 mn debt judgment in UK High Court
IDBI Bank has secured a $239 million judgment in the commercial division of the High Court of London against a Cypriot subsidiary of Essar Shipping Group, believed to be one of the largest debt judgments obtained by an Indian bank in English courts. (Read here)
04 Jun 2021, 08:08:19 AM IST
Musk’s tweet drags bitcoin down, again
Bitcoin slipped more than 3% on Friday after Tesla boss Elon Musk fired off a tweet hinting at a breakup with the cryptocurrency, though it remains on course for its best weekly gain in about a month as it tries to recover from May’s crash.
Bitcoin was last down about 3.6% at $37,809. Musk tweeted “#Bitcoin” and a heartbreak emoji above a meme appearing to show a couple discussing their breakup. Bitcoin is up 6.3% this week.
04 Jun 2021, 07:55:28 AM IST
Asian markets track US peers, open lower
Asian stocks followed Wall Street lower on Friday as signs of a strengthening U.S. recovery boosted bets for higher inflation and an earlier tapering of Federal Reserve stimulus. Japan’s Nikkei fell 0.8% early in the Asian session, while MSCI’s broadest index of Asia-Pacific shares outside Japan was off 0.3%.
04 Jun 2021, 07:40:37 AM IST
Tech stocks drag US indices lower; S&P 500 ends in red
Technology companies helped drag stocks lower on Wall Street, knocking the S&P 500 into the red for the week.
The benchmark S&P 500 index dropped 0.4% and is now on track for a 0.3% weekly loss. Technology companies, whose pricey valuations make them more sensitive to inflation fears, were the biggest weight on the market. Microsoft fell 0.6% and Apple lost 1.2%. The S&P 500 fell 15.27 points to 4,192.85. The Dow Jones Industrial Average dropped 23.34 points, or 0.1%, to 34,577.04. The tech-heavy Nasdaq lost 141.82 points, or 1%, to 13,614.51. The Russell 2000 index of smaller companies gave up 18.59 points, or 0.8%, to 2,279.25. AMC Entertainment slumped 17.9%, shedding gains from a brief rally, after the movie theater operator’s announcement that it would sell more shares following a huge run-up in its stock price on a surge of interest from individual investors. The stock is still up about 2,300% this year.
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