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Sensex down 132 pts at close, Nifty at 15,670; bank, FMCG stocks top drags – Mint

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

Market closing

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

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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.

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04 Jun 2021, 02:57:44 PM IST

Banks top drags

Nifty Pvt Bank index

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Nifty Pvt Bank index

04 Jun 2021, 02:53:17 PM IST

Pvt banks trade lower

Nifty private bank index

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Nifty private bank index

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

BSE FMCG index

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BSE FMCG index

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.

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04 Jun 2021, 01:16:25 PM IST

Bank, FMCG, realty drag

Nifty sectoral indices

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Nifty sectoral indices

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.

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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

Sensex heatmap

Sensex at noon

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Sensex at noon

04 Jun 2021, 11:53:26 AM IST

CIL, L&T gain

Nifty top gainers

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Nifty top gainers

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.

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04 Jun 2021, 11:11:49 AM IST

HDFC Bank, ICICI Bank top drags

Index contribution

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Index contribution

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.

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04 Jun 2021, 10:41:59 AM IST

Banks top drags

Nifty bank index

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Nifty bank index

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

Q1: 5.1%

Q2: 5.4%

Q3: 4.7%

Q4: 5.3%

04 Jun 2021, 10:13:34 AM IST

GDP projection for FY22 at 9.5%: Das

Q1: 18.5%

Q2: 7.9%

Q3:7.2%

Q4:6.6%

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.

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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

Market opening

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.

Sensex at open

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Sensex at open

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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