Sensex Today: Sensex 200 points higher, Nifty above 11,320; Infratel up 4% post result

Jul 24, 2019, Updated Jul 25, 2019, 9:44 AM IST

Sensex Today: Domestic equity benchmarks BSE Sensex and NSE Nifty closed lower on Wednesday as investor sentiment dampened further after IMF cut India's growth outlook amid massive foreign fund outflow and weak corporate earnings.  BSE Sensex closed at 37,847 by declining 135 points and NSE Nifty ended 59 points lower to 11,227.




9:35 AM (2 years ago)

Opening Bell

Posted by :- Rupa Roy
 Sensex opens at 37,990.23 against last close of 37,982.74 and Nifty starts day's trade at 11,322.45 against yesterday closing of 11,300.
9:37 AM (2 years ago)


Posted by :- Rupa Roy
The net investment of equity and debt reported by Foreign portfolio investment (FPIs) remained bearish with net selling Rs 2,607.97 crore from Indian equities while Domestic institutional investors (DIIs) bought Rs 2,625.10 crore Tuesday.
9:58 AM (2 years ago)

Brent Crude hikes

Posted by :- Rupa Roy
Brent Crude futures were up 20 cents, or 0.3%, at $64/barrel. Oil prices edged higher on Wednesday, extending gains as rising tensions with Iran fueled concerns about supply disruptions and as U.S. inventory data showed a much bigger than expected drop in crude stockpiles.
10:00 AM (2 years ago)

World Market Update

Posted by :- Rupa Roy
Asian markets like Nikkei and Hong Kong Index gained half a percent each amid US-China trade developments. SGX Nifty trades flat with positive bias on singapore Exchange.

Meanwhile, on Wall-street, US stocks closed higher as US-China trade talks to begin next week, Coca-Cola earnings beat. European markets like FTSE, CAC and DAX Index surged over 1% each on strong earnings
10:16 AM (2 years ago)

Brexiteer Boris Johnson to be Britain's new PM

Posted by :- Rupa Roy

Boris Johnson, the ebullient Brexiteer who has promised to lead Britain out of the European Union with or without a deal by Halloween, will replace Theresa May as prime minister after winning the leadership of the Conservative Party on Tuesday.

His victory catapults the United Kingdom towards a Brexit showdown with the EU and towards a constitutional crisis at home, as British lawmakers have vowed to bring down any government that tries to leave the bloc without a divorce deal.
10:24 AM (2 years ago)

Earning reports scheduled for today

Posted by :- Rupa Roy
Listed companies due to post their quaterly results today include ICICI Prudential Life, Reliance Nippon Life Asset Management, Oberoi Realty, IDFC First Bank, Asian Paints, Canara Bank, Bharti Infratel, Newgen Software Technologies, Jubilant Foodworks, GE T&D India, Sagar Cements, Orient Bell, Liberty Shoes, Quess Corp, Monnet Ispat & Energy, MPS, Security and Intelligence Services, NELCO, Kewal Kiran Clothing,  Monsanto India, Sharda Cropchem, V-Guard Industries, Syngene International, KSB, Tube Investments of India, Rane (Madras), Intellect Design Arena, Umang Dairies, Syndicate Bank, Karur Vysya Bank, Crompton Greaves Consumer Electricals, Shriram Transport Finance Company, Cigniti Technologies, PI Industries, Tejas Networks, Maharashtra Scooters.
10:36 AM (2 years ago)

IMF cuts India's growth to 7.2%

Posted by :- Rupa Roy
The IMF on Tuesday projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than expected outlook for domestic demand. 
11:31 AM (2 years ago)

Karur Vyas Bank reports earnings

Posted by :- Rupa Roy
Karur Vysya Bank posts a net profit of Rs 72.9 cr for the Jume qaurter. Lender's net NPA falls by 4% on a sequential basis.

12:29 PM (2 years ago)

NIIT Technologies Q1 FY'20 Revenue Up 16.7% YoY

Posted by :- Rupa Roy

NIIT Technologies Limited, a leading global IT solutions organization, today announced its financial results for Q1 FY2019-20. The Company has reported consolidated revenue of Rs 962.7 crore and net profit of Rs 87.6 crore. Profit after taxes up 2.0% YoY on reported basis, up 17.3% YoY after adjusting for non-recurring expenses.

"We registered a good performance in Q1 FY20 and the fundamentals of the business are strong," said Mr. Sudhir Singh, Chief Executive Officer, NIIT Technologies Lt. (PTI)
12:36 PM (2 years ago)

Shakti Pumps announces installation of agricultural pumps

Posted by :- Rupa Roy
A leading solar irrigation solution provider--Shakti Pumps--in a press release announced that "GoI has announced a mega scheme namely Pradhan Mantri Kisan Urja Suraksha Evam Uttham Mahabhiyan (PM-KUSUM) with an objective to scale up use of solar energy for irrigation pumps, contribute to climate change mitigation efforts by reduction in carbon footprints while doubling the farmers' 'income by selling excess solar energy to DISCOMs.

"The scheme invloves installation of 17.50 Lakh Stand-alone Solar Agricultural Pumps and Solarisation of 10 Lakh Grid Connected Agricultural Pumps", said Shakt pumps, adding that this developement would be greatly beneficial for the solar energy firm. The project envisages implementation of overall 2.75 Lakh agricultural pumps for the financial year 2019-20.
12:40 PM (2 years ago)

Tech Mahindra partners with MLL to introduce EV for employee transportation

Posted by :- Rupa Roy
Tech Mahindra announced today that the co has partnered with Mahindra Logistics  (MLL), to introduce Electric Vehicles for employee transportation. 

Mahindra Logistics will be deploying Mahindra E-Verito vehicles at Tech Mahindra’s Hyderabad campus under its employee transportation fleet from 24 July 2019. As part of its Go-Green initiative, MLL’s People Transport Solution (PTS) business aims to take the tally of electric vehicles in its employee transportation fleet to 300, over the fiscal year 2020.
12:44 PM (2 years ago)

Reliance Capital now holds 10% in RNAM

Posted by :- Rupa Roy

Reliance Capital informed the exchanges that, "In refernce to share purchase agreement dated May 23, 2019 (SPA) entered into between the Company and Nippon Life Insurance Company, Japan for selling the Company's entire equity stake in Reliance Nippon Life Asset Management Limited (RNAM), aggregating approx Rs. 6000 crore".

"The Company has entered into the Framework Agreement, whereby the Company's approx 22% shareholding in RNAM has been deposited in an Escrow with pledge created thereon. The requisite steps are underway for the Company's balance 10% shareholding in RNAM. the co. said in a press release.

1:13 PM (2 years ago)

Sebi directs Hotel Leela to make disclosures on Brookfield asset sale

Posted by :- Rupa Roy

Sebi has directed Hotel Leela to make additional disclosures to shareholders on asset sale to Brookfield. "SEBI may initiate adjudication proceedings under the SEBI Act against JMF ARC for its failure to ensure compliance with the applicable provisions of the Takeover Regulations as deemed fit and appropriate" the company said in the filing submitted.
1:16 PM (2 years ago)

ICRA downgrades bajaj Electrical credit ratings

Posted by :- Rupa Roy

The Rating Agency ICRA has inter alia considered the increasing leveraging level and the subsequent weakening of debt coverage metrics of the Company as the primary reasons for its downgrade of the credit rating of the Company. The filing added that the outlook for long term is negative. 
1:52 PM (2 years ago)

Vadilal enterprises' Indipendent Director resigns

Posted by :- Rupa Roy

Vadilal enterprises announced that company has received a resignation letter from Jignesh J. Shah (Independent Director) from the Board of Vadilal Enterprises Limited, due to questions on integrity and independence

Vadilal Enterprises has fallen 5% intraday to day's low of Rs 855, also its opening price for the day. Theres are only offers and no bids in the stock.

"Mr. Shah while resigning has stated that he has in the past raised issue regarding arm‘s length pricing between Vadilal Enterprises Ltd. and Vadilal Industries Ltd. who are related party. Mr. Shah has also observed that there are serious issues amongst the promoters of the Company who have made cross allegations. He has stated that the meetings of the board and committees are conducted in hostile atmosphere, and hence he finds impossible to carry out the functions as independent Director. Mr. Shah also stated that his integrity and independence are being questioned and he gets termed as non» independent. As per Mr. Shah it is on account these reasons that he is resigning," the filing added.
2:37 PM (2 years ago)

Newgen Software Technologies falls over 13% post results

Posted by :- Rupa Roy

Share price of Newgen Software Technologies Ltd has fallen over 13% after the company declared June quarterly numbers. The company reported consolidated Q1 net profit at Rs 3.1 cr, down 20.2% from Rs 3.9 cr YoY. Consolidated revenue of the firm stands at Rs 131 cr, up 23% against Rs 106.5 cr YoY.
2:46 PM (2 years ago)

Muted performance across geographies in Torrent Pharma-Edelweiss

Posted by :- Rupa Roy

Edelweiss suggests - Muted performance across geographies in  Torrent Pharmaceuticals on its result update for Q1FY20; maintains 'hold' call with a target price of Rs 1,500

Edelweiss added on the result report that," US revenue remained flat QoQ in absence of launches while growth in the domestic business has declined to single digit in the past two quarters, adding that, "slowing economies of India and Brazil, which contribute over 50% to TRP’s revenue, are posing structural challenges.

3:03 PM (2 years ago)

HUL- Volumes meet expectations, margins beat: Edelweiss

Posted by :- Rupa Roy

Edelweiss maintains 'Buy' on Hindustan Unilever at the target price of Rs 2,049. Hindustan Unilever (HUL) reported Q1FY20 revenue, EBITDA and PAT growth of 6.6%, 13% and 10.1% YoY, respectively, in line with our estimates," Edelweiss said on the report on result update over the FMCG firm.

Commenting on the outlook and valuation of the firm, Edelweiss quoted," We envisage HUL to be a key beneficiary of the anticipated rural recovery and herbal-push, and expect its decent volume growth to sustain".
3:08 PM (2 years ago)

Ededlweiss maintains Buy on L&T

Posted by :- Rupa Roy
As per Edelweiss, L&T reported a mixed bag, as the company posted healthy 10% YoY growth in E&C revenue led by a robust 27% YoY uptick in the domestic infrastructure business. Overall , a strong order book (INR3tn) and pipeline (INR8tn-plus) pave the way for sustained revenue growth."

"However, normalisation of infra OPMs, working capital control and services growth remain key in the face of a slowing macroeconomy. Despite building in weakness around the L&T Finance business, we maintain ‘Buy’ with an unchanged target price of Rs 1,875 rolling forward to December 2020" quoted Edelweiss.
4:02 PM (2 years ago)

Closing Bell

Posted by :- Rupa Roy
Sensex Today: Domestic equity benchmarks BSE Sensex and NSE Nifty closed lower on Wednesday as investor sentiment dampened further after IMF cut India's growth outlook amid massive foreign fund outflow and weak corporate earnings.  BSE Sensex closed at 37,847 by declining 135 points and NSE Nifty ended 59 points lower to 11,227.