12 min read . Updated: 05 Nov 2020, 03:39 PM IST
- Indian benchmark shares indices closed nearly 2% higher on Thursday tracking strong global peers, as Democrat Joe Biden moved closer to victory in the US presidential election
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05 Nov 2020, 03:38:14 PM IST
Indian benchmark shares indices closed nearly 2% higher on Thursday tracking strong global peers, as Democrat Joe Biden moved closer to victory in the US presidential election.
Sensex settled at 41,340.16, up 724.02 or 1.78%, while Nifty climbed 211.80 points or 1.78% at 12,120.30.
IndusInd Bank, closing 6% higher, was the top Sensex gainer followed by SBI, Tata Steel, Bajaj Finance, Bajaj Finserv and HCL Tech. All 30 Sensex shares closed in the green.
05 Nov 2020, 03:18:53 PM IST
Sectoral trends on NSE
05 Nov 2020, 03:12:10 PM IST
All broad market indices on NSE in the green
05 Nov 2020, 03:07:41 PM IST
RIL to approach Supreme Court in plea against Sebi as SAT dismisses petition
Reliance Industries Limited (RIL) will approach the Supreme Court against a Securities Appellate Tribunal (SAT) order dismissing the company’s plea against Securities and Exchange Board of India (Sebi) directive in connection with the sale of Reliance Petroleum Ltd (RPL) shares by RIL in November 2007.
The tribunal dismissed RIL’s plea in a 2:1 majority order. (Full report)
05 Nov 2020, 03:05:14 PM IST
Maruti Suzuki to proactively recall 40,453 units of Eeco
Maruti Suzuki India Limited today proactively announced to voluntarily undertake a recall for Eeco vehicles manufactured between November 4th 2019 and February 25th 2020, and few Eeco vehicles in which headlamp has been replaced in the field. The Company will inspect 40,453 units of Eeco for a possible issue of standard symbol missing on the head lamp. Any action, if required, shall be undertaken free of cost. Owners of the suspected vehicles under this recall campaign will be contacted by Maruti Suzuki authorized dealers in due course of time.
05 Nov 2020, 02:50:27 PM IST
EIH up 0.3%
Hospitality firm EIH Ltd, which runs hotels and resorts under the Oberoi and Trident brands, on Wednesday reported a consolidated net loss of ₹118.77 crore for the quarter ended September on account of the impact of the covid-19 pandemic.
The company had posted a net profit of ₹30.55 crore for the corresponding period of the previous fiscal, EIH said in a BSE filing.
Consolidated total income of the company stood at ₹84.80 crore for the quarter under consideration. It was ₹351.17 crore for the same period a year ago.
05 Nov 2020, 02:35:09 PM IST
Rupee settles 40 paise higher at 74.36 against US dollar.
05 Nov 2020, 02:34:42 PM IST
Attracting more FDI could prove crucial for India’s post-covid growth story
Prime Minister Narendra Modi will address a Virtual Global Investor Roundtable (VGIR) today at a time India is looking for predictable sources of financing for its growth recovery out of the coronavirus induced recession, with government’s own revenue streams expected to remain significantly constrained in the medium term with rising debt levels.
The meeting that will see participation of 20 global fund managers with total assets under management of about $6 trillion as well as top Indian industrialists is yet another attempt by the government to woo global investors showcasing investment opportunities in Asia’s third largest economy. (Full report)
05 Nov 2020, 02:19:50 PM IST
Lupin falls 1%
Drug firm Lupin has reported a consolidated net profit of ₹211.02 crore for the quarter ended September 30, 2020 mainly on account of robust sales in the US market.
The company had posted a net loss of ₹127.07 crore for the corresponding period of the previous fiscal, Lupin said in a late night regulatory filing on Wednesday.
Consolidated total revenue from operations of the company stood at ₹3,835 crore for the quarter under consideration. It was ₹3,822.21 crore for the same period a year ago, it added.
05 Nov 2020, 02:10:51 PM IST
Bajaj Electricals up 4%
Bajaj Electricals on Thursday reported a consolidated net profit of ₹53.11 crore for the second quarter ended September 30, on account of higher income.
The company had posted a net loss of ₹32.54 crore for July-September period of the previous fiscal.
Total income in the second quarter stood at ₹1,226.7 crore, up 10.83 per cent as compared with ₹1,106.80 crore in the year-ago period, Bajaj Electricals said in a regulatory filing.
05 Nov 2020, 01:59:11 PM IST
JK Lakshmi Cement up 1.5%
The company reported 86.90% rise in consolidated net profit at ₹92.93 crore for the second quarter ended September 30, helped by cost reduction. The company had posted a net profit of ₹49.72 crore in July-September quarter a year ago.
05 Nov 2020, 01:44:10 PM IST
Angel Broking on HPCL
“HPCL has announced a buyback of 10 crore shares at Rs. 250 per share which is positive for the stock. We believe that this is a method by which the Government is looking to shore up its finances in the aftermath of the Covid-19 crisis. The Government holds 51% stake in the company and will be the biggest beneficiary of the buyback. We expect that there could be more PSUs declaring buybacks or large dividends as the Government will try and mobilize as much revenues as possible given that they are staring at a large fiscal deficit this financial year,” said Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd.
05 Nov 2020, 01:27:43 PM IST
Suzuki expects annual profit to shrink by a quarter as India sales slump
Suzuki Motor Corp on Thursday forecast operating profit to fall by a quarter to 160 billion yen ($1.5 billion) in the year to March as sales, including in its key Indian market, shrink amid the coronavirus pandemic.
That prediction was more than an average estimate for a 124.3 billion yen compiled from 14 analysts polled by Refinitiv.
Suzuki’s Indian car sales in the first half of the year fell 36% to 432,000 vehicles, and dipped in other markets, including Japan, Indonesia and Europe as people stay away from dealerships. (Reuters)
05 Nov 2020, 01:12:51 PM IST
Jubilant Life Sciences up 3%
Drug firm Jubilant Life Sciences reported a 10.13% decline in its consolidated net profit to ₹224.12 crore for the quarter ended September, mainly on account of higher taxes. The company had posted a net profit of ₹249.39 crore for the corresponding period of the previous fiscal.
05 Nov 2020, 01:04:25 PM IST
United Spirits up 2.7%
Diageo-controlled liquor maker United Spirits Ltd (USL) reported a 20.62% decline in its consolidated net profit at ₹125.1 crore for the second quarter ended September 2020. The company had posted a net profit of ₹157.6 crore in the July-September quarter a year ago.
05 Nov 2020, 12:40:37 PM IST
Godrej Agrovet down 1.23%
The company reported a 13% increase in consolidated net profit at ₹115.51 crore for the quarter ended September. Its net profit stood at ₹102.65 crore in the year-ago period.
05 Nov 2020, 12:22:55 PM IST
Apollo Tyres falls 1.5%
The company posted an over two-fold increase in consolidated net profit at ₹200 crore for the September quarter on the back of robust sales. Apollo Tyres had reported a net profit of ₹83 crore in the July-September period of 2019-20.
05 Nov 2020, 12:11:00 PM IST
Kalpataru Power up 0.5%
Kalpataru Power Transmission Ltd (KPTL) on Wednesday posted a 1.45% rise in consolidated net profit at ₹139 crore for the quarter ended September.
Its consolidated net profit stood at ₹137 crore in the quarter ended September 2019, it said in a BSE filing.
Total income of the company declined to ₹3,057 crore in the quarter under review from ₹3,229 crore in the year-ago period.
05 Nov 2020, 11:54:51 AM IST
IHCL up 1.2%
Tata group hospitality arm Indian Hotels Company Ltd (IHCL) reported a consolidated net loss of ₹252.09 crore for the quarter ended September 30. The company had posted a net profit of ₹69.30 crore in the corresponding period of the previous fiscal.
05 Nov 2020, 11:46:40 AM IST
Pidilite Industries up 3%
Pidilite Industries on Wednesday reported a 9.66% increase in consolidated net profit at ₹356.44 crore for the September quarter.
The company, a leading manufacturer of adhesives, sealants and construction chemicals, had posted a profit of ₹325.04 crore in the July-September period a year ago.
Revenue from operations rose 4.08% at ₹1,880.33 crore during the quarter under review, as against ₹1,806.58 crore in the year-ago period, it said in a regulatory filing.
05 Nov 2020, 11:32:54 AM IST
Adani’s Australia coal unit back in the spotlight after name change
India’s Adani Enterprises, which has attracted criticism in parts of Australia for developing a new thermal coal mine, has drawn attention again by changing the name of its Australian unit to Bravus Mining and Resources.
The rebrand comes as the miner readies to ship out its first coal next year in the face of years of vocal opposition from climate change activists, whose catch cry “Stop Adani” became a marketing slogan emblazoned on T-shirts and earrings.
That opposition ultimately helped swing Australia’s national election last year towards a conservative coalition victory, as workers in coal producing regions voted to support new jobs. (Reuters)
05 Nov 2020, 11:22:57 AM IST
Hopes of a Biden win keep India and other Asian markets in good mood
Ahead of the US election outcome, key Asian equity indices are trading in the green on Thursday. Taking cues from its emerging market (EM) peers, the Indian equity market began the day’s session rising over 1%. The Nifty breached the 12,000 mark, up more than 150 points. The Sensex rallied over 500 points in early trade and is currently trading at 41,145.
Latest reports show that Democratic candidate Joe Biden has secured 264 electoral votes, while Donald Trump has won 214 seats so far. (Full report)
05 Nov 2020, 11:17:26 AM IST
AGL Partners with TCS to Drive its Cloud Transformation Journey
Tata Consultancy Services (TCS) is engaged in a strategic partnership with AGL to deliver the latter’s organisation-wide cloud transformation program, aimed at enabling its growth strategy and achieving its vision of becoming a digital utility of the future.
05 Nov 2020, 11:10:35 AM IST
Crisil upgrades Tata Power
Crisil has upgraded its rating on Tata Power’s non-convertible debentures and long-term bank facilities to ‘AA’ from ‘AA negative’. The outlook on the rating has been revised to ‘Stable’ from ‘Positive’. The rating on Tata Power’s commercial paper programme has been reaffirmed at A1+.
05 Nov 2020, 10:54:23 AM IST
Adani Enterprises down 1%
The company plans to spend about ₹50,000 crore in capital expenditure over the next five years with a major chunk of it going towards airports business.
05 Nov 2020, 10:53:31 AM IST
Angel Broking to offer UPI AutoPay for mutual funds
Angel Broking has received the nod from National Payments Corporation of India (NPCI) for UPI AutoPay of mutual funds. The first-of-its-kind feature has simplified the process while cutting down the e-Mandate authentication time to less than a minute. It has also eliminated the e-Mandate registration cost and made its management possible with the touch-of-a-button experience.
05 Nov 2020, 10:48:22 AM IST
H-1B visa a political challenge for victor
The H-1B visa rules following the outcome of the US presidential elections will determine the future course of action for skilled professionals seeking to work in the US. The Donald Trump administration’s efforts to tighten the visa guidelines had intensified in recent months, especially after the pandemic-induced job losses affected over 40 million Americans.
But, while Trump’s anti-immigrant stand is well-documented with his desire to keep “American jobs for American workers”, will H-1B visa norms be relaxed with a change in the regime?
US-based law firms said it was usually easier to introduce restrictions on immigrants than relax controls, and even a new president will be hard-pressed to be more generous to the H-1B programme, especially amid the pandemic that has left the American economy battered. (Full report)
05 Nov 2020, 10:37:14 AM IST
RIL, Infosys, TCS lift Sensex by over 500 points
05 Nov 2020, 10:22:51 AM IST
Rupee soars 47 paise to 74.29 against the US dollar in early trade.
05 Nov 2020, 10:10:05 AM IST
Happiest Minds falls 5%
IT firm Happiest Minds Technologies Ltd on Wednesday reported a 27.8% rise in consolidated net profit at ₹34.08 crore for September 2020 quarter.
The company, which got listed on BSE and NSE on September 17 this year, had posted a net profit of ₹26.67 crore in September 2019 quarter.
Its revenue from contracts with customers was at ₹182.84 crore in the quarter under review, up 4.4% from ₹175.06 crore in the year-ago period.
05 Nov 2020, 09:57:09 AM IST
“We have opened with a bang which is way above the resistance levels of 11950. As mentioned yesterday, any dip can be used to accumulate long positions on the index. The markets should now be headed to 12300-12400 levels,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
05 Nov 2020, 09:48:49 AM IST
HPCL up 7%
Hindustan Petroleum Corp Ltd (HPCL) reported more than doubling of its second quarter net profit on the back of a surge in refining margins and inventory gains. Net profit in July-September came at ₹2,477 crore as compared to ₹1,052 crore a year back. Also, the board of the company has approved a ₹2,500 crore share buyback plan.
05 Nov 2020, 09:40:52 AM IST
SBI up 6%
The country’s largest lender State Bank of India (SBI) on Wednesday reported a 55.41% rise in consolidated net profit at ₹5,245.88 crore for the second quarter ended September 30 on account of decline in bad loans.
The bank’s net profit stood at ₹3,375.40 crore in July-September quarter of the previous fiscal.
On a standalone basis, the bank’s net profit rose nearly 52% to ₹4,574 crore driven by lower provisions and higher growth in net interest income. Its net profit stood at ₹3,012 crore in the year-ago period.
05 Nov 2020, 09:29:58 AM IST
05 Nov 2020, 09:19:58 AM IST
Indian benchmark shares indices opened higher on Thursday tracking strong global peers. Sensex opened at 40,616.14, up 355.01 or 0.88%, while Nifty climbed 153.90 points or 1.29% at 12,062.40.
SBI, opening over 3% higher, was the top Sensex gainer followed by IndusInd Bank, HCL Tech, RIL, M&M, Tata Steel and Infosys. All Sensex shares opened in the green.
05 Nov 2020, 09:11:16 AM IST
Indian stocks traded higher in the pre-opening session on Thursday. At 9:08am, Sensex was at 41,111.35, up 495.21 points or 1.22%, while Nifty added 153.90 points or 1.29% at 12,062.40.
05 Nov 2020, 08:58:00 AM IST
Market at close on Wednesday
Equity indices ticked higher for the third straight session on Wednesday, largely in tandem with global markets as investors awaited the outcome of the tightly-contested US presidential election.
After a volatile session, the 30-share BSE Sensex ended 355.01 points or 0.88 per cent higher at 40,616.14.
Similarly, the broader NSE Nifty climbed 95 points or 0.80% to 11,908.50.
05 Nov 2020, 08:37:58 AM IST
Asia shares follow Wall Street higher on US gridlock bets
Asian share markets firmed on Thursday while bonds held big gains as investors awaited a clear result from the US election, with the likely prospect of policy gridlock seemingly warmly welcomed by Wall Street overnight.
Japan’s Nikkei was up 1%.
China’s Shanghai Composite advanced 0.6%.
Hong Kong’s Hang Seng was up 2.4%.
Australia’s AXS 200 added 1%.
South Korea’s KOSPI climbed 1.5%.
Singapore’s SGX Nifty gained 1.4%.
05 Nov 2020, 08:37:58 AM IST
US stocks rally
US stocks surged to close higher on Wednesday as the presidential election race remained cloudy but the likelihood of gridlock in Congress made investors optimistic that major policy changes would be difficult to enact.
The Dow Jones Industrial Average rose 367.63 points, or 1.34%, to 27,847.66, the S&P 500 gained 74.28 points, or 2.20%, to 3,443.44 and the Nasdaq Composite added 430.21 points, or 3.85%, to 11,590.78.
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