Sensex Today: Sensex ends 277 points higher, Nifty at 10,948; SRF Ltd rises over 14% post result

Sensex losers

Top Sensex losers were TCS (0.57%), HUL (0.45%) and PowerGrid (0.35%).

Banking, auto stocks gain

Banking and auto stocks led the gains with their BSE indices rising 204 points and 121 points, respectively.  

FII/DII activity on Monday

On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 2016 crore on Monday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1871 crore, provisional data available with BSE showed.

US markets

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war. The Dow lost 850 points, or 3.2%, to 25,629. The S&P 500 fell 93 points, or 3.2%, to 2,837. The Nasdaq fell 309 points, or 3.9%, to 7,694.  

Asian markets

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January. The Shanghai Composite Index retreated 2%. Japan's Nikkei shed 2.1%, Australian stocks fell 2.3% and South Korea's KOSPI slid 1.6%.  

Market update

While Sensex was trading 139 points higher at 36,838, Nifty rose 56 points to trade at 10,917.

SRF rises 12% post result

Stock price of SRF Limited, a manufacturing company located in Gurgaon, has risen 12.% intraday to Rs 2,887 on BSE. The stock price of SRF opened with a gain of 2.34% in today's session in response to company's earnings report submitted yesterday after market hours, that gave better than expected figures, as per market analysts. Company’s Profit after Tax (PAT) rose 41% from Rs 134 crores to Rs 189 crores in Q1FY20 when compared with Corresponding Period Last Year. Co.'s consolidated revenue of the company grew by 9% from Rs 1,676 crores to Rs 1,828crores in Q1FY20 when compared with Corresponding Period Last Year(CPLY). Moreover, the company board after its meet, has declared interim dividend for Rs 7 per share on the paid-up equity share capital of the Company. The company has also announced approval from board for setting up of an integrated facility for developement of PTPE at an estimated cost of Rs 424 cr.The projcet estimated to be finished by October 2021, wil be financed through a mixed of debt and internal accurals for a proposed capacity addition of 5,000 MTPA. The rationale behind the investment as per the filing is," To enter into fluoropolymers segment of flourocarbons to derive cost advantage from the integrated value chain.  

Rupee opens weaker

Rupee opens weaker at 70.80 against the dollar as compared to its last closing of 70.74 on back of the American currency. 

Granules gets US FDA nod for Amphetamine Sulfate Tablets,

US Food & Drug Administration (US FDA) has approved the Abbreviated New Drug Application filed by Granules Pharmaceuticals, for Amphetamine Sulfate Tablets USP 5 mg and 10 mg, that are used to treat sleep disorder. 

Indiabulls clarifies to exchanges

In a clarification reply yo the mediareport quoting "Embassy Group & Indiabulls Real Estate to restructure their Rs 2,700-crore deal", Indiabulls clarified to the exchanges that," the Company has been engaged in ils business re-organization exercise for quite some time in the past, at different intervals, and have been keeping the exchanges informed on such related developments, if any."  

PNB Housing Finance raises fresh Rs 522 Crore ECB

PNB Housing Finance Limited, one of the leading housing finance company, has raised fresh USD 75 million ECB from Sumitomo Mitsui Banking Corporation (SMBC) Singapore. The ECB (External Commercial Borrowing) is under the Reserve Bank’s automatic route of approval and the proceeds will be used by the Company as per the applicable RBI guidelines. Speaking on the occasion, Mr. Sanjaya Gupta, Managing Director, PNB Housing Financial Ltd said, “As we have mentioned a few days back, this is the second ECB borrowing of the Company for the Financial Year 2019-20. Surely we convey our gratitude to SMBC who until now has been according their continuous support through the domestic route only.

Oil price rises

The global oil benchmark, Brent crude futures rose 0.99% to 60.40 per barrel.  

On RBI MPC meet scheduled tommorow

"Near term focus will be on the RBI's monetary policy meeting scheduled to announce outcome on 7th August. Market has already priced in 25 bps cut in interest rate amid lower core CPI and persistent economic slowdown," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.  

Rupee rises

The rupee, the local currency, rebounded from the five-month low and appreciated by 26 paise to 70.47 against the US dollar in early trade Tuesday amid positive opening in the domestic equity market. Later, the local currency pared some gains and was trading at 70.60 against the dollar. Yesterday, Rupee had closed at 70.40 against the American currency.  

Sterling and Wilson Solar's IPO opened today

Sterling and Wilson Solar's initial public offering (IPO) worth Rs 3,125 crore was fixed at a price band of Rs 775 to Rs 780 per equity share of Re 1 face value. The IPO has opened today on August 6 and closes on August 8. Post this, equity shares of the company are proposed to be listed on BSE and NSE. The IPO comprises an offer for sale by the promoters Shapoorji Pallonji and Company Private aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala amounting to Rs 1,041.67 crore. After the IPO, the stake of the company's promoter group will decline to an estimated 75% from 100%. The initial public offer of the solar unit worth has been trimmed down from the planned Rs 4,500 crore when it filed its proposal. From the total shares on offer, 50% are reserved for qualified institutional buyers, 15% for high net worth individuals or non-institutional bidder and 35% for retail individual investors.  

Earnings due today

Indiabulls Housing Finance, Titan Company, JSW Energy, Arvind, Pidilite Industries, Nilkamal, Metropolis Healthcare, Max Financial Services, NLC India, Sheela Foam, Aditya Birla Fashion, Borosil Glass Works, Lux Industries, KIOCL, Khadim India, JITF Infralogistics, BLS International, Xelpmoc Design, The Investment Trust Of India, Linc Pen & Plastics, Shemaroo Entertainment, Thomas Cook, Sutlej Textiles, Ruby Mills, Walchandnagar Industries, Bhartiya International, Asian Granito, Alkyl Amines Chemicals, Mayur Uniquoters, Sundaram Finance, REC, Zodiac JRD-MKJ, Landmark Property, Manali Petrochemicals, Indo Rama Synthetics, Zensar Technologies, Central Bank of India, BASF India, Global Offshore Services, Indowind Energy, Shriram EPC, JHS Svendgaard Laboratories, Minda Industries, Bharat Gears, Gangotri Textiles, Excel Crop Care, HSIL, Shree Renuka Sugars, Kothari Petrochemicals, JK Lakshmi Cement, Asahi India Glass, Kolte-Patil Developers, Gujarat State Fertilizers & Chemicals, Fortis Healthcare, Precot Meridian, Lakshmi Vilas Bank, KM Sugar Mills, Deccan Cements, Tantia Constructions are the listed frims due to post their quarterly results today, as per the data available with the exchanges.

Zee stock falls over 7% on 11% stake sale by promoters

Shares of Zee Entertainment Enterprises Ltd. fell over 5% intraday after the company's promoter group namely Essel Group in a press release announced 11% stake sale in the media firm. Zee stock slipped 7.81% to the intraday low of Rs 305.05 and trades mere 16 points away from the 52-week low of Rs 288.95 on BSE. The stock has lost 22.71% value in the last 7 days of fall and currently trades lower than 5, 20, 50, 100 and 200 day moving average. 

Berger paints hits 52-week high after results

Shares fo Berger Paints rose 5.36% to day;a high and also the stock's 52-week high, after the company posted healthy first quaterly figures. The stock has risen nearly 5% in th elast week. Comoany's net profit for Q1FY20 stood at Rs 164.45 cr against the Rs 129 crore recorded corresponding month last year (CMLY). Total income stood at Rs 162.97 this quarter compared to Rs 128.65 cr reocrded during the same quarter last year.

Top Sensex gainers

Tech Mahindra (1.75%) , YES Bank (1.60%) and IndusInd Bank (1.35%) were the top Sensex gainers.