Bandhan Bank's major shareholder, Bandhan Financial Holdings is reportedly selling 337.4 million of bank shares in a block trade, at a floor price of Rs. 311.1. Trading will start on August 3, and the shareholder is looking to raise $4.1 billion (Rs. 10,500 crore).
Investor Mohnish Pabrai buys825,400+ shares in Edelweiss Financial Services through an SAST transaction.
The Indian government is reportedly looking to offload its stake in IDBI Bank. The government holds 46.5%.
Supply side problems ease up: Maruti Suzuki says that it had sold 108,000 units in July to its dealer network, 88.2% higher than June 2020. The car company said that this indicated that critical issues in raw material supply, cash flow for dealers and labour availability have eased.
JSW Energy has announced that it has terminated the 5,321 crore deal to acquire GMR Kamalanga Energy. The company cited COVID19 related uncertainties as a reason for pullback, and said that the termination was "mutually agreed on."
Torrent Pharma jumped to a fresh year high today on account of June quarter profit and margins beating estimates, even as revenues are in line.
Market breadth is in the red. Of the 1660 stocks traded today, 670 were gainers and 922 were losers.
Essel Propack, Sequent Scientific, Laurus Labs hit new highs on results.
Reliance Industries' Q1 stayed in the green in profits despite a sharp fall in petrochemicals revenue. Quarter operating revenue overall fell below 100,000 crore for the first time in ten quarters. The company posted a 30.6% rise in profit overall YoY, from tax benefits, an exceptional gain on share divestment of Reliance BP mobility, and Jio's big jump in profits.
LIC buys shares in Bata India via an SAST transaction.
US GDP fell 9.5% in the second quarter of 2021, a record drop that translates into an annualized fall of 32.9%.
- Markets are volatile in early trading. Nifty 50 was trading at 11120.05 (17.9, 0.2%) , BSE Sensex was trading at 37770.49 (34.4, 0.1%) while the broader Nifty 500 was trading at 9052.05 (20.4, 0.2%). Market breadth is even. Of the 1451 stocks traded today, 710 were on the uptrend, and 648 went down.
34 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Laurus Labs Ltd. (933.25, 18.10%), Essel Propack Ltd. (234.00, 13.95%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (159.60, 9.54%).
TeamLease Services Ltd. (1849.80, 3.57%) was trading at 19.9 times of weekly average. Torrent Pharmaceuticals Ltd. (2663.60, 9.27%) and Jyothy Labs Ltd. (123.20, 2.71%) were trading with volumes 11.6 and 7.7 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
Stock making new 52 weeks lows included - Rajesh Exports Ltd. (456.65, -0.54%).
22 stocks climbed above their 200 day SMA including TTK Prestige Ltd. (5783.35, 8.27%) and Godrej Properties Ltd. (926.60, 6.46%). 14 stocks slipped below their 200 SMA including TVS Srichakra Ltd. (1427.60, -5.23%) and Edelweiss Financial Services Ltd. (76.05, -4.40%).