News and Updates

STOCK MARKET SYNOPSIS : 10/08/2020

• Lupin company to shift the manufacturing of some drugs from India to US after Trump signed an executive order for directing the federal agencies to buy the American essential medicines. And Lupin is the first company to do so after Trump’s order.
• Banks are varying for the bad loans in Automobile sectors:RBI data shows that bad loans climbing up to 20-year highs and the ratio of bad loans has increased from 11.3 to 15.2 in public sector banks. Same situation is in the private banks where the ratio has increased from 4.2 to 7.3 percent.
• The operator of IndiGo airlines, InterGlobe Aviation Ltd. announced a consideration and approval of an amount up to INR 4,000 crores through issuance of equity shares for raising funds by qualified institutional placement, making it a move for cash recovery due to effects of COVID-19 pandemic.
• Copper prices have risen to Rs.509.40 /kg with copper for August delivery touching an intraday high of Rs 511.90/kg and low of Rs 507. 55/kg on the MCX in the futures market.
• Due to rising tensions between USA and China, rate of gold has been highly impacted throughout the world. However, after positive economic data from China and US, prices came under pressure, making gold prices drop by Rs.611 to Rs. 55,515 per 10 gm after constant rising for eight successive days.
• The National Commodity and Derivatives Exchange (NCDEX) recorded a rise in the prices of coriander by 1.64 percent to Rs.6,692 per quintal.
• Zinc prices fell by 0.29 percent to Rs. 188.75 per kg in futures market on MCX in 2,777 lots.
• Rupee went up by 3 paise at 74.90 (provisionally) on tracking positive domestic equities against US Dollar, with an intraday high of 74.85 and low of 74.96.
• Silver price rise up to Rs. 75,083 per kg : In future silver will touched Rs. 76,219 and low of Rs. 74, 302 per kg.
• Crude oil prices rose to Rs 3,137 per barrel on August 10, 2020 with touching an intraday high of Rs. 3,148 and an intraday low of Rs. 3,115 per barrel on the MCX in the futures market.
• Natural gas prices rose to Rs. 169.3 per mmBtu , after prices rose 24% last week, marking the highest since December. An intraday high of Rs.170.90 and a low of Rs.169.10 per mmBtu was recorded on MCX in the futures market.
• NIFTY50 went past 11,250 , rising 56 points to close at 11,270 while S&P BSE Sensex went up by more than 100 points, ending at 141 points higher at 38,182.
• Bank of Baroda announced a net loss of Rs. 864.3 for June 2020 quarter in comparison to the bank’s profit at Rs. 709.6 crore in the corresponding period last fiscal. In comparison to Rs.6,496 crore in the last fiscal, net interest income during this quarter grew by 4.9% to Rs. 6,816.1 crore.
• Nifty Pharma index went up 5.4% to a four-year high, with stocks of Divi Laboratories Ltd. closing at 12.06% higher and Cipla Ltd. closing at 9.48% high respectively.
• Mittal Life Style and Worth Peripherals hit their 52-week lows.
• Tech Mahindra Ltd went up 2.05% at Rs 676.05 on NSE, going 5.77% in the past one year ,in comparison to a 17.8% jump in Nifty IT Index and a 3.58% rise in NIFTY.
• SEBI amends rules for filing the executive post through different modes and composition on selection committee. In internal hiring employees should have to possess 7 years of service and requisite qualification or officer in grade A.
• While investors looked for profits over invested amount, Equity Mutual Funds saw first monthly net outflow in four years at a withdrawal amount of net Rs 2,480 crores.
• A high147% surge in the share of Reliance India Limited hasled Mukesh Ambani to the fourth spot of world’s top billionaires , right behind Facebook’s Mark Zuckerberg who invested $5.7 billion in Jio Platforms in April.
• IndusInd Bank acquires about 7.8% shares of Eveready Industries.