28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag
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Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly
3% but autos drag
Mousumi Paul | Published: August 28, 2020 01:25 PM IST
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EVENT HIGHLIGHTS
Stock Market Live: Indian shares were trading higher for the sixth straight session on Friday supported
mainly by financials. Index heavyweights ICICI Bank, Axis Bank, HDFC twins, and Kotak Bank were the top
contributors to int benchmarks. The banking index surged over 3 percent while Nifty Fin Services added 2
percent.
Aug 28, 2020 Milkbasket plans to launch IPO next year
14:01
Daily grocery delivery platform Milkbasket has advanced its plan to launch an initial public
offering by the second half of next year, buoyed by strong growth in business in recent months
amid the pandemic, a top company executive said.
Speaking to PTI, Milkbasket co-founder and CEO Anant Goel said the rapid adoption of at-home
grocery delivery amongst consumers during the pandemic has provided an impetus to target an
initial public offering (IPO) in just a year.
"Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015.
The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has
provided us with an impetus to target IPO in just a year, which we had initially planned for the year
2023," he said. Click here to read more details
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
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Aug 28, 2020 ITI says will achieve minimum 25% public shareholding norm by August 3, 2021. It’s exploring
13:45
feasibility of various options including offer of shares to public within prescribed time limit for
compliance.
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Aug 28, 2020 A roller coaster ride: A 9000% spike in 5 months followed by a 50% fall in the next two
13:33
The share price of Ruchi Soya has lost more than half its value just in the last 2 months. The
Patanjali-owned stock has lost as much as 56.2 percent from its 52-week high, hit on June 29,
2020, to currently trading at Rs 672. An investment of Rs 1 lakh on June 29 would have shrunk to
Rs 43,778 today.
Baba Ramdev-led Patanjali Ayurved took full control of Ruchi Soya from NCLT in December 2019
after the firm went through the insolvency process. Ruchi Soya owed bankers close to Rs 9,300
crore and was dragged to the National Company Law Tribunal (NCLT), Standard Chartered Bank
and HSBC. Among the bidders for the company were Adani Wilmar and Patanjali Ayurved.
It was relisted on January 27, 2020, at Rs 16.9. Since then, the stock surged nearly 9,000 percent
in five months to its 52-week high of Rs 1,535. Read more
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Aug 28, 2020 European equities seen higher after key Fed speech
13:16
European stocks are set to open higher on Friday morning as investors digest a major policy shift
by the U.S. Federal Reserve, and continue to monitor coronavirus news, reported CNBC
International.
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
The FTSE 100 is seen up by 34 points at 6033, while the Dax 30 isNotifications
expected to open higher
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points at 13153, according to IG.
The reaction in Europe comes after U.S. equities got a boost on Thursday following comments
from Fed Chairman Jerome Powell. He unveiled a major policy change, which suggests that
interest rates are likely to remain low for some time. Generally, news of low rates is positive for
stocks.
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Aug 28, 2020 Stock Update: Dr Reddy's Laboratories' shares traded over a percent lower to Rs 4,384 per share
13:02
on the NSE after the company said that it has addressed violations and deviations highlighted by
US FDA in its warning letter for three of its facilities i.e. Srikakulam, Mriyalguda and Duvvada.
Share:
Aug 28, 2020 Technical Experts' View: Jay Thakkar of Marwadi Shares and Financials suggested two
12:46
recommendations. One is Punjab National Bank, which could be bought for a target of Rs 41, with
a stop loss of Rs 34.45. The second recommendation is ICICI Bank. One can buy this for a target
of Rs 440 with a stop loss of Rs 380.
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Aug 28, 2020 GMR Infra zooms 10% on board approval of restructuring of entities
12:30
GMR Infrastructure's (GIL) share price zoomed as much as 10 percent on Friday after the
company's board approved to merge its non-airport business into a separate entity. The stock
gained as much as 10 percent to hit its 52-week high of Rs 28.25 per share on the NSE. At 11:12
am, the shares erased all gains to trade 0.19 percent lower to Rs 25.65.
"This restructuring is a step in the right direction to unlock the value of GIL through a separate
listing of both the airport business and non-airport business and simplifying the corporate holding
structure," said the company's exchange filing.
Post demerger, the company will become a pure-play airport company. The filing also said that the
businesses are showing signs of recovery after the lockdown impact.
GMR Infra is deleveraging through asset sales and moving towards focused verticals, said N
Jayakumar, MD, Prime Securities.
He further mentioned, "GMR Infra could also look at fundraising to pare its debt before the
demerger. Also, the company will get a premium as very few infrastructure players come out from
the bankruptcy."
In the quarter ended June 30, the company reported net revenue at Rs 957 crore as against Rs
1,505 crore in the corresponding quarter last year.
Net loss in Q1FY21 stood at Rs 834 crore as compared to the loss of Rs 335 crore last year.
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
Meanwhile, in the last five trades, the stock has seen 10 lakh shares exchanging
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during this period has surged over 30 percent to current levels.
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Aug 28, 2020 Edelweiss stake will be 40% in demerged wealth business.
12:22
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Aug 28, 2020 Gold rate today: Yellow metal rises; support seen at Rs 50,500 per 10 grams
12:03
Gold prices in India rose on the Multi Commodity Exchange (MCX) Friday following gains in the
international spot prices, but strength in rupee limited gains. Silver prices gained over 1 percent.
At 11:15 am, gold futures for October delivery rose 0.29 percent to Rs 51,051 per 10 grams as
against the previous close of Rs 50,902 and opening price of Rs 50890 on the MCX. Silver futures
traded 1.09 percent higher at Rs 65,901 per kg. The prices opened at Rs 65,509 as compared to
the previous close of Rs 65,190 per kg. In the international market, gold rose on Friday, having
declined over 1 percent in the previous session, as persistent concerns over the pandemic-led
economic slump boosted the metal's appeal, although gains were restricted by a jump in US
Treasury yields, Reuters reported.
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Aug 28, 2020 NMDC shares jump over 13% on demerger of Nagarnar iron and steel unit
11:50
The share price of state-run mineral producer NMDC rallied over 13 percent after the company
approved demerger of Nagarnar iron and steel unit which analysts believe will be value accretive
for the minority investors. The stock jumped 13.43 percent to an intraday high of Rs 108.90 apiece
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
on the BSE. The company’s Board of Directors at their meeting held on Thursday
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principle approval to the proposal to demerge NMDC Iron & Steel Plant (NISP), Nagarnar,
Chhattisgarh. The move can unlock significant value for the minority investors as hardly any value
gets attributed to Rs 16,000 crore of WIP in NMDC’s balance sheet on account of the steel plant,
analysts said.
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Aug 28, 2020 DoT circulates a draft Cabinet note on #4G spectrum auction, aims to hold the auction in
11:37
December
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Aug 28, 2020 Godrej Properties expects growth in sales this year despite COVID-19 outbreak
11:20
Realty firm Godrej Properties on Thursday said it will see growth in sales this year despite COVID-
19 outbreak. Speaking to CNBC-TV18, Mohit Malhotra, managing director and chief executive
officer said Maharashtra government's announcement to slash stamp duty to 2 percent from
earlier 5 percent until December 2020 is an extremely positive move and it will have a positive
impact on demand. Malhotra said people have accepted the digital medium to buy homes, "We are
seeing a lot of demand coming out of digital channels. So, it is new for the industry and the
consumers, and brands which can satisfy consumer needs will definitely get the benefit." More
here
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Aug 28, 2020
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
11:09 Japanese stock exchange Nikkei down more than 1% as PM is likely to resign
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concerns
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Aug 28, 2020 Market Watch: Manas Jaiswal of manasjaiswal.com
10:57
“First is a buy call on Federal Bank because I see a clear breakout after a lot of compression. Look
at the pattern, I feel that Federal Bank can test Rs 65. So, for almost Rs 5 up move you can take
long position over here. Stop loss should be around Rs 56.”
“Second is a buy call on UPL where the trend is quite positive. The stock has been making higher
tops and higher bottoms from the levels of around Rs 350 and now the stock is trading above 200
day moving average. So, UPL has potential to test Rs 545, take a long position here and stop loss
should be around Rs 494.”
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Aug 28, 2020 Only 3 launches in 2020 till date; here are the ones in the pipeline
10:48
The initial public offer (IPO) market has been lackluster this year amid volatility due to the COVID-
19 pandemic. In 2019, 16 companies launched their IPOs raising over Rs 12,000 crore, and 2020
was expected to be a rebound year. But the markets are still awaiting listing worth over Rs 33,500
crore this year. A number of companies that have received regulatory approvals have also
postponed their IPOs, waiting for a recovery in the indices. Only 3 IPOs have launched in 2020, SBI
Cards IPO, Rossari Biotech Ltd, and Mindspace Real Estate Investment Trust. For four months till
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
July, the primary market remained quiet as companies feared a poor listing due
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Though 2020 is not expected to go as earlier forecasted there are still a few IPOs in the pipeline
for the year including UTI Asset Management Co. Ltd, Angel Broking. More here
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Aug 28, 2020 Technical View | We have opened above the 11,600 levels and can now eye the 11,700-11,750
10:35
level to be achieved sooner than later. It is the first day of the September trading series so the
markets might want to evaluate the direction and the modus operandi and perhaps take a fresh
view on Monday. The support is at 11,300, says Manish Hathiramani, Index Trader and Technical
Analyst, Deen Dayal Investments.
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Aug 28, 2020 Nestle India chief Suresh Narayanan says that the FMCG major continues to see robust demand
10:23
across categories and is doing better operationally now versus April-June period.
Share:
Aug 28, 2020 Buzzing | Shares of state-run mineral producer NMDC rallied over 10 percent after the company
10:15
approved demerger of Nagarnar iron and steel unit. The move will be value accretive for the
minority investors, said ICICI Securities.
Share:
Aug 28, 2020 Rupee Opens | The Indian rupee opened lower at 73.86 per US dollar as against the previous close
10:08
of 73.81.
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
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Aug 28, 2020 What's fuelling smallcaps? Index rises over 80% in five months, outperforming major indices
09:56
Smallcap stocks are now talk-of-the-Street after the massive rally it's seen since March. Majority
of investors, mutual funds and portfolio management services (PMS) have replaced their bets
with smallcaps. In the last five months, the Nifty Smallcap100 index has zoomed over 80 percent,
outperforming the benchmark indices. Stock market analyst Basant Maheshwari said the biggest
returns can be made by buying a smallcap. Recently, Morgan Stanley said the smallcaps will see
an upsurge in the near future. The broader market's relative performance is helping as a forward-
looking stock market is possibly anticipating better growth. More here
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Aug 28, 2020 India allows airlines to serve meals on board, in-flight entertainment permitted
09:44
Airlines will now be able to serve meals on board as the civil aviation ministry has changed the
standard operating procedure for domestic and international flights. As per the new SOP for
domestic flights, airlines can now serve pre-packed meals, snacks, and beverages as per the
policy of the airline depending on the flight time. In the case of international flights, airlines may
serve hot meals with limited beverages as per the standard practices. The government has also
allowed in-flight entertainment on domestic and international flights as per the existing
regulations. In addition, the government has asked airlines to ensure that the tray set-up, plates,
cutlery are completely disposable with no re-use.
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Aug 28, 2020 The market can rise further, do not advise profit-taking just as yet: Arvind Sanger of Geosphere
09:31
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
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Aug 28, 2020 Opening Bell: Sensex opens over 150 points higher, Nifty around 11,600
09:19
Indian shares opened higher for the sixth straight session on friday supported by all major
sectoral indices. At 9:18 am, the Sensex was trading 188 points higher at 39,301 while the Nifty
rose 44 points to 11,603. Index heavyweights ICICI Bank, Axis Bank, TCS, L&T, and Kotak Bank
contributed the most to the indices. Broader markets were also positive with midcap and smallcap
indices up 0.8 percent each. Among sectors, the IT, metal and pharma indices rose 0.7 percent
each while Nifty Bank added 0.6 percent.
Share:
Aug 28, 2020 Government asks states to borrow $32 billion to meet tax shortfall
09:10
The government on Thursday asked state administrations to raise $32 billion in loans, as part of a
proposal to cover a shortfall in fiscal receipts that could see a surcharge on the country’s luxury
goods tax extended beyond 2022. The surcharge on luxury goods such as cars and tobacco
products is part of the national goods and services tax (GST), introduced in 2017 to incorporate
state-level taxes and whose receipts fell more than 40 percent year-on-year in the three months to
June due to economic fallout from a coronavirus lockdown. Under that 2017 agreement, the
states were mandated to increase their share of fiscal receipts by 14 percent per year, while Prime
Minister Narendra Modi promised to compensate states for five years if they failed to achieve that
target.
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Aug 28, 2020 Global Markets: Treasury yields, dollar gain after Fed's historic policy shift
09:02
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28/08/2020 Stock Market Live: Sensex, Nifty gives up morning gains; banks surge nearly 3% but autos drag - cnbctv18.com
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Longer-dated Treasury yields and the dollar rose in Asia on Friday after the US Federal Reserve
shifted its policy framework to place more emphasis on boosting economic growth and less on
worries about letting inflation run too high. The 10-year US Treasury yield rose to 0.7870 percent,
the highest since June 10, which caused the yield curve to steepen, reflecting the Fed's tolerance
for higher inflation. The dollar hit a two-week high against the yen but held steady against most
other major currencies. Gold prices erased early gains and edged higher. MSCI's broadest index of
Asia-Pacific shares outside Japan bounced between gains and losses in choppy trade. US stock
futures rose 0.25 percent. Australian stocks fell 0.85 percent. Shares in China rose 0.33 percent,
while Tokyo stocks gained 0.16 percent.
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Aug 28, 2020 CNBC-TV18's top stocks to watch out for on August 28
08:49
Defence stocks | Defence stocks will be in focus after the Chief of Defence Staff Gen. Bipin Rawat
said that the government will put out a second negative list for defence imports early next year.
Mahindra & Mahindra | The company has announced the introduction of the Marazzo with BS-VI
technology.
HCL Technologies | The company has opened its first European Cybersecurity Fusion Center
(CSFC) in Gothenburg, Sweden.
Click here for more
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Aug 28, 2020 Some global cues to look at this morning
08:36
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Aug 28, 2020 IDFC reports net loss of Rs 26.5 crore in Q1
08:26
IDFC Ltd on Thursday reported a consolidated net loss of Rs 26.46 crore for the quarter ended
June 2020. The company had posted a net profit of Rs 5.18 crore during the corresponding period
of the previous fiscal. However sequentially, the loss narrowed compared to Rs 242.92 crore net
loss reported in the preceding quarter ended March 2020. Total income (consolidated) fell to Rs
103.99 crore during April-June period, as against Rs 133.04 crore in the same quarter of 2019-20,
it said in a regulatory filing. IDFC First Bank Limited in June 2020 raised equity capital by way of
issue of shares on preferential basis amounting to Rs 2,000 crore to augment its capital base.
More here
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Aug 28, 2020 HAL OFS subscribed 1.60 times on Day 1; government to use greenshoe option
08:15
The offer for sale (OFS) of Hindustan Aeronautics Ltd (HAL) was subscribed 1.60 times by non-
retail investors on the first day of the issue on Thursday. Further, the government has decided to
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exercise the greenshoe option and retail investors will get chanceNotifications
to bid on Friday (August
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with a discount of 5 percent on the cut off price. In an OFS, promoters of a company offload their
stake in the company by selling their shares on an exchange platform. The floor price for the offer
has been fixed at Rs 1,001 per equity share of the company. Government holds 89.97 percent
stake in state-owned defence firm HAL, which was listed on the stock exchanges in March 2018.
Share:
Aug 28, 2020 GMR Infra to split airport and non-airport businesses
08:07
GMR Infrastructure Limited (GIL) today announced a strategic restructuring of Group companies,
which involves vertical split demerger of the non-airport businesses (energy, EPC, urban
infrastructure, etc.) of GIL into GMR Power and Urban Infra Limited (GPUIL). The Group will also
amalgamate GMR Power Infra (GPIL) with GIL, as a step preceding demerger. “The restructuring is
a step in the right direction towards creating pure plays in different businesses of the Group,” GMR
Group said in a statement. According to the company, the restructuring will help attract sector-
specific global investors, unlock value for the shareholders of GIL and will also pave the way for
focused growth and sustained value creation for all stakeholders over a period of time. More here
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