Live: Sensex, Nifty At Day’s High; Kotak Bank Up 7% Post Large Deal
Stock Reaction: Coal India
The state-run miner reported its production and offtake figures for the month of May on Monday.
Production for the company declined 11.3% compared to last year to 41.43 Million Tonnes.
Offtake on the other hand declined 23.3% to 39.95 million tonnes as compared to 52.1 million tonnes during the same period last year.
Shares fell as much as 2.6% to Rs 144.75. The stock is the top laggard on the Nifty 50 index.
Large Trade Alert: Coromandel International
Shares of the Murugappa Group company, manufacturing fertilisers and pesticides fell after 58.6 lakh shares, exchanged hands in a large trade, according to Bloomberg data.
Buyers and sellers of the trade remain unknown.
Shares fell as much as 5.3% to Rs 616 before a marginal recovery. The stock remains 3% lower.
May Auto Sales: Bajaj Auto
- Overall sales for the month stood at 1,27,128 units
- Domestic two-wheeler sales at 39,286 units
- Two-wheeler exports at 73,512 units
- Domestic CV sales at 788 units
- CV Exports at 13,542 units
- Overall domestic sales at 40,074 units
- Overall exports at 87,054 units
Shares are trading at the lowest point of the day, down 1% at Rs 2,759. The stock has snapped a five-day gaining streak.
Stock Reaction: Kotak Mahindra Bank
5.6 crore shares of the Mumbai-based private lender exchanged hands in a single large deal on the Bombay Stock Exchange. The deal took place at Rs 1,240 per share, as per the term sheet accessed by Bloomberg.
Founder & CEO Uday Kotak had planned to sell 2.9% of his stake in order to comply with RBI's norms of bringing his shareholding down to 26% by August 2020.
The share sale was planned between Rs 1,215 - Rs 1,240 per share, implying a 0.7-2.7% discount to Monday's closing price.
Shares gained as much as 10.1% to Rs 1,374 before cooling off. The stock is the top performer on the Nifty 50 index.
Opening Bell: Gains For Day 5
Indian equity markets opened higher for the fifth straight day despite a sovereign ratings downgrade by Moody's Investors Services and mixed cues from across the globe.
The S&P BSE Sensex opened 0.44% higher at 33,450 while the NSE Nifty 50 opened with gains of 0.6% at 9,880. The five-day winning streak was the longest for both benchmarks since November 2019.
All sectoral indices opened with gains which are modest. The Nifty Bank, Media and Metal indices opened 0.8% higher while the others saw marginal gains.