Live: Sensex, Nifty Off Opening Lows; Rupee Opens Weak
Money Market Update
The rupee has opened weak after remaining unchanged on Thursday.
The currency opened at 74.91 against the U.S. Dollar as compared to Thursday's close of 74.76.
As of closing on Thursday, the rupee had modest gains for the week.
“Domestic equity markets seem to be cheering vaccine developments, but watching Yuan movement will be key for the rupee,” according to Kunal Sodhani of Shinhan Bank India.
Yield on the 10-year government bond opened at 5.802% as compared to Thursday's close of 5.807%.
Within the Bond Markets, traders will focus on government bond auctions worth Rs 30,000 crore. The government intends to sell debt maturing in 2025, 2034 and 2050.
Earnings Reaction: AU Small Finance Bank
- Net Interest Income up 30.4% to Rs 515.8 crore
- Net profit up 5.5% to Rs 200.8 crore
- Provisions up to Rs 181.3 crore from Rs 31.5 crore
- Gross NPA at 1.69% from 1.68% last quarter
- Net NPA At 0.62% from 0.81% last quarter
- Further provisions of Rs 140 crore against the potential impact of Covid-19 this quarter. Total Covid-19 provisions now at Rs 278 crore
- AUM growth of 17% year-on-year
- Complete moratorium availed by 11% of borrowers by value on gross advances as on June 30, 2020
- Overall collection efficiency at 90% from 54% in April
- All numbers are standalone and compared on a year-on-year basis
Shares are locked in a 5% upper circuit at Rs 791.8. The stock is up for the seventh straight day and is trading at a four-month high.
Stock Reaction: Sun Pharma
The drugmaker's wholly-owned subsidiary Taro has achieved global resolution of antitrust investigations by the Department of Justice.
Under a deferred prosecution agreement reached, the Department of Justice will file an information for conduct that took place between 2013 and 2015.
If the company adheres to the terms of agreement, including the payment of $205.7 million, the DoJ will dismiss the information at the end of a three-year period, the exchange filing said.
The company has agreed to pay $213.3 million to resolve all claims related to the federal healthcare programs.
Shares gained as much as 4.6% to Rs 497.8. It is the top gainer on the Nifty 50 index and is up for the second straight day.
Coronavirus India Updates
- India reports biggest single-day rise in new Covid-19 cases
- 49,310 cases reported in the last 24 hours
- Total confirmed cases now at 12,87,945
- Active cases at 4,40,135
- Number of people cured / discharged / migrated at 8,17,209
- Death toll rises to 30,601
- 740 deaths reported in the last 24 hours
- 34,602 patients recovered in the last 24 hours - biggest single-day recovery
Stock Reaction: INEOS Styrolution
Promoters of the company - INEOS Styrolution APAC have decided to reject the discovered delisting price of Rs 1,100 per equity share, an exchange filing said.
The price was determined pursuant to the book building process. The promoter has also decided not to make any counter offer.
Shares are locked in a 20% lower circuit at Rs 700.45, down for the second straight day. This is the biggest single-day drop for the stock since 1992.