Asian stock markets were trading with gains on Tuesday morning.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices closed with gains in a volatile trading session on Monday. Sensex ended the day at its highest ever closing levels at 52,328 while the Nifty settled at 15,751 after reaching a fresh all-time high. On Tuesday morning, SGX Nifty was up 40 points, suggesting some positive momentum for domestic equities. Cues from global peers were largely positive. Equity indices on Wall Street ended mixed with NASDAQ surging higher but S&P 500 and Dow Jones slipping. Among Asian peers, Shanghai Composite, Hang Seng, Nikkei 225, TOPIX, KOSPI, and KOSDAQ were all trading in the green.
Banks have so far identified Rs 89,000 crore worth of stressed accounts that will be transferred to the proposed National Asset Reconstruction Company ltd (NARCL). The said amount has been derived from 22 stressed accounts that have been singled out by the lenders. The chairman of Indian Banks’ Association (IBA), Rajkiran Rai G, said banks have identified accounts that can go to the ARC in the first phase and have arrived at this number. “However, once the ARC is formed, the management will look at these assets and only if they find that it is worthwhile, they will make an offer,” Rai said.
Highlights
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were left unchanged by oil market companies today. Petrol in Delhi today costs Rs 95.31 per litre, while diesel in the capital city costs Rs 86.22 litre today. Since May 4, rates have been hiked 21 times. During this period, the price of petrol in Delhi has increased by Rs 4.76 since, while diesel price has surged Rs 5.31 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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A group of ministers (GOM) led by Meghalaya chief minister Conrad Sangma is learnt to have recommended no change in the 5% goods and service tax (GST) rate for Covid vaccines while suggesting reduction of the GST rate temporarily to 5% for both commercial imports and domestic supply of most other Covid medicines and materials. It also recommended exemption from GST for the black fungus medicine Amphotericin B for three months.
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BSE-listed firm including Engineers India, Petronet LNG, Max Financial Services, Essar Shipping, Galaxy Surfactants, Jindal Hotels, KM Sugar Mills, Prestige Estates Projects, Shemaroo Entertainment, Surya India, Suven Pharmaceuticals, Talbros Automotive Components, Titagarh Wagons, Vipul Organics, Winsome Textile Industries, and Wonderla Holidays, among others are scheduled to announce their January-March quarter earnings on June 8.
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"After the recent run-up, Nifty now trades at rich valuations. Thus any negative surprise or misses in the June quarter earnings could act as a dampener. However, the overall structure of the market remains positive as the second COVID wave has now started to recede, with the number of active COVID cases down >50% since its peak in early May to sub-18 lakhs now. There is greater visibility on vaccine supply now v/s April’21 and May’21. The expeditious containment of active COVID-19 cases and accelerated pace of vaccinations would boost and provide confidence in economic growth recovery in FY22E. As states ease restrictions gradually in Jun’21, we expect the demand environment to get better. Technically too, Nifty can see move towards fresh life time high of 16000 zones," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Motherson Sumi Systems’ (MSS’) Q4FY21 operating earnings were in line with consensus estimates as Ebitda margin came in at 10.1% (up 154bps y-o-y). However, FCF generation for FY21 positively surprised consensus at ~Rs 30.3 bn leading to net debt reduction (ex-leases) at Rs 48 bn (down ~Rs 21 bn y-o-y/ lowest ever debt/Ebitda: 1.2x). Management expects SMP’s greenfield plants to reach PBT breakeven soon (we expect FY22); this is likely to boost earnings growth in FY23.
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SGX Nifty was up 34 points ahead of the opening bell. Nifty futures trading higher hint at a positive start for the domestic equity indices.
Lenders have identified 22 stressed accounts, worth around Rs 89,000 crore, to be transferred to the proposed National Asset Reconstruction Company (NARCL) in the first phase. A much larger exposure — of an estimated Rs 2 lakh crore — is expected to be transferred over time.