Asian share markets rose today tracking Wall Street indices after rising consumer confidence in economic recovery boosted the Nasdaq index to its highest-ever closing level.
The Hang Seng is down 0.1% while the Nikkei is up 0.1%. The Shanghai Composite is trading higher by 0.2%.
In US stock markets, the S&P 500 and the Nasdaq both registered record closing highs overnight, lifted by tech stocks after an upbeat consumer confidence report.
The Dow Jones Industrial Average ended on a flat note while the Nasdaq added 0.2%.
Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.
Market participants will track shares of SpiceJet, Vodafone Idea, and Ircon International as these companies are scheduled to release their quarterly earnings today.
The BSE Sensex is trading up by 184 points. Meanwhile, the NSE Nifty is trading higher by 54 points.
Maruti Suzuki is among the top gainers today. Power Grid, on the other hand, is among the top losers today.
The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.4% and 0.6%, respectively.
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Barring oil & gas and power stocks, all sectoral indices are trading in green with stocks in the metal sector and IT sector witnessing most of the buying interest.
Shares of Tata Elxsi and Apollo Hospitals hit their 52-week highs today.
The rupee is trading at 74.24 against the US$.
Gold prices are trading down by 0.1% at Rs 46,550 per 10 grams.
Meanwhile, silver prices are trading up by 0.1% at Rs 67,277 per kg.
In news from the edible oil space, Ruchi Soya Industries is among the top buzzing stocks today.
Ruchi Soya Industries on Tuesday reported a net profit of Rs 3.1 bn for the quarter ended March 2021.
This compared with a net loss of Rs 412.4 m in the year-ago period.
Total income rose to Rs 48.6 bn in the fourth quarter of 2020-21 from Rs 32.1 bn a year earlier.
For the full fiscal 2020-21, Ruchi Soya's net profit declined to Rs 6.8 bn from Rs 76.7 bn in 2019-20.
Total income increased to Rs 163.8 bn in the 2020-21 fiscal from Rs 131.8 bn in the previous year.
Ruchi Soya said its branded business vertical, including brands sold under royalty arrangements, achieved sales of Rs 34.6 bn for the quarter ended March 2021, contributing to 71.1% of the total sales.
Ruchi Soya has also started to market biscuits, cookies, rusk and other associated bakery products under the Patanjali brand in India, to strengthen its portfolio.
in June 2021, the company also started to market breakfast cereals and atta (wheat) noodles under the Patanjali brand.
Also, the company recently filed for a follow-on public offer (FPO) for raising up to Rs 43 bn.
The FPO is being launched to meet the market regulator's norm of minimum public shareholding of 25% in a listed entity.
Promoters group held 98.9% stake in the company. As per the regulator's listing rules, the company needs to bring down promoters' stake to achieve the minimum public shareholding of 25%.
The company has three years to pare promoters' stake.
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Ruchi Soya Industries share price has opened the day up by 1.1%.
Speaking of Ruchi Soya, note that shares of the company saw a meteoric rise after relisting on the stock exchanges last year in January.
From Rs 17 on 27 January, shares skyrocketed to touch a high of Rs 1,535 on 29 June - a jump of 8,929%.
The rise in Ruchi Soya's stock price was mainly on account of the low level of free float.
BSE data shows that of the total 295.8 m equity shares, the promoters owned 292.9 m shares or 99%. This left only about 1% with the public.
Co-head of Research at Equitymaster, and editor of Tanushree Banerjee wrote an editorial on this topic back in July 2020, when the stock was grabbing headlines.
You can read the editorial here: This 6,729% Gainer Stock Should Remind You of Vakrangee.
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Moving on to news from the telecom sector, Bharti Airtel on Tuesday said it would invest US$ 500 m to become the largest shareholder in the satellite communications company OneWeb.
The Bharti Group, along with the British government, had rescued OneWeb from bankruptcy last year.
The investment is a result of a "call option" by Bharti. On completing the transaction and with Eutelsat's US$550-m investment, Bharti Airtel will hold 38.6% stake.
The British government, Eutelsat, and SoftBank will each own 19.3%.
The transaction is expected to be completed in the second half of 2021.
Note that the announcement by Bharti Airtel comes as OneWeb gears up for its eighth launch on 1 July, delivering Arctic region coverage down to 50-degree latitude.
The statement said the final shareholding structure could alter to the extent a member of the shareholders' group chooses to exercise part of the call option.
On completion, OneWeb will have secured US$2.4 bn of equity investment, with no issued debt.
Bharti Airtel share price has opened the day up by 0.5%.
Speaking of Bharti Airtel, back in April, Rahul Shah made a video on the telecom major explaining whether the company will emerge as the next big thing in the Indian stock market.
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TATA ELXSI share price is trading up by 5% and its current market price is Rs 4,209. The BSE IT is up by 0.7%. The top gainers in the BSE IT Index is TATA ELXSI (up 5.2%). The top losers is FIRSTSOURCE SOLUTIONS (down 2.1%).
Jun 30, 2021 09:42 AMSADBHAV ENGINEERING share price is trading up by 6% and its current market price is Rs 94. The BSE CAPITAL GOODS is up by 0.6%. The top gainers in the BSE CAPITAL GOODS Index is SADBHAV ENGINEERING (up 5.6%). The top losers are AIA ENGINEERING (down 0.5%) and SCHAEFFLER INDIA (down 0.6%).
Jun 30, 2021 09:32 AMRELIANCE POWER share price is trading up by 5% and its current market price is Rs 16. The BSE POWER is down by 0.7%. The top gainers in the BSE POWER Index is RELIANCE POWER (up 5.0%). The top losers are NHPC (down 0.6%) and NTPC (down 0.6%).
Jun 30, 2021 09:30 AMTATA ELXSI share price has hit an all time high at Rs 4,171 (up 3.6%). The BSE IT Index is up by 0.7%. Among the top gainers in the BSE IT Index today are TATA ELXSI (up 3.6%) and L&T INFOTECH (up 0.5%). The top losers include HEXAWARE TECHNOLOGIES and TCS .
Jun 30, 2021 09:30 AMCIPLA share price has hit an all time high at Rs 997 (up 0.7%). The BSE HEALTHCARE Index is up by 0.5%. Among the top gainers in the BSE HEALTHCARE Index today are CIPLA (up 0.7%) and ABBOTT INDIA (up 0.5%). The top losers include SYNGENE INTERNATIONAL and TORRENT PHARMA (down 0.1%).
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