JUST IN: Block deal to Bajaj Finserv worth Rs 57.77 crore

Godawari Power and Ispat shares gain 9% following massive fourth quarter profit surge

Shares of Godawari Power and Ispat Ltd (GPIL) rose more than 9% in early trade deals on Wednesday after the company reported a multiple jump in its March quarter profits due to higher earnings. The company’s consolidated net profit as of Q4FY21 increased to Rs 304.01 crore from Rs 34.22 crore, while total income increased to Rs 1,263.67 crore from Rs 787.74 crore in the same period there is one year old. The company’s net profit in FY2020-21 also increased to Rs 624.49 crore from Rs 174.43 crore the previous year. Total income for the last fiscal year was higher at Rs 4,075.96 crore compared to Rs 3,293.18 crore in 2019-20. More here

CLSA adds weight in Axis Bank and abandons HCL Tech in its model portfolio

Amid India grappling with the second wave of COVID-19 and its impact on investor confidence, global brokerage CLSA has initiated changes in its portfolio of priorities. He added Axis Bank to his portfolio in India, replacing HCL Tech, as CLSA cuts its weight in defenses after their strong outperformance over the past two months. The defensive CLSA index has outperformed the Nifty by 3 percentage points in the past two months, thanks to strong performance from the pharmaceutical and energy sectors. After that, relative valuations of defenses aren’t as attractive anymore, he noted in a research report. “To accommodate Axis Bank and make our portfolio more prone to play domestic reflation trading, we are removing HCL Tech from our CLSA India concentration portfolio,” the broker said in the report. More here

Morning Market Quote by Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

“An important feature of the ongoing global stock rally is that it has shown great resilience even in the midst of the second wave of the pandemic. Factors driving the rally such as huge liquidity, historically low interest rates, widespread retailer involvement and the hope of a vaccine-triggered recovery still looms large. Even the fear of inflation is fading, as evidenced by the decline in the US 10-year yield to 1.56% and the weakness of the US dollar index. The general structure of the market is therefore favorable. Q4 The results remain good and many midcap results have exceeded the expectations of the streets. The weakness and volatility of bank stocks is likely to be a short-term phenomenon that will provide buying opportunities for long-term investors. “

Opening bell: Sensex opens over 100 points, Nifty is approaching 15,250; HDFC Bank, RIL manager

Indian stocks rose on Wednesday after gains by Asian peers, while the US dollar was near its lowest levels this year after US Fed officials reaffirmed an accommodative stance. Back home, the rise was led by heavyweights HDFC Bank, RIL, HDFC and Infosys. At 9:18 am, the Sense was up 111 points to 50,749 while the Nifty rose 35 points to 15,243. The larger markets were also in the green with the midcap and smallcap indices up 0.2%. and 0.6%, respectively. Among sectors, the automotive, consumer goods, computer and pharmaceutical industries advanced while Nifty Metal lost 1.5 percent. Nifty Bank and Nifty Fin Services were also in the red.

Manoj Gaur, promoter of Jaypee Infratech, makes settlement offer to lenders

Yet another promoter of a defaulting business made an offer to its lenders to pay the dues in exchange for withdrawing bankruptcy proceedings against the business. After the Ruias attempted to take back control of Essar Steel with a proposal to repay their debts, and more recently, Kapil Wadhawan offered a settlement plan to remove Dewan Housing Finance from IBC, now Manoj Gaur, the chairman. executive of Jaiprakash Associates, made a similar offer to the creditors of Jaypee Infratech. In a letter dated May 23, 2021, addressed to Jaypee Infratech’s Insolvency Resolution Professional (IRP), Anuj Jain, Gaur offered to reimburse banks and financial institutions in full, a sum of Rs 9,783 crore as initial payment, land swap, and long term debentures totaling approximately Rs 12,500 crore. More here

Gasoline and diesel prices remain unchanged after hitting record highs the day before

Gasoline and diesel prices remained unchanged on Wednesday as petroleum marketing companies (OMCs) decided to keep fuel prices static. As a result, the price of gasoline and diesel stood at Rs 93.44 and Rs 84.32 per liter respectively in Delhi, according to the Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the price of gasoline remained unchanged at Rs 99.71 per liter on Wednesday. The cost of diesel was also the same at Rs 91.57 per liter.

Asian stocks rise, dollar wallows as Fed eases inflation fears

Asian stocks rose on Wednesday as the U.S. dollar was near its lowest levels this year after U.S. Federal Reserve officials reaffirmed accommodative monetary policy, giving investors worried about the outlook even more reassurance. inflation. At the start of regional trade, the largest MSCI index of Asia-Pacific stocks outside of Japan was up 0.28% near more than two weeks, while the Tokyo Nikkei added 0.27%. Australian stocks were 0.27% higher and Seoul’s Kospi 0.16%. Chinese blue chips rose 0.13% after posting their biggest daily gain in nearly 11 months on Tuesday, easing inflation fears and a strong yuan. More here

Oil stable as investors focus on possible return of Iranian supply

Oil prices were flat on Wednesday as fears of a possible resumption of Iranian supply would lead to a glut were offset by hopes of stronger demand for fuel in the United States after a drop in weekly inventory estimates by the American Petroleum Institute. Brent crude oil futures for July gained 5 cents, or 0.1%, to $ 68.70 a barrel at 0102 GMT, while US West Texas Intermediate (WTI) crude for July was at 66. $ 05 per barrel, down 2 cents. Both benchmarks edged up on Tuesday, ending at their highest levels in a week, in hopes of growing demand as summer driving season approaches in the Northern Hemisphere and the lifting of coronavirus restrictions. U.S. inventories of crude oil and fuel fell last week, according to two market sources, citing API figures on Tuesday. More here

HDFC Ltd sells Reliance Infra shares worth over Rs 43 crore

The country’s largest mortgage lender, HDFC Ltd, sold other shares of Reliance Infrastructure worth more than Rs 43 crore, which were held by it through the pledge of pledged shares. The company further sold 81,057,677 shares representing 3.08% of the share capital of Reliance Infrastructure, HDFC said in a regulatory filing on Tuesday. “The sale was made through stock exchanges at the prevailing market price. The aggregate consideration received for the sale of 81,057,777 shares is Rs 43.91.47,050, ”said the Housing Development Finance Corporation (HDFC). The mortgage lender sold the shares of Reliance Infra between May 18 and May 24, 2021 (including those dates) through secondary market exchanges. More here

First up, here’s a quick look at what happened in the markets on Tuesday.

Indian indices ended flat Tuesday as the rise in IT and FMCG spaces was capped by a drop in banking and financial stocks. Losses at heavyweights HDFC Bank, RIL and Axis Bank offset gains in Infosys, Asian Paints and TCS. The Sensex finished 14 points lower at 50,673 while the Nifty rose 11 points to 15,208. The wider markets, however, were flat but in the red for the day. On the Nifty50 index, Asian Paints, Titan, Eicher Motors, JSW Steel and Britannia were the main winners while HDFC Bank, HDFC Life, Axis Bank, RIL and Coal India led the losses. Among sectors, Nifty IT grew by one percent while Nifty Auto, Nifty FMCG and Nifty Metal grew by more than half a percent each. Meanwhile, Nifty Bank and Nifty Fin Services were in the red, down more than 0.6% each.

Welcome to the CNBC-TV18 Market Live blog

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