Press "Enter" to skip to content

Market Live Updates: Indices create new day’s low, Sensex down more than 850 points, Nifty below 16,250,… – Moneycontrol

June 10, 2022 / 12:25 PM IST

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services on the fall of Rupee
Rupee hit its fresh all time low but in the last few sessions has been very resilient and is consolidating in a narrow range despite volatility in domestic and global equities  and strength in the dollar against its major crosses. On the domestic front, RBI has been very actively intervening and curtailing the volatility for the rupee. Global crude oil prices have been rallying thereby putting pressure on inflation and leading to higher trade deficit. Dollar is getting support at lower levels ahead of US inflation number that will be released today and FOMC policy statement that is scheduled next week. Expectation is that the Fed could continue to raise rates and maintain its hawkish stance. We expect the USDINR (Spot) to trade with a positive bias and is gradually headed towards 78.50 levels. On the downside 77.20 will continue to act as an important support in the short term.

June 10, 2022 / 12:11 PM IST

Sugar companies to benefit from additional charge on Ethanol from OMCs
OMCs have announced a relief scheme for sugar companies on Ethanol supplied between June 2022 and November 2022. Under this scheme OMCs will pay additional Rs 1.60/litre, Rs 1.49/litre and Rs 1.18/litre for Ethanol supplied from Sugarcane Juice, B-Heavy Molasses and C-Heavy Molasses route respectively. Also the prices of damaged food-grain ethanol & surplus rice based ethanol have also been increased by Rs  2.3 / litre and Rs 1.4 / litre respectively. 
Experts are of the opinion that this will aid the growth in earnings of sugar companies and demonstrates the intent of the government to reach its ethanol blending target of 20% by 2025

June 10, 2022 / 12:03 PM IST

Market at 12.00 Noon
Indices lose further ground, Sensex trading lower by around 850 points, Nifty around 16,250
The Sensex was trading lower by 839.65 points or 1.52% at 54,480.63 and the Nifty was lower by 229 points or 1.39% at 16,249.1. About 1163 shares have advanced, 1950 shares declined, and 135 shares are unchanged.

Source: BSE

June 10, 2022 / 11:54 AM IST

June 10, 2022 / 11:41 AM IST

Fitch Ratings forecasts India GDP to grow at 7.8% in FY23
Fitch Ratings forecasts India GDP to grow at 7.8% in FY23 compared to its previous estimate of 8.5 percent and forecasts a growth of around 7 percent between FY24 and FY27. It expects inflation to remain elevated at 6.9 percent during the current fiscal and expects the repo rate to reach 6.15 percent by FY24.

June 10, 2022 / 11:30 AM IST

Short Build-ups

June 10, 2022 / 11:18 AM IST

LIC’s losing streak extends to ninth day as anchor book lock-in end nears

LIC’s losing streak extends to ninth day as anchor book lock-in end nears

Anchor investors bought 59.3 million shares of the company at issue price of Rs 949 per share

June 10, 2022 / 11:04 AM IST

Market at 11.00 AM
Indices stuck in a range, Sensex trading lower by around 700 points, Nifty above 16,250
The Sensex was trading lower by 697.4 points or 1.26% at 54,622.85 and the Nifty was lower by 200.75 points or 1.22% at 16,280.45. About 1185 shares have advanced, 1842 shares declined, and 128 shares are unchanged.

Source : BSE

June 10, 2022 / 10:47 AM IST

Morgan Stanley recommends ‘equal weightage’ to Kotak Mahindra Bank
Morgan Stanley recommends ‘equal weightage’ to Kotak Mahindra Bank after the private sector lender announced an increase in term deposit rates of 10-25bps. Peak 1-year deposit rate now 55bps higher than SBI vs almost equal a year back. The bank also announced higher savings deposit rates by 50bps for balances above Rs 50 lakh. The brokeage remain comfortable with a likely margin compression of 15 bps in FY23.

June 10, 2022 / 10:36 AM IST

Atul Chaturvedi of Shree Renuka Sugars sees very strong demand for ethanol
See very strong demand for ethanol and 20% of revenue comes  from ethanol currently, said, Atul Chaturvedi, Executive Chairman of Shree Renuka Sugars. The total investment made by the company in ethanol capacity will be closer to Rs 700 crore. The company is in the process of doubling its existing capacity of ethanol, after which the revenue from ethanol will rise to 30 percent. The oil marketing companies will have to pay Rs 1.5 per litre extra to ethanol suppliers between June to September 2022.
Shares of Shree Renuka Sugars were trading at Rs 51.6, down Rs 0.3 at 10:17 am on June 10

June 10, 2022 / 10:24 AM IST

June 10, 2022 / 10:12 AM IST

Teva settles patent dispute with Aurobindo Pharma
US affiliates of Israel-based Teva Pharmaceutical Industries Ltd on June 9 announced that they have reached an agreement with India’s Aurobindo Pharma to resolve a legal patent infringement dispute regarding Teva’s Austedo medicine. The litigation in the United States will end and Aurobindo will have a licence to sell its Austedo generic product beginning April 2033. Austedo is the first and only US FDA (Food and Drug Administration)-approved product prescribed for adults for involuntary movements associated with the degenerative Huntington’s disease, and for uncontrollable movements in the face, tongue or other body parts, known as tardive dyskinesia. Shares of Aurobindo Pharma were trading flat 0.19 percent down at Rs 528.85 at 10:03 am on June 10.