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Equity indices snap 7-day fall on investors’ bargain hunting

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Sensex

Mumbai, Feb 8: Bargain hunting by investors after seven consecutive days of losses propelled key Indian equity indices to close on a higher note on Thursday.

According to market observers, healthy buying in healthcare, banking and auto stocks added to the upward trajectory of the key indices.

The wider Nifty50 of the National Stock Exchange (NSE) closed higher by 100.15 points or 0.96 per cent at 10,576.85 points.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 34,413.16 points — up 330.45 points or 0.97 per cent from its previous session’s close.

The BSE market breadth was bullish with 2,197 advances and 625 declines.

In the broader markets, the S&P BSE mid-cap index edged higher by 1.82 per cent and the small-cap index by 2.25 per cent.

“Stocks advanced as bargain hunting emerged after seven straight sessions of sell-off in the domestic equities,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Sectorally, all the sectors of broader market have closed in positive trend and no sectors have showed any weakness for the day,” he added.

Talking about the global markets, Jasani said all the Asian markets closed on a positive note, except for Taiwan and Shanghai, while the European indices like FTSE 100, DAX and CAC 40 traded in the negative territory.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rebounded as prospects of economic growth and earnings revival encouraged investors to start accumulate equities.”

“The 10-year-bond yield fell from yesterday’s high of 7.61 per cent to 7.49 per cent and rupee strengthened which is positive for investors,” Nair said.

On the currency front, the Indian rupee strengthened by two paise to close at 64.26 against the US dollar from its previous close at 64.28.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 2,297.09 crore while domestic institutional investors bought stocks worth Rs 2,373.59 crore.

“After several straight sessions of ending in the red, the Indian equity market shrugged off negative global cues and recouped some losses, majorly led by gains in shares of banks and pharmaceutical companies,” said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.

All the sectoral indices closed with gains barring the S&P BSE oil and gas index which fell by 38.61 points.

Sector-wise, the S&P BSE healthcare index surged by 405.77 points, followed by banking index by 324.24 points and auto index by 292.11 points.

Major Sensex gainers on Thursday were: Sun Pharma, up 6.32 per cent at Rs 583.40; Dr Reddy’s Lab, up 3.18 per cent at Rs 2,178.95; State Bank of India, up 2.97 per cent at Rs 301.45; Infosys, up 2.33 per cent at Rs 1,134.55; and Axis Bank, up 1.75 per cent at Rs 568.50.

Major Sensex losers were: Power Grid, down 1.20 per cent at Rs 193.55; Tata Motors, down 0.70 per cent at Rs 374.85; NTPC, down 0.70 per cent at Rs 163.65; ONGC, down 0.66 per cent at Rs 188.55; and Adani Ports, down 0.43 per cent at Rs 405.

IANS

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TikTok threatens legal action against Trump executive order

The company said it will pursue ‘all remedies available’ including going to the U.S. courts.

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TikTok is threatening legal action against the US after Donald Trump ordered firms to stop doing business with the Chinese app within 45 days.

The company said it was “shocked” by an executive order from the US President outlining the ban.

TikTok said it would “pursue all remedies available” to “ensure the rule of law is not discarded”.

Mr Trump issued a similar order against China’s WeChat in a major escalation in Washington’s stand-off with Beijing.

WeChat’s owner, Tencent, said: “We are reviewing the executive order to get a full understanding.”

As well as WeChat, Tencent is also a leading gaming company and its investments include a 40% stake in Epic Games – the company behind the hugely popular Fortnite video game.

The president has already threatened to ban TikTok in the US, citing national security concerns, and the company is now in talks to sell its American business to Microsoft. They have until 15 September to reach a deal – a deadline set by Mr Trump.

The Trump administration claims that the Chinese government has access to user information gathered by TikTok, which the company has denied.

TikTok, which is owned by China’s ByteDance, said it had attempted to engage with the US government for nearly a year “in good faith”.

However, it said: “What we encountered instead was that the administration paid no attention to facts, dictated terms of an agreement without going through standard legal processes, and tried to insert itself into negotiations between private businesses.”

The executive orders against the short-video sharing platform and the messaging service WeChat are the latest measure in an increasingly broad Trump administration campaign against China.

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Patanjali chasing profits, exploiting people’s fear: Madras HC

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Baba Ramdev

Chennai, Aug 6 : Coming down heavily on yoga guru Ramdev’s Patanjali Ayurved Ltd for “chasing profits by exploiting people’s fear and panic” to sell its immunity booster tablet Coronil, the Madras High Court on Thursday slapped a penalty of Rs 10 lakh on it.

The court also refused to vacate the interim injunction restraining Patanjali from using the name Coronil for its tablet in a trade mark infringement case.

The case was filed by city-based company Arudra Engineers Private Ltd that had registered the trademarks “Coronil-92 B and Coronil-213 SPL” in 1993 and holds rights over them till 2027.

The company sells an anti-corrosion product – a chemical agent that undertakes to sanitise and clean heavy industrial machinery and containment units at factories.

Apart from Patanjali, the other defendant in the case was Divya Yog Mandir Trust that makes the tablet.

The court order came in the petition filed by Patanjali and Divya Yog to vacate the interim injunction against the use of the name Coronil for its tablet.

The court said: “Insofar as costs are concerned, the defendants have repeatedly projected that they are Rs 10,000 crore company. However, they are still chasing further profits by exploiting the fear and panic among the general public by projecting a cure for the coronavirus, when actually their ‘Coronil Tablet’ is not a cure but rather an immunity booster for cough, cold and fever.”

“The defendants must realize that there are organisations which are helping the people in this critical period without seeking recognition and it would only be appropriate that they are made to pay costs to them,” it ruled.

The court ordered Patanjali and Divya Yog to pay jointly Rs 5 lakh each to the Dean, Adyar Cancer Institute, Chennai and to the Dean, Government Yoga and Naturopathy Medical College & Hospital, Chennai.

In both the organisations, treatment are accorded free of cost without any claim to either trademark, trade name, patent or design, but only with service as a motto, the court said.

“Costs to be paid on or before 21.08.2020, and a memo in this regard, to be filed before the Registry, High Court Madras, on or before 25.08.2020,” it ordered.

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Q1FY21 results: Vodafone Idea loss widens by 422.37 per cent YoY to Rs 25,460 crore

Average Revenue per User (ARPU) dropped to Rs 114 in Q1FY21 as against Rs 121 in Q4FY20.

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Vodafone Idea Ltd. announced its quarterly results on Thursday post market hours. The company posted a consolidated net loss of Rs 25,460 crore for Q1FY21, which increased by 422.37 per cent, as compared to Q1FY20 when it reported a consolidated loss of Rs 4873.9 crore.

The consolidated net sales reported in Q1FY21 came in at Rs 10,659.3 crore, which declined by 5.42 per cent YoY from Rs 11,269.9 crore in Q1FY20. At EBITDA level, the company stood at Rs 4,098.4 crore in Q1FY21 that increased by 10.28 per cent YoY. For Q1FY20, it posted an EBITDA of Rs 3,716.3 crore.

EBITDA margin as of Q1FY21 was at 38.45 per cent that increased by 5.47 per cent YoY. The net profit margin in Q1FY21 came in at -238.85 per cent, which declined by 195.60 per cent YoY. The net profit margin in Q1FY20 was at -43.25 per cent.

The company recorded exceptional cost of Rs 19,923.2 crore which includes merger related cost, licence fee, spectrum usage charges (SUC) on adjusted gross revenue (AGR).

Average Revenue per User (ARPU) dropped to Rs 114 in Q1FY21 as against Rs 121 in Q4FY20.

Q1FY21 was turned out to be a challenging quarter for the company as availability of recharges due to store closure due to lockdown and ability of customers to recharge on account of economic slowdown were affected.

The share closed with drop of 0.72 per cent at Rs 8.25 on BSE.

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