Amid mixed cues in the Asian market, benchmark Indian indices trade almost flat with Nifty over 10740 points. Among sectoral indices on the Nifty, IT pack leads ahead of result announcement for the quarter ended June of FY21.
Here are some of the newsmaker in stock market trade on Tuesday, July 7,2020:
Shares in consumer durable financier extended Monday's gains of 6% and rallied close to 2% in early trade after the company on Monday provided Q1 business update for FY21. The company plans on increasing provisioning for Q1 towards Covid 19. Though the provisioning aspect has cast a dent on the company profit which declined year on year in the previous qtr by 19% as much as, the company's AUM under moratorium reduced considerably as on June 30, 2020 compared to that in April end.
TCS stock hit all time high ahead of its Q1FY21 results. The company on Monday said impact due to Covid 19 is not as bad as projected. Tata Consultancy Services will begin the earnings season by announcing its numbers on Thursday, July 9. Shares of TCS hit an all-time high of Rs 2,303, up 1.8 per cent on the National Stock Exchange (NSE) in Tuesday's trade.
The lender's shares jumped as much as 5.5% after the company's Q1 business update. The loans and advanced for the June quarter stood at Rs. 74,325 crore, up 18% year-on-year, while total deposits increased 35% to Rs. 60,602 crore. This is despite the Covid 19-led nationwide lockdown. Analysts maintain a 'buy' call on the stock.
Commercial vehicles financier Shriram Transport Finance Co Ltd (STFC) on Monday said that it has fixed a price of Rs. 570 per share for its proposed rights issue, through which the auto financier plans to raise up to Rs. 1,500 crore. The rights issue share price is at an 18% discount to STFC's closing price of Rs. 697.5 apiece on Monday, on the BSE.
On the news, the shares of the company rallied as much as 3% on the BSE to Rs 719.90.
Shares in PVR jumped as much as 4% in trade on July 7, 2020 to Rs. 1083.85 per share on the BSE. This is as the company is set to open its right issue from 17 July to 31 July. The rights issue price has been fixed at Rs. 784 per equity share while the entitlement ratio is 7 fully paid-upequity shares for every 94 equity share held by eligible shareholders as on the record date i.e. 10 July.