BFSI firms ignore primary market gloom, plan IPOs https://t.co/4KTtK3FMOm— Livemint (@livemint) August 24, 2018
Closing bell: Sensex sheds 85 points, Nifty settles at 11,557 dragged by banking stocks
BSE Sensex closed 84.96 points lower at 38,251.80, while the Nifty 50 ended 25.65 points down at 11,557.10. Here are the highlights from the markets
- 3.35 pm ISTClosing bell: Sensex, Nifty close lower
- 2.38 pm ISTSteel Strips Wheels gets $3.5 million export order
- 2.25 pm ISTLupin gets EIR from USFDA for Nagpur facility
- 2.08 pm ISTMAS Financial profit nearly doubles in June quarter
- 1.50 pm ISTOil up as US sanctions on Iran cloud supply outlook
- 1.25 pm ISTBritannia shares fall nearly 2%
- 1.08 pm ISTEuropean stock markets climb at open
- 12.50 pm ISTSensex, Nifty extend losses
- 12.23 pm ISTSREI Infrastructure Finance shares rise 13%
- 12.05 pm ISTAnand Rathi Wealth may file IPO papers by September-end
- 11.50 am ISTNCLAT to decide on conversion of Tata Sons after final arguments
- 11.25 am ISTRuchi Soya shares rise as lenders approve Adani Wilmar bid
- 10.58 am ISTBFSI firms ignore primary market gloom, plan IPOs
- 10.33 am ISTInfosys shareholders approves issue of bonus share
- 10.13 am ISTPrataap Snacks shares down over 5%
- 9.44 am ISTAshok Leyland forays into tracked vehicle business
- 9.30 am ISTHDFC AMC offers more bang for buck, valuation still stretched
- 9.27 am ISTAxis Bank shares gain 1%
- 9.23 am ISTHexaware Tech shares fall 16% on block deal
- 9.18 am ISTRupee weakens further against US dollar
- 9.05 am ISTCommodity Corner: Oil prices rise, gold steady
- 8.43 am ISTOpening bell: Cues to look out for before trading today
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 fell on Friday dragged by financial, IT and FMCG stocks amid muted trend in global markets. Stocks in Europe edged higher alongside US equity-index futures after a mixed session in Asia as trade negotiations with China drew a blank. The dollar slipped before an address from Federal Reserve chairman Jerome Powell. The Indian rupee along with emerging Asian currencies weakened against the US dollar. Meanwhile, FIIs purchased shares worth Rs 433.21 crore on net basis on Thursday and DIIs bought shares worth Rs 142 crore, provisional data showed. Here are the highlights from the markets:
- 3.35 pm IST Closing bell: Sensex, Nifty close lowerBSE Sensex closed lower by 84.96 points, or 0.22%, to 38,251.80, while the Nifty 50 fell 25.65 points, or 0.22%, to close at 11,557.10. BSE MidCap and SmallCap declined 0.26% and 0.34%, respectively.Among the sectoral indices on BSE, metal gained most at 1.92% followed energy, oil and gas, and power. Bankex, consumer durables, IT, finance and industrials fell.Vedanta, ONGC, Axis Bank, Wipro and Mahindra were among the top gainers, whereas Yes Bank, Titan, ICICI Bank, Hero MotoCorp and Adani Ports were among the major losers.
- 2.25 pm IST Lupin gets EIR from USFDA for Nagpur facilityLupin Ltd shares rose 0.81% to Rs 910.95 per share after the company said that it has received the Establishment Investigation Report (EIR) from the USFDA for the successful inspection of its Nagpur facility. The inspection was conducted in May 2018.
- 2.08 pm IST MAS Financial profit nearly doubles in June quarterMAS Financial Services Ltd reported a consolidated profit of Rs 31.33 crore in the quarter ended 30 June, compared to a profit of Rs 17.44 crore a year ago. Consolidated revenue from operations stood at Rs 128 crore in the June quarter, compared to Rs 104 crore in the same period last year. Shares were down 0.23% to Rs 559.65.
- 1.50 pm IST Oil up as US sanctions on Iran cloud supply outlookOil prices rose on Friday, supported by signs that U.S. sanctions on Iran are already reducing global crude supply. Benchmark Brent crude oil was up 60 cents a barrel at $75.33 by 0750 GMT. Brent was on track for gains of almost 5 percent this week. U.S. light crude was 50 cents higher $68.33, heading for a gain on 3.8 percent this week.
- 1.25 pm IST Britannia shares fall nearly 2%Shares of Britannia Industries fell as much as 1.73% to Rs 6,764.40. The board of Britannia Industries on Thursday approved a share split in 1:2 ratio to make the stock more affordable for small retail investors and increase liquidity. The Kolkata-based company will split shares with a face value of Rs 2 into two equity shares.
- 1.08 pm IST European stock markets climb at openEurope’s main stock markets rose at the start of trading on Friday, with London’s benchmark FTSE 100 index rising 0.1% to 7,567.67 points. In the eurozone, Frankfurt’s DAX 30 index gained 0.3% to 12,396.69 points and the Paris CAC 40 won 0.1% to 5,422.78, compared with Thursday’s closing levels. AFP
- 12.23 pm IST SREI Infrastructure Finance shares rise 13%SREI Infrastructure Finance Ltd shares surged as much as 13.67% to Rs 52.80 after the company on Thursday said that its unit Quippo Oil and Gas Infrastructure Ltd has proposed to sell 2,600 shares, representing a 26% stake, of Quippo Drilling International Pvt. Ltd to an overseas entity.
- 12.05 pm IST Anand Rathi Wealth may file IPO papers by September-endMumbai-based financial services group Anand Rathi’s wealth management arm is expected to file the draft prospectus for its initial public offering (IPO) within a fortnight, reported Mint, citing two people aware of the development said. This will be the second wealth management company to file for an IPO, after ASK Investment Managers. The IPO is expected to be ₹500 crore in size, and will be a mix of primary and secondary share sales, added the report. Read more
- 11.50 am IST NCLAT to decide on conversion of Tata Sons after final argumentsThe National Company Law Appellate Tribunal (NCLAT) on Friday refused to stay the conversion of Tata Sons into a private limited company from a deemed public company. The two-judge NCLAT bench headed by Justice S.J. Mukhopadhyay said that it will decide on the conversion after hearing the final arguments, which is scheduled next month. Read more
- 10.58 am IST BFSI firms ignore primary market gloom, plan IPOsAavas Financiers, Spandana Sphoorthy, PNB Metlife and Muthoot Microfin are some of the upcoming IPOs from the BFSI sector in 2018
- 10.33 am IST Infosys shareholders approves issue of bonus shareInfosys Ltd said that its shareholders approved the proposal to increase authorized share capital to enable issue of bonus shares. Infosys shares traded 0.64% down at Rs 1390.20. During the day, the stock hit a high of Rs 1403 and a low of Rs 1388.80.
- 10.13 am IST Prataap Snacks shares down over 5%Shares of Prataap Snacks Ltd traded 5.32% lower at Rs 1217. In intraday trade, the stock fell as much as 6.54% to Rs 1202.45. Prataap Snacks Ltd, the Indore-based listed snack manufacturer, on Wednesday announced the acquisition of Avadh Snacks Pvt Ltd, a Gujarat based snack foods company for Rs 148 crore.
Following the Avadh Snacks acquisition, Prataap Snacks shares is now priced for such perfection that there seems no room for any error. https://t.co/AizCjTZ8r3— Livemint (@livemint) August 24, 2018
- 9.44 am IST Ashok Leyland forays into tracked vehicle businessAshok Leyland Ltd said that it has forayed into tracked vehicle business by winning a tender for developmental work tracked vehicle. The company said it will collaborate with Combat Vehicles Research and Development Establishment, Chennai for manufacturing of light weight clutch for the design and development of weight optimized 1500 hp automatic transmission for main battle tanks. Ashok Leyland shares traded 0.08% up at Rs 132.20 after hitting a high of Rs 133.25.
- 9.30 am IST HDFC AMC offers more bang for buck, valuation still stretchedSome analysts view HDFC AMC’s valuation as still rich, which explains the fact its share price has hardly gained since its listing premium
Some analysts view HDFC AMC"s valuation as still rich, which explains the fact its share price has hardly gained since its listing premium. https://t.co/FppYe0lbWl— Livemint (@livemint) August 24, 2018
- 9.23 am IST Hexaware Tech shares fall 16% on block dealShares of Hexaware Technologies Ltd slumped as much as 16.5% to Rs 415.20 after around 23.3 million shares or 7.8% stake of the company changed hands in a block deal, Bloomberg reported. Mint earlier reported that private equity firm Baring Private Equity Asia is selling its stake worth almost Rs 1,120 crore in IT services company Hexaware. Baring PE Asia currently holds a 71.25% stake in the IT company, through an entity called HT Global IT Solutions Holdings Ltd.
- 9.18 am IST Rupee weakens further against US dollarThe Indian rupee along with emerging Asian currencies weakened against the US dollar on Friday as prospects for a quick resolution of the US-China trade war faded after two days of talks ended with little progress. Traders are waiting for a speech by Federal Reserve Chairman Jerome Powell later in the day. At 9.10am, the rupee was trading at 70.23 a dollar, down 0.15%, from its Thursday’s close of 70.11. The home currency opened at 70.20 a dollar and touched a low of 70.23.
- 9.05 am IST Commodity Corner: Oil prices rise, gold steadyOil: Oil prices rose on expectations that US sanctions on Iran will cut significant volumes of crude from the market towards the end of the year, but trading was muted due to the unresolved trade dispute between Washington and Beijing. Brent crude oil futures were at $74.93 per barrel at 8.15am, up 20 cents, or 0.3%, from their last close. US WTI crude futures were at $68.08 per barrel, up 25 cents, or 0.3%.Gold: Gold prices held firm, after falling nearly 1% in the previous session and sentiment for the yellow metal remained negative amid an outlook for rising US interest rates. Spot gold was up 0.1% at $1,186.35 an ounce at 6.30am, after falling about $10 on Thursday. US gold futures were down 0.1% at $1,192.40 an ounce.Metals: London copper prices edged down in early Asian trade on Friday, moving lower for a third straight session due to a stronger dollar and after US and Chinese officials ended two days of trade talks without any major breakthroughs. London Metal Exchange copper is still on course to end the week 0.7% higher, which would mark its first weekly jump since the week ended 27 July, as the trade talks fuelled optimism. The metal remains down 5.2% this month on concerns the US-China trade row will hurt demand for industrial metals and is heading for its worst month since August 2016. Reuters
- 8.43 am IST Opening bell: Cues to look out for before trading today■ Asian stocks opened lower, tracking the losses in the US stocks. Overnight, US stocks closed lower. S&P 500 lost 0.17% to 2,856.■ The board of Britannia Industries approved a share split in 1:2 ratio to make the stock more affordable for small retail investors and increase liquidity, reports PTI.■ Reliance Communications Ltd said it has completed the sale of its media convergence nodes and related infrastructure assets worth Rs 2,000 crore to Reliance Jio Infocomm Ltd, a unit of Reliance Industries Ltd.■ Construction and engineering company Larsen and Toubro Ltd approved a share buyback worth Rs9,000 crore at Rs1,500 apiece. The stock closed at Rs1,349 yesterday. Read more.■ Private equity firm Baring Private Equity Partners Asia will sell about 8.4% stake of Hexaware Technologies through block deals on Friday.■ Lenders of Ruchi Soya have approved the Rs 6,000 crore bid of Adani Wimar to acquire the debt-ridden edible oil firm, reports PTI.■ The Ramky group which sold controlling stake in a group firm to global private equity major is in talks to sell two road assets, reports The Economic Times.■ A consortium of lenders, led by the State Bank of India, is looking for a bidder to replace Lanco Devihalli Highways Ltd, a subsidiary of Lanco Infratech, as the operator of a road project in Karnataka to recover loans.(R. Sree Ram/Mint)With inputs from Reuters, agencies
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