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Sensex, Nifty end flat; Yes Bank, IndusInd Bank top gainers

Sensex and Nifty ended higher for the third session on WednesdayPremium
Sensex and Nifty ended higher for the third session on Wednesday

  • Reliance Industries Ltd rose as much as 1.1% to an all-time high of Rs1,362 in a record-setting spree
  • Financial stocks such as Yes Bank Ltd and IndusInd Bank Ltd were among the top percentage gainers

Stock markets closed with marginal gains in a volatile trade Thursday as investors booked profits at higher levels amid mixed global cues. After rising over 150 points in early trade, the benchmark BSE Sensex ended up by 2.72 points, or 0.01 per cent, at 37,754.89, extending gains to the fourth session. The broader NSE Nifty closed with gains of 1.55 points, or 0.01 per cent, at 11,343.25. Among the top gainers in the Sensex pack, NTPC, IndusInd Bank, Sun Pharma, Yes Bank, Coal India, ONGC, Bharti Airtel, Vedanta, Tata Steel and Kotak Bank rose up to 3.53 per cent. On the other hand, HCL Tech, Hero MotoCorp, ICICI Bank, Tata Motors, PowerGrid, TCS, SBI and RIL were among the top losers, falling up to 2.16 per cent.

14 Mar 2019, 03:48:47 PM IST

Sensex ends flat at 37,754.89, Nifty inches up 1.55 points to 11,343.25

14 Mar 2019, 03:34:23 PM IST

Naspers eye fintech deals in $1 billion India push  

Naspers Ltd wants to spend about $1 billion in India this year as it scours the globe for investments that can replicate its blockbuster bet on China’s Tencent Holdings Ltd, a person familiar with the matter said.

Africa’s largest company by market value is in talks to inject about $200 million into business loan provider Capital Float and payments security firm Wimbo as a first step, according to two people with knowledge of the discussions, who asked not to be identified as the talks are private. (Read more here)

14 Mar 2019, 03:14:20 PM IST

Bank of India to raise ₹400-500 crore from non-core asset sale  

State-run Bank of India Thursday said it is looking to raise at least 400-500 crore from sale of a non-core asset by end-March, a top bank official said.

It could be noted that the bank has been looking to sell its stake in a few non-core assets including Star Union Dai-Ichi Life Insurance, STCI Finance and Sidbi.

The bank's managing director and CEO Dinabandhu Mohapatra told reporters Thursday the process to sell non core asset is on and the bank has already floated request for proposals (RFPs).

The lender is examining all the offer it has received, he said.

"...It will take some time. We are very hopeful of one transaction will be completed by March-end. We may be able to raise around 400-500 crore," Mohapatra told reporters on the sidelines of a Ficci-IBA event.

He, however, did not disclose the name of the asset the bank is hopeful to sell by this fiscal-end. (PTI)

14 Mar 2019, 03:10:29 PM IST

Oil hits four-months highs, Brent reaches $68 on tighter supply

14 Mar 2019, 03:08:18 PM IST

Life insurers register 33% growth in new premium income in February  

India's life insurance industry witnessed a rise of 32.7 per cent in its collective new premium income at 18,209.50 crore during February 2019, data from Irdai showed.

The life insurers had collected first-time premium worth 13,724.96 crore in same month a year ago.

Insurance behemoth LIC, which has the largest market share of 66.26 per cent, registered a growth of 42.2 per cent in its new year premium at 12,055.81 crore during the month, according to Insurance Regulatory and Development Authority of India (Irdai) data.

The rest of the 23 market players in life insurance business (market share 33.74 per cent) collected premium of 6,153.70 crore from new customers, witnessing a rise of 17.25 per cent from a year ago. (PTI)

14 Mar 2019, 03:05:31 PM IST

Decision on funding to Jet Airways to be on collective basis: PNB  

State-run Punjab National Bank (PNB) Wednesday said any decision to provide emergency funds to cash-strapped Jet Airways will be taken collectively by the lenders and not on a standalone basis.

The assertion comes in the backdrop of media reports that PNB had approved 2,050 crore of emergency funding to Jet Airways, for which lenders are considering a resolution plan under Project Sashakt.

In a filing to exchanges, Jet Airways had earlier clarified it has not received any fresh loan from PNB.

"No, we are going (on decision to lend further to Jet Airways) collectively. The resolution will come with the participation of the stakeholders and we are working on it," the bank's managing director and CEO, Sunil Mehta, told reporters when asked whether the lender was considering fresh funds to the loss-making Carrier on a standalone basis. (PTI)

14 Mar 2019, 03:04:29 PM IST

Silver weakens in futures trade, down ₹258  

Silver prices plunged by 258 to 38,490 per kg in futures trade Thursday as speculators cut down their bets to book profits amid a weak trend overseas.

Silver to be delivered in May was trading down by 258, or 0.67 per cent, to 38,490 per kg at the Multi Commodity Exchange. It clocked a business volume of 18,698 lots.

Silver for delivery in far-month July, too, was trading lower by 269, or 0.68 per cent, to 39,036 per kg in a business turnover of 378 lots.

Market analysts said profit-booking at current levels and fresh losses in white metal overseas mainly led to the fall in silver prices here.

In the international market, silver traded 0.08 per cent lower at USD 15.33 an ounce in Singapore.  (PTI)

14 Mar 2019, 03:00:59 PM IST

Cube Highways to acquire Delhi-Agra Toll Road from Reliance Infra 

Cube Highways and Infrastructure, the Indian roads and highways platform of global infrastructure fund I Squared Capital through its ISQ Global Infrastructure Fund II, on Thursday said that it has entered into an agreement with Reliance Infrastructure Ltd to acquire 100% stake of DA Toll Road Private Limited (DATRPL), a toll road in the state of Haryana/Uttar Pradesh, India

14 Mar 2019, 02:28:43 PM IST

Lessor may divert Jet air planes to plug demand boosted by Boeing Max crash 

Debt-laden Jet Airways India Ltd. faces the prospect of seeing some of its leased Boeing Co. 737-800 aircraft reallocated to other carriers as a global grounding of the planemaker’s newest Max series spurs demand for other models.

BOC Aviation Ltd., the company leasing some of them to Jet Airways, is seeing “quite a lot of demand" for the planes, Robert Martin, the lessor’s chief executive officer, said Thursday.

Demand for older versions of 737s is set to increase after two fatal crashes in five months involving 737 Max 8 jets prompt regulators to bar the plane amid an investigation into the safety of the aircraft. The 737 family as well as Airbus SE’s A320s form the backbone of modern commercial aviation, with most short-haul routes being covered by these jets. (Read more here)

14 Mar 2019, 02:28:13 PM IST

Rajesh Exports bags order worth ₹1,079 crore from Middle East  

Gold refiner Rajesh Exports Thursday said the company has secured a new export order worth 1,079 crore from Middle East.

The order is to be completed by June, the company said in a regulatory filing.

The company will manufacture the entire requirement of this order at its own manufacturing facility and is confident of delivering the required order within the time frame, it added.

The company further noted the order has its special significance for the acceptance of the new range of jewellery introduced by the company in the global markets and expects further significant orders for this range of jewellery from the international markets.

"Bagging a large order amid strong global competition speaks volumes about the designing, R&D capabilities, products, prompt execution and attractive pricing of the company," Rajesh Exports Chairman Rajesh Mehta said.

The Bengaluru-headquartered company has global manufacturing and marketing network with distribution through exports, wholesale and directly to consumers by its own retail brand.

The company refines over 35 per cent of the world's gold. Its refineries are located in Uttarakhand and at Balerna in Switzerland. It has a capacity to refine 2,400 tonne of gold per annum. (PTI)

14 Mar 2019, 02:18:06 PM IST

ONGC's Mumbai High, Vasai East came close to being sold, stopped after opposition  

State-owned ONGC's nine biggest oil and gas fields including Mumbai High and Vasai East came tantalizing close to being sold to private and foreign companies but the plan was nixed after strong opposition from within the government, sources told PTI.

A high-level committee headed by Niti Aayog Vice Chairman Rajiv Kumar late last year considered "transferring" western offshore oil and gas fields of Mumbai High, Heera, D-1, Vasai East and Panna as well as Greater Jorajan and Geleki field in Assam, Baghewala in Rajasthan and Kalol oilfield in Gujarat to private/foreign companies.

Multiple sources in Niti Aayog and government said, the plan to give away fields producing 95 per cent of India's current oil and gas could not go through because of very strong opposition from Oil and Natural Gas Corp (ONGC) as well as some quarters within the government who found something amiss in the proposal.

Besides the 9 fields, 149 marginal fields, that contribute about 5 per cent of the domestic production, were to be clustered and bid out.

While ONGC opposed giving away on a platter to private/foreign sector what it discovered after years of toil and spending billions of dollars over last four decades, some in government were not convinced by the incremental potential toyed to get the proposal through, they said adding it wasn't clear how the incremental output numbers were arrived at in absence of any real basin or field study by the panel. (PTI)

14 Mar 2019, 01:59:15 PM IST

TCS to drive blockchain adoption

Tata Consultancy Services (TCS) on Thursday announced that it is developing solutions to drive Blockchain adoption across industries, using technologies from Microsoft and enterprise blockchain software firm R3.

The new TCS solutions will use Microsoft Azure Blockchain Cloud while harnessing the full potential of R3's "Corda Enterprise" Blockchain platform, the company said in a statement.

"Some of the anchor solutions that we are building on these platforms include skills marketplace, anti-counterfeiting of luxury goods, affordable mobility, shared telecom infrastructure for 5G and loyalty and rewards programmes," said Lakshminarasimhan Srinivasan, Global Head, Blockchain Services, TCS.

The company is developing five Blockchain platforms that include digital identity, track and trace, assets in common, asset monetisation and tokenisation. (Read more here)

14 Mar 2019, 01:55:23 PM IST

Reliance Infrastructure to sell north India SPV stake

Reliance Infrastructure Ltd said on Thursday it signed an agreement to sell its stake in special purpose vehicle (SPV) Delhi-Agra Toll Road Pvt Ltd in northern India to Singapore-based Cube Highways and Infrastructure III Pvt Ltd.

The deal is valued at an enterprise amount of 3,600 crore, the company said in a media release.

14 Mar 2019, 01:35:20 PM IST

Gold futures weaken to ₹32,112 per 10 gm  

Gold prices fell by 95 to 32,112 per 10 gram in futures trade Thursday as speculators reduced exposure despite a firm trend in the precious metal overseas.

At the Multi Commodity Exchange, gold for delivery in April contracts traded lower by 95, or 0.29 per cent, to 32,112 per 10 gram in a business turnover of 9,198 lots.

The gold for delivery in far-month June, too, fell by 116, or 0.36 per cent, to 32,358 per 10 gram in 10,531 lots.

Marketmen said the fall in gold prices at futures trade was mostly due to trimming of positions by participants. (PTI)

14 Mar 2019, 01:19:11 PM IST

IDBI Bank to consider rupee bond borrowing limit of ₹4,000 crore  

IDBI Bank has informed stock exchanges that its board meeting will be held on 19 March to consider the proposal for approval of rupee bond borrowing limit of 4,000 crore for FY 2019-20. 

14 Mar 2019, 01:09:43 PM IST

MAS Financial Services to invest funds upto ₹90 million in rural housing unit

14 Mar 2019, 01:04:22 PM IST

Bharti Airtel arm applies for in-flight connectivity licence  

A Bharti Group company, Indo Teleports, has approached the Telecom Department for in-flight connectivity licence, that allows service providers to offer connectivity and data services to Indian and foreign airlines, sources said.

Sources privy to the development told PTI that Indo Teleports, a subsidiary of Bharti Airtel, has applied to the Telecom Department for the said licence and that the proposal is currently under examination. (PTI)

14 Mar 2019, 12:55:02 PM IST

Nikkei ends nearly flat after weak China data; SoftBank surges  

Japan's Nikkei ended nearly flat on Thursday after China reported a mixed bag of data that renewed concerns about the global economy, while index-heavyweight SoftBank Group offered support amid talk of an Uber-related investment.

The Nikkei share average ended 0.02 percent lower at 21,287.02 after surging to as high as 21,522.75 in the morning.

Chinese shares fell after data showed the country's industrial output expanded at the slowest pace in 17 years, although retail sales and fixed asset investment grew by more than expected. (Reuters)

14 Mar 2019, 12:41:56 PM IST

Capital Investments fall as India Inc. undergoes debt detox  

After the big borrowing binge at the start of the decade, it’s still the big cleanup season for India’s private firms.

That’s the takeaway from the central bank’s latest study on investments by India Inc., with total capital expenditure falling for the seventh straight year. Investments for fixed asset creation more than halved to 1.49 trillion rupees ($21 billion) in the year ended March 2018 from 3.7 trillion rupees seen in the comparable period ended March 2011, the Reserve Bank of India study shows.

India’s corporate sector witnessed a debt-induced expansion, making the most of a stimulus in the aftermath of the global financial crisis. When a slowdown followed, companies sought to deleverage and repair their balance sheets. Several projects turned sour in the process, forcing Indian banks to write-off loans and end up with the highest stressed-asset ratio in the world.

“The year (2017-18) marked the seventh successive annual contraction in the private corporate sector’s capex plans," the RBI said in the study. But there’s hope: planned capital spending for the first half of the current fiscal year showed an improvement over the previous year’s pipeline. (Bloomberg)

14 Mar 2019, 12:34:44 PM IST

 Bharti Airtel appoints Nakul Sehgal as corporate CFO 

14 Mar 2019, 12:24:46 PM IST

February WPI inflation accelerates to 2.93%  

India's annual wholesale price inflation in February accelerated to 2.93 percent, government data showed on Thursday, pushed by a jump in the prices of food and fuel products, after falling to a 10-month low of 2.76 percent in January.

The wholesale price inflation last month was higher than a 2.88 percent increase forecast by economists in a Reuters poll.

Wholesale food prices in February rose 3.29 percent year-on-year, compared with a 1.84 percent rise a month earlier, the data showed. (Reuters)

14 Mar 2019, 12:16:37 PM IST

Brent oil hits four-month high on OPEC cuts, sanctions on Venezuela and Iran 

Brent crude oil prices rose on Thursday to their highest since mid-November last year, pushed up by OPEC-led supply cuts and US sanctions against Venezuela and Iran.

An unexpected dip in US crude oil inventories and production also lifted prices, traders said.

Brent crude oil futures marked a 2019-peak of $67.84 per barrel in Asian trading on Thursday, and were trading at $67.76 per barrel at 0605 GMT, up 21 cents, or 0.3 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $58.40 per barrel, up 14 cents, or 0.2 percent, from their last settlement, and also close to November 2018 highs reached the previous day. (Reuters)

14 Mar 2019, 12:19:43 PM IST

Investors turn bullish on Indian rupee, long on most Asian currencies: Poll  

Investors are bullish on the Indian rupee for the first time in nearly a year, a Reuters poll showed, as a recent surge in popularity of the country's ruling party is expected to bode well for its alliance in the upcoming national elections.

Long bets on the rupee returned after early April last year, the poll of 11 respondents showed, with investors regaining some of their lost appetite for the currency that was the worst Asian performer in 2018 with a more than 8 percent loss to the dollar. (Read more here)

14 Mar 2019, 11:54:55 AM IST

Yes Bank, IndusInd Bank top gainers

Yes Bank Ltd and IndusInd Bank Ltd were the top percentage gainers on the NSE index, up 2.8 percent each.

Meanwhile, consumption-driven stocks declined, capping the gains. ITC Ltd and Hindustan Unilever were the top drags on the NSE index. 

14 Mar 2019, 11:54:30 AM IST

RIL hits record high

Reliance Industries Ltd rose as much as 1.1% to an all-time high of Rs1,362 in a record-setting spree. (Reuters)

14 Mar 2019, 11:50:13 AM IST

Yes Bank breaks resistance at ₹245, may test ₹275 mark  

Shares of Yes Bank Ltd gain as much as 3.97% and break above a resistance at 245. The stock also breaks above its 200-day exponential moving average (EMA), seen as a bullish sign. (Reuters)

14 Mar 2019, 11:41:56 AM IST

SC asks ex-Ranbaxy promoters to apprise how they'll comply with ₹3,500 crore arbitral award  

The Supreme Court Thursday asked former Ranbaxy promoters Malvinder Singh and Shivinder Singh to apprise it how they propose to comply with the 3500 crore arbitral award passed against them by a Singapore tribunal.

A bench headed by Chief Justice Ranjan Googi asked the Singh brothers, who were present in the court, to consult their financial and legal advisors and give a concrete plan on how they will comply with the tribunal's order.

"It is not about individual honour but it doesn't look good for the country's honour. You were the flag bearers of the pharmacare industry and it doesn't look good that you are appearing in court," the bench also comprising Justices Deepak Gupta and Sanjiv Khanna said.

The bench asked the Singh brothers to appear before it on March 28 and submit the plan, saying "hopefully it will be the last time you are appearing in the court". (PTI)

14 Mar 2019, 11:38:28 AM IST

Zee Media signs exclusive partnership deal with Taboola

14 Mar 2019, 11:09:07 AM IST

Top gainers

Top gainers in early trade include Yes Bank, Sun Pharma, Kotak Bank, HDFC twins, L&T, Tata Steel, IndusInd Bank, Axis Bank and RIL, rising up to 2.50 per cent.

14 Mar 2019, 10:34:36 AM IST

Arvind Fashions shares locked in upper circuit for fourth consecutive day

Shares of Arvind Fashions were locked in 5% upper circuit today at 755.10. This is the fourth consecutive trading session the stock is locked in upper circuit, since its listing on March 8.

14 Mar 2019, 10:01:57 AM IST

HDFC Bank rises for sixth straight day, hits record high

Shares of HDFC Bank today rose nearly 1% to a fresh high of 2,247, extending their gains to the sixth straight day. HDFC Bank's on Wednesday became the third Indian company to achieve the 6 trillion market cap.

14 Mar 2019, 09:34:35 AM IST

Zee Entertainment shares up 2.3%

Zee Entertainment Enterprises Ltd rose 2% to 458 after Mint reported that Japanese electronics and entertainment giant Sony Corp. is in advanced talks to buy a stake in Subhash Chandra-controlled Zee Entertainment Enterprises Ltd (ZEEL) and form a strategic partnership.

14 Mar 2019, 09:31:24 AM IST

Alok Industries shares rise 5%

The Ahmedabad Bench of the National Company Law Tribunal has approved the resolution plan of Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company to acquire Alok Industries. "The resolution plan jointly submitted by Reliance Industries Limited and JM Financial Asset Reconstruction Company (JMFARC) Ltd for acquisition of Alok Industries Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, has been approved by the National Company Law order dated March 8, 2019," RIL said in a BSE filing. Alok Industries shares were 5% higher at 4.65 on BSE.

14 Mar 2019, 09:28:38 AM IST

Tata Motors shares fall 2%

Tata Motors Ltd shares fell 2% to 178 after Jaguar Land Rover has been forced to recall more than 44,000 cars for repairs after UK regulators found some models were emitting more carbon dioxide than previously thought.

14 Mar 2019, 09:15:55 AM IST

Rupee trades lower against US dollar

Indian rupee on Thursday weakened marginally against US dollar, tracking losses in its Asian peers as traders assess the global slowdown with China reporting weaker-than-expected industrial production data. The rupee was trading at 69.63 a dollar, down from its previous close of 69.54. The home currency opened at 69.68 a dollar.

14 Mar 2019, 09:10:47 AM IST

China industrial output growth falls to 17-year low

Shanghai markets were down about 1% as growth in China's industrial output fell to a 17-year low in the first two months of the year, pointing to further weakness in the world's second-biggest economy. Industrial output rose 5.3% in January-February, the National Bureau of Statistics (NBS) said, less than expected and the slowest pace since early 2002. Factory output growth had been expected to slow to 5.5% from December's 5.7%.

14 Mar 2019, 08:55:22 AM IST

China exchanges relax LGFV bond refinancing requirements 

 China's securities exchanges have relaxed requirements for local government financing platforms to roll over maturing corporate bonds, state-run China Securities Journal reported, in a move aimed at relieving debt burdens.

The exchanges communicated the less-stringent rules to market participants through verbal instructions, known as "window guidance."

Previous screening criteria, which had prevented issuers that derived more than 50 percent of their revenue from government sources from issuing new bonds, have been relaxed.

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