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Sensex ends above 52k for the first time, Nifty above 15,300; financials lead
10 min read.Updated: 15 Feb 2021, 03:47 PM ISTDevansh Sharma
Indian benchmark share indices settled at record highs on Monday with financial stocks leading broad-based gains.
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15 Feb 2021, 03:46:23 PM IST
Market closing
Indian benchmark share indices settled at record highs on Monday with financial stocks leading broad-based gains.
Sensex closed at 52,154.13, up 609.83 points or 1.18%, while Nifty climbed 151.40 points or 1.00% at 15,314.70.
Axis Bank, closing over 6% higher, was the top Sensex gainer followed by ICICI Bank, SBI, Bajaj Finance and IndusInd Bank. Dr Reddy's TCS, HUL and Asian Paints were among the laggards. Of 30 Sensex shares 20 closed in the green.
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BSE Sensex
15 Feb 2021, 03:19:12 PM IST
IDBI Bank board approves setting off accumulated losses against securities premium account
LIC-controlled IDBI Bank on Friday said its board has approved a proposal of setting off the lender's accumulated losses by April 1, 2021, in full or partially, by using the balance in the securities premium account.
"The Board of Directors, at its meeting held on Friday, February 12, 2021, have approved the proposal for setting off accumulated losses of the bank as on April 1, 2021 in full or to such an extent as may be possible by utilizing the balance standing to the credit of the Securities Premium Account of the Bank as on the said date," IDBI Bank said in a regulatory filing.
The company's board will meet on February 17 to discuss the future strategic plans and reorganisation of the shareholding framework of subsidiary companies. This may lead to consolidation/ acquisition of shares of subsidiary companies, "the consideration of which may be discharged through the issuance of equity shares of the company on a preferential basis and/or cash", the company said in a regulatory filing.
Indiabulls Housing Finance to raise ₹5,000 crore from securitisation in current quarter
Mortgage lender Indiabulls Housing Finance is looking to raise ₹5,000 crore through the securitisation route in fourth quarter of the current financial year, according to a senior company official.
In the three months ended December 31, 2020, it had raised around ₹2,000 crore through the route.
Securitisation is the process of pooling and repackaging of homogenous illiquid financial assets into marketable securities that can be sold to investors.
Drug firm Glenmark Pharmaceuticals reported a 30.04% rise in its consolidated net profit to ₹248.17 crore for the quarter ended December 2020, mainly on account of robust sales in India and growth in the API segment. The company had posted a net profit of ₹190.83 crore for the corresponding period of the previous fiscal.
Oil hits 13-months highs on fears of Middle East tensions
Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support.
Brent crude was up $1.09, or 1.8%, at $63.52 a barrel at 0428 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.
U.S. West Texas Intermediate (WTI) crude futures gained $1.28, or 2.2%, to $60.75 a barrel. It touched the highest since Jan. 8 last year of $60.95 earlier in the session.
Oil prices gained around 5% last week. (Reuters)
15 Feb 2021, 02:21:09 PM IST
Kalpataru Power Transmission posts 132% growth in Q3; PAT at ₹308 crore
The company posted more than two-fold jump in consolidated net profit to ₹308 crore for the December quarter compared to the year-ago period mainly on the back of higher revenues. The consolidated net profit of Kalpataru Power was ₹133 crore in the quarter ended on 31 December 2019.
SpiceJet’s loss drops in Q3 but the airline is not out of the woods completely
The skies are cloudy for airlines, as travel demand is yet to revive adequately post pandemic. Low fare airline, SpiceJet Ltd is a victim of these circumstances. In the seasonally stronger December quarter, losses have reduced sequentially, although relatively higher crude oil prices are a threat to profitability, going ahead. Plus, how demand pans out remains to be seen. (Full report)
Cigarette maker Godfrey Phillips India Ltd reported an 8.09% increase in its consolidated net profit to ₹123.10 crore for the third quarter ended in December 2020. The company had posted a net profit of ₹113.89 crore during the October-December quarter of the previous fiscal.
The wholesale price-based inflation rose to 2.03% in January, 2021, even as food prices cooled.
The WPI inflation was 1.22% in December, 2020 and 3.52% in January last year.
While food articles saw softening in inflation in January, manufactured items witnessed hardening of prices, as per data released by the Commerce and Industry ministry.
Food inflation in January stood at (-) 2.8%, against (-) 1.11% in the previous month.
Inflation in vegetables and potatoes was (-) 20.82% and 22.04% during January, while in the fuel and power basket it was (-) 4.78%.
In non-food articles inflation was higher at 4.16% during the month under review.
15 Feb 2021, 01:04:38 PM IST
Despite tariff hikes and sharp cost cuts, losses compound at Vodafone Idea
All else remaining the same, the tariff hikes in December 2019 and the sharp cost cuts in the past few quarters should have brought Vodafone Idea Ltd (Vi) out of the woods. But alas, all else hasn’t remained the same.
Subscriber losses have continued, especially in the high-value postpaid segment, resulting in pressure on revenues. So despite the sizeable tariff hikes, Vi’s revenues are slightly lower compared to year ago levels. And while operating expenses have been slashed brutally, all of those gains were absorbed by an increase in interest costs. (Full report)
State-owned RailTel Corporation of India has fixed a price band of ₹93-94 a share for its initial share-sale, which will open for public subscription on February 16.
The initial public offer (IPO) is entirely an offer-for-sale through which government will offload 87,153,369 equity shares, amounting to 27.16% stake.
At the upper end of the price band, the government would raise a little over ₹819 crore.
The three-day issue would close on February 18 and the anchor investors portion would be open for subscription on February 15.
The mini-ratna PSU is one of the largest neutral telecom infrastructure providers in the country owning an optic fiber network on exclusive Right of Way (RoW) along railway track.
15 Feb 2021, 12:34:34 PM IST
Asian shares hit new peaks, oil up on Middle East tensions
Asian shares advanced to record highs on Monday as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington, while oil prices rose on heightened tensions in the Middle East.
MSCI's broadest index of Asia-Pacific shares outside Japan jumped 0.6% to 738.23, with all major indexes in the green.
Japan's Nikkei climbed 1.9%, reclaiming the 30,000 point level for the first time in over three decades.
Australia's benchmark index added 0.9%.
China and Hong Kong markets are shut for the Lunar New Year holiday.
15 Feb 2021, 12:22:56 PM IST
Edelweiss Financial Services reports ₹63 crore loss in Q3
The company reported a consolidated net loss of ₹63 crore for the third quarter ended in December 2020. It had registered a net profit of ₹35.32 crore in the same quarter last year. Sequentially, the loss widened from ₹56.12 crore in quarter ended September 2020.
Amara Raja stock declines as rising cost pressure hits Q3 operating performance
Shares of batteries maker Amara Raja Batteries Ltd fell more than 6% on the NSE to Rs925.70 in Monday's opening trade. Even though the company saw an improvement in volume growth across segments, investors are worried over the rising cost pressure.
Amara Raja's operating margin at 15.6%, down 200 basis points (bps) sequentially, missed the consensus estimate of 16.5%. One basis point is one-hundredth of a percentage point. Gross margin deteriorated by 80 bps quarter-on-quarter in the December quarter. The miss was largely due to increased raw material prices and higher staff costs.
Nikkei closes above 30,000 for the first time since 1990
Tokyo's benchmark Nikkei index jumped nearly two percent Monday on hopes for business recovery, closing above the psychologically important 30,000 mark for the first time in more than three decades.
The Nikkei 225 index rose 1.91 percent, or 564.08 points, to 30,084.15, the highest close since 1990.
15 Feb 2021, 11:21:14 AM IST
ONGC net falls 67% on drop in oil, gas prices
State-owned Oil and Natural Gas Corporation (ONGC) is forming a new subsidiary for gas business that could be used to bid and buy gas from the firm's own fields. The board of ONGC at its meeting on 13 February approved creation of a new wholly-owned subsidiary company for gas and liquefied natural gas (LNG) business value chain subject to necessary approvals.
The company reported over 67% fall in the December quarter net profit on back of a drop in oil and gas prices. Standalone net profit in October-December quarter at ₹1,378 crore was 67.4% lower than ₹4,226 crore net profit in the same quarter of the previous year, the company said in a statement here.
HDFC twins, ICICI Bank, Axis Bank lift Sensex by over 500 points
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Sensex Contributors
15 Feb 2021, 10:33:59 AM IST
Rupee update
The rupee strengthened by 14 paise to 72.61 against the US dollar in opening trade on Monday on the back of positive macroeconomic data and upbeat local equities.
At the interbank forex market, the local unit opened at 72.61 against the US dollar, registering a rise of 14 paise over its previous close.
On Friday, the rupee had settled at 72.75 against the American currency.
15 Feb 2021, 10:29:44 AM IST
Indiabulls Housing Finance book shrinks more as asset quality fixes continue
Indiabulls Housing Finance Ltd has been shedding its troubled wholesale loan book and continued to do so even in the December quarter. This strategy seems to have paid off as the lender reported only a marginal increase in its stressed loans. (Full report)
"The Nifty has opened the week with a gap up and is headed to its next target of 15500. We have a good support for the index at 15100 and until that does not break on a closing basis, we can buy on dips or intra day corrections. Traders are advised to maintain stops and book profits at regular intervals," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
15 Feb 2021, 10:07:30 AM IST
Lupin unit recall products in US market
US-based units of drug firm Lupin is recalling certain products in the American market, as per the latest enforcement report of the US Food and Drug Administration (US FDA).
Vodafone Idea Ltd (Vi) reported a net loss of ₹4,532 crore for the December quarter, lower than the ₹6,439 crore a year ago, driven by higher 4G wireless customer additions, improved service quality and cost optimization. India’s third-largest telecom operator by market share had posted a net loss of ₹7,218 crore in the September quarter.
Indian benchmark share indices opened higher on Monday led by gains in HDFC twins, Infosys and ICICI Bank amid firm cues from global markets.
Sensex opened at 51,907.75, up 363.45 points or 0.71%, while Nifty advanced 107 points or 0.71% at 15,270.30.
IndusInd Bank, opening over 2% higher, was the top Sensex gainer followed by HDFC Bank, Axis Bank and ICICI Bank. M&M, ONGC, TechM and Power Grid were among the laggards.
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BSE Sensex
15 Feb 2021, 09:10:02 AM IST
Market pre-opening
Indian stocks traded higher in the pre-opening session on Monday. At 9:07am, Sensex was at 51,898.60, up 0.7%, while Nifty climbed 107 points or 0.7% at 15,270.30.
15 Feb 2021, 08:48:34 AM IST
Markets at close on Friday
Domestic equity benchmarks Sensex and Nifty ended flat after choppy trade on Friday, tracking weak cues from global markets.
The 30-share BSE Sensex gyrated 543.96 points before closing 12.78 points or 0.02% higher at its new closing record of 51,544.30.
The broader NSE Nifty, however, slipped 10 points or 0.07% to 15,163.30.
During the week, the Sensex surged 812.67 points or 1.60%, while the Nifty advanced 239.05 points or 1.60%.
15 Feb 2021, 08:48:34 AM IST
Asian shares hit all-time highs
Asian shares advanced to record highs on Monday as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington, while oil prices rose on heightened tensions in the Middle East.
Topix index rose 0.7%. The Nikkei 225 was up 1.2%.
Kospi index climbed 1.5%.
Australia’s S&P/ASX 200 Index gained 0.9%.
Singapore's SGX Nifty advanced 0.62%.
15 Feb 2021, 08:48:35 AM IST
Dow, S&P 500, Nasdaq end at records after solid week
The S&P 500 and Nasdaq set record closing highs on Friday as investors bought energy, financial and materials shares and sold big tech stocks in anticipation of new fiscal aid from Washington to help the US economy recover.
The Dow Jones Industrial Average rose 27.7 points, or 0.09%, to 31,458.4, the S&P 500 gained 18.45 points, or 0.47%, to 3,934.83 and the Nasdaq Composite added 69.70 points, or 0.5%, to 14,095.47.
