PremiumStocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier.
Indian shares rose for a third straight session on Wednesday supported by gains in financial and metal stocks. Benchmark BSE Sensex closed at 51,444.65, up 1147.76 points or 2.28%, while the Nifty climbed 326.50 points or 2.19% to end at 15,245.60.
Bajaj Finserv, closing nearly 5% higher was the top Sensex gainer followed by RIL, Bajaj Finance and ICICI Bank. Bajaj Auto, Maruti and M&M were the only laggards on the 30-share gauge.
Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier.
Hong Kong led the advance, gaining 2.4%. Tokyo, Seoul, Shanghai and Sydney also were higher.
In Hong Kong, the Hang Seng rose to 29,792.81. Tokyo's Nikkei 225 index added 0.5% to 29,559.10, while the Kospi in Seoul picked up 0.6% to 3,082.99. The Shanghai Composite index advanced 1.8% to 3,569.66.
Australia's S&P/ASX 200 gained 0.8% to 6,818.00 after the government reported the economy grew at a 3.1% quarterly rate, but a minus 1.1% annual rate, in the fourth quarter of last year
Power Mech Projects on Wednesday said that it has received letters of award for orders worth ₹734 crore.
The engineering and construction firm in a regulatory filing said that it has won an order worth ₹401 crore for operation and maintenance of boilers & auxiliaries and other miscellaneous jobs of 4 x 660 MW, Thermal Power Plant of Vedanta Limited, Jharsuguda.
The company has also won another order of ₹198 crore for engineering, procurement, and construction (EPC) works for Kurmitar Iron Ore Mining Private Limited, Odisha.
Further, the company has won another order worth ₹135 crore for all civil, architectural and structural works of the main plant for 2X660 MW Khurja STPP (Turbine Generator and Associated Packages) for BHEL at Khurja, Uttar Pradesh.
State-owned Bank of Baroda has raised ₹4,500 crore equity capital through qualified institutional placement (QIP).
The capital raising committee of the board on Wednesday approved the issue and allotment of 55,07,95,593 equity shares to eligible qualified institutional buyers at issue price of ₹81.70 per share against the floor price of ₹85.98 apiece, aggregating to ₹4499,99,99,948.10, the bank said in a regulatory filing.
The issue had opened on February 25, 2021 and closed on Tuesday.
RITES has now secured General Consultancy order from Haryana Rail Infrastructure Development Corporation Limited for their Haryana Orbital Rail Corridor (HORC), which is a new electrified Broad-Gauge double line (about 144 km) from Palwal to Sonipat via Sohna, Manesar and Kharkhoda in the state of Haryana with speed potential of 160 kmph. Fee payable to the consortium will be about ₹61 crore.
National Stock Exchange (NSE) and Small Industries Development Bank of India (SIDBI) have signed a memorandum of understanding for cooperation in various ongoing micro, small and medium enterprise (MSME) related initiatives. The pact will also explore feasibility of a debt capital platform for the MSMEs.
Punjab & Sind Bank will convene an extraordinary general meeting on March 25 to seek shareholders' approval for ₹5,000 crore equity infusion by the government in exchange for shares.
The bank will issue over 335 crore shares at ₹16.41 apiece to the government in lieu of the capital infusion.
Jaiprakash Power Ventures Ltd (JPVL) on Tuesday said its board has approved disinvestment of 74% stake in Jaypee Powergrid to PGCIL.
Jaypee Powergrid Ltd (JPL) is a joint venture of Power Grid Corporation of India (PGCIL) and JPVL.
"Board of Directors of the company, in its 131st Meeting held on 2nd March, 2021 has approved disinvestment of 74% shareholding in Jaypee Powergrid," a BSE filing said. The company said the stake sale is expected to be complete by March 31, 2021.
Adani Enterprises Ltd on Wednesday joined the elite club of companies with ₹1 trillion market capitalization after its shares surged over 90% so far this year.
The stock hit an all-time high of ₹915 apiece on the BSE, led by which the company's market cap reached ₹1.01 trillion. At 1pm, the scrip was trading at ₹911 on BSE, up 4% from its previous close.
Adani Enterprises is the third Adani Group company which has achieved this milestone.
Shriram City Union Finance Ltd., an Indian shadow lender backed by Apax Partners, may seek investors to fund growth at its housing finance unit.
Shriram Housing Finance would need about 5 billion rupees ($68 million) in the next three to four months, said Shriram City Chief Executive Officer Yalamati Srinivasa Chakravarti. A couple of investors have approached Shriram, he said, declining to share names. (Bloomberg)
Generic Engineering Construction and Projects Ltd on Wednesday said it has bagged construction orders worth ₹81 crore.
The company has been awarded with new work orders worth ₹80.80 crore (including GST) for various institutional projects from new reputed clients, Generic Engineering Construction and Projects Ltd said in a regulatory filing.
RPP Infra Projects on Wednesday said it has won four work orders worth ₹1,000 crore.
In a regulatory filing, RPP Infra Projects said it has received four letter of acceptance for four new orders. The value of the order is ₹1,000.01 crore.
The company said it has received order from Tamil Nadu Water Supply and Drainage Board for ₹131.14 crore.
The company has also received orders from Highways Department- Chennai Kanyakumari Industrial Corridor project for ₹558.66 crore.
RPP Infra Projects said it has secured ₹187.14 crore order from Greater Chennai Corporation - Strom Water Drain Department and ₹123.07 crore order from Water Resource Department, Tamil Nadu.
RPP Infra said it has an outstanding order book of ₹3,200 crore.
FMCG major Marico on Wednesday said its board has declared a second interim dividend of ₹4.50 per equity share for FY2020-21.
"The board of directors of the company at its meeting... approved the declaration of second interim equity dividend for the financial year 2020-21 of ₹4.50 per equity share of ₹1 each, being 450 per cent on the paid-up equity share capital of ₹129.13 crore," Marico said in a regulatory filing.
The offer for sale (OFS) for up to 16% government stake at a floor price of ₹88 per share in railway PSU IRCON will open on Wednesday. The base issue size of the OFS is 10% or over 4.70 crore equity shares, with a green-shoe option to retain over-subscription of 6% or over 2.82 crore shares.
Telecom operator Bharti Airtel on Tuesday said it has acquired radiowaves worth ₹18,699 crore in the latest spectrum auction.
The telco has acquired 355.45 MHz spectrum across Sub GHz, mid band and 2300 MHz bands, giving it "most formidable" spectrum holding in the country, Airtel said in a statement.
All of the spectrum will enable Airtel to deliver 5G services in future, it added.
State-owned Indian Bank on Tuesday said it held an extra-ordinary general meeting (EGM) to seek shareholders nod for raising equity capital up to ₹4,000 crore through various means.
Extraordinary General Meeting (EGM) of the bank was held on 2nd March, 2021 through video conferencing/other audio visual means in accordance with government guidelines, the bank said in a regulatory filing.
Bank of Baroda (BoB) on Tuesday said it has closed the qualified institutional placement (QIP) round, which was conducted to raise up to ₹4,500 crore.
"The committee (capital raising committee) at its meeting held today (Tuesday) i.e. March 2, 2021, has passed the resolution approving and adopting the placement document dated March 2, 2021," BoB said in a regulatory filing.
The issue opened on February 25, 2021.
MTAR Technologies, a precision engineering solutions company, on Tuesday said it has raised ₹179 crore from anchor investors ahead of its share-sale, which opens for public subscription on Wednesday.
A total of 31,11,725 shares have been allocated to 15 anchor investors at ₹575 apiece, which is the upper end of the price band. At this price, the company garnered ₹179 crore, according to a circular uploaded on the BSE website.
Rupee gains 16 paise to 73.21 against US dollar in early trade.
The shareholders of Yes Bank have approved a proposal for raising ₹10,000 crore capital with the requisite majority. As many as 98.78% votes were in favour of the resolution to authorise the bank to raise capital through issuance of equity shares or other securities, Yes Bank said in a regulatory filing.
"The Nifty has opened well above the resistance zone of 14950. We need the markets to keep above this level for a few hours which would cement the bullish trend. The index can thereafter claim higher targets of 15300 and then 15500. 14700-14800 has now become a good support range for the markets," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Reliance Jio Infocomm Ltd, India’s largest telco, emerged as the top bidder, cornering roughly three-fourths of the spectrum sold in the 4G auction. Reliance Jio bought radio airwaves worth ₹57,122.65 crore in the first spectrum auction in more than four years. Bharti Airtel Ltd purchased spectrum worth ₹18,698.75 crore, while Vodafone Idea Ltd’s (VIL’s) participation was limited. VIL placed bids worth ₹1,993.40 crore, largely for spectrum renewal.
Indian benchmark share indices opened higher on Wednesday led by gains in HDFC twins and RIL. Sensex opened at 50,738.21, up 0.87% or 441.32 points, while Nifty climbed 145.3 points or 1% higher at 15064.40.
HDFC Ltd, up nearly 2%, was the top Sensex gainer followed by SBI, L&T and ONGC. Bajaj Auto, Maruti Suzuki, M&M and TCS were among the laggards. Of 30 Sensex shares, 26 were in the green at open.
Indian stocks traded higher in the pre-opening session on Wednesday. At 9:01am Sensex was at 59,742.57, up 445.68 points or 0.90%, while Nifty advanced 212.25 points or 1.42% at 15,131.35.
RIL, Yes Bank, Bank of Baroda, BPCL, IRCON and Indian Bank are among the top stocks that could be in focus today. (Full report)
Benchmark BSE Sensex spurted by 447 points to close above the psychological 50,000-mark on Tuesday following hectic buying in auto and IT counters amid positive domestic and global cues.
The 30-share index swung nearly 633 points during the session before ending at 50,296.89, showing a rise of 447.05 points or 0.90%.
Likewise, the NSE Nifty climbed 157.55 points or 1.07% to settle at 14,919.10, extending gains to a second day.
Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.
U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $59.57 a barrel by 0122 GMT, down 6% since Feb. 25, when they hit their highest close since May 2019.
Brent crude futures dipped 7 cents, or 0.1%, to $62.63 a barrel, down 7% from a 13-month high hit last week. (Reuters)
Asian stocks were steady and US equity futures advanced Wednesday after an overnight retreat on Wall Street amid concerns about excessive investor optimism.
Shares rose in Australia, where data showed the economy maintained its rapid recovery in the final three months of 2020. Equities fluctuated in Japan and South Korea.
Japan’s Topix index was flat.
Australia’s S&P/ASX 200 index rose 0.6%.
South Korea’s Kospi index added 0.3%.
Wall Street stocks fell Tuesday, giving back a portion of the gains from the prior session's rally as investors girded for more volatility.
The Dow Jones Industrial Average fell 0.5% to 31,391.52.
The broad-based S&P 500 dropped 0.8% to 3,870.29, while the tech-rich Nasdaq Composite Index tumbled 1.7% to 13,358.95.
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