Market closing: Benchmark Indian equity indices climbed nearly 1% on Wednesday after the the RBI kept repo rates unchanged at 4%. The Sensex closed at 49,661.76, up 460.37 points, or 0.94%, while the Nifty was at 14,819.05, up 135.55 points, or 0.92%
Asian markets closed higher on Wednesday, with progress on vaccination to counter covid-19 outweighing pessimism over recovery. Meanwhile, investors await details of the minutes of the Fed Reserve's most recent meeting.
07 Apr 2021, 03:51:58 PM IST
Benchmark Indian indices climbed nearly 1% on Wednesday after RBI governor Shaktikanta Das announced the MPC’s decision to keep the repo rate unchanged at 4%. The Sensex closed at 49,661.76, up 460.37 points, or 0.94%, while the Nifty was at 14,819.05, up 135.55 points, or 0.92%. Among broader indices, the BSE midcap and smallcap closed at 0.82% and 1.30%, respectively. The Nifty midcap 100 and smallcap 100 ended at 1.32% and 1.71%, respectively. Telecom and banking sectors gained 1.57% each, while metal and financials gained 1.52% and 1.27%, respectively. SBI, ICICI Bank, Nestlé, IndusInd Bank, and 23 other stocks closed the day in green on the 30-share Sensex, while HUL, NTPC and Titan ended the day in red.
07 Apr 2021, 03:46:08 PM IST
Global markets close higher
Markets settled into a holding pattern on Wednesday, with global stocks hovering around all-time highs as investors awaited details of the Federal Reserve’s most recent meeting. Bond yields fell.
Futures on the S&P 500 and Nasdaq 100 fluctuated after the underlying gauges retreated overnight as volume on US exchanges dwindled below 10 billion shares for the first time this year.
In Asian trading, Japan’s benchmark Nikkei 225 edged 0.1% higher to 29,730.79 and the Shanghai Composite index sank 0.1% to 3,479.63. Australia’s S&P/ASX 200 gained 0.6% to 6,928.00. South Korea’s Kospi added 0.3% to 3,137.41. Hong Kong’s Hang Seng slipped 1.1% to 28,623.28.
The yield on 10-year Treasuries fell one basis point to 1.65%.
07 Apr 2021, 03:26:35 PM IST
RBI's accommodative policy stance reassuring to industry, trade: Chambers
The Reserve Bank of India's decision to continue with the accommodative policy stance is reassuring to the industry and trade, according to chambers.
Industry body Assocham said that this decision would also get immense support from a slew of other critical measures announced by the central bank.
The Reserve Bank of India on Wednesday expectedly left interest rates unchanged and maintained an accommodative stance as the economy faces a renewed threat to growth due to the resurgence of coronavirus cases. (PTI)
07 Apr 2021, 03:12:21 PM IST
Oil slips toward $62 a barrel ahead of US stockpile data
Oil dipped toward $62 a barrel in London as the dollar halted a four-day slide and traders awaited weekly inventory data for the latest steer on the demand recovery. Brent futures retreated 0.8%, reversing an earlier gain. The dollar rose 0.1%, making commodities priced in the currency less attractive. (Bloomberg)
07 Apr 2021, 03:10:04 PM IST
ICICI Bank, Infy, RIL gain
07 Apr 2021, 02:56:52 PM IST
Local lockdowns: RBI says no need for loan moratoriums at present
Amid an increase in localised lockdowns across the country, Reserve Bank Governor Shaktikanta Das on Wednesday said there is no need for a loan repayments moratorium at present, stating that businesses are better prepared to face the situation.
It can be noted that the RBI had announced a six-month moratorium in the early days of the national lockdown last year to help borrowers impacted by a chilling in economic activity. The entire state of Maharashtra is in a lockdown for non-essential services and localised and night lockdowns are being observed in many pockets of the country, including the national capital, to restrict the surge in cases. (PTI)
07 Apr 2021, 02:38:49 PM IST
OYO to challenge insolvency against its unit
A corporate insolvency resolution process of Oyo Hotels and Homes Pvt. Ltd has been ordered by the Ahmedabad branch of the National Company Law Tribunal (NCLT), for defaulting on payment worth ₹16 lakh to a Gurgaon-based hotel owner, CNBC TV18 reported.
The hotel owner had alleged non payment of dues during July-November 2019. The hotel owner had entered into a contract with Oyo Hotels and Homes in 2018, granting the latter an exclusive license to operate the hotel under the 'Oyo Rooms' brand.
In its filings, Oyo informed the tribunal that the business had been transferred to another entity Mypreferred Transformation and Hospitality Pvt Ltd. The tribunal in its order said that Oyo Hotels and Homes is liable to pay the dues to the hotel owner, which was the operational creditor.
Oyo is set to challenge the order, it said in a statement on Wednesday.
07 Apr 2021, 02:30:21 PM IST
Mirae Asset MF announces FANG+ fund
Mirae Asset Mutual Fund has announced the launch of two FANG+ funds, its first foray into international funds. The fund house is launching an Exchange Traded Fund (ETF) tracking the NYSE FANG+ Index in the US as well as a Fund of Funds (FoF) tracking the same index. (Read here)
07 Apr 2021, 02:16:10 PM IST
Shopse raises ₹40 cr from in funding led by Chiratae Ventures, Beenext
Fintech startup Shopse on Wednesday said it has raised ₹40 crore in a funding round led by Chiratae Ventures and Beenext.
The funding round also witnessed participation from Pentathlon Ventures, Opus and existing angel investor Abhishant Pant of Yatra Angel Network, the company said in a statement. (PTI)
07 Apr 2021, 02:12:49 PM IST
IDFC banks raises ₹3,000 cr via QIP
IDFC First Bank informed in an exchange filing that the Capital Raising Committee the bank at its meeting held on April 06, 2021, approved the issue and allotment of 52,31,03,660 Equity Shares of face value of ₹10 each to qualified institutional buyers at an issue price of ₹57.35 per Equity Share aggregating to ₹3,000 crore. (Read here)
07 Apr 2021, 01:54:36 PM IST
07 Apr 2021, 01:35:47 PM IST
Banks, financials, auto gain
07 Apr 2021, 01:23:03 PM IST
Clean Science and Technology files DRHP to raise Rs1,400 crore via IPO
Clean Science and Technology Ltd has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise Rs1,400 crore through an initial public offering (IPO). (Read more)
07 Apr 2021, 01:10:12 PM IST
RBI announces a massive ₹1 tn G-sec purchase programme
The Reserve Bank of India (RBI) on Wednesday announced a secondary market government security acquisition programme (GSAP 1.0) wherein the central bank will purchase government bonds worth Rs1 trillion from the secondary market in the first quarter of this fiscal. The first purchase of Rs25,000 crore will take place on 15 April. (Read here)
07 Apr 2021, 12:56:55 PM IST
Goldman-backed ReNew to invest $9 bn amid India’s green push
ReNew Power Pvt., one of India’s biggest renewable power producers, plans to invest $9 billion in wind and solar projects through 2025 amid a government-backed effort to reduce emissions.
The company, backed by investors such as Goldman Sachs Group Inc. and Canada Pension Plan Investment Board, aims to more than triple its renewable power capacity to 18.5 gigawatts by 2025, Chairman Sumant Sinha said in an interview. The Gurugram, India-based company will look at building its own projects as well as acquisitions for growth. (Bloomberg)
07 Apr 2021, 12:47:53 PM IST
Trifecta Capital plans ₹1,500 crore late-stage fund
Trifecta Capital is planning a ₹1,500 crore-late stage venture capital fund that will invest in new economy companies that are likely to pursue an initial public offering in the medium term.
Trifecta Capital has invested in over 70 companies across its two venture debt funds and its present portfolio comprises nine unicorns and 11 soon-to-be-unicorns. These include Big Basket, Pharmeasy, Cars24, Vedantu, Infra.market, Sharechat, Dailyhunt, Urban Company, Cardekho, Blackbuck, Ninjacart, Nobroker, Kreditbee, Dehaat, Turtlemint, Livspace and Bharatpe. (PTI)
07 Apr 2021, 12:30:03 PM IST
Bharti Enterprises, Dixon ink pact for JV; to apply under PLI scheme for tele product manufacturing
Bharti Enterprises and Dixon have inked a pact to form a joint venture company, with a view to apply for government's production-linked incentive (PLI) scheme for manufacturing of telecom and networking products, according to a regulatory filing.
Post the execution of mutually-acceptable agreements, the JV company will be 74 per cent owned by Dixon and 26 per cent by Bharti Enterprises.
The JV company would undertake manufacturing of telecom and networking products like modems, routers, set top boxes, IOT devices, and other products for the telecom industry including Airtel. (PTI)
RBI to hike ways and means advances limit for states by 46%
The Reserve Bank of India (RBI) on Wednesday said it has accepted recommendations of a committee to hike borrowing limit for states under Ways and Means Advances (WMA) by 46%, and to continue for another six months the higher limits announced last year. (Read here)
07 Apr 2021, 12:11:22 PM IST
07 Apr 2021, 12:05:22 PM IST
SBI clarifies on home loan rates, says original interest rates restored
Country's top lender State Bank of India (SBI) has clarified on the recent hike on the home loan interest rates. "In the last few days, there have been news items reported in the press including media regarding hike in SBI Home Loans Interest Rates. In this regard we clarify that limited period special concessions offered during festive season have come to an end on 31 March 2021 and thereafter withdrawn." (Read here)
07 Apr 2021, 11:48:56 AM IST
Bend it like RBI's Das: yield curve management takes centre stage
There is one curve that India’s central bank is determined to flatten - the yield curve. Even as covid-19 infections surge in an unmistakable second wave, Reserve Bank of India (RBI) governor Shaktikanta Das knows he can do little about it than practice protocols himself. But the yield curve is in his power to bend. (Read here)
07 Apr 2021, 11:34:59 AM IST
India services PMI slows down in March amid rising covid cases
India’s services activity softened in March amid rising cases of coronavirus and low footfall even though state elections led demand kept services demand elevated, according to a private survey.
Data analytics firm IHS Markit on Wednesday said India’s purchasing managers’ index (PMI) for services fell to 54.6 in March from 55.3 in February, registering a slower but still marked pace of expansion. A reading below 50 is considered contraction while reading above 50 is termed expansion. (Read here)
07 Apr 2021, 11:23:18 AM IST
Titan says continued to see strong biz momentum in March quarter
Titan Co. Ltd on Wednesday said it continued to witness strong business momentum as the impact of covid on consumer sentiments seemed to fade in the early part of January-March quarter. The company recorded strong revenue growth of 60% for the overall March quarter due to the low base of March 2020, with revenue growth of over 36% in the comparable January and February months. (PTI)
Barbeque Nation trading at 20% premium over IPO price
Barbeque Nation was trading at ₹590.40 apiece, up 98.40 points or 20.00%, at 11:06 am, after listing at ₹492 on Wednesday. This marks an 18.08% premium over its IPO price of ₹500.
07 Apr 2021, 11:08:31 AM IST
Policybazaar plans to file for IPO next month
Indian online insurance platform Policybazaar is planning to file a draft prospectus as soon as next month for its Mumbai initial public offering that could raise about $500 million, according to people familiar with the matter. (Read here)
07 Apr 2021, 10:56:50 AM IST
Sensex, Nifty surge as RBI holds rates, maintains accommodative stance
Indian markets on Wednesday extended earlier gains, rising 0.7%, after the Reserve Bank of India kept policy rates unchanged and maintained accommodative stance as long as needed. (Read here)
07 Apr 2021, 10:50:08 AM IST
RIL drives gains
07 Apr 2021, 10:45:43 AM IST
RBI monetary policy: Governor announces three changes to mobile wallets
Reserve Bank of India Governor announced three reforms for prepaid instrument or PPIs, like mobile wallets.
According to the Governor’s speech, RBI will bring PPIs on centralised payments systems such as Real Time Gross Settlement (RTGS) System and National Electronic Fund Transfer (NEFT).
07 Apr 2021, 10:32:22 AM IST
Ways and Means Advances to be advanced for all states to ₹47,010 cr; up 46% from existing limit: Das
07 Apr 2021, 10:32:12 AM IST
Proposal to permit extension of parking of unutilised ECB proceeds on or before 21 March 2020, upto 21 March 2022: Das
07 Apr 2021, 10:28:46 AM IST
Proposal for interoperability for full KYC PPIs
To boost move to full KYC PPIs when coupled with proposal for cash withdrawals
To boost reach of digital payments
07 Apr 2021, 10:28:08 AM IST
Proposal for non-PPIs, card issuers, ATM operators, trade platforms to take direct membership in RTGS, NEFT: Das
07 Apr 2021, 10:27:01 AM IST
Financial inclusion index proposed for every financial year: Das
07 Apr 2021, 10:26:12 AM IST
Proposal to constitute committee for review of ARCs to meet growing fin requirements: Das
07 Apr 2021, 10:20:48 AM IST
Das lays down aims for liquidity management strategy FY21-22
*RBI’s endeavour to ensure orderly recovery of yield curve
*To eschew volatility in G Sec market
*These are necessary pre-requisites for firming up nascent recovery
07 Apr 2021, 10:19:03 AM IST
CPI for FY22 seen at 5.1%, RBI governor says
07 Apr 2021, 10:15:49 AM IST
RBI maintains FY22 GDP forecast of 10.5%
07 Apr 2021, 10:15:18 AM IST
Central bank to maintain accommodative monetary policy stance to support growth, keep inflation at targeted level: RBI Guv
07 Apr 2021, 10:10:59 AM IST
RBI MPC maintains repo rate at 4%
Monetary Policy Committee in its meeting over the last three days, has decided to keep the repo rate unchanged at 4% (Read here)
07 Apr 2021, 09:59:06 AM IST
Evidence of normalisation of India’s economic activity: IMF chief economist
There is evidence of normalisation of economic activities in India, IMF Chief Economist Gita Gopinath has said ahead of the annual spring meeting of the International Monetary Fund and the World Bank here.
On Tuesday, the IMF projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic.
"The evidence we were getting in the last couple of months in terms of the normalisation of economic activity," Gopinath said ahead of the annual spring meeting of the IMF and the World Bank here. (PTI)
07 Apr 2021, 09:42:42 AM IST
API Holdings becomes India's first epharmacy unicorn
API Holdings Pvt., one of India’s largest digital pharmacies, announced on Wednesday that it has raised $350 million from Prosus Ventures and TPG Growth LLC. The company was valued at close to $1.5 billion, according to a person familiar with the deal, adding to a rapidly growing list of unicorn startups in the country. The firm is already raising its next round at a valuation of about $1.8 billion, the person said, wishing to remain anonymous as the fresh round is still underway. (Bloomberg)
07 Apr 2021, 09:31:07 AM IST
The Sensex opened at 49,326.94, 125.55 points, or 0.26%, while the Nifty was at 14,711.00, 27.50 points, or 0.19%. Banks and financials services began the day in red ahead of RBI’s policy announcements. Power Grid, Bharti Airtel, Nestle india and 21 other stocks opened in green on Wednesday. TCS, ICICI Bank, HDFC twins, Bajaj Finance and Kotak Mahindra Bank opened in red on the 30-share index.
07 Apr 2021, 09:09:16 AM IST
Benchmark Indian equity indices were marginally up at market pre-opening on Wednesday. The Sensex was at 49,226.41, up 25.02, or 0.05% at pre-opening, while the Nifty was at 14,683.50, up 45.70 points, or 0.31%.
07 Apr 2021, 08:56:25 AM IST
RBI Monetary Policy: Four things to watch out for
Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday will announce the first by-monthly monetary policy statement of fiscal 2021-22 at 10am, which will be followed by a press conference. The statement will follow the three-day review meeting of the six-member Monetary Policy Committee, or the rate-setting panel, of RBI, headed by Das, had begun Monday. (Read here)
07 Apr 2021, 08:55:20 AM IST
Indian markets are likely to open marginally lower on Wednesday tracking losses in SGX Nifty. On Tuesday, Indian markets erased most of their gains and closed marginally higher after more states joined restrictions amid rising continuous covid cases. The Sensex ended on Tuesday at 49,201.39, up 42.07 pts, or 0.09%, while the Nifty was 14,683.50, up 45.70 points, or 0.31%.
07 Apr 2021, 08:34:16 AM IST
Oil prices rise on stronger economic outlook
Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased covid-19 vaccinations and a report that crude inventories in the United States, the world's biggest fuel consumer, fell.
Brent crude futures for June rose by 34 cents, or 0.5%, to $63.08 a barrel by 01:23 GMT while US West Texas Intermediate crude for May was up 32 cents, or 0.5%, to $59.65.
"Optimism on the global economic outlook boosted sentiment in the crude oil market," analysts from ANZ bank wrote in a note on Wednesday. (Reuters)
07 Apr 2021, 08:22:52 AM IST
All eyes on RBI's policy announcements
The Reserve Bank of India’s monetary policy committee will reveal its decision on key policy rates today after two days of deliberation. While it was expected earlier that indications of economic recovery could pave the way for policy normalisation, the gains could come undone quickly if consumer demand is hit on account of fresh curbs imposed in Delhi and Mumbai amid rise in covid cases. All 30 economists surveyed by Bloomberg expect the six-member Monetary Policy Committee to keep the benchmark repurchase rate unchanged at 4% on April 7.
07 Apr 2021, 08:03:35 AM IST
Gold eases from two-week high as economic recovery hopes grow
Gold prices inched lower on Wednesday, retreating from a two-week high hit in the previous session, as a raft of strong U.S. data boosted hopes of a quick economic recovery. Spot gold was down 0.2% to $1,739.46 per ounce by 0127 GMT. Gold futures slipped 0.1% to $1,740.90 per ounce.
Bullion prices had jumped on Tuesday to their highest since March 25 at $1,745.15, as U.S. Treasury yields fell and the dollar slipped to a two-week low against a basket of currencies. (Reuters)
07 Apr 2021, 07:37:31 AM IST
Asian stocks gain, as investors assess pace of recovery
Asia stocks edged higher at the open, with global markets poised at all-time highs as investors assess the pace of the recovery from the pandemic. Treasuries held gains. Equity benchmarks in Japan, Australia and South Korea advanced. US futures were in the green after technology companies led a modest decline in the S&P 500 Index on Tuesday, offsetting gains in retailers. The Nasdaq 100 also retreated in low activity. Volume on U.S. exchanges slipped below 10 billion shares for the first time this year.
The SGX Nifty was at 14,757.20, down 33.25 points or 0.22% at 7:26 am.
S&P 500 futures rose 0.1% as of 9:07 a.m. in Tokyo. The S&P 500 fell 0.1%.
Topix Index rose 0.4%.
Australia’s S&P/ASX 200 Index rose 0.2%.
South Korea’s Kospi Index rose 0.2%.
The yield on 10-year US Treasuries was at 1.66% after falling four basis points.
07 Apr 2021, 07:37:23 AM IST
Wall Street closes lower, remains in vicinity of record highs
The S&P 500 slipped on Tuesday but stayed near closing record highs posted in consecutive sessions, as investors weighed more strong U.S. economic data against nervousness about upcoming quarterly earnings reports. The Dow Jones Industrial Average fell 96.95 points, or 0.29%, to 33,430.24, the S&P 500 lost 3.97 points, or 0.10%, to 4,073.94 and the Nasdaq Composite dropped 7.21 points, or 0.05%, to 13,698.38. The dip came a day after a rally sent the Dow and the S&P 500 to record highs.