The Sensex closed at 51,025.48, up 584.41 points or 1.16%, while the Nifty was up 0.64%, or 96.45 points, to 15,052.65. Benchmark Indian equity indices climbed for the second straight session, despite rise in oil prices and metal being a drag.
Data breach may cost world’s 100 most valuable brands around
$223 billion, according to report Infosys-Interbrand.
09 Mar 2021, 03:13:37 PM IST
Data breach may cost top-100 brands $223 bn: report
Data breach may cost world’s 100 most valuable brands around
$223 billion, according to report Infosys-Interbrand. The report titled ‘Invisible Tech. Real Impact,’ examines the long-term impact of data breaches on value of the world’s top brands across sectors.
09 Mar 2021, 02:39:16 PM IST
Vedanta's mining plant in Goa can't operate sans environment clearance: NGT
The National Green Tribunal has held that Vedanta's mining plant in Dharbandora area in Goa cannot operate without obtaining Environment Clearance (EC).
A bench headed by NGT Chairperson Justice Adarsh Kumar Goel said the recommencement of the plant in 2019 can only be done after obtaining EC.
"Accordingly, we hold that the application is maintainable and requirement of prior EC for operating the plants in question by Respondent no. 4 (Vedanta) is attracted. The Ministry of Environment and Forests and the Goa State Pollution Control Board may take further remedial action in accordance with this finding to enforce the rule of law," the bench said. (PTI)
Despite UDAY bailout, state-run discoms debt to touch ₹6 tn in FY22
The credit profiles of state-owned power distribution companies (discoms) continue to remain stressed due to higher level of aggregate technical and commercial (AT&C) losses compared with regulatory norms, inadequate tariffs in relation to their cost of supply, and inadequate subsidy support from the respective state governments, a new report by credit rating agency Icra has said. As a result, debt levels of discoms have again gone up post the implementation of UDAY (Ujwal Discom Assurance Yojana) by government of India in FY2016 and are now estimated at close to ₹6 trillion in FY22. This apart there has been a build-up in dues to power generators by 30% to ₹1.27 trillion as of December 2020 on a year-on-year basis. The agency said it maintains a negative outlook on state-run discoms while those in the private sector remain healthy.
09 Mar 2021, 02:07:30 PM IST
Vehicle registrations fall by over 13% in Feb: Fada
Automobile registrations across the country dropped by more than 13% in February from the year-ago period with passenger vehicles marking a fall of 10.6%, the Federation of Automobile Dealers Association (Fada) said on Tuesday. Fada president Vinkesh Gulati said the fuel consumption, which had almost recovered from the lows of pandemic is once again witnessing headwinds due to historic price hikes. "Consumer spending, which is the driving force behind India's economy and accounting for 60% of the GDP, fell 2.4% showing signs of sluggishness. This also reflects that consumers are still uncertain and worried about their income and cautious about spending," he said. (ANI)
09 Mar 2021, 01:49:29 PM IST
Equity MFs see outflow for 8th straight month in Feb
Equity mutual funds witnessed an outflow of ₹10,468 crore in February, making it the eighth consecutive monthly withdrawal, with flexi cap category accounting for most of the outflow. However, investors put in ₹1,735 crore from debt mutual funds last month after pulling out ₹33,409 crore in January, data from the Association of Mutual Funds in India showed on Tuesday. Overall, the mutual fund industry witnessed a net outflow of ₹1,843 crore across all segments during the period under review, compared to ₹35,586 crore in January. (PTI)
09 Mar 2021, 01:39:11 PM IST
Sectoral indices in red
09 Mar 2021, 01:22:27 PM IST
Oil prices fall as Saudi supply risks abate, stronger dollar
Oil prices fell on Tuesday, reversing earlier gains, on receding fears of a supply disruption in Saudi Arabia, the world's biggest oil exporter, after an attack on its export facilities, and on concerns a stronger US dollar would crimp demand.
Prices rose earlier on expectations of a recovery in the global economy after the US Senate approved a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventories in the United States, the world's biggest fuel consumer.
Brent crude futures for May fell by 46 cents, or 0.7%, to $67.78 a barrel by 0736 GMT, after earlier rising to a session high of $69. (Reuters)
09 Mar 2021, 01:10:00 PM IST
ESR to develop 38-acre logistics park at Chakan near Pune
ESR, a leading Asia Pacific-focused logistics real estate platform, on Tuesday said it will develop industrial and logistic facility at Chakan near Pune.
This park is ESR's second development in Chakan. This facility, spread over 38 acre, will serve as the hub for light manufacturing and logistics operations in the western region of the country, the company said in a statement. The facility will be surrounded by some of the largest auto manufacturing industries of the country. (PTI)
09 Mar 2021, 01:01:40 PM IST
HDFC Ltd's board approves ESOPs
The company's allotment committee approved allotment of 4,82,426 equity shares of ₹2 each of the corporation under the exercise of stock options by the lender's employees. Post this, the paid-up share capital of the corporation is ₹360, 70,40,912 consisting of 180,35,20,456 equity shares of ₹2 each.
Lupin Pharma partners with Endoceutics to commercialise Intrarosa in Canada
Drug major Lupin on Tuesday said its subsidiary Lupin Pharma has partnered with Endoceutics, a women's health focused biotech company, to commercialise Intrarosa in Canada. Lupin Pharma Canada has Partnered with Endoceutics for the commercialization of Intrarosa, Lupin Ltd said in a regulatory filing.
Intrarosa is Endoceutic's flagship product indicated for the treatment of postmenopausal vulvovaginal atrophy.
Lupin was trading at ₹1,047.35 a piece, down 0.30% at 12:21 pm.
Rating upgrades rise on the back of demand revival
A gradual pickup in demand has led to more rating upgrades in the five months to February, than the entire first half of the financial year, showed data from Crisil.
Total rating upgrades stood at 244 between October and February, as compared to 208 in the first six months of FY21. This, Crisil said, has led to credit ratio or the ratio of upgrades to downgrades moving closer to one. The credit ratio was at a decadal low of 0.54% in the first half of the fiscal. To be sure, despite the revival in demand, downgrades remained significant as the end of the six-month repayment moratorium has impacted vulnerable companies, the rating agency said.
09 Mar 2021, 12:11:02 PM IST
Sensex at noon
09 Mar 2021, 11:56:22 AM IST
R Systems International’s board clears merger with RightMatch Holdings
The company’s board of directors agreed to allot 8,828,489 shares to the shareholders of RightMarch Holdings Ltd to facilitate the merger of the two companies in compliance with an NCLT order, it said in a regulatory filing. The board also agreed to cancel and extinguish the shares held by RightMatch Holdings Ltd.
Mindspace Business Parks Reit to raise ₹450 cr via debentures
The real estate investment trusts manager K Raheja Corp Investment Managers cleared the proposal to raise ₹450 crore. Of this amount, the Reit plans to raise ₹375 crore via market linked debentures. The remaining ₹75 crore may be raised through non-convertible on a private placement basis.
09 Mar 2021, 11:24:03 AM IST
BEML Ltd gains
The state-owned company remains in focus, with the government's stake sale in the organization picking up pace. The stock was trading at ₹1,459.30 a piece, up3.77% at 11:22 am. The stock gained more than 18% on Monday as new reports suggested competition building up among multiple players to buy the government’s 26% stake in the firm.
The state-owned company was trading 0.91% lower at ₹151.80 a piece at 11:10 am. Coal India Ltd’s board has approved 32 coal mining projects in the current financial year (till January), indicating an incremental capital of around ₹47,300 crore.
LIC loses market share again; ICICI Prudential sees first signs of growth
Private sector life insurers have been eating into the market share of Life Insurance Corp. (LIC) for years now. Despite the blow from the pandemic, private life insurers have continued to corner market share as the latest data from the insurance regulator shows. On an annualised premium equivalent basis, LIC lost 200 basis points month-on-month to private peers in market share in February, pointed out analysts at Nomura Financial Advisory and Securities (India) Pvt. Ltd. One basis point is one-hundredth of a percentage point. What’s more is that the insurance behemoth’s share has been falling more in retail products. Its share in retail APE was down to 35.9% in February from 38.6% in January.
09 Mar 2021, 10:44:31 AM IST
Rupee surges to 73.07 against US dollar
The rupee appreciated by 18 paise to ₹73.07 against the US dollar in opening trade on Tuesday supported by positive domestic equities.
At the interbank forex market, the local unit opened at ₹73.16 against the US dollar, then inched higher to ₹73.07 against the greenback, registering a rise of 18 paise over its previous close. On Monday, the rupee had settled at ₹73.25 against the American currency. (PTI)
09 Mar 2021, 10:36:33 AM IST
Morgan Stanley foresees broad-based recovery in cement sector
Foreign brokerage house Morgan Stanley foresees a broad-based recovery in the Indian cement sector and estimates an above-average demand growth of 9% annually over fiscal years 2021-23. Not just demand, it also sees long-term margins holding-up despite a dip in FY22. In-line with its upbeat view on the sector, it has raised FY23, earnings estimates for the sector up to 13%.
For now, there are risks to margin growth and eventually earnings, which investors should not overlook. Reacting to the brokerage firm's upbeat outlook, shares of top cement makers such as Ultratech Cement Ltd, Shree Cement Ltd and Ambuja Cement Ltd rose around 1.5% each on the NSE on Tuesday.
09 Mar 2021, 10:26:07 AM IST
HDFC twins, ICICI Bank drive up Sensex
09 Mar 2021, 10:15:54 AM IST
Bitcoin hits highest level in two weeks
Bitcoin rose to its highest level since 23 February on Tuesday amid continued interest in digital assets from big institutions.
The largest cryptocurrency rose as much as 3.6% to around $53,761. Rival Ether also reached its highest point in two weeks, gaining 3.7% in the wake of Chinese beauty app Meitu Inc. saying it had bought not just Bitcoin, but Ether as well.
“Bitcoin and Ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies," said Edward Moya, senior market analyst at Oanda. “Institutional interest still seems strong." (Bloomberg)
09 Mar 2021, 10:04:41 AM IST
Share India Securities
Share India Securities Ltd has invested $300,000 in its wholly owned subsidiary Share India Global Pte. Ltd. This includes the already agreed amount of $10,000 as contribution, the company said in a regulatory filing.
09 Mar 2021, 09:46:22 AM IST
JMC Projects receives ₹1,000 cr order
JMC Projects (India) Ltd (JMC) has signed an agreement with Fahi Dhiriulhun Corp. Ltd for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives, according to a regulatory filing.
The total value for this project is estimated to be around $137 Million ( ₹1,000 crore).
The Sensex opened 0.54% higher, up 273.09 points, to 50,714.16, while the Nifty was up 0.63%, or 93.70 points, at 15,049.90
09 Mar 2021, 09:09:09 AM IST
The Sensex was at 50,644.61, up 203.54 points or 0.40% while, the Nifty was at
14,956.20, up 18.10 points or 0.12% at markets pre-opening, amid positive cues from Asian peers.
09 Mar 2021, 09:07:13 AM IST
IndiGo eyes share in cargo segment
Air carrier IndiGo is in talks with Airbus to finalise a deal to acquire up to five A321 converted freighters amid a burgeoning air cargo market, Business Standard reported citing people aware of the development. The airline may acquire more aircraft after it tests waters with the first five, the people added.
09 Mar 2021, 08:55:32 AM IST
Markets are likely to be steady on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 50,441.07, up 35.75 points or 0.07%. The Nifty closed at 14,962.20, up 24.10 points or 0.16%. Asian stocks were mixed on Tuesday, helped mostly by global recovery prospects and the passage of a $1.9 US trillion stimulus bill, shaking off a mixed Wall Street session after a big downturn in tech shares.
09 Mar 2021, 08:40:42 AM IST
Craftsman Automation prices IPO
Auto component maker Craftsman Automation Ltd priced its initial public offering at ₹1,488-1,490 a share. The share sale will open on 15 March and close on 17 March, according to IPO documents. The issue comprises a fresh issue of ₹150 crore and an offer for sale of upto 4.52 million shares by promoters and existing shareholders. On upper price band offer for sale comes at around ₹674 crore.
09 Mar 2021, 08:20:18 AM IST
Laxmi Organic Industries' IPO price band fixed
Laxmi Organic Industries Ltd's ₹600 crore initial public offering (IPO) has fixed its price band at ₹129-130 a share. The company also said that it is in consultation with book running lead managers for pre-IPO placement by issuing 15.50 million equity shares aggregating ₹200 crore.
The IPO comprises a fresh issue of up to ₹300 crore and an offer for sale of upto ₹300 crore by its existing promoters and shareholders.
The IPO will open on 15 March and close on 17 March.
Axis Capital, DAM Capital are the book running lead managers to the issue.
09 Mar 2021, 08:08:59 AM IST
Inox Wind secures 92 MW wind power projects
Inox Wind has signed a binding agreement with Integrum Energy Infrastructure Pvt. Ltd to supply, erect and commission 92 MW of wind power projects. Inox Wind shall supply, erect and commission the turbines at various locations in the states of Gujarat, Karnataka, Maharashtra and Tamil Nadu by Q3 of FY22 for captive customers. The agreement includes a turnkey order of 26 MW, Inox Wind said in a regulatory filing.
Gold prices hovered around a nine-month low on Tuesday, as a firmer dollar and higher US Treasury yields continued to diminish the metal's appeal. Spot gold was little changed at $1,681.81 per ounce by 00:36 GMT, after hitting its lowest since June 5 at $1,676.10 on Monday. US gold futures climbed 0.1% to $1,679.30. US 10-year Treasury yields held at elevated levels, increasing the opportunity cost of holding bullion, which pays no returns, while the dollar scaled an over three-month peak.
09 Mar 2021, 07:45:18 AM IST
Oil prices rise on expected economic recovery, likely drawdown in oil stocks
Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.
But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains.
Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel by 0125 GMT, while U.S. West Texas Intermediate (WTI) crude for April rose 19 cents, or 0.3%, to $65.24.
"Fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy," Stephen Innes, chief global markets strategist at Axi said in a note.
09 Mar 2021, 07:33:00 AM IST
Asian stocks see muted start
Asian stocks had a muted open and U.S. futures rose Tuesday after a rotation out of growth stocks drove the Nasdaq 100 Index into a technical correction. Treasury yields and the dollar steadied. Equities rose modestly in Japan and Australia and ticked lower in South Korea. S&P 500 and Nasdaq 100 futures advanced.
The SGX Nifty was trading at 15,013.50, down 96.75 points or 0.64%.
S&P 500 futures rose 0.3% as of 10:55 am in Tokyo. The S&P 500 Index fell 0.5%.
Topix index rose 0.4%.
Australia’s S&P/ASX 200 Index rose 0.4%.
Kospi index fell 1.9%.
Hang Seng Index was little changed.
CSI 300 Index slid 2.7%.
09 Mar 2021, 07:32:56 AM IST
Wall Street closes lower amid tech stock selloffs
Major US stock indexes closed mostly lower as another rise in bond yields helped set off more heavy selling in technology companies.
The S&P 500 fell 0.5% after having been up 1% earlier. Because of their huge size, drops by Apple, Google's parent company and other major technology stocks helped drag the S&P 500 into the red, even though more stocks rose than fell in the benchmark index
The S&P 500 fell 20.59 points to 3,821.35. The Dow Jones Industrial Average rose 306.14 points, or 1%, to 31,802.44. The index briefly climbed more than 650 points.
Meanwhile, the Nasdaq lost 310.99 points, or 2.4%, to 12,609.16. The bourse's retreat from its all-time highs last month is now officially considered a correction in a bull market. The tech-heavy index on Monday closed down 2.22% unofficially at 12,633.61, roughly 10.6% below the Feb. 12 record close at 14,095.47 and exceeding the 10% closing-basis threshold considered by market professionals as confirmation of a correction.