The Sensex closed up 254.03 points, or 0.50%, at 51,279.51, while the Nifty was at 15,174.80, up 76.40 points or 0.51%. The 30-share gauge ended with 23 stocks in green, led by Bajaj Finance, Tech Mahindra and Sun Pharma.
On Wednesday, benchmark Indian equity indices ended higher for the third straight session even as banks, financials, oil and gas, and energy stocks witnessed selloffs. Global share markets inched higher on Wednesday after a stunning reboot in US tech stocks.
10 Mar 2021, 03:47:11 PM IST
The Sensex closed up 254.03 points, or 0.50%, at 51,279.51, while the Nifty was at 15,174.80, up 76.40 points or 0.51%. The 30-share gauge ended with 23 stocks in green, led by Bajaj Finance, Tech Mahindra and Sun Pharma. ONGC, Kotak Mahindra Bank and Maruti Suzuki ended the day in red.
10 Mar 2021, 03:24:23 PM IST
Govt to tax solar equipment imports
India will levy a 40% customs tax on imports of solar modules from April next year to cut dependence on foreign supplies and boost domestic manufacturing of the equipment, the renewable energy ministry said. The finance ministry has approved the proposal, which also includes a 25% customs duty on imports of solar cells, the ministry said in a note published on its website. It didn’t mention for how long the taxes will apply. The government first proposed taxes on solar power equipment imports in the middle of last year following virus-related supply chain disruptions and deadly border skirmishes with China, which supplies nearly 80% of the country's modules. (Bloomberg)
10 Mar 2021, 03:18:34 PM IST
Srei group downgraded to default
Following an an order from the National Company Law Appellate Tribunal (NCLAT) that has stayed some of the protection granted to Srei group by a tribunal in Kolkata, Care Ratings has downgraded ratings for an aggregate debt of Rs29,240.3 crore to “default".
10 Mar 2021, 03:04:56 PM IST
Wholesale dispatches of passenger vehicles up 18% in Feb
Domestic wholesales of passenger vehicles and two-wheelers rose for the seventh consecutive month in February as vehicle manufacturers increased inventory at dealerships after better-than-expected retail sales during the last four months.
Dispatches of passenger vehicles increased 18% year-on-year to 28,1380 units as demand for compact cars and sport utility vehicles continued to rise in the rural, semi-urban and some part of the urban markets, data released by Society of Indian Automobile Manufacturers (SIAM) showed on Wednesday.
10 Mar 2021, 02:53:10 PM IST
Sun Pharma unit acquires 12.5% stake in WRS Bioproducts
Sun Pharma's wholly owned unit acquired 428,571 ordinary shares of WRS Bioproducts Pty. Ltd, equivalent to 12.5% fully diluted equity stake, for 2 million Australian dollars.
Govt shelves BSNL, MTNL merger due to cos' financial constraints
The government has deferred the merger of Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) due to financial reasons, including high debt of the latter, communications, electronics and information technology minister Ravi Shankar Prasad said on Wednesday. MTNL was trading at ₹21.78 a piece, up 20.00% at 2:19 pm.
Kotak Special Situations Fund acquires Prius Commercial Projects for ₹450 cr
Kotak Special Situations Fund, managed by Kotak Investment Advisors, on Wednesday said it has acquired Prius Commercial Projects under the insolvency and bankruptcy code for ₹450 crore.
In an all-cash deal, Kotak Special Situations Fund (KSSF) led consortium emerged as the successful resolution applicant, with the NCLT, Delhi duly approving its resolution plan, the fund said in a statement. Following the acquisition of Prius, KSSF has now closed its first investment under the IBC platform.
KSSF has been investing from its $1 billion fund in a variety of structured investment situations. (PTI)
10 Mar 2021, 02:03:18 PM IST
Broader indices outperform
10 Mar 2021, 01:55:03 PM IST
Oil slips for third session before US inventories EIA data
Oil fell for a third straight session on Wednesday as investors took profits while looking ahead to US inventories data due later in the day for pointers on where prices will head next.
Brent crude for May dropped 63 cents, or 0.9%, to $66.89 a barrel by 0721 GMT, after earlier hitting an intraday low of $66.50, while US West Texas Intermediate crude for April was at $63.47 a barrel, down 54 cents, or 0.8%.
Prices gained support last week from the OPEC+ decision to largely maintain production cuts in April. They then initially jumped on Monday, with Brent rising above $70 a barrel, after attacks by Yemeni Houthis on Saudi's oil heartland, before settling back as the alarm subsided. "It's a realisation that there was no impact on supply from the attack," Virendra Chauhan, a Singapore-based analyst at consultancy Energy Aspects said. A combination of factors including top importers China and India drawing crude from storage at current high prices and expectations of a return in Iranian supplies have also cooled prices, he added. (Reuters)
10 Mar 2021, 01:44:07 PM IST
Indian Energy Exchange sells IGX shares to NSE, ONGC
National Stock Exchange of India Ltd purchased 1,92,07,500 shares of Indian Gas Exchange Limited from IEX, IGX and NSE Investments Ltd with a face value of ₹10 each for ₹192 crore. The stake represents 26% of IGX’s paid-up share capital, it said in a regulatory filing.
ONGC purchased 36,93,750 shares of IGX with a face value of ₹10 each from IEX and IGX for ₹3.69 crore. The stake represents 5% of IGX’s paid-up share capital.
Govt should develop robust regulatory mechanism for cryptocurrency: IAMAI
The government should develop robust mechanisms to regulate the cryptocurrency ecosystem in India, the Internet and Mobile Association of India (IAMAI) said on Wednesday, appealing to the Centre not to ban the digital currency.
10 Mar 2021, 01:10:30 PM IST
DRC Systems India list on Sensex
The IT company listed on the Sensex on Wednesday at ₹135.15 a piece, at a premium of 4.97%. The company is a demerged entity of IT consultancy Infibeam Avenues.
10 Mar 2021, 12:57:35 PM IST
Shriram EPC's board clears ₹350 cr issuance to lenders
Shriram EPC's board discussed and cleared the issuance of non-convertible redeemable preference shares worth ₹350 crore to the lenders of the company against their loans.
The lender was trading at ₹1,243.90, up 1.03%, at 12:48 pm. AU Small Finance Bank launched its qualified institutional placement (QIP) this week to raise funds and would price the issue on 15 March. The lender’s valuation has come to the fore in the wake of its plans to raise capital.
ABB Power Products and Systems secures order from railways
The company won orders worth ₹160 crore from the government of India's electric locomotive manufacturer, Chittaranjan Locomotive Works (CLW), and the Central Organization for Rail Electrification (CORE), to power electric freight locomotives for the Indian Railways. Hitachi ABB Power Grids will deliver trackside transformers rated 132 kV (kilovolt) to CORE and traction transformers rated 25 kV to CLW.
The stock of Godrej Properties on Wednesday jumped 2.21% at 12:04 pm in early trade after the company launched a qualified institutional placement (QIP) issue to raise up to ₹3,750 crore through the sale of shares. It was trading at ₹1,483.95 a piece on the Sensex.
In a regulatory filing, the company said the QIP committee of the board of directors, in its meeting held on Tuesday, approved and adopted the preliminary placement document in connection with the issue. (PTI)
10 Mar 2021, 11:49:13 AM IST
The state-owned corporation was trading at ₹51.30 a piece, up 6.65% at 11:47 am. Earlier, Fitch Ratings affirmed Housing and Urban Development Corporation Ltd’s long-term foreign and local-currency issuer default ratings at BBB-. The outlook on the PSU was negative, reflecting the outlook on the India sovereign rating (BBB-/Negative), Housing and Urban Development Corporation Ltd said in a regulatory filing.
EV financing industry to be worth ₹3.7 lakh cr by 2030: report
NITI Aayog and Rocky Mountain Institute (RMI) India released a new report called ‘Mobilising Electric Vehicle Financing in India’. The new report highlights the role of finance in India’s transition to electric vehicles (EVs) and analyses that the transition will require a total capital investment of $266 billion ( ₹19.7 lakh crore) in EVs, charging infrastructure, and batteries over the next decade.
10 Mar 2021, 11:19:56 AM IST
IT sector leads gains
10 Mar 2021, 11:09:41 AM IST
Rupee inches 5 p higher against US dollar
The Indian rupee inched higher on Wednesday, adding to the 32 paise jump in the previous session, tracking a pullback in US treasury yields and positive domestic equities.
At the interbank forex market, the local unit opened at 72.97 against the US dollar, then inched higher to 72.88 against the greenback, registering a rise of 5 paise over its previous close.
On Tuesday, the rupee had settled 32 paise higher at 72.93 against the American currency.
Forex traders said the local unit opened on a positive note led by a pullback in US treasury yields. (PTI)
10 Mar 2021, 10:58:31 AM IST
Adoption of hybrid cloud in BFSI to grow 39% in 5 yrs: report
Hybrid cloud is the only IT model showing positive growth among financial companies, and is expected to grow 39% in 5 years, according to Nutanix’s third annual Enterprise Cloud Index report for financial services.
10 Mar 2021, 10:47:33 AM IST
Max Healthcare's board approves share allotment under QIP
Max Healthcare’s board of directors approved the allotment of 6,14,12,482 shares of face value ₹10 each to eligible qualified institutional buyers at an issue price of ₹195.40 per share, at a premium of ₹185.40 per share. The total value of the QIP is estimated at around ₹1200 crore. The company’s share capital now stands at ₹965.94 crore consisting of 96,59,45,006 shares.
Tyre cos need more price hikes to combat cost inflation
Tyre-focused channel checks across 15 states conducted by JM Financial Institutional Securities Ltd showed that demand remains robust. Strong sentiment in rural centres and increased preference for personal mobility are among the drivers. The domestic tyre industry has also benefitted from import restrictions in place since August last year.
The JM Tyre RM Index suggests that raw material (RM) basket consumption cost has increased by more than 17% sequentially in 4QFY21, and will likely rise by over 4% for 1QFY22, said the domestic brokerage house in a report on 9 March. The report added that in order to maintain healthy margins, tyre companies would have to hike prices in replacement segment by 8-10% by 1QFY22.
10 Mar 2021, 10:33:24 AM IST
Power Finance Corporation gains
Power Finance Corporation was trading at ₹134.60 a piece, 2.10 points, or 1.58%. The state-owned company has identified 22 March as the record date to ascertain the eligibility of shareholders for the payment of interim dividend for FY21, it said in a regulatory filing. The company’s board will decide on the dividend during a meeting on 12 March.
India's retail inflation may have risen in Feb: survey
India's retail inflation probably rose in February as food and fuel prices went up remained within the Reserve Bank of India's target range for a third straight month, a Reuters poll predicted.
The 5-9 March poll of over 50 economists showed retail inflation climbed to 4.83% in February from January's 4.06%.
"We think inflation will have rebounded in February, to 4.8%. The increase in domestic fuel prices last month suggest that transport inflation will have accelerated," said Shilan Shah, India economist at Capital Economics. "What's more, retail food price data point to a significant rebound in food inflation." (Reuters)
10 Mar 2021, 09:54:26 AM IST
Welspun JV secures water project contract
Welspun Enterprises Ltd’s joint venture (JV) with Kaveri Infraprojects Ltd, Hyderabad, has been empanelled by the UP State Water and Sanitation Mission, Namami Gange and rural water supply department for execution of engineering, procurement, and construction projects
for 10 years of rural water supply, Welspun said in a regulatory filing.
The estimated contract value of the projects is ₹2,500 crore (excluding O&M value and GST). Welspun Enterprises is the lead partner in the JV with a share of 74%.
BPCL was trading at ₹446.75, up 1.05 points, or 0.24% at 9:36 am. BPCL Trust for investment in shares on Tuesday offloaded shares worth over ₹5525 crore in Bharat Petroleum Corporation Ltd (BPCL) through an open market transaction. According to a bulk deal on the National Stock Exchange (NSE), the BPCL Trust for Investment in Shares sold over 126.03 million shares of BPCL at a price of ₹438.41 apiece.
10 Mar 2021, 09:28:36 AM IST
The Sensex opened at 51,382.89, up 357.41 points, or 0.70%, while the Nifty was at 15,202.15, up 103.75 points, or 0.69%. The 30-share gauge opened with 28 stocks in green, led by IndusInd Bank, M&M, Tech Mahindra, HCL Tech and L&T. Power Grid and ONGC started the day in red.
10 Mar 2021, 09:07:52 AM IST
Nalco to decide on interim dividend on 15 March
Nalco's board of directors will be held on 15 March to consider a second interim dividend, if any, for the
financial year 2020-21, the company said in a regulatory filing.
The Sensex was at 51,285.01, up 259.53 points or 0.51% indicating gains during markets pre-open. Meanwhile, the Nifty was at 15,098.40, up 142.20 points or 0.95%. Markets seem set for a positive start for the third straight session.
10 Mar 2021, 08:53:41 AM IST
Stocks to Watch
While BPCL Trust offloaded shares worth over ₹5,525 crore on Tuesday, Reliance Industries Ltd reiterated its support to Future Retail Ltd as the latter deals with legal issues arising from Amazon.com inc’s objection to the deal. State-owned lender Indian Bank’s directors approved a share sale to raise ₹4,000 crore. (Read here for more)
10 Mar 2021, 08:35:49 AM IST
Gold jumps over 2% on retreating US yields, dollar
Gold surged more than 2% on Tuesday on the back of a retreat in US Treasury yields and a weaker dollar, staging a strong recovery from the nine-month low it hit in the previous session.
Spot gold was up 2% to $1,715.40 per ounce by 11:53 am ET (16:53 GMT), having slipped on Monday to $1,676.10, its lowest level since June 5.
US gold futures climbed 2.1% to $1,713.60. (Reuters)
10 Mar 2021, 08:29:30 AM IST
Markets are likely to be rangebound on Wednesday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Tuesday, the BSE Sensex ended at 51,025.48, up 584.41 points or 1.16%. The Nifty ended at 15,098.40, up 142.20 points or 0.95%.
Asian stocks were higher tracking US gains on Wednesday, as falling bond yields eased concerns about surging inflation, although focus will shift to Chinese markets amid worries about policy tightening in the world’s second-largest economy.
10 Mar 2021, 08:06:59 AM IST
Vodafone Idea may expand network in 6 circles using Chinese vendors
Telecom operator Vodafone Idea is in advance stages of processing order for network capacity expansion in six circles through Chinese telecom gear makers, according to people from the industry who are aware of the development. The order will be only for expansion of existing telecom network capacity where the contract was already awarded to the Chinese vendors, according to the people. "Vodafone Idea is planning network expansion in six circles where networks are getting heavy traffic. The company is planning to hand over expansion orders to its existing Chinese vendor in those circles," one of the people said. Both Huawei and ZTE supply equipment to Vodafone Idea. When contacted, a VIL spokesperson said, "We deny any such speculation." "The expansion order to Chinese vendors will be for non-core networks," one of the people said. (PTI)
10 Mar 2021, 07:52:19 AM IST
Bitcoin crosses $55,000
Bitcoin extended this week’s advance, breaking through $55,000 and stirring speculation the largest cryptocurrency could test the record it set last month.
The token rose as much as 2.8% on Wednesday and was trading at about $55,600 as of 9:23 am in Hong Kong. The wider Bloomberg Galaxy Crypto Index jumped to a two-week high amid a more general improvement in investor sentiment after US stocks surged on Tuesday.
“It wouldn’t shock to see the price make an assault on the February high of $58,350," Chris Weston, head of research at Pepperstone Group Ltd, wrote in a note. (Bloomberg)
10 Mar 2021, 07:41:27 AM IST
Oil Swings Near $64
Oil swung between gains and losses near $64 a barrel after a mixed industry report on US inventories spurred further price volatility.
Futures in New York have lost more than 3% over the past two sessions in a volatile start to the week that included a brief surge to an October 2018 high on Monday. The American Petroleum Institute reported gasoline stockpiles fell last week, while crude inventories expanded, according to people familiar. Despite the dip this week, crude is expected to resume its upward trend, which may encourage more activity from US drillers. (Bloomberg)
10 Mar 2021, 07:32:57 AM IST
Asian markets open in green
Most Asian stocks rose Wednesday after a rebound in growth shares that sent the Nasdaq 100 to its biggest gain since November and as Chinese shares climbed. The dollar and Treasury yields held declines. In Asia, Chinese shares opened higher after a slump on Tuesday that evaded state efforts to slow the pace of losses. Hong Kong advanced and Japan fluctuated.
The SGX Nifty was down 23.50 points or 0.15% to 15,239.50 at 7:28 am IST.
S&P 500 futures were down 0.1% as of 10:40 a.m. in Tokyo. The S&P 500 Index advanced 1.4%. Nasdaq 100 futures were down 0.2%.
Japan’s Topix index was little changed.
Australia’s S&P/ASX 200 index was 0.3% lower.
South Korea’s Kospi index increased 0.5%.
Hong Kong’s Hang Seng index rose 0.9%.
China’s CSI 300 index added 1.2%.
10 Mar 2021, 07:32:39 AM IST
Wall Street gains
The Nasdaq 100 climbed 4% as stocks with higher valuations rebounded—Tesla Inc. jumped 20%. The move snapped an earlier rotation into value shares amid fresh US stimulus and expanding vaccinations. Recent winners such as financials and energy sectors were the only S&P 500 groups to retreat. The pullback in Treasury yields has allowed risk takers to wade back into growth stocks, which have suffered recently amid concerns about valuations.
The Dow Jones Industrial Average, after earlier topping 32,150, rose 0.1% to end at 31,832.74, the S&P 500 gained 1.42% and the Nasdaq Composite added 3.69%.