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Sensex closes around 400 pts lower, Nifty near 15k; financial stocks bleed

Market closing: Benchmark Indian equity indices closed lower on Monday after inflation climbed to a three month high. (PTI)Premium
Market closing: Benchmark Indian equity indices closed lower on Monday after inflation climbed to a three month high. (PTI)

  • Market closing: The Sensex closed at 50,395.08, down 397.00 points, or 0.78%, while the Nifty was at 14,929.50, down 101.45 points or 0.67%, amid selloffs in banks, financials and energy sectors. IT, metals stocks gained.

Indian indices closed lower for the second straight trading session on Monday, unlike global stocks which climbed on optimism around the passage of a massive stimulus in the US and the anticipated recovery thereof.

15 Mar 2021, 03:50:25 PM IST

Market closing

The Sensex closed at 50,395.08, down 397.00 points, or 0.78%, while the Nifty was at 14,929.50, down 101.45 points or 0.67%. Benchmark equity indices closed lower for the second straight trading session. Tech Mahindra, Power Grid, IndusInd Bank and HCL Tech ended the day in green. Bajaj Finserv, Bajaj Finance, Bajaj Auto and L&T, along with 19 other stocks on the 30-share gauge ended the day in red.

Sensex at close
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Sensex at close
15 Mar 2021, 03:30:35 PM IST

Bill to amend Mines and Mineral Development Act introduced in LS

Mines minister Pralhad Joshi on Monday introduced a bill in the Lok Sabha to amend the Mines and Mineral (Development and Regulation) Act, 1957. The amendments proposed in the Bill are aimed at bringing mega reforms in the mines sector with resolution of legacy issues, and making a large number of mines available for auctions. It will help strengthen the auction-only regime and boost transparency in the system. (PTI)

15 Mar 2021, 03:19:52 PM IST

Kesoram Industries plans to sell junk bonds yielding 21%

Distressed cement manufacturer Kesoram Industries Ltd is planning to sell junk-rated rupee bonds that yield as high as 21%, a rare issuance in India’s local-currency debt market where most borrowers have AA ratings or higher.

15 Mar 2021, 02:58:38 PM IST

Bank of Baroda cuts lending rate by 10 bps to 6.75%

Bank of Baroda has announced a reduction in Baroda Repo Linked Lending Rate (BRLLR) from 6.85% to 6.75%. The rate cut would be effective from 15 March, 2021.

15 Mar 2021, 02:50:52 PM IST

Shriram Transport Finance Co redeems ₹320 cr reupee denominated bonds

Shriram Transport Finance Co. Ltd has redeemed 7.90% senior secured notes issued worth 320 crore maturing 12 March.

15 Mar 2021, 02:36:43 PM IST

Alkem Laboratories launches anti-epilepsy drug

Alkem Laboratories Ltd has launched Brivaracetam in India under the brand name Brivasure, an anti-epileptic drug, after receiving authorization from the Drug Controller General of India. The company's stock was trading at 2,688.45, down 3.03% at 2:36 pm.

15 Mar 2021, 02:22:30 PM IST

Ratan Tata invests in Pritish Nandy Communications

Pritish Nandy Communications on Monday said veteran industrialist Ratan Tata has invested in the company.

Details about investment and stake were not disclosed.

"Ratan Tata, chairman emeritus of Tata Sons and Chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications Ltd through market purchases last week," Pritish Nandy Communications said in a regulatory filing.

Tata invests in start-ups and technology companies, the company added.

Shares of Pritish Nandy Communications were trading 9.81% higher at 23.50 apiece on BSE. (PTI)

15 Mar 2021, 02:11:33 PM IST

EPFO investment in stock market crosses ₹27,500 cr in Apr-Feb

Employees Provident Fund Organisation (EPFO) has invested 27,532 crore in the stock market from April 2020 to February 2021, Minister of State for Labour and Employment Santosh Gangwar informed the Lok Sabha on Monday. The EPFO has adopted the policy of investing 15% of its incremental flows (fresh contributions) in equity Exchange Traded Funds (ETFs). The ETFs are indexed to the Sensex, Nifty, CPSE Index and Bharat 22 Index the reply clarified.

15 Mar 2021, 02:00:19 PM IST

Domestic ship-breaking industry's revenue to rise by 10% this fiscal, says Crisil

The domestic ship-breaking industry's revenue is expected to see a 10 per cent year-on-year increase this fiscal due to improved availability of condemned vessels and higher rates for steel scrap, ratings agency Crisil said on Monday.

Further, with India enacting the Recycling of Ships Act, 2019, and joining the Hong Kong International Convention (HKC), which sets the standards for ship recycling,the move has bolstered the country's leadership position globally, it said. (PTI)

15 Mar 2021, 01:38:09 PM IST

All sectors in red

Nifty sectoral indices
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Nifty sectoral indices
15 Mar 2021, 01:33:45 PM IST

Kotak partners Allianz to invest in Indian private credit market

Kotak Investment Advisors Ltd (KIAL) and Allianz Investment Management SE —the investment management arm of insurance giant Allianz Group on Monday announced a partnership for investing in Indian private credit market, the two companies said in a statement.

In February, Allianz made its maiden credit investment of $150 million in KIAL’s 11th Real Estate Debt Fund that achieved a closure of $380 million, the statement said.

KIAL’s Real Estate Fund primarily focuses on financing early- and late-stage real estate projects across geographies in India.

Allianz’ total private credit investments in India so far is worth approximately $650 million and it is looking to increase it to $1 billion in 2021, the statement added.

15 Mar 2021, 01:15:45 PM IST

No plans to introduce diaspora bonds as of now, FM says

The government has no plans as of now to introduce diaspora bonds. Responding to a question in the Lok Sabha by BJP MP Meenakshi Lekhi, Finance Minister Nirmala Sitharaman made it clear that the diaspora bond, which allows migrants to support their countries of origin, will not be introduced in the near future.

15 Mar 2021, 01:13:21 PM IST

Ahluwalia Contracts receives ₹128 cr order

Ahluwalia Contracts (India) Ltd has secured an order worth around 128 crore for the construction of the state guest house at Bodh Gaya on engineering procurement basis (EPC) awarded from the building construction department, Patna, Bihar.

The company's total order inflow during the FY21 stands at 2,214.44 crore, it said in a regulatory filing.

15 Mar 2021, 01:05:19 PM IST

Market wager on RBI rate hike wrong, says fund manager

Five-year interest-rate swaps rose to 5.42% on 8 March, the highest in more than a year, reflecting surging expectations of a tighter monetary policy, and were at 5.32% on Monday. “Markets are mispricing quick rate hikes," said Maneesh Dangi, co-chief investment officer at Aditya Birla.

Dangi, who oversees 1.8 trillion of debt assets ($25 billion), expects the policy rates to remain low for longer as the central bank prioritizes a nascent economic recovery over signs of perking inflation. (Bloomberg)

15 Mar 2021, 12:56:17 PM IST

Exim Bank sees exports growing 4.9 pc in Q4

Exim Bank on Monday said it expects merchandise exports to touch $78.6 billion logging in a 4.9% growth on-year in the March quarter, of which non-oil exports are seen at $73.9 billion—12% more than the year-ago period.

During the March quarter of FY20, merchandise exports stood at $74.9 billion and non-oil shipments at $65.9 billion, Exim Bank said in a statement on Monday.

Aggregate exports for FY21 are likely to be at $279.4 billion, down 10.8% over FY20, the bank said, adding non-oil exports are seen at $256.8 billion, down 5.6%.

15 Mar 2021, 12:44:52 PM IST

WPI shoots up

India’s wholesale price inflation shot up in February to touch 4.17% with rise in fuel and food inflation while pricing power of manufactures further firmed up.

Data released by the industry department showed both food and fuel inflation entered positive territory rising at 1.36% and 0.58% in February while inflation rate of manufactured items rose to 5.81% during the month.

Among food items, wholesale prices of onions, pulses, fruits firmed up compared to their prices a year ago, while among manufactured items, processed food items, textiles, chemical products, plastic products, basic metals saw increased pricing pressure.

Retail inflation in February, data for which was released on Friday, accelerated to 5.03% after falling to a 16-month low in January, as the pace of food and fuel price rises accelerated to 3.87% and 3.53%, respectively.

15 Mar 2021, 12:35:47 PM IST

GAIL announces interim dividend

GAIL Ltd’s board approved payment of the second interim dividend for FY21 at 5 per equity share, on the post buyback paid-up equity share capital of the company.

15 Mar 2021, 12:21:40 PM IST

Craftsman Automation IPO opens

The initial public offer of Craftsman Automation opened today and the offer will close on March 17th. As of 11:50 am, the issue was 0.21 times subscribed. The company has fixed a price band of 1,488-1,490 a share for its IPO. Market observers are hopeful of the issue getting a good response from investors. Traders in grey market say that Craftsman Automation shares quoting at a premium of 170.

15 Mar 2021, 12:18:38 PM IST

Sensex heatmap

Sensex at noon
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Sensex at noon
15 Mar 2021, 12:15:26 PM IST

Orient Electric gains

Orient Electric Ltd (OEL) was trading at 306.65,up 3.83%, at 12:14 pm. Having almost doubled in a year, the company now sees a much-improved prospect. The growing sales of consumer electrical appliances and new product introductions are keeping its growth prospects firm. As the third-quarter performance instigated confidence with a strong recovery in retail sales for electrical appliances, the recovering sales for the institutional segment is to provide further impetus to growth, feel analysts.

15 Mar 2021, 12:05:24 PM IST

Rupee inches 9 paise higher to 72.70 against US dollar in early trade

The Indian rupee inched 9 paise higher to 72.20 against the US dollar on Monday, tracking the weakness of the American currency in the overseas market, amid a lacklustre trend in the domestic equity market. At the interbank forex market, the local unit opened at 72.71 against the US dollar, then inched higher to 72.70 against the greenback, registering a rise of 9 paise over its previous close. On Friday, the rupee had settled at 72.79 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.01% to 91.66. (PTI)

15 Mar 2021, 11:53:09 AM IST

ACC trades lower

Cement major ACC Ltd was trading at 1,760.10, down 1.51% at 11:50 am on Monday. In its recently published annual report for FY20, ACC outlined its capital expenditure plans, cost optimisation measures and other financial details for the year. The company follows calendar year as fiscal year.

A key highlight was the management's claim of having been able to save Rs250 crore under its project Parvat. According to analysts, while this is a positive, it is unlikely to sustain going ahead. They say, the benefit of low-cost inventory won't last longer and input cost would start to impact margins in quarters to come.

15 Mar 2021, 11:31:56 AM IST

Transformers and Rectifiers (India) Ltd receives ₹108 cr order

Transformers and Rectifiers (India) Ltd has received an order of 108 crore from Power Grid Corporation of India Ltd, taking the company’s order book to 1,123 crore.

15 Mar 2021, 11:17:48 AM IST

Tech Mahindra acquires majority stake in Perigord Asset Holdings Ltd

Tech Mahindra Ltd on Monday said it has acquired 70% stake in Perigord Asset Holdings Ltd, a digital workflow and artwork, labelling and BPO services firm. This acquisition will help Tech Mahindra augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors.

The strategic partnership is expected to strengthen Tech Mahindra’s position as a leading digital transformation enabler in the artwork and packaging services space with an integrated platform and services portfolio.

15 Mar 2021, 11:06:21 AM IST

Strides Pharma unit gets USFDA nod for oral solution

Strides Pharma Science Ltd unit Strides Pharma Global Pte. Ltd, Singapore, has received approval for Potassium Chloride for Oral Solution USP, 20 mEq from the US Food and Drug Administration (USFDA). The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Potassium Chloride for Oral Solution USP, 20 mEq, of Pharma Research Software Solution, LLC.

15 Mar 2021, 10:50:23 AM IST

Bankex in red

BSE Bankex at 10:50 am
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BSE Bankex at 10:50 am
15 Mar 2021, 10:33:29 AM IST

Adani Welspun finds gas in Mumbai Offshore's Tapti-Daman sector

Adani Welspun Exploration Ltd (AWEL), a joint venture between the Adani Group and Welspun Enterprises Ltd, announced its first-ever gas discovery in Nelp-VII block MB-OSN-2005/2 in the Tapti-Daman sector of Mumbai Offshore block.

15 Mar 2021, 10:25:28 AM IST

Most sectors in red

Nifty sectoral indices
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Nifty sectoral indices
15 Mar 2021, 10:14:59 AM IST

MTAR Tech opens at a premium

Shares are MTAR Technologies made a strong debut on exchanges today. On BSE, shares rose to 1,095, as compared to issue price of 575. The 597-crore initial public offering (IPO) of MTAR Technologies, which was open between March 3 and March 5, was subscribed more than 200 times. The price band was fixed at 574- 575 per equity share.

MTAR Technologies
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MTAR Technologies
15 Mar 2021, 10:03:52 AM IST

RIL, HDFC twins drag Sensex down

Index contribution
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Index contribution
15 Mar 2021, 09:52:26 AM IST

Titan Co. stock valuations to get some support from steady qoq demand

Titan Co. Ltd’s jewellery revenues, which form a lion’s share of its overall revenues, had swung to growth in the December quarter. Jewellery revenues had increased by 15.5% year-on-year excluding revenue from bullion sales. This came after revenues had declined in the previous three quarters.

15 Mar 2021, 09:44:23 AM IST

Indiamart files plea to quash Trai’s new SMS regulations

E-commerce company Indiamart Intermesh Ltd has moved the Delhi High Court, seeking direction to set aside and quash the new SMS regulations that have been rolled out to prevent spam messages.

The writ petition said a certain rule in Telecom Regulatory Authority of India’s (Trai) new SMS framework is “unconstitutional". It said the operation of regulation 25 of the Telecom Commercial Communication Customer Preference Regulations (TCCCPR), 2018, “ultra vires" or violates Trai Act, 1997, as it applies to business-to-business (B2B) messages.

15 Mar 2021, 09:28:16 AM IST

Market opening

The Sensex was down nearly 400 points at 9:25 to 50,395.42 after opening slightly lower at 50,773.47, down 18.61 points or 0.04%. The Nifty, which opened at 15,048.40, up 17.45 points or 0.12%, fell 105.75 points, or 0.70% to 14,925.20 at 9:25 am. Most sectors were in red soon after market opening, with metals, banks and financials being top drags.

Sensex at open
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Sensex at open
15 Mar 2021, 09:06:31 AM IST

Market pre-opening

The Sensex was up 108.10 points or +0.21% at 50,900.18, during market pre-opening, while the Nifty was down 143.85 points, or 0.95%, while still retaining the 15,030.95 mark.

15 Mar 2021, 09:06:31 AM IST

Laxmi Organics IPO opens today

The IPO of speciality chemicals manufacturer Laxmi Organics Industries is among the five issues that will hit the market this week. Laxmi Organics IPO opens on Monday and closes on Wednesday. The price band has been fixed at 129-130 per share for the 600 crore IPO. Traders dealing in unlisted shares say that Laxmi Organics shares are quoting at a grey market premium of 97 reflecting strong demand from investors.

15 Mar 2021, 08:52:36 AM IST

AAI eyes stake sale in Bengaluru, Hyderabad airports

The Airports Authority of India (AAI) has decided to sell its 13% stake in Kempegowda International Airport Bengaluru and GMR Hyderabad International Airport to raise funds, according to media reports.

A transaction advisor will be appointed soon to assess the value of AAI’s stake in the two airports.

15 Mar 2021, 08:38:20 AM IST

Market outlook

Markets are likely to be volatile on Monday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. Inflation and contracting industrial production data released on Friday are likely to hit market investor sentiment.

The Sensex closed down 487.43 points or 0.95% at 50,792.08, while the Nifty was at 15,030.95, down 143.85 points, or 0.95%.

15 Mar 2021, 08:24:44 AM IST

Centre may introduce crypto ban

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.

The bill, one of the world's strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan. (Reuters)

15 Mar 2021, 08:15:47 AM IST

Bank unions go on strike from today


Around 1 million bank employees and officers on Monday began their two-day strike opposing the Union Budget announcement of privatising two public sector banks apart from IDBI Bank.

The strike commenced at about 6 am when service branches dealing in cheque clearances start operations and end on Tuesday midnight.

“In Maharashtra around 50,000 bank employees & officers spread out in more ten thousand bank branches are expected to join the strike," said Devidas Tuljapurkar, convenor, United Forum of Bank Unions (UFBU) in the state of Maharashtra. UFBU is an umbrella body of nine bank unions.

15 Mar 2021, 08:06:05 AM IST

Stocks to Watch

The Telecom Regulatory Authority of India has delayed its plan to raise 25,000 crore from external investors and the telecom services firm is now looking at raising bank loans in order to refinance its debts. Read here for top 10 stocks that could be in the news today.

15 Mar 2021, 07:56:59 AM IST

Brent crude floats near $70 on demand recovery anticipation

Oil prices edged up on Monday, with Brent drifting near $70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year.

Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by 0102 GMT while US West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4%.

Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15%, while meeting the normal monthly requirements of Indian refiners, refinery sources told Reuters on Friday. (Reuters)

15 Mar 2021, 07:46:30 AM IST

Gold prices rise

Gold prices gained on Monday as the passage of a US stimulus bill stoked inflation risks, although a resultant bounce in Treasury yields kept gains in check. Spot gold rose 0.3% to $1,732.02 per ounce by 01:34 GMT, while US gold futures for April delivery rose 0.7% to $1,730.90 per ounce. Yields on benchmark 10-year notes held near their highest in more than a year on continued US economic optimism after a $1.9 trillion recovery package was signed into law last week. Gold is generally considered a hedge against inflation, although higher bond yields have challenged that status recently as they increase the opportunity cost of holding non-yielding bullion.

15 Mar 2021, 07:33:39 AM IST

Asian stocks firm up

Global stock prices were off to a solid start while US bond yields hovered near a 13-month peak on Monday as investors bet US economic growth will accelerate after the passing of a massive stimulus package.

US S&P500 futures rose 0.25% in early Asian trade, trading just below a record high level touched last week, while Japan's Nikkei ticked up 0.1%

The 10-year U.S. Treasuries yield stood at 1.638% in early Monday trade, having risen to as high as 1.642% on Friday, a high last seen in February last year.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed.

S&P 500 futures rose 0.3% as of 9:30 a.m. in Tokyo. The S&P 500 Index rose 0.1%.

The SGX Nifty was up 24.75 points, or 0.16%, to 15,121.50.

S&P 500 futures rose 0.3% as of 10:52 a.m. in Tokyo. The S&P 500 Index rose 0.1%.

Nasdaq 100 futures rose 0.4%. The Nasdaq 100 Index fell 0.9%.

Japan’s Topix index rose 0.7%.

Australia’s S&P/ASX 200 Index was flat.

South Korea’s Kospi index was little changed.

Hong Kong’s Hang Seng Index added 0.5%.

China’s CSI 300 Index fell 1.4%.

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