Benchmark Indian equity indices closed marginally lower on Tuesday. The Sensex closed at 50,363.96, down 31.12 points or 0.06%, while the Nifty was at 14,910.45, down 19.05 points or 0.13%. The IT sector lead gains, as banks, financials and metals bled.
Indian markets closed marginally lower on Tuesday, while the broader indices outperformed the benchmarks.
16 Mar 2021, 03:54:42 PM IST
Benchmark Indian equity indices closed lower for the second straight session on Tuesday. The Sensex ended the day down 31.12 points, or 0.06% 50,363.96, while the Nifty was down 19.05 points, or 0.13%, at 14,910.45. While IT stocks continued to perform well, metals, banks and financials were the top drags. Asian, Paints, Dr Reddy, HCL Tech, HUL and 10 other stocks ended the day in green on the 30-stock Sensex. L&T, ICICI Bank, SBI, HDFC Bank and 12 other stocks ended the day in red.
16 Mar 2021, 03:31:49 PM IST
Nazara Technologies IPO: Grey market premium, other details in 10 points
The IPO of gaming firm Nazara Technologies opens tomorrow and the company, backed by ace investor Rakesh Jhunjhunwala, has set a price band of ₹1,100-1,101 a share for the issue. The initial public offering will conclude on March 19. At the upper end of the price band, the IPO is expected to fetch ₹583 crore. According to grey-market trackers, shares of Nazara Technologies are quoting at a premium of ₹840. Rakesh Jhunjhunwala held 11.77% stake Nazara Technologies as of March 2020, according the company's draft prospectus.
16 Mar 2021, 03:22:46 PM IST
RBI strengthening institutional mechanism: FM
Finance minister Nirmala Sitharaman on Tuesday informed Parliament that the Reserve Bank of India is taking measures to strengthen its regulatory and supervisory capacity, and expressed hope that these steps will ensure no regulatory mishaps take place in the future.
"We have been engaging with the RBI to ensure that the regulatory functions and supervisory function of the RBI are strengthened. I am assured by the RBI governor that internally an institutional mechanism is being further strengthened," Sitharaman said during Question Hour in the Rajya Sabha. (PTI)
16 Mar 2021, 03:14:20 PM IST
Gland Pharma signs agreement to manufacture Sputnik vaccine
Gland Pharma has entered into an agreement to supply up to 252 million doses of Russian Direct Investment Fund’s Sputnik V Covid-19 vaccine. The pharma company will manufacture the drug substance and product filling after securing a technology transfer of the drug substance, it said in a regulatory filing.
16 Mar 2021, 02:56:18 PM IST
Tata Communications falls 7% as offer for sale to sell government stake begins
Shares of Tata Communications, tumbled as much as 7% on Tuesday on the BSE as offer for sale (OFS) to sell government holding in the company opened for institutional investors. At 02:35 pm, Tata Communications was trading 4.26% down at ₹1,242 as against a rise of 0.16% in the benchmark index. The government to sell its 10% stake, with an option to sell an additional 6.12% stake in Tata Communications. As of December 31, 2020, the government held 26.12% through the President of India. Panatone Finvest, an investment arm of Tata Sons owns 34.8%, while Tata Sons has 14.07% stake in the company. The floor price has been set at ₹1,161, and the sale of 16.12% stake could fetch the government around ₹5,334 crore. The offer would open for retail investors on Wednesday.
Streets remain cautiously positive on Natco Pharma‘s prospects
Pharma major Natco Pharma Ltd has announced its foray into Pheromone-based mating disruption technology for Integrated Pest Management (IPM) solution to farmers in India. Natco, which is diversifying into agrochemicals, is working with ATGC Biotech Pvt. Ltd (ATGC) for the technology through its Crop Health Science (CHS).
India’s ICT spending to touch $91 billion in 2021: IDC
Indian enterprises will spend more on information and communication technologies (ICT) in 2021. According to a report by the International Data Corporation (IDC), ICT spending in India will grow by 10% in 2021 to reach $91 billion. The market research firm also said that the spending is expected to rise to $111 billion in the next three years.
16 Mar 2021, 02:07:13 PM IST
TV maker SPPL announces ₹300 cr investment in India
Domestic television manufacturer Super Plastronics Pvt. Ltd (SPPL), on Tuesday, announced a ₹300-crore investment in India, phased over three years, to build its manufacturing capacities. The company said the investment will go towards strengthening its capabilities in Internet of Things (IoT) technologies to meet the demand of the “new Indian customer".
16 Mar 2021, 01:59:39 PM IST
Bharat Electronics announces dividend
The state-owned company's board of directors declared a second interim dividend of ₹1.40 per share of ₹1 each fully paid-up share for FY21.
TCS launches SaaS-based platform to secure biz from cyber risks
Tata Consultancy Services (TCS) Ltd has launched a software-as-a-service (SaaS)-based automated vulnerability remediation platform to protect enterprises from malicious attacks by identifying and prioritising vulnerabilities in their software libraries and proactively fixing them.
16 Mar 2021, 01:37:56 PM IST
IT, auto and FMCG gain
16 Mar 2021, 01:27:02 PM IST
Deutsche Bank executes world’s first green hedge with Continuum
Deutsche Bank and Continuum Energy Levanter Pte Ltd, a subsidiary of Continuum Green Energy (Continuum), on Tuesday said they have executed the world’s first green hedging transaction, with a second party opinion based on a specially designed green hedge framework.
16 Mar 2021, 01:11:05 PM IST
Gold prices today remain weak, down over ₹11000 from record high, silver dips
Gold and silver prices struggled in Indian markets amid weak global cues. On MCX, gold futures were flat at ₹44,930 per 10 gm while silver dipped 0.2% to ₹67,510 per kg. In the previous session, gold had edged 0.35% higher while silver rose 1.3%. In global markets, gold prices were flat today at $1,732.32 per ounce ahead of the the outcome of outcome of a US Federal Reserve policy meeting. A rally in riskier assets like equities took some sheen off the precious metal.
16 Mar 2021, 12:58:18 PM IST
Ind-Ra revises outlook for steel sector to stable in FY22
India Ratings and Research (Ind-Ra) on Tuesday revised its outlook on the steel sector to stable for FY22 from negative.
The agency expects FY22 steel volumes to improve year-on-year and compensate for a likely moderation in per tonne margins as steel prices gradually moderate from high levels witnessed over H2FY21. Both demand and supply are likely to be strong and recover from the slowdown in FY20 and the Covid-19 led demand and supply disruptions in FY21. (ANI)
16 Mar 2021, 12:49:14 PM IST
Adani to partner with Sri Lanka’s biggest firm for port terminal
Adani Ports and Special Economic Zone Ltd will work with Sri Lanka’s John Keells Holdings Plc to develop a port terminal in the island nation, billionaire Gautam Adani’s first such standalone overseas project. India’s biggest private port operator got a letter of intent from Sri Lankan authorities to build and operate the West Container Terminal of Colombo Port for 35 years, Adani Ports said in an exchange filing Monday. The project cost is estimated to be around $750 million, according to Daya Ratnayake, chairman of Sri Lanka Ports Authority.
Infrastructure company Larsen & Toubro (L&T) on Tuesday said it has received multiple orders across its business segments in the domestic market.
The company did not provide the value of the contracts but said the orders fall under the "significant" category, which ranges between ₹1,000 crore and ₹2,500 crore according to the classification of contracts.
The construction arm of L&T has secured orders for two of its businesses, the company said in a regulatory filing. (PTI)
Kalyan Jewellers IPO: Grey market premium, other details in 10 points
The ₹1,175-crore IPO of Kalyan Jewellers India Ltd opened for subscription today and the issue will close on March 18. Ahead of the IPO, Kalyan Jewellers had raised ₹351 crore from 15 anchor investors at the upper price band of ₹87 per equity share. Government of Singapore, Sundaram MF, HDFC Life Insurance Company Limited and Calypso Global Investment Fund are some of the key investors in the anchor book. The price band of the offer has been fixed at ₹86 to ₹87 per equity share.
16 Mar 2021, 11:46:53 AM IST
AU Small Finance Bank raises ₹625.5 cr
AU Small Finance Bank Ltd on Tuesday said it has raised₹625.5 crore through a qualified institutional placement (QIP) of 5 million equity shares at an issue price of ₹1,251 apiece.
The street confidence remains firm on steel manufacturers in India. Tata Steel Ltd, JSW Ltd, Jindal Steel and Power Limited (JSPL) and Steel Authority of India Limited (SAIL) trading near 52-week highs seen recently are up 37-122% since October end. The strong demand surge since easing of lockdowns and firm pricing has continued driving a significant turnaround in their performance.
After regular price hikes since August, even though there may have been some price correction recently, analysts maintain their positive outlook. The positive China trade data, firm international steel demand aid strong domestic prospects of Indian steelmakers.
16 Mar 2021, 11:22:02 AM IST
Diesel sales rise
Indian state fuel retailers' diesel sales rose 7.4% in the first fortnight of March from a year earlier to 2.84 million tonnes, preliminary industry data showed on Tuesday. Petrol sales rose 5.3% from a year earlier to 1.05 million tonnes, the data showed. (Reuters)
Value stocks have outperformed growth stocks so far in this calendar year. The MSCI World Value index has given returns of 9% in 2021, while the MSCI World Growth index is lagging behind with nearly one percent returns, showed the Bloomberg data. Analysts at domestic brokerage house ICICI Securities Ltd point to an array of favourable factors, which are aiding the performance of value stocks. In a report dated 15 March, they said, value rotation continues as US equities hit all-time high on subdued inflation, steady growth and global central banks pledging an accommodative stance.
16 Mar 2021, 10:55:40 AM IST
Gail Ltd was trading at ₹145.00, up 1.01%, at 10:54 am on Tuesday. As natural gas demand remains strong , Gail Ltd's prospects continue to improve further. The stock has not only risen almost 69% since the start of November, it is also trading near its 52-week highs seen last week. The valuations are attractive and fundamentals are improving, say analysts.
Tech Mahindra Ltd was trading at ₹1,035.40 a piece, up 0.90%, at 10:42 am. The company on Monday said that it has acquired a 70% stake in Ireland-based Perigord Asset Holdings Ltd, a specialist in end-to-end packaging supply chain solutions to the life sciences industry. Financial details of the transaction were not disclosed.
16 Mar 2021, 10:31:46 AM IST
IT sector leads gains
16 Mar 2021, 10:20:38 AM IST
Feb retail sales at 93% compared to a year ago period: RAI
India’s retailers are finally seeing recovery in segments such as quick service restaurants and electronics chains as mobility normalizes and consumer spends on certain categories pick pace.
"The quantum of de-growth in retail sales reduced as most segments in retail have started to show significant improvement," Retailers Association of India (RAI) said in its 13th edition of the Retail Business Survey released Tuesday.
16 Mar 2021, 10:09:46 AM IST
Infy, TCS drive up Sensex
16 Mar 2021, 09:53:16 AM IST
SREI Infrastructure trades lower
SREI Infrastructure Finance was trading at ₹6.73, down 0.06 points, 0.88% at 9:52 am. On Monday, Brickwork Ratings, which has also appealed against the Kolkata National Company Law Tribunal (NCLT) order allowing a six-month repayment moratorium to the Srei group, said it will wait for the appellate tribunal’s order before taking any rating action. This follows Care Ratings downgrading Srei’s ratings for an aggregate debt of ₹29,240.3 crore to “default
Indiamart intermesh Ltd was trading at ₹8,420.00 a piece, up 71.95 points or 0.86% at 9:37 am. The Delhi high court on Monday denied interim relief to e-commerce company Indiamart Intermesh Ltd, which had sought direction to scrap the new SMS regulations that have been rolled out to check spam messages and protect consumers from online frauds.
The Sensex opened at 50,608.42, up 213.34 points or 0.42% on Tuesday, while the Nifty was at 14,996.10, up 66.60 points or 0.45%. IT, pharma and auto stocks made a strong start while, telecom lagged. Titan, Bharti Airtel, UltraTech and Asian paints opened in green on the 30-share Sensex, while IndusInd Bank, Axis Bank, SBI, ICICI Bank and two others were in the red.
16 Mar 2021, 09:12:36 AM IST
The Sensex was at 50,648.78, up 253.70 points or 0.50%, at pre-opening, while the Nifty was at 14,929.50, down 101.45, or 0.67% on Tuesday. Asian markets were up on Tuesday as US treasury yields declined.
16 Mar 2021, 08:50:30 AM IST
Oil falls amid stockpiling concern
Oil prices fell on Tuesday, extending declines for a third day, as concerns about rising stockpiles in the US added to the threat to demand posed by countries including Germany and France halting covid-19 vaccinations.
Brent crude was down 58 cents, or 0.8%, at $68.30 by 00:41 GMT, having dropped 0.5% on Monday. US crude was down 61 cents, or 0.9%, at $64.78 a barrel, after declining 0.3% in the previous session.
Germany, France and Italy plan to suspend AstraZeneca PLC COVID-19 injections after reports of possible serious side effects, although the World Health Organization said there was no established link to the vaccine. (Reuters)
16 Mar 2021, 08:27:30 AM IST
Gold inches lower ahead of US Fed policy meet
Gold prices eased on Tuesday, as investors turned to riskier assets on hopes of a quick economic recovery, while they awaited the outcome of a US Federal Reserve policy meeting. Spot gold was little changed at $1,732.32 per ounce by 01:08 GMT, while US gold futures fell 0.05% to $1,728.20 per ounce. * Fed policymakers are set to forecast that the US economy will accelerate at the quickest rate in decades in 2021, with unemployment dropping and inflation increasing, as the covid-19 vaccine initiative ramps up and a $1.9 trillion relief package is dispersed among households. (Reuters)
16 Mar 2021, 08:16:02 AM IST
Markets are likely to remain volatile on concerns of rising covid-19 cases while trends in SGX Nifty suggest a flat opening on Tuesday. On Monday, the BSE Sensex ended at 50,395.08, down 397 points or 0.78%. The Nifty closed at 14,929.50 down 101.45 points or 0.67%.
Asian stocks edged higher on Tuesday after Wall Street’s main indices closed at record highs and investors awaited comments from the US central bank’s meeting later this week.
The S&P 500 and Dow Jones Industrial Average both surged on gains in travel stocks as mass vaccinations in the United States and congressional approval of a $1.9 trillion aid bill fueled investor optimism.
16 Mar 2021, 08:03:45 AM IST
Bitcoin losses accelerate
Bitcoin extended losses as a rally that took it past $61,000 over the weekend unwinds, reminding investors of the digital token’s volatility.
The largest cryptocurrency slid as much as 5.5% Tuesday and was trading at about $54,400 as of 9:44 am in Hong Kong. Bitcoin has still surged about 1,000% over the past year, a mesmerizing rally that outstripped more traditional assets like stocks and gold. (Bloomberg)
16 Mar 2021, 07:48:36 AM IST
Stocks to Watch
Adani Welspun Exploration Ltd. (AWEL), a joint venture between the Adani Group and Welspun Enterprises Ltd., announced its first ever gas discovery in the Nelp-VII block MB-OSN-2005/2 in the Tapti-Daman Sector of Mumbai Offshore Block. Read here to find out more about stocks that could be in the news on Tuesday.
16 Mar 2021, 07:28:57 AM IST
Asian stocks gain
Shares in China and Hong Kong edged up, while gains in Japan, South Korea and Australia lifted the regional benchmark index. The S&P 500 Index climbed for a fifth-straight session, led by utilities and real estate, while Apple Inc., Tesla Inc. and Facebook Inc. pushed the Nasdaq 100 Index higher. Contracts on the U.S. benchmarks were little changed.
SGX Nifty was trading at 14,995.20, up 32.45, or 0.22%.
S&P 500 contracts were steady as of 10:25 a.m. in Tokyo. The S&P 500 Index increased 0.7%.
Nasdaq 100 futures edged up after the index jumped 1.1%.
Australia’s S&P/ASX 200 Index climbed 0.9%.
Japan’s Topix Index rose 0.6%.
South Korea’s Kospi Index was up 0.6%.
China’s Shanghai Composite Index gained 0.5%.
Hong Kong’s Hang Seng Index rose 0.7%.
16 Mar 2021, 07:28:53 AM IST
US stocks gain on stimulus optimism
World stock markets rose on Monday and benchmark US bond yields slipped from 13-month highs as investors looked to the US central bank's meeting later in the week.
Wall Street's main indexes rallied in late afternoon trade after the benchmark S&P 500 closed at another record high, while European shares were flat after rising to pre-pandemic levels, with travel shares gaining in both regions.
MSCI's gauge of stocks across the globe gained 0.37%.
On Wall Street, the Dow Jones Industrial Average rose 174.82 points, or 0.53%, to 32,953.46, the S&P 500 gained 25.6 points, or 0.65%, to 3,968.94 and the Nasdaq Composite added 139.84 points, or 1.05%, to 13,459.71.
The benchmark 10-year yield, which reached 1.642% on Friday, was last down 2.8 basis points at 1.6073%.
US West Texas Intermediate crude for April settled at $65.39 a barrel, down 22 cents. Brent crude futures for May settled at $68.88 a barrel, losing 34 cents