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Sensex, Nifty end lower for 3rd session; HDFC twins, ICICI Bank top drags

Stock Market Closing: The 30-share BSE index ended 379.14 points or 0.73 per cent lower at 51,324.69. (ANI Photo)Premium
Stock Market Closing: The 30-share BSE index ended 379.14 points or 0.73 per cent lower at 51,324.69. (ANI Photo)

  • Market closing: Equity indices buckled under selling pressure for the third straight session on Thursday as risk appetite remained subdued amid a bearish trend overseas.

World shares were mostly lower Thursday after a mixed session on Wall Street, where losses by technology and industrial companies offset other gains.

18 Feb 2021, 03:40:11 PM IST

Market closing

Equity indices buckled under selling pressure for the third straight session on Thursday as risk appetite remained subdued amid a bearish trend overseas.

The 30-share BSE Sensex slumped 379.14 points or 0.73% to close at 51,324.69. HDFC twins and ICICI Bank accounted for over half of the benchmark's losses.

The broader NSE Nifty tumbled 89.95 points or 0.59% to 15,118.95.

BSE Sensex
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BSE Sensex
18 Feb 2021, 03:20:32 PM IST

Adar Poonawalla group firm makes open offer to buy addl stake in Magma Fincorp

Adar Poonawalla-controlled Rising Sun Holdings Pvt Ltd along with two other individuals have made an open offer to buy an additional 26 per cent stake in non-banking financial company Magma Fincorp for a consideration of more than 1,391 crore.

Earlier this month, the Poonawalla Group and Magma Fincorp announced that the group will acquire a controlling 60 per cent stake in the company by way of a 3,456-crore-worth preferential issue of shares.

Besides Rising Sun, Magma Fincorp will allot preferential shares to two members of the promoter group -- Sanjay Chamria and Mayank Poddar -- for 250 crore, taking the total capital infusion in th company to 3,456 crore.

18 Feb 2021, 03:13:56 PM IST

RCF pays ₹167.16 crore dividend to government

State-run Rashtriya Chemicals and Fertilizers Ltd (RCF) on Wednesday paid a dividend of 117.51 crore to the government for the 2019-20 fiscal and an interim dividend of 49.65 crore for the current financial year.

The total dividend paid amounts to 167.16 crore.

18 Feb 2021, 03:12:35 PM IST

BSE MidCap up nearly 1%

BSE MidCap
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BSE MidCap
18 Feb 2021, 03:10:50 PM IST

US reaches H-1B visa cap for 2021

The US has received enough petitions needed to reach the Congressionally-mandated 65,000 H-1B visa cap for the fiscal year 2021 and successful candidates for the most sought-after work visa among foreign professionals, including Indians, would be decided by a computerised draw of lots.

The H-1B visa is a non-immigrant visa that allows the US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.

18 Feb 2021, 02:52:09 PM IST

RBI gives nod to Piramal to take over DHFL

The Reserve Bank of India has given the nod to Piramal Group led by billionaire Ajay Piramal for the takeover of Dewan Housing Finance Corporation Ltd (DHFL). The lenders are now in the process of taking the proposal to the National Company Law Tribunal (NCLT).

RBI’s approval comes a month after the Piramal Group won the bidding for the bankrupt mortgage lender. (Full report)

18 Feb 2021, 02:36:03 PM IST

Dish TV shares gain after board approves raising up to ₹1,000 crore

Shares of Dish TV India gained as much as 6% on Thursday after the company's board approved raising up to 1,000 crore.

18 Feb 2021, 02:21:05 PM IST

L&T Construction bags contract to build 2 units of Kudankulam Nuclear Power Project

Infrastructure company Larsen & Toubro (L&T) on Thursday said its construction arm has bagged a contract worth up to 2,500 crore for building two units of Kudankulam Nuclear Power Project.

"The construction arm of L&T has secured a significant order in the nuclear sector from Nuclear Power Corporation of India Ltd (NPCIL) for its heavy civil infrastructure business in India to construct the main plant civil works of the Kudankulam 5 and 6 units," L&T said in a regulatory filing.

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.

18 Feb 2021, 02:09:26 PM IST

Bond traders tussle with RBI on Modi’s large borrowing plans

Traders in India are once again testing the central bank’s pledge to support the government’s massive borrowings.

The tension is showing up in the benchmark 10-year bond as its yield keeps breaching 6%, a level that’s seen as a line in the sand for the Reserve Bank of India. A near-record debt sale plan and concerns over fewer liquidity measures are spooking traders. (Full report)

18 Feb 2021, 01:49:53 PM IST

MRP Agro down 5%

The equity shares of the company made a weak debut on the exchanges today. At 1:33pm the scrip slipped 5% to 37.80 apiece on the BSE. Incorporated in 2018, MRP Agro Limited is primarily engaged in trading and import and export of food grains, fly-ash, and coal products.

18 Feb 2021, 01:30:48 PM IST

IndusInd Bank raises ₹2,021 crores common equity

IndusInd Bank today raised 2,021 crores of common equity capital through conversion of preferential warrants issued to the Promoter entities - IndusInd International Holdings Limited (IIHL) and IndusInd Limited (IL). The warrants were issued as an integral part of the merger with Bharat Financial Inclusion Limited in July 2019. The Promoter entities had paid 673 crores at the time of subscription to the warrants and the balance amount of 2,021 crores was paid today.

The Finance Committee of the Bank today approved allotment of 1,57,70,985 shares to the Promoter entities. The warrants are converted at a price of 1,709 per share reflecting a premium of 65% over the closing price on February 17, 2021.

18 Feb 2021, 01:17:02 PM IST

Dr Reddy's launches Fluphenazine Hydrochloride tablets in US

Drug major Dr Reddy's Laboratories on Thursday said it has launched Fluphenazine Hydrochloride tablets, used for management of manifestations of psychotic disorders, in the US market.

The product is a therapeutic equivalent generic version of Prolixin tablets approved by the US Food and Drug Administration (USFDA).

In a regulatory filing, Dr Reddy's laboratories announced the launch of Fluphenazine Hydrochloride tablets in the US.

18 Feb 2021, 12:49:49 PM IST

RBI issues directions for housing finance companies

The Reserve Bank of India (RBI) on Wednesday came out with a slew of directions related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others, for housing finance companies (HFCs).

The central bank said these directions, which shall come into force with an immediate effect, are aimed at preventing the affairs of any HFCs from being conducted in a manner detrimental to the interest of investors and depositors. (Full report)

18 Feb 2021, 12:29:42 PM IST

Amazon urges NCLT not to allow any meeting of Future Group's shareholders, creditors for approving RIL deal

Amazon has approached the National Company Law Tribunal (NCLT) urging it not to allow convening of any meeting of Future Group's shareholders or creditors for approval of its proposed 24,713 crore deal with Reliance Industries.

Amazon had last week filed the application before the Mumbai-bench of the NCLT.

The NCLT has reserved the order over the scheme of arrangement that entails the consolidation of Future Group’s retail and wholesale business and transferring it to Reliance Industries in the 24,713 crore deal that was announced in August last year.

18 Feb 2021, 12:16:51 PM IST

Tokyo stocks close lower in cautious trading

Tokyo stocks closed lower Thursday as investors remained cautious about over-valuation after recent rallies.

The benchmark Nikkei 225 index fell 0.19 percent, or 56.10 points, to 30,236.09, while the broader Topix index was down 1.00 percent, or 19.58 points, at 1,941.91.

Stocks opened higher following another record close on Wall Street, but profit-taking erased early gains in late trading.

18 Feb 2021, 12:06:34 PM IST

Organized retailers' revenues to touch pre-pandemic levels by FY22: Report

India’s organized brick and mortar retailers are expected to close the current financial year with a 19% drop in revenues, largely dragged down by lower sales across apparels. However, retailers are expected to report a 23-25% growth in revenues in the next fiscal, due to a broad-based demand recovery, increased footfalls, and revival in discretionary spending, and also on account of a low base effect, according to a study of 145 brick and mortar retailers rated by Crisil Ratings. (Full report)

18 Feb 2021, 11:40:33 AM IST

Voltas’ Q3 performance is good, but stock’s valuations are already quite rich

Voltas Ltd’s December quarter performance is ahead of Street estimates. Consolidated revenues have increased by almost 34% year-on-year to Rs1 995 crore. Its unitary cooling products (UCP) business outshone, reporting a robust 40% year-on-year growth. That’s a striking improvement from 9% growth seen in the September quarter. In the December quarter, pent-up demand and higher stocking by dealers helped the UCP segment. (Full report)

18 Feb 2021, 11:12:35 AM IST

Arvind Fashions Ltd approves fund raising of up to ₹200 crore via rights issue

The committee of directors of the company has, at its meeting held today:

1. Approved the issue of 1.48 crore partly paid-up equity shares of face value of 4/- each at an issue price of 135/- per equity share (including premium of 131/- per equity share) for an amount aggregating up to 199.84 crores to all the existing equity shareholders of the company on a rights basis in the ratio of 3(Three) Rights Equity Shares of 4/- each for every 20 (Twenty) Equity Shares of 4/- each held by the equity shareholders in the Company as on the record date.

2. Fixed the record date for the purpose of determining names of shareholders of the Company eligible to apply for the partly paid-up Rights Equity Shares in the Rights Issue of the Company.

18 Feb 2021, 10:55:16 AM IST

Central Bank of India, IOB top gainers in Nifty PUS Bank index

Nifty PSU Bank
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Nifty PSU Bank
18 Feb 2021, 10:28:36 AM IST

Yes Securities gives 'buy' rating to Repco Home Finance

Yes Securities has given 'buy' rating to Repco Home Finance with a target price of 375. "We broadly maintain earnings/ABV estimates, as downward revision in growth and credit cost nullify each other. Strong asset quality performance should raise street’s confidence in the management and on the various initiatives taken for mitigating risks over the past couple of years. Stock trades at 0.8x FY23 P/ABV for 2.2-2.3% RoA delivery and an estimated 15% ABV compounding," the brikerage said.

18 Feb 2021, 10:13:05 AM IST

IndusInd Bank expects ₹2,000 crore capital infusion

Hinduja Group's IndusInd Bank is expected to get a capital boost from promoters by Thursday after a successful rights issue in which they have raised 2,021.45 crore.

The rights issue was necessitated to infuse residual capital into the bank in lieu of conversion of warrants issued to them in 2019 worth over 2,695 crore into equity.

In the just-concluded rights issue by one of the promoters, lnduslnd International Holdings Ltd (IIHL), the latter has paid a significant premium over the prevailing market price at 1,709 apiece to redeem 75% warrants.

18 Feb 2021, 09:57:01 AM IST

Airtel sets up special panel to rejig company's structure

Bharti Airtel has set up a special panel to evaluate restructuring of its business as well as shareholding structure of the company and its subsidiaries, to enhance focus on digital and non-telecom business.

The restructuring may lead to consolidation or acquisition of shares of subsidiary companies, according to earlier disclosures by Bharti Airtel.

"The board of directors in its meeting held on Wednesday, February 17, 2021, has constituted a 'special committee of directors' to consider and evaluate in detail, various options (or combination thereof) for re-organisation of businesses and shareholding structure of the company and its various subsidiaries," Bharti Airtel said in a stock exchange filing.

18 Feb 2021, 09:42:05 AM IST

PSU banks shine

NSE Sectoral Indices
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NSE Sectoral Indices
18 Feb 2021, 09:17:52 AM IST

Market Opening

Equity benchmark Sensex opened higher on Thursday led by gains in HDFC Bank, SBI and ICICI Bank. The 30-share gauge opened at 51,903.96, up 200.13 points or 0.39%. Nifty climbed 29.80 points or 0.20% to open at 15,238.70.

SBI, up nearly 3%, was the top Sensex gainer followed by Nestle India, Bajaj Finserv, Asian Paints and IndusInd Bank. TechM, Kotak Bank and Infosys were among the laggards. Of 30 Sensex shares 25 opened higher.

BSE Sensex
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BSE Sensex
18 Feb 2021, 08:31:22 AM IST

China shares rise on return from holiday, profit-taking hits other markets

Chinese shares rose on Thursday during the first trading session after the week-long Lunar New Year holiday amid renewed optimism for an acceleration in global growth, but other Asian markets were hit by profit-taking.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.15% but was still close to an all-time high. Shares in China rose 0.77%. Australian stocks erased gains to trade 0.05% lower, while Japan's Nikkei was unchanged.

E-mini futures for the S&P 500 fell 0.04%. (Reuters)

Source: Refinitiv Datastream
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Source: Refinitiv Datastream
18 Feb 2021, 08:17:36 AM IST

Markets at close on Wednesday

Equity indices buckled under selling pressure for the second straight session on Wednesday as risk appetite remained subdued amid a bearish trend overseas.

Profit-booking was seen in finance, IT and FMCG counters, while a depreciating rupee also weighed on investor sentiment, traders said.

The 30-share BSE Sensex slumped 400.34 points or 0.77% to close at 51,703.83. The broader NSE Nifty tumbled 104.55 points or 0.68% to 15,208.90.

Nestle India was the top loser in the Sensex pack, shedding 2.80 per cent, followed by Bajaj Finserv, Asian Paints, HDFC Bank, IndusInd Bank, Maruti, Dr Reddy’s and HDFC.

HDFC twins accounted for over half of the benchmark's losses. (PTI)

18 Feb 2021, 07:32:06 AM IST

Rupee at close on Wednesday

The rupee depreciated by 5 paise to close at 72.74 against the US dollar on Wednesday tracking losses in the domestic equity markets and strengthening American currency in the global markets.

US bond yields rising to one-year high due to strong recovery prospects also hit the rupee sentiment, analysts said.

At the interbank forex market, the local unit opened at 72.90 against the greenback and witnessed an intra-day high of 72.72 and a low of 72.92. It finally ended at 72.74 against the American currency.

On Tuesday, the rupee had settled at 72.69 against the American currency.

18 Feb 2021, 07:12:46 AM IST

Asian markets seen muted

Asian markets were set for sideways trade at Thursday's open as lingering pandemic concerns pushed against stronger economic data, and with little firm direction from Wall Street.

Australia's benchmark S&P/ASX 200 index was down 0.1% in early trading, while Japan's Nikkei 225 futures were up 0.05%. Hong Kong's Hang Seng index futures were down 0.2%.

The MSCI's global stock index was up 0.04%.

18 Feb 2021, 07:12:46 AM IST

Nasdaq ends lower as tech slides

The Nasdaq closed lower while the S&P 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks.

The Dow Jones Industrial Average rose 91.65 points, or 0.29%, to 31,614.4, the S&P 500 lost 1.16 points, or 0.03%, to 3,931.43 and the Nasdaq Composite dropped 82.00 points, or 0.58%, to 13,965.50.

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