Market Closing: Indian shares extended losses to a fifth session on Monday, dragged down by index heavyweight RIL, HDFC, TCS and Infosys as investors sold off recent high-flying stocks.
Asian mostly fell Monday as falling infection rates and more good news on the vaccine front were overshadowed by growing worries about high valuations and inflation.
22 Feb 2021, 03:43:21 PM IST
Indian shares extended losses to a fifth session on Monday, dragged down by index heavyweight RIL, HDFC, TCS and Infosys as investors sold off recent high-flying stocks.
Sensex cracked 1145.44 points or 2.25% to end at 49,744.32, while Nifty declined 306.05 points or 2.04% to 14,675.70. ONGC, Kotak Bank and HDFC Bank were the only Sensex gainers. 27 companies in the 30-share gauge closed in the red.
22 Feb 2021, 03:20:11 PM IST
Larsen & Toubro wins 'large' contracts in power transmission segment
Engineering and construction major Larsen & Toubro (L&T) on Monday said its power transmission and distribution business has bagged large domestic and overseas contracts across its spectrum of offerings.
Though the company did not specify the exact value of the contracts, as per its specification a large contract ranges between ₹2,500 crore and ₹5,000 crore.
22 Feb 2021, 02:59:26 PM IST
No capital infusion by Punjab National Bank in housing finance subsidiary
Punjab National Bank (PNB) will not participate in capital raise plans of its housing finance subsidiary, PNB Housing Finance, but the company will continue to scout for raising equity from other sources, according to a regulatory filing. In August last year, PNB Housing Finance Ltd had informed about its plan to raise tier I capital up to ₹1,800 crore through various modes including QIP, preferential issue of shares or a rights issue. To this, PNB was awaiting approval from the Reserve Bank to infuse capital into PNB Housing Finance. "In this context, Punjab National Bank has communicated that it shall not be participating in the capital raise plans of the company. However, the company will continue to pursue the proposed capital raising plan through permitted modes," PNB Housing Finance said in a regulatory filing.
Thomas Cook India stock gains after plan to raise ₹450 cr
Travel services firm Thomas Cook India on Saturday said it plans to raise up to ₹450 crore via issue of Optionally Convertible Cumulative Redeemable Preference shares (OCCRPS) through private placement.
The company's board has approved issuance of up to 45,00,00,000 OCCRPS of face value of 10 each to Fairbridge Capital (Mauritius) Ltd, the promoter of the company, through private placement on a preferential basis, Thomas Cook said in a regulatory filing.
Jio adds 3.36 lakh mobile subscribers, becomes the largest telecom operator in Gujarat
As per the Telecom Regulatory Authority of India (TRAI) subscription numbers ended in December 2020, Jio added 3.36 lakh mobile numbers in Gujarat and became the largest telecom operator of circle with a total base of 2.54 crore subscribers. (Full report)
Copper Surges Above $9,000 as Deficit Concern Spurs Record Rally
Base metals stormed higher on Monday, with copper rallying above $9,000 a ton on bets that increased demand driven by the recovery from the pandemic will spur a historic deficit, putting the economic bellwether on course for a record run of monthly gains. Nickel topped $20,000 a ton.
Copper climbed more than 3% on Monday and is heading for an unprecedented eleventh monthly rise in February. Metals are on tear on expectations that post-crisis demand will outstrip near-term supply. That may both reinforce speculation about about a new commodity supercycle and stoke concern about rising price pressures as the world economy recovers from the pandemic. (Bloomberg)
22 Feb 2021, 01:00:46 PM IST
Dr Reddy's launches stomach, esophagus problems treatment drug in the US
Drug major Dr Reddy's Laboratories on Monday said it has launched Lansoprazole delayed release orally disintegrating tablets, used to treat certain stomach and esophagus problems , in the US market.
The product is a therapeutic equivalent generic version of Prevacid SoluTab delayed release orally disintegrating tablets approved by the US Food and Drug Administration (USFDA).
In a regulatory filing, Dr Reddy's laboratories announced launch of Lansoprazole DR (delayed release) orally disintegrating tablets.
Shares of Torrent Power Ltd surged over 5% during morning trade after the firm said it has emerged as the highest bidder for 51% stake in a power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu.
On BSE, the scrip rose 5.66% to 52-week high value of ₹385.45.
On NSE as well, the shares of the firm increased 5.52% to its 52-week high value of ₹385.6.
Covid resurgence and other risks loom large for PVR, Inox Leisure stocks
Shares of PVR Ltd and Inox Leisure Ltd declined 4-5% in early deals on Monday on the National Stock Exchange. Rising covid-19 cases are a key risk for multiplex companies as they pose a direct threat to occupancies. (Full report)
Food services major Jubilant FoodWorks will fully acquire Fides Food Systems Cooperatief UA Netherlands (Fides) for an agreed investment of 24.8 million pounds (about ₹250 crore) through its wholly-owned subsidiary Jubilant FoodWorks Netherlands BV.
Fides is the beneficial owner of 32.81% of equity shares of DP Eurasia NV, which is a public company listed with London Stock Exchange Plc and is the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia.
Most sectoral indices in the red, metal stocks shine
22 Feb 2021, 11:00:56 AM IST
Glenmark arm gets Russian health ministry nod for nasal spray Ryaltris
Glenmark Pharma on Monday its Swiss subsidiary has received marketing approval from the Russian health regulator for its nasal spray Ryaltris.
Ryaltris is indicated for symptomatic treatment of seasonal and perennial allergic rhinitis in adults and children over 12 years of age. The drug relieves symptoms of allergic rhinitis, including stuffy nose, runny nose, nasal itching, sneezing, as well as itchy, red and watery eyes.
"Glenmark Specialty received marketing approval from the Ministry of Health of the Russian Federation for its innovative Ryaltris Nasal Spray - a novel fixed-dose combination nasal spray. This paves the way for commercialisation of Ryaltris in Russia which is expected to be made available to patients in the country in Q1 FY 2021-22," Glenmark Pharmaceuticals said in a regulatory filing.
Ambuja's capacity expansion not enough to check market share loss
Hit by capacity constraints, cement major Ambuja Cement Ltd saw an 8% year-on-year volume growth to 7.05 million tonne in the December quarter. The company has significantly lagged peers Ultratech Cement Ltd and Shree Cement Ltd, which saw double-digit growth in volumes growth in the last quarter. (Full report)
Rupee surges 11 paise to 72.54 against US dollar in early trade.
22 Feb 2021, 09:55:33 AM IST
Post deleveraging, Reliance has upper hand in Aramco deal talks
In 2020, Reliance Industries Ltd (RIL) set deal street on fire with large stake sales in its telecom and retail businesses and a rights issue. A news report now suggests that fundraising and deleveraging will continue in 2021, through a deal in the oil-to-chemicals business (O2C). The Economic Times reported that RIL’s talks with Saudi Aramco for a stake sale in its refining and petrochemcials business are back on track. (Full report)
22 Feb 2021, 09:33:55 AM IST
''Jet to remain public, restart with 25 planes''
The consortium of asset management firm Kalrock Capital and entrepreneur Murari Lal Jalan, which is currently awaiting bankruptcy court approval to restart Jet Airways, will continue to keep the grounded airline public. The consortium hopes to restart operations within four to six months of getting an approval from the tribunal, which is set to hear the resolution plan on Monday.
Indian benchmark share indices opened marginally higher on Monday, tracking frim cues from global peers. Sensex opened at 50,910.51, up 20.75 points or 0.04%, while Nifty opened 17.30 points or 0.12% higher at 14,999.05.
TechM, up nearly 1%, was the top Sensex gainer followed by HUL, Power Grid and TCS. Bajaj Finserv, IndusInd Bank, Bajaj Finance and ICICI Bank were among the laggards. Of 30 Sensex shares, 22 were in the green at open.
22 Feb 2021, 09:08:07 AM IST
Indian stocks traded marginally lower on Monday in the pre-opening session. At 9:05am, Sensex was at 50,857.90, down 31.86 points or 0.06%, while Nifty declined 11.90 points or 0.08% at 14,969.85.
22 Feb 2021, 08:34:37 AM IST
M-cap of eight of top 10 most-valued firms tumbles over ₹1.23 lakh crore
Eight of the top 10 most-valued companies together witnessed an erosion of ₹1,23,670.47 crore from market valuation last week, in-line with a bearish broader market trend.
During the last week, the BSE benchmark declined 654.54 points or 1.26 per cent.
Only Reliance Industries (RIL) and State Bank of India (SBI) emerged as gainers from the top 10 most-valued companies list.
Tata Consultancy Services was the biggest laggard in the list as its market valuation tanked ₹44,672.14 crore to ₹11,52,770.11 crore.
The valuation of HDFC Bank tumbled ₹23,964.99 crore to reach ₹8,47,754.65 crore.
The market capitalisation (m-cap)of ICICI Bank sank ₹16,146.38 crore to ₹4,31,177.44 crore and that of Hindustan Unilever plunged ₹14,273.56 crore to ₹5,12,473.46 crore.
HDFC's valuation declined ₹9,408.05 crore to reach ₹4,92,908.61 crore and that of Infosys dropped ₹7,735.21 crore to ₹5,50,100.64 crore.
The market capitalisation of Bajaj Finance went lower by ₹4,667.04 crore to ₹3,31,365.79 crore and that of Kotak Mahindra Bank dipped ₹2,803.1 crore to ₹3,83,777.06 crore.
22 Feb 2021, 08:21:02 AM IST
Market at close on Friday
The Sensex tumbled 435 points while the Nifty slumped below the 15,000-mark on Friday as markets buckled under selling pressure for the fourth session on the trot amid a lacklustre trend in global markets.
The 30-share BSE Sensex ended 434.93 points or 0.85% lower at 50,889.76, pressured by robust selling in banking and auto counters.
Similarly, the broader NSE Nifty gave up the 15,000 level, dropping 137.20 points or 0.91% to 14,981.75.
22 Feb 2021, 08:00:15 AM IST
Rupee Bounces From Worst Asia Currency on Flood of Stock Inflows
The Indian rupee is turning a corner, as massive inflows into the nation’s stock markets help the currency break past the central bank’s intervention barrier.
Asia’s weakest currency last year is now among its best performers. The rupee has gained 0.6% this year against the dollar, and there are signs it could keep rallying.
A recovering economy and an expansive budget are luring global funds to India’s equities, with investors buying almost $4 billion of stocks this month, the most in Asia’s emerging markets after China. That’s posing a challenge to the Reserve Bank of India, which has been intervening in currency markets to keep the rupee competitive.
The rupee rose to 72.57 per dollar last week, its highest since March. That’s likely to clear the path for its advance to 72 per dollar, technical charts suggest. Analysts surveyed by Bloomberg see the currency hitting that level by the fourth quarter. (Bloomberg report)
22 Feb 2021, 07:16:08 AM IST
Asia shares edge higher
Asian share markets inched higher on Monday as expectations for faster economic growth and inflation globally batter bonds and boost commodities, though rising real yields also make equity valuations look more stretched in comparison.
Singapore's SGX Nifty advanced 0.43%.
Japan's Nikkei 225 rose 1.4%.
China's Shanghai composite was a little changed, while Hong Kong's Hang Seng gained 0.7%.
South Korea's Kospi climbed nearly 1%.
Yields on 10-year Treasury notes have already reached 1.36%, breaking the psychological 1.30% level and bringing the rise for the year so far to a steep 41 basis points.
22 Feb 2021, 07:16:08 AM IST
Wall Street closes flat
Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.
The Dow Jones Industrial Average edged up 0.98 points, or 0%, to 31,494.32 and the Nasdaq Composite added 9.11 points, or 0.07%, to 13,874.46. The S&P 500 dropped 7.26 points, or 0.19%, to 3,906.71.
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