Home/ Markets / Live Blog/  PSU Bank, Metal, Media drag Nifty below 17k; Sensex down 400 pts

PSU Bank, Metal, Media drag Nifty below 17k; Sensex down 400 pts

Share Market Close: Indian stock market is trading in the red as Sensex goes below 57,500 pts and Nifty is down 150 pts. Cipla, Kotak Bank, Dr Reddy's, Infosys jump; Adani Ent, Hindalco, and Bajaj twins drag. PSU Bank, Metal, Realty, and Media shed the most with all sectors trading in the red. 

Stocks Markets Today: Trades expect inflationary pressure will ease in the near future  (PTI)Premium
Stocks Markets Today: Trades expect inflationary pressure will ease in the near future (PTI)

Investors are worried that more banks might suffer a debilitating exodus of customers following the second- and third-largest US bank failures in history. That turmoil is clouding the outlook for what the Federal Reserve will do with interest rates after hiking them to market-rattling heights over the last year.

24 Mar 2023, 03:39:06 PM IST

Indices tumble in the second half as Sensex sheds 400 pts and Nifty 130 pts; all sectors end in red

Indian benchmark indices fell on Friday as worries over turmoil in the banking sector and recession risks overshadowed overnight gains on Wall Street. The indices mostly remained flat in today's session but dropped steeply in the first 2 hours.

Nifty 50 gave up on 17,000 to end at 16,945, a drop of 131 points. Meanwhile, Sensex S&P 30 dropped 400 points to end at 57,527.

All of the sectoral indices ended in the red with Media, Metal, Realty, and PSU Bank dropping the most. IT remained strong throughout the session but ended with marginal losses.

Bajaj twins (Bajaj Finserv and Bajaj Finance), Adani Enterprises, Tata Steel and Hindalco shed the most in today's session. Kotak Bank, Cipla, Infosys, Apollo Hospitals and Dr Reddy's were among the top gainers.

Asian equities ended mostly lower in choppy trading Friday as the malaise hanging over the global banking sector damped appetite for risk taking in markets.

Japanese shares ended lower on Friday, as a stronger yen raised concerns about denting domestic companies' earnings, while investors continued to remain concerned about a wider banking crisis.

The Nikkei index slipped 0.13% and lost 0.19% for the week. The broader Topix edged down 0.10% and posted a 0.2% weekly loss.

China and Hong Kong stocks fell on Friday, as elevated Sino-U.S. geopolitical tensions dented investor sentiment after U.S. lawmakers on Thursday accused TikTok of serving harmful content as they pushed to ban the app.

China's blue-chip CSI300 Index closed down 0.3%, while the Shanghai Composite Index lost 0.6%. Hong Kong's benchmark Hang Seng Index was down 0.7%, and the China Enterprises Index slid 0.6%.

European stock markets retreated at the open Friday on lingering fears over the banking sector and after this week's raft of interest rate hikes.

London stocks fell at the open on Friday, dragged lower by losses in precious metal miners on weaker gold prices, while banks also extended declines.

Sensex at Close
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Sensex at Close
24 Mar 2023, 03:35:43 PM IST

Narinder Wadhwa, President, CPAI views on STT on Options has increased by nearly 25%

High Cost of Transactions on equity and Commodity Trade may lead to a drop in Volume and Liquidity. Fall in volumes, affected liquidity, increased impact cost and is a dampener for Hedgers Steep increase in STT on options and futures Will affect the volumes of HFT players in the short term .. they will have to tweak their strategies to adjust higher STT and impact cost .

Presently, we have very high transaction cost as compare to other foreign jurisdictions by way of CTT, GST, stamp duty, Exchange Charges besides levy of applicable Capital Gain Tax/Income To make India a price setter for most of the commodities being produced/consumed in India, we have to keep our transaction cost low. To be a price setter in the world markets we need high volume with a low impact cost, only then the large hedgers / traders will be attracted.

24 Mar 2023, 03:18:17 PM IST

Windfall Tax: Vedanta deducts USD 91 million from govt's profit to make up for tax paid

In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal's Vedanta Ltd has withheld about USD 91 million from the share of profit due to government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue.

India first imposed windfall profit tax on July 1, 2022 joining a growing number of nations that tax super normal profits of energy companies. But the levy of Special Additional Excise Duty (SAED) on locally produced crude oil was seen by producers as violation of the contract which provides fiscal stability.

The SAED initially was 23,250 per tonne (USD 40 per barrel) and in fortnightly revisions brought down to 3,500 per tonne.

This is in addition to the 10-20 per cent royalty on price of oil and gas realised and an oil cess of 20 per cent. On top, the government is also entitled to a pre-decided share of profit after expenses are deducted from revenue earned from sale of oil and gas. (PTI)

24 Mar 2023, 03:05:08 PM IST

Apple supplier Pegatron in talks to open second factory in India: Report

Apple Inc's supplier Pegatron Corp plans to add a second manufacturing facility in India. According to a report by Reuters, the Taiwanese supplier is in talks to open a second India factory, citing two sources with direct knowledge of the matter.

As per the sources, the company's second facility may come near the southern city of Chennai in Tamil Nadu state. For the unversed, Pegatron opened its first India factory in Chennai almost six months ago. It then invested $150 million.

The new factory, the first source said, is “to assemble the latest iPhones". The new factory, it added, will be smaller than the first one. (Read More)

24 Mar 2023, 02:47:22 PM IST

Roopali Prabhu of JM Financial view on taking away a key tax benefit for debt MF investors

Roopali Prabhu – Chief Investment Officer & Executive Director, Private Wealth Group, JM Financial on Finance Minister on taking away a key tax benefit for debt MF investors: "The change in debt taxation would meaningfully impact allocation decision. For the same expected return, investors will have to take higher risk going forward. Assuming an investors target return was post tax 7% pa over 3 years, that is currently achievable by investing 100% in a Target maturity fund that invested in AAA papers. Going forward, assuming yields don’t change, the investor will have to invest over 25% in equities (assuming 13% equity return), to achieve the same target return! The change is risk is high"

24 Mar 2023, 02:37:05 PM IST

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source).

While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS.

"It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.

The RBI is being requested to look into this with a view to bring credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon, she added. (PTI)

24 Mar 2023, 02:14:27 PM IST

PSU Bank index drags as it sheds around 1.5% with all stocks in the red

PSU Bank index
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PSU Bank index
24 Mar 2023, 02:05:56 PM IST

Indian stocks may outperform Asian peers in long term - Jefferies

The Indian stock market may outperform its Asian and emerging market peers in the long term as lofty valuations ease and investors look to bet on the economy's growth prospects, brokerage group Jefferies said in a note.

The benchmark Nifty 50 Index's price-to-earnings premium to China's Hang Seng Index declined to 115% from 208% in end October, and is in line with the 10-year average of 118%, Chris Wood, global head of equity strategy, Jefferies, wrote in his "Greed & Fear" report.

India's long-term prospects have led the global brokerage to invest 39% of its Asia ex-Japan long-only portfolio in the south Asian country compared with 25% in China.

While foreign investors have sold $2.8 billion on a net basis in Indian markets so far this year, domestic equity mutual fund inflows have remained positive, Wood said. (Reuters)

24 Mar 2023, 02:00:26 PM IST

India reports 1,249 new covid-19 cases in last 24 hours 1 min rea

India reported 1,249 new covid-19 cases in the last 24 hours with daily positivity rate at 1.19%, the union health ministry said on Friday.The country has recorded more than 44.8 million covid cases and 530,818 deaths so far.

Covid cases have been increasing across the country with Karnataka reporting 613 active cases while Kerala has 2,090 active cases. Maharashtra has 1617 active cases, Gujarat with 1179 cases, Delhi has recorded 346 cases, Tamil Nadu has 517 active cases; Telangana with 146 cases so far. (Read More)

24 Mar 2023, 01:47:52 PM IST

Sandeep Bagla, CEO Trust MF views regarding amendments in finance bill

Sandeep Bagla, CEO Trust Mutual Funds regarding the amendments that have been proposed in the finance bill: Last 1-2 years, MF have seen outflows from debt schemes, in spite of the tax benefit. The only segment that saw inflows was the spate of target maturity funds which were passively holding Gsecs, mimicking FDs but with tax benefits. Investors may be reluctant to redeem even after completion of 3 years now as incremental income from these investments may remain tax efficient. Few investors may remain invested wanting to defer tax as tax is payable only at redemption. Incremental inflows will come into funds who are able to manage their portfolios actively and generate inflation-beating returns for investors. There is likely to be no impact in the short term but could impact the ability of mutual funds to attract debt flows in the long term

24 Mar 2023, 01:44:06 PM IST

Zydus Lifesciences gets US health regulator's nod for its generic medicine

Zydus Lifesciences Ltd on Friday said it has received final approval from the US health regulator for its generic doxepin hydrochloride capsules used in the treatment of depression and anxiety.

The approval granted by the US Food and Drug Administration (USFDA) is for doxepin hydrochloride capsules of strength 150 mg, the company said in a regulatory filing.

The drug will be manufactured at the group's formulation manufacturing facility in Moraiya, Ahmedabad, it added.

Doxepin hydrochloride capsule is indicated to treat mental/mood problems such as depression and anxiety. It helps improve moods and feelings of well-being, relieves anxiety and tension, helps sleep better and increases the energy level, it added. (PTI)

24 Mar 2023, 01:43:42 PM IST

UK Retail Sales Hit Pre-Covid Levels as Outlook Brightens

UK retail sales climbed more sharply than expected last month, returning to their pre-pandemic levels as discounting enticed consumers back into the shops.

The volume of goods sold in stores and online rose by 1.2% from January, the most since October, the Office for National Statistics said, exceeding the 0.2% uptick expected by economists in a Bloomberg survey.

It was the second consecutive month in which sales beat forecasts, following an upwardly revised 0.9% rise in January.

The data add to the impression that UK consumers are weathering the cost-of-living crisis better than expected, and will help to bolster the Bank of England’s decision earlier this week to hike its base interest rate by another 25 basis points to 4.25%.

Stronger-than-expected consumer spending will also come as a relief to Prime Minister Rishi Sunak, who has vowed to boost growth in the UK and is hoping to avoid the prolonged recession that many economists had predicted earlier this year. (Bloomberg)

24 Mar 2023, 01:27:59 PM IST

Rail Vikas Nigam declares interim dividend. Record, payment date details here

Rail Vikas Nigam Ltd's (RVNL) board on Friday has announced the declaration of an interim dividend of 1.77 per share for the financial year 2022-23 (FY23). Shares of RVNL were trading more than a per cent higher at 65 apiece on the BSE in afternoon deals.

“..this is to inform that the Board of Directors of the Company in its meeting held today i.e. 24th March, 2023 have declared an Interim Dividend of 1.77/- per equity share of Rs. 10/- each (i.e. 17.7 %) for the financial year 2022-23," RVNL informed in an exchange filing. (Read More)

24 Mar 2023, 01:14:48 PM IST

Emami approves buyback of shares at 25% premium. 5 key things you should know

The board of directors of Emami Ltd has considered and approved a proposal for the buyback of shares. The multinational conglomerate headquartered in Kolkata informed Indian bourses about Emami's buyback plan and declared that Emami's buyback price at 450 per share. As Emami's share price today is around 360 apiece, the buyback of shares has been announced at a premium of around 25 per cent. This Emami buyback would be executed through open market route via stock exchange mechanism.

Informing Indian bourses about buyback of shares, Emami Ltd said, "The Board approved the proposal of Buyback of fully paid-up equity shares having a face value of Re. 1/- (Rupee One only) each of the Company at a price not exceeding 450/- (Rupees Four Hundred Fifty only) per equity share ('Maximum Buyback Price') and for an aggregate amount not exceeding 18,600 Lakhs (Rupees Eighteen Thousand Six Hundred Lakhs only) ('Maximum Buyback Size')." 

Here we list out 5 important details that Emami shareholders should know before tendering shares: (Read More)

24 Mar 2023, 12:43:52 PM IST

LIC plans investment exposure caps post Adani share rout: Report

The Life Insurance Corp. of India (LIC) is planning to impose caps on its debt and equity exposure to companies, two sources said, in a bid to lower the concentration of risk following criticism of its investment in Adani group companies.

After the Adani group lost over $100 billion in valuation post scathing allegations by U.S.-based Hindenburg Research, state-run LIC was criticized for having over $4 billion exposure to companies from the group.

LIC, the country's largest domestic institutional investor with assets under management of about $539 billion, is planning to cap its debt and equity exposure in individual firms, group companies and companies that are backed by same promoters, one of the sources, with knowledge of the matter, told Reuters.

24 Mar 2023, 12:32:12 PM IST

Apollo Hospitals shines as it leads the Nifty 50 stock chart and gains around 1.5% 

Apollo Hospitals
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Apollo Hospitals
24 Mar 2023, 12:20:52 PM IST

Zen Technologies bags ₹127 crore order from armed forces

Defence training solutions firm Zen Technologies on Friday said it has bagged 127 crore order from armed forces.

After setbacks faced in 2012 due to cancellation of large tenders, Zen said in a regulatory filing that it had stopped participating in large tenders and has now made a complete turnaround over the last 10 years.

"The government of India has recently accelerated the induction of simulators into the armed forces, in line with the simulation framework issued in September 2021. This move not only saves a significant amount of money but also provides better training value and is the most environmentally sustainable way to train our forces for combat readiness," Zen Technologies Chairman and Managing Director Ashok Atluri said.

The company indigenously designs, develops and manufactures sensor and simulators technology-based defence training system to security forces.

It also provides drone and anti-drone solutions. (PTI)

24 Mar 2023, 12:06:39 PM IST

MSCI review: HAL, Ashok Leyland to be added to India Standard Index; shares rise

Global index services provider MSCI (Morgan Stanley Capital International) may add two potential India stocks in its Standard Index, as part of its semi-annual review, which will be announced on 11 May 2023.

Both Ashok Leyland and Hindustan Aeronautics qualify on size and liquidity criteria till 23 March 2023, brokerage Emkay said in a note, adding it doesn't expect any exclusions at this point of time. (Read More)

24 Mar 2023, 12:01:12 PM IST

Noon Update: Indices trade flat as IT stocks shine, while Metal, Energy and Finance stocks drag

Sensex at Noon
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Sensex at Noon
24 Mar 2023, 11:51:11 AM IST

UBS offers retention packages to Credit Suisse Asia wealth bankers, says report

UBS promised retention packages to wealth-management staff in Asia at Credit Suisse, two people with knowledge of the matter said, as the bank tries to stem a talent exodus after the takeover of its former Swiss rival.

In a town hall address in Hong Kong on Friday, Iqbal Khan, UBS's president for global wealth management, also focussed on stabilising the Credit Suisse Asia team and boosting confidence, one of the two sources said. (Read More)

24 Mar 2023, 11:41:46 AM IST

Oil & Gas index drags as most stocks trade in the red in the index

Oil & Gas
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Oil & Gas
24 Mar 2023, 11:33:33 AM IST

Udayshivakumar Infra IPO's share allotment next week. What GMP signals

Udayshivakumar Infra Ltd's initial public offering (IPO) was subscribed 5.15 times on the third day of subscription on Wednesday that opened on on Monday, March 20, 2023. The issue had a price band of 33 to 35 per share. The offer received bids for 10,29,54,972 shares against 2 crore shares on offer, as per the exchange data.

The quota for non-institutional investors was subscribed 8.47 times, while the category for Retail Individual Investors (RIIs) received 4.14 times subscription and Qualified Institutional Buyers (QIBs) 1.21 times. 

As per market observers, UdayShivakumar Infra shares are commanding a premium (GMP) of 14 in the grey market today, higher from 10 in the previous sessions. (Read More)

24 Mar 2023, 11:20:59 AM IST

Bajaj Finance along with Bajaj Finserv drags the market as they shed around 2% each

Bajaj Finance
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Bajaj Finance
24 Mar 2023, 11:06:50 AM IST

Gold rate today trades tepid as US Dollar Index regains 102 mark. Buy or wait?

Gold rate today witnessed profit booking in early morning session as US dollar appreciated against the Indian National Rupee (INR) and the Dollar Index sustained above the psychological 102 levels. Gold future contract for April 2023 on Multi Commodity Exchange (MCX) opened with a downside gap at 59,490 per 10 gm and went on to hit intraday high of 59,546 per 10 gm within few minutes of commodity market's opening bell. However, due to rise in US dollar rates, gold price lost its shine and went on to hit intraday low of 59,405 levels in early morning deals.

According to bullion market experts, gold price today is under profit-booking pressure as the US dollar has witnessed relief rally after hitting 7-week low on Thursday. They said that gold rate today is sustaining above $1,990 per ounce levels in early morning session and is now in $1,980 to 42,010 per ounce range. They advised traders to buy gold at around 59,300 levels for the intraday target of 59,900 per 10 gm on MCX. (Read More)

24 Mar 2023, 11:06:07 AM IST

Oil Edges Lower Amid Bank Concerns, Caution on Stockpile Refill

Oil edged lower, paring a weekly advance, as concerns over the banking industry simmered and the US signaled that refilling the nation’s strategic crude inventories would take longer than previously expected.

West Texas Intermediate declined below $70 a barrel after a choppy session on Thursday that ended with a drop. Still, the US benchmark has risen by more than 4% this week. Malaise continues to hang over the US banking sector, despite an assurance of more support from the authorities if warranted.

US Energy Secretary Jennifer Granholm said on Thursday that it will be “difficult" to refill government oil reserves this year. The crucial stockpile has been drawn down to the lowest level since the 1980s after the Biden administration ordered a release in the wake of Moscow’s invasion of Ukraine. (Bloomberg)

24 Mar 2023, 10:48:34 AM IST

Kotak Securities on Commodities - Gold and Crude

Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd

Gold: “COMEX Gold prices rose more than 2% on Thursday, holding near the highest since the Russia Ukraine war, amid weakness in the greenback and treasury yields after a slightly dovish FOMC coupled with safe haven bids stemming from financial market uncertainties. Prices were also supported by Janet Yellen’s comments, after she told Senate that regulators aren’t looking to provide “blanket" deposit insurance to stabilize the US banking system, putting the focus back on the weak regional banks. Despite Powell reiterating for holding rates throughout the year, markets are expecting a cut of more than 75 bps in 2023, taking into account the lags of monetary policy and the fact that Fed will have no choice but to cut rates, in the event of a hard landing. Gold prices might continue to trade with an upside bias, amid the ongoing banking sector uncertainty and rising odds of similar events in futures."

Crude: “WTI Crude oil futures fell more than 1%, to below $70 per bbl on Thursday, as concerns over the banking sector persist and the US signaled that refilling its strategic crude inventories would take longer than previously expected. The stockpile has been drawn down to the lowest level since the 1980s after the Biden administration ordered a release in the wake of the war in Ukraine. Meanwhile, US crude oil inventories rose by 1.11 million barrels in the week ended 17th March according to the latest EIA report. WTI Crude is poised to end the week with more than 3% gains, after plunging to a seventeen-month low, earlier in the week. We might continue to see weakness in oil prices amid steady Russian flows, prospects of a looming slowdown and US holding off SPR refill."

24 Mar 2023, 10:32:46 AM IST

Metal index is among the biggest laggards in today's sessions as it sheds more than a per cent

Metal Index
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Metal Index
24 Mar 2023, 10:31:43 AM IST

Ajanta Pharma share buyback record date set for today. Key details in 5 points

Ajanta Pharma stock is in focus today as the pharma company has fixed a record date for the buyback of shares on 24th March 2023. Ajanta Pharma has already declared the buyback of shares at 1,425 per share. Ajanta Pharma share price today is around 1,170 apiece, which means Ajanta Pharma's buyback is taking at a premium of 255 per share or 21.80 per cent.

Informing Indian bourses about buyback of shares, Ajanta Pharma Ltd said, "This is in furtherance to our intimation dated March 10, 2023 informing the stock exchanges, that the Board of Directors of the Company has approved the proposal of Buy-back of 22,10,500 (Twenty Two Lakhs Ten Thousand Five Hundred) fully paid-up equity shares of the Company of face value of 2 each at a price of 1,425/- (Indian Rupees One Thousand Four Hundred And Twenty Five only) per equity share, on a proportionate basis, through the tender offer process (“Buyback"), in accordance with the provisions of the Companies Act, 2013, and rules made thereunder, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the “SEBI Buyback Regulations") as amended from time to time and other applicable laws." (Read More)

24 Mar 2023, 10:22:01 AM IST

India likely to propose removing long-term tax benefits for debt mutual funds - source

India may propose that investments in debt mutual funds be taxed as short-term capital gains, according to a source with knowledge of the matter, a move that could strip investors of the long-term tax benefits that made such investments popular.

The change could benefit bank deposits, which have been growing more slowly than credit demand over the past 12 months leading to higher funding costs for lenders.

The proposed changes are likely to be part of the finance bill amendments that could be tabled in the parliament on Friday.

Mutual funds with less than 35% invested in equities are proposed to be treated as short-term and the indexation benefits that help significantly reduce tax liability available to such funds may be removed prospectively, the source said.

As such, the tax rate applicable would be based on the income tax slab in which the investor falls. (Reuters)

24 Mar 2023, 10:06:50 AM IST

Reliance Industries shares trade near 52-week low. Jefferies has 'Buy' tag

While there is a growing concern that telecom tariff hikes may only take place after general elections in May 2024, global brokerage Jefferies noted that this could lead to accelerated market share shifts and in theory an effective duopoly which could add 93 per share upside potential.

“While we cut Reliance Jio's estimates by 1-6% to factor tariff hike delays, we reiterate BUY rating as Reliance Industries Ltd (RIL) offers 36% upside to our revised target price of 3,060 and 28% upside even if tariff hikes don't materialize till March 2025," the note stated. (Read More)

24 Mar 2023, 09:55:47 AM IST

Infosys leads the stock chart as it jumps more than a per cent in today's session

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24 Mar 2023, 09:55:02 AM IST

Emami board to consider buyback of shares today. Details here

The board of directors of Emami Ltd is going to consider and approve the buyback of shares today. The company informed Indian bourses in its exchange communication that the company board is going to consider the proposal for the buyback of shares in its meeting scheduled on 24th March 2023. The company board is expected to announce the buyback price and the record date for the buyback in its scheduled meeting today.

Informing Indian bourses about the buyback of shares, Emami Ltd said, "The meeting of the Board of Directors of the Company is scheduled on 24/03/2023 ,inter alia, to consider and approve Pursuant to aforesaid regulation, we wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, 24th March 2023 inter-alia, to consider a proposal for buyback of fully paid-up equity shares of the Company including matters related/incidental thereto in accordance with the provisions of Section 68, 69, and 70 of the Companies Act, 2013, read with rules made thereto and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended." (Read More)

24 Mar 2023, 09:31:17 AM IST

Consumer Durable among the biggest laggards in today's early session with most stocks shedding

Consumer Durable
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Consumer Durable
24 Mar 2023, 09:26:21 AM IST

Budget session: Nirmala Sitharman to move Finance Bill 2023 today

Union Finance Minister Nirmala Sitharaman on Friday, will move the Finance Bill 2023, to give effect to the financial proposals of the central government.

This comes a day after the demand for grants was passed in Parliament.

The Finance Bill 2023, gives effect to the financial proposals of the central government for the financial year 2023-24 to be taken into consideration.

Earlier on Thursday, the Lok Sabha on passed demands for grants authorising expenditure of about 45 lakh crore for 2023-24. The proposal was passed by voice vote amid protests by opposition members over their demand for a JPC probe into the Adani issue.

Lok Sabha Speaker Om Birla applied for the Guillotine when the House met at 6 pm following two adjournments earlier. (ANI)

24 Mar 2023, 09:24:06 AM IST

SBI Life starts the session on a tepid note as it sheds more than 2% in early trading

SBI Life
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SBI Life
24 Mar 2023, 09:22:47 AM IST

PNB's board to consider fundraising via AT1 bonds issue next week

State-owned Punjab National Bank (PNB) on Thursday informed that its board of directors will meet next week on Wednesday, March 29, 2023 to consider the proposal of fund raising of capital for FY 2023-24 through the issuance of Basel-Ill compliant Additional Tier-1 (AT1) Bonds and Tier-II Bonds, in one or more tranches.

“..the Exchange is hereby informed that a meeting of the Board of Directors of the Bank is scheduled on Wednesday, 29 March, 2023 for inter alia considering the proposal for raising of capital for FY 2023-24 through issuance of Basel-Ill compliant Additional Tier-1 Bonds and Tier-II Bonds, in one or more tranches," PNB said in an exchange filing. AT1 bonds are a type of unsecured, perpetual bonds that banks issue to improve their core capital base. (Read More)

24 Mar 2023, 09:21:43 AM IST

Indices open flat as IT stocks zoom at the start, while Finance stocks keep the gains in check 

Sensex at  Open
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Sensex at Open
24 Mar 2023, 09:13:39 AM IST

Geojit Financial Services views on market: The ongoing stress in the US banking system is a short-term challenge, but a long-term opportunity for equity investors

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The steady decline in bond yields, across tenors, in the US reflect the market perception that interest rates are near peaks. The Fed is likely to pause, after perhaps one more 25 bp rate hike, and if the disinflation trend continues on expected lines, the FOMC may cut rates by end 2023 or early 2024. A lot will depend on the extent of slowdown in the US economy. If a hard landing of the US economy is avoided, equity markets will bounce back. The ongoing stress in the US banking system is a short-term challenge, but a long-term opportunity for equity investors. Market corrections triggered by negative news from the US can be used by long-term investors to buy high-quality stocks, which will bounce back once interest rates start trending down.

24 Mar 2023, 09:06:39 AM IST

Reliance Securities Stock in Focus for Today: BEML


BEML (CMP 1,248)

We expect its EBITDA margin at 6-7% over FY22-FY25E. Considering strong opportunities across segments, healthy earnings growth and margin expansion, we have our BUY rating on the stock with a Target Price of Rs2,100.

Intraday Picks


For today’s trade, long position can be initiated in the range of Rs176-178 for the target of Rs185 with a strict stop loss of Rs174.

APOLLOTYRE (PREVIOUS CLOSE: 310) SELL For today’s trade, short position can be initiated in the range of Rs313- 316 for the target of Rs303 with a strict stop loss of Rs319.

TATACHEM (PREVIOUS CLOSE: 968) BUY For today’s trade, long position can be initiated in the range of Rs960- 965 for the target of Rs985 with a strict stop loss of Rs953.

24 Mar 2023, 09:02:45 AM IST

Sensex preopens in red; Adani Ports, IndiGo, Vedanta, SpiceJet in focus

Sensex at Preopen
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Sensex at Preopen
24 Mar 2023, 08:58:30 AM IST

Jack Dorsey’s wealth tumbles $526 mn after Hindenburg accuses Block of fraud, misleading investors

After Hindenburg's latest report on Jack Dorsey's Block Inc, net worth of the co-founder was hammered. The report alleged that the payments company ignored widespread fraud. According to the Bloomberg Billionaires Index, Dorsey’s fortune plunged by $526 million on Thursday, his worst single-day decline since May. He’s now worth $4.4 billion after the 11 percent drop.

Hindenburg's report claimed that Block has allowed fraudulent accounts to proliferate on cash applications, generating illegitimate revenue and exaggerating user metrics.

Block offers payment and mobile banking services for merchants and consumers. (Read More)

24 Mar 2023, 08:48:01 AM IST

Rupee seen little changed as Asian FX weaken on tepid risk appetite

The Indian rupee was likely to open little changed against the greenback on Friday as the dollar index recovered some ground to weigh on Asian currencies.

The non-deliverable forwards indicate that the rupee will open at around 82.25-82.30 to the U.S. dollar, compared with 82.2625 in the previous session.

The rupee notched its best trading session in three weeks on Thursday as Asian currencies broadly rose on hopes that the Federal Reserve was nearing the end of its rate hiking cycle.

Some of those moves seemed to be reversing on Friday, as the Chinese yuan dipped to 6.84 per dollar while the South Korean won fell 0.3% as the dollar index eked out marginal gains after declining for six straight sessions.

Central banks in Switzerland, Norway and Britain all raised interest rates overnight, while more U.S. data indicated the labour market remained tight, showing no impact yet of the failure of two regional banks that had roiled financial markets. (Reuters)

24 Mar 2023, 08:40:42 AM IST

JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks; memo, sources

As a series of U.S. lenders were besieged by customers yanking out their money this month, banking behemoths JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp., warned employees: Do not make it worse.

JPMorgan, the nation's largest bank, told all employees they "should never give the appearance of exploiting a situation of stress or uncertainty," in a March 13 memo, extracts of which were seen by Reuters. "We do not make disparaging comments regarding competitors."

On the same day, the leaders of its consumer and business banking unit told branch employees: "We should refrain from soliciting client business from an institution in stress," according to extracts seen by Reuters. Citigroup has also given similar guidance to its business heads, a source familiar with the matter said. The guidance includes not speculating about other banks or market rumors. (Read More)

24 Mar 2023, 08:28:23 AM IST

Stocks to Watch: Adani Ports, Indigo, Vedanta, Adani Power, SpiceJet, Patel Engineering, Canara Bank, HAL, Bajaj Hindusthan Sugar, and Vascon Engineers

Biocon, Hindustan Aeronautics Ltd, and Indiabulls Housing Finance Ltd are the stocks that will be part of the F&O ban list for Friday trading. (Read More)

24 Mar 2023, 08:13:21 AM IST

Oil falls as US holds off refilling strategic reserve

Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years.

Brent crude futures slid 48 cents, or 0.6%, to $75.43 a barrel by 0039 GMT, while U.S. West Texas Intermediate crude futures dropped 52 cents, or 0.7%, to $69.44 a barrel.

Both benchmarks were still on track for a weekly gain of about 3%-4%, recovering from their biggest weekly declines in months last week due to the banking sector crisis and worries about a possible recession.

"There is a sell-off from the view that the United States will not refill oil reserve even if the WTI prices are at $67-$72 a barrel," said Hiroyuki Kikukawa, general manager of research at Nissan Securities. (Reuters)

24 Mar 2023, 07:57:37 AM IST

Patel Engineering bags Dibang Multipurpose Project worth ₹3,637 crore

Patel Engineering Ltd has emerged as the successful bidder for Dibang Multipurpose Project worth 3,637.12 crore in Arunachal Pradesh, which will be undertaken in a joint venture.

The company's share in this order is 1,818.56 crore, according to a regulatory filing.

"Patel Engineering Ltd (PEL) has emerged as L1 bidder in financial bid opening through an e-reverse auction for the tender invited by NHPC Ltd, for the construction of civil works for LOT-4: comprising head race tunnels ...for Dibang Multipurpose Project 2880 MW (12 X 240 MW), located in Arunachal Pradesh, India," the company said in a statement.

The project is to be executed in 86 months. It will be undertaken in a joint venture, of which PEL's share is 50 per cent. (PTI)

24 Mar 2023, 07:56:45 AM IST

India current account deficit likely narrowed to 2.7% of GDP in Q4: Reuters poll

India's current account deficit is likely to have improved in the final quarter of 2022 from a nine-year high in July-September as the goods trade gap moderated and net services exports rose, a Reuters poll found.

The median forecast of 22 economists polled March 16-23 showed a current account deficit of $23.0 billion in October-December 2022, or 2.7% of gross domestic product (GDP). Forecasts ranged from $15.0-$28.0 billion, or 2.0%-3.2% of GDP.

In July-September, the gap was $36.4 billion. As a percentage of GDP, at 4.4% it was the highest since mid-2013. (Read More)

24 Mar 2023, 07:28:51 AM IST

Buy or sell: Vaishali Parekh recommends 3 stocks to buy today

Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks:

1] Mahindra CIE Automotive: Buy at 361, target 379, stop loss 345;

2] Maruti Suzuki India Ltd or MSIL: Buy at 8353, target 8600, stop loss 8240; and

3] Balrampur Chini: Buy at 374, target 390, stop loss 368. (Read More)

24 Mar 2023, 07:19:49 AM IST

SpiceJet open to sell more stakes in airline biz

Low-fare airline SpiceJet is open to selling more shares to reduce its liabilities, chairman and managing director Ajay Singh said.

“We are flexible. We will talk to our partners and see what it is they prefer to do. But, irrespective, we need to deleverage our balance sheet to have the space to grow, and that’s what we are trying to do," Singh said in response to a query at the CAPA India Aviation Summit.

At the end of the December quarter, when it posted a four-fold jump in net profit to 106.8 crore thanks to robust demand and higher fares, the Gurugram-based airline had liabilities of around 14,000 crore. (Read More)

24 Mar 2023, 07:19:09 AM IST

Accenture to fire 7,000 in India as part of global cuts

Accenture Plc plans to fire at least 7,000 of its about 350,000 employees in India as the world’s largest technology services company prepares to let go of 19,000 people or 2.5% of its global workforce in the next 18 months.

The move marks the first major layoff announcement by a large IT services company this year. With this, Accenture joins the ranks of Big Tech companies, including Alphabet, Amazon, Meta and Microsoft, all of which have announced about 70,000 job cuts since January amid fears a global recession will affect growth. (Read More)

24 Mar 2023, 07:18:18 AM IST

Wall Street ends higher on Thursday as Yellen vows actions to safeguard deposits

Wall Street closed higher on Thursday as market participants were reassured by U.S. Treasury Secretary Janet Yellen's reassurances that measures will be taken to keep Americans' deposits safe.

All three major U.S. stock indexes reversed an earlier rally, turning red before clawing their way back to positive territory in the final hour as Yellen resumed her congressional testimony.

Dropping Treasury yields, particularly an 18 basis point drop in two-year note yields, helped growth shares boost the Nasdaq to the head of the pack.

"You watch this market and you watch it change direction in a short period of time and it’s based on some market participants’ interpretation over what someone said and how it affects how their trading," said Thomas Martin, senior portfolio manager at GLOBALT Investments in Atlanta.

"The market as a whole is telling you is there are a lot of different ways to interpret all the things people are saying."

The session followed Wednesday's boom-and-bust moves after the Fed's rate hike, Fed Chair Jerome Powell's subsequent Q&A session and Yellen's testimony before Congress in which she ruled out blanket protection for all deposits.

Interest rate hikes by central banks around the world have stressed the banking sector, which became manifest with the recent failures of SVB Financial Group and Signature Bank.

The S&P 500 banks index dipped 1.2% to its lowest level since November 2020, and it has now fallen over 40% from its record high in February 2022.

Comments from the Bank of England that inflation will probably quickly fade also helped fuel hopes of light at the end of the central bank tightening tunnel. (Reuters)

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