Market closing: Benchmark Indian equity indices lost the gains of the previous day. The Sensex closed at 49,509.15, down 627.43 points or 1.25%, while the Nifty was at 14,690.70, down 154.40 points, or 1.04%. The 30-share gauge closed with 10 stocks in green led by Bajaj Finserv, ITC, SBI and HUL.
Benchmark Indian indices closed lower on Wednesday. Asian stocks wobbled as US treasury yields continued to rise. Crude oil prices declined as Opec+ participants reduced their positions on low demand. Gold was on track for its biggest quarterly decline in more than four years on Wednesday.
31 Mar 2021, 03:46:52 PM IST
Benchmark Indian equity indices lost the gains of the previous day. The Sensex closed at 49,509.15, down 627.43 points or 1.25%, while the Nifty was at 14,690.70, down 154.40 points, or 1.04%. The 30-share gauge closed with stocks in green, led by Bajaj Finserv, ITC, SBI and HUL. The HDFC twins, Power Grid, Tech Mahindra, ONGC, and 15 other stocks closed in red. Among broader indices, the BSE midcap and smallcap closed at 0.07% and 0.52%, respectively. Meanwhile, the Nifty midcap 100 and smallcap 100 ended at 0.35% and 0.37%, respectively.
Asian stocks wobbled as US treasury yields continued to rise.
Crude oil prices declined as Opec+ participants reduced their positions on low demand. Globally, West Texas Intermediate crude oil was trading 0.05% lower at $60.52 per barrel, while Brent crude was quoting 0.08% down at $64.09 per barrel in New York.
Gold was on track for its biggest quarterly decline in more than four years on Wednesday, as elevated US bond yields and a stronger dollar diminished the safe-haven bullion's appeal. Spot gold was little changed at $1,685.03 per ounce by 09:16 GMT.
31 Mar 2021, 03:19:57 PM IST
Piramal Pharma to acquire 100% stake in Hemmo Pharma for ₹775 cr
Piramal Pharma Solutions (PPS), has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd for ₹775 crores, the companies said today. PPS is the Contract Development and Manufacturing Organization (CDMO) of Piramal Pharma Limited’s (PPL). This is the third pharma acquisition this fiscal for PPS. The acquisition marks PPS’ foray into the development and manufacturing of peptide APIs (active pharmaceutical ingredient), a capability that complements PPS’ existing service offering. (Read here)
InMobi Pte., which provides mobile-advertising services globally, is planning to list in the US by the end of the year, according to a person familiar with the plan, potentially the first among a slew of Indian startups targeting initial public offerings. The tech upstart, India’s first private company to reach unicorn status with venture funding, could kick off the IPO process in a few weeks, when its board is set to meet to consider a listing, said the person, who asked not to be identified talking about a confidential matter. The offering size could be as large as $1 billion, valuing InMobi at $12 billion to $15 billion, the person said.
31 Mar 2021, 02:47:26 PM IST
A billion for every chip-maker who 'makes in India,' sources say
India is offering more than $1 billion in cash to each semiconductor company that sets up manufacturing units in the country as it seeks to build on its smartphone assembly industry and strengthen its electronics supply chain, two officials said.
Prime Minister Narendra Modi's 'Make in India' drive has helped to turn India into the world's second-biggest mobile manufacturer after China. New Delhi believes it is time for chip companies to set up in the country. (Reuters)
31 Mar 2021, 02:35:11 PM IST
BHEL trades lower
BHEL was trading at ₹48.75 apiece, down 0.20 points or 0.41% at 2:24 pm. The company secured an order worth over ₹400 crore to set up a 525 TPD Sulphur Recovery Unit at IOCL’s Paradip Refinery in Odisha and was won against stiff international competitive bidding, BHEL said in a regulatory filing.
CDC Group to invest ₹320 cr in pooled debt of 6 MFIs
British government-funded developmental finance institution CDC Group on Wednesday partnered with Northern Arc Capital for its first-ever pooled bond issuance transaction worth ₹320 crore in the country.
The ₹320-crore fund will support six domestic microfinance institutions -- Annapurna Finance, Arohan Financial Services, ASA International, Asirvad Microfinance, Chaitanya India, and Fusion Microfinance. They will use the money to support female and rural borrowers, CDC Group said in a statement. (PTI)
31 Mar 2021, 02:12:27 PM IST
HCC Group's infra arm to get ₹1,259 cr from NHAI over closure of claims
HCC Group on Wednesday said its infrastructure arm HCON is set to receive ₹1,259 crore from National Highways Authority of India (NHAI) following closure of outstanding disputes and claims concerning Baharampore-Farakka Highways Ltd (BFHL) and Farakka-Raiganj Highways Ltd (FRHL),
HCC Concessions Ltd (HCON), the infrastructure development arm of HCC Group, has concluded its conciliation with NHAI for all disputes concerning BFHL and FRHL, HCC said in a statement. (PTI)
Gold set for worst quarter since 2016-end on robust dollar, yields
Gold inched higher in choppy trade on Wednesday, but the metal was still headed for its worst quarterly fall since December 2016, as a surge in US Treasury yields and the dollar dented safe-haven bullion's appeal.
Spot gold was up 0.1% to $1,686.65 per ounce by 06:59 GMT, after hitting its lowest since March 8 at $1,677.61 earlier in the session. It has declined about 3% this month and 11.1% during the quarter. (Reuters)
31 Mar 2021, 01:23:06 PM IST
SBI signs another $1 bn loan agreement with JBIC
Mumbai: India’s largest lender State Bank of India (SBI) on Wednesday said it has signed a loan agreement of up to $1 billion with Japan Bank for International Cooperation (JBIC). The bank had signed a similar deal with JBIC in October last year as well. (Read here)
Sterling & Wilson Solar Solutions wins ₹890 cr order in US
Shapoorji Pallonji group company Sterling and Wilson Solar Solutions Inc said on Wednesday it has signed an order worth ₹122 million (about ₹890 crore) in Pacific northwest region of the US. The order has been received from a leading sustainable energy company and is scheduled to be commissioned by Q4 FY22.
Sterling and Wilson Solar will manage the entire turnkey execution for PV project. The US market is one of the largest renewable markets globally and has been the company's focus. (ANI)
UltraTech's debt reduction further strengthens its balance sheet
Pan-India focused cement manufacturer Ultratech Cement Ltd has prepaid its long-term loans amounting to Rs5,000 crore, it informed the exchanges on Tuesday, post market hours.
The company said that the loan repayments have been done through free cash flows that it has generated over the last few quarters despite the challenging circumstances and severe business interruptions during the first quarter of the current fiscal year. (Read here)
Airtel receives CERT-IN empanelment for cyber security services
Bharti Airtel on Wednesday said it has been empanelled by the Computer Emergency Response Team (CERT-IN) that will allow the telecom major to offer its cyber security solutions to government organisations.
With this empanelment, Airtel will be able to offer its cyber security solutions to the union government and state governments as well as public sector entities, in addition to corporate customers, a statement said. (PTI)
Edelweiss Financial Services Ltd on Thursday will launch a secured non-convertible debenture (NCD) issue of up to ₹400 crore, offering an effective yield of up to 9.70%. The issue will close on 23 April 2021.
The issue offers up to 9.70% yield for a tenor of 120 months and the issue has been rated AA with negative outlook by Acuité Ratings & Research and AA- with stable outlook by Brickwork Ratings.
IRB Infrastructure shares climb nearly 9% after two highway projects wins
Shares of IRB Infrastructure Developers on Wednesday jumped nearly 9% after the company said it has won highway projects in West Bengal and Himachal Pradesh, taking the total value of project wins in the current fiscal to ₹5,004 crore. The stock gained 8.65% to ₹112.30 on BSE. On NSE, it jumped 8.41% to ₹112.10. With the entry in West Bengal and Himachal Pradesh, the company's footprints have now been spread to 10 states across India, it said on Tuesday. (PTI)
Real estate developer Lodha set to open ₹2,500 crore IPO on 7 April
Macrotech Developers Ltd, earlier known as Lodha Developers, is gearing up to launch its ₹2,500 crore initial public offering (IPO) on 7 April, said two people aware of the development. The company will file it's red herring prospectus with the registrar of companies today, said one of the people cited above, requesting anonymity. The IPO will open on 7 April and close on 9 April, he said. The issue has received final approval from Sebi, he added. (Read here)
31 Mar 2021, 11:36:15 AM IST
India not out of woods; real GDP growth to be 7.5-12.5% : World Bank
India’s economy has bounced back amazingly from the covid-19 pandemic and nationwide lockdown over the last one year, but it is not out of the woods yet, according to the World Bank, which in its latest report has predicted that the country’s real GDP growth for fiscal year 21/22 could range from 7.5% to 12.5%.
The Washington-based global lender, in its latest South Asia Economic Focus report released ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF), said that the economy was already slowing when the covid-19 pandemic unfolded. (PTI)
31 Mar 2021, 11:22:38 AM IST
Petrol, diesel rates unchanged today
Petrol and diesel prices are unchanged across the four metros on 31 March. In Delhi, petrol rates were steady at ₹90.56 per litre and diesel was untouched at ₹80.87 per litre, as per the Indian Oil Corporation. (Read here)
31 Mar 2021, 11:07:50 AM IST
HDFC twins, ICICI Bank top drags on Sensex
31 Mar 2021, 10:56:57 AM IST
Kalpataru Power Transmission bags new orders worth ₹625 cr
Kalpataru Power Transmission Ltd (KPTL) on Wednesday said it has secured new orders worth ₹625 crore in domestic and overseas markets.
The company said it has won orders from Africa in the power transmission business and an order for railway electrification in India. (PTI)
SpiceJet has signed a memorandum of understanding (MoU) with Avenue Capital Group, New York. The MoU entails an alliance for financing, acquisition, sale and lease‐back of 50 new planes to be ordered by the airline, the airline said in a regulatory filing.
Indian rupee to hit one-year low vs US dollar: Standard Chartered
The Indian rupee, Asia’s best-performing currency in March, is going to slide right back to levels last seen in the depths of the pandemic meltdown, according to Parul Mittal Sinha at Standard Chartered Plc. (Read here)
31 Mar 2021, 09:48:44 AM IST
Why digital outages don’t seem to affect HDFC Bank’s valuations
Customers of HDFC Bank complained about troubles using the lender's digital interfaces yet again on Tuesday, but its share price ended more than 3% higher. To be sure, shares have slipped about 2% in early deals today. The lender remains the most valued bank in India despite a series of problems involving its digital interfaces since last four months. (Read here)
The Sensex opened at 49,745.82, down 390.76 points, or 0.78%, while the Nifty was at 14,738.35, down 106.75 points, or 0.72%. Banks, financials services and IT stocks were trading lower, while pharma stocks were trading in green. The 30-share Sensex saw UltraTech, Nestle,, Sun Pharma, Axis Bank, HCL tech and Tech Mahindra in green, while the rest were in red. ONGC, HDFC Bank, Power grid and NTPC were top drags at market opening. Oil prices increased in the run up to the Opec+ meet on production. Bonds
The yield on 10-year treasuries rose about four basis points to 1.74%.
31 Mar 2021, 09:08:05 AM IST
The Sensex was at 50,164.83, up 28.25 points or 0.06% at pre-opening, while the Nifty was at 14,845.10, up 337.80 points or 2.33%. Indian markets are expected to have a steady opening based on positive cues from Asian peers.
31 Mar 2021, 08:57:01 AM IST
IRB Infra closes FY21 with ₹5,004 cr contracts
IRB Infrastructure Developers (IRB) on Tuesday said it has won two highway projects in West Bengal and Himachal Pradesh, taking the total project wins in the current fiscal to ₹5,004 crore.
With the entry in West Bengal and Himachal Pradesh, the company’s footprints have now been spread to 10 states across India, it said. (PTI)
31 Mar 2021, 08:39:26 AM IST
The SGX Nifty indicates a flat start for benchmark Indian equity indices on Wednesday. Indian stocks surged past the 50,000 mark on Tuesday, powered by a new $3 trillion US spending package, clocking robust gains for the second straight session. The Sensex rose 1,128 points, or 2.3%, the most since 2 February, to close at 50,136.58, while the broader Nifty index added 337.80 points, or 2.3%, to 14,845.10.
31 Mar 2021, 08:26:00 AM IST
HPCL acquires balance 50% stake in Chhara LNG Terminal
Hindustan Petroleum Corporation Limited (HPCL) has acquired the balance 50% equity stake in HPCL Shapoorji Energy Private Limited (HSEPL) from SP Ports Private limited company.
Post acquisition, HPCL's stake in HSEPL gets enhanced to 100%, making HSEPL a wholly-owned subsidiary of HPCL. (ANI):
31 Mar 2021, 08:07:45 AM IST
Stocks to Watch
IRB Infra, Shriram Transport Finance, BHEL, Tata Power and Nazara Technologies are among the stocks that may be in the news today. (Read here)
31 Mar 2021, 07:55:31 AM IST
Oil fluctuates above $60 in run-up to critical Opec+ meet
Oil fluctuated ahead of an OPEC+ meeting on Thursday at which the group will decide on output policy, with the alliance expected to maintain its cautious stance on adding supplies given near-term concerns on demand.
West Texas Intermediate rose 0.2% after falling 1.6% on Tuesday. In the run-up to the closely-watched ministerial meeting, an OPEC+ panel revised down demand estimates for the year, delegates said. Still, the group also expects the surplus built up during the pandemic to be mostly gone within the next quarter. (Bloomberg)
31 Mar 2021, 07:45:21 AM IST
Gold faces headwinds from strong China factory data
Gold prices inched lower on Wednesday as data showing a faster-than-expected growth in China's factory activity weighed on the metal's safe-haven appeal, while a surge in U.S. Treasury yields added further pressure. Spot gold was down 0.1% to $1,683.56 per ounce by 01:29 GMT. US gold futures were flat at $1,685.10 per ounce. (Reuters)
31 Mar 2021, 07:32:17 AM IST
Asian markets hold steady
Asian stocks were steady at the start of the last trading day of the quarter as investors await more details on the next leg of U.S. stimulus spending and monitor upward pressure on bond yields.
Banks dragged Japan’s equity gauge lower after Mitsubishi UFJ Financial Group Inc. joined the list of firms globally to take a hit from the meltdown at Bill Hwang’s Archegos Capital Management. South Korean shares rose. U.S. equity futures climbed after the S&P 500 closed modestly lower.
SGX Nifty was at 14,924.50, down 14.25 points, or 0.10% at 7:29 am IST.
S&P 500 futures were up 0.2% as of 9:38 a.m. in Tokyo. The S&P 500 Index dipped 0.3%.
Japan’s Topix index fell 0.3%.
Australia’s S&P/ASX 200 Index rose 1.3%.
South Korea’s Kospi index rose 0.5%.
31 Mar 2021, 07:32:12 AM IST
Wall Street ends lower on tech stock selloffs
US stocks ended down slightly on Tuesday, with investors selling tech-related growth shares after U.S. Treasury yields hit a 14-month high. At the same time, the S&P 500 financials, industrials and consumer discretionary sectors rose, extending the recent rotation out of growth and into so-called value names.
Tech shares trimmed losses in afternoon trading with Treasury yields off the day’s high, but the S&P technology sector ended down 1% on the day and was the biggest drag on the S&P 500. The Nasdaq was on track for its first monthly loss since November following the recent rise in yields. The 10-year U.S. Treasury yield rose to 1.776% in early London trade, its highest since Jan. 22. But the yield reversed and was lower in late New York trading as traders prepared for quarter-end.
The Dow Jones Industrial Average fell 104.41 points, or 0.31%, to 33,066.96, the S&P 500 lost 12.54 points, or 0.32%, to 3,958.55 and the Nasdaq Composite dropped 14.25 points, or 0.11%, to 13,045.39.
President Joe Biden on Wednesday will unveil more details about the first stage of his infrastructure plan, which could be worth as much as $4 trillion.