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India's benchmark equity indices--Sensex and Nifty--staged a sharp recovery to end up 1% each, led by gains in IT and pharma stocks.
At close, the Sensex was up 452.73 points or 0.99% at 46,006.69, and the Nifty was up 137.90 points or 1.03% at 13,466.30. About 1,537 shares advanced, 1,325 declined, and 165 were unchanged.
Adani Ports, HCL Tech, Tech Mahindra, Infosys and GAIL were the top gainers on Nifty, while Kotak Mahindra Bank, Bajaj Finance, HDFC, IndusInd Bank and Hindalco were the worst hit.
All the sectoral indices ended higher, led by the IT index which surged over 3% to touch a 52-week high. BSE Midcap and Smallcap indices rose 1% each.
India’s newest mortgage lender is in no hurry to catch up in the crowded market.
Instead of aggressively expanding its asset book, Godrej Housing Finance will focus on acquiring 1,000 customers by March to test the sustainability of its systems and processes, said Chief Executive Officer Manish Shah. (Read here)
GMR Infrastructure Limited said it has received approval from stock exchanges, with no adverse observations, on its proposed restructuring involving the demerger of its non-airport business.
The company said it will file the restructuring scheme with the National Company Law Tribunal (NCLT) within six months.
JSW Steel's Italian subsidiary has signed a share purchase agreement to acquire the remaining 30.73% stake in GSI Lucchini SpA of Italy for 1 million euros (about ₹9 crore).
The balance share capital of GSI is held by JSW Steel Italy Srl. The manufacturing unit of GSI is located at the port city of Piombino in Tuscany region, providing easy access to export markets.
The Delhi high court has dismissed a plea of Zee Entertainment Enterprises, seeking a stay on IndusInd Bank’s demand of ₹83 crore. The court allowed IndusInd Bank to raise demand of ₹83 crore against Zee for Siti default, reported CNBC-TV18.
India fell several notches to the eight spot among key emerging markets in October, marking its worst performance since June, the latest update to Mint’s emerging markets tracker shows.
The country was at the bottom of the heap in June. Since then, improvements in factory production and buoyancy in the financial markets elevated India’s rank in the league tables. In September, India ranked fourth among the 10 emerging markets covered in the tracker. But the trend reversed in October, the latest available data show. (Read here)
The Financial Recourse and Management Committee of the board of directors of Manappuram Finance Limited at its meeting held on Tuesday approved allotment of 4,000 rated, secured, redeemable non-convertible debentures having a face value of Rs10,00,000 each, ₹400 crore on a private placement basis to be listed on the BSE, the company said in a regulatory filing.
Oil prices extended losses on Tuesday, adding to declines from the previous session, as a new strain of the novel coronavirus in the UK triggered concerns over fuel demand recovery.
West Texas Intermediate fell 2.5% to $46.79 per barrel, while Brent was down 2.3% at $49.75 a barrel.
Bharat Biotech has signed up 13,000 volunteers for the Phase 3 trial, backed by India's government medical research body, and is progressing towards its goal of 26,000, it said. The trial of COVAXIN began in mid-November at multiple sites across India.
Canadian pension fund, Life Insurance Corporation (LIC) and National Infrastructure Investment Fund (NIIF) are among a host of investors that have shown interest in the infrastructure investment trust (InvIT) to be floated by the National Highways Authority of India (NHAI). The authority will be privately placing units of the InvIT for raising money.
Markets regulator Sebi on Monday issued new stress testing perimeters for commodity derivatives to tackle extreme volatility in prices.
The move comes after the regulator received representation to review the requirement of including all the price movements during the last 15 years, in the historical scenarios prescribed for stress testing.
With a view to address the concerns emanating from exceptional and extreme volatile price events, Sebi said price movements of the last 15 years will be scanned for stress testing.
Tata Motors was down amid weakness in the broader market and as the company has announced its decision to raise vehicle prices, effective 1 January, 2021.
The steady rise in material and other input costs, impact of forex and transition to BS-VI norms, have cumulatively escalated the cost of manufacturing vehicles.
The company had thus far been absorbing the addition in costs but with their steady rise in line with market trend, it has become imperative to pass at least some portion of the cost increase to customers via appropriate price revisions, Tata Motors had said in a press release.
Sadbhav Engineering is in the business of developing infrastructure for canals, irrigation projects, roads, bridges, etc.
The company has been declared the lowest bidder by Gujarat Metro Rail Corporation (GMRC) Ltd for the Metro Rail projects with an estimated cost of ₹780 crore.
As of 2QFY21, the company had an order book of ₹9,397 crore (which provides revenue visibility about 2.7 times of FY20 revenue).
Shares of the company jumped about 11% in early deals on the BSE today.
Mobile-advertising entity, InMobi has seen a second unicorn emerge from its group, as its lock screen platform subsidiary, Glance has raised $145 million in a primary investment round from search behemoth Google and existing investor Mithril Capital.
Two individuals aware of the deal, state that the funding values the firm at a little over $1 billion dollars. InMobi and Glance did not confirm the valuation to Mint, until press time. (Read here)
Monday's correction finally validated our recent cautious stance. Despite the market hitting new record highs in the last couple of weeks, we have been repeatedly advocating booking profits and staying light. With yesterday’s sharp fall, we can see the last twelve day’s gains going for a toss.
For the coming session, any bounce back towards 13450 – 13550 is likely to get sold into, whereas on the lower side, Nifty has reached its first level of retracement i.e. the ’89-EMA’ level (13100) on the ‘180-minutes’ chart. Ideally, the next level of the natural profit booking is around 12800, which is the ‘200-SMA’ level on the same time frame chart. But before this, yesterday’s low of 13130, would be seen as immediate support for the index.
Traders are continuously advised to stay light and avoid taking contradictory bets in the coming session. With a larger view, this correction should be interpreted as a healthy sign and it will certainly provide better opportunities to enter marquee names on correction. But for momentum traders, the way chart structure seems distorted, it has certainly dented the recent optimism.
The Centre has invited bids to sell its 63.75% stake in Shipping Corporation of India, in a key asset sale that was delayed due to the coronavirus pandemic.
In a statement on Tuesday, the government said the deadline for submitting initial bids is 13 February.
The government plans to sell about 296.9 million shares, its entire stake of 63.75%, according to a newspaper advertisement Tuesday. Investors can submit bids individually or as part of a consortium.
The rupee had opened at 73.96 per dollar against previous close of 73.78, amid selling seen in domestic equities.
Bengaluru-based VerSe Innovation, which owns and operates local language news and video app Dailyhunt (earlier known as News Hunt), has completed a $100 million+ (approximately ₹738 crore) round of funding from AlphaWave (a unit of Falcon Edge Capital), Google and Microsoft.
The new capital raises VerSe Innovation's value at over $1 billion, making it the first unicorn in tech for local languages, the company claims. (Read here)
The Delhi high court permitted Future Retail Ltd (FRL) to proceed with the sale of its assets to a unit of Reliance Industries Ltd (RIL), leaving it to regulators to decide the fate of the deal, while allowing Amazon.com Inc. to approach appropriate forums to oppose the transaction.
In its ruling on Monday, a single-judge bench of the Delhi high court said the ₹24,713-crore transaction between Future group and Reliance Retail Ventures Ltd did not violate any statutory legal provisions, and both parties were free to seek approval for the deal from regulators. (Read here)
In India, total fresh cases reported over the past 24 hours was less than 20,000 for first time in nearly six months. Active cases have been falling for 25 consecutive days, with count below 3,00,000 now.
The number of new coronavirus cases registered worldwide in the past day topped 5,75,000, according to the World Health Organization (WHO), with the total at at 5,75,551
The global case tally amounts to 75,704,857, with 1,690,061 deaths, it said.
The day before, a record 818,796 new COVID-19 cases were registered globally, with 10,652 deaths.
Taking cues from peers, the company has decided to increase prices of commercial vehicles starting January, due to rise in input cost, forex impact.
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