Market closing: Benchmark Indian equity indices closed 2.40% higher on Tuesday. The Sensex closed at 50,136.58, up 1,128.08 points, or 2.30%, while the Nifty was at 14,845.10, up 337.80 points, or 2.33%.
Asian markets closed higher after a mixed opening, as investors were focused on global vaccination programmes, ignoring US hedge fund defaults.
30 Mar 2021, 03:47:00 PM IST
The Sensex closed at 50,136.58, up 1128.08 points or 2.30%, while the Nifty was at 14,845.10, up 337.80 points or 2.33%. Among broader indices, The BSE midcap and smallcap were up 0.98% and 1.30%, respectively, while the Nifty midcap 100 and smallcap 100 were up 1.70% and 1.26%, respectively. Among sectoral indices, IT, metal, pharma and FMCG sectors were the top gainers, while the realty sector lagged.
On the 30-share Sensex, HCL tech, HDFC Bank, Infosys and NTPC were the top gainers among 27 stocks that close din green. Axis Bank, Bharti Airtel and M&M ended the day in red.
Oil prices were down as the Suez Canal re-opened up. Brent crude was down 15 cents, or 0.2%, at $64.83 a barrel by 04 06:51 GMT. US oil was off by 12 cents, or 0.2%, at $61.44 barrel.
Gold prices Gold prices slipped on Tuesday to their lowest in more than two weeks. Spot gold process were down 16.08 points or 0.94% to $1,695.91 an ounce at 3:29 PM IST.
30 Mar 2021, 03:22:18 PM IST
India's 2021 economic output likely to remain below 2019 level: UN report
India's economic output in 2021 is expected to remain below the 2019 level despite roll-out of the vaccine to deal with the menace of the coronavirus pandemic, said a report by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) released on Tuesday.
India, according to the 'Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19 resilient economies', is estimated to record an economic growth of 7% in 2021-22, over a contraction of 7.7% witnessed in the previous fiscal on account of the pandemic's impact on normal business activity. (PTI)
30 Mar 2021, 03:11:35 PM IST
Fundraising via equity capital mkt at all-time high of ₹1.89 tn in FY21: Report
Despite the covid-19 pandemic wreaking havoc on the Indian and global economy, Indian equity capital markets have seen the busiest year for fundraising, with companies collectively raising Rs1.89 trillion, an all-time high, according to a report by Prime Database. (Read here)
30 Mar 2021, 02:57:47 PM IST
Indiamart Intermesh to acquire Tradezeal Online
Indiamart Intermesh Ltd’s has agreed to acquire indirectly, through its wholly owned subsidiary Tradezeal Online Pvt. Ltd, 11.01 % of the share capital of Legistify Services Pvt. Ltd. The company intends to invest a total of upto ₹1.30 crore in Tradezeal Online, it said in a regulatory filing.
Oil slips as Suez opens, focus turns to OPEC+ output cuts
Oil prices fell on Tuesday as the Suez Canal reopened to traffic, while focus turned to an OPEC+ meeting this week that is likely to agree an extension to supply curbs amid disappointing demand prospects.
Brent crude was down 50 cents, or 0.8%, at $64.48 a barrel by 0851 GMT. U.S. oil was off by 58 cents, or 0.9%, at $60.98 barrel. (Reuters)
30 Mar 2021, 02:35:19 PM IST
Tamil Nadu Petroproducts chalks out ₹435 cr investment plan
Tamil Nadu Petroproducts Ltd, a member of the petrochemicals division of the AM International Group, has lined up investments worth ₹435 crore towards ramping up production at its facilities, the company said on Tuesday. (PTI)
30 Mar 2021, 02:24:44 PM IST
HDFC Bank customers face 'intermittent issues' with online, mobile banking
Some customers of India's largest private sector lender, HDFC Bank, faced "intermittent issues" in Internet and mobile banking on Tuesday. The bank said that it is currently working on resolving the issue. (Read here)
30 Mar 2021, 02:22:01 PM IST
BHEL bags a major order for a sulphur recovery unit from IOCL
Bharat Heavy Electricals Limited (BHEL) announced on Tuesday that it has bagged a major order for a sulphur recovery unit from IOCL against stiff international competitive bidding.
The company's board has cleared the proposal for incorporation of a subsidiary company or special purpose vehicle for owning and/or operating of electric vehicles, Olectra Infratech said in a regulatory filing .
Tata Power bags orders to develop 60 MW solar project in Gujarat
Tata Power on Tuesday said it has bagged an order to develop 60 MW (mega watt) solar project for Gujarat Urja Vikas Nigam.
The company has received a letter of award from Gujarat Urja Vikas Nigam Limited (GUVNL) on March 26, 2021, to develop a 60 MW solar project in the state of Gujarat, Tata Power said in a regulatory filing. (PTI)
30 Mar 2021, 01:31:15 PM IST
Govt of India petitions Dutch court of appeal to set aside Cairn arbitration
The Government of India has petitioned the Dutch Court of Appeal to set aside the arbitration award dated 21 December 2020, Cairn Energy confirmed. It was earlier reported that Cairn Energy was planning to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover $1.2 billion ordered by an international arbitration tribunal.
30 Mar 2021, 01:19:06 PM IST
Vistara to roll back pay cut for select staff categories
Full-service carrier Vistara has decided to roll back the pay cut, implemented by the airline last year, for certain categories of employees from April while the reduced salaries will continue for the management-level executives, including the CEO, according to an e-mail to the airline staff.
The Tata Sons and Singapore Airlines joint venture airline had in June 2020 announced a reduction in salary of nearly 40 per cent of the total workforce till December 31 to deal with low cash flow amid weak passenger demand in the wake of the pandemic. This was later extended to March 31. (PTI)
30 Mar 2021, 01:09:57 PM IST
Coal India gains
Coal India was trading at ₹131.50, up 1.95 points or 1.51% at 1:09 pm. India World's largest miner Coal India is likely to post marginal contraction of its output for the year 2020-21 by 5-6 million tonne in 2020-21 as its production will below the 600 million mark, sources said on Sunday.
GIC Housing Finance raises ₹195 cr via issuance of NCDs
GIC Housing Finance on Tuesday said it has raised ₹195 crore through issuance of non-convertible debentures (NCDs) to Aditya Birla Sun Life Mutual Fund on private placement basis.
"...Pursuant to the authority accorded by our board... 1,950 numbers of NCDs, having a face value of ₹10,00,000 each at par for an aggregate amount of ₹195 crore, issued on private placement basis," GIC Housing Finance said in a regulatory filing. (PTI)
Banks better equipped to deal with second wave of covid-19
Having created a warchest of provisions and other buffers, banks seem well-equipped to take on the second wave of covid-19.
A report by ICICI Securities pointed out that proactiveness, resilience and agility displayed by financiers to deal with the first phase of the pandemic gives confidence in their preparedness for the second wave. (Read here)
30 Mar 2021, 12:03:01 PM IST
30 Mar 2021, 11:56:05 AM IST
Cognizant launches programme to help tech professionals restart career
Cognizant Technology Solutions Corp has launched a 12-week paid 'Returnship Programme’ for technology professionals looking to restart their careers after a break. (Read here)
30 Mar 2021, 11:39:39 AM IST
Paytm, Pine Labs eye IPO in 2022
Payments startups Paytm and Pine Labs eye market listing in 2022, CNBC-TV18 reported, citing people familiar with the matter. Pine Labs, incorporated in Singapore, is eligible for direct foreign listing. It plans a US listing with a valuation of around $5 billion. Paytm may be keen on getting listed in India and is exploring options, according to the report.
30 Mar 2021, 11:27:25 AM IST
Rupee slumps 34 paise to 72.85 against US dollar in early trade
The Indian rupee slumped 34 paise to 72.85 against the US dollar in opening trade on Tuesday as rising crude oil prices and a strong American currency weighed on investor sentiment.
At the interbank forex market, the domestic unit opened at 72.85 against the US dollar, registering a decline of 34 paise over its previous close.
On Friday, the rupee had settled at 72.51 against the American currency.
The forex market was closed on Monday on account of Holi. (PTI)
30 Mar 2021, 11:17:14 AM IST
KEC International slips 7%
Shares of KEC International Ltd fell as much as 7% on Tuesday after brokerage firm Motilal Oswal Securities said that it is expecting weak transmission and distribution order flow from domestic operations.
In intraday, KEC International declined 7.2% and hit a low of ₹382.30 on BSE. At 11am, the scrip was trading at ₹385 on BSE, down 6.5% from its previous close.
Domestic T&D is still weak. The management is unsure about orders from state discoms. It expects large overseas T&D orders and sees T&D forming 50% of the order book in FY22, the report said.
Shares of JSW Steel Ltd hit a new 52-week high of ₹464 on the National Stock Exchange on Tuesday as the company completed the acquisition of Bhushan Power & Steel (BSPL) under the insolvency law. With this, JSW Steel has become the largest steel company in India with a capacity of 27 million tonnes per annum (mtpa), pointed out analysts at Jefferies India Pvt. Ltd.
Manappuram Finance was trading at ₹151.45, up 0.40 points, or 0.26% at 11:07 am. Earlier, the company was reportedly toying with the idea of hiving off and taking its microfinance arm Asirwad Microfinance public within a year, a top company official said. With a loan portfolio of over ₹5,360 crore and close to 25 lakh customers across 23 states, the Chennai-headquartered Asirvad is the fourth largest microfinance lender in the country in terms of the loan book.
Adani Transmission Ltd on Tuesday entered into the elite club of ₹1 trillion market cap after its shares surged over 106% so far this year.
The stock touched an all-time high of ₹924 on BSE and gained as much as 6.1% with mcap of ₹1.01 trillion. At 10.15am, the scrip was trading at ₹903 on BSE, up 4% from its previous close.
Adani Transmission became the fifth Adani Group company to cross ₹1 trillion market cap. Earlier, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Total Gas Ltd and Adani Ports have achieved this milestone.
On Saturday Adani Transmission said that it has signed definitive agreements with Essel InfraProjects Ltd for the acquisition of Warora-Kurnool Transmission Limited (WKTL). Adani is acquiring the transmission line at an enterprise valuation of Rs3,370 crore.
Shares of Rakesh Jhunjhunwala-backed Nazara Tech jump over 70% on listing
Nazara Technologies made a strong debut on exchanges today. On BSE, shares jumped to ₹1918 as compared to issue price of ₹1,101. The initial public offer (IPO) Nazara Technologies was subscribed over 175 times. The gaming company, which is backed by ace investor Rakesh Jhunjhunwala, had offered shares in a price range of ₹1,100-1,101 per share. Ahead of the IPO, Nazara Technologies had raised ₹261 crore from anchor investors.
30 Mar 2021, 10:14:06 AM IST
HPCL was trading at ₹230.90 apiece, up 1.10 points or 0.48% at 10:12 am. HPCL earlier said that it will buy out the share of its joint venture partner SP Ports Pvt. Ltd (SPPPL) in the 5 million metric tonnes per annum LNG re-gasification terminal, that is being set up at Chhara in Gujarat
The initial public offer (IPO) Nazara Technologies was subscribed over 175 times. The gaming company, which is backed by ace investor Rakesh Jhunjhunwala, had offered shares in a price range of ₹1,100-1,101 per share. Ahead of the IPO, Nazara Technologies had raised ₹261 crore from anchor investors. (Read here)
30 Mar 2021, 09:45:03 AM IST
HDFC twins, RIL lift Sensex
30 Mar 2021, 09:34:10 AM IST
All sectors in green
30 Mar 2021, 09:33:16 AM IST
Petrol, diesel prices slashed again
Prices of petrol and diesel were slashed on Tuesday (30 March) by oil marketing companies (OMCs). State-run OMCs have cut petrol and diesel prices by 22 paise and 23 paise, respectively.
30 Mar 2021, 09:28:54 AM IST
The Sensex opened at 49,399.61, up 391.11 points, or 0.80% higher, while the Nifty was at 14,633.45, up 126.15 points or 0.87% at 9:22 am. Metal stocks gained, while auto stocks were trading lower. Apart from Maruti Suzuki all stocks opened in green on the 30-share Sensex. Asian stocks had a mixed opening on Tuesday as treasury yields and oil prices climbed. Wall Street closed lower after fears over a hedge fund defaulting on margin calls.
30 Mar 2021, 09:03:45 AM IST
The Sensex was at 49,224.06, up 215.56 points, or 0.44%, at pre-opening, while the Nifty was at 14,507.30, up 182.40 points, or 1.27% at 9:01 am. The Sensex closed at 49,008.50, up 568.38 points, or 1.17%, while the Nifty was at 14,507.30, up 182.40 points or 1.27% on Friday, recouping some of the losses from the previous trading session.
30 Mar 2021, 08:47:02 AM IST
Suez Canal reopens after stuck cargo ship is freed
Salvage teams on Monday finally freed the colossal container ship stuck for nearly a week in the Suez Canal, ending a crisis that had clogged one of the world's most vital waterways and halted billions of dollars a day in maritime commerce.
A flotilla of tugboats, helped by the tides, wrenched the bulbous bow of the skyscraper-sized Ever Given from the canal's sandy bank, where it had been firmly lodged since March 23.
The tugs blared their horns in jubilation as they guided the Ever Given through the water after days of futility that had captivated the world, drawing scrutiny and social media ridicule. (AP)
30 Mar 2021, 08:37:03 AM IST
India on watchlist for possible inclusion in FTSE govt bond index
FTSE Russell has placed the Indian and Saudi Arabian government bond markets on the watchlist for possible inclusion in its FTSE Emerging Government Bond Index, the index provider said. (Read here)
30 Mar 2021, 08:25:05 AM IST
Global banks brace for losses from Archegos fallout
Global banks may lose more than $6 billion from the downfall of Archegos Capital, sources familiar with trades involving the US investment firm said on Monday, and regulators and investors fear the episode could reverberate more widely. Japan's Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks.
Morgan Stanley shares fell 2.6% and Goldman Sachs Group dropped 1.7%. Nomura shares closed down 16.3%, a record one-day drop, while Credit Suisse shares tumbled 14%, their biggest fall in a year. Deutsche Bank dropped 5% and UBS was off 3.8%. Losses at Archegos Capital Management, a family office run by former Tiger Asia manager Bill Hwang, sparked a fire sale of stocks including ViacomCBS and Discovery on Friday, a source familiar with the matter said. (Reuters)
30 Mar 2021, 08:12:38 AM IST
India can hold power sector emissions at 2018 levels: report
India can hold its greenhouse gas emissions from the electricity sector at 2018 levels by increasing its clean power capacity, according to a Berkeley Lab-led team of researchers.
"By increasing its clean power capacity from the current target of 450 gigawatts within the next decade to 600 gigawatts, the nation can hold its greenhouse gas emissions from the electricity sector at 2018 levels while nearly doubling the supply of electricity to meet economic development needs," according to a statement on Monday. (PTI)
30 Mar 2021, 08:04:45 AM IST
Gold hovers near 2-week low
Gold prices slipped on Tuesday, around a more than two-week low hit in the previous session, pressured by a stronger US dollar and higher Treasury yields on optimism around a quick economic recovery as vaccinations gain momentum. Spot gold fell 0.1% to $1,710.03 per ounce by 01:41 GMT. US gold futures declined 0.2% to $1,711.10 per ounce. Gold fell to $1,704.90 per ounce on Monday, the lowest level since March 12.
30 Mar 2021, 07:50:06 AM IST
Stocks to Watch
Biocon, PSBs, HPCL, Manappuram Finance and Coal India, among other stocks will be in the news today. (Read here)
30 Mar 2021, 07:44:46 AM IST
Oil prices slip as focus switches from Suez Canal to Opec+ meet
Oil prices fell on Tuesday as shipping traffic resumed through the Suez Canal after days on hold and attention switched to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.
Brent crude was down 15 cents, or 0.2%, at $64.83 a barrel by 0115 GMT, after gaining 0.6% on Monday. U.S. oil was down 1 cent at $61.55 a barrel, having fallen 1% in the previous session.
Ships were moving through the Suez Canal again on Tuesday after tugs refloated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway.
30 Mar 2021, 07:33:54 AM IST
Mixed opening for Asian markets
Asia stocks fluctuated in early trade as investors weighed rapid progress in the US vaccine rollout against the risk of further fallout from recent block sales. Japan shares fell and S&P 500 Index futures wavered as traders assessed the broader impact of the Archegos blowup on lenders. Financials led the benchmark to a slightly weaker close, on news that some major banks had liquidated holdings. President Joe Biden’s announcement that 90% of adults will be eligible for the Covid-19 vaccine next month helped U.S. stocks rally from their lows, and the Dow Jones Industrial Average closed at another all-time peak. Shares edged higher in Australia and South Korea.
Ten-year Treasury yields rose back above 1.70%. Australia’s benchmark rate also climbed.
SGX Nifty was flat at 14,777.80 at 7;29 am IST.
S&P 500 futures were flat as of 9:19 a.m. in Tokyo. The S&P 500 Index declined 0.1%.
Topix Index fell 0.8%.
Australia’s S&P/ASX 200 Index rose 0.2%.
South Korea’s Kospi Index rose 0.7%.
30 Mar 2021, 07:33:49 AM IST
Wall Street closes lower on hedge fund scare
The S&P 500 ended just slightly in the red, with bank shares falling amid warnings of potential losses from a hedge fund’s default on margin calls, while optimism over the economy limited the day’s declines. The Dow Jones Industrial Average rose 98.49 points, or 0.3%, to 33,171.37, the S&P 500 lost 3.45 points, or 0.09%, to 3,971.09 and the Nasdaq Composite dropped 79.08 points, or 0.6%, to 13,059.65.