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Business News/ Markets / Stock Markets/  Sensex jumps over 250 points, Nifty reclaims 11,500 mark
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Sensex jumps over 250 points, Nifty reclaims 11,500 mark

BSE top gainers were ITC, HCL Technologies, Infosys, Reliance and NTPC
  • Sensex makes longest gain streak since December
  •  (Reuters)Premium
    (Reuters)

    The stock market continued its winning run for a seventh consecutive session Tuesday with the BSE Sensex rising 268 points to close at over six-month high led by gains in index heavyweights like ITC, RIL and Infosys amid continuous foreign fund inflow. The 30-share index started off on a strong footing at 38,218.59 points and touched a high of 38,396.06 before winding up at 38,363.47, recording a significant rise of 268.40, or 0.70 per cent. Intra-day it also hit a low of 38,078.23.

    The gauge had climbed over 1,420 points points in the previous six sessions. The 50-share NSE Nifty closed at 11,509.80, higher by 70.20 points, or 0.61 per cent, after hovering between 11,543.85 and 11,451.55. These are the highest levels for both indices since September 7.

    19 Mar 2019, 03:36:28 PM IST

    Top gainers

    BSE top gainers were ITC, HCL Technologies, Infosys, Reliance and NTPC.

    19 Mar 2019, 03:20:56 PM IST

    PowerGrid says fully utilised JPY 22 billion loan from SMBC  

    State-run utility Power Grid Corporation Tuesday said it has fully drawn a 22 billion Japanese Yen (JPY) loan and utilised it to finance capital expenditure for its ongoing and new projects.

    "Power Grid has fully drawn the loan and utilised the proceeds toward part financing of its capital expenditure for its ongoing and new projects," a company statement said.

    According to the statement, Power Grid had entered into a JPY 22-billion syndicated term loan facility agreement with Sumitomo Mitsui Banking Corporation's (SMBC) Singapore branch on December 10, 2018. The facility has door-to-door maturity of 12 years and is on floating rate interest basis linked to JPYLIBOR.

    SMBC, Aozora Asia Pacific Finance Ltd (Aozora) and The Bank of Yokohama committed JPY 15.5 billion, JPY 3.5 billion and JPY 3 billion, respectively, as part of the syndication.

    The company said the closing syndication agreement for the loan facility was signed on March 15 at its corporate office in Gurugram.

    19 Mar 2019, 03:16:26 PM IST

    BPL approves re-appointment of Ajit G Nambiar as MD  

    19 Mar 2019, 03:05:35 PM IST

    JLR India to hike prices on select models from April  

    Jaguar Land Rover India Tuesday said it will increase prices of select products by up to 4 per cent with effect from April 1.

    The company, however, did not specify which models will be affected by the price hike.

    "This increase in price is purely inflationary and we are certain that the two global iconic brands, Jaguar and Land Rover, will continue to attract existing and new customers," Jaguar Land Rover India President & Managing Director Rohit Suri said in a statement. (PTI)

    19 Mar 2019, 02:55:57 PM IST

    Global shares mixed in muted trading ahead of US Fed meeting  

    Shares rose in Europe on Tuesday after a day of mixed but muted trading in Asia. Investors are awaiting a U.S. Federal Reserve meeting later in the week.

    France's CAC 40 edged 0.1 percent higher to 5,415.47, while Germany's DAX climbed 0.2 percent to 11,681.07. Britain's FTSE 100 gained 0.3 percent to 7,324.22. U.S. shares were set for gains with Dow futures up 0.3 percent at 26,032.00. S&P 500 futures added 0.2 percent to 2,847.10.

    British politics were stymied by uncertainty as the government mulled what to do about a parliamentary rejection of a vote on Prime Minister Theresa May's plan for splitting with the European Union.

    On Thursday, EU leaders will meet and discuss if they will grant an extension of the March 29 deadline for the UK to leave the bloc. (AP)

    19 Mar 2019, 02:30:42 PM IST

    Jet Airways shares plunge 5%  

    Shares of debt-ridden Jet Airways fell by five per cent Tuesday amid massive cancellation of flights by the airline due to grounding of a large part of its fleet.

    The shares of the company plunged 5 per cent to 225.10 on the BSE.

    On the NSE, shares declined 4.77 per cent to 225.45.

    Civil Aviation Minister Suresh Prabhu on Tuesday directed his ministry's secretary to hold an emergency meeting on Jet Airways massively cancelling flights after grounding of a large part of its fleet.

    The minister's direction came in the wake of the airline drastically reducing its operations due to liquidity crunch.

    "Directed Secretary, @MOCA GOI to hold an emergency meeting on grounding of flights by Jet Airways, advance bookings, cancellations, refunds and safety issues, if any," Prabhu said in a tweet.

    Meanwhile, Jet Airways aircraft maintenance engineers' union wrote to aviation regulator Directorate General of Civil Aviation on Tuesday that three months of salary was overdue to them and flight safety "is at risk".

    The airline Monday said it had grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41.

    19 Mar 2019, 01:30:27 PM IST

    HCL shares gain after agreement with Xerox  

    HCL Technologies shares gained over 1% after the company signed a shared services arrangement with Xerox Corporation to provide certain global administrative and support functions. HCL Tech shares were trading at 1025.6, up 1.29%, on the BSE.

    19 Mar 2019, 01:27:27 PM IST

    SpiceJet joins global airlines grouping IATA as member

    19 Mar 2019, 01:17:39 PM IST

    CPSE ETF new tranche aims to raise ₹3,500 crore  

    Government's last ditch efforts to somehow get closer to the 80,000 crore disinvestment target in the current fiscal will see the fresh CPSE Exchange Traded Fund (ETF) opening for subscription on Tuesday to raise at least 3,500 crore.

    The fourth Further Fund Offer (FFO) will be open from March 19-22.

    Manager of the FFO, Reliance Mutual Fund said the fifth tranche would open for subscription on March 19, for anchor investors and non-anchor investors, including retail investors, who can put in their bids from March 20-22. Read more here.

    19 Mar 2019, 12:40:36 PM IST

    L&T, Mindtree slip after 'hostile bid' for IT firm  

    Shares of IT services company Mindtree Ltd and conglomerate Larsen & Toubro Ltd (L&T) fell on Tuesday after L&T said it agreed to buy a fifth of Mindtree and aimed for a much bigger stake via market deals and an open offer.

    L&T said it would buy a 20.32 percent stake in Mindtree from coffee baron V.G. Siddhartha and companies related to him - Coffee Day Enterprises and Coffee Day Trading.

    Mumbai-based L&T said it placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 percent stake from Mindtree's public shareholders at the same price.

    "The attempted hostile takeover bid ... is a grave threat to the unique organization we have collectively built over 20 years," the promoters of Mindtree said in a statement.

    "We don't see any strategic advantage in the transaction and strongly believe that the transaction will be value destructive for all shareholders."

    However, some analysts were slightly more optimistic given the deal did not involve the integration of Mindtree into L&T.

    "While a hypothetical 'delayed' merger will have different dynamics based on its contours, it should not be as negative as an immediate merger for the combined firm," said Sudheer Guntupalli, an analyst with Ambit Capital in Mumbai.

    The conglomerate will pay 980 rupees per Mindtree share, valuing the stake at 32.69 billion rupees ($477.1 million), L&T said late on Monday.

    If the deals go through, L&T will be spending up to 107.3 billion rupees to buy around 66 percent stake in Mindtree, L&T said.

    19 Mar 2019, 12:37:33 PM IST

    Motilal Oswal has a buy rating on Mindtree with target price of ₹1,650

    19 Mar 2019, 11:57:59 AM IST

    Mindtree shares trading lower

    Shares of IT services company Mindtree Ltd were trading 1.7% lower after conglomerate Larsen & Toubro (L&T) said it would buy a 20.32% stake in Mindtree for 32.69 billion.

    19 Mar 2019, 11:57:12 AM IST

    ONGC, Bharti Infratel gain over 3%

    Oil and Natural Gas Corporation Ltd and Bharti Infratel Ltd both climbed over 3 percent and were the top gainers.

    19 Mar 2019, 11:56:47 AM IST

    Auto stocks biggest losers

    Eicher Motors Ltd and Hero MotoCorp Ltd were among the biggest losers on the NSE index, falling over 2 percent each.

    19 Mar 2019, 11:38:49 AM IST

    Nifty will hit 12,500 in 12 months: Goldman Sachs

    Goldman Sachs expects India's NSE index to reach 12,500 level in the next 12 months, up from its previous target of 11,700. Read more here.

    19 Mar 2019, 11:22:47 AM IST

    Nifty Bank likely to remain above 29,190

    Nifty Bank, which hit a fresh life high of 29,812 on Monday, should remain above 29,190 to maintain its positive momentum, according to Reliance Securities.

    19 Mar 2019, 11:15:59 AM IST

    Gold futures up 0.11% on positive global cues 

    Tracking a firm trend overseas, gold prices advanced by 0.11% to 31,720 per 10 grams in futures trading Tuesday as speculators enlarged positions.

    At the Multi Commodity Exchange, gold for delivery in April rose by 35, or 0.11% to 31,720 per ten grams in business turnover of 804 lots.

    Analysts said raising of bets by participants on the back of a firming trend in the global markets where gold prices rose as the dollar languished near two-week lows on growing expectations the Fed would shift to a more accommodative policy stance, influenced gold prices at futures trade.

    Globally, gold rose 0.31% to $1,308.30 an ounce in New York.

    19 Mar 2019, 11:14:27 AM IST

    India surpasses Italy for world's worst soured-loan ratio

    India holds the dubious distinction of having the worst non-performing loan ratio among the world’s major economies, having surpassed Italy. The Reserve Bank of India said in December that the ratio for banks fell for the first time since 2015, though it’s still “high for comfort." A $190 billion pile of soured and stressed debt has cast the future of some lenders in doubt and curbed investments. Italy succeeded in quickly reducing its bad-loan ratio, with non-performing loans falling to about 200 billion euros ($227 billion) last year from their peak of over 360 billion euros in 2016. (Bloomberg)

    19 Mar 2019, 11:07:49 AM IST

    Mindtree promoters vow to unconditionally oppose hostile takeover bid by Larsen and Toubro; term it 'grave threat' to company: PTI

    19 Mar 2019, 10:22:35 AM IST

    Kotak Realty Fund partners with DivyaSree for commercial office opportunities  

    Kotak Investment Advisors Limited (‘KIAL’) today announced that it has launched a new fund which will partner with DivyaSree Developers (‘DivyaSree’), a leading Bengaluru-based real estate developer, to develop and acquire commercial office assets across India.


    The $400 million India Office Assets Fund I is anchored by a wholly owned subsidiary of the Abu Dhabi Investment Authority (‘ADIA’) and is one of the largest dedicated commercial office development platforms announced in India. DivyaSree is the exclusive development partner and property advisor for the fund and KIAL will act as investment manager. It is structured as an Alternative Investment Fund under SEBI regulations.


    The fund’s strategy is to develop greenfield projects as well as acquire under construction and completed assets across key commercial office markets in India. 

    19 Mar 2019, 10:16:19 AM IST

    Top gainers and losers

    Major gainers were Sun Pharma, ONGC, Bharti Airtel, SBI, ITC, Bajaj Finance, Reliance Industries, Infosys, Yes Bank, HDFC Bank, HCL Tech, HDFC, Coal India, IndusInd Bank, Kotak Bank and Asian Paints, rising up to 3.05%. Bucking the trend, Hero MotoCorp, Bajaj Auto, L&T, Maruti Suzuki, ICICI Bank, PowerGrid, M&M, Vedanta and Tata Steel were down up to 2.42%.

    19 Mar 2019, 10:15:55 AM IST

    FIIs bought ₹1,823 crore shares on Monday

    On a net basis, foreign institutional investors (FIIs) bought shares worth 1,823 crore, while DIIs offloaded equities to the tune of 1,269 crore Monday, provisional data showed.

    19 Mar 2019, 09:44:32 AM IST

    Mindtree shares down in early trade

    IT services company Mindtree Ltd fell in early trade on Tuesday after conglomerate Larsen & Toubro Ltd (L&T) said it would buy a 20.32 percent stake in Mindtree for 32.69 billion.

    L&T will buy the stake from Indian coffee baron V.G. Siddhartha and companies related to him, Coffee Day Enterprises and Coffee Day Trading, L&T said late on Monday.

    Mumbai-based L&T also placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree's shares at 980 rupees each. It is also looking to buy an additional 31 percent from Mindtree's public shareholders at the same price.

    L&T stock was trading 1.2 percent lower in the Mumbai market that gained 0.2 percent. 

    19 Mar 2019, 09:38:05 AM IST

    Reliance Group shares gain  

    Reliance Communications rose 10%, Reliance Infra gained 7.2%, Reliance Power 7%, Reliance Capital Ltd 5%.

    19 Mar 2019, 09:36:55 AM IST

    Auto stocks trading lower

    Hero MotoCorp Ltd fell 1.8%, Eicher Motor 1.8%, TVS Motors 1.6%, Bajaj Auto 1%, Tata Motors 0.6%, Maruti Suzuki India 0.5%.

    19 Mar 2019, 09:30:29 AM IST

    Rupee on biggest winning streak since November

    In its biggest winning streak since November 2018, the Indian rupee on Tuesday opened higher for the seventh consecutive session against the US dollar, a day before the Federal Reserve’s monetary policy decision.

    At 9.15am, the rupee was trading at 68.51 a dollar, up 0.03% from its previous close of 68.53. The home currency opened at 68.59 a dollar and touched a high and a low of 68.51 and 68.59 respectively. (Read more here)

    19 Mar 2019, 09:23:44 AM IST

    Asian shares flat as Fed looms, May's Brexit deal in chaos 

    Asian shares held tight ranges on Tuesday ahead of the a Federal Reserve policy meeting, but were broadly supported near six-month highs on expectations the central bank might strike a dovish tone, while fresh Brexit worries dogged the pound.

    MSCI's broadest index of Asia-Pacific shares outside Japan was flat, easing back from its highest level since Sept. 21 hit earlier in the session.

    Japan's Nikkei average dropped 0.3 percent, while Australian stocks eased 0.1 percent.

    Chinese stocks held tight ranges, with benchmark Shanghai Composite hovering almost flat, the blue-chip CSI 300 declining 0.2 percent, and the Hang Seng edging 0.1 percent lower.

    All three major U.S. indexes rose overnight, lifted by the bank and tech sectors, with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite adding between 0.3 and 0.4 percent each.

    19 Mar 2019, 08:58:37 AM IST

    Stock markets set to surge on Goldman upgrade, earnings growth  

    Indian stocks will accelerate gains in the lead-up to the election next month as foreign investors pile back in amid a 'sharp underperformance' in the market and earnings growth that’s expected to top the region, according to Goldman Sachs Group Inc. (Bloomberg)

    19 Mar 2019, 08:55:55 AM IST

    Oil near 2019 highs on OPEC supply cuts, U.S. sanctions

    Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.

    U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.

    U.S. West Texas Intermediate (WTI) futures were at $59.10 per barrel at 0314 GMT, virtually unchanged from their last settlement and close to the 2019 high of $59.23 reached the previous day.

    Brent crude oil futures were up 10 cents at $67.64 per barrel, also close to this year's peak of $68.14 reached late last week.

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