The 30-share Sensex sank 470 points, while Nifty ended below 14,300 amid weak global cues and selling pressure across sectors. HDFC Bank was among the top gainers as the lender's Q3 earnings beat estimates
Welcome to the Mint live blog. Track this space for the latest stock market updates.
18 Jan 2021, 03:51:48 PM IST
Sensex, Nifty close near day's low
After opening flat, Sensex and Nifty soon slipped into the red and extended losses on global cues. The 30-share Sensex sank 470 points to close at 48,564, while Nifty ended 1% lower at 14,281. RIL, HDFC Bank, Titan and ITC were the only gainers on the Sensex. ONGC and Sun Pharma were the biggest laggards.
All sectoral indices on the Nifty closed in the red. The market breadth was negative with smallcap and midcap stocks lagging.
18 Jan 2021, 03:32:36 PM IST
Sensex, Nifty end deep in the red
18 Jan 2021, 03:22:18 PM IST
HDFC Bank expects e-banking outage remedies in 12 weeks
Private sector lender HDFC Bank has provided a remedial plan on its e-banking outages to the Reserve Bank of India (RBI) and expects the strategies to take shape in 10-12 weeks, following which it will request an inspection by the regulator.
Srinivasan Vaidyanathan, chief financial officer of the bank told analysts on Saturday that it is also making some long-term upgrades in technology that will take 12-18 months.
“See, we have several action plans from strengthening of the disaster recovery or the recovery point and the recovery time and automating the orchestration tool to get onto the disaster recovery side or architectural efficiencies, cloud strategy, et cetera, there are several strategies that we have," he said, according to a transcript of the call available on Bloomberg.
18 Jan 2021, 03:15:13 PM IST
Trident up 2%; Q3 consolidated profit soars 200%
Trident on Monday reported 200% surge in consolidated net profit at ₹112 crore for the quarter ending 31 December, 2020. It was ₹37 crore in the year-ago period.
Consolidated revenue from operations rose 20% to ₹1,303 crore as against ₹1,082 crore in December 2019.
Serum Institute’s Covishield vaccine may be recommended for international use
Pune-based Serum Institute of India’s (SII) Covishield vaccine which recently got the Indian drug regulator’s nod for use in covid-19 vaccination drive in the country, may also get a green signal for global use from the World Health Organisation (WHO).
The global public health agency has indicated that it is looking forward to SII’s full data sets for rapid assessment to consider it for emergency use globally.
18 Jan 2021, 03:01:19 PM IST
Sail OFS: Yash Gupta Equity Research Associate, Angel Broking
Strong response for SAIL OFS from Non retail investors as well as retail investors, today stock trading at 66, retail investors who applied for the OFS at 67.55 or above have received allotment of shares. We have given a Neutral rating to the SAIL OFS, Investors who haven't received the allotment and want to buy shares they can buy the stock at current market price which is lower than the OFS cut off price.
After the SAIL OFS of 2600 Crores and IRCTS OFS of 4374 crores, we expect some more OFS to kick in before the end of this financial year as the government is way behind with their investment targets.
18 Jan 2021, 02:50:22 PM IST
Shares fall globally
Most markets fell Monday as investors took a breather following a recent rally, though Hong Kong and Shanghai enjoyed gains after data showed China's economy grew more than expected last year.
Japan's Nikkei 225 close 1% lower, but Hong Kong's Hang Seng rose 1% and
Shanghai's Composite gained 0.8%.
Among European stocks, London's FTSE 100 was down 0.9%, Germany's DAX 30 index slipped 0.2% and the France's CAC 40 declined 0.4%.
18 Jan 2021, 02:39:15 PM IST
Metropolis’s acquisition to fuel growth, drive leadership southern India
Strengthening its presence in southern India, Metropolis Healthcare Ltd announced its largest buyout. The company’s board of directors has approved the acquisition of Dr. Ganesan’s Hitech Diagnostic Centre Pvt. Ltd. in a combination of cash and stock.
The acquisition, to be completed in three months, will significantly strengthen Metropolis’s presence in southern India markets, particularly in Chennai and Bengaluru. Not surprisingly, shares of Metropolis Healthcare rose more than 5% in early trades on Monday. (Full report)
18 Jan 2021, 02:28:11 PM IST
Sensex stages almost 400point recovery
18 Jan 2021, 02:24:12 PM IST
Delhi HC asks PMC Bank to consider afresh applications of depositors seeking money for emergencies
The Delhi High Court on Monday directed the administrators of Punjab and Maharashtra Co-operation (PMC) Bank to decide afresh about the applications of depositors seeking money for the medical and educational emergencies.
The court also directed the petitioner to submit the list of depositors before administrators, which included medical and educational emergencies within three weeks.
18 Jan 2021, 02:14:20 PM IST
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"Coming days are likely to be volatile on budget expectations and, more importantly, on actual budget proposals. One major factor supporting the markets even at high valuations is the sustained FII inflows. When FII inflows start to taper, there will be renewed selling in the market. Meanwhile data on credit and imports growth show recovery in the economy. If growth recovery sustains, that will support the market. Very good numbers from HDFC Bank is another positive. But investors may remain cautious."
18 Jan 2021, 02:05:33 PM IST
Yes Bank board to consider fund raising on 22 January
Yes Bank today said its board will meet on 22 January to discuss raising of funds by "issue of equity shares / depository receipts/convertible bonds/debentures/warrants / any other equity linked securities, through permissible modes subject to necessary shareholders/ regulatory approvals, as applicable."
Yes Bank will also report its quarterly earnings on 2 January.
The Piramal Group is set to acquire Dewan Housing Finance with 94% of the bankrupt home financier’s creditors voting in favour of a bid by the Ajay Piramal-led group that has committed ₹38,250 crore to take over the assets of the mortgage lender. The NCLT will now have to approve the winning bid.
18 Jan 2021, 01:47:42 PM IST
Nifty Bank down 0.8%, HDFC Bank lone gainer in the pack
18 Jan 2021, 01:35:02 PM IST
Consumption will revive in Q4: Westlife Development's Jatia
Amit Jatia, vice-chairman of Westlife Development Ltd, which operates McDonald’s restaurants in West and South India, views 2020-21 as a pause. The company opened about four restaurants last quarter and will be opening 20-30 every year from 2021-22 as things get back to normal and consumer spending rebounds. Jatia speaks to Mint in an interview.
18 Jan 2021, 01:23:06 PM IST
Shakti Pumps India up 5%; co posts Q3 consol profit vs loss year ago
Shakti Pumps India reported consolidated profit of ₹265.3 million in December quarter versus a loss of ₹87 million a year ago. Its consl revenue from operations rose to ₹3.17 billion from ₹932.8 million a year ago.
18 Jan 2021, 01:13:22 PM IST
Nifty broad market weak, fear gauge VIX up 3.5%
18 Jan 2021, 01:04:09 PM IST
Small cap index declines 322 points
18 Jan 2021, 12:55:44 PM IST
JBM Auto up 5%
The company has received orders for supply of 700 JBM ‘CITYLIFE’ buses from Delhi Transport Corporation. The buses will be fully air conditioned and BS-VI fuel compliant low-floor. The orders will be executed in the coming months, it said.
18 Jan 2021, 12:45:10 PM IST
Oil prices slip
Oil prices on Monday fell further from 11-month highs touched last week, ending a rally that started at end-October on production cuts and strong Chinese demand, with the market's outlook questioned as coronavirus infections rise.
Brent crude fell 30 cents, or 0.5%, to $54.79 a barrel by 0622 GMT, after dropping 2.3% on Friday. U.S. oil was down by 21 cents, or 0.4%, at $52.15 a barrel, having declined 2.3% in the previous trading session.
18 Jan 2021, 12:32:32 PM IST
IRFC IPO: Three things that investors need to check
Indian Railway Finance Corporation Ltd’s (IRFC) initial public offer (IPO) opens today with a price tag of ₹25-26 per share. The public sector non-banking financial company is valued at ₹33, 978 crore at the upper end of the price band, which is equal to its estimated book value for FY21.
IRFC is a captive lender to the railways which gives it a steady revenue run-rate. It follows a lease rental model while financing rolling stocks assets of the railways besides also financing large projects. In essence, it is an infrastructure player and is a stock for the long haul. Nevertheless, it would be subject to the standard public sector discount by investors. Read the key things that investors need to keep in mind while investing.
18 Jan 2021, 12:23:32 PM IST
Sensex at this hour
18 Jan 2021, 12:21:35 PM IST
Metals pack biggest laggard
18 Jan 2021, 12:12:51 PM IST
Reliance best gainer at this hour; up over 1%
Billionaire Mukesh Ambani’s Reliance Retail Ltd plans to embed e-commerce app JioMart into WhatsApp within six months, allowing the 400 million users of India’s most popular messaging service order products without having to leave the app, two officials aware of the development told Mint.
Metropolis Healthcare will acquire 100% equity of Dr. Ganesan’s Hitech Diagnostic Centre Pvt. Ltd. in a combination of cash and stock deal. The entity is a debt free company. Cash consideration will be Rs. 511 Crores and Metropolis will issue up to 4,95,000 equity shares of Face Value Rs.2/- each on preferential basis, subject to Shareholders approval, to the Promoter Group of Hitech. The Cash consideration will be funded through internal accruals and Debt of up to Rs. 300 Crores. Established in 1986, Hitech Diagnostic Centre is a well-known Diagnostics laboratory chain in the South India market with a network of 31 laboratories including 3 NABL and ICMR accredited laboratories and 68 collection centres strategically spread across the states of Tamil Nadu, Karnataka, Kerala, Andhra Pradesh and the Union Territory of Pondicherry. Hitech is the 2nd largest player in Chennai behind Metropolis and is a leader in non-Chennai markets in the state of Tamil Nadu. It is a significant player in the Bengaluru market.
Hitech revenue for FY20 stood at Rs. 83.3 Crores having an EBITDA margin profile similar to Metropolis. We believe this acquisition is going to be EPS accretive. This acquisition will have other benefits such as synergy benefits, increasing market share in the focus cities of Metropolis. We believe this acquisition strategically makes sense for Metropolis and it is done at reasonable valuation. From a long term investment perspective, we are bullish on the Metropolis.
18 Jan 2021, 11:52:00 AM IST
Total to acquire 20 % stake in Adani Green Energy
The Adani Group said on Monday that France-based Total will acquire 20% minority interest in Adani Green Energy Ltd (AGEL).
The investment in AGEL is another step in the strategic alliance between Adani Group and Total across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business and renewable assets across India.
18 Jan 2021, 11:42:10 AM IST
Cement prices decline in a seasonally strong quarter, east hit most
Cement prices across India corrected in January inspite of the ongoing demand recovery. Latest dealers channel check by Kotak Institutional Equities showed that on a pan-India basis, prices fell by around 2% month-on-month (m-o-m) or by Rs9/bag. One cement bag weighs 50 kilograms. Currently, one cement bag costs Rs344.
"The price correction, ahead of pick up in construction activity, is unseasonal based on historic trends. Historically, prices start inching up in January ahead of peak construction activity. In the past 20 years, January has witnessed price correction only in four instances," said the Kotak report on 17 January.
Caplin Point arm inks strategic partnership with Canada's JAMP Pharma Group
The drug firm on Monday said its arm has entered into a strategic partnership with Canada's JAMP Pharma Group for six injectable products.
Caplin Steriles (a subsidiary of Caplin Point Laboratories) has partnered with JAMP Pharma Group for six injectable products to be filed shortly in Canada, Caplin Point Laboratories said in a regulatory filing.
Caplin Point Laboratories said some of these products have already been filed by Caplin Steriles in the US.
18 Jan 2021, 11:26:13 AM IST
Infy and HDFC biggest contributors in Sensex fall
18 Jan 2021, 11:24:02 AM IST
HDFC Bank Q3 earnings: Jyoti Roy - DVP- Equity Strategist, Angel Broking
HDFC Bank reported a 15.1% YoY increase in Net interest income to Rs. 16,318 crore. While Interest income for the quarter was up by 2.4% YoY Interest expended was down by 9.4% YoY. NII growth for the quarter was driven by advances growth of 15.6% YoY to Rs. 10.82 Lakh cr. while reported NIM for the quarter stood at 4.2%. Other income for the quarter was up by 11.6% YoY to Rs. 7,443 crore. Cost to income for the quarter stood at 36.1% down by ~180 bps YoY. Pre provisioning profits for the quarter was up by 17.3% YoY to Rs. 15,186 crore. Provisions for the quarter were down by 7.8% sequentially as a result for which profits for the quarter was up by 18.1% YoY to Rs. 8,758 crore. Deposits for the quarter were up by 19.1% YoY while share of low cost CASA deposits increased by 350bps YoY to 43.0%. Overall HDFC Bank delivered another solid quarter of earnings growth with GNPA and NNPA at 0.81% and 0.09% of total advances. At current levels the stock is trading at P/BV of 3.1xFY23 book which is in line with historical average. Post the Q3FY21 numbers we continue to maintain our positive stance on HDFC Bank and it remains one of our top picks in the large cap banking space.
18 Jan 2021, 11:16:11 AM IST
L&T bags up to ₹5,000 crore order from Rail Vikas Nigam
Larsen & Toubro on Monday said its construction arm has bagged an up to ₹5,000 crore contract from Rail Vikas Nigam Ltd (RVNL) in Uttarakhand.
The construction arm of L&T has secured a large order for its heavy civil infrastructure business from Rail Vikas Nigam Ltd (RVNL) for package 4 of the new broad-gauge line between Rishikesh and Karanprayag in Uttarakhand.
The engineering and construction company did not provide the exact value of the contract, but as per its project classification, "large" orders are those valued between ₹2,500 crore and ₹5,000 crore.
18 Jan 2021, 11:08:57 AM IST
All sectoral indices in the red; Metals down 4%
18 Jan 2021, 11:00:46 AM IST
Metropolis Healthcare up 1.2%
The diagnostic chain on Sunday said it will acquire Dr Ganesan's Hitech Diagnostic Centre Pvt Ltd in a cash and stock combination deal, to strengthen its leadership position in southern India. The company's board has approved the acquisition partly by way of cash consideration of ₹511 crore and partly by issuance of up to 4,95,000 equity shares of a face value of ₹2 each on a preferential basis, to the promoter group of Hitech.
18 Jan 2021, 10:51:42 AM IST
Rupee falls 15 paise to 73.22 against US dollar in early trade
The rupee fell 15 paise to 73.22 against the US dollar in opening trade on Monday tracking muted opening in domestic equities and strengthening greenback.
At the interbank forex market, the domestic unit opened at 73.21 against the US dollar, then fell further to 73.22, registering a fall of 15 paise over its previous close.
18 Jan 2021, 10:44:00 AM IST
All Sensex players in the red barring HDFC Bank, HCL Tech and TCS
18 Jan 2021, 10:38:39 AM IST
India’ petrol prices continue to rise, hit a new high on Monday
Petrol prices in India registered a record high price on Monday, with oil marketing companies (OMCs) again increasing petrol and diesel prices by 25 paise per litre each today.
While petrol was selling at ₹84.95 per litre in the national capital on Monday, diesel was retailing at Rs75.13 per litre. This is the highest price for the transportation fuel in the NCR. After holding the retail price of petrol steady for 29 days, oil marketing companies in India started increasing prices in January.
This comes in the backdrop of a rally in global crude oil prices as coronavirus vaccination drive began worldwide. However, prices have slightly moderated, with Brent trading at $54.57 per barrel, while West Texas Intermediate trading at $51.92 a barrel, at the time of writing this article. The cost of the Indian basket of crude, which comprises Oman, Dubai and Brent crude, was $55.55 a barrel on 14 January.
18 Jan 2021, 10:32:24 AM IST
Sensex slips more than 400 points on selling pressure
18 Jan 2021, 10:23:43 AM IST
Gold prices fall
Gold prices in India extended their recent slide when they slipped amid weak global cues. On MCX, gold futures fell 0.14% to over one month low of ₹48,636 per 10 gram, extending their decline to the third day. Silver futures edged 0.3% higher to ₹64,984 per kg. In the previous session, gold prices had declined ₹500 per 10 gram while silver had slumped ₹1,700 per kg.
18 Jan 2021, 10:13:57 AM IST
BSE Midcap plunges 400 points
18 Jan 2021, 10:06:26 AM IST
Venky's India up 1.5%
Venky's India says manufacturing activities of the company are normal as before. It says, in organised poultry sector, till date not even a single poultry bird has been infected by Bird Flu
18 Jan 2021, 09:56:47 AM IST
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments on Nifty
If the markets trade below 14370-14380 and manage to close below that too, we would be in a correction zone which could take the Nifty down to 14150 and then 14000. Extreme caution should be exercised and stops must be in place for all trades, long or short. Volatility needs to be strategically utilised. For the markets to move up, we need the index to close around the 14600 levels. Until that does not happen, the trend remains sideways with a bearish bias.
18 Jan 2021, 09:47:47 AM IST
Reliance Industries up 0.4%
Billionaire Mukesh Ambani’s Reliance Retail Ltd plans to embed its e-commerce app JioMart into WhatsApp within six months, allowing the 400 million users of India’s most popular messaging service order products without having to leave the app, two officials aware of the development told Mint.
18 Jan 2021, 09:37:50 AM IST
HDFC Bank up 2%
The private sector lender on Saturday reported a 18% year-on-year (y-o-y) rise in net profit to ₹8,758.29 crore for the three months to December owing to higher net interest income and other income. The earnings were better than Street estimates. The bank’s net interest income grew 15.1% y-o-y to ₹16.317.6 crore.
UPL and HDFC Bank top gainers, while Hindalco and Tata Steel top laggards
18 Jan 2021, 09:27:35 AM IST
Sensex at open
Sensex was at 48,971.61, down 63 points, while Nifty was down 0.2% at 14,405. Banks and financials gained while auto, metal and pharma stocks were down.
HDFC Bank was the top gainer as the lender's Q3 earnings beat estimates.
18 Jan 2021, 09:18:50 AM IST
Sensex and Nifty open marginally lower
18 Jan 2021, 09:12:48 AM IST
Sensex flat at pre-open
18 Jan 2021, 09:11:20 AM IST
HDFC Bank’s earnings bring cheer, but its retail growth remains slow
An Indian private sector bank that sidestepped the corporate bad loan deluge is now hoping to escape from the pandemic’s hammer unscathed. So far, HDFC Bank has been succeeding in its efforts. But it has come with its own costs.
For the December quarter, HDFC Bank reported metrics that beat analysts’ estimates and this may liberate the share price from the 3-month lacklustre state. Net profit grew 15% year-on-year on the back of similar growth in its core income. Its management gave an optimistic outlook to analysts in a post-results conference call on Saturday. (Read more)
18 Jan 2021, 09:06:43 AM IST
Sensex in the red at pre-opening session
18 Jan 2021, 08:56:13 AM IST
Stocks to Watch: HDFC Bank, Reliance, Wipro, Bharti Airtel
Stocks that may be in news on Monday include HDFC Bank, Reliance, Wipro, Bharti Airtel, Piramal Enterprises, DHFL and Metropolis Healthcare.
Mindtree, Rallis India, IRB Infra and Indiabulls Real Estate are some of the companies which will disclose their December quarter earnings today.
18 Jan 2021, 08:46:32 AM IST
Indian markets likely to be volatile
Markets are likely to be volatile on Monday following global cues, while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Friday, the BSE Sensex closed at 49,034.67, down 549.49 points or 1.11%. The Nifty closed at 14,433.70, down 161.90 points or 1.11%
18 Jan 2021, 08:34:31 AM IST
Asian shares weak
Asian share markets retreated from highs on Monday as disappointing news on US consumer spending tempered risk sentiment ahead of a closely-watched reading on the health of the Chinese economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.3% having hit a string of record peaks in recent weeks. Japan's Nikkei slipped 0.8%
18 Jan 2021, 08:26:30 AM IST
Wall Street ends lower
US stocks fell on Friday, pressured by intensifying lockdowns.
The Dow Jones Industrial Average fell or 0.57%, the S&P 500 lost 0.72%, and the Nasdaq Composite dropped 114.14 points, or 0.87%, to 12,998.50.