Sensex, Nifty Recover Losses to End Flat After Last Hour Rally in IT, Bank Stocks
Indian shares recovered their intra-day losses to close slightly higher led by a rally information technology and banking companies.
The S&P BSE Sensex is little changed at 27,990 and so is the Nifty at 8,632. However, the indices are up around 0.6 percent from their day’s lows.
RBL Bank IPO subscribed 18 times
The initial public offering of private lender is subscribed 18 times on the last day of the 3-day issue as of 2:00pm.
The quota reserved for qualified institutional buyers (QIBs) was subscribed 28.39 times while the non-institutional investors portion was subscribed 37.98 times. The chunk set aside for retail investors saw subscription of 4.7 times the issue size, as per the NSE data.
Metal, Cement Stocks Slide After Railways Revises Freight Rates
Shares of metal and cement companies fell after the Indian Railways revised its freight rates and coal tariff structure.
Top Losers in Metals
- Vedanta (-1.6%)
- Tata Steel (-1%)
- Nalco (-0.9%)
- NMDC (-0.9%)
- JSW Steel (-0.8%)
- Hindalco Industries (-0.7%)
Top Losers in Cement
- Shree Cement (-2.3%)
- Deccan Cements (-1.9%)
- Birla Corp (-3.13%)
- Sagar Cements (-1.4%)
- JK Cement (-1.1%)
- Ramco Cements (-1%)
- ACC (-0.3%)
- Ambuja (-0.3%)
Tata Power Declines After Q1 Net Slumps 78%
Shares of the electricity maker fell as much as 3.2 percent to Rs 74 after its first quarter profit slumps 78 percent to Rs 72.49 crore. It had made a profit of Rs 303 crore in the same period last year.
It clocks a net sales of Rs 6,806 crore, down 26 percent year-on-year.