Sensex, Nifty Log Worst Fall In Two Weeks As RIL, Kotak Mahindra Bank Drag
Catch all the live updates on share prices, index moves, corporate announcements and more from Sensex and Nifty today.
KEY HIGHLIGHTS
Closing Bell: Sensex, Nifty Log Worst Fall In Two Weeks As RIL, Kotak Mahindra Bank Drag
Indian stocks registered their worst fall in two weeks after clocking all-time highs during the opening trade.
The S&P BSE Sensex fell nearly 1 percent, the most since Jan. 6, to close at 41,528.91 and the NSE Nifty 50 fell 0.98 percent to end at 12,230.75. The broader markets represented by the NSE Nifty 500 Index fell 0.89 percent.
Earlier today, the 30-stock index had risen as much as 0.78 percent to hit a record high at 42,273.87 and the 50-share gauge had risen as much as 0.63 percent to hit an all-time high at 12,430.50.
The market breadth was tilted in favour of sellers. About 1,163 stocks declined and 634 shares advanced on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Media Index’s 1.9 percent fall. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 0.39 percent.
Hindustan Zinc Swings After Q3 Results
Shares of Hindustan Zinc fluctuated between gains and losses to trade 0.25 percent lower at 216.50 after the company announced quarterly results.
Key Earnings Highlights (Q3, YoY)
- Revenue down 15.7 percent to Rs 4,671 crore.
- Net profit down 26.7 percent to Rs 1,620 crore.
- Ebitda down 19.4 percent to Rs 2,288 crore.
- Margin at 49 percent versus 51.2 percent.
- Other income down 19 percent to Rs 445 crore.
Fab Four Stocks Of The Day
NMDC
- Stock rose as much as 7.4 percent to Rs 139.35.
- Company undertakes second price hike for January.
- Increases price of fines by 14 percent to Rs 2,910 per tonne.
- Increases price of lumps by Rs 400 per tonne to Rs 3,200 per tonne.
- To be included in Nifty CPSE Index
Bank of Maharashtra
- Stock rose as much as 12.1 percent, the most since Dec. 26, to Rs 15.25 after the lender announced December quarter results.
- Net interest income up 36 percent to Rs 1,186.1 crore.
- Net profit at Rs 135.3 crore versus net loss at Rs 3,764.3 crore.
- Provisions at Rs 794.1 crore versus Rs 4,538.23 crore (Rs 404 crore QoQ)
- GNPA at 16.77 percent versus 16.86 percent (QoQ)
- NNPA at 5.46 percent versus 5.48 percent (QoQ)
Deccan Gold Mines
- Stock rose as much as 14.2 percent to Rs 25.70.
- The company is scheduled to announced quarterly results today.
Godawari Power & Ispat
- Stock rose as much as 3.1 percent to Rs 244.90.
- Received consent from environment board to operate rolling mill and iron ore beneficiation plant.
- Both these facilities are presently under commissioning; operations will start in current quarter.
Stocks Moving On Heavy Volumes
NHPC
- Stock rose as much as 20 percent to Rs 29.10.
- Trading volume was more than 60 times its 20-day moving average.
Cochin Shipyard
- Stock rose as much as 15.5 percent to Rs 491.70.
- Trading volume was more than 30 times its 20-day moving average.
Prestige Estates Projects
- Stock rose as much as 13.6 percent to Rs 426.
- Trading volume was almost 11 times its 20-day moving average.
Global Markets Update: Europe Markets Decline Along With U.S. Futures
European stocks edged lower and U.S. equity futures drifted as investors awaited this week’s fresh batch of corporate earnings
- Futures on the S&P 500 Index declined 0.1 percent.
- The Stoxx Europe 600 Index dipped 0.1 percent.
- The MSCI Asia Pacific Index was little changed.
- The MSCI Emerging Market Index fell 0.1 percent.
Get your daily fix of global markets here.
Federal Bank Q3 Profit Rises 32%, Asset Quality Improves
Shares of Federal Bank fluctuated between gains and losses to trade 1 percent lower at Rs 90.65 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Net interest income up 7.2 percent to Rs 1,155 crore.
- Net profit up 32.1 percent to Rs 440.6 crore.
- Provisions at Rs 160.9 crore versus Rs 190.1 crore (Rs 251.8 crore QoQ)
- GNPA at 2.99 percent versus 3.07 percent (QoQ)
- NNPA at 1.63 percent versus 1.59 percent (QoQ)
Bank Of Maharashtra Surges 12% After Q3 Results
Shares of Bank of Maharashtra rose as much as 12.1 percent, the most since Dec. 26, to Rs 15.25 after the lender announced December quarter results.
Key Earnings Highlights (Q3, YoY)
- Net interest income up 36 percent to Rs 1,186.1 crore.
- Net profit at Rs 135.3 crore versus net loss at Rs 3,764.3 crore.
- Provisions at Rs 794.1 crore versus Rs 4,538.23 crore (Rs 404 crore QoQ)
- GNPA at 16.77 percent versus 16.86 percent (QoQ)
- NNPA at 5.46 percent versus 5.48 percent (QoQ)
Kotak Mahindra Bank Q3 Results: Profit Meets Estimates; Asset Quality Worsens
Shares of the private lender declined 4.1 percent, biggest intraday slide in seven months, to Rs 1,629.35 apiece.
The bank’s profit after tax rose 23.6 percent to Rs 1,595.9 crore compared to the same period last year. Analysts had pegged the estimate at Rs 1,670 crore.
Net interest income, too, rose 18 percent to Rs 3,429.53 crore during the three-month period. Gross NPA rose 2.46 percent versus 2.32 percent sequentially.
Market Check: Sensex Drops Nearly 700 Points From Day’s High; Nifty Slips To Below 12,300
Indian stocks erased all the opening gains to trade at day’s low.
The S&P BSE Sensex fell as much as 0.94 percent to 41,595.05 and the NSE Nifty 50 fell as much as 0.86 percent to 12,246.
The 30-stock index had risen as much as 0.78 percent to hit a record high at 42,273.87 and the 50-share gauge had risen as much as 0.63 percent to hit an all-time high at 12,430.50.
Power Finance Extends Fall, Shares Drop 8%
Shares of Power Finance extended declines for the third consecutive trading session. The stock fell as much as 8 percent, the most since Sept. 17, 2019, to Rs 112.20.
The stock is set to be excluded from the NSE Nifty CPSE Index with effect from Jan. 24, according to a statement on National Stock Exchange.
Of the shares traded, 52 percent were at the ask price and 40 percent were at the bid, Bloomberg data showed.
Prestige Estate Projects Resumes Rally After One-Day Blip, Shares Hit Record Highs
Shares of Prestige Estate Projects resumed gains after a one-day blip. The stock rose as much as 13.6 percent, the most since Nov. 27, 2019, to hit an all-time high at Rs 426.
The company’s subsidiary—Prestige Falcon Realty Ventures Pvt. Ltd.—invested in Lokhandwala DB Realty LLP, according to its statement on the exchanges. “The investment was through the capital account contribution and admitted as partner of the LLP with 50 percent economic and voting rights,” the statement added.
The scrip advanced in three out of four trading sessions. Trading volume was almost right times its 20-day average, Bloomberg data showed. The Relative Strength Index was at 77, indicating that the stock may be overbought.
IRB Infra Extends Gains For Third Day, Shares Surge 19%
Shares of IRB Infrastructure Developer extended gains for the third consecutive trading session.
The stock rose as much as 18.9 percent, the most since Oct. 23, 2019, to Rs 119.40.
Trading volume was almost eight times its 20-day average, Bloomberg data showed. The Relative Strength Index was at 86, indicating that the stock may be overbought.
The scrip advanced 29 percent in the past five days and rallied 67 percent in the past 30 days. IRB Infra traded at 5.6 times its estimated earnings per share for the coming year, according to Bloomberg data.
Market Check: Sensex Drops 600 Points From Day’s High; Nifty Slips To Below 12,300
Indian stocks erased all the opening gains to trade at day’s low.
The S&P BSE Sensex fell as much as 0.56 percent to 41,708.94 and the NSE Nifty 50 fell as much as 0.61 percent to 12,277.20.
The 30-stock index had risen as much as 0.78 percent to hit a record high at 42,273.87 and the 50-share gauge had risen as much as 0.63 percent to hit an all-time high at 12,430.50.
Sectoral Check: NSE Nifty IT Index Worst Performer
Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty IT index’s 1 percent fall. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 0.3 percent.
F&O Check: Nifty 12,400 Call Option Premium Falls 48 percent
Nifty’s 12,400 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on Jan. 23, fell 48 percent to Rs 22.95. About 15.23 lakh shares were added to the open interest which stood at over 34.6 lakh shares.
Market Check: Sensex, Nifty Fluctuate
Indian stocks fluctuated between gains and losses after opening at record highs.
The S&P BSE Sensex fell 0.24 percent to 41,847 and the NSE Nifty 50 fell 0.3 percent to 12,315. The broader markets represented by the NSE Nifty 500 Index fell 0.25 percent.
The 30-stock index had risen as much as 0.78 percent to hit a record high at 42,273.87 and the 50-share gauge had risen as much as 0.63 percent to hit an all-time high at 12,430.50.
Stocks Reacting To Results Announcements
Reliance Industries (Q3, QoQ)
- Stock rose as much as 1.8 percent to Rs 1,609.
- Revenue down 1 percent to Rs 86,289 crore (Estimate: Rs 92803 crore)
- Net profit down 1.2 percent to Rs 9585 crore (Estimate: Rs 9706 crore)
- Ebitda down 5.8 percent to Rs 12871 crore (Estimate: Rs 14608 crore)
- Margin at 14.9 percent versus 15.7 percent (Estimate: 15.7 percent)
- GRM down 2.1 percent to $9.2/barrel versus $9.4/barrel
Reliance Jio (Q3, QoQ)
- Revenue up 6.4 percent to Rs 13,968 crore (Estimate: Rs 13722 crore)
- Net profit up 36.4 percent to Rs 1,350 crore (Estimate: Rs 1419 crore)
- Ebitda up 8.6 percent to Rs 5,583 crore (Estimate: Rs 5978 crore)
- Margin at 40 percent versus 39.1 percent (Estimate: 43.6 percent)
- Adjusted ARPU up 0.7 percent to Rs 128.4 versus Rs 127.5
TCS (Q3, QoQ)
- Stock fell as much as 1.4 percent to Rs 2,187.70.
- Dollar revenue up 1.3 percent to $5,586 million (Estimate: $5600 million)
- Revenue up 2.3 percent to Rs 39,854 crore (Estimate: Rs 39836 crore)
- Net profit up 0.9 percent to Rs 8,118 crore (Estimate: Rs 8189 crore)
- EBIT up 6.5 percent to Rs 9,974 crore (Estimate: Rs 9760 crore)
- Margin at 25 percent versus 24 percent (Estimate: 24.5 percent)
- Management remains optimistic about 8 percent revenue growth in FY20
HCL Tech (Q3, QoQ)
- Stock rose as much as 3.2 percent to Rs 618.
- $ Revenue up 2.3 percent to $2,543 million (Estimate: Rs 2551 crore)
- Revenue up 3.5 percent to Rs 18,135 crore (Estimate: Rs 18155 crore)
- Net profit up 14.6 percent to Rs 3,037 crore (Estimate: Rs 2758 crore)
- EBIT up 5 percent to Rs 3,670 crore (Estimate: Rs 3542 crore)
- Margin at 20.2 percent versus 20 percent (Estimate: 19.5 percent)
HDFC Bank (Q3, YoY)
- Stock rose as much as 2.1 percent to Rs 1,304.85.
- Net interest income up 12.7 percent to Rs 14,172.9 crore
- Net profit up 32.8 percent to Rs 7,416.48 crore
- Gross NPAs at 1.42 percent versus 1.38 percent (QoQ)
- Net NPAs at 0.48 percent versus 0.42 percent (QoQ)
- Provisions up 12.7 percent to Rs 3,043.56 crore (QoQ)
Q3 Results: Brokerages Maintain Positive Outlook On HDFC Bank Despite Asset Quality Letdown
ICICI Lombard General Insurance (Q3, YoY)
- Stock fell as much as 2 percent to Rs 1,383.80.
- Gross written premium flat to Rs 3,769.46 crore.
- Net earned premium from the motor up 23 percent to Rs 1,583 crore
- Net earned premium from health up 17 percent to Rs 599 crore
- Net profit up 23 percent to Rs 294 crore
- Combined ratio at 98.7 percent versus 95.9 percent
L&T Technology Services (Q3, YoY)
- Stock fell as much as 2.3 percent to Rs 1,605.10.
- Dollar revenue up 7 percent to $199 million
- Revenue up 8 percent to Rs 1,422.9 crore
- Net profit up 10 percent to Rs 204.1 crore
- EBIT up 9.8 percent to Rs 239.1 crore
- Margin at 16.8 percent versus 16.5 percent
L&T Finance Holdings (Q3, YoY)
- Stock fell as much as 5.5 percent to Rs 120.30.
- Net interest income up 20 percent to Rs 1,467.9 crore
- Net profit up 1.9 percent to Rs 591 crore
- Lending book growth up 5 percent to 99,453 crore
- Provision coverage at 57 percent versus 62 percent
Blue Dart Express (Q3, YoY)
- Stock fell as much as 7.5 percent to Rs 2,468.85.
- Revenue flat at Rs 857.9 crore
- Net loss at Rs 32 crore versus net profit to Rs 32 crore
- Ebitda up 59 percent to Rs 142 crore
- Margin at 16.6 percent versus 10.4 percent
Jindal Steel and Power (Q3, YoY)
- Stock fell as much as 2.1 percent to Rs 173.25.
- Revenue down 2.8 percent to Rs 9,299.78 crore
- Net loss at Rs 218.57 crore versus loss of Rs 87.24 crore
- Ebitda down 12.4 percent to Rs 1819.52 crore
- Margin at 19.6 percent versus 21.7 percent
Chennai Petroleum Corporation (Q3, YoY)
- Stock rose as much as 12.6 percent to Rs 164.
- Revenue down 7.14 percent at Rs 9,170.72 crore
- Net profit at Rs 11.29 crore versus loss of Rs 362.99 crore
- Ebitda at Rs 227.21 crore versus Ebitda loss of Rs 335.49 crore
Goa Carbon (Q3, YoY)
- Stock hit 5 percent upper circuit at Rs 294.15.
- Revenue up 13.47 percent to Rs 106.96 crore
- Net loss at Rs 4.12 crore versus loss of Rs 4.9 crore
- Ebitda loss at Rs 0.99 crore versus Ebitda loss of Rs 6.32 crore
GNA Axles (Q3, YoY)
- Stock fell as much as 14.2 percent to Rs 272.50.
- Revenue down 13 percent to Rs 214.14 crore
- Net profit down 57.5 percent to Rs 7.63 crore
- Ebitda down 38.6 percent to Rs 23.89 crore
- Margin at 11.16 percent versus 15.8 percent
Adani Green Energy Extends Gain, Shares Hit 5% Upper Circuit
Shares of Adani Green Energy extended gains for the second consecutive trading session and hit an upper circuit of 5 percent at Rs 198.05. Prior to Jan. 17, 2020, The stock had declined for five consecutive trading sessions.
The stock advanced 387 percent in the past 12 months compared to a 15 percent gain in the Sensex, according to Bloomberg data.
M&M Gains After Unit’s Acquisition Plans
Shares of Mahindra & Mahindra rose as much as 0.8 percent to Rs 574.
The company’s arm has signed an agreement to acquire a 100 percent stake in Fifth Gear Ventures for Rs 30.45 crore. The company is in the business of operating an e-commerce platform.
Of the shares traded, 46 percent were at the ask price and 40 percent were at the bid, according to Bloomberg data.
Oil Marketers Decline On Rising Crude Prices
Shares of the oil marketing companies declined after Asia’s crude benchmark—Brent crude rose as much as 1.8 percent to $66 a barrel.
The rally in oil prices came as rising tension in the Middle East and North Africa halted output and exports from key OPEC producers Iraq and Libya.
Besides, Indian oil is set to be excluded from the Nifty CPSE Index, according to Bloomberg report.
Opening Bell: Sensex, Nifty Open At Record Highs
Indian stocks opened at record highs.
The S&P BSE Sensex rose as much as 0.78 percent to 42,273.87 and the NSE Nifty 50 rose as much as 0.63 percent to 12,430.50. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.56 percent.
The market breadth was tilted in favour of buyers. About 999 stocks advanced and 531 shares declined on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Realty Index’s 0.5 percent gain.
Your Complete F&O Trade Setup
Index Futures
- Nifty January futures closed at 12,384.6, premium of 32 points versus 18.8 points
- Nifty January futures open interest up 1.6 percent, adds 2 lakh shares in open interest
- Nifty Bank January futures closed at 31,723.7, premium of 133pts Vs 81.8pts
- Nifty Bank January futures open interest down 0.2 percent, sheds 2.2k shares in open interest
Options
- Nifty PCR at 1.45 versus 1.51 (across all series)
Nifty Weekly Expiry: Jan. 23
- Max open interest on call side at 12,400 (19.3 lakh shares)
- Max open interest on put side at 12,300 (19.7 lakh shares)
- Open interest addition seen at 12,400C (+7.6 lakh shares), 12,500C (+5.4 lakh shares), 12,350P (+5 lakh shares)
Nifty Monthly Expiry: Jan 30
- Max open interest on call side at 12,500 (28.2 lakh shares)
- Max open interest on put side at 12,000 (37.1 lakh shares)
BQ Heads-Up: Who's Meeting Whom
- Inox Leisure to meet Birla Sunlife Insurance on Jan. 23
How Indian ADRs Fared On Friday Night
Trading Tweaks: 3i Infotech, AGC Networks, Electrosteel Castings
- AGC Networks, Electrosteel Castings, Shyam Century Ferrous, Vipul, Kirloskar Electric to move into short term ASM Framework.
- 3i Infotech, FCS Software Solutions, Indowind Energy, Lasa Supergenerics to move out of short term ASM Framework
Money Market Update: Rupee Swings In Open
The Indian rupee fluctuated between gains and losses to trade little changed at 71.07 against the U.S. dollar.
Pre-Market Check: Sensex, Nifty Set To Open Higher
Indian stocks are set to open higher
The S&P BSE Sensex rose 0.74 percent to 42,240 during the pre-market trade and the NSE Nifty 50 rose 1.24 percent to 12,511.
Bulk Deals: HSIL, Spencer's Retail
- HSIL: HDFC MF sold 5 lakh shares (0.69 percent) at Rs 59.31 each
- Spencer's Retail: Canara Robeco MF sold 5.2 lakh shares (0.65 percent) at Rs 75.58 each
Q3 Earnings Corner: Blue Dart, HDFC Bank, HCL Tech, JSPL, Kotak Mahindra Bank, TCS, RIL
Nifty Earnings To Watch
- Kotak Mahindra Bank
Other Earnings To Watch
- Federal Bank
- Apollo Tricoat Tubes
- Bank of Maharashtra
- Can Fin Homes
- Deccan Gold Mines
- HFCL
- Hindustan Zinc
- ICICI Securities
- Just Dial
- KEI Industries
- Monnet Ispat & Energy.
Earnings Reaction To Watch
Reliance Industries (Q3, QoQ)
- Revenue down 1 percent to Rs 86,289 crore (Estimate: Rs 92803 crore)
- Net profit down 1.2 percent to Rs 9585 crore (Estimate: Rs 9706 crore)
- Ebitda down 5.8 percent to Rs 12871 crore (Estimate: Rs 14608 crore)
- Margin at 14.9 percent versus 15.7 percent (Estimate: 15.7 percent)
- GRM down 2.1 percent to $9.2/barrel versus $9.4/barrel
Reliance Jio (Q3, QoQ)
- Revenue up 6.4 percent to Rs 13,968 crore (Estimate: Rs 13722 crore)
- Net profit up 36.4 percent to Rs 1,350 crore (Estimate: Rs 1419 crore)
- Ebitda up 8.6 percent to Rs 5,583 crore (Estimate: Rs 5978 crore)
- Margin at 40 percent versus 39.1 percent (Estimate: 43.6 percent)
- Adjusted ARPU up 0.7 percent to Rs 128.4 versus Rs 127.5
TCS (Q3, QoQ)
- Dollar revenue up 1.3 percent to $5,586 million (Estimate: $5600 million)
- Revenue up 2.3 percent to Rs 39,854 crore (Estimate: Rs 39836 crore)
- Net profit up 0.9 percent to Rs 8,118 crore (Estimate: Rs 8189 crore)
- EBIT up 6.5 percent to Rs 9,974 crore (Estimate: Rs 9760 crore)
- Margin at 25 percent versus 24 percent (Estimate: 24.5 percent)
- Management remains optimistic about 8 percent revenue growth in FY20
HCL Tech (Q3, QoQ)
- $ Revenue up 2.3 percent to $2,543 million (Estimate: Rs 2551 crore)
- Revenue up 3.5 percent to Rs 18,135 crore (Estimate: Rs 18155 crore)
- Net profit up 14.6 percent to Rs 3,037 crore (Estimate: Rs 2758 crore)
- EBIT up 5 percent to Rs 3,670 crore (Estimate: Rs 3542 crore)
- Margin at 20.2 percent versus 20 percent (Estimate: 19.5 percent)
HDFC Bank (Q3, YoY)
- Net interest income up 12.7 percent to Rs 14,172.9 crore
- Net profit up 32.8 percent to Rs 7,416.48 crore
- Gross NPAs at 1.42 percent versus 1.38 percent (QoQ)
- Net NPAs at 0.48 percent versus 0.42 percent (QoQ)
- Provisions up 12.7 percent to Rs 3,043.56 crore (QoQ)
ICICI Lombard General Insurance (Q3, YoY)
- Gross written premium flat to Rs 3,769.46 crore.
- Net earned premium from the motor up 23 percent to Rs 1,583 crore
- Net earned premium from health up 17 percent to Rs 599 crore
- Net profit up 23 percent to Rs 294 crore
- Combined ratio at 98.7 percent versus 95.9 percent
L&T Technology Services (Q3, YoY)
- Dollar revenue up 7 percent to $199 million
- Revenue up 8 percent to Rs 1,422.9 crore
- Net profit up 10 percent to Rs 204.1 crore
- EBIT up 9.8 percent to Rs 239.1 crore
- Margin at 16.8 percent versus 16.5 percent
L&T Finance Holdings (Q3, YoY)
- Net Interest Income up 20 percent to Rs 1,467.9 crore
- Net profit up 1.9 percent to Rs 591 crore
- Lending book growth up 5 percent to 99,453 crore
- Provision coverage at 57 percent versus 62 percent
Blue Dart Express (Q3, YoY)
- Revenue flat at Rs 857.9 crore
- Net loss at Rs 32 crore versus net profit to Rs 32 crore
- Ebitda up 59 percent to Rs 142 crore
- Margin at 16.6 percent versus 10.4 percent
Jindal Steel and Power (Q3, YoY)
- Revenue down 2.8 percent to Rs 9,299.78 crore
- Net loss at Rs 218.57 crore versus loss of Rs 87.24 crore
- Ebitda down 12.4 percent to Rs 1819.52 crore
- Margin at 19.6 percent versus 21.7 percent
Chennai Petroleum Corporation (Q3, YoY)
- Revenue down 7.14 percent at Rs 9,170.72 crore
- Net profit at Rs 11.29 crore versus loss of Rs 362.99 crore
- Ebitda at Rs 227.21 crore versus Ebitda loss of Rs 335.49 crore
Goa Carbon (Q3, YoY)
- Revenue up 13.47 percent to Rs 106.96 crore
- Net loss at Rs 4.12 crore versus loss of Rs 4.9 crore
- Ebitda loss at Rs 0.99 crore versus Ebitda loss of Rs 6.32 crore
GNA Axles (Q3, YoY)
- Revenue down 13 percent to Rs 214.14 crore
- Net profit down 57.5 percent to Rs 7.63 crore
- Ebitda down 38.6 percent to Rs 23.89 crore
- Margin at 11.16 percent versus 15.8 percent
Stocks To Watch: Embassy Office Parks REIT, Indostar Capital Finance, M&M, Quick Heal,
- Reliance Industries-Saudi Aramco deal not expected to be closed by March 31.
- Indostar Capital Finance: Everstone Capital is exploring options including a partial stake sale as it looks to fund expansion. Everstone Capital holds a 60 percent stake in the company. The options include bringing in a strategic partner or selling shares to investors through the via qualified institutional placement and to raise funds before the end of this year.
- Quick Heal Technologies: Tribunal has set aside service tax demand for Rs 56.1 crore
- Mahindra & Mahindra’s arm has signed an agreement to acquire a 100 percent stake in Fifth Gear Ventures for Rs 30.45 crore. The company is in the business of operating an e-commerce platform.
- Ruchi Soya Industries: Board has approved long term agreement with Patanjali Ayurved for utilisation of production capacities of the company and to issue 1.86 crore shares to Ashav Advisory on a private placement basis at Rs 7 per share.
- Embassy Office Parks REIT: SEBI said REITs and InvITs rights issue in-line with regulatory norms.
- UCO Bank to consider shareholder’s nod for preference issue of Rs 2,142 crore to the Government on Feb. 14.
- GHCL to consider share buyback on Jan. 23.
- Indian Oil has signed an agreement with Cummins Technologies for bulk dispensing of the company’s diesel exhaust fluid in their advanced engines with selective catalytic reduction systems.
- Power Finance Corporation raised $750 million through overseas bonds.
- Power Grid Corporation’s arm has commissioned its Tamil Nadu unit.
- Mercator sold its offloading ship for Rs 49.54 crore.
- Lupin says U.S. FDA has completed inspection of its’s Vizag API facility with five 483 observations
- Chalet Hotels signed a share purchase agreement for the purchase of Belaire Hotels Private Ltd., owner of Novotel Pune Nagar Road Hotel and its affiliated entity Seapearl Hotels Private Ltd. For aggregate enterprise value of about Rs.290 crore.
- RBL Bank said rating agency ICRA has reaffirmed rating for Basel Ill Compliant Tier II Bond Programme at AA- (stable). The ratings for medium-term fixed deposits has been reaffirmed at MAA (stable). The short-term rating for the certificate of deposit Programme and Short Term Fixed Deposit Programme has been reaffirmed at A1+.
- Godawari Power says Chhattisgarh Environment Conservation Board has granted its consent to the Company, to operate the Rolling Mill with a capacity of 4,00,000 tonnes per annum and iron ore beneficiation plant with capacity of 10,00,000 tonne per annum. The company expects to start commercial operations in these facilities during the current quarter.
- Reliance Capital says Axis Trustee Services Ltd has invoked 2.18 percent stake pledged with it, balance stake left with Axis Trustee is 16.51 percent
- Reliance Home Finance says Axis Trustee Services Ltd has invoked 2.37 percent stake pledged with it, balance stake left with Axis Trustee is 7.57 percent
Global Markets Update: Oil Surges
- The benchmark S&P 500 Index, along with the tech-heavy Nasdaq Composite, set record highs for an eighth consecutive trading session on Friday.
- Oil jumped as rising tension in the Middle East and North Africa halted output and exports from key OPEC producers Iraq and Libya.
Get your daily fix of global markets here.
SGX Nifty Suggests Tepid Start; Asian Stocks Edge Higher
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.08 percent to 12,393 as of 8:45 a.m.
Stocks in Asia saw a modest rise at the open Monday, building on seven straight weeks of gains. Stocks in Japan, South Korea and Australia edged higher.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
