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Shares of PSU banks surged after a government official said that the state-run bank recapitalisation will be funded via bonds in FY19, Bloomberg reported.
Shares of Allahabad Bank surged as much as 5.8 percent and Bank of India jumped 7.65 percent as both the banks may soon come out of Reserve Bank of India's Prompt Corrective Action (PCA) framework, Bloomberg reported citing a government official.
Shares of the Anil Ambani-led company fell as much as 13.33 percent, the most since Sept. 24, to Rs 13.65.
The Economic Times reported that the department of telecommunications can’t approve the deal to trade airwaves between Reliance Jio and Reliance Communications due to non-confirmation of guidelines.
Shares of the Secunderabad-based explosives maker rose as much as 5.31 percent to Rs 269.80 after it won an order worth Rs 181 crore from Satish Dhawan Space Centre, SHAR Shriharikota.
Tata Steel is in discussions with banks for an about $500 million facility to partly refinance the company’s rupee-denominated loans raised in May for acquiring the assets of distressed Bhushan Steel, Bloomberg reported citing unidentified people familiar with the matter.
The planned external commercial borrowing has been approved by the central bank, the above-mentioned people said.
Tata Steel stock up 0.35 percent at Rs 532.45.
Shares of the Mumbai-based telephone services provider in Maharashtra and Goa rose as much as 14.29 percent, the most in nearly two months, to Rs 4.40.
The Mumbai branch of National Companies Law Tribunal has sanctioned scheme of arrangement among Bharti Airtel and Tata Teleservices (Maharashtra). The scheme will take effect after obtaining necessary approval from the Delhi branch of NCLT, Tata Teleservices said in an exchange filing.
Interest rate sensitive stocks rose on hopes of softer liquidity after the Reserve Bank of India said it will buy more government bonds than earlier planned as it looks to address the financial sector's liquidity crunch.
In a pre-election year, sales fall and sales go up substantially, RC Bhargava, chairman of Maruti Suzuki told reporters in a press briefing.
Key highlights of the conference:
Indian equity benchmarks came off intraday highs as IT heavyweights — Infosys and TCS came under selling pressure tracking appreciation in rupee against dollar.
The S&P BSE Sensex rose 0.2 percent to 36,419 and the NSE Nifty 50 Index advanced 0.3 percent to 10,941, retreating from 10,963 hit earlier in the day.
The overall market breadth was positive as 1,474 shares were advancing while 731 were declining on the BSE.
Seventeen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Realty Index's 2.4 percent gain. On the flipside, the S&P BSE IT Index was top loser, down 1.4 percent.
Shares of the Hyderabad-based metal alloys maker rose as much as 6.22 percent to Rs 128.15 after it finalised order worth Rs 500 crore, Mishra Dhatu Nigam said in an exchange notification.
Shares of the Kolkata-based cement maker rose as much as 4.8 percent to Rs 17,690, ts highest level since Sept. 27.
Trading volume was quadruple its 20-day average, according to data compiled by Bloomberg.
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Shares of the Mumbai-based TV broadcast company extended decline for second day and fell as much as 3.4 percent to Rs 447 after Bank of America Merrill Lynch downgraded the stock to underperform from neutral.
BofAML in a note said:
Shares of Ajay Piramal-led company rose as much as 6 percent, the most since Oct. 31, to Rs 2,310.30 after its board approved amendment to the terms of non-convertible debentures by modifying rating trigger threshold from ‘A+’ to ‘BBB+’.
The debenture-holders shall have the option to call for early redemption of the non-convertible debentures in case credit rating of the issuer falls to ICRA ‘BBB+’ or below. Board will also consider bond issue on Dec. 21 of up to Rs 3,000 crore, Piramal Enterprises said in an exchange filing.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of oil marketing companies rose after Brent Crude fell to lowest level in over 14 months to $56 per barrel in yesterday's session.
Shares of the Mumbai-based construction company rose as much as 11.31 percent to Rs 152.10 after its joint venture secured an order worth Rs 1,349 crore.
J Kumar-JM Mhatre joint venture in which J Kumar Infraprojects is a lead partner received letter of acceptance from NHAI for construction of Dwarka Expressway in Delhi on EPC mode, the company said in an exchange filing.
Indian rupee extended gains after it rose the most since 2013 in yesterday's session.
The home unit rose as much as 0.8 percent or 59 paise to 69.86 per dollar on the back of subdued oil prices and a rally in stock markets along with foreign fund inflows.
Meanwhile, yield on the 10-year government bond dropped as much as 12 basis points to 7.22 percent after the Reserve Bank of India decided to inject more cash into the banking system through open market operations.
India’s rupee may extend gains in line with other emerging-market currencies after the currency gained the most since 2013 on Tuesday.
Subdued oil prices and a rally in stock markets along with foreign fund inflows are likely to underpin the rupee, traders said. The rupee rose 1.5 percent on Tuesday to end at 70.4225 with implied forwards suggesting the spot rupee may start trading at 70.17 per dollar on Wednesday. Chartists expect resistance at 69.04, which is the 200-day moving average for the pair.
Meanwhile, bonds too are expected to rally after the Reserve Bank of India decided to inject more cash into the banking system through open market operations.
Consequently, the total injection of durable liquidity for the month of December 2018 would amount to Rs 50,000 crore.
The central bank will purchase Rs 50,000 crore in the month of January 2019 also and consider a similar quantum of OMO purchases until March 2019. Traders will also eye the release of the RBI minutes later in the day and the Fed’s rate decision. The 10-year bond yield fell 12 basis points to end at 7.35 percent, the lowest since April this year.
Source: Bloomberg
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Citi on Asset Management Companies
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The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.3 percent to 10,985 as of 7:21 a.m.
Markets are likely to react positively after the Reserve Bank of India said it will buy more government bonds than earlier planned as it looks to address the financial sector's liquidity crunch.
The central bank will now conduct two open market operation purchases of Rs 15,000 crore each in December, scaling up its total liquidity injection to Rs 50,000 crore for the month, it said in a media statement today. It had earlier planned to purchase Rs 40,000 crore worth of government bonds during the month.
Asian stocks traded mixed Wednesday following a volatile U.S. session that saw stocks end the day flat and crude oil slump more than 7 percent. Treasuries extended gains and the yen climbed.
Stocks in Japan recovered early losses and those in Hong Kong edged up, while Australian shares underperformed. Futures on the S&P 500 Index nudged higher after U.S. equities closed flat, with investors bracing for Wednesday’s Federal Reserve policy decision against the backdrop of recent turmoil in global markets that’s put equities on course for the worst year since 2008.
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