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RBI Permits One-Time Restructuring Of Loans
Shares ended 4.7% higher at Rs 506.3. The stock ended higher for the third straight day.
Shares ended 5.5% lower at Rs 1,337.9, down for the second straight day.
Shares were off the day's low, ending little changed at Rs 35.20. The stock has declined in five out of the last six sessions.
Shares are off the day's high, currently trading 0.4% higher at Rs 2,101 post the announcement.
Shares of the cash-for-gold lenders rose after the Reserve Bank of India said that it will ease rules for advances against the yellow metal.
Governor Shaktikanta Das, during his policy address declared that the loan-to-value limit for gold loans for non-agri purposes has been raised to 90% from 75% earlier.
The relaxation is available till March 31, 2021.
Shares of Manappuram Finance gained as much as 6.1% to Rs 169 and are up for the second straight day.
Shares of Muthoot Finance rose as much as 5.3% to Rs 1,324, post the announcement.
Let's take a look at how benchmark indices across Europe have opened:
To undertake additional developmental and regulatory measures, says RBI Governor Shaktikanta Das. #RBIPolicy
— BloombergQuint (@BloombergQuint) August 6, 2020
Live blog: https://t.co/5z1loNHdz6
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MPC votes unanimously to leave all rates unchanged & continue with accommodative stance as long as necessary to revive growth, says RBI governor. #RBIPolicy
— BloombergQuint (@BloombergQuint) August 6, 2020
Live blog: https://t.co/5z1loNHdz6
Watch LIVE: https://t.co/SGjhi5zcwF pic.twitter.com/fdfIT0DdlJ
Shares fell as much as 4.2% to Rs 111, snapping a two-day gaining streak. The stock is now off the day's low.
Shares gained as much as 2.2% to Rs 239.7, on the National Stock Exchange.
Shares of HDFC Bank are off the day's high, currently trading 0.9% higher at Rs 1,037.
The lender has entered into an agreement to purchase up to 4% stake in IDBI Federal Life Insurance from IDBI Bank.
The shares will be purchased at a price not exceeding Rs 27.56 per share. The transaction is subjective to regulatory approvals, the bank said in an exchange filing.
Federal Bank currently holds 26% stake in IDBI Federal Life, making it an associate of the bank.
Federal Bank's stake post the asset purchase will rise to 30%.
Shares of Federal Bank trade 0.3% lower at Rs 52.2.
Shares of IDBI Bank trade 1% higher at Rs 39.35 per share.
The company has informed the exchanges that it has bagged export orders for over 6,000 wheels for the U.S. truck and Caravan trailer market.
The orders are worth $2.09 lakh and will be executed in August from its Chennai plant, the company said in an exchange filing.
Similar orders are expected in times to come from other regular customers as the market regains normalcy.
Shares gained as much as 2.8% to Rs 427.9, post the announcement. The stock is up for the third straight day.
Shares ended 14.7% higher - their biggest single-day gain since May 2012 at Rs 149.5. The stock ended at the highest level since September 2018.
Shares of the training services company rose after Massachusetts Institute Of Technology acquired further stake in the company on Wednesday through large deals.
MIT acquired 30 lakh shares or 2.12% stake in the company at Rs 96.75 per share, as per data available on the exchanges.
As per the shareholding pattern for the quarter ending June, MIT had 1.87% stake in the company.
The current purchase raised its stake in NIIT Ltd. to 3.99%.
Shares gained as much as 5.7% to Rs 102 and are up for the second straight day. The stock trades at the highest level in five months.
The currency has opened with gains for the second straight day ahead of the monetary policy decision.
The rupee opened at 74.80 against the U.S. Dollar, as compared to Wednesday's close of 74.94.
Just over half of the 44 economists in a Bloomberg survey expect the MPC to cut interest rates in this policy.
Economists and analysts are divided over the prospective rate action from the MPC owing to a rebound in inflation.
Coronavirus India Updates: Tally Tops 19.6 Lakh; Over 40,000 Dead
Shares fell as much as 6% to Rs 280, down for the second straight day.
Indian equity markets have opened higher ahead of the Monetary Policy announcement at noon.
The S&P BSE Sensex opened 0.75% higher at 37,946 while the NSE Nifty 50 index opened at 11,185, up 0.76%.
Banking stocks have opend higher. The Nifty Bank and the PSU Bank index have opened with gains of 0.6% each.
Among other sectoral indices, the media index has opened 0.7% higher while the Auto index is up half-a-percent.
Broader markets too opened higher with the midcap and smallcap index opening with gains of 0.5% each.
Market breadth was in favour of the gainers. 1,071 stocks on the NSE opened with gains while 347 declined.
Heaviest One-Day August Rain in 47 Years Slams Mumbai
To know more about the earnings reported after market hours and key brokerage updates, click here.
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