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Life Insurance Corp. of India doesn’t rule out raising stake in the beleaguered Infrastructure Leasing & Financial Services Ltd., V.K. Sharma, chairman of the state-run insurer told reporters in New Delhi today.
As of March 31, LIC was the shadow lender’s biggest holder with 25.3 percent stake, followed by Japan’s Orix Corp. at 23.5 percent, according to a shareholding pattern on IL&FS’s website.
Shares of the Mumbai-based mortgage lender extended decline and slumped as much as 35 percent to Rs 256.05 on heavy volumes.
Trading volume was 10 times its 20-day average, data compiled by Bloomberg showed.
As many as 91 lakh shares changed hands on the BSE compared with an average of 29 lakh shares traded daily in the past two weeks.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of sugar manufacturers rose as much as 15 percent after a report suggested that government may allow export of 50 lakh tonnes of sugar for 2018-19, ET Now reported citing sources.
Source: Bloomberg
Oyo Hotels is raising $1 billion to fund expansion into China and other global regions, Bloomberg reported.
Existing investors including SoftBank Vision Fund, Sequoia Capital and Lightspeed Venture Partners have put in $800 million, with commitments for another $200 million, the company said on Tuesday. About $600 million of the total will be plowed into China where Oyo began operations only 10 months ago. The funding values the startup at $5 billion, a person familiar with the matter who asked not to be identified because the matter is private told Bloomberg.
Nestle India recovered from intraday low levels and rose as much as 0.9 percent to Rs 9,745 after it forayed it announced foray into dips segment with launch of Maggi Dip & Spread.
The low fat yogurt based dip and spread from Nestle has been conceptualized basis in-depth consumer research. Maggi Dip & Spread contains almost 80 percent yogurt with less than 3 percent fat making it a very healthy and tasty option for variety of food pairings, Nestle said in a press release.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of the Hyderabad-based pharmaceutical products maker rose as much as 6.8 percent to Rs 284.60.
Suven Life Sciences secured two product patents one from Canada and one from Sri Lanka corresponding to the new chemical entity for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2034 and 2026 respectively, the company said in a press release.
Nifty 10,900 strike price put option contract was among the most active option contracts on the National Stock Exchange.
Premium on the contract fell 34 percent to Rs 32.40. Over 7.12 lakh shares were added to the open interest which stood at 26.98 lakh shares.
Indian equity benchmarks reversed losses and rose led by gains in Infosys, HDFC twins, Axis Bank and Reliance Industries.
The S&P BSE Sensex rose 0.3 percent or 112 points to 36,418 and the NSE Nifty 50 Index advanced 0.3 or 37 points to 11,005.
Eleven of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Healthcare Index's 1.5 percent gain. On the flipside, the S&P BSE Telecom Index was top loser, down 1.6 percent.
The mid- and small-cap shares were mixed as the S&P BSE MidCap Index rose 0.3 percent while the S&P BSE SmallCap Index declined 0.4 percent.
Shares of the country's second largest IT company rose as much as 1.6 percent to Rs 729.50 after it received an IT digitisation solution order worth CAD $80.3 million from Public Services and Procurement Canada to modernize and automate their procurement processes.
The company will be working with Ernst & Young and SAP Canada for this project, Infosys said in an exchange notification.
Shares of the Mumbai-based drugmaker were locked in a five percent upper circuit at Rs 80.90 after it received World Health Organisation's approval for Efavirenz.
Efavirenz is used to treat human immunodeficiency virus (HIV) infection.
Shares of the Bhopal-based construction company rose as much as 4.41 percent to Rs 750 after it emerged as lowest bidder for a new EPC project Navnera Barrage (Dam) valued at Rs. 601.02 crore by the Water Resource Department of Rajasthan, the company said in an exchange notification.
Shares of the Mumbai-based life insurer fell as much as 5.8 percent to Rs 552.75, also its lowest level since it started trading after it said that BNP Paribas Cardiff may cut stake in the company to comply with minimum shareholding norms.
The company also said that BNP Paribas Cardiff had confirmed that it was yet to make any firm decision regarding the size, timing or nature of such potential reduction in their shareholding of the company. The foreign institution held 22 percent stake in SBI Life Insurance as reported to the exchanges for the June quarter.
Shares of the Mumbai-based private sector lender rose as much as 3.09 percent to Rs 233.25 after its board re-appointed Rana Kapoor as the MD and the CEO.
The bank also gave the credit cost guidance for financial year 2019 at 50-70 basis points and said that it was committed to protect shareholder’s interests. The board meet of the company is scheduled today to decide the course of action post RBI curtailing term of Rana Kapoor.
The RBI announced another open market operations (OMO) to buy back up to Rs 10,000 crore of bonds on Thursday after the liquidity deficit in the banking system rose to highest in two years, as per data compiled by Bloomberg.
The OMO is likely to help calm nerves given that advance tax outflows too would create a hole in the liquidity situation. Yield on the 10-year note should trade between 8.05-8.10 percent in the day. Also, market is expecting government borrowing numbers to be announced on Sept. 28.
In the rupee market, implied opening suggests the rupee may start trading at around 73 and dealers expect a range of 72.70-73.30 in the day. Today markets in Korea and Hong Kong are shut for trading.
Macquarie on Metals
Goldman Sachs on Eicher Motors
CLSA on ITC
BofA ML on Cummins India
CLSA on Real Estate
Kotak on Consumer Sector
(As reported on Sept. 24)
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