Indices end choppy day in the red; Sensex dips 31 pts; banks, metals bleed

Broader markets, meanwhile, remained better placed. The S&P BSE MidCap and SmallCap indices each ended around 0.4 per cent higher

1:22 PM

Market Check :: Sensex off day's high

1:12 PM

NEWS ALERT :: Night curfew imposed in parts of Gujarat due to Covid-19

>> Curfew between 10 PM and 6 AM in Vadodara, Ahmedabad, Rajkot, Surat

>> Curfew to be imposed from March 17 to March 31

1:06 PM

Paper stocks in demand; Emami Paper, West Coast Paper zoom up to 20%

Shares of paper manufacturers were in demand for the second straight session on Tuesday and rallied up to 20 per cent on the BSE in intra-day trade following the government's draft regulation under which there can be a ban on single-use plastic for candy and ice cream sticks, film wraps around sweet boxes and cigarette packets, etc. READ MORE

12:55 PM

Q&A | Investors should be careful while subscribing to IPOs: Deepak Jasani

The large liquidity sloshing around and the listing gains of past IPOs are the key reasons for the IPO market doing well. Also in these disruptive times, investors are hopeful that new players would be more capable of adapting to changing times compared to the already listed players, and this assumption may not always be right. Also the fact that there is no existing float available in these IPOs, some of which may be in niche areas also helps build the hype. READ FULL INTERVIEW HERE

12:44 PM

Global investors value China's Ant Group at over $200 billion: Report

The number is at least a third above Ant's valuation after its last fundraising in 2018 when it emerged as the world's most valuable unlisted technology company, yet is far short of the $315 billion it touted for what was set to be the world's largest IPO.

 

Investor hopes for a massive windfall were dashed when regulatory scrutiny scuppered the $37 billion initial public offering (IPO) days ahead of Ant's November listing. READ MORE

12:31 PM

Gold prices edges up on inflation bets as Fed meeting looms

Spot gold was up 0.2% at $1,729.12 per ounce by 1014 GMT. U.S. gold futures rose 0.4% to $1,727.70.

 

"The strength shown by gold could be hinting that prices are close to bottoming out on a longer-term basis, if gold's role as an inflation hedge is creeping back into investors thoughts. We will have a clearer picture by the end of the week," OANDA senior market analyst Jeffrey Halley said. READ MORE

12:19 PM

633,000 'New Middle Class' households In India: Hurun India report

Hurun India Wealth Report 2020 released Tuesday has identified a novel household category in India – the ‘New Middle Class’ – with an average savings of Rs 20-lakh per annum. These households, the report says, have major allocation towards physical assets such as primary residential property and automobiles. Hurun India pegs the total number of such cumulative households in India at 633,000. READ MORE

12:04 PM

Tata Communications tumbles 7% as OFS to divest govt stake begins

Shares of Tata Communications, earlier state-owned VSNL, were down 7 per cent at Rs 1,206 on the BSE in intra-day trade on Tuesday as offer for sale (OFS) to divest the government holding in the company opened today for institutional investors. The government will sell its 10 per cent stake, with an option to sell an additional 6.12 per cent stake in Tata Communications. READ MORE

11:49 AM

We'll be selective in our lending decisions, says IDBI Bank's Rakesh Sharma

The bank’s management says that the lender used the time while it was under PCA to strengthen the processes. Global consulting firm Mckinsey was hired for the purpose. “All our verticals have been strengthened in the meantime. For restructuring and realignment, we took the help of Mckinsey,” Rakesh Sharma, MD & CEO, IDBI Bank, told Business Standard. READ MORE

11:42 AM

Cyptocurrency trading frenzy fuels boom of Bitcoin ATMs in parts of US

A new feature has appeared at smoke shops in Montana, gas stations in the Carolinas and delis in far-flung corners of New York City: A brightly-lit bitcoin ATM, where customers can buy or sell digital currency, and sometimes extract hard cash.

 

The machines have multiplied quickly through the United States over the past year, fueled by a frenzy in crypto trading that sent bitcoin prices over $58,000. READ MORE

11:28 AM

GIC Re hits 52-week high, zooms 62% in a month on privatisation buzz

Shares of General Insurance Corporation of India (GIC Re) hit a 52-week high of Rs 230.20 after rallied 10 per cent on the BSE in intra-day trade on Tuesday on the back of heavy volumes. The trading volumes on the counter jumped over four-fold with a combined 3.4 million equity shares having changing hands on the NSE and BSE till 10:58 am. In comparison, the S&P BSE Sensex was up 0.70 per cent at 50,748 points. READ MORE

11:20 AM

Icra upgrades Titan's long term rating to 'AAA' with stable outlook

After showing high resilience to Covid-19-related disruptions in the jewellery segment, Titan’s growth is expected to be supported by store network expansion and huge opportunities in the unorganised sector, according to Icra. The rating agency upgraded the long-term rating from “AA+” to “AAA” with stable outlook. It also affirmed short-term rating and rating for the fixed deposit programme. Titan stock was trading 1.73 per cent lower at Rs 723.35 per share on BSE. READ MORE

11:14 AM

Sebi may tweak AT1 bond rule, looks for middle ground on valuation

The Securities and Exchange Board of India (Sebi) is trying to find middle ground on valuing so-called perpetual bonds in a bid to assuage the concerns raised by the finance ministry and mutual fund (MF) houses, said people in the know. The regulator is not in favour of withdrawing the proposed rules because it is of the view that tighter norms for valuing these bonds are required to protect MF investors. READ MORE

11:04 AM

NEWS ALERT :: L&T wins significant contracts for its various businesses

> The construction arm of L&T has secured orders from its client for two businesses

> L&T defines orders in the range of Rs 1,000-2,500 cr as 'significant' 

10:59 AM

Suryoday SFB IPO: Lender diversifies but asset quality worrying still

At a time when microfinance institutions (MFIs) are facing pressure on asset quality, and political instability in Assam that has a bearing on their collections, one wonders whether the initial public offering (IPO) of Suryoday Small Finance Bank (Suryoday SFB) has been timed well. The IPO is more to meet regulatory listing obligations. READ MORE