Autos, RIL set-off losses in banks; Sensex dips 20 pts, Nifty holds 15,100

The broader markets, however, bucked the trend and ended higher today. The S&P BSE MidCap and SmallCap indices added 0.7 per cent and 0.4 per cent, respectively at close

1:25 PM

NEWS ALERT :: Meaningful recovery not in sight until FY23, says India Ratings

>> India Ratings and Research (Ind-Ra) estimates the gross domestic product (GDP) growth will bounce back to 10.4% year on year (yoy) in FY22, primarily driven by the base effect.

>> The estimate also shows that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3% yoy in 4QFY21.

>> Although the recovery in FY22 on a yoy basis will be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6% lower than the trend value. 

1:15 PM

Poor connection for Sun TV investors even as firm gets tougher on content

Shares of Sun TV Network fell close to 7 per cent on Tuesday after reporting worse-than-ex­pected results in the October-December (Q3) period. The stock recovered a bit before closing with a loss 4.4 per cent.

 

Advertising revenue in Q3 declined 10 per cent over the corresponding quarter of FY20 to Rs 311 crore, compared to industry average of 4-5 per cent growth. This marks the eighth consecutive quarter of contraction in advertising revenue for the company. READ MORE

1:06 PM

PG Electroplast zooms 90% in 16 trading days, hits over two-year high

Shares of PG Electroplast were locked in upper circuit for the twelfth straight trading day, up 5 per cent at Rs 257.40 on the BSE on Wednesday in an otherwise range-bound market. In the past 16 trading sessions, the stock of the consumer electronics company has rallied 90 per cent from the level of Rs 135.15 on January 18. It was trading at its highest level since June 2018. The stock soared 882 per cent from its 52-week low of Rs 26.20, hit on March 31, 2020. READ MORE

12:50 PM

MARKET UPDATE:: Broader indices outperform as benchmarks remain subdued

12:40 PM

IRB Infra Developers to raise up to Rs 2,200 crore via NCD issue

IRB Infrastructure Developers on Wednesday said it will raise up to Rs 2,220 crore through issuance of non-convertible debentures. IRB Infrastructure Developers said the proceeds would be utilised for repayment of existing loans up to Rs 1,600 crore and balance for meeting capex requirements and general corporate purposes. 

(Text Source: PTI)

12:30 PM

Q3 EARNINGS | Bank of India reports profit of Rs 540.7 crore

-- NII dips 9% YoY to Rs 3,739.5 crore

-- Gross NPA at Rs 54,997; net NPA at Rs 9,077 crore

12:19 PM

Gold firms on faltering dollar, US coronavirus relief package hopes

Gold rose on Wednesday, hovering near a one-week peak hit in the previous session, as a weaker dollar and rising hopes of a U.S. stimulus elevated bullion's appeal as a hedge against inflation. Spot gold rose 0.3% to $1,842.41 per ounce by 0342 GMT. Prices hit their highest since Feb. 2 at $1,848.40 in the previous session. U.S. gold futures gained 0.3% to $1,843.50. READ MORE

12:10 PM

Weak US outlook in near term, higher costs to weigh on Torrent Pharma

A lower-than-expected performance in the December quarter, muted near-term outlook for its US business, and expected rise in costs led to a 6.4 per cent fall in the stock price of Torrent Pharmaceuticals. Given the headwinds, analysts have cut their net profit estimates by 4-8 per cent for FY22 and FY23. READ MORE

12:09 PM

Recovery from intra-day lows in today's trade

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
HEG	1082.05	1205.35	1183.35	9.36
IIFL Finance	226.95	244.75	244.75	7.84
Graphite India	403.00	439.70	434.00	7.69
G M D C	53.35	57.75	56.90	6.65

11:55 AM

Tata Steel partly-paid shares frozen at 10% lower circuit

Tata Steel partly paid (PP) shares were locked in 10 per cent lower circuit at Rs 239.25 on the BSE on Wednesday after the company’s board approved making of the first and final call of Rs 461 (comprising Rs 7.5 towards face value and Rs 453.5 towards securities premium) per partly paid-up equity share, on 77.6 million outstanding partly paid-up equity shares of face value Rs 10 each, issued by the Company on a rights basis. READ MORE

11:47 AM

Tata Motors, Maruti: Rally in auto stocks may pause for now, say analysts

Valuation at which some of the auto stocks are trading at is another concern. "PV manufacturers are trading at expensive valuation and I do not find much comfort there. Instead, investors can look at two-wheeler manufacturers and auto ancillaries. They are a better bet given the current industry dynamics. Overall, the blanket rally in auto stocks is likely to take a breather for now," says G Chokkalingam, founder and chief investment officer at Equinomics Research. READ MORE

11:35 AM

Govt to bring forward a Crypto Bill soon: Clear definitions, no grey areas

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, or Crypto Bill, will take care of which cryptocurrencies the government is seeking a ban on, with clear definitions to plug any grey areas that could possibly arise due to the evolution of technology, said a senior government official.  READ MORE

11:24 AM

IndusInd Bank stock on the rise as demand for commercial vehicle recovers

IndusInd Bank’s stock movement over the past year is interesting. When Sumant Kathpalia took charge as MD & CEO of the private lender on March 24, 2020, the stock hit a multi-year low of Rs 235.

 

The stock had plunged 85 per cent in just about two months after hitting a high of Rs 1,586.55. Be it asset quality, heavy deposit withdrawals, loan growth (which was in the slow lane even ahead of the pandemic) or overall financial position, nothing was quite working in the bank’s favour when Kathpalia took over.  READ MORE

11:13 AM

Max Financial surges 7%, scales record high post strong Q3 results

Shares of Max Financial Services (MFSL) rose 7 per cent to hit a record high of Rs 793 on the BSE in Wednesday's intra-day trade, in an otherwise subdued market, after reporting a strong set of numbers for the quarter ended December 2020 (Q3FY21). The company’s subsidiary Max Life Insurance registered an impressive value of new business (VNB) and individual adjusted sales. The stock surpassed its previous high of Rs 751.85 touched on January 21, 2021. READ MORE

11:06 AM

Tata Starbucks CEO Navin Gurnaney to step down; Sushant Dash to take over

Tata Starbucks CEO Navin Gurnaney will step down and Sushant Dash will be taking over as CEO from May 1, 2021, the company announced on Wednesday. Dash will join Tata Starbucks as CEO Designate effective April 1, 2021. Starbucks entered the Indian market in October 2012, through a 50:50 joint venture with Tata Consumer Products.

(Text Source: PTI)