Indices drop for 2nd day; Sensex dips 397 pts; metals, IT gain, banks hit

Reliance Industries, HDFC Bank, ICICI Bank, HDFC, Bajaj Finance, L&T, Axis Bank, Infosys, and Asian Paints, down between 0.6 per cent and 3 per cent, dragged the indices lower today

1:28 PM

Kalyan Jewellers IPO opens Tuesday: A good long-term bet, say analysts

The company’s performance was impacted significantly during fiscal 2018-19 (FY19) and in the nine months of the current fiscal (9MFY21) due to natural calamities in the South India and Covid-19 pandemic, respectively. However, most analysts believe that brand recall and strong pan India presence makes Kalyan Jewellers a long-term bet, with profitability and balance sheet projected to improve, going ahead. READ MORE

1:18 PM

Monday mayhem! Factors behind Sensex's 950-point crash today

The equity benchmark indices were on track for the second day of fall on Monday (indices closed weak on Friday as well). The fall comes on the back of weak macroeconomic data (dip in IIP, rise in inflation) and resurgence in Covid-19 infections. Besides, elevated crude prices and jump in bond yields also weighed on sentiment. The BSE benchmark Sensex shed over 950 points and breached the 50,000 mark in intraday deals, while Nifty50 also gave up the 15,000 level, down over 200 points. READ MORE

1:09 PM

Godawari Power surges 13% on environment clearance for capacity expansion

Shares of Godawari Power and Ispat rallied 13 per cent to Rs 633, also its 52-week high, on the BSE on Monday after the company got approval for ‘consent to operate' the enhanced capacity of iron ore pellet plant and consent to set up manufacturing facilities in other divisions. At 12:24 pm, the stock was trading 9 per cent higher at Rs 610, as compared to 1.6 per cent decline in the S&P BSE Sensex. The trading volumes on the counter more-than-doubled with a combined around 380,000 equity shares changing hands on the NSE and BSE, so far. READ MORE

1:08 PM

Top losers on BSE at this hour

Company	PRICE(rs)	CHG(%)
Bliss GVS Pharma	139.05	-14.64
APL Apollo Tubes	1132.60	-9.99
Shriram Trans.	1246.30	-6.15
Aegis Logistics	286.90	-5.70
AU Small Finance	1186.40	-5.51

12:57 PM

These stocks have surged 50% so far in CY21; charts show further upside

Equity markets have seen wild wings over the past three months. While the indices clocked new record peak day after day ahead of Budget presentation, the rally strengthened further as Finance Minister proposed no tweaks in income tax, no addtional taxes on market participants, and green signal to a mega privatiosation drive. However, come March, and inflation concerns on the back of swift demand recovery has worried investors. Effectively, the S&P BSE Sensex and the Nifty50 indices have slipped around 3 per cent each from their respective 52-week high levels. Yet, some of the small-cap stocks have managed to buck the trend and have jumped 50 per cent from the Nifty500 universe. READ MORE

12:40 PM

MARKET CHECK

12:32 PM

Over 50% PMS schemes outperform Nifty50 in February, shows data

February was a mixed bag for PMS schemes, with 111 of 217 schemes outperforming the Nifty50. The schemes returned 7.2 per cent on average, better than the 6.6 per cent given by the benchmark.

 

Better performing strategies in February included Right Horizons’ Super Value (21.7%), Roha Asset Managers’ Emerging Champions (20.2%), and Valentis Advisors’ Rising Star Opportunity (19.4%), the data from PMS Bazaar showed. READ MORE

12:22 PM

Hungry fund managers are angry with India, call for fixing upstairs market

As all institutional investors know, purchasing shares in bulk can be a real pain in India. Traders at a biggish asset manager would be lucky to fill even a fifth of the entire demand from individual funds. The rest will become a feast for unrelated buyers.

 

It’s a design quirk, which grew out of a misplaced egalitarian sensibility and a fear of mischief by business families. READ MORE

12:09 PM

NEWS ALERT :: Wholesale Price Index-based inflation comes in at 4.17% in February

>> Inflation inches up from 2.03% in Jan

12:01 PM

Global investors flock to private debt space, expect huge demand for credit

Global investors such as the Canada Pension Plan Investment Board (CPPIB), Ontario Teachers’ Pension Plan, Baring Private Equity (PE) Asia, and Värde Partners are flocking to Indian private debt because they expect huge demand for credit in the country after the onslaught of the Covid-19 pandemic and limited lending by Indian banks and non-banking financial companies (NBFCs). READ MORE

11:53 AM

Bitcoin takes breather around $60,000 after retreat from record $62,000

Bitcoin consolidated around $60,000 on Monday, taking a breather from the weekend's record high as investors prepared for inflation worries and U.S. stimulus spending to propel it even higher. The world's most popular cryptocurrency slipped as low as $58,956.90 early in the Asian session, falling from Saturday's record high of $61,781.83. READ MORE

11:41 AM

Shree Cement's new cement grinding unit in Odisha commences commercial production

Shree Cement on Monday said its new cement grinding unit in Odisha with a manufacturing capacity of 3 million tonnes per annum (mtpa) has commenced commercial production. The company has commenced commercial production at its new cement grinding unit having capacity of 3.0 MTPA set-up at Athagarh Tehsil in Cuttack District of Odisha, Shree Cement said in a regulatory filing.

 

(Text Source: PTI)

11:31 AM

Gobal indices' rejig, economic recovery attract FPI flows to India

India has been left somewhat unscathed when it comes to foreign portfolio investor (FPI) flows in the aftermath of the spike in US bond yields. Between February 15 and March 10, India's FPI flows stood at $874 million, and its emerging market peers saw outflows. FPIs were net sellers to the tune of Rs 942 crore on Friday, according to provisional data from exchanges. READ MORE

11:23 AM

Tech Mahindra gains 2% as Co to acquire 70% stake in Perigord

Shares of Tech Mahindra advanced 2 per cent to Rs 1,028; gaining 3 per cent from day’s low on the BSE on Monday, after the company said its board has approved the proposal for acquisition of majority stake in Perigord Asset Holdings Limited (Perigord), a digital workflow and artwork, labelling and BPO services firm. The stock of the IT consulting & services firm is trading close to its record high level of Rs 1,081.35, touched on January 11, 2021. READ MORE

11:14 AM

NEWS ALERT :: Transformers and Rectifiers bags Rs 108 cr order from Power Grid

Transformers and Rectifiers (India) has been awarded the order of transformers amounting to Rs 108 crore from Power Grid Corporation of India Limited (PGCIL). With this order, the company's Order book as on date stands around Rs 1,123 crore.