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

11:09 AM

Packaging stocks hit new highs; Jindal Polyfilms, Uflex surge up to 10%

Under the influence of Covid-19 pandemic, the packaging industry continued to remain on its toes to meet all time high demand for packed food, medicine and other essential goods.

 

That apart, the government has also issued a draft regulation under which there can be a ban on single use plastic for candy & ice cream stick, film wraps around sweet boxes and cigarette packets, etc. READ MORE

10:56 AM

Analysts bet on defensive sectors amid rising inflation concerns

Over the past few weeks, inflation expectations have risen sharply, given the large-scale monetary and fiscal stimulus by global central banks amid ongoing vaccination efforts. Historically, mild-to-moderate inflation has been good for equities, but not the extreme, analysts say. Despite these headwinds, there are ample opportunities for investors and stock selection will be key. READ MORE

10:44 AM

Craftsman Automation IPO: Opportunities & risks to know before subscribing

The issue comprises a fresh issue of Rs 150 crore by the company and remaining by an offer for sale of 4.52 million equity shares. Promoter Srinivasan Ravi will offload 130,640 equity shares through the OFS while Marina III (Singapore) PTE will off load 1.56 million equity shares, International Finance Corporation (IFC) will offload 1.41 million shares, and K Gomatheswaran will offload 1.42 million shares in the investors’ category. READ MORE

10:34 AM

Sector Watch :: Nifty IT erases losses, back in the green

10:29 AM

Laxmi Organic Industries IPO opens today: All you need to know

The Rs 600-crore issue comprises a fresh issue of Rs 300 crore and an offer for sale (OFS) of shares aggregating up to Rs 300 crore by Yellowstone Trust, the promoter group. The minimum bid lot is 115 equity shares and in multiples of 115 shares thereafter. READ MORE

10:19 AM

MTAR Tech makes stellar debut, lists at 85% premium over issue price

Shares of MTAR Technologies, a precision engineering solutions company, made a strong debut on the bourses, listing at Rs 1,063.90, up 85 per cent against its issue price of Rs 575 per share on the BSE on Monday. On the National Stock Exchange (NSE), the stock opened at Rs 1,050, up 83 per cent against its issue price. READ MORE

10:12 AM

NEWS ALERT :: Strides Pharma gets US FDA nod for Potassium Chloride for Oral Solution

10:06 AM

Rupee opening

Rupee opens at 72.71 per US dollar vs Friday's close of 72.78/$

9:58 AM

NEW LISTING :: MTAR Tech settles at Rs 1,063/sh in pre-open on BSE; issue price at Rs 575

9:47 AM

ALERT :: Indices hit day's low

9:41 AM

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Market trends are unclear. While the dollar index cooling to 9.16 is a positive for capital inflows the 10-year bond yield hovering around 1.64 is a concern. Also the rise in core inflation, mainly pushed up by commodity price rise, is a  concern. Looks like we are at the trough of the interest rate cycle. Recent Covid resurgence is another concern. An economy facing stocks are set to benefit from the rebound in growth. Investors should always remember the fact that market valuations are high & therefore vulnerable to correction.

9:41 AM

DLF dips 2%

9:33 AM

Tata Communications bucks the falling trend

>> The government will sell its entire stake in Tata Communications through an offer for sale and the rest to Tata Son's investment arm Panatone Finvest Ltd, according to a regulatory filing. Currently, the government holds 26.12 per cent stake in Tata Communications, Panatone Finvest Ltd 34.8 per cent and Tata Sons 14.07 per cent, respectively.

9:31 AM

Vodafone Idea slips 1.5%

9:30 AM

JSPL advances 1.7% in a weak market

>> Jindal Steel and Power (JSPL) reported an 18 per cent jump in its crude steel output to 6.53 lakh tonnes (LT) in February this year. The company had produced 5.54 LT steel in February 2020, JSPL said in a statement.