Sensex ends 280 pts up; bank stocks gain post SC verdict in moratorium case

Sectorally, the Nifty PSU Bank index emerged as the winner with 3 per cent gains by close. The other two banking indices too settled 1.7 per cent higher each

10:56 AM

Loan Moratorium Case :: Waiver of complete interest is not possible, says Justice MR Shah

10:54 AM

Loan Moratorium Case | We have considered reliefs independently, says Justice MR Shah

>> Judges should encroach in areas of economic policy waringly.

>> Decision must be left to the Government on what policy had to be adopted even if a second view is possible. Scope of judicial review into govt policy is well defined.

>> Pandemic affected all sectors and govt had to take measures such as providing transport to migrants etc. Even govt had no support during Pandemic and even GST loss that was incurred

>> What will be the overall impact of policies on economy is something for which the courts do not have any expertise.

10:52 AM

Loan Moratorium Case

>> It has been held that it's neither within judicial domain on whether a policy is fit or if a different fairer could have been adopted, says Justice MR Shah

>> What is an economic policy or what will be financial package be will be decided by the Centre and RBI after detailed consulations, says Shah

>> Only if some sectors are not satisfied; Court Cannot intervene in such matters of policy

10:48 AM

Loan Moratorium Case

>> Bench assembles to pronounce verdict

10:46 AM

NEWS ALERT | Aluminium prices fall up to 6% in China on fears of selling by Chinese authorities

(--via Reuters)

10:41 AM

Adani Ports jumps 5% as it acquires controlling stake in Gangavaram Ports

Shares of Adani Ports and Special Economic Zone advanced 4.6 per cent to Rs 755 on the BSE in the intra-day deals on Tuesday after the company announced acquisition of controlling stake in Gangavaram Port for Rs 3,604 crore. At 10:32 am, the stock was quoting at Rs 750 apiece, up 4 per cent on the BSE. In comparison, the benchmark S&P BSE Sensex was at 49,799.33 levels, up 28.04 points or 0.06 per cent. A combined 16.15 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report. READ MORE

10:32 AM

Adani Green Energy becomes first Group co to join Rs 2-trillion m-cap club

Shares of Adani Group companies were on roll on Tuesday with Adani Green Energy crossing Rs 2-trillion market capitalisation (market-cap) on the BSE, while Adani Total Gas touched Rs 1-trillion m-cap in the intra-day deals after a strong rally in these stocks. Adani Green Energy (AGEL) is the first group company to hit Rs 2-trillion market-cap. At 09:29 am, the company had an m-cap of Rs 2.05 trillion, BSE data shows. READ MORE

10:22 AM

Jubilant Ingrevia rises 5% as Rakesh Jhunjhunwala raises stake in firm

Shares of Jubilant Ingrevia were locked in 5 per cent upper circuit limit at Rs 299 on the BSE, also its fresh 52-week high, in Tuesday's intra-day session after ace investor Rakesh Jhunjhunwala said that persons acting in his concert purchased an additional 3,04,009 equity shares in the company on March 19. The persons acting in concert include Rekha Jhunjhunwala, Sushiladevi Gupta, Rare Enterprises and Rare Share & Stocks. READ MORE

10:17 AM

KEC International zooms 5% on winning orders worth Rs 1,429 crore

Shares of KEC International, on Tuesday, gained 5 per cent at Rs 469 on the BSE in intra-day trade after securing new orders worth Rs 1,429 crore across its various businesses. The stock of the heavy electrical equipment company was trading close to its 52-week high level of Rs 486.45, hit on March 3, 2021. In an exchange filing on March 22, KEC International said its Transmission & Distribution (T&D) business has secured orders of Rs. 701 crore for T&D projects from Power Grid Corporation of India Ltd. (PGCIL) and other customers in India, East Asia Pacific and the Americas. READ MORE

10:06 AM

Amid global rout, govt cancels last bond auction of FY21

In a relief to the bond market, the government has canceled the last bond auction of the current financial year, scheduled on March 26.

 

The government had planned to raise Rs 20,000 crore through the auction, but the Reserve Bank of India (RBI) notified on its website that it stands canceled now “on review of the position of cash balance” of the government. READ MORE

9:51 AM

Sebi asks NSE to fix individual responsibilities for trading glitch

The Securities and Exchange Board of India (Sebi) on Monday directed the management of the National Stock Exchange (NSE) to fix individual responsibilities, and determine why it failed to shift operations to the disaster recovery site (DR) during the trading outage on February 24. The exchange has three weeks to complete the exercise. READ MORE

9:41 AM

MARKET OUTLOOK :: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Market trend remains uncertain since there are both positive & negative factors impacting stock prices. For now, it appears that the crucial US 10-year bond yield has stabilised. This will remove the fear of large scale bond selling threatening the equity bulls. At the same time, we are witnessing FII selling (Rs 787 crores yesterday )in many bluechip large-caps, impacting sentiments. This has also led to mid-cap outperformance. Fears of the second wave of the pandemic impacting GDP growth in FY 22 also might be leading to selling in the economy- facing stocks like banks. Investors may consider buying into such large-caps on declines. A major macro positive is a sharp rise in tax collections which will put government finances in better shape

9:32 AM

M&M in focus :: Mahindra Defence to Manufacture Armoured Tactical Vehicles for Indian Army

>> The Ministry of Defence (MoD) has awarded a major contract to Mahindra Defence Systems Limited (MDS) for the manufacturing of Armoured Tactical Vehicles (LSV) for the Indian Army for their recce and weapon carrier requirements.

>> The current contract is worth Rs 1056 Cr. The induction of vehicles is planned to be completed in four years commencing in 2021.

9:29 AM

KEC International jumps 3.5% on new order win

>> The company has secured new orders worth Rs 1,429 crore across its various businesses. With these orders the company's current year order inflows have exceeded Rs 11,000 crore.

9:28 AM

Varroc Engineering slips 3% after its QIP opened on Monday

>> The company board has approved the proposed fund raise by way of a qualified institutional placement of equity shares. The QIP issue opened on March 22.