MARKET WRAP: Sensex drops 295 pts, Nifty settles at 11,279; BoB falls 17%

The Nifty PSU Bank index settled 5.4 per cent lower weighed by a fall in Bank of Baroda (BoB), which slipped 17 per cent to Rs 112.20 on the National Stock Exchange (NSE)

12:59 PM

NEWS ALERT October 1 deadline for extension of trading hours deferred, according to TV reports

12:48 PM

Top gainers in BSE 500:

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
DENA BANK	19.10	3.15	19.75	712002
CORPORATION BANK	29.05	2.40	9.01	233013
UCO BANK	20.85	1.50	7.75	336249
MMTC	33.80	2.35	7.47	628165
I O B	15.65	1.00	6.83	265877

12:30 PM

PSU bank merger a game changer; don't rush to buy PSBs: Analysts

Analyst suggest that investors should wait till there is more clarity on the share swap ratio and the other details of the proposed amalgamation are spelt out before taking an investment decision in these three stocks. That apart, there could be challenges as regards integration and the likely benefits of the amalgamation will take a long time to play out. READ MORE

12:16 PM

HCL Tech's Rs 40-bn buyback starts today; should you tender your shares?

The buyback offer of India’s third-largest IT firm, HCL Technologies (HCL Tech), opens on Tuesday. The Noida-based company announced a buyback of up to 2.61 per cent at Rs 1,100 per equity share for an amount of up to Rs 40 billion. The offer closes on October 3.

Most analysts recommend investors give the buyback a miss. The company, they say, remains on a firm fundamental footing and the rupee’s slide against the dollar should aid financial performance. READ MORE

12:01 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,634.95	+49.44	+0.13
S&P BSE SENSEX 50	11,914.82	+18.10	+0.15
S&P BSE SENSEX Next 50	34,356.81	+18.64	+0.05
S&P BSE 100	11,686.98	+16.03	+0.14
S&P BSE Bharat 22 Index	3,602.90	-12.80	-0.35

(Source: BSE)

11:52 AM

ADAG group stocks down

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
REL. COMM.	16.45	17.20	-0.75	-4.36	6545118
RELIANCE POWER	34.25	34.90	-0.65	-1.86	515992
RELIANCE CAPITAL	403.00	409.95	-6.95	-1.70	277707
RELIANCE INFRA.	441.75	447.20	-5.45	-1.22	125674
RELIANCE NAV.ENG	14.90	14.95	-0.05	-0.33	69133

11:46 AM

High realisations to improve NMDC outlook; iron ore volumes to grow 5-6%

Mining major NMDC's stock, which had been on a downtrend owing to weak iron prices since the beginning of the year, has bounced back in August with gains of about 30 per cent. The reason is a rebound in international iron-ore prices, strong demand outlook led by rising steel production, and expectations of more price hikes. READ MORE

11:31 AM

Correction in midcaps: What you need to do to structure your portfolio

You do not really need to be a very perceptive analyst to understand that midcaps have corrected sharply since the beginning of the calendar year 2018. There have been various reasons touted for the same. While higher oil prices are being cited as one of the reasons for the midcap crash, the fall in commodities is also a key factor. Then there are technical factors like the introduction of additional special surveillance (ASM) margins, which has hit mid-cap stocks quite badly. The recent Union Budget announcement to impose capital gains on LTCG also led to a rush to book profits ahead of the 31st March deadline. READ MORE

11:17 AM

Shriram Transport stock: Loan growth led by rural recovery is a positive

The stock of Shriram Transport Finance Company (STFC) has been under pressure from issues related to SVL, the holding company of the Shriram Group's non-financial business, which has defaulted on non-convertible debentures (NCD). STFC, which typically funds purchase of used commercial vehicles, had offered a corporate guarantee of Rs 8.7 billion to its holding company. READ MORE

11:00 AM

Sebi revises share buyback norms; provides clarity on public announcement

Markets regulator Sebi has revised the regulations for share buyback to provide more clarity on the requirement to make public announcements. The markets watchdog, separately, said credit rating agencies will not carry out any activity other than the rating of securities offered through public or rights issue. READ MORE

10:42 AM

Private equity-backed Aavas Financiers' Rs 17 bn IPO to open next week

The total share sale is valued at Rs 17.3 billion at the top end of the price band. The PE players are set to make over three-fold return on their investments. The average cost of acquisition for Lake District and Kedaara is around Rs 245 per share. READ MORE

10:30 AM

Financial services sector has got $16.6-billion PE/VC deals since 2015

In the period from 2015 to the first half of this year, the financial services sector has secured the highest share of private equity/venture capital investments, with $16.6 billion received through 311 deals, says a report filed by EY-IVCA titled ‘PE/VC Agenda — 1H18’. READ MORE

10:14 AM

Sebi may seek your live-in partner's details to bust insider trading cases

As a result of a new proposal on insider trading norms, people may be required to disclose details of their live-in partner to their company.

 

A report on dealing with fair market practice has proposed ‘disclosure of close personal relationships’ along with other measures to make it easier to crack such cases. “… in order to facilitate investigation, the Committee has recommended mandating disclosures by designated persons of persons residing at the same address for more than one year,” according to a recent Securities and Exchange Board of India report of the committee on fair market conduct chaired by T K Viswanathan. READ MORE

9:59 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,581.53	-3.98	-0.01
S&P BSE SENSEX 50	11,896.88	0.16	0.00
S&P BSE SENSEX Next 50	34,433.09	+94.92	+0.28
S&P BSE 100	11,675.99	+5.04	+0.04
S&P BSE Bharat 22 Index	3,608.02	-7.68	-0.21

(Source: BSE)

9:44 AM

Bank of Baroda tanks 14%, Dena Bank hits upper circuit on merger news

Shares of state-run lender Bank of Baroda declined as much as 14 per cent in the early trade on Tuesday after the government on Monday announced it will will merge state-owned Vijaya Bank, Dena Bank and Bank of Baroda to create India's third largest lender.

 

Cheered by the news, Dena Bank hit an upper circuit limit of 20 per cent in the opening deals while Vijaya Bank was trading flat at Rs 60.20 apiece on BSE, up 0.67 per cent. READ MORE