MARKET WRAP: Sensex slumps 470 pts, Nifty ends at 10,705; YES Bank dips 16%

All that happened in markets today.

11:25 AM

Rate cut, infusion of liquidity will end credit crisis: Edelweiss chairman

One of India’s top shadow financiers by assets is betting that central bank easing will bring an end to the nation’s prolonged credit crisis, even as fresh strains in the sector emerged this week.

 

“Interest-rate cuts and infusion of liquidity by the RBI will give a boost to the bond markets and aid the credit market to return to normalcy by December,” Rashesh Shah, chairman of Edelweiss Financial Services Ltd., said in an interview from the company’s steel-and-glass headquarters in Mumbai. “Steps taken by the government will also help alleviate concerns around non-bank lenders.” READ FULL REPORT HERE

11:14 AM

YES Bank trades lower for fourth straight day, stock tumbles 6%

Shares of YES Bank continued to reel under pressure, cracking up to 6 per cent to Rs 60 per share, on the BSE in the morning deals on Thursday, extending its 7 per cent fall in past three days after CARE Ratings downgraded ratings of non-convertible debentures (NCDs) of Morgan Credits Private Limited (MCPL), one of the promoter entities of the private sector lender. The stock hit a multi-year low of Rs 53 on August 22, 2019 in the intra-day trade.
 

MCPL, which holds 3.03 per cent stake in the private lender, was downgraded to ‘BBB-’ from ‘A-’ due to fall in the stock price of the underlying shares of YES Bank held by it. READ MORE

11:06 AM

Steel stocks dip after Icra predicts consumption growth to slow in FY20

Steel stocks came under pressure on Thursday after rating agency Icra said domestic steel consumption growth may decelerate to around 5-6 per cent this fiscal, from 7.9 per cent in FY2019, "on the back of an unprecedented slowdown in economic activity". The country’s GDP growth tapered to 5 per cent in Q1 FY2020. As a result, margin outlook for steelmakers has weakened in Q2 due to a sharp fall in steel prices and firm raw material costs, Icra said in its report. READ MORE

11:04 AM

NEWS ALERT | NCLT Ahmedabad approves merger of Gruh Finance with Bandhan Bank: BSE Filing

-- Approval of NCLT Kolkata bench pending

10:58 AM

Market check

10:54 AM

Paper, jute product stocks extend rally amid single-use plastic ban buzz

Shares of paper manufacturers and jute product companies extended their gains and were trading higher by up to 10 per cent on the BSE in the early morning deals on Thursday on buzz around total plastic ban. Malu Paper Mills, Ludlow Jute & Specialities, Orient Paper & Industries, Emami Paper Mills, West Coast Paper, Star Paper Mills, JK Paper, Seshasayee Paper & Boards and Cheviot Company were up in the range of 4 per cent to 10 per cent on the BSE. READ MORE

10:37 AM

NEWS ALERT | Board of IDBI Bank approves preferential issue of Rs 4,557 cr to Govt, Rs 4,743 cr to LIC: BSE filing

10:30 AM

MARKET CHECK | Sectoral indices on NSE

10:21 AM

ASG Eye Hospitals raises Rs 308 cr from Foundation Holdings

The 14-year-old company runs 33 hospitals in 13 states in the country. Details on the valuation were not immediately clear.

 

The healthcare and education-focused investor Foundation Holdings and consumer-businesses focused Symphony International "have entered into a transaction with the company and its promoters" for the investment, an official statement said. READ MORE

10:20 AM

Lupin sheds nearly 3% as as USFDA issues warning letter for Mandideep (Unit-1) facility

10:11 AM

Market check

10:11 AM

Nalco gains over 4% after it declares 115% dividend payout

Shares of National Aluminium Company (Nalco) rallied as much as 4.26 per cent to Rs 46.40 apiece in the opening deals on Thursday after the company announced a record 115 per cent dividend payout amounting to Rs 1,072.73 crore for 2018-19.

 

The aluminium major on Wednesday declared its highest ever dividend on the occasion of the 38th Annual General Meeting (AGM) of the Navaratna PSU and said it has reflected continuation of its bull run. READ MORE

10:06 AM

NEWS ALERT | GDP for FY20 could be around 6%: JP Morgan to CNBC TV18

10:04 AM

Market check

10:03 AM

IIFL Wealth lists at Rs 1,270.50/share on NSE