Business Standard

Indices end slightly lower ahead of GDP data; PSU banks, realty stocks fall

All that happened in the markets today.

Image SI Reporter New Delhi
Markets, Stocks, Shares

A share broker monitors market fluctuation

5:42 AM

Ghosts of past frauds haunt $60 bn jewellery industry as banks raise alarm

In his 50 years as a jeweller, Pankaj Parekh has seen a few scams shake the credibility of India’s $60 billion gems and jewellery industry. The latest multibillion-dollar fraud will give banks the impetus to rein in credit for around 300,000 of his counterparts, he says. READ MORE
5:32 AM

Market Check
S&P BSE Sensex 34,460.52 Up 0.04%
 
Nifty 50 10,591.75 Up 0.09%
 
S&P BSE 200 4,628.38 Up 0.03%
 
Nifty 500 9,335.65 Up 0.03%
 
S&P BSE Mid-Cap 16,655.66 Up -0.18%
 
S&P BSE Small-Cap 18,173.60 Up 0.11%

5:31 AM

Nomura on Banking sector
 
Corporate banks have underperformed by 5-20% in the past month, due to market correction/ RBI asset quality regulation changes and the recent troubles at PNB. The front-ending of NPA recognition/provisioning in the next 2-3 quarters is not negative for well capitalised corporate banks.
 
Valuations after the recent correction are at the lower end of fair value range considering FY20F normalised ROEs. We downgrade PNB to Neutral but retain our Buy calls on the other corporate banks under our coverage, including Bank of Baroda/ Axis Bank / ICICI Bank / SBI.
 
5:17 AM

News Watch Rs 114-bn PNB fraud gets bigger: Bank says total dues can be Rs 13 bn more

Amid the multi-agency probe into the Punjab National Bank (PNB) scam, the state-run bank on Monday said the amount of fraudulent transactions could be Rs 13 billion more than the current estimate of about Rs 114 billion. READ MORE
 
5:09 AM

ACC, Ambuja Cements trade weak as merger plans put on hold

Shares of ACC and Ambuja Cements were trading lower by upto 4% on the BSE, after these companies on Monday post market hours said they are not proceeding with the merger at this juncture. The Indian units of LafargeHolcim announced merger plan in May last year. READ MORE
4:57 AM

Message from market to PNB, other PSBs: Bring in new credible leadership

Everyone is wringing their hands on the jeweller Nirav Modi fraud and the damage it has caused to Punjab National Bank (PNB) and the PSU banks in general. While we still do not have all the facts, the fraud seems to be of an astonishing scale (somewhere between Rs 110 billion and Rs 200 billion) and audacity. READ MORE
4:47 AM

HPCL's outlook firm as refining, marketing prospects improve

Investors in Hindustan Petroleum Corporation (HPCL) could be in for a surprise after seeing months of declines in their holding values. HPCL has been in the limelight ever since Oil and Natural Gas Corporation (ONGC) was asked to acquire the government’s majority stake in the former. READ MORE
4:40 AM

Intermediate trend looks negative; traders to brace for currency volatility

The market has seen a rebound since the settlement on the back of serious institutional buying. The Punjab National Bank scam and other bank scams that are now floating to the surface seem to have been discounted. The global trading pattern has also been less volatile this week. READ MORE
4:31 AM

Market check

 
S&P BSE Sensex 34,468.67 Up 0.07%
 
Nifty 50 10,591.75 Up 0.09%
 
S&P BSE 200 4,629.92 Up 0.06%
 
Nifty 500 9,336.85 Up 0.05%
 
S&P BSE Mid-Cap 16,664.08 Up -0.12%
 
S&P BSE Small-Cap 18,178.04 Up 0.13%

4:23 AM

PNB hits 20-month low on discovery of additional unauthorized transactions

Shares of Punjab National Bank (PNB) hit a 20-month low of Rs 102, slipping 9% on the BSE in early morning trade, after the government-owned bank said it has revealed an additional unauthorized transactions by around Rs 13 billion (USD 204 million). The stock was trading at its lowest level since June 24, 2016. READ MORE
4:13 AM

Stock market correction prompts equity fund managers to step up buying

A near 10 per cent fall in stock market prices this month has prompted equity fund managers to step up their buying.
 
Following their established strategy of 'buy on dips', they have put a little over Rs 100 billion in stocks, the most in three months and the second highest since April 2017. READ MORE
4:03 AM

NSE sees IPO pipeline by start-ups, e-tailers

The country’s technology start-ups and e-commerce players may soon be the new entrants on the National Stock Exchange (NSE).
 
Taking on the Singapore Exchange and the Nasdaq, the NSE is looking to facilitate firms to raise about $50 billion, and in the process allow the private equity and venture capital funds to exit listed entities. READ MORE
3:56 AM

BSE Smallcap: Alankit, Amtek Auto among top gainers, Gitanjali among top loser

3:56 AM

Simbhaoli Sugars surges nearly 10% after yesterday's fall (image source: NSE)

3:54 AM

BSE Midcap: IGL, Mphasis among top gainers, Vakrangee top loser

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First Published: Feb 27 2018 | 3:30 PM IST