Sensex, Nifty end flat amid late sell-off; IT, broader indices hold gains

CLOSING BELL: The BSE Sensex hit a fresh calendear year high at 61,682, before forfeiting most gains at close. Midcap, Smallcap indices gained nearly a per cent Thursday.

10:59 AM

Street concerns over global slowdown weighs on Bharat Forge stock

The standalone net sales stood at Rs 1,950 crore, up 22 per cent year-on-year (YoY), and up 5 per cent quarter-on-quarter (QoQ). The total volume (in tonnes) stood at around 63,000 tonnes (up 18 per cent YoY, and up 3 per cent QoQ). Realisation increased 4 per cent YoY per tonne (up 2 per cent QoQ). The EBITDA margin was at 27.4 per cent (up 200 basis points YoY, and up 310 bps QoQ), driven by better product mix. READ MORE

10:49 AM

Borrowing blitz makes Adani's empire even more vulnerable amid worst crisis

The conglomerate, with businesses stretching from ports to renewable energy, tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data compiled by Bloomberg show. After its borrowing costs surged in response to allegations of fraud and stock manipulation by shortseller Hindenburg Research, some are already warning that Adani’s more highly-leveraged companies have little capacity to absorb higher interest rates. READ MORE

10:39 AM

Shares of ONGC, Oil India fire up as govt slashes windfall tax sharply

The reduction of windfall tax will reduce cess of domestic oil production companies like ONGC and Oil India. READ MORE

10:26 AM

New tax norm to hurt insurers; stocks attractive for the long run: Analysts

Shares of HDFC Life, SBI Life, ICICI Prudential (ICICI Pru), Max Financial (owner of Max Life), Life Insurance Corporation (LIC), General Insurance Corporation and New India Assurance have lost 3-19 per cent so far since February 1. In comparison, the NSE Nifty has been up around 0.6 per cent during this period. READ MORE

10:15 AM

Banks may recover close to Rs 15,000 crore from Srei group resolution

Banks are likely to recover close to 45 per cent of their claims from the Srei group resolution after lenders voted to sell the company to the National Asset Reconstruction Company Ltd (NARCL). According to sources, the gross amount payable by NARCL is close to Rs 15,000 crore, as against the admitted claim of Rs 32,750 crore. READ MORE

10:05 AM

MFIs set for better days, as collection improves, loan sales jump

Microfinance institutions have already absorbed the impact of the pandemic by the December quarter, India Ratings said in a note on Wednesday. READ MORE

9:56 AM

Global index provider MSCI mulls not including stocks under ASM in indices

The move has been triggered by the recent rout in Adani Group stocks, after which some fund managers had troubles buying and selling shares of firms that were moved to the ASM framework by the National Stock Exchange (NSE), they said. READ MORE

9:45 AM

InterGlobe Aviation slips 5% after 4% equity changes hands via block deal

At 09:15 am; around 16.08 million equity shares representing 4.17 per cent of total equity of InterGlobe Aviation had changed hands via a block deal on the BSE, the exchange data showed. The names of the buyers and sellers were not ascertained immediately. READ MORE

9:38 AM

Sector check :: Nifty Healthcare up 1%; Apollo Hospitals, Metropolis gain up to 3%

9:35 AM

Sector check :: Nifty IT index outperforms benchmarks; Tech M, Persistent Systems, Mphasis lead

9:33 AM

Patel Engineering sprints over 9% on new order win

The company along with its joint venture partner have been declared lowest bidder (L1) for Rs 1,567 crore projects in Madhya Pradesh and Maharashtra. The company’s share in these new orders stood at Rs 1,006 crore.

9:32 AM

Bharat Dynamics rises over 2.5% on 3 product launches at Aero India show

The company launched three new products during the ongoing Aero India – 2023 in Bengaluru. They launched products like vertical launched – short - range surface- to- air missile or VL SR SAM’, ‘semi-active laser seeker homing anti-tank guided missile for BMP – II’ and ‘drone delivered missile.’

9:31 AM

MTNL falls around 2% as Q3 loss widens

The company’s consolidated loss widened to Rs 775.5 crore in Q3FY23 from Rs 659.2 crore, in the year-ago period. Consolidated revenue from operations, too, fell 25 per cent to Rs 227.41 crore in the third quarter from Rs 303.5 crore in Q3FY22.

9:28 AM

ONGC advances 2% on windall tax cut

9:27 AM

Reliance Industries rises 1% as govt cuts windfall tax

The Centre on Thursday cut the windfall profit tax on domestically produced crude oil from Rs 5,050 per tonne to Rs 4,350 per tonne. The additional excise duty on ATF was also cut to Rs 1.5 per litre from Rs 6 per litre earlier.

 

Further, the government also slashed tax on export of diesel to Rs 2.5 per litre from Rs 7.5 per litre. Petrol continues to have zero excise duty. The new rates will come into effect on February 16.