Key indices were trading with small gains in morning trade. Metal stocks witnessed profit booking after rallying in previous session. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 73.54 points or 0.18% at 40,357.73. The Nifty 50 index was up 17.45 points or 0.15% at 11,901.95.
The S&P BSE Mid-Cap index was down 0.02%. The S&P BSE Small-Cap index was up 0.32%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 914 shares rose and 853 shares fell. A total of 106 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.
Buzzing Index:
The Nifty Metal index was trading 0.63% lower at 2,523.75. The index witnessed profit booking after surging 1.63% in yesterday's trade.
Jindal Steel & Power (down 1.41%), Vedanta (down 1.01%), Tata Steel (down 0.35%), Steel Authority of India (down 0.94%), Hindustan Zinc (down 0.78%), National Aluminium Company (down 0.59%), Hindalco Industries (down 0.39%) and NMDC (down 0.25%) declined the most in metal segment.
Stocks in Spotlight:
Shares of Maruti Suzuki India were trading 0.25% lower at Rs 7081.8. The car major announced that the WagonR 1.0 Litre (Petrol) is now BS-VI compliant. The new BS-VI compliant WagonR will come with a price rise. The revised ex-showroom price in Delhi and NCR of BS-VI compliant WagonR 1.0 Litre (Petrol) varies from Rs. 4.42 lakhs to Rs. 5.41 lakhs.
Zee Entertainment Enterprises was trading 1.9% lower at Rs 288.45 after Brickwork Ratings downgraded rating on company's 6% Cumulative Redeemable Non-Convertible Preference Shares. Brickwork Ratings revised ratings from BWR AAA to BWR AA+ with negative implications. The rating agency justified the downgrade with multiple factors. Deteriorating financial flexibility of the group marked by increased pledge of promoter holding, continuous volatility in share price movement of the Company resulting in substantial decline in market capitalization and Promoter group's inability to repay full debt against pledge of ZEEL shares as per committed timelines.
Sterling and Wilson Solar was locked in 10% lower circuit at Rs 288.9. The company said there is complete misrepresentation of facts and there is absolutely no reduction sought in the inter company loan by the promoters from the company as mentioned in various media coverages. Shares of SW Solar have fallen 48% in six trading sessions to its current market price from a recent closing high of Rs 560.10 on 7 November 2019.
The promoters were scheduled to pay Rs 2,563 crore to Sterling and Wilson Solar by 18 November. Of this, Rs 2,335 crore was the principal and the remaining was interest. The promoters had repaid Rs 250 crore and wrote to Sterling and Wilson's board on 14 November seeking a revised repayment schedule citing 'significant and rapid deterioration in credit markets.
In a filing, the company had said that the promoters of the company has requested board of directors to consider a revised repayment schedule for the balance outstanding amount, which was reduced to Rs 2,341 crore, as on September 30, due to the significant and rapid deterioration in the credit markets creating a significant liquidity crisis, all of which was unforeseeable and coupled with the lesser than expected realisation from the IPO.
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