RIL, banks, IT stocks drag Sensex 188 pts down, Nifty below 19,750

Closing Bell on November 17, 2023: The broader markets, on the other hand, notched gains with the BSE MidCap and SmallCap indices rising 0.27 per cent and 0.36 per cent, respectively

2:26 PM

Market check:: Rail related - Titagarh, Railtel, ICRON among top smallcap gainers

2:14 PM

Banks to revalue McLeod Russel's gardens amidst falling tea price

Promoters of country's largest bulk tea producer had made OTS offer of Rs 1,030 cr to lenders last year against entire outstanding loan and interest. However, tea market has deteriorated since then. READ MORE

2:03 PM

COMMENT:: Increase in risk weight for unsecured loans a welcome step for macro financial stability

"The immediate impact of the RBI action to increase the risk weight on certain categories of unsecured loans, loans to NBFCs and credit card loans is that this will increase the capital requirements of banks, which, in turn, will increase their cost of capital. Since the credit demand in segments like unsecured retail loans is robust, banks can easily pass on the increased cost to borrowers. So, there will be a marginal increase in the cost of credit to borrowers. The impact on banks' profitability will be negligible. From the perspective of macro financial stability this is a welcome decision."

 

- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

 

1:53 PM

ALERT:: Indian Hotels incorporates new step-down arm; stock down 0.5%

Indian Hotels in an exchange filing said its Wholly-owned subsidiary of 'Taj Sats Air Catering Limited' has incorporated a new arm 'Nekta Food Solutions Limited’, thus making the latter a step-down subsidiary of the company.

1:43 PM

In rare move, US revokes sanctions on China lab after Xi's fentanyl deal

The US has taken China's Institute of Forensic Science off the Commerce Department's entity list, paving for the fentanyl deal with Xi in a bid to deal with drug overdose crisis in the US. READ MORE

1:30 PM

UCO Bank recovers Rs 649 crore of Rs 820 crore-wrong credits; stock down 2%

The erroneous transfers happened due to internal IMPS glitch and the bank is working on recovering the balance amount, it said.

1:14 PM

Vodafone Idea up 3% on lowest ever monthly subscriber loss in Aug

The telecom operator in August logged lowest monthly user loss so far at 49,782, according to data from Trai.

1:01 PM

JSW Infra soars 8% on Rs 4,119-cr project win from Karnataka government

The stock of India’s second largest commercial port company, and part of JSW Group was trading at its highest level since its market debut on October 3. Currently, JSW Infra was quoting 85 per cent higher against its issue price of Rs 119 per share. A combined 12.6 million equity shares had changed hands on the NSE and BSE till 12:03 PM. Read

12:44 PM

DRI seeks to restart Adani coal imports probe on alleged overvaluation

Indian investigators are seeking to restart a probe into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect evidence from Singapore, a step they say the company thwarted for years, legal documents show. Read

12:30 PM

Amid muted earnings, Infosys to hand out 80% variable pay for Q2FY24

IT major Infosys is going to award quarterly performance bonuses to its employees for the July-September period at an average of 80 per cent this month, The Economic Times (ET) has reported.
 

The variable pay applies to employees working at position level 6 (PL6-manager) and below band. In other words, employees below the manager category, barring those working at the entry-level, will receive variable pay, the ET report said. Read

12:15 PM

Axis Bank, Bajaj Fin can dip up to 7%; GIC Hsg likely to gain, show charts

The Reserve Bank of India (RBI) on Thursday, November 16, mandated banks and non-banking financial companies (NBFCs) to increase the risk weighting on unsecured loans like personal loans and those on the credit card from 100 per cent to 125 per cent. Read

12:01 PM

Mark Mobius joins hedge fund elite planning Dubai investing venture

Dubai, where Mobius has lived for the past three years, has emerged as a favored destination for investment banks, asset managers and hedge fund traders, who are drawn by its ease of doing business, tax-free status and allure as a global travel hub. It’s also a more friendly time zone for portfolio managers who have global investments spanning North America to Asia. READ MORE

11:44 AM

Bumper listing: Stock of this SME debutant doubles against its issue price

The company has a class A foundry and manufactures products such as MG coupler components, CI brake blocks, adapter for WDG4 loco, bearing housing for electrical loco, corner casting for containers motor hub traction motors etc. READ MORE

11:27 AM

Indian equity markets gain significant heft in emerging market basket

“The increase in weighting over the years is owing to several factors. On the quantitative front, a growing number of Indian companies with large free-float market capitalisation have been added to the index. In qualitative terms, India offers far better diversification across industries compared to, say, Taiwan, where there is a high concentration in just the semiconductor sector. READ MORE

11:13 AM

ALERT :: Affle (India) files 5 new patents in India; stock up 0.8%

>> These are out of the set of patents that the company is working upon to further expand its tech IP assets.

>> These newly filed 5 patents in India will power innovations in the domain of Artificial Intelligence and Automation.