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

SI Reporter New Delhi

Photo: Bloomberg

10:59 AM

Fedbank Financial Services IPO to open on Nov 22 at Rs 133-140 per share

Fedbank Financial Services is a subsidiary of The Federal Bank Ltd, which provides gold loans, home Loans, loan against property (LAP), and business loan services. The company's clientele comes mainly from the MSME and emerging self-employed individuals (ESEI) sectors. READ MORE

10:46 AM

Gold loan financiers get a thumbs up from stock market investors

Microfinance loans (25.9 per cent of the AUM) were up 8.4 per cent Q-o-Q and up 41.7 per cent Y-o-Y followed by vehicle finance loans (8.1 per cent of the AUM) reporting growth of 13.1 per cent Q-o-Q and 66.7 per cent YoY. Housing finance (3.4 per cent of the AUM) was up by 8.5 per cent QoQ and 41.6 per cent YoY. Home loans were up 13.4 per cent. READ MORE

10:30 AM

DRI seeks to restart Adani coal imports probe on alleged overvaluation

The Directorate of Revenue Intelligence since 2016 has been trying to procure transaction documents related to Adani's dealings from Singapore authorities. The agency suspects many of the group's coal shipments imported from Indonesian suppliers were first billed at higher prices on paper to its Singapore unit, Adani Global Pte, and then to its Indian arms. READ MORE

10:17 AM

RBL Bank, SBI Card crack up to 9% on RBI's new mandate for unsecured loans

RBL Bank slipped 9 per cent to Rs 230.555, while SBI Cards and Payment Services plunged 7 per cent to Rs 720.40, followed by AB Capital Money (6 per cent at Rs 168.50), Ujjivan Financial Services (5 per cent to Rs 556.05), L&T Financial Holdings (5 per cent at Rs 141.80), IDFC First Bank (4 per cent at Rs 117), IDBI Bank (4 per cent at Rs 63.08), Bajaj Finance (3 per cent at Rs 7,122) and State Bank of India (3 per cent at Rs 565.45) in intra-day trade. READ MORE

10:04 AM

Market Check :: Benchmarks turn positive led by consumption, auto stocks

9:51 AM

Comment :: 'RBI action on unsecured loans is sentimentally negative'

There are some important trends which will impact the market in the near-term.

One, the big macro driver of this two day rally in the market - peaking and declining US bond yields - is very much in place. This will continue to impart resilience to the market.

Two, the sharp decline in Brent crude to $ 77.5 is a positive for India’s macros and favourable for sectors that consume petroleum inputs like aviation, tyres and paints.

Three, and this is a negative factor, the RBI action raising the risk weighting on unsecured loans is sentiment negative for financials.

It is important to understand that FIIs turning buyers is an important shift in tune with the declining bond yields in the US. In the near-term, IT, automobiles, telecom and construction-related segments will attract more buying since financials will see the temporary impact of the RBI action.

Views by:V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:40 AM

JSW Infra wins order worth Rs 4,119 cr from Karnataka Maritime; stock soars over 5%

>> The JSW Group company has won an order to develop an all-weather, deep-water, greenfield port at Keni in Karnataka on Public Private Partnership basis, at an estimated cost of Rs 4,119 crore. The initial capacity of the port would be 30 million tonnes per annum (MTPA).

9:38 AM

Brigade Ent to develop housing project worth Rs 2,100 cr in Bengaluru; stock jumps over 4%

>> The real estate firm has formalised a joint development agreement (JDA) with Krishna Priya Estates Private Ltd and Micro Labs Ltd to develop approximately 2 million square feet of residential housing in Yelahanka, North Bengaluru, boasting a Gross Development Value (GDV) of Rs 2,100 crore.

9:35 AM

Ramkrishna Forgings down 3%; To issue share capital into RKFL Engineering Industry via rights issue

>> The company has made an additional investment by way of rights issue in the equity share capital of RKFL Engineering Industry Private Limited (REIPL), wholly owned subsidiary company, by subscription of 10 million equity shares worth Rs 10 crore.

9:31 AM

TVS Motor rises over 1% in weak market on foray into Euro market

>> It has signed an agreement with Emil Frey, one of Europe's largest automobile importers and retailers, for distribution of its products including the TVS Apache RTR 310 in European Union markets.

>> France will be the first country for the launch, where an entire suite of its products including ICE and EV models will be made available starting January 2024.

9:28 AM

IDBI Bank slides over 4% on concerns over delay in divestment

The divestment of IDBI Bank might face delays, potentially missing the March 2024 deadline, as the Reserve Bank of India (RBI) continues its thorough scrutiny of potential buyers, Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management (DIPAM), said on Thursday.

9:26 AM

Delhivery falls 3% on block deal reports

>> SoftBank may offload around 31 million, or 4 per cent stake, in the logistics company for $150 million via block deals today, according to reports. SoftBank may offload around 31 million, or 4 per cent stake, in the logistics company for $150 million via block deals today, according to reports.