Highlights
- 12.57 pm ISTMarket update
- 12.30 pm ISTMarket update
- 12.27 pm ISTIndian banks erase over $10 billion in market cap since PNB fraud
- 12.20 pm ISTBhushan Steel gets bids from Tata Steel, JSW, employees
- 12.15 pm ISTDr. Reddy’s Labs unit named defendant in US suit
- 11.33 am ISTGitanjali Gems CFO, compliance officer resign
- 11.30 am ISTLT unit gets Rs1,680 crore order
- 11.25 am ISTNatco Pharma shares up as USFDA completes inspection
- 11.23 am ISTBinani Industries shares trade higher
- 10.32 am ISTMarket update
- 10.30 am ISTGitanjali Gems shares fall 10%
- 10.27 am ISTRPG Life Sciences shares gain after block deal
- 10.25 am ISTGVK Power and Infra shares up 5%
- 9.40 am ISTPSU bank stocks trade lower
- 9.37 am ISTTata Steel shares fall 4%
- 9.35 am ISTCity Union Bank shares decline nearly 5%
- 9.33 am ISTThe anatomy of the PNB fraud
- 9.30 am ISTMarket update
BSE Sensex and NSE Nifty trade lower on Monday. Photo: Mint
- Mumbai: The benchmark BSE Sensex slipped below the 34,000-mark by falling nearly 131 points in early trade on Monday, extending Friday’s losses as investors cut bets amid weak domestic sentiment and absence of Asian cues. The Nifty50 traded near 10400 in the morning trade. Brokers said investors trimmed positions on distinctly weak sentiment since the detection of a massive Rs11,400-crore fraud at Punjab National Bank. Meanwhile, FPIs sold shares worth Rs1,065.99 crore, while domestic investors made purchases to the tune of Rs1,127.78 crore on Friday, provisional data showed. Globally, Japan’s Nikkei rose 1.33%, while markets in Hong Kong and China remained shut on account of a public holiday. The US Dow Jones ended 0.08% higher on Friday. (PTI) Here are the latest updates from the markets:
- 12.57 pm IST Market updateBSE Sensex traded lower by 400.73 points, or 1.18%, to 33,610.03, while the Nifty 50 fell 119 points, or 1.14%, to 10,333.30.
- 12.30 pm IST Market updateBSE Sensex traded lower by 180.96 points, or 0.53%, to 33,829.80, while the Nifty 50 fell 60.20 points, or 0.58%, to 10,392.10. The Nifty PSU Bank was down 5.13% and the Nifty Bank traded 0.90% lower.
- 12.27 pm IST Indian banks erase over $10 billion in market cap since PNB fraudPSU banks continue to bleed after more lenders report exposure to the $1.8 billion PNB fraud, involving billionaire jeweller Nirav Modi
Indian banks erase over $10 billion in market cap since PNB fraudhttps://t.co/mxKtHwdY4w
— Livemint (@livemint) February 19, 2018 - 12.20 pm IST Bhushan Steel gets bids from Tata Steel, JSW, employeesBhushan Steel Ltd said the company’s resolution team has received resolution plans from Tata Steel Ltd, JSW Living Pvt. Ltd and employees of Bhushan Steel. Shares traded 19.93% up at Rs53.85
- 12.15 pm IST Dr. Reddy’s Labs unit named defendant in US suitDr. Reddy’s Laboratories said its chairman, COO and a unit of the company have been named as defendants in an amended complaint filed in the US. Shares traded 0.69% lower at Rs2,197.55.
- 11.33 am IST Gitanjali Gems CFO, compliance officer resignGitanjali Gems Ltd said its company secretary and compliance officer, Pankhuri Warange, and its CFO Chandrakant Karkare resigned from their respective positions at the company. Shares were down 10% at Rs33.80.
- 11.30 am IST LT unit gets Rs1,680 crore orderLarsen and Toubro Ltd said the water and effluent treatment business of unit L&T Construction has secured an EPC orders worth Rs1,680 crore from Pune Municipal Corporation. Shares traded 1.13% lower at Rs1313
- 11.25 am IST Natco Pharma shares up as USFDA completes inspectionNatco Pharma Ltd shares rose 3% to Rs820 after the company said USFDA completes inspection of its Mekaguda API unit with zero observation.
- 11.23 am IST Binani Industries shares trade higherBinani Industries Ltd shares rose 3.1% to Rs 110 after Dalmia Bharat Cement Ltd and UltraTech Cement Ltd have submitted bits for its arm Binani Cement
- 10.32 am IST Market updateBSE Sensex traded lower by 179.68 points, or 0.53%, to 33,831.08, while the Nifty 50 fell 59.15 points, or 0.57%, to 10,393.15. BSE MidCap was down 0.71% and SmallCap fell 0.75%. All the sectoral indices on BSE trade lower with capital goods, metal and consumer durables falling most.
- 10.30 am IST Gitanjali Gems shares fall 10%Gitanjali Gems Ltd shares hit 10% lower circuit. Punjab National Bank (PNB) has declared Gitanjali Group a fraud entity after it discovered that group companies, along with firms helmed by jeweller Nirav Modi, were involved in fraudulent transactions worth Rs11,4000 crore through letters of undertaking (LoUs) issued by the bank.
- 10.27 am IST RPG Life Sciences shares gain after block dealRPG Life Sciences Ltd shares rose 3.6% to Rs473.75 after huge block deal. Around 2.45 billion shares of the company changed hands in a block deal, Bloomberg reported. However details of the buyers and sellers were not known
- 10.25 am IST GVK Power and Infra shares up 5%GVK Power and Infrastructure Ltd shares gained 5% to Rs18.65 after Prime Minister Narendra Modi on Sunday laid the foundation stone of the Navi Mumbai International Airport site in Panvel, nearly 21 years after it was mooted. The first phase the Rs16,700-crore project is expected to be completed by 2019
- 9.40 am IST PSU bank stocks trade lowerPSU bank stocks fell further. Bank of Baroda fell 3.6%, Syndicate Bank 3%, Indian Bank 2.7%, State Bank of India 2.6%, IDBI Bank 1.9%, Bank of India 1.8%, Punjab National Bank 1.7%, Union Bank of India 1.3%, Canara Bank 1.2%, Allahabad Bank 5% and Uco Bank was down 10%.
- 9.37 am IST Tata Steel shares fall 4%Tata Steel Ltd fell 4% to Rs660, while Bhushan Steel Ltd hit 20% upper circuit. According to news reports,Tata Steel emerges as the top bidder for Bhushan Steel.
- 9.35 am IST City Union Bank shares decline nearly 5%City Union Bank Ltd fell 4.8% to Rs164.65 after the bank said on Sunday that “cyber criminals” had hacked its systems and transferred nearly $2 million through three unauthorised remittances to lenders overseas via the SWIFT financial platform.
- 9.33 am IST The anatomy of the PNB fraudClearly, the control system in Punjab National Bank, India’s second largest government-owned bank by assets, has gone to the dogs.
The anatomy of the PNB fraud https://t.co/MWlQ5RIXz3
— Livemint (@livemint) February 19, 2018 - 9.30 am IST Market updateBSE Sensex traded lower by 113.86 points, or 0.33%, to 33,896.90, while the Nifty 50 fell 24.30 points, or 0.23%, to 10,428.