Canara Bank is also trading lower by around 6 percent after it called off its stake sale in Can Fin Homes. Meanwhile, GAIL, Vedanta, Maruti Suzuki and Tata Motors were trading in the green.
10:05 am Market Check: The market has begun this new financial year on a positive note, with the Nifty trading above 10,100 in the opening tick, while the Sensex gained around 100 points and is hovering around those levels.
Among stocks, ICICI Bank is down around 4 percent, while Axis Bank is also trading lower by around 1 percent. Canara Bank fell around 2 percent after it cancelled its stake sale in Can Fin Homes. The market also saw two debutants this morning—Sandhar Technologies and Karda Constructions.
Shares of Sandhar Technologies were listed at a premium of 5 percent on the exchanges here. The stock listed at Rs 349, a gain of Rs 27 to the issue price of Rs 332 per share. Meanwhile, Karda Constructions listed at a discount of 27 percent at Rs 136 against the issue price of Rs 180.
9:45 am Navkar Corp gains: Navkar Corporation share price rallied as much as 7.5 percent in morning on Monday after getting approval from NCLT for amalgamation of Navkar Terminals with the company.
The container freight stations & rail terminals operator informed exchanges that the National Company Law Tribunal, Mumbai Bench (NCLT), on March 28, has sanctioned the Scheme of Amalgamation of Navkar Terminals into Navkar Corporation and their respective shareholders.
Navkar Terminals is a wholly owned subsidiary of the company.
9:30 am Buzzing Stock: Shares of Can Fin Homes declined 8 percent in the early trade on Monday as Canara Bank called off the divestment process in the company.
The bank decided to called off the divestment process since the quote received was not in tune with the valuation, as per BSE release.
Canara Bank holds 30 percent stake in Can Fin Homes.
9:15 am Market Opens: Shares have begun the financial year on a positive note, with the Nifty trading above 10,100, while the Sensex is up around 100 points.
The Sensex is up 96.72 points or 0.29% at 33065.40, while the Nifty is up 41.90 points or 0.41% at 10155.60.
ICICI Bank is lower by over 3 percent on the back of negative developments around its CEO Chanda Kochchar, while Axis Bank is also trading lower by over 1 percent. A media reported said that the RBI has asked the lender to review Shikha Sharma’s tenure.
Among other stocks, Canara Bank is also trading lower by around 6 percent after it called off its stake sale in Can Fin Homes. GAIL, Vedanta, Maruti Suzuki and Tata Motors were trading in the green, while Titan was lower by half a percent.
9:00 am Pre-opening rates: Pre-opening rates for the market in the new financial year have kicked in. The Nifty is trading flat, while the Sensex is seen lower by over 100 points.
ICICI Bank is down around 10 percent, while Axis Bank is down around 4 percent.