IndiGo stock continues to languish despite a hike in airfares Despite a hike in air fares through a fuel surcharge, shares of InterGlobe Aviation (IndiGo) continue to languish, falling 23 per cent from its 52-week highs over a month ago. While the move to hike prices by Rs 200-400 based on route length is positive it is not enough to overcome the steep yield declines witnessed in the March quarter. Yields in the March quarter fell 5.5 per cent over the year-ago quarter and 10.5 per cent over the December quarter. READ MORE NEWS FLASH Cabinet okays package to bail out sugar mills, sugar MSP at Rs 29/kg NEWS IMPACT COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME SIR SHADI LAL 34.85 38.85 -4.00 -10.30 1043 KESAR ENTERPRISE 31.10 33.65 -2.55 -7.58 25 EMPEE SUGARS 1.72 1.81 -0.09 -4.97 14823 MONNET PROJECT 12.00 12.55 -0.55 -4.38 108 INDIAN SUCROSE 16.05 16.70 -0.65 -3.89 1370 SIMBHAOLI SUGAR 10.20 10.43 -0.23 -2.21 2600 BALRAMPUR CHINI 70.80 72.20 -1.40 -1.94 1122776 PSU banks trade firm ahead of RBI policy decision Shares of public sector undertaking (PSU) banks were trading higher by up to 7% on the National Stock Exchange (NSE) ahead of the Reserve Bank of India (RBI) monetary policy decision, due later in the day today. Allahabad Bank, Union Bank of India, Andhra Bank, Oriental Bank of Commerce, Punjab National Bank (PNB), Syndicate Bank, Bank of India, Canara Bank, Bank of Baroda and State Bank of India (SBI) were up in the range of 1% to 7%. READ MORE Govt may need to infuse about Rs 600 bn in PCA banks to shore capital base The markets celebrated when the government approved a capital infusion plan for weak banks last October. Especially, the share prices of those under the Reserve Bank’s (RBI’s) ‘prompt corrective action’ (PCA) ambit rose 15-34 (except for Dena Bank). Of the ~2.1 trillion proposed, the government infused ~900 billion in public sector banks (PSBs) during FY18; a little over 60 per cent was for PCA banks. However, with the recent developments in the sector, these efforts seem insufficient. The 11 PCA bank stocks have been under pressure. READ MORE Biocon stock: Rich valuations, regulatory news flow may add to volatility Biocon’s second biosimilar approval, pegfilgrastim (Neulasta), for launch in the US market with partner Mylan, is being seen as a booster dose for the medical industry. However, what came as a shock was the nearly 12 per cent fall in Biocon’s stock price in intra-day trade on Tuesday, in the aftermath of the news of the approval coming in. READ MORE WhatsApp leak: Sebi to take action against mkt operators of blue-chip firms Sebi will soon take action against some market operators and senior staff members of about a dozen listed blue-chip firms for their alleged involvement in leak of price-sensitive information through WhatsApp. The companies may also face censure action by the market watchdog for alleged lapses in safeguard mechanism to check leak of unpublished price sensitive information (UPSI), including financial results before they were made public for all investors, regulatory sources said. READ MORE
