AUTO REFRESH ON Staying away from mid, small-caps not an option: DHFL AMC CEO Ajit Menon The fall in global liquidity with the end of restriction on money supply needs to be watched closely, says Ajit Menon, chief executive officer of DHFL Pramerica Mutual Fund. In an interview with Ashley Coutinho, he says valuation of indices are at the current levels due to extreme overvaluation in certain pockets but not all segments are at historical highs. Click here to read full interview Ajit Menon, chief executive officer of DHFL Pramerica Mutual Fund
Benchmark indices are trading around 0.5 per cent lower on Thursday following weakness in their Asian peers.
Shares of Vijaya Bank and Dena Bank have fallen by up to 20% on the BSE in early morning trade on Thursday following an unfavorable share-swap ratio on their merger with Bank of Baroda.
Dena Bank has plunged 20% to Rs 14.40 on the BSE. The stock was trading close to its 52-week low of Rs 13.75 touched on July 16, 2018, in intra-day trade. A combined 5.95 million equity shares changed hands on the counter on the BSE and NSE. READ HERE
Shares of Jet Airways (India) slipped 5% to Rs 251 on Thursday, falling 11% in the past two trading days on BSE, after the rating agency ICRA on Wednesday downgraded the airline’s Rs 10,963 crore loan and debenture ratings. “ICRA has revised the long-term rating (assigned to long-term loans and non-convertible debentures) to D from C. The short-term rating has been revised to D from A4,” Jet Airways said in a statement. READ HERE
In the broader market, the S&P BSE MidCap index was trading at 15,173 levels, down 0.4 per cent while S&P BSE SmallCap index was ruling largely flat at 14,648 levels.
The rupee is trading on a weak note having slipped to 70.52 against the dollar in intra-day trade. On Wednesday, the domestic unit crashed 75 paise, its first loss in last four sessions, to close at 70.18 amid strengthening of the greenback and heavy selling in domestic equities.
Global Markets
US stock futures fell and Asian shares wobbled on Thursday after a rare revenue warning from Apple Inc added to worries about slowing global growth and weaker earnings.
MSCI's broadest gauge of Asia-Pacific shares outside Japan fell 0.4 per cent after an early attempt at a bounce. Japanese markets were closed for holidays but Nikkei futures dropped 1.9 per cent. Shares in China and Hong Kong see-sawed between gains and losses as investors waited for Beijing to roll out fresh support measures for the cooling Chinese economy.
(with Reuters input)