- Market Wrap, Feb 14: Sensex falls 202 pts post AGR verdict
- SpiceJet soars 10% on 21% YoY rise in net profit; B737 may return this year
- Adani Enterprises hits 52-week high after it signs agreement with AAI
- IndusInd Bank hits over 3-year low; tumbles 11% in six sessions
- AGR verdict: Voda-Idea to struggle; but duopoly may not be ideal solution
- Bharti Airtel surges 5%, hits new high after SC rejects telcos' plea
- Ircon International surges 29% in three days on good Q3 results
- AGR verdict: SBI, IndusInd Bank slip up to 4% as banks stare at NPA pile-up
- Voda Idea dips 11% as SC rejects telcos' plea for new schedule for AGR dues
- Nestle hits 52-week high on strong Dec quarter result, dividend bounty
MARKET WRAP: Sensex falls 202 pts post AGR verdict; Voda-Idea tanks 23%
All that happened in markets today.
SI Reporter |
Last Updated at February 14, 2020 15:57 IST
EVENT HIGHLIGHTS
Photo: Kamlesh Pednekar
Equity market came under pressure on Friday after the Supreme Court (SC) rejected the telecom companies' plea seeking new schedule of adjusted gross revenue (AGR) payments and directed them to clear their dues to the government by March 17. READ MORE
The S&P BSE Sensex slid 202 points or 0.49 per cent to settle at 41,258, with IndusInd Bank (down 4 per cent) being the top loser and Bharti Airtel (up nearly 5 per cent) the biggest gainer.
On the NSE, the benchmark Nifty50 index ended at 12,113, down 61 points or 0.5 per cent.
Among telcos, Vodafone Idea tumbled over 23 per cent to Rs 3.44 apiece on the BSE post the AGR verdict. Bharti Infratel settled nearly 6 per cent lower at Rs 231. On the other hand, Bharti Airtel jumped 5 per cent to a fresh lifetime high of Rs 565 on the BSE as investors bet on a potential duopoly in the Indian telephony market after the Supreme Court today rejected the telcos' review plea on adjusted gross revenues (AGR) payments. The stock settled at Rs 564, up around 4.5 per cent.
AGR verdict: Voda-Idea to struggle; but duopoly may not be ideal solution
AGR verdict: Voda-Idea to struggle; but duopoly may not be ideal solution
Financial and banking stocks, too, took a beating following the decision as, according to reports, they have high exposure to Vodafone Idea's debt. Nifty Bank tumbled 395 points or over 1 per cent to 30,835 points.
In the broader market, the S&P BSE MidCap index slipped 0.8 per cent while the S&P BSE SmallCap index settled 0.4 per cent lower at 14,683.
In the broader market, the S&P BSE MidCap index slipped 0.8 per cent while the S&P BSE SmallCap index settled 0.4 per cent lower at 14,683.
GLOBAL MARKETS
European shares touched record highs on Friday as investors digested whether China’s coronavirus outbreak would cause long-lasting damage to global economy. Earlier, Asian shares had earlier inched higher toward their second straight week of gains, helped by hopes governments will make provisions to soften the impact on their economies from the coronavirus epidemic.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent for weekly gain of 1.8 per cent, while China's blue-chip CSI300 shares rose 0.7 per cent, having staged a stunning recovery to claw back 95 per cent of their losses made after the outbreak.
In commodities, oil edged higher and was on track for its first weekly gain in six weeks.
(With inputs from Reuters)
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