Indian share markets witnessed volatile trading activity throughout the day yesterday and ended higher.
Benchmark indices gained nearly 1% in yesterday's volatile session after the Supreme Court said that interest waiver cannot be granted and that no direction can be issued to either government or RBI for sector-wise relief.
At the closing bell yesterday, the BSE Sensex stood higher by 280 points (up 0.6%).
Meanwhile, the NSE Nifty closed higher by 78 points (up 0.5%).
UltraTech Cement and IndusInd Bank were among the top gainers.
ONGC and Power Grid, on the other hand, were among the top losers.
The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 0.8%, respectively.
On the sectoral front, gains were largely seen in the banking sector, finance sector and energy sector.
FMCG stocks and metal stocks, on the other hand, witnessed selling pressure.
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Shares of UltraTech Cement and Aavas Financiers hit their respective 52-week highs yesterday.
At 8:20 am today, the SGX Nifty was trading down by 89 points, or 0.6% lower at 14,735 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.
Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 44,920 per 10 grams at the time of closing stock market hours yesterday.
In global markets, gold prices slipped yesterday after an overnight rally in US equities but concerns about a surge in fresh coronavirus cases in many parts of the world capped losses.
Note that gold has remained in a very narrow range from Rs 44,500 to Rs 45,300 over past two weeks amid mixed cues.
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You can check out the same here: Bought Gold, Lost Money: Very Happy.
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Adani Ports & SEZ will be among the top buzzing stocks today.
Adani Ports & SEZ announced that it will acquire a 58% stake in Gangavaram Port (GPL) held by D.V.S Raju and family for Rs 36 billion. The deal, which is subject to regulatory approvals, will take the stake of the private multi-port operator to 89.6% in GPL.
Located in proximity to the Vizag Port, Gangavaram Port is the second largest non-major port in Andhra Pradesh and is in the business of handling several types of dry and bulk commodities comprising iron ore, limestone, sugar, coal, fertiliser, bauxite, alumina, and steel.
Mindtree share price will also be in focus today as the company announced a multi-year agreement with Knauf, a global manufacturer of building materials and construction systems, to help accelerate the company's IT transformation.
"Mindtree will provide application development services, help to digitize their infrastructure, transforming their supply chain systems, and further develop digital platforms. The engagement will leverage industry-leading IT platforms and will also help Knauf complete post-merger technology integrations," the company said in a statement.
Market participants will also track Tata Communications share price today.
The government has fully exited Tata Communications (TCL) by selling its 26.12% stake and has netted Rs 88.5 billion in the process, the department of investment and public asset management (DIPAM) said Monday.
The government has divested its holding through two steps, by selling 16.12% in TCL, previously called VSNL, through an offer for sale at Rs 54.6 billion, followed by sale of 10% stake to strategic partner at offer for sale discovered price for Rs 33.9 billion.
In news from the banking sector, banking stocks rebounded yesterday after the Supreme Court rejected the pleas from various trade associations and corporate bodies to extend the six-month loan moratorium period offered by the Reserve Bank of India (RBI), adding that a complete waiver of interest during the moratorium cannot be granted either.
The SC said that no direction can be issued to the government or RBI to announce any particular financial packages or reliefs, and held that it cannot issue directions to provide relief to particular sectors over and above others.
Public sector banks (PSBs) were the top gainers yesterday with the Nifty PSU Bank index rallying as much as 3.5%, while the Nifty Bank index rose 1.7%.
However, stocks partially pared their gains as the session progressed as the apex court directed that there shall be no interest on interest or penal interest on any amount during the loan moratorium from any borrower.
A three-judge Bench of Justices Ashok Bhushan, Subhash Reddy and M.R. Shah said the amount taken as compound interest or penal interest should be adjusted with future loan payments.
We will keep you updated on the latest developments from this space. Stay tuned.
Casual dining chain Barbeque Nation Hospitality on March 22, 2021, fixed a price band of Rs 498-500 per share for its initial share sale, which will open for public subscription today. The three-day public issue will conclude on March 26, 2021, according to the company.
Barbeque Nation Hospitality is backed by private equity investor CX Partners and renowned stock market investor Rakesh Jhunjhunwala's investment firm Alchemy Capital.
The initial public offering (IPO) comprises a fresh issue of shares worth Rs 1.8 billion and an offer-for-sale of up to 5.5 million equity shares.
Equity shares aggregating up to Rs 20 million have been reserved for eligible employees.
At the upper end of the price band, the IPO is expected to fetch Rs 4.5 billion. The company has already raised Rs 1.5 billion through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.
Proceeds from the issue will be utilised to fund the company's capital expenditure for expansion and opening of new restaurants besides, prepayment or repayment of certain borrowings and expenses related to general corporate purposes.
The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by CX Partners, which made its first investment in 2013 and again in 2015.
The promoters hold 60.2%, CX Partners owns 33.8% and Jhunjhunwala's investment firm Alchemy Capital holds 2.1% of the company.
Barbeque Nation Hospitality, which filed preliminary papers in February last year, received the market regulator's approval in July 2020 to float the IPO.
The issue is being managed by IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets.
Barbeque Nation Hospitality, owns and operates Barbeque Nation Restaurants. It also operates Toscano restaurants and UBQ by Barbeque Nation Restaurant.
As of December 2020, Barbeque Nation Hospitality operates 147 outlets across India and six outlets across three countries - the United Arab Emirates, Oman and Malaysia.
Earlier in 2017, the company had filed IPO papers with the market regulator seeking to raise Rs 7 billion. However, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018.
How this IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.
And to know what's moving the Indian stock markets today, check out the most recent share market updates here.
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Indian share markets end higher with the Sensex up by 280 points and the Nifty ending up by 78 points.
Mar 23, 2021 12:30 pmBSE Sensex is trading up by 18 points, while the NSE Nifty is trading up by 7 points.
Mar 23, 2021 09:30 amIndian share markets open strong. The BSE Sensex opened up by 281 points, while the Nifty is trading higher by 92 points.
Mar 23, 2021 09:50 AMPTC INDIA share price is trading up by 6% and its current market price is Rs 85. The BSE POWER is up by 1.5%. The top gainers in the BSE POWER Index are PTC INDIA (up 5.8%) and ADANI TRANSMISSION (up 7.6%). The top losers are GMR INFRA (down 0.2%) and NTPC (down 0.5%).
Mar 23, 2021 09:38 AMRELIANCE INFRA share price is trading up by 5% and its current market price is Rs 38. The BSE POWER is up by 1.2%. The top gainers in the BSE POWER Index is RELIANCE INFRA (up 5.4%). The top losers are NTPC (down 0.2%) and POWER GRID (down 0.9%).
Mar 23, 2021 09:38 AMBANK OF MAHARASHTRA share price is trading up by 5% and its current market price is Rs 20. The BSE BANKEX is up by 0.8%. The top gainers in the BSE BANKEX Index is BANK OF MAHARASHTRA (up 5.3%). The top losers are YES BANK (down 0.3%) and KOTAK MAHINDRA BANK (down 0.5%).
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