Stock Market Live: Sensex, Nifty Decline Amid Weak Asia Trade; Coal India Top Performer

The Indian rupee declined for the first day in four along with equities as stricter lockdowns by states to curb the spread of coronavirus weighed on sentiment. Sovereign bonds trade steady.

• USD/INR rises 0.2% to 73.47 after climbing 0.3% earlier, the most since May 3
• RBI was the only buyer of the pair Monday and did not allow an appreciation beyond 73.30 for the rupee

Medi Assist Healthcare Services Ltd., a provider of third-party insurance services, plans to sell up to 28 million shares in an initial public offering, according to a document available on issue manager Edelweiss Financial’s website.

• The IPO will involve an offer for the sale of shares by founders and investors in the company
• Founder Vikram Jit Singh Chhatwal offers to sell 2.5 million shares, Medimatter Health Management Pvt. offers 12.5 million shares in the sale; Bessemer Health Capital LLC’s 6.6 million shares and 6.1 million shares by Investcorp Private Equity Fund to also be part of IPO
• Axis Capital Ltd., Edelweiss Financial Services Ltd., IIFL Securities Ltd. and SBI Capital Markets Ltd. are managing the issue

Coromandel International Ltd. rose 4.1%. Trading volume was five times the average for this time of day.

• The stock was the best performer among its peers.
• Trading volume was 302,166 shares, five times the 20-day average of 60,662 shares for this time of day.
• Coromandel trades at 15 times its estimated earnings per share for the coming year. It trades at 17 times trailing EPS.
• Analysts have 12 buy, four hold, and one sell recommendations on the stock.
• The price target of Rs 900.43 represents a 18% increase from the last price

Shares of Punjab National Bank fell after the lender launched an institutional share sale and its offer document revealed a high level of stress on its books.

The government-owned lender, on Monday evening, opened its qualified institutional placement issue with a floor price of Rs 35.51 per share. The bank had last raised Rs 3,788 crore in December 2020 but failed to garner the full amount it had sought.

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Coal India Ltd. rose 5.3%. Trading volume was 11 times the average for this time of day.

• The stock was the best performer among its peers. It’s higher for the sixth straight day.
• Trading volume was 17.8 million shares, 11 times the 20-day average of 1.67 million shares for this time of day.
• The relative strength index on the stock was above 70, indicating it may be overbought.
• Analysts have 22 buy, five hold, and one sell recommendations on the stock.
• The price target of Rs 167.92 represents an 8.5% increase from the last price