3 min read . Updated: 07 Mar 2019, 02:23 PM IST
- Midcap and smallcap stocks struggled today
- Global markets were muted today amid concerns over global growth
NEW DELHI: Indian stocks markets recovered in afternoon trade, led by gains in banking and FMCG stocks. Sensex rose over 150 points while Nifty rose 0.20% to 11,081. Midcap and smallcap stocks, which had logged strong gains over the past few days, struggled today. The BSE midcap and smallcap indices were mostly flat.
NEW DELHI: Among the banking stocks, shares of state-run banks were in the limelight. PNB and Bank of Baroda rose over 3% while SBI gained nearly 1%.
NEW DELHI: ITC rose 1.6% while Britannia gained 1% to lead gains in FMCG stocks.
07 Mar 2019, 02:19:35 PM IST
Bank Nifty recovers
Banking sector index, Bank Nifty, was up around 0.50% in afternoon trade, after struggling for most part of the session. PNB and Bank of Baroda rose over 3% while Axis Bank gained around 2%. Other gainers included SBI and Federal Bank, which rose around 1% each.
07 Mar 2019, 12:40:18 PM IST
Interesting bottom-up opportunities available in midcaps: Motilal Oswal
In a note, the brokerage said: “We believe that the broad underperformance of the mid-caps is overdone and interesting bottom-up opportunities are now available in this space across sectors.”
“Our analysis of fundamentals and valuations for mid-caps and comparison of mid-caps versus large-caps on several frontiers suggest that the relative attractiveness of mid-caps has gone up. In the near term, the market direction will be a function of the general elections and the consequent political outcome. Until then, it will be an era of high volatility,” it added.
07 Mar 2019, 11:11:30 AM IST
DHFL shares fall, CARE revises long-term ratings
Shares of home loan provider Dewan Housing Finance Corp Ltd (DHFL) fall as much as 4.9% to ₹141.5. “The revision in the long-term ratings of Dewan Housing Finance Corporation Ltd. (DHFL) takes into account further moderation in financial flexibility due to limited progress of earlier envisaged strategic measures and inflows from securitization deals to build up additional liquidity, since CARE’s last review on February 3, 2019,” the ratings agency said.
Commenting on CARE’s re-rating, DHFL chairman and managing director Kapil Wadhawan, said: “DHFL reiterates its steadfast commitment to all its financial responsibilities. The Company expresses concern over CARE’sre-rating of DHFL’s long term debt instruments and alludes to it as a non-merit based and entirely irrational decision. Over the last few months, DHFL has accelerated the process of realigning the ownership and management to bring in a broad based professional ownership with the aim. of enhancing stakeholders’ confidence. The company has engaged with large potential entities to identify and on-board the right strategic partner and are in advanced stages of discussions to achieve the same over the next 90 days.”
07 Mar 2019, 10:16:37 AM IST
Bharti Airtel promoters will take part in rights issue
Bharti Airtel has that its promoters would take part in the ₹32,000 crore plan by subscribing to its rights issue. Airtel board has approved a capital raise of ₹32,000 crore through a rights issuance of up to ₹25,000 crore of fully paid-up equity shares at a price of ₹220 per share and an additional raise of up to ₹7,000 crore via the foreign currency perpetual bond issue. Shares were trading 0.35% higher ₹310.40.
07 Mar 2019, 09:51:55 AM IST
Biocon shares fall 2%
Biocon Ltd fell 2% to ₹614 after the company said it got six observations from USFDA after inspection of its Bengaluru plant.
07 Mar 2019, 09:42:53 AM IST
Metal stocks drag
Metal stocks saw some selling pressure today. Vedanta Ltd fell 2%, Steel Authority of India 1.5%, Nalco 0.5%, Coal India 1%, JSW Steel 0.9%, JSPL 0.8%, and Hindalco 0.6%.
07 Mar 2019, 09:18:24 AM IST
Rupee strengthens below 70 a dollar for first time in 2 months
The rupee traded at 69.98 a dollar as compared to its previous close of Wednesday’s close of 70.27.
07 Mar 2019, 09:06:03 AM IST
Infusion of ₹25,000 crore not enough to stabilise Bharti Airtel rating: S&P Global Ratings
S&P Global Ratings on Wednesday said Bharti Airtel’s proposed rights issue of up to ₹25,000 crore is not enough to stabilise its credit rating. However, the negative outlook on the rating captures the risk of renewed competition and elevated capital spending by Bharti, which may keep the leverage elevated, the rating agency said.
07 Mar 2019, 08:58:12 AM IST
Biocon gets 6 observations from USFDA after inspection of its Bengaluru plant
Biotechnology major Biocon on Wednesday said the US health regulator has issued six observations in Form 483 after pre-approval inspection of its insulin drug substance manufacturing facility in Bengaluru. The US regulator concluded a pre-approval inspection of Biocon’s insulin drug substance manufacturing facility triggered by a New Drug Application submitted by the company’s insulin API customer, a company spokesperson said in a statement.
07 Mar 2019, 08:31:58 AM IST
Potential China-US gas seal said to predate trade war talks
A new gas supply deal between the U.S. and China that’s expected to be part of a broader trade agreement has been in the works since before the trade war began and was put on ice after tensions flared, according to people with knowledge of the matter.
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