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Jun 26, 2018 03:38 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex, Nifty end flat but Midcap index underperforms; IDBI Bank dips 6%

Asian markets are under pressure amid escalated trade tensions between US and China and crude worries.

  • Jun 26, 05:32 PM (IST)

    Rupee Closing: The Indian rupee ended at 68.24 on Tuesday, the lowest closing level against the dollar since June 19.

    It was down 12 paise from Monday's close of 68.12 a dollar.

  • Jun 26, 04:48 PM (IST)

  • Jun 26, 04:11 PM (IST)

  • Jun 26, 03:37 PM (IST)

    Market Closing: Benchmark indices ended flat after volatility, with the Sensex closing below 35,500 levels. TCS, HDFC, ITC and Infosys helped the market close higher while Reliance Industries and Tata Motors capped gains.

    The 30-share BSE Sensex rose 19.69 points to 35,490.04 and the 50-share NSE Nifty gained 6.70 points to 10,769.20.

    Nifty Midcap index slipped 35 points. More than two shares declined for every share rising on the BSE.

    IDBI Bank, V-Guard, Adani Power, Syndicate Bank, Future Consumer, Future Retail, Future Lifestyle, Jaiprakash Associates, Gati, Delta Corp, Indiabulls Real Estate and Nalco slipped up to 7 percent.

    United Spirits, Bata, Voltas, Tata Global, Jubilant Foodworks, Dabur India, IGL, Petronet LNG, Hexaware, NIIT Technologies, Tata Elxsi, Avanti Feeds and Info Edge gained up to 17 percent.

  • Jun 26, 03:28 PM (IST)

    Sharda Cropchem approves fund raising: The company in its meeting held of June 25, approved the proposal of raising of funds by way of issuance of equity shares or equity linked securities such as warrants, convertible securities, GDR or ADR or FCC Bs including but not limited to through preferential issue and / or qualified institutions placement or through any other permissible mode up to Rs. 400 crore.

    At 15:26 hrs Sharda Cropchem was quoting at Rs 366.00, down Rs 15.00, or 3.94 percent on the BSE.

  • Jun 26, 02:48 PM (IST)

    Fundraising: Non-banking finance company Shriram Transport Finance Company proposed a public issue of Rs 5,000 crore by issuing 5,00,00,000 (five crore) secured redeemable non-convertible debentures (NCDs) of the face value of Rs 1,000 each. 

    The issue will open on June 27, 2018 and close on July 20, 2018, with an option of early closure, subject to the base issue size being fully subscribed prior to such early closure and/or extension.

    The funds raised through this issue will be used for onward lending, financing, and for repayment/ prepayment of interest and principal of existing borrowings of the company and for general corporate purposes.

  • Jun 26, 02:44 PM (IST)

    Market Update: The market is trading mildly higher amid volatility in the afternoon, tracking positive move in European stocks.

    TCS, ITC, Infosys and HDFC twins are leading contributors to the Nifty's gains but selling in Reliance Industries, Tata Motors, ICICI Bank cap upside.

    IDBI Bank fell over 6 percent. Government sources told CNBC-TV18 that the government is not keen to sell its stake in the bank to private banks.

  • Jun 26, 02:33 PM (IST)

  • Jun 26, 02:20 PM (IST)

    Bhushan Steel in Focus: National Stock Exchange of India has approved the re-classification of erstwhile promoters of the company i.e. Neeraj Singal; Brij Bhushan Singal; Ritu Singal; Aishwarya Singal; Brij Bhushan Singal (HUF); and Bhushan Infrastructure Private Limited, collectively holding in aggregate 3.47 percent of paid-up share capital of the company.

    Post re-classification, Bamnipal Steel Limited, a wholly owned subsidiary of Tata Steel Limited, is the sole promoter of the company holding 72.65 percent of the paid-up share capital of the company.

  • Jun 26, 02:15 PM (IST)

    Oil & Gas Exploration: In a bid to make it easier for explorers to find and produce more oil and gas, the Government has allowed companies to go beyond their allocated block boundaries if a discovery were to extend outside their contracted area.

    In a "Policy Framework for Streamlining the Operations, Relaxation of Timelines", the Oil Ministry yesterday delegated powers to head of its upstream regulatory body, DGH to prove excusable delays and excess cost recovery.

    It allowed companies to carry out an appraisal of an oil and gas discovery beyond the boundaries of their allocated exploration area on the recommendation of block oversight panel, called the Management Committee.

  • Jun 26, 02:00 PM (IST)

    Stake Buy: Pune-based real estate developer Kolte-Patil Developer said it would provide an exit to K2A Residential Ltd, acting through its investment manager IL&FS Investment Advisors LLC (IL&FS) who is holding 49 percent equity stake in its subsidiary, Kolte-Patil Real Estate Private Limited (KPRE).

    The exit will be provided for a total consideration of Rs 57,5 crore which shall be paid over the next six months, which will be serviced largely through the internal accruals of the project.

    Pursuant to the exit of K2A Residential Limited, KPRE will become a wholly owned subsidiary of Kolte-Patil Developers Limited, the company said.

  • Jun 26, 01:55 PM (IST)

    Fundraising: Microfinance company Satin Creditcare Network has received a fresh disbursement of Rs 500 crore from NABARD in the form of refinance facility for tenure of 5 years.

    The funds raised will be used for further growth in AUM of SCNL.

    Commenting on the transaction, HP Singh, Chairman and Managing Director - SCNL, said, “Association with NABARD is helping SCNL to reduce the cost of borrowings and lending rates to the ultimate borrowers. Lower lending rates will accelerate the pace of our mission of financial inclusion.”

  • Jun 26, 01:53 PM (IST)

  • Jun 26, 01:49 PM (IST)

    Market Update: The market continued to be rangebound ahead of expiry of June futures & options contracts later this week, and amid trade tensions between US and China.

    The Sensex rose 41.51 points to 35,511.86 and the Nifty gained 10.50 points at 10,773 while the Nifty Midcap index fell third of a percent as about two shares declined for every share rising.

    European stocks traded mostly higher, rebounding after trade concerns caused a sharp sell-off for global markets in the previous session.

    TCS, HDFC, ITC, Infosys and L&T are supporting the markets while Reliance Industries, Tata Motors and ICICI Bank are under pressure.

  • Jun 26, 01:31 PM (IST)

    Market Update: The market erased all its gain and trading flat in the afternoon trade with Sensex trading below 35,500 and Nifty hovering around 10,750.

    Tata Motors, Tata Steel, Reliance Industries, ICICI Bank and Hero Motocorp are the top losers on the Sensex.

    The Sensex up 9.73 points at 35,480.08, and the Nifty down 1.30 points at 10761.20. About 821 shares have advanced, 1569 shares declined, and 156 shares are unchanged. 

  • Jun 26, 01:20 PM (IST)

    Fortis board to meet on June 26: Fortis Healthcare, the beleaguered healthcare provider has once again postponed declaring Q4 and FY18 results by a day citing the need for “further deliberation.”

    The company said the board will be reconvening on Tuesday to approve the accounts for FY18 and for the quarter ended March 31.

    “The members of the Board deliberated upon the same and had a detailed discussion with the management, legal advisors and the statutory auditors,” Fortis said to stock exchanges.

    “In view of the ongoing discussions on the annual accounts, which requires further deliberation, the Board decided to adjourn the meeting to be re-convened on June 26, 2018,” the healthcare provider said.

  • Jun 26, 01:06 PM (IST)

    IPO Update: Auto component maker Varroc Engineering has raised Rs 584 crore from anchor investors as its initial share sale opens today for public subscription.

    Nomura, Canadian pension fund CDPQ, Smallcap World Fund Inc, Nomura Fund Ireland Public Ltd, DSP BlackRock,  ICICI Prudential Mutual Fund and SBI Mutual Fund are among the anchor investors, the company informed the stock exchanges.

    The company's IPO committee has finalised allocation of over 60.36 lakh shares to 30 anchor investors at a price of Rs 967 apiece, also the upper price band of the offer.

    At this price, the total proceeds would be around Rs 583.73 crore. Varroc Engineering's IPO is open for public subscriptions during June 26-28. At the upper end of the price band, the public issue will fetch Rs 1,955 crore.

  • Jun 26, 12:55 PM (IST)

    Piramal Enterprises sells stake in subsidiary company: Piramal Enterprises' subsidiary has divested its entire stake in Piramal Imaging SA to UK's Alliance Medical Acquisitionco.

    "On June 25, 2018, Piramal Holdings (Suisse) SA (a wholly-owned subsidiary of Piramal Enterprises) has entered into a definitive agreement thereby divesting its entire stake in Piramal Imaging SA (PISA), its subsidiary, to Alliance Medical Acquisitionco" Piramal Enterprises said in a BSE filing.

    The company said, total consideration for this sale is base consideration of USD 1 plus USD 1,177,682 towards working capital adjustment on completion of the sale, plus deferred consideration which would be contingent on future profits over a period not exceeding 10 years from the date of completion of the transaction.

  • Jun 26, 12:26 PM (IST)

  • Jun 26, 12:14 PM (IST)

    Buzzing: Shares of Oil India rose 1.5 percent as company made a Hydrocarbon discovery in KG Basin, Andhra Pradesh.

    The company through its exploratory efforts has made its second Hydrocarbon discovery in the onland KG Basin NELP VI Block: KG-ONN-2004/1 in the month of May 2018 at well Thanelanka-l in Andhra Pradesh.

    Earlier, a gas discovery was made at well Dangeru -lin Andhra Pradesh in the block.

  • Jun 26, 11:56 AM (IST)

    Bonus Issue: Karur Vysya Bank board has approved the issue of bonus shares in the ratio of 1:10 i.e. one equity share of Rs. 2/- each for every ten fully paid up equity shares held as on a record date, subject to approval of the shareholders of the bank.

  • Jun 26, 11:54 AM (IST)

    Record Date: City Union Bank has fixed July 11 as the record date for the purpose of reckoning the eligible shareholders entitled for bonus allotment subject to the approval of the shareholders through postal ballot/ remote e-voting process.

  • Jun 26, 11:40 AM (IST)

    Market Update: The market recouped its losses to trade higher with the Nifty inching towards 10,800 levels amid consolidation, backed by HDFC, ITC and TCS. However, more than a percent correction in Reliance Industries and ICICI Bank capped upside.

    The broader markets continue to underperform frontliners, trading lower on weak breadth. About three shares declined for every two shares rising.

    The 30-share BSE Sensex gained 89.54 points at 35,559.89 and the 50-share NSE Nifty rose 26.80 points to 10,789.30.

  • Jun 26, 11:33 AM (IST)

    NIIT in focus: Skills development firm NIIT announced its Talent Pipeline as a Service (TPaaS) offering, under which it will train one lakh people over the next three years in IT and banking and financial services sectors.

    TPaaS is being launched to ensure reliable availability of specifically skilled talent to global organisations to match the pace of expansion in today's fast changing, uncertain business environment, NIIT Ltd CEO Sapnesh Lalla told PTI.

    "NIIT will train around one lakh youth in three years for career opportunities in leading corporates in the IT and BFSI sectors through this initiative," he added.
    Lalla explained that the IT sector is facing uncertainty of demand and would like to move to a "just-in-time" hiring model.  There is also an increasing requirement of staff that is specifically skilled on digital technologies, he added.

    The work profile in the BFSI sector is also changing where companies are looking at new skills sets.

  • Jun 26, 11:22 AM (IST)

  • Jun 26, 11:21 AM (IST)

    Infosys clarification on a whistleblower complaint: Infosys has clarified that the company will file the form 20F within the stipulated time and has sufficient time to do so.

    However, speculation that the Form 20F is not filed in time or there is an ongoing SEC investigation is baseless and incorrect.

    At 11:20 hrs Infosys was quoting at Rs 1,275.35, up Rs 3.05, or 0.24 percent on the BSE.

  • Jun 26, 11:13 AM (IST)

    Avanti Feeds surges 17% post share split, bonus issue: The company has fixed June 27 as the record date for the purpose of ex-bonus and ex-split.

    The company has sub-divided its equity shares from face value of Rs 2  each to Re 1 each.

    Also, the company issued bonus equity shares of Re 1 each in the ratio of 1:2, i.e. 1 equity share of Re 1 each for every 2 equity shares of Re 1 each (after sub-division of shares).

  • Jun 26, 11:01 AM (IST)

    Order Win: Shares of Ratnamani Metals and Tubes rose 3.5 percent intraday on the back of order win worth Rs 125.51 crore.

    The company has received a domestic order worth Rs 125.51 crore for supply of welded carbon steel pipes.

    The said order will be completed by March/April, 2019.

      Order Win : Shares of Ratnamani Metals and Tubes rose 3.5 percent intraday on the back of order win worth Rs 125.51 crore. 

 The company has received a domestic order worth Rs 125.51 crore for supply of welded carbon steel pipes. 

 The said order will be completed by March/April, 2019.
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