Tag: stock market

Sensex Tumbles 585 Points; Nifty Drops Below 14,600

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Extending its losing streak to the fifth consecutive session, equity benchmark Sensex tanked 585 points on Thursday, tracking losses in index majors Infosys, RIL and TCS. After rallying nearly 500 points earlier in the day, the 30-share BSE index gave up all gains to end 585.10 points or 1.17 per cent lower at 49,216.52. The broader NSE Nifty slumped 163.45 points or 1.11 per cent at 14,557.85.

HCL Tech was the top loser in the Sensex pack, shedding around 4 per cent, followed by Infosys, Dr Reddy’s, TCS, Reliance Industries, Tech Mahindra and NTPC. On the other hand, ITC, Bajaj Auto, M&M, Maruti and Bharti Airtel were among the gainers.

“Having seen a brisk gap-up opening on positive global cues, domestic equities fell sharply for the fifth consecutive day as sharp rise in coronavirus cases in the country made investors jittery,” said Binod Modi, Head Strategy at Reliance Securities. A sharp rise in daily COVID-19 cases in India has raised apprehensions about sustainability of ongoing rebound in corporate earnings, he noted, adding that the mounting concerns of possible fresh economic restrictions made enthusiasm of dovish commentary from Federal Reserve short lived for domestic markets.

After its two-day policy meeting, the US Fed reassured investors that it expects to keep its key interest rate near zero through 2023. Stock exchanges on Wall Street ended with gains in the overnight session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note. Bourses in Europe were also trading higher in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.40 per cent lower at USD 67.73 per barrel.

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As Cases Spike, Is Indian Stock Market Dipping in Caution of a Second Wave of Coronavirus?

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As Covid-19 cases rise again in India and experts point towards chances of a second wave, especially in states like Maharashtra and Madhya Pradesh, stock markets have started materialising the sense of fear.

A cautious trade by global investors ahead of the US Federal Reserve meet is also among the reasons why markets fell most in over two weeks, ending lower for the fourth consecutive day amid high volatility.

Indian benchmark indices ended in negative territory on Wednesday amid selling seen in across the sectors. At close, the Sensex was down 562.34 points or 1.12 per cent at 49,801.62, and the Nifty was down 189.20 points or 1.27 per cent at 14,721.30. About 2,115 shares declined, and 138 shares are unchanged.

All the sectoral indices ended in the red with Nifty PSU Bank index falling 4 per cent. BSE Midcap and Smallcap indices shed 2 per cent each.

Economists at Nomura believe that the second wave of Covid-19 in India can lead to near-term growth concerns and delay market expectations on the timing of policy normalisation. “However, we expect only marginal negative growth effects, because government restrictions are less stringent, the goods sector continues to chug along and households and businesses have adjusted to the new normal,” Sonal Varma and Aurodeep Nandi, economists, Nomura said in a note on March 16.

To get perspective on what Indian markets looked like when the first wave hit, there were only four initial public offerings worth $2.08 million in June quarter, according to an EY report.

All the IPOs were in the Small and Medium Enterprises (SMEs) segment and the median deal size was $0.38 million.

Sandip Khetan, Partner and National Leader of Financial Accounting Advisory Services (FAAS) at EY India, had said the experience in the last three months was unprecedented.

As per the report, in the SME market, there were four IPOs versus 14 and 11 in Q2 2019 and Q1 2020, respectively.

Prime Minister Narendra Modi on Wednesday said it was crucial to contain the “emerging second peak” of coronavirus with steps such as setting up of micro-containment zones and enforcement of restrictions amid a surge in cases across the country.

Speaking at a meeting with chief ministers, PM Modi said: “If we don’t stop this pandemic right now, then there could be a nationwide outbreak. We have to immediately stop the emerging second peak and take big and decisive steps.”

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Top Stocks for Investors on March 18

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The stock market on Wednesday, March 17, gave a negative closing for the fourth consecutive session where the BSE Sensex fell below the 50,000 mark, while the NSE Nifty stood below 14,800. The indices on Thursday, March 18, on the contrary are likely to give a positive start as at 7:10 am the SGX Nifty was trading at 172.00 points or 1.16 percent higher at 14,943.50. On March 17, The BSE Sensex shed 562.34 points or 1.12 percent to close at 49,801.62. Similarly, the NSE Nifty fell 189.15 points or 1.27 percent to settle the day at 14,721.30.

Top stock to look for the day:

IRCTC: Indian Railway Catering and Tourism Corporation has informed that there has been no major impact of terminations of mobile catering contracts in the FY 2020-21.

Indian Oil Corporation: A joint venture has been formed by the company with Israel’s Phinergy to manufacture Aluminum Air systems in India and recycle used Aluminum to strengthen India’s energy security.

Punjab National Bank: A subsidiary PNB Cards and Services has been incorporated by the bank to undertake the non-financial support services related to the credit card business of the bank.

HFCL: An order worth Rs 221.16 crore has been bagged by the optical fibre cable manufacturer HFCL from Uttar Pradesh Metro Rail Corporation.

Bharat Heavy Electricals: BHEL has informed that the company has emerged as the lowest bidder for the Rs 10,800 crore fleet mode tender floated by the Nuclear Power Corporation of India (NPCIL) for the 6×700 MW Turbine Island package projects.

HPCL: Shuchi Anant Virya has partnered with HPCL to set up a pan-India network of public electric vehicle charging points at its retail outlets.

SBI Cards and Payment Services: 4.25 percent stake has been divested by CA Rover Holdings in SBI Cards and Payment Services for Rs 3,943 crore.

Indian Metals and Ferro Alloys: ICRA has upgraded the credit rating on the company’s long-term and short-term loan facilities from the banks, informed Indian Metals and Ferro Alloys.

Union Bank of India: To offer online trading services to its customers the bank has partnered with retail brokerage house SMC Global Securities.

Bajaj Finance: On March 19, officials of the company will interact with Columbia Threadneedle Investments and on March 22 with Arohi Asset Management and ICICI Prudential Mutual Fund.

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Apple Inc spending from ‘green bonds’ hits $2.8 billion

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Apple, one of the largest private-sector issuers of such bonds, is using the capital as part of its effort to become carbon neutral across its sprawling manufacturing supply chain by 2030

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Apple Inc said on Wednesday it allotted $2.8 billion raised from “green bonds” that last year funded 17 projects that will generate 1.2 gigawatts of renewable energy.

It said the projects will avoid an average of 921,000 metric tons of carbon emissions each year, which it said is equal to removing nearly 200,000 cars from the road.

Green bonds are a category of fixed-income securities that raise capital for projects with environmental benefits, such as renewable energy or low-carbon transport.

Apple, one of the largest private-sector issuers of such bonds, is using the capital as part of its effort to become carbon neutral across its sprawling manufacturing supply chain by 2030. The company has issued three sets of green bonds since 2016 totaling $4.7 billion.

Also Read | Facebook says its new features can help debunk common climate myths

“We all have a responsibility to do everything we can to fight against the impacts of climate change, and our $4.7 billion investment of the proceeds from our Green Bond sales are an important driver in our efforts,” Lisa Jackson, Apple’s vice president of environment, policy, and social initiatives said in a statement. “Ultimately, clean power is good business.”

Among Apple’s 2020 green bond projects was what it said was a set of two onshore wind turbines in Denmark that it said are that nation’s largest. The company said the 200-meter tall turbines near Esbjerg will generate 62 gigawatt hours of electricity each year for Apple’s data center in Viborg, with all surplus energy going to the Danish grid.

Apple said other projects last year were a 180-acre solar power site near its data center in Reno, Nevada, that will generate 270 megawatts of power along with its other Nevada projects; a 112-megawatt power purchase agreement with a wind farm near Chicago to offset power consumption in that region; and a 165-megawatt solar power development project with three other companies near Fredericksburg, Virginia.

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Top Stocks for Investors on March 17

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Following Tuesday’s negative closing trend of stock market amid high volatility for the third consecutive session, the indices on Wednesday are expected to give a flat opening as the SGX Nifty was trading at 23.50 points or 0.16 percent higher at 14,995.50 at 7:31 am. The BSE Sensex had shed 31.12 points or 0.062 percent to close at 50,363.96 on Tuesday. Similarly, the NSE Nifty fell 19.05 points or 0.13 percent to settle the day below 15,000 mark at 14,910.45.

Top stock to look for the day:

State Bank of India (SBI): A penalty of Rs 2 crore has been imposed by the Reserve Bank of India on the SBI over deficiencies in regulatory compliance.

Vedanta: Open offer price has been raised by Vedanta Resources PLC for buying Vedanta’s shares to Rs 235 per share and offer size to 651 million shares representing a 17.5 percent stake in the company.

BPCL: Second interim dividend of Rs 5 per share for FY21 has been declared by the company and the record date for the dividend is March 27.

Karur Vysya Bank: According to the information provided by the company promoter S Nirupama has pledged 40,000 shares of the company with Bajaj Finserv on March 12, 2021.

Apollo Tyres: A new range of tyres has been launched by the company for the fast-growing compact SUV segment.

Godrej Properties: Rs 3,750 crore has been raised by the company through the sale of shares to institutional investors to expand the business and support future growth.

Shriram City Union Finance: The issue of secured rated listed redeemable principal-protected market-linked (PP-MLD) non-convertible debentures (NCDs) of the face value of Rs 10,00,000 each, summing up to 5,000 NCDs amounting to Rs 500 crore has been approved by the Banking and Securities Management Committee of the company on March 16, 2021.

Asian Hotels (West): Saurabh Kirpal who is an Independent Non-Executive Director of the company has submitted his resignation with effect from March 15, 2021, according to the information provided by the company in a regulatory filing.

PNB Gilts: The credit ratings of “ICRA A1+” and “CRISIL A1+” have been reaffirmed by rating agencies ICRA and CRISIL on March 16, 2021, respectively.

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Kalyan Jewellers IPO Witnesses 23% Subscription, Retail Investors Put in Maximum Bids

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Kalyan Jewellers’ IPO on Tuesday witnessed a subscription of 23 percent, so far, on the first day of bidding. Retail investors have put in the highest number of bids as the reserved portion for them has been subscribed 44 percent.

The public issue has so far received bids for over 2.19 crore equity shares against the offer size of 9.57 crore shares, as per the subscription data available on exchanges.

The portion set aside for non-institutional investors is subscribed 5 percent and that of employees is booked 3 percent. Qualified institutional buyers have put in bids for over 1 lakh shares compared to the reserved portion of over 2.72 crore equity shares.

Kalyan Jewellers is planning to raise Rs 1,175 crore through public offer, of which it has already garnered Rs 352 crore from anchor investors on March 15. The issue will close on March 18.

The IPO consists of a fresh issue of Rs 800 crore and an offer for sale of Rs 375 crore by promoter and investors. The price band for the offer was fixed at Rs 86-87 per share.

The brokerage has assigned a subscribe rating to the issue as it expects strong listing gains.

At the upper band of the issue price, Kalyan Jewellers will trade at an EV/EBITDA multiple of 22 times of its annualized 9MFY21 revenue. In comparison, Titan is trading at 79.8x and TBZ at 7.5x, the brokerage said.

Kalyan Jewellers traded at a 7-8 percent premium (Rs 6-7) in the grey market, i.e. at a price of Rs 93-94 against higher price band of Rs 87 per share, the IPO Watch data showed.

Kalyan Jewellers started its jewellery business in 1993 with a single showroom in Thrissur, Kerala. Since then, it has expanded to become a pan-India jewellery company with 107 showrooms across 21 states and union territories in

India.

The company also has an international presence with 30 showrooms in the Middle East as of December 2020. All of its showrooms are operated and managed by the company itself.

Indian jewellery business contributed 78.19 percent to the company’s revenues in FY20, and exports accounted for

21.81 percent. For the nine months ended December 2020, contribution of domestic business to revenue stood at 86.21 percent and exports at 13.79 percent.

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Ahead of IPO, Kalyan Jewellers mobilises ₹352 crore

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The issue, with a price band of ₹86-87 a share, will open be open for public subscription during March 16-18.

Kalyan Jewellers India Ltd on Monday raised ₹352 crore from anchor investors ahead of its initial share-sale, which opens for public subscription on Tuesday.

The company’ IPO committee has decided to allocate 4,04,48,275 shares at ₹87 per piece to 15 anchor investors. At this price, the firm garnered ₹351.89 crore, Kalyan Jewellers informed BSE.

The anchor investors include the Government of Singapore, Monetary Authority of Singapore, HDFC Life Insurance Co Ltd, and BNP Paribas Arbitrage.

The ₹1,175-crore initial public offer (IPO) comprises issuance of fresh equity aggregating up to ₹800 crore and an offer for sale (OFS) worth ₹375 crore.

Kalyan Jewellers’ promoter T.S. Kalyanaraman will offload shares worth up to ₹125 crore, while Highdell Investment Ltd, an affiliate of Warburg Pincus, would sell up to ₹250 crore worth of shares through the OFS route.

The issue, with a price band of ₹86-87 a share, will open be open for public subscription during March 16-18.

Half of the issue has been reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional bidders.

Proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose.

At the end of June 2020, the company had 107 showrooms across 21 states and Union Territories in India, and 30 showrooms in the Middle East. Kalyan Jewellers designs, manufactures, and sells a wide range of gold, studded and other jewellery products. Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the global co-ordinators and book running lead managers to the offer. Last month, the capital markets watchdog had sought clarification from the merchant banker regarding the company’s public issue.

Kalyan Jewellers, which filed preliminary papers for IPO in August, obtained Sebi’s go ahead in October.

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Stocks slip as COVID-19 cases rise, inflation worries flare

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Indian shares ended lower on Monday, as COVID-19 cases surged again and government data showed that retail inflation rose to a three-month high in February.

The NSE Nifty 50 index closed 0.67% lower at 14,929.50, while the benchmark S&P BSE Sensex ended down 0.78% at 50,395.08. Both indices fell as much as 1.9% and 1.96%, respectively, earlier in the session.

India is grappling with a renewed surge in COVID-19 cases, led mainly by a jump in infections in Maharashtra. The country reported this year’s biggest daily rise in cases of 26,291 on Monday. India is the third-worst affected country with 11.39 million cases, behind the United States and Brazil. Government data after market hours on Friday showed retail inflation quickened to 5.03% in February on higher fuel prices, which could challenge the central bank’s accommodative stance. Core inflation was estimated in a range of 5.61%-5.9% by four economists.

In domestic trading, financial stocks were the biggest drag. The Nifty Bank Index and the Nifty Financial Services Index shed 0.88% and 1.24%, respectively. HDFC Bank was the top drag on the Nifty 50, falling 1.5%.

Information technology stocks provided some support to the main indices later in the session, helping them recoup some losses. The Nifty IT index gained 0.56%, with Tech Mahindra rising 2.3% and providing the biggest boost to the Nifty 50.

Global shares were trading higher, as investors bet on a faster economic recovery after a $1.9 trillion U.S. stimulus bill was signed into law last week.

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Kotak Mahindra Bank, JSW Steel, SBI Card: Top Stocks for Investors on March 15

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The stock market on Friday, March 12, gave a negative ending by losing around 1 percent. On the contrary, the market indices on Monday, March 15, are expected to give a positive start as the SGX Nifty was trading 96.50 points or 0.64 percent higher at 15,125.50 at 7:20 am. On March 12, the BSE Sensex witnessed a loss of 487.43 points or 0.95 percent to close at 50,792.08. Similarly, the NSE Nifty dragged 143.85 points or 0.95 percent to settle the day at 15,030.95.

Top stocks to look for the day are:

Kotak Mahindra Bank: Dividend on 100 crore Nos. 8.10 percent non-convertible perpetual non-cumulative preference shares of the face value of Rs 5 each for FY21 were approved by the board of directors of the company. March 19, 2021 will be the record date for the purpose of payment.

JSW Steel: The company’s rating has been reaffirmed at ‘AA’ by India Ratings and Research with the outlook revised to “stable” from “negative”.

SBI Card: Raising up to Rs 2,000 crore by issuing bonds has been approved by the board.

PSU Banks: On Monday and Tuesday the banking operations across the country could be affected due to the call for a nationwide strike by the United Forum of Bank Unions (UFBU) to protest against the privatisation of two state-owned lenders.

GAIL: The board will consider and approve interim dividends in a meeting on March 15.

Jindal Saw: The rating of the company has been revalidated as ‘BWR AA/Stable’ for bonds amounting to Rs 500 crores by Brickwork Ratings.

Bajaj Finance: 300 secured redeemable non-convertibles debentures have been allotted by the debenture allotment committee of the company on a private placement basis.

MTAR Technologies: Shares of the company will get listed on the exchanges on Monday.

Axis Bank: 9.9 percent of stakes in Fattle Tone LLP will be acquired by the bank for Rs 90.8 crore.

Tata Communications: Entire 26.12 percent of its stake in the company will be sold by the government.

AGI Infra: The board will consider and approve interim dividends in a meeting on March 15.

IIFL Finance: The bond issue of the company will close early on March 18 instead of March 23, 2021.

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How is Social Media Fuelling Stock Market Volatility That Has Led to Chinese Censorship

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Social media-led market volatility has resulted in China banning the term “stock media” on its online platforms.

According to a report by Bloomberg, on Weibo, the Twitter-like platform with about half a billion active users, a search for Chinese equivalent of “stock market” generated no posts on its web version on Wednesday, suggesting the phrase had been censored.

The Chinese government’s limits on search results came during the annual session of the National People’s Congress, the biggest political event of the year.

The move is a clear indication of the level of impact social media is starting to have on the movement of price points in the markets.

With the number of investors rising significantly after the global lockdown, social media platforms have become virtual trading clubs for garnering trade ideas, swapping tips and hyping stocks.

For example, earlier this year, a struggling video gaming company based in Texas, GameStop, set off the fireworks, leaving mighty Wall Street hedge funds counting their losses.

The Reddit-fuelled trading frenzy in GameStop saw its shares surge from USD 20 to USD 483 in about two weeks in January, the Wall Street Journal said, squeezing hedge funds that had bet against the video-game retailer and other companies that were out of favour on Wall Street.

Not just GameStop, some other companies, too, were caught in the surge.

Ever since, GamesStop has fallen to around USD 50 even as the frenzy created wealth for some and destroyed for many.

The WSJ last month reported, U.S. regulators are investigating whether there was any market manipulation or other types of criminal misconduct that fueled the rapid rise in GameStop’s and other stocks.

What are the fears arising out of this?

– The price volatility arising due to’ meme stocks’ has brought in higher risks in the market. Brokers and clearinghouses face unprecedented trading volume spikes

– These frantic fluctuations have reportedly made novice traders feel confused and left out. Lack of training but urge to make quick bucks is forcing these traders to take help from social media stock forum postings.

– In trading, it can also cause massive gyrations as it can shape opinions and narratives, laeading to a retail bubble that can potentially cause huge losses.

– Available for free and to everyone, social media platforms are dominated by amateurs and could also fuel herd mentality.

What lies ahead?

Dan Kim, Georgetown University, accounting and computer science, wrote for the WSJ that the antidote, however, is the educated individual, not the hammer of the state.

The way there are influencers for food, fashion, beauty, parenting etc on social media now there are finance and stock market experts on Instagram and Youtube who are spreading financial literacy to people eager to earn a quick buck at the markets. Locked away behind screens, with more time and, sometimes, tight money, investor interest has led to a two-times growth in traffic for these channels and pages over the past 10 months.

Also, with sizeable increase in the number of retail investors, it is only fair to assume that social media-led purchasing and newer meme stocks coming up is what lies ahead.

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