Stock Market LIVE: Sensex tanks 300 pts, Nifty down 100; Energy, Pharma lag
Share Market LIVE Updates: Benchmark indices are trading in the red amidst volatility as Sensex goes below 59,000 and Nifty at around 17,300. . Adani Enterprises and Adani Ports shine, while Cipla and Hindalco lag. Most indices are trading in red except Media and Consumer Durable. Metal, IT, Energy, and Pharma tank the most.
The government will release India’s GDP data for the October-December 2022 quarter (Q3FY23) today. The GDP growth rate moderated to 6.3% in the preceding quarter after a double-digit expansion in the Q1 of the current financial year.
MRF raises ₹150 crore, NCDs listed on NSE debt segment
Tyre manufacturer MRF on Tuesday announced that the company has raised ₹150 crore through non-convertible debentures (NCDs) on a private placement basis. The said NCDs of the company have been listed on the debt segment of National Stock Exchange with effective from 27 February 2023.
The company said that it has issued 15,000 listed, unsecured, rated, redeemable, taxable, non-convertible debentures of face value ₹1,00,000 amounting to ₹1,500,000,000 on a private placement basis, said MRF in its regulatory filing.
Favourable base to aid earnings of logistics firms Q1FY24 onward
Most listed logistic companies saw weak volume growth during the December quarter. A couple of factors were responsible for this. Slower business activity, after Diwali festivities, weighed on the domestic business-to-business segment and a slowdown in the global market impacted export-import volumes. According to analysts at Jefferies India Pvt. Ltd, the sector's operating margins were relatively resilient and have a surprise leverage potential on volume recovery.
"Volume is the primary driver of share price performance for the logistics sector in India. Margins have moved in line with volumes as the competitive intensity in ports, roads and rail logistics has been broadly stable, barring a couple of quarters," said the Jefferies report dated 27 February.
Indian importers hedge less, assured by cenbank's rupee support, data suggests
Indian importers are taking less insurance against foreign exchange fluctuations, data indicates, on expectations that the central bank will continue to intervene to keep the rupee above the key psychological level of 83 per U.S. dollar.
Dollar purchases by importers for delivery beyond the spot date dropped in February, according to Reuters calculations based on data by the Clearing Corporation of India.
Importers bought about $1.24 billion daily, on average, in the forward markets this month, down from $1.50 billion in January and from $1.54 billion in the October-December quarter.
Sarvatra Tech enables ICICI Bank, IDFC Bank, Pine Labs to extend UPI for G20 travellers
Sarvatra Technologies Ltd.,a payments technology provider, has announced a collaboration with ICICI Bank, IDFC Bank and Pine Labs Private Limited, to facilitate payments via Unified Payments Interface (UPI) for G20 travellers while they are in India. With this, Sarvatra Technologies becomes the first payments provider in India to enable three out of the four entities selected by the Reserve Bank of India to launch the UPI payments facility to foreign travellers, said the firm.
ICICI Bank, IDFC Bank and Pine Labs Private Limited are being powered by Sarvatra Technologies to issue UPI linked wallets to eligible travellers at select international airports (Bengaluru, Mumbai and New Delhi) and meeting venues. The collaboration will enable foreign visitors from G20 countries to make payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments.
Centre bans oil tankers, bulk carriers older than 25 years
The Central Government will withdraw trading licences for oil tankers and bulk carriers that are over 25 years old, the Directorate General of Shipping said in an order. "Age norms will assist in ensuring gradual phasing out of fossil fuel ships and ushering of alternate/low carbon energy efficient ships," according to the order.
Indian banks unprepared for RBI push for ESG, survey shows
Indian banks are not prepared to adopt environmental, social and governance (ESG) norms as part of their lending models due to reasons including a lack of clarity on how they apply to lenders, a survey conducted by an industry body on behalf of the central bank showed, said two people aware of the matter.
The Reserve Bank of India (RBI), which has acknowledged climate change as a source of financial risk, will likely use the findings to frame the first set of guidelines to boost green finance, the people said. The guidelines will likely be issued later this year, they added.
Medimix soap maker appoints Anupam Katheriya as CEO
Medimix soap maker Cholayil Private Ltd on Tuesday announced the appointment of Anupam Katheriya as the company’s new chief executive officer. Katheriya comes with over two decades of experience in the consumer goods industry having worked across packaged consumer goods companies such as Heinz, Nestle, and Emami.
At Kerala-based Cholayil, Katheriya will be spearheading growth and diversification plans of the company across its portfolio of brands.
Gautam Adani to repay up to $790 million share-backed loans by March
India's Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March-end, two people with knowledge of the matter told Reuters, as the conglomerate seeks to burnish its credit profile after a short-seller attack.
The plan comes even as the group holds a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid share price falls and a regulatory probe.
India bans oil tankers, bulk carriers older than 25 years
India will withdraw trading licences for oil tankers and bulk carriers that are more than 25 years old, the Directorate General of Shipping said in an order uploaded on its website late on Monday.
"Age norms will assist in ensuring gradual phasing out of fossil fuel ships and ushering of alternate/low carbon energy efficient ships," the directorate said in the order.
Eight Adani Group shares trade in the green, Adani Ent up nearly 9%
Stocks of eight out of ten listed firms of the Adani Group were trading in the green on Tuesday, with the flagship Adani Enterprises rising nearly 9 per cent as the conglomerate said it plans to prepay or repay share-backed loans worth between $690 million and $790 million by end of March 2023.
The empire, whose business interests span from sea-ports to airports, edible oil and commodities, energy, and cement to data centres, has taken a drubbing on the bourses following the 24 January report by US-based short-seller Hindenburg Research labelling charges of stock manipulation and accounting fraud.
Oil Heads for Fourth Monthly Drop as Fed Angst Eclipses China
Oil headed for a fourth straight monthly drop as concerns about tighter monetary policy and swelling stockpiles in the US eclipsed optimism about rising demand in top importer China.
West Texas Intermediate edged higher toward $76 a barrel, but is still down almost 4% this month. Crude has been burdened in February as signs of sticky inflation in the US have spurred expectations the Federal Reserve will keep hiking. That’s aided the dollar, hurting commodities priced in the currency.
Oil prices have also been weighed down by rising US stockpiles, which are at the highest level since May 2021. As part of that increase, there have been builds in crude holdings at the key storage hub in Cushing, Oklahoma.
Crude has softened in 2023 despite China’s rapid reemergence from Covid Zero and a host of signs the nation’s energy consumption is picking up. Vitol Group said on Monday that global oil demand may hit a record later this year. Traders are also tracking Russian exports amid the war in Ukraine, with Moscow pledging to reduce output in March as western sanctions tighten.
US STOCKS-Stocks close slightly up on Monday after prior week's selloff
U.S. stocks eked out a slight gain on Monday as investors engaged in some bargain hunting after last week's losses, the biggest percentage declines of 2023 for Wall Street's main benchmarks, as jitters persisted about coming interest rate hikes to tame stubbornly high inflation.
All three main stock indexes climbed more than 1% shortly after the opening bell, in part due to an easing in Treasury yields, and all three closed well off their session highs.
Stocks steadily gave up gains throughout the session as U.S. Treasury yields moved off the day's lows.
"On the heels of the worst week of the year, first three-week losing streak for the S&P since December, a little green is a welcome change but again the reality is market participants are trying to square the circle with exactly how long the Fed will leave rates high, and is a 50 basis point hike really on the table at the next meeting," said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska.
"It’s led to a good deal of uncertainty, and we have seen that when there is uncertainty there can be selling and volatility."
The Dow Jones Industrial Average rose 72.17 points, or 0.22%, to 32,889.09, the S&P 500 gained 12.2 points, or 0.31%, to 3,982.24 and the Nasdaq Composite added 72.04 points, or 0.63%, to 11,466.98.
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