Share Market LIVE: SBI Cards IPO price band fixed at Rs 750-755; Sensex, Nifty extend losses to third day

RIL chairman Mukesh Ambani recently said that there is enormous entrepreneurial power in Indians at the grassroots, and each entrepreneur in the country can become like RIL founder Dhirubhai Ambani or Microsoft co-founder Bill Gates. “Every small business and entrepreneur has the potential in India to become Dhirubhai Ambani or Bill Gates. And that is the power that is what differentiates India from the rest of the world,” Asia’s richest man told Microsoft CEO Satya Nadella on the latter’s recent trip to India. He also drew parallels between today’s start-up culture and his father’s journey towards being an entrepreneur.

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While the US President Donald Trump called Prime Minister Narendra Modi a tough negotiator in his yesterday’s speech, PM Modi is soon going to start negotiations on a big trade deal with the US. In a joint press conference, both the leaders spoke about bilateral ties in the fields of trade, defence, and security. In the field of energy, PM Modi said that the US is a major source of oil and gas for India, and the oil trade of around USD 20 billion between both countries, has been achieved in the last four years. Further, the US has lent its hands to set up a large Liquified Natural Gas (LNG) network in India.

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Share price of IRCTC has jumped more than 500 per cent from its issue price. IRCTC shares touched an all-time high of Rs 1,995 during trade on Tuesday.

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RIL chairman Mukesh Ambani recently said that there is enormous entrepreneurial power in Indians at the grassroots, and each entrepreneur in the country can become like RIL founder Dhirubhai Ambani or Microsoft co-founder Bill Gates. 

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The increasing use of smartphones and digital technologies in India is leading people to adapt to online gaming as a passion, hobby, time pass and for some a serious profession. Just in India, there are about 500 million internet users, which is about 35 per cent of the population. We stand second only to China in this regard. In addition, India is currently ranked amongst the top 5 markets for online gaming globally and with cheaper smartphones (less than Rs 6,000) and affordable data plans (monthly plans as low as Rs 149), this number will continue to rise upwards. Home to one-tenth of the world’s gamers, the number of Indian gaming companies have gone from just 25 in 2010 to be 250 as of now.

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Even as digital payments have significantly grown after demonetisation, the lack of infrastructure is still a major roadblock in Modi’s ‘Digital India’ mission. In the last five years, the digital payments in the country have witnessed a CAGR of 61 per cent in terms of volume but the density of population dependent on a PoS terminal continues to be the highest. “While India made considerable progress with reference to the absolute number of PoS terminals deployed, the density of population dependent on a PoS terminal continues to be high at 358,” RBI said. While this is a drastic improvement from the 1124 persons per PoS terminal in 2014, other CPMI countries had a better deployment rate, the central bank added.

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The share sale is expected to become the fifth-largest IPO in the country after Coal India (15,100 crores), Reliance Power (11,563 crores), GIC Re (Rs 11,370 crore) and ONGC (Rs 10,543 crore). SBI shares were trading a per cent higher at Rs 325.90 apiece on BSE in Tuesday's trade.

The SBI Cards IPO will open for subscription on March 2 and will be open till March 5. “State Bank of India has been informed by SBI Cards that the IPO Committee of SBI Cards in consultation with the Book Running Lead Managers have finalised the price band to range between Rs 750/- to Rs 755 per equity share,” the bank said in a regulatory filing on Tuesday.

Tech Mahindra shares were trading lower on BSE even as the company announced to acquire 100 per cent stake in the Zen3 Infosolutions (America) for $64 million (Rs 460 crore). Tech Mahindra in a filing to BSE said that this acquisition would bring strong capabilities in AI enablement services, AI Speech solutions, Cloud engineering, software product engineering and development operations. Around 11.30 AM, Tech Mahindra shares were trading half a per cent lower at Rs 816 apiece on BSE.

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Six months after Mukesh Ambani laid out a road map to make Reliance Industries Ltd. free of net debt by early 2021, his plan has hit a few bumps thanks to the government. Prime Minister Narendra Modi’s administration has petitioned a court to halt a proposed stake sale by Reliance Industries to Saudi Arabian Oil Co., threatening a key source of funds needed to pare liabilities. In addition, the conglomerate, which is into oil refining, telecommunications and retail, is also facing unfriendly tax proposals that could hit its businesses.

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Share price of Bandhan Bank, HDFC Life & Infor Edge have jumped after the National Stock Exchange announced trading in derivative segment F&O from March series.

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While cash is still the king, it is increasingly being seen as an asset used to store value rather than a mode of payment, according to an RBI study. In the last five years, there has been a higher demand for high value denominated notes, which may indicate that “cash is increasingly used as a store of value and less for making payments”, the Reserve Bank of India said in its study on the progress of digitisation from cash to electronic. Further, after demonetisation in November 2016, there is a visible shift to digital payments.

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Gold prices fell today after the yellow metal hit record high in the previous session as the number of new coronavirus cases outside China spiked. On MCX, gold April futures were trading Rs 714 or 1.64 per cent lower at Rs 42,866 per 10 grams, while the silver March futures were ruling at Rs 48,350 per Kg, down Rs 1,055 or 2.14 per cent.

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With Coronavirus hitting the Chinese economy hard with more than 2,100 fatalities, it is expected that steel prices in China will weaken in the near term as steel prices in India stay strong, here are 3 stocks that may benefit.

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The Indian rupee appreciated by 18 paise to 71.80 against the US dollar in early trade on Tuesday tracking gains in domestic equity market and weakening of the American currency in the overseas market. Forex traders said the appreciation in the rupee was largely on the back of some selling in the US dollar by banks and importers. At the interbank foreign exchange the rupee opened at 71.84 and touched a high of 71.80, registering a rise of 18 paise over its previous close.

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Reversing the yesterday’s massive losses, domestic equity market benchmarks Sensex and Nifty were trading in range on Tuesday. In the opening session, Sensex jumped 200 points to 40,536, while the Nifty too opened higher at 11,877, but pared off the gains after few minutes. Around 10.15 AM, S&P BSE Sensex was trading 103 points or 0.26 per cent higher at 40,459, while the broader Nifty 50 index was ruling at 11,866, up 19 points or 0.31 per cent.

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The price band for SBI Cards and Payment Services IPO has been fixed at Rs 750-755 per share. The SBI Cards IPO will open for subscription on March 2 and will be open till March 5.

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Lumax Auto Technologies jumped as much as 7.45 per cent to Rs 109.55 apiece on Tuesday after the company announced the acquisition of OK Play Group's roto-molded plastic business at an estimated enterprise value of around Rs 150 crore.

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India’s biggest lender State Bank of India has lifted the curtain and announced that the price band of the initial public offer (IPO) of SBI Cards and Payment Services has been fixed at Rs 750-755 per share. The SBI Cards IPO will open for subscription on March 2. The bidding process will close on March 5, 2020. The IPO is expected to raise around Rs 9,000 crore. The company is planning to issue new shares worth Rs 500 crore. 

TVS Motor Company shares were trading 4.21 per cent lower at Rs 419.10 apiece on BSE after the company said that the coronavirus outbreak has impacted the supply of certain components for the production of BS VI vehicles.

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All the sectoral indices were trading in positive territory. Nifty FMCH index was the top sectoral gainer, up 1.35 per cent or 415 points, driven by gains in HUL, Mc Dowell, Dabur India nd Emami. However, reversing previous session's losses, Nifty Metal index, too was trading higher with Jindal Steel, JSW Steel and Vedanta as top index gainers.

As many as 21 out of 30 Sensex stocks were trading in green. HUL was the top gainer on the index with a growth of 2.44 per cent, followed by Tata Steel, ONGC, Asian paints and SBI. On the flip side Tech Mahindra was the top laggard on the Sensex pack, down 1 per cent. HDFC Bank, HCL Tech, Power Grid and UltraTech Cement were among the other losers.

S&P BSE Sensex was trading flat, just 30 points up at 40,394, while the broader Nifty50 index was ruling at 11,844 points.

The Indian rupee opened stronger at 71.85 a dollar vs Monday's close of 72 against the US dollar.

India’s domestic natural gas prices are set to nearly halve to 10Y lows of $2/mmbtu over the next year. SOE E&Ps will suffer and users like IGL, MGL & GAIL will benefit but perhaps these pre-deregulation levels will prompt the govt. to fix the gas price framework that it instituted soon after it took office in 2014. ONGC & OINL, where $1 adds ~15% to EPS, would have the most to gain from such a miracle.

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ARBP announced that the US FDA has now rescinded the VAI issued to its Unit-IV sterile manufacturing facility within three days of its issuance, and has indicated that the Nov’19 inspection is still open, with the status under review. The development is unprecedented, given that the rescindment was virtually within three days of the VAI grant, and we go back to our base assumption of an OAI status for Unit-IV. We expect the stock to react sharply, particularly given the 20% stock price rally on the back of the VAI announcement.

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Foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,160.90 crore while the domestic institutional investors (DIIs) were net sellers to the tune of Rs 516 crore on a net basis on Monday, as per the NSE data.

The government’s target of achieving a USD 5 trillion economy by 2024-25 sounds “too idealistic”, a Niti Aayog committee official said on Monday. The target has been so set to raise the bar of India’s economic performance, she said. “For now, the ambitious USD 5 trillion economy target is a statement of intent, which sounds too idealistic,” said Bindu Dalmia, chairperson of the National Committee on Financial Inclusion and Literacy at Niti Aayog.

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Asian shares extended losses on Tuesday with MSCI’s broadest index of Asia-Pacific shares outside Japan slipped another 0.2 per cent, having already fallen 2.5 per cent on Monday. Australia lost 1.8 per cent.

On Wall Street, S&P 500 and the Dow Jones Industrial Average on Monday suffered their biggest one-day percentage losses in two years. The Dow Jones Industrial Average fell 1,031.61 points, or 3.56 per cent, to 27,960.8, the S&P 500 lost 111.86 points, or 3.35 per cent, to 3,225.89 and the Nasdaq Composite dropped 355.31 points, or 3.71 per cent, to 9,221.28.

We expect the markets to be choppy in the near term as global sentiments continue to remain muted. In addition, F&O expiry could also induce some volatility during the week. On an optimistic note, any positive outcome from the US president’s India visit in terms of strategic partnership/trade deal could possibly cheer the Indian markets, says Ajit Mishra, VP - Research, Religare Broking Ltd.

Trends on SGX Nifty suggest a gap up opening for the broader index in India, with a 57.50 points gain or 0.49 percent. The Nifty futures were trading around 11,878.50-level on the Singaporean Exchange.

Indian markets could open minorly in the positive today despite sharp fall in US indices overnight and mixed Asian markets today. Indian markets corrected sharply on Monday after a gap down opening. Continued selling pressure pulled the main index lower. The weakness came on the back of weak global cues as there were reports of a number of coronavirus cases outside China. The Nifty lost 251.45 points or 2.08% to close at 11,829.4. Technically, the Nifty has broken the crucial supports of 11908 and trended lower. The Nifty could now head towards the next major supports of 11749 in the near term. Any pullback rallies could find resistance at 11992, says Deepak Jasani- Head Retail Research, HDFC Securities