Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks Sensex and Nifty slipped over one per cent in the last hour of the trading on Monday after news reports suggested two fresh cases of coronavirus were confirmed in India, one in Delhi and another in Telangana. Soon after this news, Sensex slipped around 1,300 points from day’s high, while Nifty 50 slipped below the crucial 11,100 mark, to trade at 11,036 points. S&P BSE Sensex ended 153 points or 0.40 points lower at 38,144 while the broader Nifty 50 index settled at 11,132, down 69 points or 0.62 per cent. As many as 20 stocks out of 30 Sensex closed in red. SBI was the top loser, down 5.10 per cent, followed by Tata Steel, Hero MotoCorp, Bajaj-Auto and ONGC. While, HCL Tech was the top Sensex gainer, up 2.36 per cent. Nestle India, ICICI Bank, Infosys were among the top gainers on the index. Except for Nifty IT index, all the sectoral indices ended in red today. Nifty Media and Nifty PSU Bank index were the top losers, down 4.5 per cent each. While the Nifty IT index gained 1.41 per cent driven by Tata Elxsi, NIIT Tech and Mind Tree.
SBI Cards and Payment Services IPO has hit the primary market with a Rs 10,350 crore initial public offering today. The company is planning to issue new shares worth Rs 500 crore. 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 lot size has been fixed at 19 equity shares and in multiples thereafter. SBI employees will be eligible for a discount on the IPO of Rs 75 per share. SBI Cards and Payment Services has raised Rs 2,769 crore from anchor investors. As per the regulatory filing, 12 mutual funds among the 74 anchor investors have been allotted a total of 36.7 million shares at the offer’s upper price band of Rs 755 apiece.
Highlights
Coal India Limited share price saw a 4 per cent jump on Monday after the company informed the market regulator that production for the month of February recorded a growth of 14.2 per cent on-year basis. The off-take performance was robust as well, witnessing a 6.8 per cent growth from the same period last year.
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532 share bids have been received from Qualified Institutional Buyers(QIBs) for SBI Cards; Non-Institutional Investors have bid for 3,45,135 shares; Retail Individual Investors(RIIs) category has recorded 55,43,668 share bids; 13,23,540 share bids have been made by existing shareholders of SBI; meanwhile, 14,649 bids have been received by the employees of SBI.
Even as rising retail inflation is already posing concerns, managing surplus food grains stock which is much higher than the stocking norms is adding challenges for the Narendra Modi government, a report said. “As against the stocking norm of 21.4 million tonnes (7.6 million tonnes rice and 13.8 million tonnes wheat), the actual food grain stock in the month of January 2020 was 56.5 million tonnes (23.7 million tonnes rice and 32.7 million tonnes wheat)”, India Ratings & Research (In-Ra) report said. The stock is nearly more than three times the 21.4 million tons stock required to maintain operational stock as well as the strategic reserve as on January 1 each year.
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Indian transit retail is expected to reach new heights with high growth potential in opening more QSRs and convenience stores at airports, bus stations, highways and metros in the coming decade. With a rising number of people on the move, food and beverages (F&B) retail will fly high in the country with it expected to grow 10 times its current size by 2030 across transport hubs, according to a recent report by international property consultancy Knight Frank. While the current Transit Retail business stands at $2.2 billion, “backed by a potentially healthy growth in passenger traffic and transport infrastructure, this Transit Retail opportunity is estimated to grow to $21.6 billion by 2030,” the report said.
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Share price of Indiabulls Housing Finance jumped 20 per cent to hit upper circuit of Rs 321 apiece on Monday morning as investors came to know that the Reserve Bank of India in an affidavit to the Delhi High Court has acknowledged that it found no violations of any nature or kind regarding Indiabulls Housing Finance. Indiabulls Housing Finance stock price has gained close to 2 per cent since the start of this year.
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Gold prices rose today after it slipped sharply in the previous session amid coronavirus fears where investors rushed to safe-havens. Gold April futures were trading Rs 520 or 1.26 per cent higher at Rs 41,917 per 10 grams, while silver March futures gained Rs 940 or 2.12 per cent at Rs 45,343 per kg on MCX on Monday.
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Mishra Dhatu shares hit a fresh 52-week high for the second consecutive day at Rs 278 apiece on BSE in Monday's trade.
Ending six-day losing streak, Sensex and Nifty gained over 3 per cent each on Monday, taking cues from their Asian peers. Index heavyweights such as ICICI Bank, Infosys, RIL and TCS were among the major contributors in today’s trade. “The overall global equity markets will continue to have an eye on further development on the issue of Coronavirus where if we get any signs of relief then the market is due for a pullback. It is difficult to predict the extent and impact of Coronavirus, therefore, it is becoming a black swan event for the market and the market doesn’t like uncertainty,” Santosh Meena, Senior Analyst, TradingBells said.
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Bajaj Auto reported a 10 per cent fall in sales in February 2020 from a year-ago period. The share price of Bajaj Auto was down 3.17 per cent on Monday morning, trading at Rs 2,798 apiece.
While BJP-led North Indian state Haryana ranks number one across its northern peers and third in the country on ease of doing business ranking, the state government aims to improve further.
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Planning to subscribe to the initial public offering of SBI Cards? 130,526,798 share are up for garbs and here is who all can apply for this IPO by India's second-largest credit card issuer.
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SBI Cards IPO price is fixed between Rs 750-755 and if you plan to subscribe, you have to shell out at least Rs 14,250 as the lot size has been fixed at 19 shares.
Key risks to SBI Cards IPO include competition from other leading credit card players, any change in charge rates and fees due to regulatory actions, and high borrowing cost being an NBFC, says Geojit Financial Services in a research note.
The rupee has depreciated sharply recently on account of a huge sell-off in the global financial markets due to fear that the rapid spread of coronavirus in many countries could hurt global economic growth. A break of 72.00 levels has created panic dollar buying by importers amid sharp volatility in the global markets. India's GDP data remained subdued in October to December quarter. Hence with the high inflation and low GDP growth, the RBI may find it difficult to cut repo rate. Overall, the rupee may depreciate till 73.00 to 73.50 levels. The market will continue to focus on coronavirus related developments and it's impact on the global markets, says Rushabh maru, Research Analyst – Currency and Commodity, Anand Rathi Shares and Stock Brokers said
MCX gold opened with a gap up since it slipped sharply on last Friday. The sentiment is positive for the bullions since Fed has come out and said if required there will be rate cut although the U.S. fundamentals are strong. Silver which fell more than 2,500 on last Friday, has rebounded by nearly more than 600. The dollar has retreated for five consecutive sessions. Going ahead, the undertone is likely to be strong in the bullion commodities, says Jigar Trivedi, Fundamental Research Analyst - Commodities, Anand Rathi Shares and Stock Brokers said.
SBI Cards will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) both on or around March 16, according to the red herring prospectus. As per draft paper for the IPO, SBI Cards would offer up to 130,526,798 equity shares through an offer-for-sale route. This would include up to 37,293,371 shares by SBI and 93,233,427 scrips on offer by Carlyle Group.
SBI cards is going to be a very successful IPO both in terms of subscriptions and listing gain because of the following reasons:
• The second-largest player in the Indian credit cards market with nearly 18 percent market share.
• India is under-penetrated in terms of credit card market and the government has a focus on digital transactions.
• The first company to list from the credit card industry.
• It also has the strong parentage of SBI, which provides access to its extensive branch network.
• SBI Card’s total credit card spends grew at a compounded annual growth rate of 54.2 percent over FY17-FY19 compared with an industry average of 35.6 percent.
• It has 18 co-branded partnerships, the highest in the industry compared to other players.
We are expecting a listing gain of more than 50% and investors should hold this stock post listing as well.
ICICI Bank gained the most with a growth of 3.86 per cent, followed by HCL Tech, RIL, ONGC and Hero MotoCorp. While Kotak Mahindra Bank and Tech Mahindra were the only losers on the pack.
SBI Cards and Payment Services, a subsidiary of State Bank of India (SBI), has raised Rs 2,769 crore from anchor investors. These are institutional investors that subscribe to the shares in an initial public offering (IPO) ahead of its opening. As per the regulatory filing, 12 mutual funds among the 74 anchor investors have been allotted a total of 36.7 million shares at the offer’s upper price band of Rs 755 apiece. The company will issue fresh equity shares worth Rs 500 crore. It is set to become the fifth-largest IPO in India after Coal India, Reliance Power, General Insurance Corporation of India (GIC Re) and ONGC. Here’s all you need to know
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Given strong parentage and sustainability of growth rate with huge potential for digital payments in India, we recommend ‘SUBSCRIBE’ to the issue with a longterm perspective. At the upper price band of Rs 755, SBI Cards is available at P/E of 46x FY20, Valuation looks justified taking into consideration the historical high growth rate, says Geojit Financial Services.
Given key strengths of the company like – its unique business model which is a pure credit card play, high growth phase along with strong profitability matrix, favourable demographic dividend is likely to trade at higher multiples. We accord fair value of Rs 1220, giving upside potential of 62% from the IPO Price, says Anusha Raheja, BFSI Research Analyst at LKP Securities.
SBI Cards and Payment Services IPO is poised to become the fifth-largest IPO in the country after Coal India, Reliance Power, General Insurance Corporation of India (GIC Re) and ONGC. But, not all of them have given positive returns to investors.
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State Bank of India shares were trading 1.91 per cent higher at Rs 308.70 apiece on BSE ahead of SBI Cards and Payment Services IPO.
As the credit card business is highly competitive, there is no denying fact that SBI Cards faces competition in the credit card market from other credit card issuers. “SBI Cards compete with other credit card issuers and payment solutions providers such as banks, payment banks, NBFCs and financial technology enterprises on the basis of a number of factors, including brand, reputation, customer service, product offerings, incentives, pricing, technology and other terms,” HDFC Securities said in a research note.
Analysts are upbeat on SBI Cards IPO, recommending it to subscribe, but there are certain key risks to it as well. These include competition from other leading credit card players, any change in charge rates and fees due to regulatory actions, and high borrowing cost being an NBFC.
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S&P BSE Sensex jumped 750 points or 2 per cent to 39,083 points, while the broader Nifty 50 index, reclaimed 11,400 level, to trade at 11,427 points.
The book-running lead managers for the SBI Cards IPO are Kotak Mahindra Capital Company, SBI Capital Markets, DSP Merrill Lynch, Axis Capital, HSBC Securities and Capital Markets, and Nomura Financial Advisory and Securities. According to a PTI report, the Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the anchor investors.
The Indian rupee opened higher at 72.07 a dollar vs Friday's close of 72.18 against the US dollar
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 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 Monday.
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Analysts see SBI Cards and Payment Services IPO as a good investment option. The company will offer up to 130,526,798 equity shares via offer for sale route. This will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group (CA Rover), the prospectus, dated February 18, showed. Currently, SBI holds 74 per cent and CA rover Holdings holds 26 per cent stake in SBI Cards.
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SBI Card and Payment Services, another PSU stock is about to enter the market after getting a go-ahead from Securities Exchange Board of India (SEBI) to float an initial public offering (IPO). If reports are to be believed the IPO size could be somewhere upwards of Rs 6,000 crore. The second-largest credit card issuer in India, SBI Cards is an arm of public sector lender State Bank of India and has a market share of 18 per cent. With good margins and low capital requirements, analysts say, SBI Cards could be a lucrative bet.
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SBI employees will be eligible for a discount on the IPO of Rs 75 per share. The lot size has been fixed at 19 equity shares and in multiples thereafter. This means one will have to shell out at least Rs 14,250 to bid for the issue.
SBI Cards and Payment Services IPO is poised to become the fifth-largest IPO in the country after Coal India, Reliance Power, General Insurance Corporation of India (GIC Re) and ONGC. Rs 10,000-crore worth of stake is on offer, with new share issue of Rs 500 crore. Currently, State Bank of India holds 74 per cent and CA Rover Holdings holds 26 per cent stake in SBI Cards. SBI would divest up to 4 per cent stake in SBI Cards through this issue. Analysts believe that SBI Cards will benefit from the rising trend of digital payments and e-commerce. “Strong growth, stable asset quality and superior return ratios provide comfort and justifies premium valuation. Further, being the first in the segment to get listed, it could generate high investor interest. Thus we recommend Subscribe to the IPO,” Motilal Oswal Institutional Equities said in the latest report.
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As per the draft papers, the proceeds from the IPO will be utilised to augment the firm’s capital base to meet future capital requirement. “The net proceeds are proposed to be utilised for augmenting our Company’s capital base which will be utilised towards company’s business and growth including towards extending credit to our customers, meeting our operating expenditure and future working capital requirements which are expected to arise out of the growth of our business,” it said.
SBI Cards IPO, the first from a pure-play credit card company, will hit the primary market with a Rs 10,350 crore initial public offering from March 2 to 5, i.e for four days. Under normal circumstances, IPOs are open for subscription for three days. The issue will be open for all bidders – QIBs, NIBs, and Retail investors (including SBI shareholders and employees) for the first three days. However, the fourth day will be exclusively for Retail investors only.
SBI Cards and Payment Services’ initial public offer of around Rs 9,000 crore will open for subscription on March 2 amid volatile stock markets due to deepening concerns over coronavirus outbreak. For qualified institutional buyers (QIBs), the subscription will close on March 4 while the issue closes on March 5, SBI Cards and Payment Services managing director and chief executive Hardayal Prasad said on Friday.
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Indian markets could open flat to minorly positive today following US indices that recovered from their lows on Friday and mixed Asian markets today. In the coming week, Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for February starting from 1 March 2020. Dow Jones ended 1.4% lower on Friday but closed 2.9% above the intraday lows. This could mean that the worst sell-off in global markets could be coming to an end soon. We could see a sharp spike in global markets and in Indian markets in the initial part of the coming week, says Deepak Jasani- Head Retail Research, HDFC Securities.
SBI Cards and Payment Services has raised Rs 2,769 crore from 74 anchor investors, ahead of its initial share sale starting on March 2. Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening. Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the anchor investors.
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Domestic equity market indices Sensex and Nifty continued to lose for the sixth consecutive session on Friday as concerns over coronavirus spurt economic uncertainty. S&P BSE Sensex ended 1448 points or 3.64 per cent lower at 38,297 points while, broader Nifty 50 index, slipped below the crucial 11,300 mark, to close at 11,209, down 414 points or 3.56 per cent. Along with coronavirus fears, the major triggers that impacted markets were heavy selling by foreign institutional investors (FIIs), global sell-off and release of India’s GDP numbers for December quarter.
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SBI Cards and Payment Services, a subsidiary of State Bank of India (SBI), has raised Rs 2,769 crore from anchor investors. These are institutional investors that subscribe to the shares in an initial public offering (IPO) ahead of its opening. As per the regulatory filing, 12 mutual funds among the 74 anchor investors have been allotted a total of 36.7 million shares at the offer’s upper price band of Rs 755 apiece. The company will issue fresh equity shares worth Rs 500 crore. It is set to become the fifth-largest IPO in India after Coal India, Reliance Power, General Insurance Corporation of India (GIC Re) and ONGC. Here’s all you need to know-
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