Nifty futures were trading 29 points or 0.19 per cent up at 15,001 on Singaporean Exchange on Wednesday, indicating a flat opening for BSE Sensex and Nifty 50.
A host of factors such as resurgence in COVID-19 cases, fresh localised restrictions, US Fed meet outcome, oil prices, rupee trajectory and other global cues, will set the market tone. Image: Reuters
Nifty futures were trading 29 points or 0.19 per cent up at 15,001 on Singaporean Exchange on Wednesday, indicating a flat opening for BSE Sensex and Nifty 50. A host of factors such as resurgence in COVID-19 cases, fresh localised restrictions, US Fed meet outcome, oil prices, rupee trajectory and other global cues, will set the market tone. Nifty failed to sustain at higher levels attracting profit booking in the previous session. “However the falls are also limited as bottom fishers keep emerging on the horizon. 14723-15048 is the range for the Nifty; a breach of this band could lead to accelerated move in that direction,” Deepak Jasani, Head of Retail Research, HDFC Securities said.
State Bank of India: Reserve Bank of India on Tuesday imposed a penalty of Rs 2 crore on SBI for contravention of norms, including specific directions to the lender on remuneration to its employees in the form of commission. The penalty has been imposed for contravention of certain sections of Banking Regulation Act and its specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission.
Vedanta: Vedanta Resources Plc on Tuesday raised the open offer price for buying shares in its flagship Indian firm to Rs 235 per share, nearly 4 per cent higher than the current trading price. In January, Vedanta Resources had offered to buy up to 10 per cent in Vedanta Ltd at Rs 160 apiece.
Tata Communications: The government’s share sale of 16.12 per cent stake in Tata Communications Ltd received ‘great response’ from institutional investors, DIPAM Secretary Tuhin Kanta Pandey said on Tuesday. “Offer for Sale of Government shares in TCL got great response on Day 1. Issue subscribed 2.19 times of base size at a clearing price above the floor price by non-retail investors. Govt. has decided to exercise the green shoe option,” Pandey tweeted.
Magma Fincorp: Magma HDI General Insurance Limited (Magma HDI) has announced a transaction, which involves bringing in funds managed by ICICI Venture and Morgan Stanley Private Equity Asia along with the Cyza Chem Pvt Ltd (a Poonawalla Group Company), and two family offices as new shareholders in the company. The transaction of Rs 525 crores includes a primary capital raise of Rs 250 crore. Fresh capital infusion of Rs 250 crores will provide growth capital to meet the needs of the expanding distribution capabilities of the company. The secondary sale of Rs 275 crores enables Magma Fincorp Limited and its group companies in complying with the Reserve Bank of India’s guidelines for ownership of stake in insurance companies.
BPCL: PSU oil marketing company Bharat Petroleum Corporation Ltd (BPCL) is aiming big to expand its footprint in clean fuel space and looking to set up an infrastructure to tap the growing market for electric and gas-based mobility, PTI cited an official as saying on Tuesday.