Indian stock markets are likely to open flat on Wednesday as most of the Asian markets edged down in the early trade today tracking a dull closing on Wall Street overnight.
Indian stock markets are likely to open flat on Wednesday as most of the Asian markets edged down in the early trade today tracking a dull closing on Wall Street overnight. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, down 0.23% at 10,445 on the Singapore Stock Exchange.
These stocks will be in focus today
HDFC & HDFC Bank: India’s largest housing financier Housing Development Finance Corporation Ltd said on Tuesday that its board has approved to raise as much as Rs 13,000 crore as a part of its fundraising plans. The capital raised from the mega-fundraising plan will be utilised in buying shares of HDFC Bank for an amount worth Rs 8,500 crore via preferential issue. HDFC Bank has its separate plans to raise further capital to fund its capital growth. HDFC Ltd said it is buying shares of HDFC Bank “in order for Corporation to more or less maintain its current shareholding in HDFC Bank’s preferential offer up to an amount not exceeding Rs 8,500 crore.”
“Since we didn’t participate in the Rs 9,800-crore QIP issue of HDFC Bank in February 2015, our shareholding has come down to 21.01 per cent from around 24 per cent then. We want to maintain our ownership at that level, hence the fund infusion of up to Rs 8,500 crore,” PTI report said citing HDFC Vice Chairman and CEO Keki Mistry.
Tata Steel: Steel major Tata Steel said its board has approved raising Rs 12,800 crore through a rights issue to finance organic and inorganic growth plans. The board in its meeting held on Tuesday also approved a proposal to expand the capacity of Kalinganagar plant by 5 million tonne per annum (MTPA) to 8 MTPA with a total investment of Rs 23,500 crore, the company said in a statement.
Bharti Airtel: Airtel has deposited an interim penalty of Rs 2.5 crore with the Aadhaar-issuing body UIDAI after an action against the telecom operator for allegedly opening payments bank accounts of its mobile subscribers without their ‘informed consent’, PTI reported citing unidentified sources.
IndusInd Bank & Bharat Financial Inclusion: Fair trade regulator CCI has approved the scheme of amalgamation between IndusInd Bank and Bharat Financial Inclusion. The Competition Commission of India (CCI) intimated that the commission in its meeting held on Tuesday considered the proposed combination and approved the same, an exchange filing on stock exchanges by both companies said.
RCom: The Delhi-based Principal Bench of the National Company Law Tribunal (NCLT) has directed the Mumbai bench to hear the two related insolvency petitions filed by China Development Bank against Reliance Communication and Reliance Telecom together.
Indian Bank: State-owned Indian Bank will raise up to Rs 7,000 crore through various means, including a follow-on public offer (FPO), in the current fiscal and the following years.
Tata Teleservices (Maharashtra): Telecom operator Tata Teleservices (Maharashtra) reported widening of loss to Rs 8,194.67 crore in the second quarter ended September 30, mainly on account of writing off its consumer mobile business. The company had posted a loss of Rs 452.82 crore in the same period a year ago.
Amara Raja Batteries: Amara Raja Batteries has commissioned the first phase of its Rs 700-crore two-wheeler battery manufacturing facility in Andhra’s Chittoor district, making it the largest such facility in the country with 17 million units annual output.
Sugar stocks will be on close watch after the government withdraws stock holding and turnover limits on sugar dealers with immediate effect as the demand-supply situation is likely to be comfortable with the estimated rise in production.
The Indian rupee on Tuesday: The rupee rebounded by 20 paise to close at a three-month high of 64.04 against the US dollar, building on the momentum gathered after the BJP’s win in Gujarat and Himachal Pradesh assembly polls.
Indian stock market on Tuesday
Indian stock markets extended gains on Tuesday with Sensex and Nifty ending at their closing record highs after Narendra Modi led BJP sweeps in Gujarat and Himachal Pradesh in assembly elections. S&P BSE Sensex jumped 235.06 points or 0.7% to conclude at 33,836.74 whereas NSE Nifty settled 74.45 points or 0.72% higher at 10,463.2 with shares of India’s biggest carmaker Maruti Suzuki hitting a lifetime high on Tuesday. In the intraday trade, Sensex rose as much as 260.39 points to hit the day’s high of 33,862.07, just shying off by 3 points from its all-time high of 33,865.95 and Nifty added 67.7 points to mark the day’s high of 10,456.45, just 34 points away from its lifetime high of 10,490.45.
US stock market on Tuesday
US stocks fell on Tuesday as excitement over the likelihood of a tax code revamp was offset by concern over its effect on years of monetary policy stimulus and the future of interest rates, Reuters said in a report. The Dow Jones Industrial Average fell 37.45 points, or 0.15 percent, to 24,754.75, the S&P 500 lost 8.69 points, or 0.32 percent, to 2,681.47 and the Nasdaq Composite dropped 30.91 points, or 0.44 percent, to 6,963.85.