Benchmark stock indices opened the day on a positive note despite a record increase in daily coronavirus cases.
Join us as you follow the top business news through the day.
11:30 am
Indian shares rise by more than 1% as banks jump after a bankrupt offer
An update on the stock market.
Reuters Report: “Indian stocks gained on Tuesday, JSW Steel gained in bank shares after completing the steel insolvency process, helping lenders recover some of their bad debts.
The blue-chip NSE Nifty 50 index rose 1.7% at 14,757.50 and the benchmark S&P BSE Sensex gained 1.6% to 49,792.04 at 0503 GMT.
JSW Steel on Friday said it has completed a resolution plan for Bhushan Steel & Power, including a payment of $ 193.50 billion ($ 2.66 billion) to financial creditors.
Anita Gandhi, director of Arihant Capital Markets, said, “The JSW Steel resolution has given an impetus to banks as many of them were lenders to the bankrupt company.”
Bhushan’s major lenders, including Indian Bank, Punjab National Bank, Canara Bank were over 1% each and ICICI Bank gained 2.1%.
The Nifty Bank Index gained 1.9% and the Public Sector Bank Index rose 1.1%.
The Nifty Metal Index gained 3.2% and the sectoral index gained the most.
Gandhi said that the rise in steel prices globally as well as locally is expected to increase profits and there have been a lot of upgrades for companies in the region.
Manganese Ore (India) Limited shares rose 7.3%, while Steel Authority of India Limited, Jindal Steel, Tata Steel gained 4%.
Shares of the Indian mobile gaming platform Nazara Technologies Ltd rose more than 80% on its market debut on Tuesday, reflecting investors’ enthusiasm for technology companies in the frenzied period for public listings.
Volumes are expected to be lighter on holiday days due to Indian holidays being closed on Mondays and coming Fridays. “
11:00 am
MobiKwik claims all user firm’s data ‘safe, secure’
Payments app operator Mobikwik on Monday claimed that its users’ and company’s data was “completely safe and secure” in the wake of media reports and that social media posts on Twitter were hastily alleged that critical information about your customer (KYC) data Thea has been leaked and is available for online purchase.
“Some media-purported so-called researchers have repeatedly tried to produce fabricated files to waste our organization’s precious time,” Mobikwik said in a statement. “We conducted a thorough investigation and there were no security lapses. Our user and company data is completely safe and secure, ”said a company spokesperson.
On 26 February, Internet security researcher Rajasekhar Rajaharia tweeted: “Again !! The card data of 11 crore Indian cardholders, including personal details and KYC soft copies (PAN, Aadhaar, etc.), have been allegedly leaked from the company’s servers in India. 6 TB KYC data and 350GB compressed mysql dump. “However, there was no company name in that tweet.
10:40 AM
In early trade, the rupee fell 34 paise to 72.85 against the US dollar.
A deviation between the rupee and the shares.
PTI Report: “The Indian rupee depreciated 34 paise to 72.85 against the US dollar in open trade on Tuesday as a strong US currency on rising crude oil prices and investor sentiment.
In the interbank forex market, the domestic unit closed at 72.85 against the US dollar, a decline of 34 paise over the previous close.
The rupee closed at 72.51 on Friday against the US currency.
The forex market was closed on Monday due to Holi.
Reliance Securities said in a research note that the rupee started on a weak note against the US dollar this morning, as risk appetite in broader financial markets eased and a strong return.
In addition, most Asian currencies were weak this morning and will become sentimental.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, rose 0.01 percent to 92.94.
The Reliance Security note stated, “The US dollar was flat against the basket of currencies in Asian trade. However, US fiscal concerns were negatively impacted amid a sharp increase in vaccination and a decline in Treasury yields as a major stimulus.” Can.
Global oil benchmark Brent crude futures rose 0.11 percent to $ 65.05 a barrel.
On the domestic equity market front, the 30-share BSE benchmark Sensex was up 760.39 points at 49,768.89, and the broader NSE Nifty was trading 233.40 points higher at 14,740.70.
Foreign institutional investors were net sellers in the capital market as they closed shares worth Rs 50.13 crore as per exchange data on Friday. “
10:20 pm
Indian gaming firm Nazara’s stock market jump over 80% at the beginning
A great film in the public market.
Reuters Report: “Shares of the Indian mobile gaming platform Nazara Technologies Ltd rose more than 80% on its market debut on Tuesday, reflecting investor enthusiasm for technology companies in the frenzied period for public listings.
The stock opened at Rs 1,990 ($ 27.34) and gained 83.91% to reach a high of 2,024.90 at 0444 GMT.
Nazra organizes e-sports events including videogame tournaments, attracting thousands of millennial fans. The company also offers a variety of free and paid mobile gaming apps for children and adults. “
10:00 am
Indian shares rose 1% by banks
Shares rose this morning after a long weekend.
Reuters Report: “Indian shares rose on Tuesday as gains in State Bank of India and Canara Bank, as Steel Group, after completing an insolvency process, allowed lenders to recover some of their bad debts.
Volumes are expected to remain lighter during the week off due to the closure of Indian markets on Monday and next Friday.
The blue-chip NSE Nifty 50 index rose 1.2% to 14,684 and the benchmark S&P BSE Sensex 49,487 rose 1% to 0409 GMT.
JSW Steel on Friday said it completed the resolution plan for Bhushan Steel & Power, including a payment of $ 193.50 billion ($ 2.66 billion) to financial creditors.
The Nifty Bank Index and Public Sector Bank Index gained 1%.
Shares of the Indian mobile gaming platform Nazara Technologies Ltd debuted in the Mumbai market on Tuesday after a strong subscription to its initial public offering.
9:30 am
TN’s capex push bolters expected growth
India’s ratings and research have said in a report that high-budget capital expenditure incurred in Tamil Nadu in 2020-21, is a ‘surprising’ positive that will boost the state’s medium to long-term growth prospects. Generally, state governments curb capital expenditure when revenue is emphasized.
Prior to the assembly elections, the Tamil Nadu government submitted a vote for FY 2012 and the full budget is expected to be presented by the newly elected government.
The revised estimates for capital expenditure this year are 8.72% higher than the original budget estimates and 58.65% more than those made in 2019-20, Ind-Ra, a research firm owned by Fitch Group, reported. “India Ratings (Ind-Ra) believes that an increase in capex will increase the state’s productive capacity and may therefore support the medium-long-term growth prospects of the state’s economy,” it said.
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