Sensex Today Live : Next step, Coal India mines for volumes
Sensex Today Live : Coal India’s realization from coal sold through the e-auction route picked up sequentially in the three months ended December (Q3FY24), after falling for four straight quarters.
The e-auction premium over coal sold through fuel supply agreement (FSA) prices stood at 117% in Q3 against 84% in Q2 aided by higher global coal prices. But it’s too soon to rejoice this as e-auction realization are poised to drop sequentially in Q4. (Read the full story here.)
Sensex Today Live : Small caps rally in India boosts emerging markets index
Sensex Today Live : The ongoing rally in Indian small cap stocks has boosted the MSCI Emerging Markets Small Cap index. Over the past year it has gained 16.5%, beating the large cap index’s return of around 9%.
The MSCI Emerging Markets Small Cap index includes small cap companies from 24 emerging markets. Indian companies have a weight of 27.82% in the index, followed by Taiwanese companies with 22.24% and South Korean firms with 12.4%. (Read the full story here.)
Sensex Today Live : Elara Securities India gives update on duty exemption on import of extra-long staple cotton
Sensex Today Live : The government, vide CBIC notification dated 19 February 2024, has fully exempted custom duty on import of extra-long staple (ELS) cotton ‘Other: of staple length exceeding 32.0mm’ covered under ‘HS 5201 00 25’.
The import duty on cotton of <32mm fiber length may continue as earlier at 5% plus agricultural infrastructural and development cess and surcharge, taking the total to 11%.
Elara Securities India’s View
This notification pertains to the import of ELS variety of cotton. US Pima and Egyptian Giza, which are premium cotton, come under this variety.
This exemption may benefit exporters the most as generally customers require their products to be made from premium cotton such as US PIMA or Egyptian GIZA.
In such cases, import duty on cotton is adjusted against the export benefits received by the exporter and hence, results in lower accrual of benefit to them.
With this exemption in custom duty, exporters may be in a position to use the export benefit fully. This may result in improved competitiveness of Indian exporters for premium products, resulting in higher volume of premium products.
It could also result in slight margin improvement for exporters (the share of premium products is lower in overall sales).
India has sufficient cotton in staple length <32mm and hence, imports are almost insignificant in those varieties.
Impact on companies
Ambika Cotton, Himatsingka Seide, Indo Count Industries, Welspun Living, Indo Count Industries, and Trident among others are likely to benefit.
Directionally, this may be positive for spinners and the entire value chain, though the journey is long as regards removal of import duty on all varieties.
Sensex Today Live : 11 am market update
Indian benchmark indices were trading flat on Wednesday.
At 12 am, Sensex was up 6.98 points, or 0.01%, at 73,064.38 and Nifty was up 8 points, or 0.04%, at 22,204.95.
Sensex Today Live : RBI bulletin says fresh capex to fuel next leg of growth for Indian economy, inflation to stabilise ahead
Sensex Today Live : The Indian economy continued to sustain the momentum achieved in the first half of 2023-24, going by high-frequency indicators and the expectations of a fresh round of capex by the corporate sector are likely to fuel the next leg of growth, said the Reserve Bank of India (RBI) in its February Bulletin released on Tuesday.
The funds raised through external commercial borrowings (ECBs) for capex and initial public offerings (IPOs) remained robust during the second and third quarters of the current financial year, though their levels were lower than such resources raised during Q1 2023-24.
The central bank also added in its monthly State of the Economy article that India’s inflation expectations may stabilise and edge down going ahead but renewed pressures from cereals and proteins cannot be ruled out.
Sensex Today Live : RBI bulletin says its high time India Inc. picked up the baton to increase capex
Sensex Today Live : Reserve Bank of India officials have exhorted private companies to lead the way in expanding capital expenditure, a space dominated by the government.
The corporate sector must “get its act together” and relieve the government of capex heavy-lifting, the officials say in RBI’s February bulletin, reflecting a view expressed by industry experts as well.
“Expectations for a fresh round of capex by the corporate sector to take the baton from the government and fuel the next leg of growth are mounting,” the RBI officials said in the article titled ‘State of the Economy’.
India’s economy continues to sustain the momentum achieved in the first half of 2023-24, and the likelihood of the global economy exhibiting stronger-than-expected growth has brightened, the officials added.
While the article was written by RBI officials, it had the usual disclaimer that the views were those of the authors and not of the central bank.
Sensex Today Live : ABB India share price surges over 6% as Q4 result beat estimates; here’s what analyst say
Sensex Today Live : ABB India share price surged over 6% on Wednesday’s trading session as Q4 CY2023 result exceeded the Street’s estimates. The company follows a fiscal year that spans from January to December. ABB India share price opened at an intraday low of ₹4,622.30 and touched an intraday high of ₹4,799.95.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One, ABB India stock prices have seen a strong gap-up opening, and we are seeing heavy volumes in the initial trades. Considering the momentum, we can expect further upmoves and retests of recent highs around ₹4,950; support is seen at ₹4,650.
Sensex Today Live : Union Bank of India shares jump nearly 5% on news of raising ₹3,000 crore
The public sector lender on Tuesday said the Committee of Directors for Raising Capital Funds has approved the raising of funds up to ₹3,000 crore via qualified institutions placement (QIP), it announced in an exchange filing. Union Bank of India said it approved the floor price of ₹142.78 per equity share for the issue and approved the opening of the issue today, i.e. February 20, 2024.
Sensex Today Live : Devyani International shares jump on reports Yum Restaurants will exit the QSR company
Devyani International: Yum Restaurants India is likely to sell its entire 4.4% stake in quick service restaurant firm Devyani International through a block deal to raise ₹814.8 crore, CNBC-TV18 reported on February 20 quoting sources. The floor price of the deal is likely fixed at ₹153.5 per share, a 7.6% discount to Devyani International’s closing price on Tuesday. As of December 30, Yum Restaurants India held 5 crore shares in Devyani International. Devyani International is the largest franchisee for Yum Brands which operates KFC, Pizza Hut, and Taco Bell in India and the sole franchisee for Costa Coffee.
Sensex Today Live : 10 am market update
Indian benchmark indices opened Flat on Wednesday, taking cues from wobbly global markets.
At 10 am, Sensex was up 165.53 points, or 0.23%, at 73,056.87 and Nifty was up 49.10 points, or 0.22%, at 22,246.05.
Sensex Today Live : Zee shares down more than 10% after reports said Sebi unearthed another discrepancy in its books and the company clarified it has not resumed talks with Sony for the merger deal
India’s market regulator, the Securities and Exchange Board of India (SEBI), has unearthed a financial discrepancy exceeding $240 million, or around ₹2,000 crore in the accounts of Zee Entertainment Enterprises, Bloomberg reported. This comes as another setback for the beleaguered media firm, occurring within a month of the collapse of its merger with Sony Group Corp’s India unit.
As part of its investigation into Zee founders, SEBI has disclosed that approximately ₹2,000 crore ($241 million) may have been redirected from the company. This amount is nearly ten times more than SEBI investigators initially estimated. (Read the full story here.)
Sensex Today Live : Hindalco Industries’ shares up more than 2% on reports of subsidiary Novelis’ US listing
The company has decided to take its US subsidiary Novelis Inc. public, 17 years after the Aditya Birla group flagship snapped up the top aluminium maker that now fetches over half of its revenue. In a surprise announcement on Tuesday, Novelis said it has submitted a confidential filing for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The IPO will be a secondary sale of shares by Hindalco, meaning Novelis will not receive any capital as part of the offer. Hindalco owns 100% of Novelis.
Sensex Today Live : Sector indices heat map
Across sectors, Nifty Bank was marginally up at 0.04%, while Realty, Metal were top gainers, with both indices up more than 1%.
Sensex Today Live : Broader market indices heat map
The broader market indices were in the green in early trades on Wednesday.
Sensex Today Live : Gainers and Losers on Nifty
Hindalco Industries was the biggest gainer on the Nifty.
Sensex Today Live : Gainers and Losers on Sensex
JSW Steel, Mahindra & Mahindra, Tata Steel, Airtel and Bajaj Finserv were the top gainers on Sensex, while Infosys, Power Grid Corp., Axis Bank, HDFC Bank, and Nestle were the top losers.
Sensex Today Live : Indian markets flat at opening bell; Sensex at 73,056, Nifty above 22,207
Indian benchmark indices opened Flat on Wednesday, taking cues from wobbly global markets.
At opening bell, Sensex was at 73,056.87 and Nifty was up 10.40 points, or 0.05%, at 22,207.35.
Sensex Today Live: Indian markets advance at pre-open; Sensex up 200pts, Nifty holds tests 22,200
Indian benchmark indices Sensex and Nifty were in the green at pre-open on Wednesday, despite weakness in global peers.
During pre-open, Sensex was up 210.53 points, or 0.29%, at 73,267.93 and Nifty was up 51.90 points, or 0.23%, at 22,248.85 during pre-open.
Sensex Today Live : Hindalco takes its crown jewel to the public
Hindalco Industries Ltd has decided to take its US subsidiary Novelis Inc. public, 17 years after the Aditya Birla group flagship snapped up the top aluminium maker that now fetches over half of its revenue.
In a surprise announcement on Tuesday, Novelis said it has submitted a confidential filing for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The IPO will be a secondary sale of shares by Hindalco, meaning Novelis will not receive any capital as part of the offer. Hindalco holds 100% of Novelis. (Read the full story here.)
Sensex Today Live : SEBI finds ₹2000 crore accounting and funds divergence issue at Zee Entertainment Enterprises, say reports
India’s market regulator, the Securities and Exchange Board of India (SEBI), has unearthed a financial discrepancy exceeding $240 million, or around ₹2,000 crore in the accounts of Zee Entertainment Enterprises, Bloomberg reported. This comes as another setback for the beleaguered media firm, occurring within a month of the collapse of its merger with Sony Group Corp’s India unit.
As part of its investigation into Zee founders, SEBI has disclosed that approximately ₹2,000 crore ($241 million) may have been redirected from the company. This amount is nearly ten times more than SEBI investigators initially estimated. (Read the full story here.)
Sensex Today Live : Buy or sell – Vaishali Parekh recommends three stocks to buy today — February 21
Domestic market benchmark Nifty 50 crossed the coveted 22,000 mark for the first time, hitting its fresh record high of 22,215.60, in intraday trade in the previous session, with shares of HDFC Bank, Axis Bank and Power Grid among the top contributors. The domestic market witnessed significant volatility on Tuesday, with the Nifty 50 index swinging 170 points during the session. (Read the full story here.)
Sensex Today Live : Dividend stocks – LIC, Hero MotoCorp, SJVN, MRF among 16 stocks to trade ex-dividend today
Shares of Life Insurance Corporation of India (LIC), JK Lakshmi Cement, MRF, Hero MotoCorp, SJVN, Sula Vineyards, Mrs. Bectors Food Specialities, Cummins India, Electrosteel Castings, NCL Industries, PI Industries, PlatinumOne Business Services, Premco Global, Saregama India, Uniparts India, United Van Der Horst, and Eastern Logica Infoway will be in focus when the stock market opens on February 21 (Wednesday).
The Board of Directors of these companies have declared interim dividend and bonus issue for their eligible shareholders. (Read the details here.)
Sensex Today Live : Day trading guide for stock market today: Nine stocks to buy or sell on Wednesday — 21st February
The Indian stock market ended higher for the fifth straight session on Tuesday, February 20. Throughout the day, the Nifty reached a high of 22,215.6 and a low of 22,045.85. The Sensex traded between 73,130.69 and 72,510.24, ultimately closing at 72,708.16, a 0.48% increase compared to the opening price, with a gain of 349.24 points. The Bank Nifty ended at 46,535.5, reaching an intraday high of 47,136.75 and a low of 46,367.8. (Read the full story here.)
Sensex Today Live : What to expect from Indian stock market in trade on February 21
The Indian stock market indices, Nifty 50 and Sensex, are expected to open on a cautious note Wednesday amid weak global cues.
The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 22,265 level as compared to the Nifty futures’ previous close of 22,232.
On February 20, the domestic equity indices settled higher, gains for the sixth consecutive session, with the benchmark Nifty 50 hitting its fresh record high in intraday trade. (Read the full story here.)
Sensex Today Live : Gift Nifty, fall in US stocks to weak dollar; 8 key things that changed for market overnight
The domestic equity indices are expected to open on a cautious note on Wednesday as global market cues remain weak.
Asian markets traded lower, while the US stocks ended in the red overnight amid receding hopes of an early interest rate cut by the US Federal Reserve.
Investors now await the release of minutes from the Fed’s latest policy meeting as well as remarks from a slew of central bank officials later this week. (Read the full story here.)
Sensex Today Live : Asian stocks wobble, but Gift Nifty futures ahead of Tuesday’s all-time-high Nifty close
Gift Nifty futures, trading at 22,252 at 8 am, were ahead of Nifty’s Tuesday close above 22,200, a first for the benchmark index.
U.S. stocks ended lower on Tuesday, with the Nasdaq showing the largest declines as chipmaker Nvidia stumbled ahead of its highly awaited earnings report.
Spot gold was flat at $2,024.00 per ounce, as of 0100 GMT. U.S. gold futures edged 0.2% down to $2,035.00 per ounce.
Brent crude futures rose 12 cents, or 0.15%, to $82.46 a barrel by 0100 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 9 cents, or 0.12% at $77.13.
The Brent and WTI contracts slipped 1.5% and 1.4% respectively on Tuesday.
Treasury 10-year yields were little changed in Asian trading.