Mumbai: Indian shares fell on Tuesday, retreating from record highs hit in the previous session, as recent outperformers such as State Bank of India fell, while Infosys Ltd dropped after going ex-dividend. Both indexes have been scaling new peaks after the Indian government said last week that it would inject $32.4 billion to recapitalise banks and spend $82.2 billion to build roads.
The market movement on Tuesday mirrored the sluggishness in Asian stocks following overnight weakness on Wall Street. “These two events (recapitalisation and infrastructure investment project) took market really high. So, some kind of consolidation is always expected,” said Saurabh Jain, assistant vice president, research, SMC Global Securities. Here are the latest updates:
■ 2.47pm: BSE Sensex fell 34.88 points, or 0.10%, to 33,231.28, while the Nifty 50 was down 19.35 points, or 0.19%, to 10,344.30. The midcap was up 0.21% and the smallcap rose 0.46%.
■ 2.45pm: Among sectoral indices, the realty rose most to 2.36%, followed by telecom, which was up 1.71%. The metal index was down 1.38%.
The Nifty PSU Bank fell 2.32% led by Union Bank, which was down 5.07%, IDBI 4.06%, PNB 3.14%, SBI 2.21% and Syndicate Bank 1.85%.
■ 2.13pm: Tata Steel said its board of directors promoted T. V. Narendran as CEO and managing director of the company. The company’s shares were trading 2.23% lower at Rs702.80.
■ 1.53pm: BSE Sensex fell 25.74 points, or 0.08%, to 33,240.42, while the Nifty 50 was down 15.95 points, or 0.15%, to 10,347.70.
■ 1.50pm: Adani Ports and Special Economic Zone Ltd said it has raised Rs1600 crore via allotment of NCDs on private placement basis.
■ 1.45pm: Escorts Ltd shares fell 1.75% to Rs758.75 after the company said its September-quarter net profit Rs77.56 crore versus Rs31.29 crore last year. The quarter’s revenue from operations stood at Rs1,212 crore versus Rs983 crore last year.
■ 1.40pm: Symphony Ltd shares rose 4.55% to Rs1477.60 after it reported a net profit of Rs50.67 crore compared to Rs42.52 crore last year.
■ 1.37pm: LG Balakrishnan and Bros Ltd said its board has initiated steps to terminate a dealership and hire purchase agreements with Tata Motors Ltd at the end of 2017. “The decision to close the agreements is based on allowing Tata Motors to find a more suitable partner since our Company has not had a comfortable fit in operations,” the company said in a statement. The company’s shares fell 6.27% to Rs942.50.
■ 12.23pm: BSE Sensex was trading lower by 44.25 points, or 0.13%, to 33,221.91, while the Nifty 50 fell 17.85 points, or 0.17%, to 10,345.80.
■ 12.20pm: Thomas Cook India Ltd said it has completed the acquisition of Tata Capital Forex Ltd and TC Travel and Services Ltd. The network of the two acquired entities includes 24 locations and 263 employees pan India. The acquired companies will do business as TC Forex Services Ltd. and TC Travel and Services Ltd.
■ 12.15pm: Mahindra Logistics Ltd’s IPO was subscribed 11% on the first day of the share sale on Tuesday, data from stock exchanges showed. As of 12pm, the IPO received bids for 1,541,832 shares against the total issue size of 13,570,143 shares, according to NSE data. The IPO will close on 2 November.
■ 11.14am: BSE Sensex fell 58.56 points, or 0.18%, to 33,207.60, while the Nifty 50 was down 25.70 points, or 0.25%, to 10,337.95.
■ 11.10am: As many as four firms, including state-owned Hindustan Aeronautics Ltd, have received the Securities and Exchange Board of India’s (Sebi’s) approval to launch their initial public offerings, the latest update with the market regulator showed. The other three firms are Future Supply Chain Solutions Ltd, Gandhar Oil Refinery (India) Ltd and Aster DM Healthcare Ltd. The four companies had filed their respective draft papers with Sebi between August and September and obtained “observations” from the markets watchdog on 26 October. The “observation” from Sebi is necessary for any company to launch their public offers.
■ 11.00am: HDFC Standard Life Insurance Co. Ltd, the fifth insurance company heading for an initial public offering (IPO) this year, on Monday said it would launch its Rs8,695 crore initial share sale on 7 November. The IPO, a pure offer for sale, will see the two promoters of the life insurer—Housing Development Finance Corp. (HDFC) and Standard Life—sell 299.82 million shares. The public offering will close on 9 November.
■ 10.40am: BSE Sensex fell 73.98 points, or 0.22%, to 33,192.18, while the Nifty 50 lost 35.85 points, or 0.35%, to 10,327.80.
■ 10.38am: Jaiprakash Power Venture Ltd rose 5% to Rs8.40 after CNBC TV reported that Resurgent Power and Brookfield in final race to buy strategic stake in the company.
■ 10.35am: Infosys Ltd fell 2% to Rs926.05 after the stock turned ex-buyback date.
■ 10.30am: Zen Technologies Ltd rose 9% to Rs89.20 after the company said it won order worth Rs 357 crore from government of India.
■ 10.20am: Balaji Amines Ltd rose 14% to Rs505.15 after the company reported 34.19% increase in its net profit to Rs 29.16 crore against Rs 21.73 crore a year ago.
■ 10.07am: BSE Sensex edged down 10.46 points, or 0.03%, to 33,255.70, while the Nifty 50 fell 8.00 points, or 0.08%, to 10,355.65.
■ 10.05am: IDFC Ltd shares rose 2.76% Rs63.40. IDFC and Shriram Group on Monday called off their planned merger following differences over valuation. IDFC management said that it will continue to look at buying or merging with other non-banking financial companies at the level of IDFC Bank.
■ 10.03am: Bharat Electronics Ltd rose 9% to Rs190 after the company reported 19.1% increase in its net profit to Rs 412.39 crore in September quarter against Rs346.25 crore a year ago. Brokerage house IDFC Securities have maintained outperformer rating on the stock and increased its target price to Rs220 a share.
■ 10.00am: PSU Banks trading lower. Central Bank of India fell 3%, Corporation Bank 2%, Union Bank of India 2%, Syndicate Bank 2%, Punjab National Bank 1.5%, Indian Bank 1.2%, Andhra Bank 1.2%, Allahabad Bank 1.2%, Oriental Bank of Commerce 1%, IDBI Bank 1%.
■ 9.25am: BSE Sensex opened lower by 46.21 points, or 0.14%, to 33,219.95, while the Nifty 50 fell 20.50 points, or 0.20%, to 10,343.15.
■ 9.23am: Reliance Communications Ltd up 10% to Rs17.25 after Mint reported that the company presented a fresh debt repayment plan to its creditors on Monday which envisages raising Rs27,000 crore through sales of assets and lenders converting a portion of their loans into equity, giving them majority control. The firm has about Rs45,000 crore in debt and last week announced that it was going to shut down its 2G services in about a month and continue to operate 3G and 4G services till the time they remain profitable.
■ 9.20am: Axis Bank Ltd rose 2.8% to Rs497.65 after ET reported that Bain Capital is in advanced talks with Axis Bank to invest between $750 million and $1 billion.
■ 9.17am: Network18 Media & Investments Ltd rose 7.2% to Rs52.80 after huge block deal. Around 9 million shares or 1% stake of the company changed hands in five block deal, according to Bloomberg report. However, details of the buyers and sellers were not known.
■ 9.15am: The rupee opened at 64.83 a dollar and touched a high of 64.79. At 9.15am, the home currency was trading at 64.80 against the dollar, up 0.08% from its Monday’s close of 64.85.
■ 9.13am: The 10-year bond yield was at 6.869% compared to its previous close of 6.805%. Bond yields and prices move in opposite directions.
■ 9.10am: Asian currencies were trading higher. South Korean won was up 0.33%, China renminbi 0.20%, Malaysian ringgit 0.13%, Taiwan dollar 0.12%, Indonesian rupiah 0.07%. However, Hong Kong dollar was down 0.04%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.572, up 0.01% from its previous close of 94.56.