Thank you readers! Here are the key highlights from today's session
- Jitters On D-Street Continue; Market Hits Intraday 2-wk Low Before Recovering Mildly
- Nifty Slips 137 Points, Closes At 14,981 – Index Has Ended Lower For 4 Out 5 Sessions This Week
- Nifty Closes Below 15,000 After 6 Trading Sessions; Financials Lead The Selling
- Nifty Bank Slides 745 Points To Close At 35,841
- Midcap Index Ends Off Lows After Slipping Below 23,000 Mark Briefly
- Nifty Bank Hits Lowest Level In 10 Sessions; ICICI, HDFC Bk, SBI Top Contributors To Fall
- 40 Out Of 50 Nifty Stocks End In The Red; All Sectors Close With Cuts
- OIL Higher While EIL Ends Lower Cos To Jointly Bid For BPCL’s Stake In Numaligarh Unit
- IDFC First 7% Higher After Mild Retreat From Top On +ve Mgmt Commentary
- GAIL, Guj Gas, Petronet LNG, MGL Continue Momentum After PM’s Comment On Nat Gas
- PSU Banks Snap Hot Streak Seen This Week; End With Deep Cuts
- Market Breadth Favours Declines; Advance-Decline Ratio At 1:2
Closing Bell: Sensex ends 435 points lower, Nifty below 15,000 amid broad-based selling; banks, autos drag
Indian indices ended lower for the fourth straight session on Friday amid broad-based selling seen across all sectors. Losses in banking, auto and metal stocks dragged the markets the most. The Sensex ended 435 points lower at 50,890 while the Nifty fell 137 points to settle at 14,982. Both indices ended nearly a percent lower for the week. Meanwhile, broader markets also pared morning gains to end in the red with the midcap index and smallcap index down 1.6 percent and 0.9 percent, respectively. On the Nifty50 index, UPL, IndusInd Bank, Dr Reddy's, GAIL and HUL were the top gainers while ONGC, Hero Moto, Tata Steel, SBI, and Tata Motors led the losses.
Earnings risk for IndusInd stays, despite promoters converting warrants: Antique
Brokerage house Antique Stock Broking has retained its ‘hold’ rating on IndusInd Bank while upping the price target for the stock from Rs 975 to Rs 1100. The broking firms said that while the promoters’ move to convert their warrants into shares at a steep premium to market price was positive, the risk to earnings persisted. By exercising their right to convert 15.8 million warrants into equity shares at Rs 1709 apiece, the promoters will be pumping around Rs 2000 crore into the bank, and increasing their stake to 15 percent. More here
Heranba Industries Rs 625 crore IPO to open on February 23
Gujarat-based agrichemicals manufacturer Heranba Industries is set to launch its initial public offering (IPO) on February 23. This will be the seventh IPO to hit Dalal Street since the start of 2021. Heranba Industries is a crop protection chemical manufacturer and is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, deltamethrin, lambda-cyhalothrin etc. The IPO comprises an offer for sale (OFS) of up to 90.15 lakh equity shares and a fresh issue of Rs 60 crore shares, according to the company’s red herring prospectus. The company plans to raise up to Rs 625 crore from the issue. More here
Cadila shares decline
Cadila Healthcare share price fell 4 percent even after the pharma firm received final approval from the US Food and Drug Administration (FDA) to market droxidopa capsules for treating low blood pressure that causes severe dizziness. Droxidopa, which will be available in 100 mg, 200 mg, and 300 mg, works by narrowing the blood vessels and increasing blood pressure.
IT Sector Q3 Review: Recovery in TCV boost revenue; lesser attrition rate drives margin
Despite being a seasonally weak period, the Indian IT services industry reported its strongest third quarter in the last five years. Increased technology spends across all key industries, pick up in deal sizes, and faster conversion from pipeline to orders helped the software companies deliver USD revenue growth of 4.9 percent sequentially, during the quarter ended December 2020. With an increase in deal Total contract value (TCV) and pipeline across companies, the outlook for CY21 continues to improve. The management of IT companies further highlighted that clients are rolling out multi-year Digital and Cloud transformation projects. This has further improved longterm visibility in this space, brokerage firm Motilal Oswal said in a report. More here
Firstsource Solutions shares up 3% after arm wins consulting work from US firm
Firstsource Solutions share price gained over 3 percent intraday on February 19 after the company arm PatientMatters bagged consulting service from Mon Health System. "PatientMatters, a Firstsource company, announced that Mon Health System has selected the company’s IntelliAdvisor Consulting Service," the company said in an exchange filing. As part of this engagement, PatientMatters will direct Mon Health’s Pre-Access Service Center and process workflows and related functions. It will also support Mon Health’s mission of providing a positive patient financial experience, improving collections, and enhancing registration quality and speed, it said.
Unichem Laboratories share price rises 8% on US FDA approval for the Apremilast tablets
Unichem Laboratories share price rose 8 percent intraday on February 19 after the company received United States Food and Drug Administration's (US FDA) approval for the Apremilast tablets. The company has received ANDA approval for its Apremilast Tablets, 10 mg, 20 mg and 30 mg from the US FDA to market a generic version of Amgen’s Otezla (apremilast) Tablets, 10 mg, 20 mg, and 30 mg. Apremilast tablets is used for the treatment of adult patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy.
Expect loan growth to be at 20-25% for FY22: IDFC First Bank
The IDFC First Bank board has given their approval for fundraising of Rs 3,000 crores. The stock has also had a stellar start to 2021 with a 56 percent rally so far. V Vaidyanathan, Managing Director and CEO IDFC First Bank spoke to CNBC-TV18. On raising capital, Vaidyanathan said, “That Rs 2,000 crore was raised on June 20 was because of large accounts we had lost capital and now we are seeing very strong growth opportunities from here on because we have been hearing how things are coming back in India across all sectors. So for that growth, we wanted to be really well capitalised and we feel a fantastic time on the horizon in terms of lending opportunities for us.” More here
Nomura raises stance to 'overweight' on Indian equities after Credit Suisse's upgrade
Global brokerage firm Nomura raised its stance to 'overweight' on Indian equities in its Asia ex-Japan portfolio, a day after another brokerage Credit Suisse also upgraded India. “A number of recent positive developments in India lead us to change our stance to Overweight from Neutral in our regional Asia-ex-Japan allocation. We view India as a counterweight to North Asia as a large liquid market that – despite its strong run recently – does provide a hedge in portfolios," Nomura said in the report. The brokerage is reallocating to India from Korea, however, it said that it remains 'overweight' on Korea along with China and Indonesia. As per Nomura, concerns regarding India’s limited fiscal space and vulnerability from Covid-19 have decreased owing to the recent developments, however, it cautions execution of Budget 2021 and other policy proposals remains one of the key risks. Read More