The regulator, in December 2019, had imposed a fine of Rs 25 lakh each ICRA and CARE Ratings in the matter saying the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of these rating agencies.
Capital markets regulator Sebi on Tuesday imposed total fine of Rs 6 lakh on Advent Stock Broking Pvt Ltd for not adhering to the code of conduct prescribed for a stock broker and other market norms while using NSE's co-location facility. The order came after Sebi received multiple complaints pertaining to allegations of malpractices with respect to the co-location facility being provided by the National Stock Exchange of India (NSE).
The S&P 500 opened higher by 14.69 points, or 0.45%, at 3,295.75, while the Nasdaq Composite gained 94.50 points, or 0.88%, to 10,873.30 at the opening bell. The Dow Jones Industrial Average rose just 22.64 points, or 0.08%, at the open to 27,170.34.
Michael Mauboussin, Head of Consilient Research at Morgan Stanley Counterpoint Global, joined the caravan of market veterans sounding bad omens for retail investors who entered markets this year. He said going by history, investing is a high stake game and odds are against the debutants who have limited experience in dabbling in stocks.
"The duly authorised committee of directors...considered and approved offering for subscription on a private placement basis, up to 40,000 unsecured, rated, listed, redeemable, non-convertible debentures (NCDs) of a face value Rs 10,00,000 each," the filing said.
“Doubts about the timing of a global economic recovery emerged, following talks of further restrictions to contain a resurgence in virus infections around the world, especially in Europe. This uncertainty hit the Indian markets also,” said Vinod Nair, Head of Research at Geojit Financial Services.
This is how the 30-pack Sensex moved in today's session. It touched a high of 38,209.97 and a low of 37,531.14 to finally settle at 37,734.08
CLOSING BELL: Sensex drops for 4th day, down 300 pts; Nifty below 11,200; IT stocks buck the weak trend; HCL Tech, TCS gain 3% each
RIL, HDFC twins lead the market fall
21 of 30 Sensex stocks end the day in the red
Index contributors: RIL, HDFC, HDFC Bank, Maruti, Axis Bank
Top Index gainers: HCL Tech (3.02%), TCS (2.64%), Sun Pharma (2.21%)
Top Index losers: Maruti (3.15%), IndusInd Bank (2.89%), L&T (2.82%)
All BSE indices except IT and Teck end the day in the red
S&P BSE Information Technology biggest sectoral gainer, up 0.91%
S&P BSE Industrials biggest sectoral loser, down 2.49%
Volume toppers: RIL, TCS, ICICI Bank, HUL, IndusInd Bank
“The debt mutual fund must remember at all times that there is a difference between investing and lending. Mutual funds are not banks and should not attempt to behave like one. Unlike banks there are neither capital adequacy ratio (CAR) requirements for mutual funds nor do they have lender of last resort comfort,” said Tyagi.
Here are the top losers in the auto sector
Price as on 22 Sep, 2020 02:59 PM, Click on company names for their live prices.
One clear sectoral winner globally is technology and that is going to find representation in our markets and in the kind of leadership that we will see going ahead, says the Founder & CEO, Marathon Trends-PMS.
All BSE indices trading in the red; S&P BSE Industrials biggest sectoral loser, down about 3%
Forex Center: This is how the major currencies are trading against each other
Top losers in the metal pack; Hindalco worst performer
Price as on 22 Sep, 2020 01:51 PM, Click on company names for their live prices.
GMM Pfaudler tanks 10% as 2-day OFS kicks off
Price as on 22 Sep, 2020 01:26 PM, Click on company names for their live prices.
Our sense is that typically the defensive is the only pack where the earning disruption is the least, especially IT and pharma. We believe any kind of a correction should be used as an opportunity to buy in these sectors. Besides that, probably banking looks quite attractive, especially private banks because our sense is that the price correction is largely done.
- Pankaj Pandey, I-Sec
SC orders status quo on transer, pledging of Tata Sons' shares by SP Group
Tata to SC: Ready to buy our shares from SP group
SC to conduct a final hearing on Oct 28
No further action allowed on shares already pledged to raise money: SC
Trend reversal on St may push Infy higher: CK Narayan
The IT sector stocks have been in great form recently and all have bounced upward. In yesterday's fall, most of the second rung stocks gave up a good chunk of their recent gains but Infosys has managed to hang on. So, it is possible that if the trend revives from here soon, we may see Infosys once again at the head of the table.
Sharekhan launches new discount brokerage platform
Sharekhan, a subsidiary of BNP Paribas, on Tuesday announced the formal launch of its new discount brokerage platform espresso. The brokerage firm said that the customer has to pay the brokerage only when there is a profit from the intraday trade, while the company will not charge any brokerage in the case of cash and carry orders.
Strides Pharma Science arm gets USFDA nod for tension headache tablets
Drug firm Strides Pharma Science on Tuesday said its subsidiary, Strides Pharma Global Pte Ltd, has received approval from the US health regulator for Butalbital, Acetaminophen, and Caffeine tablets, used to treat tension headache. The approved product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Butalbital, Acetaminophen, and Caffeine tablets of Actavis Laboratories FL Inc.
This is not the time to buy: Deepak Shenoy
I would say right now it is not the time to buy, what I would do is asset allocate. If you were 75% equity, 25% fixed income kind of an investor you might have reached 85% of equity by now because the markets have gone up so much. Some of your stocks would have gone up. You might want to rebalance that back to 75% by cutting down whatever names have become a little more heavy in your portfolio and just bring it to a point where it is less hurtful.
Telecom stocks tank up to 11%
Price as on 22 Sep, 2020 12:06 PM, Click on company names for their live prices.
BSE Smallcap index down 2%; here are the top gainers & losers
Mutual funds are investors and not lenders. They should keep the interest of their unitholders in mind and not play the role of a bank: Ajay Tyagi, Sebi Chairman
Vodafone Idea tanks 7% on AGR worries
Shares of Vodafone Idea dropped 7 per cent in Tuesday's trade after PTI quoting government sources said that telecom operators including Vodafone Idea will have to pay 10 per cent of the total AGR liability by March 31 irrespective of the part-payments made by them.
Price as on 22 Sep, 2020 11:20 AM, Click on company names for their live prices.
CAMS IPO gets fully subscribed on Day 2; retail quota sees 1.7 times bids
The Rs 2,242 crore initial public offer (IPO) by Computer Age Management Services (CAMS) got fully subscribed on Day 2 of the bidding process. Data compiled from NSE and BSE suggested the issue received bids for 1,29,46,320 shares, which was 1.01 times the issue size of 1,28,27,370 shares. The retail quota was subscribed 1.7 times, NII quota 32 per cent, employee quota 8 per cent while QIB quota was subscribed 24 per cent.
Top 10 losers from the NBFC space
Price as on 22 Sep, 2020 10:43 AM, Click on company names for their live prices.
BSE Sensex extends decline, tanks over 450 points
Gold prices rise amid surge in Covid-19 cases
Gold and silver prices gained in early trade on Tuesday as traders took refuge in bullion counters amid surging virus cases in Europe that threatened more restrictions on movement and businesses. Gold futures on MCX were up 0.12 per cent or Rs 62 at Rs 50,533 per 10 grams. Silver futures advanced 0.74 per cent or Rs 452 to Rs 61,768 per kg.
Voda Idea, YES Bank, Tata Motors among most active stocks on NSE
Price as on 22 Sep, 2020 09:24 AM, Click on company names for their live prices.
OPENING BELL: Sensex drops 50 points, Nifty50 at 11,250; IndusInd Bank, HCL Tech rise 2% each
Ruchir Sharma says India to normalise only in 2022
The Indian economy is unlikely to achieve the same level of output that it had before the Covid-19 pandemic until possibly March-April 2022, according to global investor and bestselling author Ruchir Sharma. He said two years of output growth have been wiped out. "Assuming India trend growth rate is about 5%, we will be basically 10% below our trend growth rate in the middle of 2022," he said in an interview with ET.
Kwality in soup over loan fraud
The police on Monday registered a case against dairy company Kwality and its directors for allegedly cheating a consortium of banks of around Rs 1,400 crore ($190 million) on Bank of India. Founded in 1992, the company describes itself as one of India’s fastest growing private dairy firms, with six manufacturing units, and exports to more than 28 countries, according to its website.
HUL top boss calls for govt spending
Hindustan Unilever (HUL) chairman Sanjiv Mehta said India needs to be “aggressive with spending” before it’s too late and called for interest rates to be slashed given the signs of urban distress that have emerged in the wake of the Covid-19 pandemic. “There is a curve of cost of doing and the cost of not doing,” Mehta said in a web interaction with Ficci president Sangita Reddy on Monday.
Lockdown fears haunt stock investors
Domestic stocks tumbled over 2% on Monday mirroring global weakness as the rapid rise in Covid-19 cases in Europe revived fears of fresh curbs on people movement. Midcap and smallcap shares — which had outperformed over the past week — suffered bigger losses as the unexpected drop mid-way through the session triggered margin calls by brokers, forcing retail investors to cut exposure. News reports said France, Germany, Italy, Spain and the UK had witnessed a renewed surge in Covid-19 cases over the weekend, causing European markets to decline almost 3%.
Govt hikes MSPs before schedule
The government has raised minimum support prices (MSP) of the rabi, or winter-sown, crops by up to 6.3% and announced the new rates a month before it usually does to reassure farmers that the new laws on agriculture will not dilute MSP operations. The Cabinet Committee on Economic Affairs (CCEA) approved higher prices of crops such as wheat and pulses on Monday. The hike is in the range of 2.1% to 6.3% with maximum increase of Rs 300 a quintal in the MSP of moong while the floor price of wheat has been increased by Rs 50 a quintal.
EPFO enrolments doubles in July
Net enrolments under Employees' Provident Fund Organisation (EPFO) jumped to 8.45 lakh in July from 4.82 lakh in June 2020 as the lockdown eased leading to some pickup in economic activity. Monthly addition in July was much higher than the average monthly addition of 7 lakh in the previous year. Delayed filing of returns by establishments is also likely to have contributed to the jump.
Consumer firms boost ad blitz
India’s largest consumer-facing companies across sectors including LG, Samsung, Maruti Suzuki, Hyundai Motor, Mahindra & Mahindra, Amazon, Flipkart, ITC, Xiaomi, Croma, Voltas, Grofers and Lloyd are going to pull out all the stops on marketing and advertising spending for the festive season, either matching last year’s budget or exceeding it by as much as 30%. While the spends are higher year on year for consumer durables, smartphone and ecommerce companies, for car makers facing a sustained market decline they are 15-20% higher quarter on quarter across vehicle makers.
GMM Pfaudler OFS at 33% discount
India’s largest manufacturer of glass-lined equipment has announced an offer for sale (OFS) by the promoters at a floor price of Rs 3,500, a 33% discount to its current market price of ₹5,203. The promoters Pfaudler Inc and Urmi Patel are selling 25.71 lakh shares or 17.59% of the total equity with an option to additionally sell 15.22 lakh shares (10.41%). Non-retail investors can subscribe to the issue on Tuesday while the window will open for retail investors on Wednesday.
Angel Broking IPO to kick off today
The issue, at the upper end of the price band of Rs 305-Rs 306 per equity share, is asking for a valuation of 26.84 times FY20 earnings. Initial brokerage reports have a 'subscribe' recommendation on the issue on reasonable valuations. The brokerage raised a total of Rs 180 crore from 12 anchor investors on Monday.
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 58 points, or 0.52 per cent higher at 11,302, in signs that Dalal Street was headed for a positive start on Tuesday.
Tech View: Nifty needs to revisit 11,333 for any recovery
Nifty50 on Monday tumbled nearly 300 points to settle below 11,250 level. The index closed below its 20-day and 50-day moving averages and formed a large bearish candle on the daily chart. It also saw a negative crossover on the momentum indicator MACD, suggesting weakness ahead. After Monday’s fall, the index has come near the recent swing low of 11,185. Analysts said the NSE barometer needs to take out the 11,300-333 range to signal any sign of recovery.
Asian markets fall in early trade
Asian shares opened weaker on Tuesday on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks. In Asia, Australia's S&P/ASX 200 dropped 0.89 per cent while South Korea's Kospi fell 1.5 per cent. Hong Kong's Hang Seng shed 0.4 per cent while China's SHanghai Composite declined 0.85 per cent. Japan markets were closed for the day.
US stocks settle lower
The Dow Jones Industrial Average sank 509.72 points, or 1.84 per cent, to 27,147.70. The S&P 500 fell 38.41 points, or 1.16 per cent, to 3,281.06. The Nasdaq Composite Index dipped 14.48 points, or 0.13 per cent, to 10,778.80.
Rupee rises by 7 paise to 73.38 in line with Asian peers
The rupee strengthened by 7 paise to close at 73.38 against the US dollar on Monday, extending its gains for the second day on the back of firm Asian currencies and weak crude oil prices. Forex dealers said inflows into Indian equities and firming Asian currencies against the dollar lent support to the local currency.
Sensex, Nifty on Monday
Domestic equity benchmark Sensex plunged 812 points on Monday, led by losses in Reliance Industries, ICICI Bank and Bharti Airtel amid a massive global selloff. The 30-share BSE index ended 811.68 points or 2.09 per cent lower at 38,034.14. The NSE Nifty tumbled 254.40 points or 2.21 per cent to finish at 11,250.55. IndusInd Bank was the top loser in the Sensex pack, tanking over 8 per cent, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti, Axis Bank and ONGC.
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