Nifty futures had been trading 29 points or .19 per cent up at 15,001 on Singaporean Exchange on Wednesday, indicating a flat opening for BSE Sensex and Nifty 50. A host of elements such as resurgence in COVID-19 instances, fresh localised restrictions, US Fed meet outcome, oil costs, rupee trajectory and other international cues, will set the market place tone. Nifty failed to sustain at larger levels attracting profit booking in the earlier session. “However the falls are also limited as bottom fishers keep emerging on the horizon. 14723-15048 is the range for the Nifty; a breach of this band could lead to accelerated move in that direction,” Deepak Jasani, Head of Retail Research, HDFC Securities mentioned.
Stocks in concentrate today:
State Bank of India: Reserve Bank of India on Tuesday imposed a penalty of Rs 2 crore on SBI for contravention of norms, which includes distinct directions to the lender on remuneration to its staff in the type of commission. The penalty has been imposed for contravention of specific sections of Banking Regulation Act and its distinct directions of RBI issued to the bank on payment of remuneration to staff in the type of commission.
Vedanta: Vedanta Resources Plc on Tuesday raised the open give value for obtaining shares in its flagship Indian firm to Rs 235 per share, almost 4 per cent larger than the existing trading value. In January, Vedanta Resources had presented to acquire up to 10 per cent in Vedanta Ltd at Rs 160 apiece.
Tata Communications: The government’s share sale of 16.12 per cent stake in Tata Communications Ltd received ‘great response’ from institutional investors, DIPAM Secretary Tuhin Kanta Pandey mentioned on Tuesday. “Offer for Sale of Government shares in TCL got great response on Day 1. Issue subscribed 2.19 times of base size at a clearing price above the floor price by non-retail investors. Govt. has decided to exercise the green shoe option,” Pandey tweeted.
Magma Fincorp: Magma HDI General Insurance Limited (Magma HDI) has announced a transaction, which includes bringing in funds managed by ICICI Venture and Morgan Stanley Private Equity Asia along with the Cyza Chem Pvt Ltd (a Poonawalla Group Company), and two household offices as new shareholders in the firm. The transaction of Rs 525 crores contains a principal capital raise of Rs 250 crore. Fresh capital infusion of Rs 250 crores will provide development capital to meet the demands of the expanding distribution capabilities of the firm. The secondary sale of Rs 275 crores enables Magma Fincorp Limited and its group providers in complying with the Reserve Bank of India’s recommendations for ownership of stake in insurance coverage providers.
BPCL: PSU oil promoting firm Bharat Petroleum Corporation Ltd (BPCL) is aiming significant to expand its footprint in clean fuel space and seeking to set up an infrastructure to tap the increasing market place for electric and gas-based mobility, PTI cited an official as saying on Tuesday.