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Stock Market Live: Sensex gains over 400 points, Nifty above 14,450; banks, auto stocks lead gains

Stock Market Live: The Indian equity indices, Sensex and Nifty opened higher Friday following gains in global peers.  Small-cap and midcap indices gained over a percent each. All sectors were in the green led by PSU Banks, auto, metals, and financial services.

Market Opens | Indian equity market opened higher Friday following strong gains in global peers. At 9:15 am, the Sensex opened 1.09 percent, or 529.13 points, higher at 48,969.25, while the Nifty50 index opened at 14,506.30, up 181.40 points, or 1.27 percent. Smallcap and midcap indices gained over a percent each. All the sectoral indices were trading in the green led by PSU Banks, auto, metals, and financial services.

Suryoday Small Finance Bank makes tepid debut; lists at 4.2% discount to issue price

Shares of Suryoday Small Finance Bank made a tepid debut on the bourses on Friday. The stock listed with a discount of 4.2 percent at Rs 292 per share on the NSE is against the issue price of Rs 305 per share. On BSE, it was listed at Rs 293 apiece, down 3.9 percent.

Listing Alert | Kalyan Jewellers shares list with 15% discount at Rs 73.95 on NSE

Shares of Kalyan Jewellers India made a tepid debut on the stock exchanges on Friday. The stock got listed at Rs 73.95 apiece, a 15 percent discount to the issue price of Rs 87 per share on the National Stock Exchange. The shares of Kalyan Jewellers started trading with a 15.06 percent discount at Rs 73.90 on the BSE.

The Rs 1,175-crore initial public offering (IPO) of studded jewelry maker Kalyan Jewellers was subscribed 2.61 times during March 16-18. The issue has received bids for 24.91 crore equity shares against the offered size of 9.57 crore shares.

The index has opened the new series with a gap opening. That is because it has bounced from the strong support of 14,300-14,350. This should not be considered as a reversal in the trend. The markets might be taking a breather. The short-medium trend will turn positive only post-closure of 14,750-14,800. Until then any rally up can be assessed to go short on the Nifty. If we manage to break the lows of yesterday, we could slide down to levels closer to 14,000.

Tata vs Mistry case latest updates: CJI SA Bobde-led Supreme Court bench set to deliver verdict today

The Supreme Court is set to pronounce on Friday its verdict on the cross-appeals filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd against the National Company Law Appellate Tribunal (NCLAT) order which had restored Cyrus Mistry as the executive chairman of the over $100 billion steel-to-salt-to-software conglomerates. The case is mentioned on Friday’s cause list uploaded on the apex court website, a bench headed by Chief Justice S A Bobde would pronounce the verdict. The bench, also comprising of Justices AS Bopanna and V Ramasubramanian, had on December 17 last year reserved the verdict in the matter.

Global bond rout not over, another sell-off likely before mid-year

Another bond market sell-off is likely in the next three months following the recent rout in financial markets, according to analysts polled by Reuters, although they did not predict a runaway rise in sovereign yields. Expectations for better growth and higher inflation drove the recent spike in longer yields and dollar strength, interrupting widely expected bull-run inequities.

But the March 18-25 poll of more than 70 fixed-income strategists pointed to only a marginal rise in major sovereign bond yields over the coming year, driven largely by global central banks’ pledges to keep policy loose for years to come.

Govt directs companies to disclose all cryptocurrency dealings in balance sheets

Starting April 1, 2021, companies will have to disclose all their cryptocurrency holdings in their balance sheets. The move by the Ministry of Corporate Affairs (MCA) is being seen as an attempt to regulate cryptocurrencies, one of the hottest properties in the world of finance. On March 25, the ministry amended the Schedule III of the Companies Act, 2013, which mandates all firms to provide details on their dealings in cryptocurrencies. The details include profit or loss on transactions involving virtual currencies, amount of currency held as at the reporting date, and deposits or advances from any person for trading or investing in digital currencies.

Barbeque Nation IPO subscribed 1.98 times on day 2

The initial public offering (IPO) of causal dining restaurants chain Barbeque Nation Hospitality was subscribed 1.98 times on March 25, the second day of the bidding process. Investors have put in bids for 98.75 lakh equity shares against the offered size of 49.99 lakh shares, as per subscription data available on the exchanges.

The reserved portion for retail investors has been subscribed 9.66 times, while that of non-institutional investors is subscribed 10 percent at end of day. Employees’ portion is subscribed 70 percent, while qualified institutional buyers’ part was subscribed 37 percent. The company has reserved shares worth Rs 2 crore for its employees.

JSW Steel may close Bhushan Power deal today

Sajjan Jindal’s JSW Steel is likely to close the Bhushan Power & Steel Ltd (BPSL) deal on March 26, sources told CNBC-TV18. JSW Group is expected to transfer Rs 19,350 crore to financial creditors to close BPSL deal. It had raised Rs 2,500 crore via non-convertible debentures earlier this week to fund the deal. The company is expected to fund the deal via a mix of debt and internal accruals, sources said. CNBC-TV18 had reported on March 1 about JSW looking to close deal by the month-end.

On March 5, banks had voted in favor of accepting JSW’s terms for takeover and had agreed to return JSW’s money in case of an adverse SC order after the closure of the deal. The lender for Bhushan Power are expecting to see a windfall gain in Q4 post the deal closure as BPSL is fully provided for. JSW Steel has proposed to repay financial creditors Rs 19,350 crore against their claims of approximately Rs 48,000 crore (41.3 percent recovery). JSW Steel proposes to pay Rs 350 crore to operational creditors against their claims of around Rs 730 cr (47.69 percent recovery).

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