Money on the markets
A maturing market amid the mayhem
HDFC Bank, India’s No 2 private sector lender surged on Monday after it
reported on Saturday that quarterly profit had risen by a third.
HDFC Bank rose as much as 2.8 percent, racing to an all-time high of
1,997.85 rupees, before closing 2.3 percent higher at 1990 rupees.
The BSE Banking Index ended 0.5 percent up.
Axis Bank closed 3.3 percent higher, while Yes Bank ended 3.9 percent
Do you see an uptick in banking shares after the policy rate revision?
Shares in Reliance Industries ended 2 percent higher on Thursday at 1075 rupees on reports that it would buy along with Atlas more Marcellus acreage.
Independent oil and gas company Atlas Energy Inc said it would buy 42,344 acres in the gas-rich Marcellus shale along with Reliance, weeks after the two announced a joint venture.
Shares in Unitech, India’s second-largest listed real estate firm rose on Wednesday after it announced the demerger of its infrastructure operations, including the telecom business, into a new entity to unlock the value of none-core businesses.
The stock ended 2.4 percent higher at 85.55 rupees and was among the top traded stocks of the day with volumes of over 15 million shares.
The BSE Banking Index closed 0.34 percent lower on Monday in a broader market that closed 1.08 percent down at 17,400 points.
Top lenders State Bank of India and ICICI Bank fell 0.7 percent and 0.2 percent respectively, a day ahead of the Reserve Bank of India (RBI) policy review.
Shares in Goenka Diamond listed on Friday at a discount of nearly four percent on the BSE and over 8 percent on the NSE from its issue price of 130 rupees.
The stock ended 5.3 percent lower after plunging nearly 32 percent from its issue price to 92.35 rupees in intra-day trade, with volumes of over 30 million shares.
Shares in Zee News rose over 30 percent in intra-day trade before closing 27 percent higher at 18.25 rupees after it demerged its General Entertainment Channel business.
Zee News has approved the scheme of arrangement between the company, Zee Entertainment Enterprises and their respective shareholders and creditors, for demerger of the Regional General Entertainment Channel Business undertaking of the company.
Various banking stocks were under pressure on Monday on concerns the Reserve Bank of India (RBI) would further hike interest rates.
The Bankex closed down 0.84 percent with 12 of 17 components in red.
Allahabad Bank and Bank of Baroda were the worst performers in the index, losing over 3 percent. Bigger players like ICICI Bank dropped 1.2 percent while SBI slipped 0.7 percent in trade.
It was not the perfect weekend for investors of unit-linked insurance products (ULIP) after market regulator SEBI barred 14 insurance firms from issuing or promoting such plans, which are a favourite among investors.
But Finance Minister Pranab Mukherjee said on Monday SEBI and insurance regulator IRDA have agreed to maintain status quo on ULIPs and also jointly seek a binding legal mandate from an appropriate board.