Key benchmark indices regained positive zone soon after opening lower amid initial volatility. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 82.19 points or 0.16% at 50,446.15. The Nifty 50 index was up 8.75 points or 0.06% at 14,919.20.
The S&P BSE Mid-Cap index was up 0.25%. The S&P BSE Small-Cap index was up 0.49%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 1126 shares rose and 721 shares fell. A total of 67 shares were unchanged.
Stocks in news:
State Bank of India (SBI) rose 0.3% The Reserve Bank of India (RBl) has, vide its letter dated 16th March,2021, imposed a monetary penalty of Rs 2 crore on the bank for contravention of provisions of Section 10 (1 ) (b) (ii) of the Banking Regulation Act, 1949 and specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 4
State Bank of India (SBI) said that the Reserve Bank of India (RBl) has, vide its letter dated 16th March,2021, imposed a monetary penalty of Rs 2 crore on the bank for contravention of provisions of Section 10 (1 ) (b) (ii) of the Banking Regulation Act, 1949 and specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51 (1 ) of the Act.
Private equity firm Carlyle has reportedly launched a block deal to sell around 4% stake in the SBI Cards & Payment Services and raise around $513 million. The offer price range is Rs 981.80 per share to Rs 1,022.10 per share.
The company intends to consolidate its EV initiatives under one single wholly-owned subsidiary.The auto components firm on Tuesday said it intends to undertake electric vehicle (EV) business through a special purpose vehicle (SPV), which would be a wholly-owned subsidiary of the company. As an initial step, the company has decided to acquire newly formed group firm Kalyani Powertrain (KPPL), Bharat Forge said in a filing.
On Tuesday, the investment committee (strategic business) of the company approved acquisition of 100% stake in KPPL which shall act as the SPV to carry on the EV business, it added. The acquisition was completed on 16 March 2021. The company acquired 1,000 equity shares of face value of Rs 10 at a consideration of Rs 10,000.
The equity barometers once again slipped into the negative terrain and were hovering near the day s low in early afternoon trade. Metal and pharma stocks witnessed selling. Investors remained cautious ahead of U.S. Federal Reserve s two-day policy meeting which will conclude later in the day.
At 12:20 IST, the barometer index, the S&P BSE Sensex, declined 119.13 points or 0.24% at 50,244.83. The Nifty 50 index lost 55.15 points or 0.37% at 14,855.30.
In the broader market, the S&P BSE Mid-Cap index fell 1.13% while the S&P BSE Small-Cap index slipped 0.78%.
The market breadth was weak. On the BSE, 997 shares rose and 1,723 shares fell. A total of 167 shares were unchanged.
Bharat Forge announced that the company intends to undertake Electric Vehicle (EV) business initiatives including further opportunities (organic as well as inorganic) through a Special Purpose Vehicle (SPV) which would be a wholly owned subsidiary of the Company.
As an initial step, to form a wholly owned subsidiary, the Company decided to acquire a newly formed Company within Kalyani Group named Kalyani Powertrain (KPPL).
In this regard, on 16 March 2021, the Investment Committee - Strategic Business of the Company has approved to acquire 100% stake in KPPL which shall act as the SPV to carry on the EV business.
Powered by Capital Market - Live News