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The first two months of 2021 offered glimpses of what to expect in the rest of the calendar. Developments in global bond markets, instead of progress in Covid vaccine rollout and economic growth revival, are occupying more mind space of investors and influencing other asset classes.
Banks mixed; SBI, PNB up 2%, Kotak Mahindra Bank down 3%
Price as on 23 Feb, 2021 01:20 PM, Click on company names for their live prices.
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Bharat Forge shares jump over 4% in afternoon trade
Shares of Bharat Forge rose over 4 per cent in afternoon trade on Tuesday after the company inked a pact with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in the country. The stock gained 4.05 per cent to Rs 612 apiece on the BSE. On the NSE, it rose by 4.12 per cent to Rs 612.85.
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Price as on 23 Feb, 2021 12:43 PM, Click on company names for their live prices.
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Buying in realty, oil & gas, and capital goods stocks were supporting the movement in indices. Banking sector stocks were in focus as India Ratings revised its outlook on the sector from negative to stable for FY22. Going forward, global news flows and sector-specific developments will be key monitorable factors to impact investor sentiments.
– Gaurav Garg, Head of Research at CapitalVia Global Research Limited
Tata Motors to tap JLR synergy for SUVs
With the Indian passenger vehicles market moving further towards the SUV segment, homegrown auto major Tata Motors NSE 4.37 % is gearing up to cast a wider net in the segment targeting first time buyers to premium-end customers while driving strength from its synergies with JLR, according to a top company official.
Bitcoin slid Tuesday after a bout of volatility highlighted lingering doubts about the durability of the token’s mesmerizing rally. The cryptocurrency fell as much as 11% to below $50,000. At one point Monday the digital currency plunged 17% before paring the worst of the slide. It’s still up some 400% in the past year, a rise that dwarfs other assets.
Commodity rally helps Australia shares close nearly 1% higher
Australian shares closed nearly 1% firmer on Tuesday, as strength in commodities boosted market expectations of an improved growth outlook and lifted miners and energy stocks. The S&P/ASX 200 index was up 0.9% at 6,839.2 by the close of trade. Participants also kept an eye out for possible changes to the U.S. Federal Reserve’s outlook from Chairman Jerome Powell in his testimonial before the Senate Banking Committee later in the day.
Around 4 stocks fell to touch their 52-week lows on NSE in Tuesday’s session. Among the stocks that touched their 52-week lows were: Akg Exim, Novartis India, Ravinder Heights and Sanwaria Consumer.
Top gainers and losers of the day
Price as on 23 Feb, 2021 11:53 AM, Click on company names for their live prices.
Fitch rates Airtel’s proposed fundraise via bonds at ‘BBB-‘
Fitch Ratings has assigned Bharti Airtel’s proposed US dollar-senior unsecured notes a ‘BBB-‘ rating and the telco’s wholly-owned Mauritius arm, Network i2i’s proposed subordinated perpetual notes a ‘BB’ rating. This, even as Fitch estimates Bharti’s Indian wireless Ebitda to rise by around 40%-50% in FY21, led by 25 million subscriber adds and monthly average revenue per user (ARPU) improvement of 10%-12%. It also expect Bharti’s FY21 revenue and overall Ebitda to rise by around 18%-25%, on improvement in the Indian wireless market and continued growth in Africa, despite the pandemic-induced economic slowdown.
Heranba Industries on Tuesday received 13 per cent subscription for its Rs 625 crore IPO in the first 30 minutes of the bidding process. By 10:30 am, the issue had received bids for 9,12,134 shares, which was 13 per cent of the total issue size of 69,81,417 shares.
Adani Enterprises, EdgeConneX form JV to develop data centers in India
Adani Enterprises on Tuesday said it has signed a joint venture (JV) agreement with US’ EdgeConneX to form an equal partnership company to develop and operate data centers throughout India.
China shares eked out gains on Tuesday, as optimism on economic recovery from the Covid-19 pandemic prompted fresh buying in financials and cyclical stocks, while worries over policy tightening continued to weigh on sectors with lofty valuations. The CSI300 index edged up 0.1 per cent to 5,603.68 points by the end of the morning…