Bandhan Bank spurts as RBI lifts restriction on opening of branches

Bandhan Bank is currently trading at Rs. 405.65, up by 1.80 points or 0.45% from its previous closing of Rs. 403.85 on the BSE.

The scrip opened at Rs. 415.00 and has touched a high and low of Rs. 423.25 and Rs. 405.25 respectively. So far 144166 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 650.00 on 29-Oct-2019 and a 52 week low of Rs. 402.20 on 25-Feb-2020.

Last one week high and low of the scrip stood at Rs. NA and Rs. NA respectively. The current market cap of the company is Rs. 65660.95 crore.

The promoters holding in the company stood at 60.96%, while Institutions and Non-Institutions held 22.09% and 16.95% respectively.

Reserve Bank of India (RBI) has allowed Bandhan Bank to expand its branch network after considering the efforts made by the bank to comply with the licensing conditions. The central bank in September 2018 had barred Bandhan Bank from expanding its network as the lender failed to reduce the promoters' stake to 40 per cent from close to 82 per cent within the stipulated three-year time frame of commencing operations.

RBI has lifted the regulatory restriction on branch opening, subject to the condition that the bank ensures that at least 25 per cent of the total number of banking outlets opened during a financial year are opened in unbanked rural centres.

According to RBI's bank licence norms, a private sector bank's promoter will need to pare holding to 40 per cent within three years, 20 per cent within 10 years and to 15 per cent within 15 years. Bandhan Bank currently has 4,288 banking outlets, including branches.

Bandhan Bank is an Indian banking and financial services company headquartered in Kolkata, West Bengal. Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014.

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Bharti Infratel jumps as government approves merger with Indus Towers

DoT approved Bharti Infratel and Indus Towers merger.

Vodafone Idea can raise funds by selling stake in Indus Towers.

Shares of Vodafone Idea had jumped nearly 14%, while those of Bharti Infratel Ltd had surged as much as 10% in early deals on Monday following the government's approval to the merger Indus Towers with Bharti Infratel.

At 11am on the BSE, Bharti Infratel Ltd was flat at ₹226.20 apiece, while Vodafone Idea Ltd was down nearly 2% at ₹4.38, having earlier touched a high of ₹5.01. Bharti Airtel was down 1.7% at ₹536 apiece.

The department of telecommunications (DoT) on Friday approved the merger of two tower companies--Sunil Mittal-led Bharti Infratel Ltd and Indus Towers Ltd--allowing Vodafone Idea Ltd to raise funds by divesting its stake in the latter.

The approval follows a series of meetings between Vodafone Idea chairman Kumar Mangalam Birla and top government officials after the Supreme Court directed telecom companies to immediately pay up dues related to adjusted gross revenue (AGR).

Birla had met telecom secretary Anshu Prakash on Tuesday, and followed it up with a meeting with finance minister Nirmala Sitharaman on Wednesday, to share his concerns over the possibility of DoT invoking bank guarantees of the telecom operator.

The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas. The combined entity will be the largest tower company in the world outside China.

Under the proposed merger, Bharti Airtel, which currently owns a 53.5% stake in Bharti Infratel, will own between 33.8% and 37.2% in the merged entity, while Vodafone Plc. will hold 26.7-29.4%.

Airtel and Vodafone Plc. will have equal rights in the merged tower entity.

Indus Towers is a three-way joint venture between Bharti Infratel, Vodafone Idea and UK-based Vodafone Group. Bharti Infratel and Vodafone hold 42% stake each in Indus Towers. Vodafone Idea holds 11.15% stake in the mobile tower firm.

The combined company, which would fully own the respective businesses of Bharti Infratel and Indus Towers, would change its name to Indus Towers Ltd and will continue to be listed on Indian stock exchanges.

The timely completion of the tower deal is critical for the companies, as it would allow Bharti Airtel and Vodafone Idea offload stake and raise funds.

In April 2018, Bharti Airtel, Idea Cellular, and Vodafone Group had announced an agreement for the merger of Indus Towers and Bharti Infratel.

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Gold prices today hit record high again, cross ₹43,000 per 10 gram

Gold prices surged as many countries reported a surge in coronavirus cases.

Some analysts are betting that gold prices may further go up amid risk-off moves.

A weaker rupee and a sharp rise in global rates pushed domestic gold prices to new highs today. On MCX, April gold futures jumped 0.9% to ₹43,036 per 10 gram. Gold prices had surged about ₹1,800 per 10 gram in the past week. Tracking gold, silver prices also moved higher today. Meanwhile, the rupee fell to 71.89 against the US dollar today, tracking weakness in other Asian currencies. A depreciation in the rupee increases the landed cost of gold in India as the country imports most of its bullion requirements. Domestic prices include 12.5% import duty and 3% GST. Silver futures on MCX rose 0.64% to ₹48,615 per kg.

Gold can move towards ₹43,500 while taking support near ₹42,700 while silver can improve towards ₹49,000 while taking support near ₹48,000, SMC Global said in a note.

In global markets, gold prices jumped over 2% today to their highest in over seven years as a spike in coronavirus cases outside China pushed investors towards bullion, which is considered a safe-haven in times of uncertainty. Spot gold rates rose to as much as $1,678.58 an ounce.

South Korea, Italy and Iran have reported a sharp spike in infections, although the total number of cases outside China remains relatively small. Among other precious metals, silver rose 0.9% to $18.62 an ounce while palladium inched up 0.2% $2,709.01 per ounce. Platinum eased 0.1% $972.70.

The increase in number of new cases hit stock markets around across the world, with Asian equities sharply lower today.

The investment demand for gold has seen an uptick. According to data compiled by Bloomberg, holdings in gold-backed exchange traded funds or gold ETFs climbed for 22 straight sessions through Thursday, the longest ever run.

Some analysts bet that gold could see more upside in the short term. Lower US yields and weaker equities could push gold prices further toward $1,750 an ounce even if the coronavirus is contained during the first quarter, say analysts of Goldman Sachs Group.

Already some analysts are betting that the US Federal Reserve may ease rates twice in the second half of the year as the virus threatens the global economy. Lower interest rates increase the appeal of non-interest yielding assets like gold.

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ICICI Bank trades in green on the BSE

ICICI Bank is currently trading at Rs. 547.60, up by 2.85 points or 0.52% from its previous closing of Rs. 544.75 on the BSE.

The scrip opened at Rs. 547.00 and has touched a high and low of Rs. 547.85 and Rs. 542.20 respectively. So far 108694 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 552.40 on 30-Dec-2019 and a 52 week low of Rs. 342.35 on 20-Feb-2019.

Last one week high and low of the scrip stood at Rs. 548.70 and Rs. 536.15 respectively. The current market cap of the company is Rs. 353669.88 crore.

The Institutions holding in the company stood at 89.34%, while Non-Institutions held 10.66% stake in the company.

ICICI Bank has unveiled the fourth edition of ‘ICICI Appathon’, a virtual challenge for startups to create next generation products and solutions. Startups can develop unique products by using over 250 APIs (Application Programming Interfaces) hosted on the Bank’s API Banking portal.

ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.

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NTPC climbs as its JV signs pact with BSNL to set up EV charging stations

NTPC is currently trading at Rs. 111.30, up by 1.60 points or 1.46% from its previous closing of Rs. 109.70 on the BSE.

The scrip opened at Rs. 112.75 and has touched a high and low of Rs. 113.70 and Rs. 110.50 respectively. So far 279985 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 145.85 on 01-Jul-2019 and a 52 week low of Rs. 103.90 on 18-Feb-2020.

Last one week high and low of the scrip stood at Rs. 117.10 and Rs. 103.90 respectively. The current market cap of the company is Rs. 109978.00 crore.

The promoters holding in the company stood at 54.14%, while Institutions and Non-Institutions held 43.39% and 2.47% respectively.

Energy Efficiency Services (EESL), a joint venture of four PSUs including NTPC, Power Finance Corporation, Rural Electrification Corporation & Power Grid Corporation, has signed an initial pact with BSNL for installing charging stations for electric vehicles. As per the Memorandum of Understanding (MoU), EESL will set up public EV charging stations at 1,000 BSNL sites in a phased manner across the country.

NTPC is the largest power utility company in India and has presence in Coal, Gas, Solar PV, Hydro and Wind Power Generation and Coal Mining.

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Muthoot Finance trades in green on the BSE

Muthoot Finance is currently trading at Rs. 892.65, up by 18.80 points or 2.01% from its previous closing of Rs. 873.85 on the BSE.

The scrip opened at Rs. 872.20 and has touched a high and low of Rs. 898.00 and Rs. 864.95 respectively. So far 222012 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 898.00 on 18-Feb-2020 and a 52 week low of Rs. 515.00 on 28-Feb-2019.

Last one week high and low of the scrip stood at Rs. 898.00 and Rs. 737.40 respectively. The current market cap of the company is Rs. 35800.49 crore.

The promoters holding in the company stood at 73.44%, while Institutions and Non-Institutions held 22.34% and 4.22% respectively.

Muthoot Finance has reported a rise of 65.57% in its net profit at Rs 803.41 crore for the quarter ended December 31, 2019 as compared to Rs 485.25 crore for the same quarter in the previous year. Total income of the company increased by 34.71% at Rs 2313.16 crore for Q3FY20 as compared Rs 1717.11 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 63.66% in its net profit for the period attributable to owners of the parent at Rs 841.09 crore for the quarter under review as compared to Rs 513.92 crore for the same quarter in the previous year. Total income of the company increased by 35.78% at Rs 2587.40 crore for Q3FY20 as compared Rs 1905.64 crore for the corresponding quarter previous year.

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Dr. Reddy’s surges on inking pact to acquire select business divisions of Wockhardt

Dr. Reddys Laboratories is currently trading at Rs. 3218.75, up by 21.20 points or 0.66% from its previous closing of Rs. 3197.55 on the BSE.

The scrip opened at Rs. 3220.00 and has touched a high and low of Rs. 3238.85 and Rs. 3200.00 respectively. So far 11347 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3276.00 on 04-Feb-2020 and a 52 week low of Rs. 2065.30 on 15-Feb-2019.

Last one week high and low of the scrip stood at Rs. 3212.75 and Rs. 3115.00 respectively. The current market cap of the company is Rs. 53604.23 crore.

The promoters holding in the company stood at 26.76%, while Institutions and Non-Institutions held 45.14% and 13.80% respectively.

Dr. Reddy’s Laboratories has entered into a definitive agreement with Wockhardt to acquire select divisions of its branded generics business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs 1850 crore.

The business comprises of a portfolio of 62 brands in multiple therapy areas such as Respiratory, Neurology, VMS, Dermatology, Gastroenterology, Pain and Vaccines, which would transfer to Dr. Reddy's along with related sales and marketing teams; and the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees. The business undertaking is being transferred on a slump sale basis.

Dr. Reddy's Laboratories is a multinational pharmaceutical company based in Hyderabad, Telangana in India. It manufactures and markets a wide range of pharm aceuticals in India and overseas.

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Bharti Airtel shines as its arm planning to raise funds worth up to $250 million via perpetual bonds

Bharti Airtel is currently trading at Rs. 540.00, up by 5.55 points or 1.04% from its previous closing of Rs. 534.45 on the BSE.

The scrip opened at Rs. 535.05 and has touched a high and low of Rs. 542.10 and Rs. 535.00 respectively. So far 37105 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 552.85 on 06-Feb-2020 and a 52 week low of Rs. 272.51 on 14-Feb-2019.

Last one week high and low of the scrip stood at Rs. 552.85 and Rs. 532.85 respectively. The current market cap of the company is Rs. 294681.93 crore.

The promoters holding in the company stood at 62.70%, while Institutions and Non-Institutions held 30.54% and 6.71% respectively.

Bharti Airtel’s wholly owned subsidiary--Network i2i is planning to raise funds worth up to $250 million (approximately Rs 1,780 crore) through perpetual bonds. This amount will be in addition to existing securities of $750 million (around Rs 5,343 crore) that the company has raised recently.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

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Shriram Transport Finance surges on raising Rs 500 crore via bonds

Shriram Transport Finance Company is currently trading at Rs. 1244.45, up by 37.15 points or 3.08% from its previous closing of Rs. 1207.30 on the BSE.

The scrip opened at Rs. 1240.00 and has touched a high and low of Rs. 1261.05 and Rs. 1206.50 respectively. So far 38794 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1296.75 on 13-Mar-2019 and a 52 week low of Rs. 909.25 on 24-Jul-2019.

Last one week high and low of the scrip stood at Rs. 1261.05 and Rs. 1056.75 respectively. The current market cap of the company is Rs. 28257.11 crore.

The promoters holding in the company stood at 26.25%, while Institutions and Non-Institutions held 67.31% and 6.44% respectively.

Shriram Transport Finance Company has raised Rs 500 crore through the allotment of rated, listed, secured, redeemable, non-convertible debentures (NCDs) on private placement basis. The Allotment Committee - NCDs of the company in its meeting held on February 10, 2020 has approved and allotted the same.

Shriram Transport Finance Company is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC.

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Shilpa Medicare shines on the BSE

Shilpa Medicare is currently trading at Rs. 401.55, up by 15.25 points or 3.95% from its previous closing of Rs. 386.30 on the BSE.

The scrip opened at Rs. 408.00 and has touched a high and low of Rs. 410.90 and Rs. 396.05 respectively. So far 8360 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 433.10 on 23-Apr-2019 and a 52 week low of Rs. 190.80 on 04-Sep-2019.

Last one week high and low of the scrip stood at Rs. 410.90 and Rs. 293.00 respectively. The current market cap of the company is Rs. 3284.31 crore.

The promoters holding in the company stood at 53.80%, while Institutions and Non-Institutions held 26.89% and 19.31% respectively.

US Food and Drug Administration (USFDA) has concluded inspection at Shilpa Medicare’s Active Pharmaceutical Ingredients (API) sites (Unit I and Unit II) which are located at Raichur District, Karnataka between February 3, 2020 and February 7, 2020. The inspection concluded with 'ZERO' observations.

Shilpa Medicare produces and exports consistently high-quality Active Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and speciality chemical products using sophisticated technology, meticulously following international specifications.

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BHEL inches up on signing MoU with BEL at DEFEXPO 2020

Bharat Heavy Electricals is currently trading at Rs. 39.60, up by 0.05 points or 0.13 % from its previous closing of Rs. 39.55 on the BSE.

The scrip opened at Rs. 39.60 and has touched a high and low of Rs. 39.90 and Rs. 39.25 respectively. So far 399217 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 78.75 on 16-Apr-2019 and a 52 week low of Rs. 38.80 on 03-Feb-2020.

Last one week high and low of the scrip stood at Rs. 43.55 and Rs. 38.80 respectively. The current market cap of the company is Rs. 13788.97 crore.

The promoters holding in the company stood at 63.17%, while Institutions and Non-Institutions held 29.20% and 7.63% respectively.

Bharat Heavy Electricals (BHEL) has signed a Memorandum of Understanding (MoU) with Bharat Electronics (BEL) during DEFEXPO 2020 at Lucknow on February 06, 2020.

The MoU aims at leveraging the complementary strengths and capabilities of BHEL and BEL to develop and market Products, Systems and Sensors for Defence and Non-Defence applications. The MoU will also enable BHEL and BEL to make joint efforts to explore markets for products individually developed or jointly developed by both companies.

BHEL is India’s largest engineering and manufacturing company of its kind. It is a power plant equipment manufacturer and operates as an engineering and manufacturing company.

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Cadila Healthcare trades higher on the BSE

Cadila Healthcare is currently trading at Rs. 268.95, up by 4.90 points or 1.86% from its previous closing of Rs. 264.05 on the BSE.

The scrip opened at Rs. 266.70 and has touched a high and low of Rs. 272.55 and Rs. 266.70 respectively. So far 46284 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 352.30 on 01-Apr-2019 and a 52 week low of Rs. 206.45 on 22-Aug-2019.

Last one week high and low of the scrip stood at Rs. 274.55 and Rs. 254.10 respectively. The current market cap of the company is Rs. 27635.93 crore.

The promoters holding in the company stood at 74.88%, while Institutions and Non-Institutions held 17.20% and 7.80% respectively.

US Food and Drug Administration (USFDA) has inspected the manufacturing facility of Alidac Pharmaceuticals, Cadila Healthcare’s wholly-owned subsidiary, located at SEZ, Ahmedabad from January 27 to February 4, 2020. At the end of the inspection, no observation (483) is issued. The site manufactures oncology injectables for the regulated markets.

Cadila Healthcare is an India-based pharmaceutical company. The company's subsidiaries include Zydus Wellness, Liva Pharmaceuticals, Biochem Pharmaceutical Industries, Zydus Technologies, German Remedies, Dialforhealth India, Dialforhealth Unity and Dialforhealth Greencross, among others.

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Mahindra Finance jumps on getting nod to raise Rs 310 crore

Mahindra & Mahindra Financial Services is currently trading at Rs. 362.00, up by 9.85 points or 2.80% from its previous closing of Rs. 352.15 on the BSE.

The scrip opened at Rs. 351.00 and has touched a high and low of Rs. 362.90 and Rs. 347.10 respectively. So far 25864 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 452.65 on 12-Mar-2019 and a 52 week low of Rs. 285.15 on 02-Aug-2019.

Last one week high and low of the scrip stood at Rs. 380.00 and Rs. 345.00 respectively. The current market cap of the company is Rs. 22230.27 crore.

The promoters holding in the company stood at 51.19%, while Institutions and Non-Institutions held 40.22% and 8.60% respectively.

Mahindra & Mahindra Financial Services (Mahindra Finance) has received an approval for the allotment of 3,100 Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each, at par, aggregating to Rs 310 crore. The duly authorised Committee at meeting held on February 03, 2020, approved the same. The deemed date of allotment is February 03, 2020.Mahindra Finance one of India’s leading non-banking finance companies.

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