Losses in energy and consumer stocks counteracting gains in financials and IT, Indian shares is closed largely unchanged on Wednesday. Punjab National Bank jumped 3.4 percent to its finest close since May 2018, reversing its course after British fugitive arrested billionaire jeweler Nirav Modi in London for being one of the suspects; charged in a $2 billion loan fraud at the bank, on the behalf of the Indian authorities. Hindustan Petroleum Corp Ltd, India Oil Corp Ltd, and Bharat Petroleum Corp Ltd fell 2.3-5.4 percent whereas, HDFC Bank Ltd jumped to a record close of 1.4 percent. Following the fluctuations, the benchmark Bombay Stock Exchange Sensex rose 0.06 percent to 38,386.75, its optimum close since September 2018, while National Stock Exchange Nifty slipped to 0.1 percent to 11,521.05. Read Eq

Country’s largest lender State Bank of India issued Basel III-compliant bonds with a face value of Rs. 10 Lakh each bearing a coupon rate of 9.45% per annum payable annually were subscribed on Friday. SBI raised Rs. 1,251 Cr. by issuing these bonds. In a regulatory filing, SBI said, “The Committee of Directors for Capital Raising at its meeting held today on 22 March 2019 deliberated and accorded approval to allow 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel III-compliant additional tier-I bonds, for inclusion in additional tier-I capital of the bank...aggregating to ?1,251.30 crore.” The central board of the bank at its meeting held on Friday has conferred the approval for extension of the validity period for raising equity capital up to Rs. 20,000 crore from the market by

Strategic Engineering Division (SED) has caught Rs. 1,200 Cr. contract from the defense ministry for supply of 23 ship-borne 3D Air Surveillance Radars to the Indian Navy in the course of next 10 years, a Tata Power statement said on Friday. The pact was signed under the Buy and Make (India) category of the Defence Procurement Procedure (DPP) that will be rendering a proven solution along with a production arrangement in India under Transfer of Technology (ToT). Tata Advanced Systems Ltd. (TASL) entered into an agreement with the subject to approvals and regulatory of share purchase with Tata Power SED. Earlier, in November 2017, Tata Power has engaged in an agreement with defense ministry for the supply of Portable Driver Detection Sonar (PDDS) for applying in Indian Naval. Read EquityPandit’s Nifty

The senior Bajaj official had said that the proposed realignment of the partnership between Bajaj and KTM is aimed at deepening the 12-year-old alliance by leveraging future mobility opportunities across the world. Managing Director of Bajaj, Rajiv Bajaj said, “this move is the first step in a process that will unfold progressively in the coming weeks to broaden and deepen this partnership between KTM and Bajaj.” Last year the partnership so far has made the Austrian brand world’s biggest premium bike manufacturer, beating US heavyweight Harley-Davidson (in volumes). Pune-based Bajaj Auto, in return, has benefitted from technology sharing and becoming the sole manufacturer of KTM (and soon Husqvarna) bikes outside of Europe with exports reaching the US, Japan, and South Asia. Bajaj added, “KTM-Ba

On Wednesday, Federal Reserve suggested that it would not increase interest in 2019, a dramatic complete change in the decision that suggested the central bank’s fret about the economy are intensifying Fed Chairman Jerome Powell said, “growth is slowing somewhat more than expected, while the U.S. economy showed little evidence of a slowdown in 2018, the limited data we have so far this year has been somewhat more mixed.” The Fed cut its growth forecasts to 2.1 percent for this year and 1.9 percent in 2020, significantly below the White House predictions of 3.2 percent this year and 3.1 percent next. The estimation this year as per fed is that the economy would grow 2.3 percent and two more rate hikes would be necessary to keep the economy from overheating. Powell added, “The U.S. economy is in a

Reliance communications have moved National Company Law Appellate Tribunal on the matter to not cancel its mobile permits for missing a spectrum payment. The telecommunications led by Anil Ambani is said to have also sought the appellate tribunal’s intervention to ensure that the government does not invoke RCom’s bank guarantees, citing as NCLAT order dated back in February to that effect. The Department of Telecommunications had issued a notice to RCom, asking why its licenses shouldn’t be canceled after defaulting on a Rs 21 crore spectrum payment due on March 13. The buildout came after Reliance Industries chairman Mukesh Ambani saved his brother Anil from imprisonment. RCom, weighed down by debt of some Rs 46,000 crore, is due to pay another installment of Rs 281 crore in April for spectrum in the 80

Mindtree, which was taken over in a hostile by Larsen and Toubro said it would reconvene its board meeting on March 26. The board meeting held on Wednesday was deferred on a decision to share buyback, calling commercial and legal issues. On Thursday some of the company directors recommended to the MindTree founders to consider L&T’s offer and negotiate for a higher price of its shares. “Emotional appeal and large animosity displayed are not going to help their case when L&T said the company can be run independently.” Mindtree CEO Rostow Ravanan on Wednesday told that the board had deferred the decision on the buyback and had sought details on the legal process and commercial details. On Monday, L&T bought a 20.3% stake in MindTree from long-term investor VG Siddhartha for Rs 3,269 crore.

Shares of Jet Airways went down about 7 percent on Wednesday as the company’s misery antagonized after the Indian government called for an emergency meeting to discuss the cash-strapped carrier’s anguish. An airline which is 25-year-old defaulted on loans after racking up over 1 billion dollars in debt and owes money to banks, suppliers, pilots, and lessors - some of whom have started terminating their lease deals with the carrier. Jet now operates only 41 aircraft, aviation regulator Directorate General of Civil Aviation has said. Several passengers have been affected due to the grounding of Jet flights. Many troubles dented the stock, with shares falling as much as 6.9% to Rs. 213.35, in their biggest daily percentage fall in over a month. Read EquityPandit’s Technical Analysis on Nifty