The rupee on Thursday nosedived a whopping 70 paise against the US dollar after World Health Organisation (WHO) declared the deadly Coronavirus (Covid-19) pandemic. The currency hit a low of 74.34 during the session. However, later it trimmed some losses to trade at 74.12.
The number of cases in over 100 countries around the world has risen to more than 124,000, with over 4,500 deaths, including a jump in fatalities in Iran and Italy in particular, according to an AFP tally.
Shares of telecom companies gained on Wednesday on report that it would take at least six months to evaluate the companies' self-assessment of dues linked to adjusted gross revenue (AGR).
Among individual stocks, Vodafone Idea surged as much as 23.5 per cent to Rs 4.94 on the BSE while Bharti Airtel was up 2.46 per cent to Rs 508.5. In comparison, the benchmark S&P BSE Sensex was trading 0.1 per cent higher at 10 AM.
IndusInd Bank's promoters will hike their stake in the private sector lender by buying extra shares from the market.
The promoters of the bank —IndusInd International Holdings (IIHL) and IndusInd — plan to acquire additional shares from open market in India. This will be within the overall regulatory cap prescribed for promoter holding in private banks, the bank informed the BSE on Friday.
Shares of Tata Motors slipped 10 per cent intra-day to Rs 112.95 on the BSE on Friday after the company said the reduction in China sales owing to the outbreak of coronavirus, is expected to reduce Jaguar Land Rover's (JLR) full-year EBIT (earnings before interest and tax) margin by about 1 per cent.
It, however, added free cashflow in Q4 is still expected to be modestly positive. The coronavirus has significantly impacted China sales with February retails down around 85 per cent year on year, it said.
The Novel Coronavirus scare has now managed to hit stock markets. In the wake of the deadly epidemic, market benchmarks Sensex and Nifty fell at a remarkable rate in the opening session on Friday, leading to share analysts marking February 28 as 'Black Friday'. Investor wealth worth over Rs 5 lakh crore has been wiped off.
Sensex has plunged more than 1000 points and settled at 38,580.32 while Nifty, too, dropped more than 300 points to below 11,300. According to reports, all sectoral indices slipped between 1% to 3%. BSE Midcap and Smallcap indices down over 2% each.
Shares of Hero MotoCorp (HMCL) slipped 2 per cent intra-day to hit an over five-year low of Rs 2,192 on the BSE on Monday amid concerns that the volume weakness might continue in the next 2-3 quarters due to inventory correction with dealers and notable price increases as a result of the BSVI transition. The two-wheeler major's stock was trading at its lowest level since May 2014.
Shares of Biocon hit a 52-week high of Rs 323, up 3 per cent, on the BSE on Monday in the intra-day trade after the company said it has received three observations from the US health regulator following inspection of its insulin manufacturing facility in Malaysia. The company believes observations are procedural in nature.
The stock of India’s biggest biotechnology company was trading higher for the third straight day, and has surpassed it's previous high of Rs 321 touched on February 15, 2019 in the intra-day trade. It hit an all-time high of Rs 359 on September 26, 2018.
Shares of Bandhan Bank were trading lower for the third straight day, slipping 3 per cent intra-day to hit its 52-week low of Rs 411, on the BSE on Wednesday. The stock of the private sector lender was trading at its lowest level since February 5, 2019.
In the past three months, Bandhan Bank has underperformed the market by falling 27 per cent, as compared to a 2 per cent rise in the S&P BSE Sensex. It has slipped 37 per cent from its 52-week high level of Rs 650, touched on October 29, 2019.
Shares of Aurobindo Pharma surged 19 per cent to Rs 594 on the BSE in early morning deal on Wednesday after the company’s Unit IV received Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAl) status from the US health regulator.
At 09:21 am, the stock was trading 13 per cent higher at Rs 563, as compared to 0.87 per cent rise in the S&P BSE Sensex. A combined 4.58 million shares changed hands on the counter in the first six minutes of trade on the NSE and BSE.
Shares of IndusInd Bank slipped 5 per cent to hit a fresh over three-year low of Rs 1,118 on the BSE on Friday despite the bank’s clarification that its exposure to the telecom company is standard.
The private sector lender's stock was trading at its lowest level since January 05, 2017. In the past eight trading days, IndusInd Bank's stock price has slipped 16 per cent, as compared to a 1 per cent decline in the benchmark S&P BSE Sensex.
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