Indian share markets ended on a positive note yesterday.
Benchmark indices edged higher as a lesser than expected rise in June retail inflation helped put stimulus pullback worries at ease amid a rally in global stocks.
At the closing bell yesterday, the BSE Sensex stood higher by 397 points (up 0.8%).
Meanwhile, the NSE Nifty closed higher by 120 points (up 0.8%).
ICICI Bank and Grasim Industries were among the top gainers.
Adani Ports and HCL Technologies, on the other hand, were among the top losers.
The BSE Mid Cap index ended on a flat note, while the BSE Small Cap index ended up by 0.5%.
Sectoral indices ended on a positive note with stocks in the banking sector, finance sector and metal sector witnessing most of the buying interest.
IT stocks, on the other hand, witnessed selling pressure.
Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 47,810 per 10 grams at the time of closing stock market hours yesterday.
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Among the buzzing stocks today will be power stocks.
The power ministry will ask the finance ministry to advise banks to follow prudential norms laid down by sectoral financiers Power Finance Corporation (PFC) and REC stringently while lending to electricity distribution utilities.
The above move is aimed at stopping distribution companies (discoms) from bypassing the guidelines when they approach banks instead of REC and PFC.
The proposal comes just after the government kicked off a Rs 3.03 lakh crore perform-or-lose scheme for discoms.
The government proposes to set right power discoms, saddled with estimated consolidated debt of Rs 5 lakh crore last fiscal year through the reform-based scheme and the additional borrowing space for states.
A senior power ministry official said,
Sunteck Realty share price will also be in focus today.
Shares of Sunteck Realty gained over 8% on the BSE in yesterday after the company reported a 74% year on year (YoY) increase in bookings at Rs 1.8 bn for the June 2021 quarter.
The rise in bookings was led by the performance of its mid-income and affordable housing projects portfolio.
Collections for the quarter were up 165% compared to the June 2020 quarter. As a result, the company's collection efficiency also improved to 98% of its pre-sales.
Kamal Khetan, Chairman and Managing Director, Sunteck Realty said,
The company is confident of achieving Rs 14-15 bn in pre-sales in the financial year 2022 adding that it expects collection efficiency to continue to improve.
India has formally set up a bad bank as part of the nation's ongoing efforts to remove one of the world's largest piles of soured debt from the balance sheet of financiers and accelerate lending.
The firm was registered as the National Asset Reconstruction Company (NARCL) on 7 July 2021 with Padmakumar Madhavan Nair as the Managing Director, according to filings with the Registrar of Companies.
Mr Nair previously worked at the State Bank of India where he handled stressed assets resolution. NARCL's paid-up capital is Rs 746 m (US$ 10 m)
The bad bank will provide much-needed relief to Indian lenders struggling to bring down their massive bad loan pile that has eroded profit and constrained their ability to lend.
It will be owned by government-run and private sector lenders and will allow financiers to transfer as much as Rs 2 tn of soured loans.
This will effectively free them from years of carrying and providing for these loss-making assets.
The government's decision to start the bad bank came after an overhauled bankruptcy process rolled out in 2016 saw only muted success.
Bharti Airtel, on the other hand, added over 0.5 m users during the month under review, taking its subscriber base to over 352.9 m.
State-run BSNL also witnessed a decline its user base by nearly 1.3 m to 117.2 m.
Reliance Jio topped the subscription chart for April as it added over 4.8 m users during the month.
With this addition, Jio's subscriber base has increased to over 427.6 m users, showed data released by the Telecom Regulatory Authority of India (TRAI).
Total wireless subscribers increased from 1,180.9 m at the end of March 2021 to 1,183.1 m at the end of April 2021, thereby registering a monthly growth rate of 0.2%.
Wireless subscription in urban areas increased from 645.2 m at the end of March 2021 to 645.6 m at the end of April 2021.
Most of the service areas showed growth in their wireless subscribers during the month of April 2021.
We will keep you updated on the latest news from this space. Stay tuned!
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