Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.71% and the Nikkei 225 rose 0.49%. The Hang Seng lost 0.74%. European stocks gained in early trade. The rupee dropped further by 24 paise to Rs 65.24 against the US$ in the post-noon session.
Shares of Tata Steel surged more than 3% after it was reported that the company has received shareholders' nod to raise up to Rs 100 bn through securities to meet capital requirements. The approval comes at a time when the company is also looking at monetizing its non-core and listed assets. The company is seeking to continuously optimize its borrowings by ensuring they are aligned in terms of quantum, risk, maturity and cost with its earnings profile. Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world's second most geographically diversified steel producer and a Fortune 500 company.
Stocks from the banking sector ended the trading day with moderate gains with Canara Bank and Bank of Baroda being the leading gainers. According to a leading financial daily, IDBI Bank, a public sector lender, has received shareholders' nod to raise Rs 260 bn through a mix of equity and bonds to fund growth. The bank will issue shares up to Rs 60 bn (inclusive of premium amount) through various modes of issues including QIP. The funds from sale of shares would be raised in one or more tranches. Besides, the bank plans to raise up to Rs 200 bn from bonds in one or more tranches during the current fiscal. The scrip of IDBI Bank ended the trading day up by 6.5% on the BSE.