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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Indian Markets End Flat
Wed, 7 Sep Closing

Indian equity markets registered some losses in the final hour of trade to finish just below the dotted line. At the closing bell, the BSE Sensex stood lower by 52 points, while the NSE Nifty finished down by 25 points. The S&P BSE Mid Cap finished down by 0.1%, while the S&P BSE Small Cap finished up by 0.4%. Losses were largely seen in consumer durables & oil & gas stocks.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.04%, while the Nikkei 225 led the Hang Seng lower. They fell 0.41% and 0.19% respectively. European markets are trading firm. The FTSE 100 is up 0.77% while the DAX gains 0.46%. The CAC 40 is up 0.21%.

The rupee was trading at 66.52 against the US$ in the afternoon session. Oil prices were trading at US$ 45.3 at the time of writing.

Shares of Berger Paints finished on an encouraging note (up 0.3%) after it was reported that the company is planning to invest around Rs 5 billion. Berger Paints plans to expand capacity and set up new units over the next three years till FY20. The company is expected to increase capacity by around 25% or by 10,000 tonne per month across both decorative and industrial paints.

Currently, the total capacity stands at around 32,000 tonnes per month for decorative paints and at 6,000 tonnes per month in the industrial paint category.

Besides, expansion will also be carried out at Jejuri (Maharashtra) and Hindupur (Andhra) units. The total capacity addition across these two units will be around 6,000 tonnes per month. Berger will also set up a mixing unit at Gujarat at a cost of Rs 100 million, while an emulsion unit (the basic raw material required for paint) will come up at Rishra (West Bengal) at an estimated cost of Rs 250 million.

Berger Paints India is the second largest paint company in the country with a consistent track record of being one of the fastest growing paint company, quarter on quarter, for the past few years.

Moving on to news from banking sector. According to a leading financial daily, State Bank of India (SBI) has raised Rs 21 billion through perpetual bonds in order to boost its capital base as well as business growth.

The bank has issued and allotted 21,000 AT1 Basel III compliant Non- convertible, Perpetual, Subordinated, Unsecured Debt instrument in the nature of debenture, of face value Rs 1,000,000 each at par through private placement bearing coupon at 9% p.a. payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs 21 billion in first tranche, to Yes Bank.

Meanwhile, according to company's chairperson Arundhati Bhattacharya, SBI may relocate some branches after the merger of its associate banks into its fold, but none of them will be shut down. The merged entity, which will have a network of more than 24,000 branches, will continue to have the same number of branches. The idea would be to leverage the synergies.

SBI is looking to add US$120 billion (Rs 8 trillion) in assets after the merger of State Bank of Bikaner and Jaipur, State bank of Travancore, State Bank of Patiala, State Bank of Hyderabad and State Bank of Maharashtra.

Buying was witnessed across majority of the PSU banks with Canara Bank and Punjab & Sind Bank leading the gains.

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