Of Bandhan Bank's IPO, GST Updates, and Top Cues in Focus Today

Fri, 9 Mar Pre-Open

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   01:30 pm   

   Closing   

Share markets in India closed on a positive note yesterday.

Barring metal stocks, healthcare stocks & FMCG stocks, all sectoral indices ended the day in green with capital goods stocks, realty stocks and bank stocks leading the gainers.

At the closing bell yesterday, the BSE Sensex finished higher by 318 points. While, the NSE Nifty finished higher by 88 points. Meanwhile, the S&P BSE Midcap Index and S&P BSE Small Cap Index ended up by 0.6% & 0.5% respectively.

Top Stocks in Focus Today

Market participants will be keeping tabs on Gitanjali Gems share price today. The stock of the company continued its downtrend yesterday as the CBI has registered a fresh FIR against Nirav Modi in the Punjab National Bank (PNB) fraud case.

From the pharma sector, market participants will be tracking Zydus Cadila share price will be in focus today as the company has entered into a definitive agreement with Medicure International Inc., a subsidiary of Medicure Inc. (Medicure) to commercialize its New Drug Application (NDA) product, pitavastatin magnesium (ZYPITAMAG) in the United States.

Banking stocks will be in focus today. Most of the banking stocks witnessed a sharp rebound yesterday after the sell-off seen during the past couple of days.

Stocks from the airlines sector will be in focus today as the Competition Commission of India (CCI) imposed a penalty of over Rs 540 million on Jet Airways, SpiceJet and IndiGo for fixing fuel surcharge. The penalty levied on Jet Airways is Rs 398.1 million, IndiGo was fined Rs 94.5 million and SpiceJet Rs 51 million. The CCI acted on a cartelisation complaint by Express Industry Council of India against Jet, IndiGo, SpiceJet, Air India and GoAir.

From the steel sector, market participants will be tracking Tata Steel share price. The company has emerged as the highest bidder to buy a controlling stake in Bhushan Steel Ltd, which is currently undergoing bankruptcy proceedings.

Telecom stocks will also be in focus today as the government has approved a relief package for the stressed telecom sector, easing spectrum-holding caps and extending the payment period for spectrum acquired in auctions to 16 years from 10 years.

The IPO Space: Bandhan Bank IPO Kicks Next Week

In news from the IPO space, Bandhan Bank is set to come out with its own initial public offering (IPO) next week. The bank plans to raise over Rs 44.7 billion from its share offering beginning on 15 March 2018.

The Kolkata-based bank and its shareholders will be selling up to 119.3 million shares, or about 10% of the post-issue share capital of the bank, in a price range of Rs 370-375 each in the IPO.

The bank will sell up to 97.7 million new shares in the IPO. International Finance Corp, part of the World Bank Group, and IFC FIG will sell 21.6 million shares.

Bandhan Bank's IPO will the largest by a local bank.

The Kolkata based Bandhan Bank along with IDFC Bank received the final nod to start banking operations by RBI in 2015. One of the conditions of the license was public listing within three year which the bank will fulfil now. It started operations on August 23, 2015 and converted its microfinance business into a bank. As of September 2017, it had 864 branches in 33 states across the country.

The bank is majority controlled by its holding company Bandhan Financial Holdings Ltd (BFHL) which owns 89.7% of the stake. IFC and IFC FIG together hold 4.9% stake while Caladium Investment an affiliate of Singapore's sovereign wealth fun GIC owns 4.99% stake. The IPO will ensure that BFHL's stake falls to 40%. RBI timeline also stipulates that the holding company's shareholding is cut further to 20% and 15% within 10 years and 12 years respectively.

To know which IPOs to subscribe to, you can download our FREE report - How to Get Rich with IPOs. This report will show you how to safely profit from the ongoing IPO rush.

GST Council Meet

Moving to the news from the GST space. As per a leading financial daily, the Goods and Service Tax (GST) Council, is set to meet on Saturday to consider proposals to further delay rolling out the e-way bill system by about 5-6 months and levy GST on a concentrated form of alcohol.

The 26th GST Council meeting will also try to reach a consensus on simplifying tax returns.

Once implemented, e-way bill is needed for all movement of goods valued at more than Rs 50,000. within or outside a stat.

The scheme, earlier proposed to be enforced from 1 February was deferred on the same day due to technical glitches. Policymakers now do not want premature roll out of the scheme risking a trade disruption.

Speaking of GST, our colleague Vivek Kaul has studied the finer aspects of the GST and predicted what could go right and wrong. Download his special report - The Good, the Sad and the Terrible (GST).

Gold Witness Selling Pressure

From the commodity markets, gold witnessed selling pressure yesterday. Losses were seen on the back of a weak trend overseas amid lower demand from local jewelers.

To keep a tab on the movements in gold prices and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency, and commodity markets.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers