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Stock Market Latest Updates: Sensex drops 260 points, Nifty below 9,000-mark; Axis Bank, Bajaj Auto among major losers

Stock Market Latest Updates: Sensex drops 260 points, Nifty below 9,000-mark; Axis Bank, Bajaj Auto among major losers

FP Staff May 22, 2020 15:58:50 IST
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Stock Market Latest Updates: Sensex drops 260 points, Nifty below 9,000-mark; Axis Bank, Bajaj Auto among major losers

Highlights

09:38 (ist)

KKR to invest Rs 11,367 cr in Reliance Jio for 2.32% stake

 

Reliance Industries Limited (RIL) on Friday announced that private equity firm KKR will invest Rs 11,367 crore in Jio Platforms for a 2.32 percent stake.

This is the fifth big-ticket deal announced by the oil-retail-to-telecom conglomerate in the past month.

“This transaction values Jio Platforms at an equity value of Rs4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. This is KKR’s largest investment in Asia and will translate into a 2.32 percent equity stake in Jio Platforms on a fully diluted basis,” RIL said in a release on Friday.

Prior to this, General Atlantic on 18 May said it will buy 1.34 percent stake in Jio Platforms for Rs 6,598.38 crore, while Vista Equity Partners said on 8 May it will be picking up a 2.32 percent stake for Rs 11,367 crore.

Prior to that, US private equity firm Silver Lake said it will invest Rs 5,655.75 crore in Jio Platforms for a 1.15 percent stake and on April 22, Facebook said it would invest $5.7 billion for a 9.99 percent stake.

With the latest deal, Jio Platforms will get a combined Rs 78,562 crore from the five investments. The RIL unit comprises mostly its telecom business under Reliance Jio Infocomm, which is the largest in the country with more than 388 million subscribers.

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May 22, 2020 - 15:59 (IST)

Sensex drops 260 points, Nifty below 9,000-mark 

Benchmark indices snapped the three-day winning streak and closed in the red dragged by losses in banks and financial heavyweights. 

Sensex dropped 260.31 points or 0.84 percent to 30,672.59 while Nifty was down 67 points or 0.74 percent at 9,039.25 at close.

Axis Bank was the top loser in the Sensex pack dipping over 5 percent. Other losers included HDFC, Bajaj Finance, ICICI Bank, Bajaj Auto and Tata Steel.

M&M, Infosys, Asian Paints, Ultra Cement, Tech Mahindra and Maruti were among the gainers.

Broader BSE Midcap and Smallcap indices closed 0.83 percent and 0.23 percent down, respectively. 

May 22, 2020 - 15:51 (IST)

RBI measures to help revive economy: SBI Chairman

The steps announced by the Reserve Bank of India including reduction in repo rate and extension of moratorium on term loans for another three months will help in quick revival of the economy, State Bank of India chairman Rajnish Kumar said.

The RBI on Friday slashed repo rate by 40 basis points to 4 percent.

The central bank extended the moratorium period for the repayment of loans by another three months till 31 August 2020, and also increased bank exposure to corporates to 30 percent of the group's net worth from the current limit of 25 percent.

"The entire effort of the government and the RBI is to revive the growth in the economy and at the same time recognising the difficulties that industries are facing. All the measures around reduction in repo rate, moratorium and increase in the limit on group exposures will be helpful in revival of the economy," Kumar told reporters through a video call on Friday.

    

May 22, 2020 - 15:49 (IST)

Textile bodies welcome RBI measures

Indian Texpreneurs Federation (ITF) on Friday thanked the RBI for extending loan moratorium to six months which would help textile industries manage cash flow towards re-starting businesses during the post-COVID-19 times.

Conversion of deferred interest as a one-year term loan would also help the companies manage the liquidity and speed up the revival process because every rupee is important now to streamline post-COVID business operations, ITF convenor Prabhu Dhamodaran said in a statement. 

Stating that the industry expected the same level of repo rate reduction, he said, "With the announcement by the RBI, our entire energy should be on talking with banks to get the practical benefit of all rate cuts."

May 22, 2020 - 15:46 (IST)

HDFC Bank slashes base rate by 55 bps to 8.10%

May 22, 2020 - 15:35 (IST)

Sensex falls 219 points, Nifty at 9,050 

Indices staged a slight recovery as Sensex was trading 218.88 points or 0.71 percent lower at 30,714.02 while the Nifty was down 56.15 points or 0.62 percent at 9,050.10 at around 3.15 pm.

Axis Bank was the major loser in the Sensex pack falling over 5 percent followed by HDFC, Bajaj Finance, ICICI Bank, Tata Steel and Bajaj Auto.

The gainers included M&M, Infosys, Asian Paints and Ultra Cement.

May 22, 2020 - 15:20 (IST)

NTPC to expand renewable energy business with ONGC

The National Thermal Power Corporation (NTPC), a government of India undertaking signed a memorandum of understanding (MoU) on Friday with Oil and Natural Gas Corporation (ONGC), the PSU under Ministry of Petroleum and Natural Gas to set up a joint venture company for renewable energy projects.

According to the MoU, both the government-operated PSUs will explore the setting up of offshore wind and other renewable energy projects in India and overseas.

They will also look for opportunities in the fields of sustainability, storage, E-mobility and ESG (environmental, social and governance) compliant projects, said an official statement.

May 22, 2020 - 15:11 (IST)

Godrej Industries Q4 profit plunges 76% to Rs 102 cr

May 22, 2020 - 15:08 (IST)

Interacted with FM to discuss core issues impacting restaurant sector: NRAI

Apex industry body National Restaurant Association of India (NRAI) on Friday said its representatives have interacted with Finance Minister Nirmala Sitharaman to highlight the core issues impacting restaurants across the country due to the coronavirus-induced lockdown.

A four-member delegation interacted with the finance minister through video conference on Thursday to discuss urgent industry-specific issues. All these issues are largely around policy and liquidity support, none of the suggested measures is expected to put any major strain on the exchequer, NRAI said in a statement.

NRAI President Anurag Katriar said the delegation conveyed to the government that the restaurant sector is fighting a grim battle for existence and it will need urgent policy and liquidity support from the government to survive this phase.

May 22, 2020 - 14:56 (IST)

Sensex slips 263 points, Nifty holds 9,000-mark 

Sensex fell 262.89 points or 0.85 percent to 30,670.01 while the Nifty was down 72.70 points or 0.8 percent at 9,033.55 at around 2.45 pm.

Axis Bank, Bajaj Finance, HDFC, ICICI Bank, IndusInd Bank, Bajaj Auto and HDFC Bank were the top losers in the Sensex pack.

Infosys, M&M, Asian Paints, Ultra Cement, TCS AND Tech Mahindra were the top gainers.

May 22, 2020 - 14:46 (IST)

Rupee drops 35 paise to Rs 75.95 at close

Stock Market Latest Updates: Sensex drops 260 points, Nifty below 9,000-mark; Axis Bank, Bajaj Auto among major losers

Washington: Asian shares were set for another retreat on Friday as US.-China tensions curbed investor risk appetite and caused global equity markets to stumble.

Hong Kong futures  fell 1.59 percent and Nikkei futures were trading below the Nikkei 225 index's previous close, pointing to opening loss of 0.1 percent.

Australian S&P/ASX 200 futures  eased 0.13 percent.

Stock Market Latest Updates Sensex drops 260 points Nifty below 9000mark Axis Bank Bajaj Auto among major losers

Representational image. Reuters.

Global equities pulled back after Beijing was set to impose new national security legislation on Hong Kong. The move drew a warning from President Donald Trump, who said the United States would react 'very strongly' against it.

The back-and-forth between the world’s two largest economies stoked worries that the tensions could threaten 'Phase 1'” of a US-China trade deal reached early this year. That prompted Wall Street shares to slip from the two-month highs made in the previous session on hopes of a economic recovery as governments began to lift their coronavirus restrictions.

The majority of the 11 S&P sector indexes declined, leaving the main benchmark S&P 500 down 0.78 percent. Dow Jones Industrial Average finished down 0.41 percent and the Nasdaq Composite fell 0.97 percent.

The US dollar, seen as a safe-haven, rose amid those concerns. The dollar index, which measures the greenback’s strength against six major currencies, was up 0.1 percent.

Spot gold also typically seen as a risk-off option, was little-changed after losses of 1 percent as investors booked profits or opted for cash.

Brazil’s real BRBY jumped after the central bank said it was ready to increase support for the currency. The country is expected to soon become the second-worst hit globally by the pandemic as cases approach 300,000.

Updated Date:

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