On Monday, the shares of SBI Cards and Payments Services Ltd made a weak debut on the stock exchanges. The shares opened at Rs 658, down 12.8% from its issue price of Rs 755 per piece. At 10:00 am, the script was trading 10% less than its issue price at 680.45 on the BSE. The SBI card listing took place at a time when global financial markets are upset by fears of the economic impact of the coronavirus which has killed more than 6,000 people so far.
Bitcoin dropped to its lowest in nearly a year before a rapid bounceback as the panic of the novel virus sale reached across global markets on Friday. In highly volatile trade, Bitcoin fell more than 20 percent in overnight trading to around $3,850, its lowest since last year's March, before recovering some of its losses. At $5,270, it was last up to 9%. Bitcoin suffered its biggest daily loss, losing 40% as global financial markets crashed on Thursday.
The price of gold has dropped sharply in India today. On MCX, the April gold futures contract fell 1.7% or Rs 750 for 10 grams to Rs 43,600. Gold prices in the world markets have fallen by 1%, as global stocks have stabilized after the strongest liquidation since the financial crisis. Spot gold fell 1.4% to $ 1,656.24 an ounce, after breaking the key level of $ 1,700 in the previous session. Among other precious metals, palladium rose 0.5%, silver gained 0.2% while platinum rose 1.5%.
In the current economic slowdown, focused equity funds deliver positive returns in the last one year for the sharp polarization of the Indian equity markets. ICICI Bank, Kotak Mahindra Bank, and Bajaj Finance have managed to give good returns, last year. In spite of lower single-digit returns of 2.6% in the Sensex, a few focused equity funds have given returns in the range of 12-21% in the last year. These are IIFL Focused Equity Fund, Axis Focused 25, SBI Focused 25 and Motilal Oswal Focused 25 Fund.
The RBI received Rs.48,856 crore of bids on Monday in the fourth long-term reverse repo operation (LTROs). The operation was conducted for an amount of Rs.25,000 crore with a 3-year tenor. RBI said that it has received 37 bids in the LTRO with a reversal date on 7 March 2023. The total bids amounted to Rs.48,856 crore with a bid cover ratio. RBI's pro-rata allotment percentage is 51.18%. It has conducted two LTROs on 17 and 24 February respectively.
In this global economic slowdown, the gold rate traded marginally up by Rs 22 to Rs 45,063 per 10 gram on Monday in the national capital. As coronavirus continued to infect people across the world, the bullion counters gained in the opening trade on Wednesday. Gold futures gained 0.07% while silver futures added 0.75%. After a steep fall in the previous session, on Wednesday, the gold prices rose. US President Donald Trump to soften the economic impact of the coronavirus on risk sentiment has proposed a stimulus package.
To reduce the time taken by retail investors to buy stocks during an initial public offering (IPO), SEBI has permitted the use of UPI id for application to public issues. From now on, individual investors can bid on IPO shares through the UPI if they request an IPO via registered brokers, a depositary member and a registered transfer agent. This decision will reduce the processing time for IPO request forms to three days from the current six days. Only one application is authorized per UPI ID.
Indian bank shares were trading with gains in the morning session today. Shares of ICICI Bank, Yes Bank, Federal Bank, IDFC BANK, Bank of Baroda, State Bank of India were among the top gainers. At 09;53 am the Bank index of Nifty was trading 0.21% up at 26518.2. BSE Sensex was up 36.65 points while the NSE Nifty50 index was up 2.25 points. Among the Nifty index 50 stocks, 20 were trading in the Green and 30 were trading in the Red today.
Home First Finance Mortgage Financier gets nod from the Securities and Exchange Board of India to raise Rs 1,500 crore through the initial public offering (IPO). The IPO consists of fresh issues totaling up to Rs 400 crore and an offer to sell up to Rs 1,100 crore by the selling shareholders. The company may consider a pre-IPO placement of up to Rs 160 crore in consultation with the Book Running Lead Managers. The amount will be reduced from the fresh issue, if the pre-IPO placement is made.
In the last two days, gold rates have flowed over Rs 1000 per 10 gram. The main reason behind this is higher global rates. The weaker rupee is also responsible for this high. Today the rupee slipped below 74 levels against the US dollar. On MCX, gold futures increased about Rs 200 per 10 gram to a new high of Rs 44,640. Silver prices declined 0.3% to Rs 47,200 per 10 gram today.