We had mentioned in Tuesday’s closing report that Nifty, Sensex were in the strong grip of bulls. The major indices of the Indian stock markets were range-bound on Wednesday and closed with marginal gains over Tuesday’s close. On the NSE, there were 667 advances, 1,086 declines and 332 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
The State Bank of India will auction non-performing assets (NPAs) amounting to Rs6,169 crore in the next 10 days to recover its dues from various defaulting business outfits. The country's largest lender carries out auctions of financial assets of those defaulters who have not paid their dues. From March 22-30, the bank, which has already put out a list of the assets, will auction these to asset reconstruction companies (ARCs), banks, non-banking financial companies (NBFCs) and FIs.
The assets include Jain Infraprojects Ltd, Kamachi Industries Ltd, Parenteral Drugs, which will go on sale on March 22. The total outstanding of this sale, which also includes a few minor properties, is Rs1,300 crore. On March 26, the bank has put on sale assets worth Rs3,645 crore of some big accounts like the India Steel Corporation (Rs929 crore) and Jai Balaji Industries (Rs859 crore). There are other companies also on sale like Kohinoor Planet Construction (Rs207.77 crore) and Mittal Corp (Rs859.33 crore). The SBI will also auction assets worth Rs1,748 crore of BMM Ispat Ltd. On March 29, the bank will sell assets worth Rs776 crore where Yashasvi Yarns, Sumita Tex Spin, Shekhawati Poly-yarn Ltd and Shakumbhari Straw NPAs stand at Rs305 crore.
The Punjab National Bank (PNB) stock surged over 4% on Wednesday following the arrest in the UK of Nirav Modi, who is accused in the Rs13,500- crore PNB fraud case reported last year. After rising over 4% in afternoon trade, the PNB stock closed on Wednesday at Rs93.55 share, up Rs3.05, or by 3.37%. Official sources said the fugitive diamantaire was arrested in London more than a year after he fled India. UK Police made the arrest seven days after the London Westminster Court issued an arrest warrant against Modi. The Interpol had issued a Red Corner Notice against Nirav Modi in July 2018 at the request of the Enforcement Directorate (ED) and the Central Bureau of Investigation. PNB shares closed at Rs93.80, up 3.65% on the NSE.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: