The major indices of the Indian equity market opened higher on Tuesday over Monday’s close and closed with strong gains. On the NSE, there were 1082 advances, 661 declines and 335 unchanged.
European Commission President Jean-Claude Juncker and British Prime Minister Theresa May on Monday said that they agreed to "clarifications and guarantees" regarding the Brexit provision to prevent the return of a hard border between the Irish Republic and the UK province of Northern Ireland.
Public sector banks are in no hurry to follow big brother SBI in linking their deposit and lending rates to the RBI's repo rate, which may further irk the Reserve Bank of India for not transmitting the lower interest rates to the customers. While some of them do admit that ultimately linking to repo rate might happen but they are not firm on the time of such commitment. Many bankers said the mismatch between deposits and credit growth, and competition from the government for small-savings offering over 8% returns in many schemes, raise their cost of capital, restraining them to transmit monetary policy easing.
Telecom major Bharti Airtel will slash its stake in Bharti Infratel to 18.3% by selling around 32% stake to Nettle Infrastructure Investments, a regulatory filing by Infratel said on Tuesday. Nettle Infrastructure, a wholly-owned subsidiary of Bharti Airtel, has 3.2% stake in Infratel. After the transaction, its stake would rise to 35.2%, it said. Bharti Airtel currently has 50.3% stake in the telecom tower company.
Cairn Energy Plc said its holding in Vedanta Ltd has dropped to just 0.1% after the Income Tax Department sold most of its 4.9% stake in the company to recover a retrospective tax demand. Besides realising about Rs 5,000 crore from selling the shares together with redemption proceeds on Vedanta Ltd preference shares, the IT Department also seized Rs1,140 crore of dividend due to Cairn as well as Rs 1,590 crore of tax refund in an unrelated case.
State Bank of India plans to sell six non-performing accounts worth Rs2,338 crore to banks, ARCs, NBFCs and other financial institutions through the Swiss Challenge method. The auction will happen on March 26. The NPAs are Indian Steel Corporation (outstanding debt Rs 928.88 crore), Jai Balaji Industries (Rs 859.33 crore), Kohinoor Planet Construction (Rs 207.77 crore), Mittal Corp (Rs 116.34 crore), MCL Global Steel (Rs 100.18 crore), Shree Vaishnav Ispat (Rs 82.52 crore) and Gati Infrastructure (Rs 42.86 crore).
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: