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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Benchmarks pare gains; Bharti Airtel climbs 3%
(10:29, 13 Jan 2021)

The domestic equity benchmarks pared gains in morning trade. Banks shares were in demand. Bharti Airtel spurted after the company said it is initiating the process to revise its foreign investment limit to 100% with immediate effect.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 207.72 points or 0.42% to 49,724.83. The Nifty 50 index added 57.35 points or 0.39% to 14,620.80.

The Sensex hit a record high of 49,795.19 and the Nifty hit a record high of 14,653.35 in early trade today.

In the broader market, the S&P BSE Mid-Cap index gained 0.26% while the S&P BSE Small-Cap index rose 0.34%.

The market breadth was positive. On the BSE, 1502 shares rose and 1077 shares fell. A total of 137 shares were unchanged.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 91,577,327 with 1,962,017 deaths. India reported 214,507 active cases of COVID-19 infection and 151,529 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Earnings Today:

Infosys (up 0.11%), Wipro (up 1.25%), 5paisa Capital (down 4.66%), CESC (up 0.21%) and GTPL Hathway (up 1.75%) will announce their quarterly earnings today.

Buzzing Index:

The Nifty Bank index added 0.72% to 32,571.95, rising for second consecutive session. The index has added 1.79% in two sessions.

The index gained 1.06% to hit the day's high at 32,683.50, which is also a record high for the index.

Bank of Baroda (up 3.18%), SBI (up 2.43%), ICICI Bank (up 1.88%), IndusInd Bank (up 1.43%), Federal Bank (up 1.31%), RBL Bank (up 1.30%), Punjab National Bank (up 0.68%), Axis Bank (up 0.67%), HDFC Bank (up 0.05%) advanced.

Bandhan Bank (down 1.89%), IDFC First Bank (down 1.27%) and Kotak Mahindra Bank (down 0.86%) declined.

Stocks in Spotlight:

Bharti Airtel added 3.76% to Rs 587. The telecom operator said that it has received approvals for its relevant downstream investments and it is initiating process to revise its foreign investment limit to 100% with an immediate effect.

Further to our intimation dated January 21, 2020, we wish to inform you that in compliance of the FDI approval dated January 20, 2020 granted to the Company by the Department of Telecommunications, the Company has received approvals for its relevant downstream investments, Airtel informed in a filing.

Accordingly, the Company is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect, it added.

The counter clocked volume of 15.90 lakh shares as against two-week average trading volume of 8.11 lakh shares. The scrip rose 6.37% to hit the day's high at 601.8 in trade today.

Tech Mahindra rose 0.90% to Rs 1073.75 after the company said that it has agreed to acquire 100% shareholding of Payments Technology Services for a cash consideration of $9 million. Headquartered in Hong Kong, Payments Technology Services entity is a stepdown subsidiary of Fidelity Information Services (FIS). The company is a payments solutions provider with a banking and financial services (BFS) focus.

Bharat Rasayan rose 2.08% to Rs 10,566.15. The board of Bharat Rasayan on Tuesday (12 January 2021) approved a proposal to buyback upto 93,472 shares (2.2% of the total number of fully paid-up equity shares) at a price of Rs 11,500 per share, aggregating to amount not exceeding Rs 107.49 crore. The buyback price is 11.1% premium to Tuesday's closing price of 10,350.40.

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