Prabhudas Lilladher initiates buy on SBI Cards: The research house initiate coverage on SBI Cards and Payment Services with a buy recommendation and target price of Rs 1,191. It believes that SBI cards is a formidable play on rising discretionary spends and non cash economy.
NTPC to start commercial operation of Thermal Power unit: 250 MW unit of Barauni Thermal Power Station Stage-II (2 x 250 MW) is declared on commercial operation. With this, the commercial capacity NTPC and NTPC group will become 48,895 MW and 57,356 MW respectively.
The company’s board of directors at its meeting held on February 28, 2020, declared interim dividend of Rs 3.50 per equity share.
More than 300 BSE stocks hit 52-week low today including IndusInd Bank, ITC, Hero MotoCorp, Wipro, M&M, ONGC, L&T, Hindalco Industries, Vedanta etc.
HDFC Life Insurance Company, Bandhan Bank and Info Edge will be included in the Futures & Options segment effective February 28, and anecdotal evidence suggests that after such inclusion most stocks rise in double digits.
Supreme Industries declares dividend: The company board at its meeting held on February 28, declared interim dividend of 10 per equity share.
Rupee at day’s low: The Indian rupee is trading at day’s low level at 71.97 per dollar, falling 42 paise versus previous day’s close of 71.55.
Investors lost Rs 5 lakh crore: Domestic market extended the sell-off on the sixth day on February 28 with Nifty slipped below 11,300. Meanwhile, investor wealth eroded by nearly Rs 5 lakh crore as equity markets crashed tracking global equity selloff amid rising uncertainty over the economic impact of coronavirus outbreak.
The coronavirus outbreak which has spread much beyond China has caused a major shift from riskier assets to safe havens. Gold has rallied to 7-year high while US 10-year bond yield has dropped to record low level. On the other hand, US DJIA index has slumped over 8 percent from recent highs while economically sensitive commodities have plunged with crude oil testing 1-year low.