Government to divest 76 percent of its stake in Air India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Narendra Modi government on Wednesday approved a proposal to offload 76 percent of its stake in Air India, CNBC TV18 reported.  Companies with a net worth of at least Rs 5,000 crore would be eligible to bid for the stake.

The divestment process, which is set to be implemented by an ‘open bidding route’,  includes a 50 percent stake in subsidiaries, including Air India SATS Airport Services Private Limited .

The remaining 24 percent stake would be divested via ‘Dispersed Disinvestment.’

A consortium of companies would also be eligible to bid for the stake, provided, each member possesses a 20 percent share.

To be a part of the consortium, participating companies are required to have reported a profit after tax (PAT) in at least three of the previous five financial years.

The government said it would notify interested bidders by May 28.

Ernst & Young has been appointed as sole advisor for the transaction.

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Closing Bell: Weak global cues pulled markets down ahead of long weekend; banks, metals underperform

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The markets remained weak throughout the day and closed in the red largely due to weak global cues and the F&O expiration.

The BSE Sensex closed below 33,000 levels at 32,968 points and the NSE Nifty held on to its 10,100 levels closing at 10,121 points.

The global markets signaled weak cues today with the Singaporean index, SGX Nifty, trading at levels around 10,110 as against its Nifty March Future’s Tuesday close of 10,178, indicating a weak opening for the Indian markets today.

The US market went back into correction mode which led to its major indices fall over by 1.5% at the close, where the country’s tech sector saw the biggest drop in six weeks.

The Asian markets reacted after the superpower country’s weak close and the effect of it seeped through the Asian equities this morning as Japan’s Nikkei shed close to 500 points and Korea’s composite index KOSPI was at day’s low.  The markets continued to drag.

The European markets opened in lows as they were affected by the Wall Street’s performance. The European Stoxx 600 was 0.72% lower briefly after the market opening, with all sectors in the red.

Along with weak global cues, the F&O expiration today also lent a hand in pulling down the benchmark indices. The BSE Sensex lost 2.3% and the NSE 50-share Nifty lost 2.4%. The fear of global trade wars and the global markets correction mode pulled down the Indian market’s performance this month.

Apart from this, the Nifty Bank and the infra stocks also reported losses. Even though the Nifty Bank spiked in trade in the last two sessions, the banking sector still shows signs of being volatile. The Nifty Media index was the only sectoral index that reported a gain of 0.4%.

Today, metals, banks and pharma stocks underperformed as compared to the previous sessions. Tata Steel and Bharti Airtel were among the top index losers today by losing over 3%. The financials and the energy stocks contributed to 50% to the Nifty’s fall with Reliance and ICICI being the top losers. IT and auto stocks, however, kept the markets falling further with Wipro, TCS, Tech Mahindra, Maruti Suzuki India and Eicher Motors taking the lead by gaining more than a percent.

All the sectoral indices closed in the red today, especially the Nifty Bank is falling by over 200 points. Only YES BANK  and IndusInd Bank closed in the green today among the Nifty banking stocks.The Nifty Midcap underperformed as compared to the previous sessions with the Index falling by over 1%.

The market breadth favoured to declines today, with the Advance-Decline ratio standing at 1:2.

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SBI hikes rates for retail and bulk deposits for 2nd time ahead of RBI meet

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s largest public sector bank, State Bank of India raised its interest rates for retail term and bulk deposits.

Managing director and the chief financial officer of SBI, Anshula Kant said that the rates for retail term deposits for one year is at 6.4% for longer end of the tenure.

“On the retail side, actually, we have increased the rates on the longer tenure. The one year rate is at 6.4% and 2,3,5 year rates is at 6.5. There is only a 10 basis points differential”, said Kant.

On the bulk deposit rates front, Kant said that the rates are hiked with a maturity of 1-2 years by 25 basis points.

The bank has raised its rates second time this year, right before the Reserve Bank of India’s monetary policy announcement on April 5.

She added that there has been large outflow of deposits due to lower interest rates and a hike will hardly affect the margins.

Marginal cost of funds based on the lending rates (MCLR) will have very minimal impact in the near-term and the bank expects to see a stable situation in the next few months.

Kant also said that the Rs. 600 crore advance tax paid in the fourth quarter by SBI is not accurate but it is less than what the bank had paid in the last quarter.

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Markets in red due to weak global cues; Sensex, Nifty breach safe territory

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The markets were still in the red even though there has been a slight recovery since openings. The BSE Sensex pulled up to 33,023 points, recovering 100 points and the Nifty recovered 20 points from losses, trading around 10,140 points, however, still below 10,150 levels.

The global markets still have their red flags raised. Though Japan’s Nikkei went 250 points off lows, the Asian markets show a 1-2 % decline as US stocks fell sharply due to technology firms. PSU Banks, IT and Auto rebounded while metals and pharma stocks remain under pressure.

Fortis Healthcare, post the demerger buzz, continues to extend losses. Auto and IT stocks are the top index gainers as of yet, with Maruti Suzuki India taking the lead. Maruti and Wipro have gained close to 2% and TCS and Hero Motorcorp have gained close to a percent in intra-day trading.

In the first half of trading hours, the Sensex breached 33,000 levels and dropped to 32,967 points and the Nifty is just above 10,100 at 10,123. The sectoral indices had further dropped by half a percent with the Nifty Bank dropping by over 200 points and with the Nifty Midcap dropping by over 100 points.

The markets opened in the red due to weak global cues. The NSE Nifty opened at 10,131 points and the BSE Sensex opened at 33,027 points, losing 0.5% gains. The Nifty Midcap and the Nifty Bank opened losing over a percent. The markets are currently trading lower as against yesterday’s highs.

Global markets continue to give out weak cues. The European markets opened in lows as they were affected the Wall Street The European Stoxx 600 was 0.72% lower briefly after the market opening, with all sectors in the red. The Asian markets continue to drag.

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Man accused of sexually harassing Vistara crew member, airline files complaint

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Full-service airline Vistara has filed a police complaint against a passenger who allegedly sexually harassed a crew member on board a Lucknow-Delhi flight.

The airline released a statement saying that it does not tolerate abusive or unruly behaviour by passengers that put the safety of its staff and other customers at risk.

“We have reported the matter to the police and other relevant authorities. An FIR is registered and investigation is on. We are fully committed to providing our cooperation to all the authorities,” said  a Vistara spokesperson.

A senior executive of Vistara said the passenger was inappropriately touching a member of the crew from behind in the aisle while deboarding. “Another passenger saw the incident and recorded it. An FIR was filed by the crew with video as evidence and other passengers as witnesses”, he said, asking not to be named.

This is not the first such incident of a passenger misbehaving with airline crew member. Last year, Shiv Sena MP Ravindra Gaikwad assaulted an Air India staff member after which he was put in the ‘No Fly’ list.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Commodity Corner: Agri ministry in discussion for doubling farmers income

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Commodity Corner by Manisha Gupta guides you through the most important trades in commodities. She takes a first-hand look at agri ministry in discussion with other ministries for increasing or doubling farmers income.

Niti Aayog, in a statement said that the centre was willing to spend on the implementation of MSP which may raise the income of farmers by 24% implement.

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Sell Balrampur Chini, Can Fin Homes; Buy Tech Mahindra, says Ashwani Gujral

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Here is the latest analysis and commentary by stock market guru Ashwani Gujral of ashwanigujral.com on what is moving the markets today.

Check out his top stock recommendations.

• Balrampur Chini is a sell with a stop of Rs 80 and target of Rs 72.
• Can Fin Home is a sell with a stop of Rs 492 and target of Rs 470.
• Tech Mahindra is a buy with a stop of Rs 625 and target of Rs 660.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow