Indian stock markets are likely to open higher on Monday following the uptick in the major Wall Street indices on Friday last week. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.23% at 10,487 on Singapore Exchange. Shares of Punjab National Bank, Gitanjali Gems, Allahabad Bank, State Bank of India, UCO Bank will be in the close watch on Monday due to the ongoing probe in PNB’s Rs 11,400 crore fraud involving fake LOUs between alleged diamond merchant Nirav Modi and PNB.
Gitanjali Gems: The Enforcement Directorate conducted search operations at Gitanjali Gems stores located in shopping malls here and at Rajarhat, in connection with the Rs 11,400-crore Punjab National Bank fraud, PTI said in a report.
Punjab National Bank: Rating agency Crisil has put the scam-ridden Punjab National Bank’s ratings on ‘watch’, following the Rs 11,400-crore fraud detected by the lender at one of its Mumbai branches.
Punjab National Bank: Punjab National Bank is considering to sell of some of its fixed assets, including few office buildings not in use presently, for about Rs 500 crore by March-end, PTI reported citing unidentified sources said.
Reliance Industries: Billionaire industrialist Mukesh Ambani said his firm Reliance Industries and its global partners will set up the country’s first integrated digital area in Maharashtra entailing investments of Rs 60,000 crore.
Indian Oil Corp: Indian Oil Corp (IOC) will invest Rs 70,000 crore to raise its oil refining capacity by about a quarter by 2030 as it takes the lead to meet rising energy needs of the country, PTI reported citing unidentified sources said.
NTPC: State-owned power giant NTPC is in talks for buying out the equity of state utilities in some joint venture projects apart from taking over some of their stressed businesses as part of its drive to augment capacity, PTI reported citing unidentified sources said.
UCO Bank: State-owned UCO Bank today said it has exposure of USD 411.82 million (about Rs 2,636 crore) in the Rs 11,400-crore PNB fraud committed by billionaire jeweller Nirav Modi and his associates.
DLF: DLF will focus on selling ready-to-move-in flats worth Rs 15,000 crore over the next 3-4 years and launch new projects for sale only after reaching the advanced stage of construction.
Allahabad Bank: Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi, the billionaire diamond merchant in the centre of a Rs 11,400-crore fraud, PTI reported citing unidentified sources said.
Fortis Healthcare: Markets regulator SEBI has initiated the investigation in the matter of Fortis Healthcare, which has landed in a controversy over alleged regulatory lapses in the transfer of funds to some promoter-linked firms and asked the company to furnish the information by 26 February.
The Indian rupee shed 31 paise at 64.22 apiece US dollar on Friday.
Indian stock markets on Friday
Indian stock markets finished on a negative note with the Sensex losing as many as 286 points and Nifty concluding below 10,500-mark. The S&P BSE Sensex tumbled 286.71 points or 0.84% to close at 34,010.76 whereas NSE Nifty lost 93.2 points or 0.88% to end at 10,452.3. Shares of heavyweight companies such as ICICI Bank, Reliance Industries, L&T, State Bank of India, Maruti Suzuki, HDFC, ITC, Yes Bank, IndusInd Bank, Axis Bank, Tata Motors, and Bharti Airtel contributed heavily in the Sensex plunge, jointly washing away as many as 270 points out of the index. A rise in global crude oil prices also hit the market sentiment. India imports the majority of its crude oil requirement and a surge in crude prices will add to the country’s fiscal deficit. The domestic markets opened with gains but later turned choppy in the absence of any major cues, both domestic and global as Asian markets were closed for long lunar holidays.
US stock markets on Friday
The S&P 500 rose marginally on Friday to mark its biggest weekly increase in five years, although earlier gains evaporated after the indictment of Russians for meddling in the 2016 presidential election sent investors into defensive mode before a long weekend, Reuters said in a report. The Dow Jones Industrial Average rose 0.08 percent to end at 25,219.38 points, while the S&P 500 gained 0.04 percent to 2,732.22. The Nasdaq Composite dropped 0.23 percent to 7,239.47.