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Sensex crosses 52,000 for the first time

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The Indian equity market surged on Monday morning with the BSE Sensex crossing the 52,000 mark for the first time ever.

Around 9.56 a.m., Sensex was trading at 52,053.80, higher by 509.50 points or 0.99 per cent from its previous close of 51,544.30.

It opened at 51,907.75 and has so far touched an intra-day high of 52,110.74 and a low of 51,886.46 points.

The Nifty50 on the National Stock Exchange was trading at 15,294.95, higher by 131.65 points or 0.87 per cent from its previous close.

The rise in the Indian indices came on the back of positive global cues.

Healthy buying in the banking, finance and telecom stocks also supported the market.

Manish Hathiramani, technical analyst with Deen Dayal Investments: “The Nifty has opened the week with a gap up and is headed to its next target of 15,500. We have a good support for the index at 15,100 and until that does not break on a closing basis, we can buy on dips or intra-day corrections. Traders are advised to maintain stops and book profits at regular intervals.”

The top gainers on the Sensex were IndusInd Bank, Bharti Airtel and Axis Bank, while ONGC, Tata Steel and Mahindra & Mahindra were the major losers.

source: The Statesman
Photo: IANS

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Hyundai Motor’s February sales jump 26%

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Hyundai Motor India Ltd’s (HMIL) monthly sales rose 26.4 per cent to 61,800 units in February, the automaker said on Monday. In February 2020, the company had sold 48,910 units.

The firm also witnessed a rise in domestic sales by 29 per cent to 51,600 units as against 40,010 units in February 2020, data showed.

Similarly, its exports rose by 14.6 per cent to 10, 200 units in February as compared with 8,900 units in the same month of 2020.

“The company has been consistently striving to drive a resurgence in sales, thereby contributing towards economic recovery and bringing the industry closer to pre-Covid level sales. With a cumulative sales of 61 800 units in February 2021, Hyundai has recorded growth across segments,” HMIL Director (Sales, Marketing & Service) Tarun Garg said.

He further said that both domestic and export demand have recorded healthy double digit growth last month, reflecting an all-round improvement in buyer sentiment.

source: The Statesman

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Bharti Airtel raises $1.25 billion via issuance of debt instruments

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Bharti Airtel on Thursday announced that it has successfully raised $1.25 billion via issuance of debt instruments. This is the first ever dual-tranche US dollar bond issued by the company spread across senior and perpetual issuance, the company said in a regulatory filing.

The debt fund raising by the company comes just before the start of spectrum auction valued at Rs 3.92 lakh crore.

“Bharti Airtel (“Airtel”), India’s premier digital communications provider, has successfully priced its debt fund raise of US$1.25 billion through the issuance of its first ever dual-tranche US$ bond offering spread across senior and perpetual issuance,” it said.

“This is the largest issuance by any Indian Investment Grade issuer since January 2019,” it addded.

The company said that the order book was over-subscribed about 3 times on final pricing with peak order book of USD 5 billion at time for final price guidance.

“Airtel has priced US$750 million of senior 10.25 year bonds at a yield of US 10 Year Treasury + 187.5bps for an implied coupon of 3.25 per cent. Simultaneously, Network i2i Limited, a wholly owned subsidiary of the Company priced US$500 million in guaranteed subordinated perpetual NC 5.25 year bonds with a coupon of 3.975 per cent,” it said,

This is the lowest ever yield on 10 year and Perpetual bonds for Bharti Airtel.

“The offering was significantly oversubscribed with very strong demand from several marquee Asian, European and American funds,” the statement said.

“The senior 10.25 year tranche was launched at IPG (Initial Price Guidance ) of 230 basis points (bps) over 10 year US Treasuries and eventually tightened by 42.5 bps to price at 10 year US Treasury 187.5bps. Similarly, the perpetual NC 5.25 tightened by 37.5 bps from its initial price guidance,” the statement said.

Barclays, BNP PARIBAS, BofA Securities, Citigroup, HSBC, J.P. Morgan and Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners, while DBS Bank Ltd. & SMBC Nikko was the Co-Managers on the trade.

source: The Statesman

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ED to examine documents to see if Amazon dodged regulators

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Spelling more trouble for e-commerce giant Amazon, the Enforcement Directorate (ED) will examine its documents over allegations that it dodged India’s regulators, sources said on Friday.

An ED source related to the development told IANS, “We will examine the documents of Amazon, as it has been alleged that it favoured big sellers on its India platform, and used them to maneuver around rules meant to protect the country’s small retailers from getting crushed by e-commerce giants, internal documents show.”

This will be the second time in the span of 20 days that the ED will be probing the e-commerce giant in India. In January, the ED had initiated a probe against Amazon for Foreign Exchange Management Act (FEMA) violations.

The probe is being conducted under various sections of FEMA after the central probe agency recently received a communication from the Union Commerce Ministry seeking “necessary action” against e-commerce players like Amazon and Flipkart pertaining to certain multi-brand retail businesses and an observation made by the Delhi High Court in relation to Amazon.

The source said that the financial probe agency’s examination of documents is based on the report of a global newswire, which reported that it dodged India’s regulators.

The report said that two sellers on the e-commerce giant’s India platform – merchants in which Amazon had indirect equity stakes – accounted for around 35 per cent of the platform’s sales revenue in early 2019. It means some 35 of Amazon’s more than 400,000 sellers in India at the time accounted for around two-third of its online sales.

The source, however, refused to share further details.

source: The Statesman

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