Sensex Trades on a Volatile Note; Yes Bank and SBI Top Gainers

Fri, 20 Dec 12:30 pm

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Share markets in India are presently trading on a volatile note. Benchmark indices turned flat after paring gains made in early trade today that saw both the BSE Sensex and the NSE Nifty hit respective fresh highs.

Barring IT stocks, all sectoral indices are trading on a positive note with stocks in the telecom sector and metal sector witnessing most of the buying interest.

The BSE Sensex is trading up by 64 points, while the NSE Nifty is trading up by 23 points. The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 0.3%.

The rupee is trading at Rs 71.15 against the US$.

Speaking of Sensex at record high, Tanushree Banerjee explains why the Sensex PE as a valuation metric, is a bad market indicator.

In the video below, she reveals the right metric to use and what the earnings really say about the stock market.

Tune in to find out more...

In news from the finance sector, Bajaj Finance on Thursday said it has invoked 2.4 million pledged shares of Karvy Data Management Services (KDMSL) to recover outstanding dues from a group firm.

Bajaj Finance in a regulatory filing said, "the shares of KDMSL were pledged with the company for securing the outstanding dues of Karvy Stock Broking (KSBL), the borrower company. The company has invoked the pledged shares of KDMSL for recovery of its dues."

The company invoked 2.4 million equity shares of face value of Rs 10 each representing 10% of the paid-up share capital of KDMSL.

In other news, shares of JM Financial jumped as much as 5% today after the company informed that the board has given approval to raise up to Rs 8.5 billion.

The company also received approval to increase investments by the foreign portfolio investors (FPIs) from 24% to 40%.

In a regulatory filing, the company informed that its board has given its approval to enable the company to raise the funds by way of issue of equity shares and/or any other instruments or securities via qualified institutions placement (QIP), private placement/preferential issue/public issue/rights issue for an aggregate amount of up to Rs 8.5 billion.

Bajaj Finance share price and JM Financial share price are presently trading up by 0.9% and 2%, respectively.

Moving on to news from the retail sector, Titan share price is in focus today.

Shares of the company gained 2% today after its Dubai-based arm, Titan Holdings International FZCO, incorporated a new subsidiary named Titan Global Retail LLC in Dubai, United Arab Emirates.

As per the filings, Titan Global Retail LLC, Dubai is now the new subsidiary of Titan Holdings International FZCO, Dubai.

Titan Global is expected to carry out business activities pertaining to lifestyle products. The company received its certificate of incorporation on Sunday, 15 December 2019.

Titan Global was incorporated based on approval granted by Department of Economic Development, Dubai. Titan Holdings would subscribe up to 99.66% of the total share capital worth AED 3,00,000.

Titan Holdings International is a 100% wholly owned subsidiary of Titan Company.

Reports state that Titan Global will be mainly engaged in carrying out business activities and retail trade for carrying out business activities, in the industry in which Titan Company operates.

Titan share price is presently trading up by 1.8%.

Here's an interesting data on Titan, every Rs 100 invested in the company in 2002 would have multiplied 330 times by 2019!

Every Rs 100 Invested in Titan in 2002 Multiplied 330 Times by 2019

Co-head of Research, Tanushree Banerjee believes the opportunities in the Rebirth of India are not only more profitable than the ones in 2002 but the gains could come faster too.

Here's what she wrote in one of the editions of The 5 Minute WrapUp...

• Titan entered the branded jewellery market in 1996.
  
  The retailer faced the challenge of breaching a well-entrenched network of family jewellers. The relationship between customer and family jewellers went back to a couple of generations.
  
  The habit of buying from the family jeweller was strong and the trust was intrinsic. One also had the option of returning old jewellery to the family jeweler.
  
  Through its jewellery brand, Tanishq, Titan broke down the early entry barriers in unorganized jewellery retailing. It consolidated its lead as very few national or branded players threw their hats in the ring.

She is on the hunt for the next set of Titan, HDFC Bank, Bajaj Finance, Asian Paints-like companies. These will be the companies that would catalyze the transformation she calls the Rebirth of India.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers