Ipca Labs, DHFL, Reliance Home Finance, ICICI Lombard General and Titan Company were under pressure.
10:32 am Market Check: Benchmarks indices rebounded amid volatility ahead of expiry of September futures & options contracts.
The 30-share BSE Sensex was up 68.22 points at 31,228.03 and the 50-share NSE Nifty rose 6.85 points to 9,742.60.
The market breadth turned strong as about two shares advanced for every share falling on the BSE.
The rupee also recovered from its day's low, trading at 65.72 against the US dollar, compared with previous day's closing of 65.71.
The 30-share BSE Sensex was up 68.22 points at 31,228.03 and the 50-share NSE Nifty rose 6.85 points to 9,742.60.
The market breadth turned strong as about two shares advanced for every share falling on the BSE.
The rupee also recovered from its day's low, trading at 65.72 against the US dollar, compared with previous day's closing of 65.71.
09:30 am IPO: Newgen Software Technologies has filed preliminary papers with markets regulator Sebi to raise an estimated Rs 400 crore through an initial share-sale offering.
The IPO comprises fresh issue of shares aggregating up to Rs 95 crore and an offer for sale of 1,34,53,932 scrips by existing shareholders, including Ascent Capital and Pandara Trust, according to draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi).
Proceeds from the fresh issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes.
According to merchant banking sources, the company's initial public offer (IPO) is expected to fetch Rs 400 crore.
9:25 am 5G Technology: Sterlite Technologies has launched a high-speed 5G ready network solution named FlashFWD at India Mobile Congress (IMC) 2017, being held in New Delhi, India.
Globally, as data consumption continues to grow exponentially, there is a need for new, dense networks that enable extremely high data speeds and low response times. 5G is expected to generate about eight times more data traffic than an average 4G connection, with 15 percent global population expected to have 5G subscriptions by 2021-22.
10:20 am Bad loans: The battle against bad loans shows no signs of abating, with another state-run bank now offloading its exposure in the beleaguered Essar Steel, reports CNBC-TV18.
Indian Overseas Bank has offloaded its exposure in Essar Steel to Edelweiss Asset Reconstruction Company for Rs 1,900 crore. Sources said Edelweiss ARC is likely believed to have bought IOB’s stake at a 50 percent discount to its book value.
10:15 am Stake sale: State-run ONGC yesterday said it may sell its holding in Indian Oil Corporation (IOC) and GAIL to fund the Rs 33,000 crore acquisition of HPCL.
The company is debt free and has got the shareholders' approval to raise Rs 25,000 crore through borrowing, ONGC Chairman and Managing Director Dinesh K Sarraf said. "We have several options to fund the acquisition. On a standalone basis we are debt free so we can borrow from the market. Also, we have certain investments which can be sold," Sarraf said.
ONGC has about 13.77 percent stake in IOC, which is worth around Rs 26,450 crore and 4.87 percent stake in GAIL, which is worth Rs 1,640 crore. Sarraf said no decision on selling stake has been taken but the option is available for the company.
10:06 am Tax woes for telecom sector: Large telecom operators including Bharti Airtel and Idea Cellular today lamented the high taxes, and spectrum costs being faced by the industry, and asked the government for immediate relief to mitigate the woes of the stressed sector.
While most of the speakers at India Mobile Congress inaugural eluded to India's digital vision and technological prowess, Idea Cellular MD and CEO Himanshu Kapania minced no words in highlighting the "severe financial and mental stress" that the industry is going through.
He went on to red flag the industry's woes ranging from introduction and proliferation of bundled unlimited usage plans to "lack of effective regulatory intervention", all of which had bearing on the industry's realisations.
Bharti Airtel MD and CEO for India and South Asia, Gopal Vittal too rued the high taxes in the industry.
10:01 am Modi on GST: Prime Minister Narendra Modi yesterday said traders across the country are “positive” about GST and accepting the new taxation arrangement but they need “handholding” so that their problems can be resolved.
He urged the chief secretaries to use the district administration in this regard, so that small traders are facilitated to access and adopt the new system, according to a PMO statement.
At the meeting, the prime minister reiterated that small businesses must register with the GST network to take advantage of business opportunities, the PMO statement said.
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