After opening the day in the red, share markets in India witnessed choppy trading activity throughout the day and are presently below the dotted line. Sectoral indices are trading mixed with stocks in the PSU sector and stocks in the realty sector trading in red. While stocks in the consumer durables sector are trading in green.
The BSE Sensex is down by 55 points (down 0.2%) and the NSE Nifty is trading down by 20 points (down 0.2%). Meanwhile, the BSE Mid Cap index is trading down by 0.5%, while the BSE Small Cap index is trading down by 0.1%. The rupee is trading at 66.02 to the US$.
Among the most active stocks in the BSE Sensex today are TCS (up 6.3%), Infosys (up 3.9%) and Wipro (up 2%). Among the BSE 500 stocks, the most active stocks include Chambal Fertilisers (up 6.7%), TCS (up 6.3%) and Sterlite Tech (up 6%).
While this should do for the wrap on active stocks, we notice that many of you are tracking low priced shares as well. Low priced shares are not necessarily cheap or attractive. But then, there’s a lot of interest in them.
The group plans to raise over Rs 2 billion, valuing the two month old payments bank at Rs 10 billion.
The payments bank, in which group companies Idea Cellular and Aditya Birla Nuvo own 51% and 49%, respectively, will use the money to expand its operations. India’s second-largest mobile phone-owned payments bank has been facing headwinds in setting up and launching operations, as it is facing tough competition from small finance banks.
Idea’s payments bank, which is the latest entrant in this space, started its operations in February 2018, after the RBI issued licenses to 12 firms in 2015.
With the objective of deepening financial inclusion, RBI, in 2015 kicked off an era of differentiated banking by allowing SFBs (small finance banks) and PBs (payments banks) to start services. A total of 21 entities were given in-principle nod last year, including 12 for payments banks.