Share markets in India are presently trading on a positive note, led by gains in banking and finance stocks.
Benchmark indices edged higher today, shrugging off a weak trend in Asian markets and rising coronavirus cases.
The BSE Sensex breached the 37,000-mark and is presently trading up by 247 points (up 0.7%).
Meanwhile, the NSE Nifty is trading up by 71 points.
The BSE Mid Cap index is trading up by 0.4%. The BSE Small Cap index is presently trading up by 0.8%.
On the sectoral front, gains are largely seen in the banking sector and finance sector.
Healthcare stocks, on the other hand, are witnessing selling pressure.
The rupee is trading at 74.95 against the US$.
Gold prices are trading down by 0.1% at Rs 48,950 per 10 grams.
Moving on, Info Edge (India) is among the top buzzing stocks today. Shares of the company hit a record high of Rs 3,238 on the BSE on reports that Policybazaar plans to raise US$ 150 million as buffer capital in Q3 of this fiscal.
In separate news, Policybazaar is planning to have an initial public offering (IPO) with valuation worth US$ 3.5 billion.
Info Edge (India) is among the leading internet companies in India. The company has made significant strategic investments into emerging internet companies, including policybazaar.com.
Reports state that if Policybazaar gets the intended value, it could add Rs 190 per share to Info Edge's valuation.
In news from the finance sector, shares of Muthoot Finance are trading lower today after the company's board decided to defer a stock split.
In an exchange filing, the company said the board discussed in depth the pros and cons of the stock split proposal. Though the share price movement over the last few months and financial indicators were found to be ideal for a stock split proposal at the current scenario, the board unanimously decided to defer the proposal to sub-divide the equity shares to the company to a future date.
The exchange filing added that this decision was taken considering the economic uncertainties that are currently prevailing due to the Covid-19 outbreak and related slowdowns being witnessed in the economy.
Muthoot Finance share price is presently trading down by 1.2%.
In other news, market participants are tracking SBI Cards and Payment Service's share price.
The company is scheduled to announce its June quarter earnings (Q1FY21) later in the day.
Last week, the company had said its Managing Director and CEO Hardayal Prasad has quit, opting for voluntary retirement from the company.
His tenure as CEO and MD of the company will cease on July 31. Ashwini Kumar Tiwari will replace Prasad as the MD and CEO from August 1. He has been appointed for two years.
Moving on to news from the railway sector, the Chinese engineering firm, whose Rs 4.7 billion signaling contracts were terminated recently, has moved the Delhi High Court against Indian Railways.
Last week on Friday, the Piyush Goyal led Railways had terminated the contract of a Chinese company for signaling and telecommunication work on the DFCCIL's Eastern Dedicated Freight Corridor (DFC) citing poor progress of work.
The Chinese firm was tasked to install the signaling system on a 417 km stretch of railway lines in the Eastern Dedicated Freight Corridor between New Bhaupur (Kanpur) and Mughalsarai section.
The contract was awarded in 2016 but since then the authorities had been dissatisfied with the work of the Chinese firm. As per the report, the firm had just completed about 20% of the work since then.
In other news, the railways have decided to include the flagship dedicated freight corridor project in its asset-monetization program, along with railway stations and trains looking to attract big investors.
The above move comes on the heels of Indian railways' big bang announcement to allow private operators in passenger train operations from 2023, entailing an investment of Rs 300 billion.
Massive Reforms Underway in the Indian Railways
The government's aim to modernize more than 100 stations to world-class standards and by provide amenities like wi-fi, quality food, and beverage services will improve the passenger experience.
Improved services will also help the government justify fare increases in the future.
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