Share markets in India are presently trading marginally higher.
The BSE Sensex is trading down by 13 points, flat at 49,759 levels.
Meanwhile, the NSE Nifty is trading up by 7 points.
Sun Pharma and Cipla are among the top gainers today. Bajaj Finance and UPL are among the top losers today.
The BSE Mid Cap index is trading up by 0.4%.
The BSE Small Cap index is trading up by 0.9%.
On the sectoral front, stocks from the healthcare sector, are witnessing most of the buying interest.
On the other hand, stocks from the metal sector, are witnessing most of the selling pressure.
US stock futures are trading mixed today.
Nasdaq Futures are trading down 23 points (down 0.2%) while Dow Futures are trading up 27 points (up 0.1%)
The rupee is trading at Rs 74.82 against the US$.
Gold prices are trading down 0.1% at Rs 46,798 per 10 grams.
Gold and silver prices today edged lower in Indian markets after seeing a steep rise over the past few days. On MCX, gold futures were down 0.1% to Rs 46,793 per 10 grams while silver prices dropped 0.4% to Rs 67,240. Over the previous two sessions, gold has risen over Rs 1,000 per 10 grams.
Moving on to stock specific news...
Among the buzzing stocks today is SREI Infrastructure Finance.
SREI Equipment Finance, a 100% subsidiary of SREI Infrastructure Finance said it has received expressions of interest (EoI) from two international private equity firms for a US$ 250 million capital infusion - U.S.-based Arena Investors LLP and Singapore's Makara Capital Partners.
The company's strategic coordination committee will be in discussion with potential investors, while global consultancy firm Ernst & Young will advise the committee, the Kolkata-based firm said in a statement on April 8, 2021.
The capital infusion "will provide cushion against the pandemic induced stress in the Indian financial services space," the statement said.
Arena Investors is an investment firm with US$ 2.2 billion of committed capital. It also participates in special situations as part of its investment strategy. Makara Capital Partners, founded in 2005, specialises in fund management, private equity as well as structuring and financing with a core focus on innovation, infrastructure and energy.
The proposal to infuse funds comes at a time when lenders led by UCO Bank are discussing a potential resolution plan, to combat the stress in SREI Group's lending arms. The two lending businesses, SREI Infrastructure Finance and SREI Equipment Finance have faced considerable stress over the last year as their borrowers have been unable to repay their dues.
This led to a scheme of arrangement that the group filed with its lenders, where nearly 75% of the bank debt to SREI Equipment Finance will be converted into non-convertible debentures. The banks are yet to approve the scheme.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
At the time of writing, shares of SREI Infrastructure Finance were trading up by 20% on the BSE.
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This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.
Moving on to news from the macroeconomic space...
Reserve Bank Of India's First Purchase Under G-SAP 1.0 Set For April 15, 2021
A day after announcing the introduction of the G-sec Acquisition Programme (G-SAP 1.0), the Reserve Bank of India (RBI) on April 8, 2021, announced the open market purchase of Government of India securities under the programme.
"The Reserve Bank of India will conduct open market purchase of government securities of Rs 1 trillion under the G-sec Acquisition Programme (G-SAP 1.0) in Q1FY22 with a view to enabling a stable and orderly evolution of the yield curve. The first purchase of government securities for an aggregate amount of Rs 250 billion under G-SAP 1.0 will be conducted on April 15, 2021," the RBI said in a circular.
Accordingly, the RBI will purchase five types of government securities via a multi-security auction using multiple price methods.
The dates of maturity vary from November 2, 2023 to and March 16, 2035.
The RBI has reserved the right to decide on the quantum of purchase of individual securities and accept bids for less than the aggregate amount, it said.
We will keep you posted on more updates from this space. Stay tuned.
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