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Banking fraud subdues risk-taking appetite, equities close lower (Roundup)

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7 years ago

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Mumbai, Feb 19 (IANS) The recent turbulent developments in the country’s banking sector kept investors’ risk-taking appetite low, leading the key Indian equity indices to close in the negative territory for the fourth consecutive trade session on Monday.

According to market observers, heavy selling pressure in capital goods, auto, metals and banking stocks, along with continued outflow of foreign funds and a surge in crude oil prices, dampened market sentiment despite positive global cues.

Although both indices — BSE Sensex and NSE Nifty50 — recouped some losses during the late afternoon trade session on short covering, they failed to exit the negative territory and closed on a lower note.

The wider Nifty50 of the National Stock Exchange (NSE) shed 73.90 points or 0.71 per cent to close at 10,378.40 points.

During the intra-day trade, the barometer 30-scrip Sensitive Index (Sensex) of the BSE fell by over 400 points to touch a low of 34,122.96 points.

On a closing basis, the Sensex declined by 236.10 points, or 0.69 per cent, to 33,774.66 points.

The BSE market breadth was bearish as 2,061 stocks declined as against 689 advances.

In terms of broader markets, the S&P BSE mid-cap index closed lower by 1.05 per cent and the small-cap index by 0.99 per cent.

“Markets corrected further on Monday. A sharp bounce back from the lows in the afternoon session curbed the losses,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Sentiments continued to be affected by the recent detection of a massive fraud at a Mumbai branch of the state-run Punjab National Bank (PNB). Metal stocks (especially Steel) came under selling pressure as investors got concerned over the funding arrangement for bids for sick companies by sector leaders,” he said.

According to Jasani, fresh rise in global crude prices also marred sentiments.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Weak domestic cues continued to impact investor’s sentiment and directed the market to consolidation. PSU banks are likely to remain under pressure due to the current irregularities while participants are taking a wait-and-watch approach until the storm settles.”

On the NSE, the Nifty PSU Bank index declined by 2.46 per cent.

Following recent developments in the $1.8-billion fraud detected by the PNB, shares of Gitanjali Gems plunged almost 10 per cent while those of the bank closed lower by over 7 per cent on Monday.

“Volatility may increase ahead of F&O (futures and options) expiry, however stock specific approach during this consolidation will give long term benefit,” Nair added.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 895.79, crore while domestic institutional investors purchased stocks worth Rs 586.52 crore.

All the sub-indices of the BSE closed in the red led by S&P BSE capital goods — down 299.69 points — followed by auto (down 275.19 points), metal (down 241.52 points) and banking (down 162.98 points) indices.

Major Sensex gainers on Monday were: Coal India, up 0.54 per cent at Rs 304.65; Infosys, up 0.46 per cent at Rs 1,130; Kotak Bank, up 0.45 per cent at Rs 1,056.50; Reliance Industries, up 0.45 per cent at Rs 925.85; and Axis Bank, up 0.32 per cent at Rs 539.45.

Major Sensex losers were: Tata Steel, down 5.82 per cent at Rs 648.25; Dr Reddy’s Lab, down 2.75 per cent at Rs 2,151.85; Adani Ports, down 2.72 per cent at Rs 393.40; Larsen and Toubro, down 2.35 per cent at Rs 1,296.75; and Mahindra and Mahindra, down 2.24 per cent at Rs 727.10.

The currency markets were closed on Monday for Chhatrapati Shivaji Maharaj Jayanti.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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3 months ago

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September 3, 2024

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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