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Expected rise in PNB fraud depresses equity indices (Roundup)
Mumbai, Feb 27 (IANS) An expected rise in the estimated quantum of fraud at Punjab National Bank pulled the key indices of the Indian equity market lower on Tuesday.
According to market observers, the key indices had made gains on the back of positive global cues. However, further disclosure from PNB subdued investors’ sentiments.
Subsequently, heavy selling pressure was witnessed in banking, metals and healthcare stocks.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 34,346.39 points — down 99.36 points, or 0.29 per cent, from its previous close of 34,445.75 points.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged lower during the trade session. It dipped by 28.30 points, or 0.27 per cent, to close at 10,554.30 points.
In the intra-day, the S&P BSE Sensex touched a high of 34,610.79 points and a low of 34,314.87 points.
“Benchmark index opened higher, following global cues but gave up all gains after PNB revealed that the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS that markets took a breather on Tuesday after two sessions of gains.
“The weakness came on the back of weak Asian equity markets and disclosure of more amounts of fraud by PNB,” Jasani told IANS.
“Sectorally, top gainers were FMCG and IT indices. Top losers were PSU banks, realty, bank Nifty and media indices.”
On the currency front, the Indian rupee weakened by eight paise to close at 64.87-88 against the US dollar from its previous close at 64.79-80.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 906.86 crore, while domestic institutional investors purchased stocks worth Rs 1,046.67 crore.
Sector-wise, S&P BSE banking index receded by 414.17 points, metals index by 122.47 points and healthcare index by 77.81 points.
However, consumer durables index rose by 46.27 points and IT index by 32.01 points.
Major Sensex gainers on Tuesday were: Bharti Airtel, up 2.07 per cent at Rs 431.05; Dr Reddy’s Labs, up 1.82 per cent at Rs 2,234.15; NTPC, up 1.53 per cent at Rs 165.50; Hero MotoCorp, up 1.34 per cent at Rs 3,587.95; and Reliance Industries, up 1.21 per cent at Rs 949.95.
The Sensex losers were: Axis Bank, down 2.68 per cent at Rs 537.50; State Bank of India, down 2.53 per cent at Rs 267.80; ICICI Bank, down 2.25 per cent at Rs 319.65; Sun Pharma, down 2.02 per cent at Rs 544.90; and ONGC, down 1.23 per cent at Rs 188.40.
On Monday — the previous trade session — both the key indices closed at a new three weeks high levels as positive global cues and forecast of a healthy GDP growth, lifted investors’ sentiments.
The Nifty50 had edged higher by 41.90 points, or 0.40 per cent, to close at 10,532.95 points, while the Sensex closed at 34,269.24 points — up 127.09 points, or 0.37 per cent.
–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
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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