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PNB Share Price Tanks, Essar Steel Invites Fresh Bids et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Feb 21, 2018 12:46 PM 1 min read


End of Day Wrap-up (Wednesday / February 21, 2018) #PSB #PNB #bonds #cabinet #essar #steel #ArcelorMittal #Udaan #Walmart #Transfin

Editor's comment: Government of India bonds face continuous sell-off for 6 consecutive months, with yields spiking from 6.4% start of August to hit an all-time high of 7.6% in Feb. PSBs dumping and reducing secondary market activity due to portfolio losses. Demand low due to concerns around fiscal deficit and higher oil prices.

PNB share price hits same levels as 2009 on the back of loss of shareholder trust post Nirav Modi scam. Share price gains achieved post announcement of government recap wiped out.

Cabinet approves introduction of 'Banning of Unregulated Deposit Schemes Bill, 2018' which may include regulations around cryptocurrencies.

State Bank of India, lead lender to Essar Steel, may invite fresh bids to acquire the insolvent steelmaker, in light of potential disqualification of ArcelorMittal and Numetal from the bidding process.

Lightspeed and Russian Millionaire Yuri Milner invests $50m in Bangalore based B2B e-commerce platform Udaan. Udaan was founded by former Flipkart employees and caters to small and medium sized businesses and traders, wholesalers, retailers and manufacturers to connect on a umbrealla platform.

Walmart stumbles in its 4Q online sales (growing 25% vs. 50% in earlier quarters) while misjudging its online inventory for the holiday season. Share price down 10% on Tuesday.