On global cues, the benchmark indices sank a huge 500 points early trade as coronavirus spread all across has darkened outlook on global economic recovery. Other market drivers are Trump's maiden visit to India as well as GDP data for October-December quarter due to be released on Friday. BSE metal index suffered the most on virus woes, declining over 4% in trade today with some of the negative contributors including JSW Steel, Coal India, Hindalco.
Shares in news today:
1. Aurobindo Pharma:
After the USFDA revoked VAI status on the drug major's unit in Hyderabad, the fell as much as 17% in trade on Monday. In the earlier trading session, after the company informed the exchanges on receiving VAI status, the stock jumped as much as 20%.
2. Bharti Infratel:
After the DoT has given its go-ahead for foreign direct investment for its approved merger with Indus Towers, the stock in Monday's session i.e. February 24, 2020 jumped as much as 10% before seeing a decline.
3. Yes Bank:
ICRA downgrades bank's issuer rating to A- from A with a negative outlook. The stock thereafter drags lower by as much as 4%
4. Max Financial Services and Axis Bank:
Soon after these companies including Axis Bank, Max Financial or MFS and its subsidiary entity Max Life Insurance entered into a confidentiality and exclusivity arrangement for exploring the possibility of the lender foraying into a strategic partnership. Both the companies surged in trade. But thereafter on February 24, Axis Bank declined in trade while MFS declined by over 4%. Primarily through the deal, the lender will get a chance to enter the insurance market.