Companies and Markets

Companies & Markets

Kotak, L&T & NBCC show interest in Jaypee Infratech

Five companies — NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group — have shown interest in taking over debt-ridden Jaypee Infratech, which is facing bankruptcy proceedings in NCLT.

Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT’s direction after lenders rejected over Rs 7,000 crore bid of Suraksha group.

Bulls have to defend this level

The market fell sharply on the back of heavy selling in heavyweights like Reliance Ind, HDFC, and SBI. The Sensex was down 300 points, or 0.84 per cent, to settle at 35,474, while the Nifty50 fell 107.20 points, or 1 per cent to settle at 10,656.20, its lowest closing level since 15 November 2018.

On the other hand, both Mid and Small cap indices underperformed and fell 1.02 per cent and 0.92 per cent, respectively.

Lacklustre quarter, but demand outlook is positive

Revenue growth tapered for the automobile and ancilliaries sector in the September quarter on delayed festive season and lower sales in Kerala. Operating margins have contracted for companies on higher output costs.

Aggregate revenue growth for the sector tapered to 7 per cent year-on-year compared with average growth of 20 per cent in the previous three quarters. The delayed festive season has affected volumes in passenger vehicles (PVs), two-wheelers (2Ws) and tractors. Lower sales in Kerala has particularly affected volumes in PVs and 2Ws, says an Emkay Global report.

Final round of capital infusion in Dec to help banks lend more

The finance ministry is working out the final tranche of recapitalisation of banks amounting to Rs 45,000 crore, which will be infused in both PCA (prompt corrective action) and non-PCA banks for both their growth and regulatory capital requirements.

Crisis-hit IL&FS seeks Sebi nod to delay results

Finding it difficult to comply with stipulated norms for listed firms, crisis-hit IL&FS Engineering and Construction Company has sought permission from market regulator Sebi to delay its financial results for the quarter ending September 30. In its letter to Sebi, the defaulting infrastructure financing major said it will not be able to prepare financial results within the prescribed time period given its present circumstances.

Firms told to disclose reasons for delay in results within a day

Sebi on Monday asked listed companies to disclose detailed reasons for delay in submission of financial results to the stock exchanges within one working day of the stipulated deadline.

In case a company decides to delay announcement of results prior to the due date, reasons have to be disclosed within one working day of taking such a decision, according to a circular.

Yes Bank promoters seek board overhaul, Chandrashekhar may quit

In a clean-up exercise, Yes Bank is expected to overhaul its board after receiving nod from its promoters, according to people aware of the development.

Former telecom secretary R Chandrashekhar (in pic) is also likely to resign from the board, one of the persons cited earlier said.

The Yes Bank's nomination & remuneration committee is reviewing the performance of the board members.

Nifty eyes 10,200 again

The market gained sharply on strong buying in frontline stocks with the Sensex surging 317 points, or 0.90 per cent, to settle at 35,774. The Nifty 50 Index rose 81.20 points, or 0.76 per cent, to settle at 10,763.40. The S&P BSE Mid-cap Index rose 0.35 per cent, while the Small-cap Index rose 0.36 per cent. Both the indices underperformed the Sensex. Sensex heavyweights like ITC that was up 2.77 per cent, to Rs 283.90, Reliance Industries rising 1.96 per cent, to Rs 1149.60 and HDFC Bank up 0.76 per cent, to Rs 2014, helped the index to close higher.

Arcelor bid for Essar Steel faces fresh challenges from operational creditors

ArcelorMittal’s winning bid for Essar Steel faces fresh challenge from operational creditors who have opposed any resolution that does not adequately compensate their exposure in the debt ridden company.

After GAIL (India) and Gujarat Energy Transmission Corporation (GETCO) last week approached the National Company Law Tribunal (NCLT) to recover their dues from Essar Steel, more operational creditors are expected to follow suit this week.

Showdown averted, RBI agrees to ease liquidity at board meet

A nine-hour marathon meeting of the Reserve Bank of India's central board ended on a ‘cordial note’ as a mutual agreement was reached on several contentious issues, ending speculation about a major showdown between the government and the central bank.