Companies and Markets

Companies & Markets

Stock specific moves likely

After a volatile trading session, the Sensex ended flat with 22.21 points, or 0.06 per cent lower, to settle at 36,351.23, while the Nifty 50 Index fe­­­ll 23.35 points, or 0.21 per cent, to close at 10,957.

The BSE Mid-Cap Index fell 0.63 per cent and the Small-Cap Index fell 1 per cent as investors turned cautious ahead of a no-confidence motion against the government on Friday.

Bajaj Finance net profit jumps

Bajaj Finance on Thursday reported a 83 per cent rise in its standalone net profit for the June quarter to Rs 833.7 crore, higher than what analysts had estimated, as it earned more in interest income. The firm had reported a net profit of Rs 456.40 crore in the year-ago quarter.

The NBFC reported a net interest income of Rs 2,578 crore for Q1, around 46 per cent higher than a year ago, the firm said in a stock exchange filing on Thursday.

Aion-JSW Steel wins Monnet Ispat bid; banks take 74% haircut

The National Company Law Tribunal (NCLT) on Thursday approved a Rs 2,875-crore bid by a consrotium of Aion Investments-JSW Steel to acquire the bankrupt Monnet Ispat & Energy, JSW Steel said.

Monnet owes over Rs 11,000 crore to a clutch of lenders.This amounts to banks and other financial creditors taking a 74 per cent haircut as the bid is worth only 26 per cent of the dues. The Aion-JSW consortium was the sole bidder for the 1.5 million tonne asset in Chhattisgrah, JSW Steel said.

Rupee closes at historic low of 69.05

The rupee crashed by 43 paise to close at a historic low of 69.05 against the US dollar on Thursday, as the Federal Reserve chairman’s upbeat comments on the US economy drove the greenback to 52-week highs against many global currencies. This is the biggest single-day fall of the rupee since May 29 and goes hand in hand with a stronger US dollar. The domestic currency suffered a major setback as forex sentiment wobbled once again with a resurgent dollar and a slew of local issues sparking jitters among investors.

Shareholder alleges insider trading by Kesoram

Kesoram Industries has been caught in a massive controversy at a time when it is scouting for a partner to give a new lease of life to its loss-making tyre business. The flagship company of BK Birla group is facing allegations that it has indulged in insider trading and short-changing minority shareholders.

The controversy centres around Kesoram’s alleged share sale to Camden Industries in a bulk deal and investment in Cygnet Industries and subsequently Cygnet selling shares of Century Textiles to Pilani Investments.

Fund infusion may not help much, say bankers

While the central government is patting its own back over improvement in the public sector banks’ health following introduction of the Insolvency and Bankruptcy Code (IBC) and the Rs 2.11 lakh crore recapitalisation plan, lenders have raised doubts over their impact if government continued to fleece them by demanding higher dividend payouts.

Market to remain volatile

The market witnessed highly volatile trade as the opposition parties moved a no-confidence motion against prime minister Narendra Modi government. The Sensex ended 146.52 points, or 0.4 per cent, lower at 36,373.44; while the Nifty 50 Index fell 27.60 points, or 0.25 per cent, to close at 10,980.45. The Nifty settled below the psychologically important 11,000 mark. Even the broader market witnessed selling pressure with the BSE Mid-Cap Index down 1.27 per cent and the Small-Cap Index falling 0.95 per cent. The market brea­d­th was weak as 1,704 shares fell and only 888 shares rose.

Ranbaxy promoters asked to disclose foreign bank accounts, assets

The Delhi High Court on Wednesday directed former promoters of India's Ranbaxy Laboratories, Malvinder and Shivinder Singh, to disclose their bank accounts and assets overseas in a case related to execution of the Rs 3,500 crore arbitral awardwon by Japanese pharma major Daiichi Sankyo.

Justice Rajiv Shakdher also ordered the Singh brothers not to transfer or create any third party in their shareholdings in RHC Holding or trademarks.

Promoters of HDFC AMC to dilute 12.01% stake via Rs 2,800 cr IPO

HDFC Asset Management Company, the second largest fund house, on Wednesday said its promoters will dilute 12.01 per cent stake thr­ough the Rs 2,800-crore offer-for-sale issue that opens on July 25, at a price band of Rs 1,095-1,100 per share.

While main promoter HDFC will dilute 4.08 per cent to the public through the offer, foreign partner Standard Life will sell 8.1 per cent of its holding in the fund house that is the largest among the private players when it comes to equity investment.

Brokers object to STT demand on stock delivery

Even as investors are getting jittery over the physical settlement in 46 F&O scrips in the July series expiry, a row has broken out over the exchanges’ decision to levy securities transaction tax (STT) on delivery of these stocks without clarification from the government.