Companies and Markets

Companies & Markets

Expiry factor to play out soon

The Sensex gained 139.42 points, or 0.42 per cent, to settle at 33,136.18 points while the Nifty-50 gained 30.90 points, or 0.31 per cent to close at 10,155.25. The market witnessed profit booking at higher levels. The BSE Mid-Cap and Small-Cap indices underperformed the Sensex with marginal gains. Among sectoral indices, the telecom index  was up 2.36 per cent, followed by Realty, up 0.75 per cent.

Technical view

Sebi mulls overhaul of algo trading rules

Capital markets regulator Sebi is looking at a number of measures to strengthen the algo trading framework, including by mandating the exchanges to offer shared co-location facilities and providing some services for free.

Sebi has also proposed a review of trading requirement for algo software for strengthening the algorithmic trading framework by mandating stock exchanges to provide a simulated market environment for testing of software used for such high-frequency trades.

Negative returns come back to haunt investors

After a decade, the nightmare of negative returns for equity and debt investment has come to haunt investors in 2018. The year may see investors seeing their equity and debt portfolio in the red as the both the equity and bond markets have been going through a flux in recent months on account of global turmoil. While the equity market has erased all the gains it made in the early months of this year, the bond market is also hit badly on fears of rising interest rate.

Dalmia ups ante as battle turns bitter

The resolution process for bankrupt Binani Cement has taken a bitter turn with Dalmia Bharat on Wednesday charging the corporate debtor of creating unnecessary hurdles in the insolvency process to prevent its fraudulent transactions from coming under court’s scrutiny.

New India launches global medical cover

The country’s largest non-life insurance company New India Assurance on Tuesday launched a comprehensive worldwide mediclaim policy named ‘New India Global Mediclaim Policy.’

It is a critical illness policy, covering treatment for cancer, neurosurgery, heart surgery, organ transplant and bone marrow transplant in hospitals outside India. So far the insurer has tied up with top 99 global hospitals including global medical centres like Cedar-Sinai Medical Center, John Hopkins Medical Center and Kings College Hospital that are a part of New India’s empanelled hospitals.

HAL sails through despite HNIs, retailers shunning it

Hindustan Aeronautics’ (HAL) initial public offering was fully subscribed on the last day of bidding on Tuesday. As per last update from the stock exchanges, the Rs 4,198.40-crore public issue, at the upper price band of Rs 1,240 per equity share, was subscribed 0.99 times.

All subscriptions above 90 per cent are considered fully subscribed.

The low turnout of non-institutional and retail individual investors led to the issue banking on the strong support from institutional investors.

FinMin to meet primary dealers today over `6.06 L cr bond sales

The finance ministry has called for a meeting of primary dealers in New Delhi on Wednesday to discuss its near record bond-sale programme for the new fiscal year, according to people with knowledge of the matter.

The ministry wants to seek the views of market participants about how it can conduct the Rs 6.06 lakh-crore ($92.9 billion) programme smoothly, and talks may include what maturities would be better received, said two primary dealers. A government official said the meeting would be used to gauge the mood of the market and the appetite for bonds.

Choksi refuses to join CBI probe, repeats health issue

Jeweller Mehul Choksi has refused to join a CBI probe in the $2 billion PNB scam and claimed that “untenable” allegations had res­u­lted in “sudden closure” of his business and exposed him and his family to “thr­e­ats” from former associates.

In his latest letter to CBI, dated March 16, Choksi also mentioned his medical condition, suspended passport, and media trial to decline the agency’s communicati­on asking him to join probe.

MFIs increase checks and balances post-DeMo

Demonetisation has been a wake-up call for micro finance institutions, which are still reeling under the pressure of stressed assets in their portfolios. Most of th­em have introduced che­ck and balances and some are even diversifying to avoid risk of being a one-product company.