Companies and Markets

Companies & Markets

MFs likely to trade in commodities soon

Commodities market watchdog Sebi is likely to give mutual funds the go-ahead to trade in commodity markets in a month. The regulator is also in talks with the RBI to allow institutional investors like banks and FPIs to trade in the
segment.
"Mutual funds' participation in commodities derivatives would be the first one to happen among institutional investors," Securities and Exchange Board of India (Sebi) chairman U K Sinha said on Friday and hinted that the move could be implemented in a month.

Idea, BHEL sink up to 6% on exclusion from Nifty 50

Shares of Idea Cellular and BHEL fell by up to 6 per cent today as these companies will move out of National Stock Exchange's Nifty 50 index from March 31.

Reacting to the exclusion, the scrip of Idea tumbled 5.74 per cent to Rs 101.65 while that of BHEL went lower by 2.47 per cent to Rs 149.55 on NSE.

Indiabulls Housing Finance and Indian Oil Corporation will take their slots in the index.

Indiabulls Housing surged 6 per cent to Rs 882.50 and IOC 2.81 per cent to Rs 386.55.

Sensex bolts away, jumps 425 pts on inflows, Nifty tops 8,800

For the second day, the Sensex broke free today, shooting up nearly 425 points, and the Nifty wrested back control of the 8,800-mark in early session on substantial gains across the spectrum, driven by increased foreign capital inflows.

The 30-share barometer zoomed 424.99 points, or 1.50 per cent, to 28,726.26. The gauge had gained 145.71 points in the previous session. Also, the NSE Nifty recaptured the key 8800-level by surging 91.60 points, or 1.04 per cent, to 8,869.60.

TCS triggers share buyback bonanza, Infy takes the cue

Amid a growing chorus for share buyback by Infosys, the board of rival Tata Consultancy Services (TCS) is meeting on February 20 to consider a buyback to reward its shareholders in these challenging times.
This puts Infosys — already caught in a maelstrom over capital allocation among other issues — under pressure to come out with its own buyback plan. In fact, within hours of TCS’s statement to bourses, a press release by Infosys said the company “periodically” reviews the capital allocation policy and the management will take a decision on share buyback at an “appropriate time.”

World stocks at new peak on sturdy data; Europe fades

A gauge of major world equity markets scaled a fresh record on Thursday, boosted by rosy global data, while US bond prices received a lift from a drop in the dollar.
MSCI's All-Country World index hit an intraday record for a second straight session, although stocks on Wall Street dipped as the financial sector lost ground for the first time in five sessions.
Data reports showed improvements in exports from Indonesia and Taiwan, along with falling unemployment in Sweden and the Netherlands.

Tata Motors & Microsoft join hands for AI vehicles

Tata Motors, India’s biggest automobile maker by revenues but struggling to sell its passenger cars in a fiercely competitive market, has tied up with Microsoft, the global technology leader, for a strategic collaboration on the technology front to make driving a more personalised experiences for the customers.
The first vehicle showcasing the vision of the enhanced driving experiences will be unveiled at the Geneva International Motor show on March 7, the collaborators said. This will also be the first car to be showcased under its new Tamo brand.

Sensex bounces 146 pts; IT, pharma lead rally

Market benchmark Sensex surged by 146 points today to close at 28,301, snapping a two-session losing run as IT stocks led the recovery after TCS said its board will consider share buyback next week.

The 30-share Sensex, after opening on a strong note at 28,223.85, succumbed to profit-booking and slipped into the negative terrain to hit the day's low of 28,146.19 before bouncing back to close higher by 145.71 points, or 0.52 per cent at 28,301.27. It touched an intra-day high of 28,327.84.

BSE SME platform receives 200 draft prospectus

BSE's small and medium enterprise (SME) platform seems to be generating significant interest from investors with 200 firms filing draft papers to raise funds through IPOs since the launch of the segment, nearly five years ago.

Out of 200 companies, 164 of them are already listed and have raised Rs 1,282 crores from the market. Currently, these firms have a market capitalisation of Rs 18,345 crore.

Sensex recovers 109 points on global cues

The market benchmark BSE Sensex recovered over 109 points in early trade today on widespread gains amid a firming trend at other Asian bourses following another record closing of the US markets.

The 30-share barometer was quoting 109.11 points, or 0.38 per cent higher at 28,264.67. The gauge had lost 196.06 points in the previous two sessions.

Major gainers that contributed to the upsurge were Tata Motors, Sun Pharma, Infosys, SBI, Maruti Suzuki, GAIL, RIL, Wipro, NTPC and Cipla.

Nasscom defers annual growth forecast to May

In an unprecedented move, IT industry lobby Nasscom has deferred guidance for the next financial year by a quarter as the headwinds rise, while saying that the sector will grow at the lower end of its revised target in fiscal 2017.
Nasscom president R Chandrasekhar said the association would come out with its guidance for the IT and the business process management sector in the next quarter, most likely in May, after deeper interactions with customers and other stakeholders.

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