The NCLT on Tuesday approved the resolution plan submitted by Vedanta for Electrosteel Steels, making it first among the 12 large stressed accounts identified by RBI last year to get resolved under the Insolvency and Bankruptcy Code (IBC).
Companies and Markets
Companies & Markets
The rupee extended its losing run for the second straight day, falling by another 15 paise to end at a near 7-month low of 65.64 against the US dollar amid persistent capital outflows and a fresh ripple of geopolitical tensions.
Headwinds in the form of consistent widening in the trade deficit accompanied by portfolio outflows amid unsupportive global factors kept overall sentiment highly bearish.
Country's trade deficit hit USD 13.69 billion in March, climbing from USD 11.98 billion in February.
The Rs 13,000-crore PNB scam and fiscal slippage are among factors that have led to a sharp decline in business optimism for the June quarter, a report said on Monday.
The optimism was rising in the September quarter of last year and hit a peak of 91 per cent for the first quarter of 2018, information services company Dun and Bradstreet said in the report, adding it has slipped by 6.6 per cent to 85 per cent for the second quarter of the calendar year.
Agri-input stocks gained on Monday ahead of the Indian Meteorological Department’s first long-range forecast for South West Monsoon. The IMD has forecast a normal monsoon for the third year in a row.
Stocks of fertilisers, pesticides, seed and farm equipment firms gained on the forecast, coming after private agency Skymet’s forecast recently of a normal monsoon.
Most agri-input stocks saw a sharp rise in second half trading as the market anticipated a positive rain forecast by the IMD.
Retail investors are preferring SIP option for investing in mutual funds, with the industry garnering around Rs 67,190 crore through this route in 2017-18, a 53 per cent rise from the preceding fiscal.
In comparison, Rs 43,921 crore was collected through the investment plan in 2016-17, according to the latest update with the Association of Mutual Funds in India (Amfi).
The finance ministry will have a fresh look at the new appointment of Pradeep Kumar (in pic) as Banks Board Bureau (BBB) member. Kumar, a former managing director of SBI, was adviser to Avista Advisory, a firm run by Rajiv Kochhar, brother-in-law of ICICI Bank MD & CEO Chanda Kochhar. Rajiv was recently quizzed by CBI in the ICICI Bank-Videocon loan controversy.
Asked if the government will cancel the appointment, a senior finance ministry official said a call will be taken only after looking into the seriousness of the case.
The market shed initial jitters over air strikes against Syria over the weekend and closed with gains. The Sensex ended 112.78 points, or 0.33 per cent, higher to settle at 34,305.43 while the Nifty-50 rose 47.75 points, or 0.46 per cent to close at 10,528.35. The BSE Mid-Cap Index rose 0.34 per cent and Small-Cap Index, 0.56 per cent, both outperforming the Sensex.
Among the sectoral indices on the BSE, Realty was up 1.82 per cent and Healthcare was up 1.11 per cent.
The government is considering a proposal to extend the time limit for bankruptcy resolution process by 180 days over and above the initial 180 days under the Insolvency and Bankruptcy Code (IBC). The Centre feels the current timeline is proving insufficient to arrive at a resolution.
Gold prices today reclaimed the Rs 31,000-mark by climbing Rs 275 per 10 grams to end at Rs 31,095 at the bullion market here today following sustained demand from stockists and retailers amid ongoing festivities.
Silver also rose by Rs 305 per kg to Rs 38,785 on persistent offtake from industrial units.
Standard gold (99.5 per cent purity) climbed by Rs 275 to end at Rs 31,095 per 10 grams from last Friday's closing level of Rs 30,820.
The Indian market gained for the third consecutive week and is seem to be on an up-move but for any knee-jerk reaction to the firing of missiles in Syria. The Sensex gained 565.68 points, or 1.65 per cent, to close at 34,192.65 points while the Nifty gained 149 points, or 1.42 per cent, to close at 10,480.60 points. The broader markets gained with the BSE 100, BSE 200 and BSE 500 going up 1.21 per cent, 1.17 per cent and 1.08 per cent, respectively. The Dow Jones gained 427.39 points, or 1.75 per cent, to close at 24,360.14 points.