Companies and Markets

Companies & Markets

Sensex rebounds 173 points, Nifty tops 8,800 in early trade

After two sessions of losses, the benchmark Sensex recovered almost 173 points and the NSE Nifty retook the 8,800-mark in early trade today on fresh spell of buying by participants.

Power, bank and auto sector stocks hogged the limelight even as the RBI maintained status quo in its monetary policy review yesterday.

Furthermore, encouraging quarterly earnings by a few more companies and a better trend at other Asian bourses too influenced sentiments.

The 30-share index was trading higher by 172.52 points or 0.61 per cent, at 28,462.44.

Banks hit hard as Sensex reacts to policy review

The equity market saw a knee jerk reaction as the benchmark indices Sensex and Nifty fell sharply intra-day after the Reserve Bank of India announced a status quo on lending rate and a change in monetary policy stance from accommodative to neutral.
The RBI surprised the market as it went against the wider market expectation of a 25 basis point repo rate cut and continuation of a rate easing cycle.

Small engineering companies could be merged with EIL

Prepare for consolidation, public sector style. After putting in motion a plan to create an oil sector behemoth by merging oil producing and marketing companies, the government now plans to put into place a public sector consultancy giant by bringing together about half-a-dozen smaller engineering companies and melding it with much larger and profitable Engineers India (EIL).
There are close to a dozen public sector undertakings (PSUs) that provide a range of consultancy services — from education to engineering, procurement and construction (EPC).

Sensex bounces 56 pts in early trade on rate cut hopes

The benchmark BSE Sensex recovered over 56 points in opening trade today on hopes of a rate cut by the Reserve Bank and encouraging corporate earnings.

The 30-share index, which had lost 104.12 points in the previous session, rose by 56.48 points or 0.19 per cent, higher at 28,391.64, with consumer durables, metal, realty, auto and bank stocks leading the recovery.

Govt ensures Rs 8,700 crore in selloff kitty in a day

A government struggling hitherto to meet its ambitious disinvestment target has smelt good money, of more than Rs 8,700 crore, on Tuesday, which now gives it the confidence to meet or even exceed the target in the next 50-odd days.

Tata Steel back in black, logs Rs 231 crore profit in Q3

State-owned Punjab National Bank on Tuesday posted four-fold jump in net profit at Rs 207 crore for the December quarter of current fiscal on account of an increase in treasury income and a decline in the cost of deposits.
The bank had reported a net profit of Rs 51 crore in the corresponding quarter of last fiscal.
"Profit during the quarter was driven by decline in cost of deposit, recovery of bad loans and rise in treasury income," PNB managing director Usha Ananthasubramanian said while announcing the third quarter numbers.

MF industry's AUM touches new high in January at Rs 17.37 L crore

THE asset under management of the mutual fund industry rose 5.51 per cent, or Rs 90,750 crore, and touched a new high at Rs 17.37 lakh crore in January, as per data released by the Association of Mutual Funds in India.
The combined effect of fresh inflows in liquid and short-term funds, a rally in the equity and Rs 6,000 crore collected in the CPSE ETF led to the industry AUM to rise by Rs 90,750 crore to Rs 17,37,087 crore from Rs 16,46,337 crore in December.

SUUTI holdings straddle 51 firms

Government holds stake in 51 companies, both listed and unlisted, through the Specified Undertaking of Unit Trust of India, or SUUTI.
Of these, 43 companies are listed on the stock exchanges and eight companies are unlisted.
But government enjoys notable shareholdings in three companies, ITC, Axis Bank (erstwhile UTI Bank) and Larsen & Toubro, which is worth Rs 54,167.94 crore after discounting the 2 per cent stake sale in ITC on Tuesday.
Government’s holding in other listed companies are less than one per cent and not disclosed by individual companies.

HDFC MF plans new cancer fund from March

Encouraged by the success of its first cancer fund, HDFC Mutual Fund has filed a draft offer document with the Securities and Exchange Board of India (Sebi) for its second cancer fund -- HDFC Charity Fund for Cancer Cure.

Tata Sons turfs out Cyrus Mistry

Shareholders of Tata Sons on Monday ousted Cyrus Mistry (in pic) as a director on board, nearly four months after he was removed as chairman of the holding company of the salt-to-software major. The ouster of Mistry was a foregone conclusion as Tata Trusts and Tata group companies together hold around 80 per cent stake while the Mistry family owns 18.4 per cent stake in the company. At the extraordinary general meeting held at Bombay House, shareholders passed a resolution to remove Mistry as a director of Tata Sons, as per a company release.