Companies and Markets

Companies & Markets

NCLT rejects Mistry firms’ contempt plea against Tatas

The National Company Law Tribunal (NCLT) on Wednesday dismissed a contempt petition filed by two Cyrus Mistry family companies against Tata Sons and its directors, alleging violation of NCLT directives in taking steps to remove him from the board of Tata Sons.
In the coming few weeks, Tata Sons chairman N Chandrasekaran will become chairman of individual Tata group listed firms.

Details of brokers' associates need to be updated for BSE IPO

Associates of stock brokers will have to ensure that their details are updated in electronic filing system of BSE while applying to participate in the IPO of Asia's oldest bourse.

"While applying in the BSE IPO, applicants who fall within the category of associate/agent are required to confirm that their details of association with the trading member are updated in the BSE Electronic Filing System (BEFS) of the exchange," BSE said in a circular.

Sensex regains 134 pts on Asian leads, Nifty tops 8,400

The benchmark Sensex rebounded 134 points and the NSE Nifty retook the 8,400-mark today after metal and other blue-chip stocks jumped amid a mixed trend in Asia and fresh foreign capital inflows.

The 30-share index was trading higher by 133.63 points, or 0.49 per cent, at 27,369.29, with metal, auto and banking leading the recovery by rising up to 1.21 per cent.

The gauge had lost 52.51 points in the previous session after IMF sharply lowered India's GDP estimates.

Sensex builds on gains, up 72 pts in early trade

The benchmark BSE Sensex gained over 72 points in early trade today, extending yesterday's rally on increased buying by domestic institutional investors encouraged by macro data and better earnings by some blue chips like TCS and Infosys.

Besides, a mixed trend in Asian regions influenced sentiment. In a major breakthrough, the Centre and states yesterday reached a consensus on sharing powers for control over tax payers under GST but the new indirect tax regime will now be rolled out from July 1, instead of the previously planned April 1.

Muthoot Finance to raise Rs 1,400 crore via NCDs

With the emphasis on digital mode of transaction, Mut­hoot Finance is optimistic about loan off-take in the coming months. Compared to Rs 1,250 crore raised through non-convertible debenture issues last fiscal, it would be raising Rs 1,950 crore this year.
Muthoot has filed a shelf prospectus to raise Rs 1,400 crore before the end of the fiscal. In April it has raised Rs 500 crore through NCDs.

Sensex makes tepid recovery, bank shares lead gains

The market today rebounded by over 50 points to end at 27,288, spurred by a rally in financial stocks amid reports that the finance ministry is likely to finalise the capital infusion plan for public sector banks.

The funds infusion will be more than Rs 25,000 crore as announced in the earlier budget and the additional requirement will reflect in the final batch of supplementary demand for grants to be presented in the upcoming budget session, sources said.

Sensex down 55 points on weak global cues

The benchmark BSE Sensex shed about 55 points and the NSE Nifty slipped below the 8,400-mark in early deals today on sustained capital outflows by foreign funds and selling by retail investors amid weak global cues.

Deprecating rupee against the dollar also added to the dampened sentiment. The 30-share index dropped 54.57 points or 0.20 per cent to 27,183.49. The gauge had lost 9.10 points in the previous session on Friday.

In a similar fashion, the NSE Nifty fell below 8,400-mark, shedding 21.15 points or 0.25 per cent to 8,379.20.

Market trying to find momentum, a string of drivers needed

The market continued wi­th its vola­tile ways and registered decent gains at the end of the week. The BSE Sensex was up 478.83 points, or 1.79 per cent, to close at 27,238.06. The Nifty gained 156.55 points, or 1.90 per cent, to close at 8,400.35.
The present rally could be best described as a pre-budget rally or the one where short covering is the basic trigger. In my opinion, the present rally lacks conviction and there are more people who believe it will not last than those believing it will. This could be a possible trigger as well.

FPIs outflow at Rs 3,800-cr from equities in fortnight

Foreign investors have pulled out over Rs 3,800 crore from the country's equity markets so far this month over concerns regarding "lower prospects" of economic growth as compared to other emerging markets.
However, Foreign Portfolio Investors (FPIs) have invested a net sum of Rs 243 crore in the debt markets during the period under review.
The latest FPI outflow took place following a withdrawal of close to Rs 31,000 crore on net basis from the equities in last three months (October-December). Prior to that, FPIs had put in Rs 10,443 crore in the stock markets.

Infosys Q3 profit rises 7%

Infosys, India’s second largest software services exporter, has reported a 7 per cent growth in net profit for the three months ended December 31, 2016 at Rs 3,708 crore, as against Rs 3,465 crore reported in the comparable year ago quarter. On a sequential basis, the net profit of the Indian IT major increased by 2.8 per cent in the latest quarter, as against Rs 3,606 crore reported in September quarter of 2016.