Companies and Markets

Companies & Markets

New CEO Parekh logs in at Infosys

It was his first day at Infosys. Salil Parekh, the new CEO & MD of the company reported for work at 9.15 AM on Tuesday, according to a source.

Some thought the new leader would address employees in a town hall, while others expected an email blast with a message from the new CEO.

But what came from Parekh was a video, to all employees, in which he emphasised the importance of the company chasing digital business and all employees embracing reskilling.

RIL commissions world's largest refinery off-gas cracker

Reliance Industries (RIL), on Tuesday successfully commissioned the world's largest refinery off-gas cracker at Jamnagar, as the largest-ever expansion of its petrochemicals portfolio comes to a flawless completion.

This is one of the largest capital expenditure programmes globally in the sector in recent times that epitomises RIL's core strategy of continuously pursuing opportunities for cost optimisation and efficiency enhancement through vertical integration across the value chain.

A sturdy wall at 10490-10520 level

Technical view

Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “Monday’s tail end sell off was followed by a gap up opening on Tuesday, mainly on the back of strong favourable cues from the Hang Seng (Hong Kong) Index. However, the entire lead got sold into in first 10 minutes of trade. In fact, the selling pressure aggravated to breach previous day’s low as well. However, a smart recovery in the penultimate hour pushed the index higher to conclude with negligible gains.

Gold imports surge 67% in 2017 on restocking, retail demand: GFMS

Rajendra Jadhav Mumbai India’s gold imports surged 67 per cent in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, the world’s second-biggest consumer of gold after China, could support global prices, which are already near their highest levels in three months. Spot gold values gained more than 13 per cent last year, their best annual performance since 2010.

Banks to refer 25 accounts to NCLT

Banks are in the process of initiating insolvency proceedings against 25 defaulting companies out of the 28 non-performing accounts given by the central bank, after failing to recast their loans by the December 13 deadline. Banks have an exposure of close to Rs 2 lakh crore in the second list of companies.

Stiff penalty on telcos found violating rules

Telecom regulator Trai on Tuesday issued rules for network connectivity, making it mandatory for operators to ink interconnectivity pacts “on a non-discriminatory” manner within 30 days of receiving a request from another incumbent or face a heavy penalty of up to Rs 1 lakh per day per service area. There are 22 telecom service areas in the country.

FinMin: RBI bonds scheme not closed

The finance ministry on Tuesday said RBI Bonds Scheme has not been closed but the interest rate on such papers has been lowered to 7.75 per cent.

`1.6 lakh cr raised via stock market routes in 2017

Arecord  Rs 1,61, 116 crore was raised through various equity market routes in 2017, the highest ever mop-up in a calendar year, with IPOs and QIPs dominating the scene, says a report by Prime Database.

The year "2017 witnessed raising of Rs 1.6 lakh crore through the public equity market, 3.6 times the amount raised in the preceding year," said Pranav Haldea, managing director, Prime Database.

This is the highest amount raised in a calendar year, the previous high being Rs 97,746 crore raised in 2010.

Not an encouraging event

Technical view

Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “The inaugural trading day of the new calendar year began on a flat note…a sharp decline in last 45 minutes of the trade dragged the index significantly lower to conclude the session with nearly a percent cut.

Nifty opens year on a subdued note; banks, infotech lead decline

India's national benchmark index ended at two-week low on Monday, the first trading day of 2018 while posting its biggest fall in a month on basket selling by large institutional investors amid thin volume trades.

Bharti Infratel, Tata Consultancy Services, Tata Motors, Bosch and IndusInd Bank led decline among the 50-share Nifty constituents.