Companies and Markets

Companies & Markets

RBI seeks details of payments data storage

The Reserve Bank of India (RBI) has written to payment companies seeking details of their preparedness to comply with its April mandate to store all user data in servers located within India.

RBI survey shows drop in confidence in Modi rule

“Achhe Din Ayenge” — the promise on which the National Democratic Alliance (NDA) government came to power in 2014 is still a distant dream for the common man. This was revealed in the highly-rated ‘Consumer Confidence Survey’ of the Reserve Bank of India.

People are not buying the tall claims of the Narendra Modi government, which has a tough task on its hands in the one year before the elections to turn the apparent disillusionment among the people to hope.

Too early for trend reversal

The domestic market had pull back rally on the back of positive global cues. The S&P BSE Sensex rose 284 points or 0.81 per cent to settle at 35,463.08, the Nifty 50 index rose 83 points or 0.78 per cent to end at 10,768.35. Broader market also witnessed strong buying as the BSE Mid-Cap index rose 1.4 per cent, the BSE Small-Cap index rose 1.96 per cent. Both these indices outperformed the Sensex. The market breadth was strong as 1,961 shares rose and 747 shares fell on BSE.

Technical view

Gold prices to gain momentum after Fed’s policy meeting

Gold prices are expected to move up post the US Federal Reserve’s policy meeting next week. Physical demand from the two largest markets﷓﷓India and China﷓﷓are showing signs of recovery along with positive inflows into gold ETFs. Of late, gold has been trading lower as expectations of a US interest rate hike have been building up in the market due to stronger-than-expected US jobs data. Once the Fed meeting on June 12 and 13 ends, market expects gold to shed its weakness.

Bharti sells Future Retail stake for Rs 1.7K cr

Bharti Group entity Cedar Support Services on Thursday sold 6 per cent stake in Kishore Biyani-led Future Retail for nearly Rs 1,697 crore, through open market transactions. Cedar disposed of 3.03 crore shares, amounting to 6.04 per cent stake in Future Retail, according to the bulk deal data available with the NSE.

Shares were offloaded at an average price of Rs 560.01, valuing the transaction at Rs 1,696.83 crore.

At the end of March quarter of 2017-18, Cedar held 4.63 crore shares, or 9.23 per cent stake in the Kishore Biyani-led firm.

Industry worried as De Beers’ forays into synthetic diamonds

The Indian diamond industry is worried about De Beers’ foray into synthetic diamond business with the launch of Lightbox Jewellery. They fear that the demand for natural diamond will get affected due to branded synthetic diamond jewellery from the global giant.

SEBI takedown of rogue manipulators continues

Market regulator Sebi may examine the role of its officials as well as employees in stock exchanges as part of its probe into the leak of names of 37 of the list of 109 mid-cap stocks put under additional surveillance mechanism (ASM). According to sources, Sebi is trying to figure out whether the leak happened at its end or at exchanges, which put the notification on their websites after the trading hours on May 31.

Just half the top guns have kept faith

The fourth quarter earnings season has presented a mixed report card for companies in the Nifty 50 Index. While about 56 per cent companies have come up with numbers in line with or beyond market expectations, the rest have disappointed the Street in the January-March 2018 quarter.

The hiccups in terms of asset quality for banking, financial services and insurance (BFSI) companies and raw material cost pressure on non-BFSI companies have kept the earnings momentum capped for the Nifty-50 companies.

10-year bond yield closes near 8% mark, highest in three years

India's 10-year benchmark bond yield closed near the 8 per cent mark, its highest in three years on Thursday after the Reserve Bank of India (RBI) increased the policy repo rate by 25 basis points and changed liquidity coverage norms. The 10-year bond yield closed at 7.993 per cent, a level last seen on May 7, 2015, from its Wednesday’s close of 7.913 per cent. Bond yields and prices move in opposite directions.

ICICI Bank may file consent plea in Videocon loan case

Under the scanner of investigative agencies over allegations of quid pro quo, ICICI Bank is looking to file a consent plea with the Securities and Exchange Board of India (Sebi) to end the ongoing probe against CEO and managing director Chanda Kochhar (in pic) in the Videocon loan case, according to a news report citing unnamed sources. ICICI Bank refused to comment. A plea agreement means settlement of case without main hearing when the defendant agrees to plead guilty in exchange for a lesser charge or for a more lenient sentence and/or for dismissal of certain related charges.

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