Companies and Markets

Companies & Markets

Nifty may extend gains

Technical view

Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “In line with the massive rally in US bourses on Friday, our market opened higher to surpass the 10,300 mark in the initial trades...

Big bounce day

The domestic market staged a strong bounce back on the back of firm global cues and short covering in the latter half of the trading session, taking the Sensex higher by 600 points and the Nifty up nearly two per cent to reclaim the 10,400 range.

After falling by 10 per cent from the all-time high levels over the past month, the rally in the market has come as a big relief to the investors.

Almost all the sectoral indices participated in the surprise up-move that was led by strong buying in index heavyweights ITC, HDFC and Reliance Industries.

Tata Sons plans to raise Rs 8.2K cr via TCS share sale

Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources. Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to be happen this week, the sources added. When contacted, Tata Sons declined to comment.

Pricey diamond in your necklace could be stone

Some black sheep have already brought disrepute to the gems and jewellery trade. Now, some industry insiders suspect fake diamond sales have been going on undetected. They doubt synthetic or man-made stones are being passed off as natural stones in jewellery. What has given rise to such a suspicion is the mismatch between a sudden spurt in imports of rough synthetic stones and the corresponding exports after value addition. In January rough synthetic stones worth Rs 200.90 crore were imported against Rs 76.55 crore in the same month last year, registering a growth of 162 per cent.

Nirav-Mehul inflated revenue to swindle banks

The Income Tax Department has detected more proof, which reveals how billionaire jewellers Nirav Modi (in pic) and Mehul Choksi used fake receipts to inflate turnover and then secure loans from banks. Sources said the value of could be about Rs 5,200 crore. Inflating revenue using forged receipts is the modus operandi in many a scam. Satyam scandal being the most notorious. The method, industry sources said, is now rampant in gems and jewellery trade.

Infosys retreats from European bourses

Tech bellwether Infosys on Monday said it would voluntarily delist its American depositary shares (ADS) from Euronext Paris and Euronext London exchanges.

However, the company will remain listed on the New York Stock Exchange (NYSE).

The primary reason, said the company in a communiqué, for seeking the delisting is the low average daily trading volume of Infosys ADS on these exchanges, which is not commensurate with the related administrative requirements.

Andhra Bank shares crash as charge sheet filed against ex-director

Shares of state-owned Andhra Bank fell over 15 per cent to hit a 15-year low after the Enforcement Directorate (ED) filed a charge sheet against a former director in a separate money laundering case.

The Andhra Bank stock closed at Rs 35.85, down 6.88 per cent on the BSE, its lowest after August 2003. The stock fell as much as 17.1 per cent intra-day.

Coming 2 weeks will be stock pickers' time

It continues to remain volatile and choppy on the bourses. Markets were down for the negative and lost on three of the five trading days. They gained on one day and were flat on the last day of the week notwithstanding the fact that Dow Jones had two stellar up days and three days were flat. BSE Sensex lost 739.80 points or 2.22 per cent to close at 33,307.14 points while Nifty lost 231.50 points or 2.26 per cent to close at 10,226.85 points. Dow Jones gained 796.68 points or 3.14 per cent close at 25,334.74 points.

Oil, fund flows, GST glitches key risks in 2018: Crisil

A Rise in oil prices, fluctuations in capital inflows from global financial developments, lingering GST-related glitches and below-normal monsoon are key risks to the Indian capital market and economy in the next nine months of 2018, according to rating agency Crisil’s India outlook report for 2018.

Sharper than expected rise in oil prices has been stated as the top risk India faces being heavily dependent on imported oil to steer its economy.

Jet may team up with Air France-KLM, Delta for AI bid

Private airlines are warming up to bid for disinvestment-bound Air India (AI). Naresh Goyal-controlled Jet Airways could team up with Air France-KLM and Delta Airlines to acquire the national carrier. Industry sources said the Jet Airways consortium is keen to put in their bid for Air India.