Companies and Markets

Companies & Markets

Rupee takes U-turn, recovers 10 paise against US dollar

The beaten-down rupee today staged a good show by recuperating 10 paise to end at 68.60 against the US dollar in line with a stellar rally in domestic equities despite ongoing global trade war jitters.

The domestic unit yesterday plunged by 27 paise to hit a one-week low of 68.70.

Today, however, steady unwinding of dollars by banks and corporates ahead of the key US labour data too supported the late upmove in the Indian currency.

Index to attract strong buying

The market plunged sharply on account of escalating trade war fears. The S&P BSE Sensex was down l,356.46 points, or 0.95 per cent, to settle at 37,165.16, while the Nifty 50 Index lost 101.50 points, or 0.89 per cent, to close at 11,244.70.

The broader market bucked the trend, with the BSE Mid-Cap Index rising 0.09 per cent and Small-Cap Index rising 0.07 per cent.

Among the sectoral indices on the BSE, the Healthcare Index (up 1.03 per cent), the Power index (0.44 per cent) and the Metal Index (0.27 per cent) outperformed the Sensex.

CreditAccess Grameen set for Rs 1,100cr IPO

Bangalore-based microfinance company CreditAccess Grameen announced a Rs 1,131-crore initial public offering that opens next week. The price band for the issue is set at Rs 418 to 422 per equity share of Rs 10 face value. The IPO opens on August 8 and closes on August 10.

CreditAccess Grameen is focused on servicing rural areas that have limited or no access to formal banking and finance channels.

Steel prices to remain stable; base metals likely to be volatile

Trend: Ferrous metals

Steel prices were marginally down by 3 per cent in July at $580/tn while coking coal price was down substantially by 13 per cent month-on-month to $170/tn. Iron ore 62 per cent grade price rose by 1 per cent MoM to $61/tn while 58 per cent grade iron ore price increased by 1 per cent MoM to $44/tn, demand for iron ore remained firm. China HR sheet price was almost flat (up by 1 per cent) at $699/tn.

13 stocks moved out of ASM, some hit upper circuit

Dilip Buildcon, Venkys India, Man Industries India and 10 other scrips have been moved out of additional surveillance measures (ASM) by BSE with effect from August 2. The BSE action triggered hectic buying and share prices of some of them hit the upper circuit on a day when benchmark BSE Sensex lost almost 1 per cent. Amrit Corp, Beekay Steel Industries, Bhansali Engineering Polymers, Bharat Seats, Crescent Leasing, Goa Carbon, HIL, Himadri Speciality Chemical, Sanwaria Consumer and Tinplate Company of India feature among the 13 stocks which are now out of ASM.

Cracks in Kirloskar family wide & open

Sanjay Kirloskar (in pic), chairman and managing director of Kirloskar Brothers, has moved a civil court in Pune seeking damages to the tune of Rs 750 crore from his two brothers and cousins for allegedly violating the deed of a family settlement.

The suit filed in June has named his brothers Atul Kirloskar, executive chairman at Kirloskar Oil Engines, and Rahul Kirloskar, executive chairman at Kirloskar Pneumatic Company, cousin Vikram and late cousin Gautam Kulkanri’s family as respondents.

Two GMs given charge of CMD in New India Assurance

The government has temporally given charge of CMD of New India Assurance Company to two general managers and directors — HG Rokade and C Narambunathan. The two executives have been directed by the finance ministry to look after all functions of the chairman-cum-managing director (CMD) after G Srinivasan superannuated on July 31.

It’s just a wave-IV correction

The market ended lower as the Reserve Bank of India raised the repo rate by 25 basis points. The Sensex fell 84 points, or 0.23 per cent, to settle at 37,521 while the Nifty 50 ended 10.30 points, or 0.09 per cent, lower at 11,346.20.

The broader market bucked the trend, as the BSE Mid-Cap Index rose 0.19 per cent and the Small-Cap Index rose 0.26 per cent. The market breadth was positive with 1,401 shares rising and 1,295 shares falling.

Among the sectoral indices on the BSE, Healthcare (+1.11 per cent), Oil & Gas (+0.99) and FMCG (+0.77) outperformed the Sensex.