Companies and Markets

Companies & Markets

Infy board to consider share buyback, special dividend in Jan 11 meet

Bangalore-based tech behemoth Infosys on Tuesday said its board would consider a buyback programme and payment of special dividend at its meeting on January 11.

In a regulatory filing, the company said, “The board of the company will consider proposal (s), including but not limited to, buyback of fully paid-up equity shares of the company, payment of special dividend, for implementation of the capital allocation policy at its meeting to be held on January 11.”

Focus on 10,850 range

The Sensex ended 130.77 points higher at 35,980.93 while the Nifty gained 30.40 points at 10,802.20. The market was rangebound as investors turned cautious ahead of corporate earnings season. The midcap index fell 0.16 per cent while Small cap gained 0.17 per cent. On the sectoral front, Nifty PSU Bank gained the most, rising 2.77 per cent.

Pharma index climbed 1.5 per cent while Bank, Auto, Financial Service and Metal indices gained 0.4-0.8 per cent.

PV retail sales down 2% in Apr-Dec

According to FADA, which collected vehicle registration data from 1,072 out of 1,431 Regional Transport Offices (RTOs), PV sales measured by registrations stood at 19,65,630 units in the year-ago period. Federation of Automobile Dealers Associations (FADA) also hoped that retail sales of passenger vehicles would improve in the fourth quarter to end the year on a positive note despite witnessing decline so far in 2018-19.

ECF takes up RBI’s surplus, liabilities

The Reserve Bank of India’s economic capital framework (ECF) panel, headed by ex-RBI governor Bimal Jalan, at its first meeting on Tuesday deliberated on the exact surplus, profits and liabilities of the apex bank.

Nifty Breakout likely soon

The market ended with modest gains, with the Sensex gaining 155.06 points or 0.43 per cent to settle at 35,850.16. The Nifty rose 49.25 points or 0.46 per cent to settle at 10,776.60. The index hit high of 10,835.95 and low of 10,750.15 in intra-day trade. The mid-cap and Small cap rose 0.03 and 0.06 per cent respectively.

Coffee output halves from bad weather

India’s coffee production has almost halved in this harvest season, after extreme weather conditions like floods, storms, water logging and landslides during August-September monsoon caused severe plant and bean damages and even washing away of plantations.

The single largest coffee producing district, Coorg, was the most affected by floods and it reported 60 per cent decline in output.

Srei, Norway’s ECN in equipment import pact

Srei Equipment Finance, an arm of Kolkata-based Srei Infrastructure Finance (Srei), on Monday teamed up with Eksportkreditt Norge AS (ECN), a Norwegian state-owned provider of export credits, to facilitate financing of equipment import from Norway to India. The memorandum of understanding between the two companies was signed at the India-Norway Business Summit 2019, in the presence of the prime minister of Norway, Erna Solberg.

Essar clears last tranche of debt, says repaid Rs 1.37 L cr so far

Essar Global Fund, the holding company of Essar Group, on Monday said it has repaid all its overseas debt after it paid back the last tranche of Rs 12,000 crore ($1.75 billion) to its various Indian and foreign lenders.

This is in addition to the Rs 30,000 crore ($5 billion) repayment made in August 2017 to various lenders from the proceeds from the sale of Essar Oil to Rosneft of Russia, the company said.

Rs 40,000 cr investment expected in OALP-II bid round

The government is expecting about Rs 40,000 crore of investment in the 14 blocks it put up on auction for prospecting of oil and gas in the second round of open acreage licensing policy (OALP), Oil Minister Dharmendra Pradhan said on Monday.

In the first round of OALP last year, as much as Rs 60,000 crore was committed in the exploration of oil and gas in 55 blocks or areas, he said adding a third round of OALP with 12 oil and gas blocks and five coal-bed methane (CBM) blocks would be launched within this month.