InterGlobe Aviation, the parent of IndiGo, on Wednesday reported a 75 per cent fall in profit after tax at Rs 190.9 crore in the December quarter as high fuel prices and currency depreciation hurt its bottom line.
Companies and Markets
Companies & Markets
State Bank of India (SBI) chairman Rajnish Kumar will push for waiver of open offer and pricing relaxation for Abu Dhabi-based Etihad Airways that’s willing to invest in the near-bankrupt Jet Airways.
Kumar will meet the market regular Securities Board of India (Sebi) chief Ajay Tyagi at the earliest to secure the waiver under the regulator’s Substantial Acquisition of Shares and Takeover Code.
Domestic mutual funds and rating agencies are likely to come under the Sebi lens for indulging in fraudulent transactions of securitisation of debt papers issued by promoter holding companies like Yes Bank and Sun Pharma.
The market ended with moderate losses after a highly volatile trading session. The BSE Sensex shed 134.32 points, or 0.37 per cent to settle at 36,444, while the Nifty 50 index lost 39.10 points or 0.36 per cent to close at 10,922.75. The market sentiments were hit as global stocks fell amid concerns on slowing global growth after IMF slashed its world economic forecast.
IRDAI has allowed insurance companies to make claim payments of personal accident and benefit-based health insurance policies both as lump-sum and in installments. This will be based on the preference of the policy holder.
A working group of the regulator had taken after considering recommendations by insurance providers on providing claims in installments as well. According to the regulator, this will help ever increasing financial needs of a family on the happening of a contingent event under a policy.
Shares of Sun Pharmaceutical Industries Tuesday jumped up to 5 per cent after it replaced its domestic formulations distributor AdityaMedisales with an own subsidiary.
The stock rose 4.95 per cent to end at Rs 418.05 on BSE. During intra-day trade, it surged as much as 6.12 per cent to Rs 422.75.
Similarly, on NSE, the scrip advanced by 4.80 per cent to close at Rs 417.40. It had hit an intra-day high of Rs 423.50.
Sun Pharma also emerged as the biggest gainer in the Sensex pack.
Reliance Retail is the only Indian company to figure in the Top 250 global retail companies at the 94th position. Reliance also grabbed sixth position among the fastest growing 50 retail companies, according to a study by Deloitte.
Reliance retail with annual revenue of $10649 million in FY17 moved up 95 positions for the 94th slot by doubling its revenue reported in FY16. a CAGR of 44.8 per cent between FY12 and FY17 helped the company grab the 6th slot among the Fastest 50 retail companies. It was a new entrant in the Fastest 50 list in FY16.
Exporters are likely to get incentives based on parameters like research and development, product-specific clusters and production pattern under a five-year foreign trade policy (FTP) to be released later this year, an official said.
The commerce ministry is working on recasting the existing export incentive schemes in line with the global trade norms of the World Trade Organisation (WTO).
The ministry of corporate affairs (MCA) will approach the Reserve Bank of India (RBI) to seek a special dispensation on provisioning norms for public sector banks having exposure to debt-ridden IL&FS.
The finance ministry on Tuesday called a meeting to explore ways for a faster resolution of the infrastructure company’s liquidity issues and a relaxation in provisioning norms was suggested in the meeting. Higher provisioning norms and high levels of non-performing assets (NPA) have limited the banks’ ability to lend further to the company.
The market ended with moderate gains, with the BSE Sensex rising 192.35 points or 0.53 per cent to settle at 36,578.96. The Nifty 50 rose 54.90 points, or 0.50 cent to settle at 10,961.85. However, the BSE Mid-Cap Index fell 0.56 cent and Small-Cap fell 0.70 cent. The market breadth was weak with 938 shares rose and 1,657 shares fell.
Among the sectoral indices on the BSE, Energy was up 2.68 cent and Oil & Gas, 0.7 cent.