The government is likely to consider allocating more than Rs 2.11 lakh crore for bank recapitalisation programme.
Companies and Markets
Companies & Markets
Indian women have a knack of saving smart. Rekha Rakesh Jhunjhunwala and Dolly Khanna are two investors whose investment choices are worth a look at on Women’s Day. Famed investor Rakesh Jhunjhunwala’s better half Rekha held 11 stocks with a networth of over Rs 2,528.49 crore as per stock exchange’s shareholdings data as on December 31, 2017.
Neither India Inc nor the entrepreneurial environment in the country supports women as only 10 per cent organisations in India have a robust gender diversity programme. Despite the pay gap between men and women in India Inc narrowing in 2017, women still earn 20 per cent lesser than men, finds job search portal Monster India. Meanwhile, MasterCard has ranked India among the bottom-five countries in terms of ability of female entrepreneurs to capitalise opportunities in their local environments.
Tata Steel on Wednesday said it has been identified as the highest resolution applicant to acquire controlling stake of Bhushan Steel, which was undergoing insolvency proceedings.
In a statement, the company said that "it has received a formal communication from the resolution professional (RP) of Bhushan Steel that it (Tata Steel) has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL under Corporate Insolvency Resolution Process (CIRP) of the IBC, as decided in the meeting of CoC of BSE on March 6.”
Benchmark indices fell for the sixth consecutive session on Wednesday, with the Sensex declining 284.11 points to 33,033.09 while Nifty was down 95.10 points, or 0.93 per cent, at 10,154.20. The market faced continued selling pressure on weak global cues coupled with concerns over the Indian banking sector.
The BSE Mid-Cap Index fell 1.32 per cent and Small-Cap declined 2.16 per cent. Both these indices underperformed the Sensex.
The breadth of the market was weak as 2,240 shares declined and 502 shares advanced on the BSE.
Markets regulator Sebi has reconstituted its committee that suggests the road map for developing the corporate bond market in the country.
The 27-member committee would now be chaired by Harun R Khan, former deputy governor at the Reserve Bank of India (RBI), as per the latest update with the Securities and Exchange Board of India (Sebi).
Missile manufacturer Bharat Dynamics announced a Rs 960-crore initial public offering to offload 12 per cent stake in the state-owned company to the public. The IPO, in the price band of Rs 413 to Rs 428 per share of Rs 10 face value, opens on Mar 13 and closes on Mar 15. The proceeds of the offer will go to government of India and the company will not receive any proceeds from the offer.
Shares of Adani Group companies plunged by up to eight per cent on Wednesday, wiping out more than Rs 9,000 crore in market value, after BJP MP Subramanian Swamy called Gautam Adani the "biggest NPA trapeze artiste in PSUs".
Shares of Adani Transmission fell 7.72 per cent to close at Rs 179.85 on the BSE. Besides, Adani Enterprises plunged 7.24 per cent to settle at Rs 172.40.
The Adani Ports & SEZ stock tanked by 6.53 per cent to end the day at Rs 377.45, while Adani Power declined 6.6 per cent to close at Rs 27.60.
State-run banks, which are typically the largest investors in government securities, could lose over Rs 20,000 crore in the January-March quarter, due to a continued spike in bond yields, said brokerage firm Credit Suisse in a report. This loss would be three times more than their losses on bonds in the preceding quarter.
After a spectacular surge to cross the 11,000-mark in January, the widely-tracked NSE Nifty-50 index had a monumental fall as well, plunging by over 1,000 points in less than 20 trading days. While the market continued to face selling pressure on account of weak global cues, added concerns over the massive fraud in the Indian banking sector caused the 50-share NSE Nifty to close below the psychological 10,200-mark on Wednesday.