Mumbai

Sebi warns PNB for late disclosures in Nirav Modi scam

PNB said today that markets regulator Sebi has warned it for delay in  disclosures to stock exchanges about the USD 2 billion fraudulent transactions allegedly carried out by Nirav Modi and Gitanjali Group of companies.

Taking serious note of delay in making disclosures, Sebi has issued a warning letter to state-owned Punjab National Bank -- the country's second largest lender.

FMCG stocks spike on strong buying interest

With companies reporting robust earnings growth, FMCG stocks like Hindustan Unilever (HUL), Procter & Gamble, Colgate and ITC are seeing strong buying interest from domestic and foreign investors.

Over the past one month, the BSE FMCG Index has outperformed the market, as it has risen 5.6 per cent against the Sensex’s gain of 3 per cent.

Privileged if my Rs 100 cr film is called flop: Salman Khan

Critics panned superstar Salman Khan’s movie “Tubelight” but the actor says if a film of his makes more than Rs 100 crore and is still called a “flop,” then he is honoured. Released last year, “Tubelight” did a business of over Rs 100 crore in India. The film, however, was panned by critics and went on to incur losses, which Khan later compensated. The actor was supposed to make a father-daughter dance drama film with Remo D’Souza post “Tubelight” but there were rumours he shelved that project as he didn’t want to do another emotional film.

Inflation data triggers fall in rate-sensitive stocks

The spike in inflation has triggered rate hike fears in the market, leading to correction in rate sensitive stocks in sectors like realty, auto, bank, NBFCs and capital goods on Tuesday.

Government data released on Monday said consumer price inflation (CPI) for April rose to 4.6 per cent from 4.3 per cent in March.

This led to economists forecasting two rate hikes by the RBI in 2018, first in August and then in October.

All Bank divests its CEO of all powers

The Board of state-owned Allahabad Bank on Tuesday divested its MD and CEO Usha Ananthasubramanian (in pic) of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI's chargesheet in PNB fraud case. Ananthasubramanian was the CMD of Punjab National Bank till May 2017. Yesterday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB.

The PNB had on Monday divested its two executive directors of all powers.

K’taka done and dusted, investor focus now on oil

Investor focus has shifted to rising oil prices and inflation after Karnataka poll verdict gave a hung assembly. Earlier in the day, wide swings in the fortunes of main players in Karnataka fray flattened the biggest stocks rally in three months. The benchmark BSE Sensex erased an intra-day advance of 1.2 per cent to close little changed after the Congress said it would support JDS to form the government in Karnataka. Stocks rallied in early trade after trends showed the BJP was set for a majority.

Priyanka’s Marathi production titled ‘Paani’

Priyanka Chopra on Tuesday announced her fourth production venture in Marathi language, titled “Paani.” The 35-year-old actor, who is backing the film under her production banner Purple Pebble Pictures, took to Twitter to share the news. The film, to be directed Adinath Kothare, is based on a “true story” and explores the contemporary water crisis.

 

Nifty ends flat on K'taka poll results

NSE benchmark Nifty shed its early strong gains to end almost flat after the BJP fell short of a simple majority in Karnataka elections.

The 50-share Nifty slipped 4.75 points to 10,801.85 on mild bouts of profit-booking after JDS-Congress alliance news trickled in, dragging the broading index lower albeit marginally.

Moreover, disappointing results pulled PSU bank stocks into negative territory.

Overseas, European markets gave mixed reactions, as investors monitored key political and economic risks while oil prices hovered close to multi-year highs.

Fortis gets new offer from Manipal; EGM called for sacking directors

The Fortis Healthcare board’s decision to accept the Munjal-Burman offer may set off a battle for control of the hospital chain, with bidders taking aggressive positions and minority shareholders joining the battle.

Fortis has already seen four serious buyers vying to take over the fund-starved company, by upping their bids multiple times

Modi govt spent Rs 4,343 crore on publicity

The Narendra Modi government has spent Rs 4,343 crore on publicity since it came to power in May 2014, an agency under the ministry of information and broadcasting has said in reply to an RTI query.

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