HDFC shares rally ahead of new FIIs trading window

HDFC Bank shares rallied 4.36 per cent on Thursday to reach Rs 2,136.15 on BSE as domestic investors rushed to buy ahead of the introduction of a new system monitoring foreign ownership limits in real time from June 1.

RBI to hold rates in June 6 review

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is likely to maintain status quo on rates when it meets on June 4-6 to announce the second bi-monthly monetary policy. While some are not ruling out the probability of the MPC pre-emptively hiking rates by 25 basis points in the June policy meeting on rising oil prices and rupee weakness, economists appear unanimous of a rate hike in August policy.

L&T Shipbuilding’s auditors raise ‘going concern’ doubts

Multiple years of losses have substantially eroded the net worth of engineering major L&T's shipbuilding arm and led its independent auditors to cast “significant doubt” over whether the company can continue as a "going concern".

L&T, the parent, however said its investment in L&T Shipbuilding is “strategic” and affirmed its financial support.

In accounting parlance, the 'going concern assumption' typically means that the company will remain in business for the foreseeable future without being forced to halt operations and liquidate its assets.

Mutual Funds set to rename schemes by June 30

Mutual fund houses are trying hard to meet the June 30 deadline for adhering to Sebi guidelines on categorisation and rationalisation of schemes, but execution is a big challenge as portfolios are being reset.

Post-categorisation and rationalisation of mutual fund schemes, investors will have more clarity and they can pick and choose what they want. At present, it’s all about getting used to new fund categories and names, both for distributors and investors.

MSCI weighs putting India on notice

Foreign fund flows into domestic market are likely to be hit as MSCI Inc is placing emerging markets, including India and Brazil, on notice for limiting investor access.

According to experts, India’s weight on the MSCI index could see a reduction in the future, leading to FIIs pruning their exposure to the country.

This comes at a time when FIIs are consistently reducing their stakes in the domestic market over the past few months.

FMCG, auto stocks rise on rain forecast

Auto, FMCG and farm equipment stocks have seen huge buying interest as investors bet on improving rural demand on the back of higher minimum support prices (MSP), expectation of a favourable monsoon and rising rural disposable income boosting consumption demand.

Over the past month, rural focussed stocks like M&M, Colgate, GNFC, Dabur India, VST Tillers, Swaraj Engines and FMCG major Hindustan Liver have gained 10-18 per cent.

ICICI orders independent probe against Chanda

Months after serious charges of conflict of interest emerged against its MD& CEO Chanda Kochhar (in pic), ICICI Bank on Wednesday ordered an independent enquiry into the allegations raised by an anonymous whistleblower. Kochhar faces the accusation of “quid-pro-quo” in her dealing with Videocon group. The ICICI Bank board’s decision follows market regulator Sebi’s show-cause notice to Kochhar for alleged violation of disclosure requirements under securities law in the same case.

Rupee breaks 3-day gaining streak, loses 43p

After a short-lived recovery, the rupee on Tuesday once again turned shaky and lost ground against the US currency, falling by a steep 43 paise to end at 67.86 due to heavy month-end dollar demand from importers.

Forex market sentiment turned bearish after tracking losses in most Asian and emerging market currencies, also impacted by political developments in Italy.

Reserve Bank audit reveals NPA divergence of Rs 45,600 cr in PSBs

Top five public sector banks have reported large, discomforting NPA divergence to the tune of Rs 45,600 crore. This has come to light after the Reserve Bank of India’s (RBI) auditing by March-end, 2017. The divergence in non-performing assets is the difference between the central bank’s assessment and the bank's reported non-performing loans.

SpiceJet hits upper circuit, oil marketing firms gain by 4-6%

Stocks of fuel oil marketing companies and airlines rallied as crude prices fell for three consecutive days in the international markets and the rupee recovered from recent lows. Budget carrier Spicejet was up 20 per cent and hit the upper circuit in the afternoon trade.

BPCL gained 5.17 per cent, HPCL was up 6.10 and Indian Oil Corporation 4.13 per cent on BSE at the close of Monday’s trading.