The benchmark BSE Sensex today rallied nearly 155 points to extend gains for the fourth session in a row on buying in IT, FMCG, auto and pharma stocks amid firm global markets and easing Indo-China border tension.
Companies and Markets
Companies & Markets
The benchmark BSE Sensex advanced 179 points and the NSE Nifty reclaimed the 9,900-mark in early trade today on strong gains in IT, pharma and FMCG stocks.
Infosys ex-CFO V Balakrishnan has said new chairman Nandan Nilekani should continue in the job for two-three years to chart out a proper succession plan and ensure that efforts of the company to be professionally-managed do not "fail again".
Balakrishnan, who has been one of the most vocal critics flagging alleged erosion in corporate governance standards at Infosys, also stuck to his demand that co-chair-turned-independent director Ravi Venkatesan step down from the board.
In a short, four-day trading week, the market was fairly circumspect and closed with marginal gains. The market was still trying to digest the happenings at Infosys. The Sensex closed with gains of 71.38 points, or 0.23 per cent, to close at 31,596.01 points. The Nifty gained 19.65 points, or 0.20 per cent, to close at 9,857.05 points.
Notwithstanding layoffs in the June quarter, the IT sector has registered a 9 per cent growth in hiring in July, says Naukri.com. According to web portal Naukri.com, the IT/software industry is on the path of recovery with 9 per cent YoY growth and has helped the job market recover with a 2 per cent growth in July.
Banking, financial services and insurance too have contributed to this growth.
Ashutosh Khajuria, executive director and chief financial officer at Federal Bank spoke to Payal Shah and Laxmikant Khanvilkar of TickerNews Service on varied topics ranging from outlook for the rupee, benchmark treasury yields, and Reserve Bank of India rate action. Below is an excerpt:
Where do you see the rupee by the end of this calendar year and fiscal year?
Indian stocks today shrugged off weakness in US markets as the Sensex surged over 110 points, with domestic investors doing the job amid positive Asian cues.
After sustained public anger over frequent rail accidents leading to big loss of lives, railway minister Suresh Prabhu has offered to tender his resignation from the council of ministers. Prabhu announced his decision on Twitter, but said that prime minister Narendra Modi has asked him to wait.
Government sources told Financial Chronicle that Prabhu’s resignation would be accepted shortly, as the prime minister has not turned down his offer.
The clamour for Nandan Nilekani’s return to Infosys became louder and clearer on Wednesday with institutional investors on Wednesday throwing their weight behind the former chief executive officer (CEO).
As many as 12 fund managers representing institutional investors in Infosys in a letter to the board said Nilekani “enjoys the confidence of various stakeholders” and should be invited to the board in “a suitable capacity” (see the full letter in the accompanying box).
While leaving domestic lenders out of its mega plan to repay debt, the Essar Group has decided to reward its former shareholders with an additional payment of Rs 75.48 per share and share with them the premium accruing to the promoters from the sale proceeds of the oil venture.