Companies and Markets

Companies & Markets

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.

Four companies added to MSCI Global Index

As many as four companies —Avenue Supermarts, Biocon, HDFC Standard Life Insurance Company and InterGlobe Aviation-- will be added to the MSCI India Index from June 1.

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.

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.

Market to swing to poll verdict

The market ended flat as investors turned cautious ahead of the Karnataka Assembly poll results today. The Sensex gained 20.92 points at 35,556, while the Nifty rose 0.10 points at 10,806.

The market opened higher in early trade on positive Asian cues, but stocks trimmed gains and hit intraday lows in afternoon trade.Selling was seen in mid-cap and small-cap segments. The BSE Mid-Cap Index was down 0.88 per  cent and the Small-Cap Index ended 1 per  cent lower.

The market breadth was weak as 845 shares rose and 1,827 shares fell on the BSE.

On the speedway

The current financial year has started on a strong and promising footing for India’s vehicle makers, picking up from the acceleration seen in the March quarter of the last financial year.

April witnessed significant growth across all segments, with commercial vehicles (CVs) showing stellar growth from a low base on account of BS-IV transition.

Barring a few original equipment manufacturers (OEMs) in the passenger vehicle segment, all the major OEMs posted strong double digit YoY growth, says a report by brokerage Centrum Broking.

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

CCI approves acquisition of Electrosteel Steels by Vedanta

Vedanta on Monday said it has got the go-ahead from fair trade watchdog CCI to acquire the bankrupt Electrosteel Steels.

The NCLT had last month approved the resolution plan submitted by Vedanta for Electrosteel .

"Vedanta (the company) has on Monday received the approval from the Competition Commission of India (CCI) for the application made by it for the acquisition of Electrosteel Steels," the Indian unit of diversified mining group Vedanta Resources said in a filing to BSE.

Nirav Modi, brother, CFO chargesheeted

Billionaire jeweller Nirav Modi, Allahabad Bank MD and CEO Usha Ananthasubramanian and 20 others have been charge-sheeted by the CBI in connection with the alleged issuance of fraudulent guarantees of Rs 6,498.20 crore to Modi's companies by the PNB.