Companies and Markets

Companies & Markets

BSE, NSE to audit 100 suspected shell firms

Market regulator Sebi along with stock exchanges are in the process of initiating audit on about 100 out of 331 suspected shell companies.

Both BSE and NSE will soon appoint a panel of auditors for the first stage of audit of these companies, sources said. The exchanges may also initiate a forensic audit to verify credentials and fundamentals of these alleged shell companies.

Shell companies unravelled

Bogus addresses and fictitious companies, which assist in the process of layering to hide the real identity of the investor and the beneficiaries, are behind the multi-disciplinary crackdown on shell companies.

HUL starts soil remediation trial at Kodai thermometer factory site

More than 15 years after its thermometer factory at Kodaikanal in Tamil Nadu was closed down on complaints of mercury contamination, Hindustan Unilever has commenced soil remediation on a trial basis at the site.

HUL has received all the required statutory permissions and has completed the preparatory work required to start the soil remediation trial. The company will conduct the trial for three months in tune with the detailed project report and the approval given by the local regulatory authority, the Tamil Nadu Pollution Control Board (TNPCB), the company said in a release.

Rupee takes turn after early slump, ends 3 paise lower

The rupee staged an impressive comeback after plunging to a fresh three-week low and ended with a modest loss of 3 paise at 64.15 a dollar today even as local equities put up a strong performance.

The outcome of the two-day policy meeting of the Federal Reserve and resurgent dollar overseas largely kept forex market sentiment little shaky throughout the day.

Fresh bouts of dollar demand from importers and fears over a sudden capital flight added some extra pressure.

Eyeing IPO, ShopClues to turn Ebitda positive next year

Preparing itself for an initial public offering, e-commerce marketplace ShopClues is aiming at becoming Ebitda positive by next financial year.

ShopClues plans to list on the Indian stock exchanges next year. Before that it wants to achieve profitability. “We are strongly committed to being profitable and have a milestone based approach. We are expecting to be Ebitda positive (at a monthly level) during the next fiscal year,” said Deepak Sharma, chief financial officer of ShopClues.

Sensex losses mount on global sell-off, dives 336 pts

The BSE Sensex slumped over 336 points and the NSE Nifty slipped below the 9,800-mark in early trade today following global sell-off triggered by mounting geo-political tensions between the US and North Korea.

Volatility index soars 25% in one day, momentum broken

Investor sentiment seems to be badly hit by the recent Sebi order against 331 suspected shell companies. Coupled with escalating geo-political tensions concerning North Korea and its threat to attack Guam, a US military base in the Pacific Islands, it triggered a major correction in the market after the recent sharp run up in stocks that took Indian market to record highs. The volatility index went up by 25 per cent in one day and analysts predict that the market will be hit very badly on Friday morning.

Worries spread to broader market; smallcap, midcap & banking indices battered

With regulator Sebi cracking down on 331 suspected shell companies, panic has gripped the broader market as is evident from the hammering midcap, smallcap and Bankex received on Thursday.

The market sentiment has turned negative after the Securities and Exchange Board of India (Sebi) on Monday evening asked stock exchanges to restrict trading on 331 suspected shell companies. The market is on tight bear grip as only 303 stocks closed in the green on BSE. Of the total 2,683 stocks traded on this bourse, 2,274 closed in the red and 106 remained unchanged.