Shares of Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals (MRPL) fell sharply on Thursday as an open offer to minority shareholders by Oil & Natural Gas Corp (ONGC) has been ruled post-acquisition of HPCL.
Companies and Markets
Companies & Markets
Within a week of assuming charge as the head of the National Stock Exchange (NSE), the new exchange management led by CEO Vikram Limaye on Thursday approached the regulator Sebi to settle the co-location (algo) case through the consent mechanism.
“The exchange has filed an application today with Sebi for settlement of the co-location issue under the consent process…under the settlement regulations of Sebi,” NSE said in a statement. The exchange also said it would work with the capital market regulator “for an early resolution of this matter.”
India’s third largest IT firm Wipro on Thursday announced a mega buyback offer of Rs 11,000 crore, joining the growing roster of IT firms returning surplus cash to their shareholders.
"The board of directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the company of up to 343.75 million equity shares of Rs 2 each (representing 7.06 per cent of total equity capital),” Wipro said in a statement.
Reliance Jio Infocomm, the closely held telecom arm of Mukesh Ambani-led Reliance Industries, said it plans to raise Rs 20,000 crore from a rights offer. After plowing a little less than Rs 2 lakh crore into starting a national fourth-generation (4G) mobile network, the fresh round of funding will help Jio challenge competitors with its free-for-life voice calls and dirt-cheap data services. Jio is offering 400 crore non-cumulative optionally convertible preference shares (OCPS) at Rs 50 each to RIL, according to a stock exchange filing.
Equity mutual funds saw reduced inflows in June compared to May though the market benchmarks were hitting new highs during the month. As the indices rise, apparently investors are booking profit from their mutual fund portfolio. Moreover, fund managers are shifting their equity fund allocations to defensives from domestic cyclicals as a safety measure.
The Sensex today bounced by over 244 points to close at 31,955 after metal, healthcare and FMCG stocks set the tone on the back of better-than-expected corporate earnings so far.
The FMCG major Hindustan Unilever on Monday reported a 9 per cent rise in its net profit at Rs 1,283 crore for the April-June period, even as some of its business verticals saw a slow growth due to 'destocking' in view of the GST implementation from July 1.
Analysts on average had expected the company to post a profit of Rs 1,174 crore, according to Thomson Reuters data.
The GST cess hike on cigarette companies led to a steep fall in index heavy weight ITC by 12.63 per cent. In turn, it triggered a 1 per cent fall in benchmark indices Sensex and Nifty-50. With another index heavy weight, Reliance Industries, also down by 2.03 per cent, Sensex shed 363 points or 1.13 per cent closing at 31,710.99, while Nifty-50 closed 90 points lower at 9,827.15, snapping six days of gains.
Retreating from its record high level, the benchmark BSE Sensex shed 300 points to touch 31,775.54 in opening trade today amid a weak lead from other Asian markets.
The board of HDFC Life on Monday approved plans to come up with an initial public offer (IPO). The private life insurer also put on hold its proposed merger with Max Life in the absence of regulatory approval