In a bid to get higher volumes and better price discovery in the currency futures market, the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) are considering extending the closing time for currency derivatives trading to 8 PM from 5 PM at present.
Companies and Markets
Companies & Markets
The market share of non-bank finance companies (NBFCs) and housing finance companies (HFCs) would expand in the real estate financing space, as banks go slow on realty lending over asset quality and capitalisation issues, says a report.
The Jaypee Group has offered 2,000 equity shares of Jaypee Infratech for free to each home buyer as part of its Rs 10,000-crore proposal to revive the bankruptcy-hit real estate firm, even as it moved the Supreme Court, seeking approval of its resolution plan for revival.
The resolution professional (RP) of Jaypee Infratech is, meanwhile, seeking an extension of resolution process that will expire on Saturday, May 12, under the Insolvency & Bankruptcy Code (IBC).
Rising crude prices have set the stage for the Reserve Bank of India to issue a fourth tranche of NRI bonds to raise about $30-35 billion, says a report. The NRI bonds will help the central bank maintain the import cover at a comfortable level in the backdrop of a steep rise seen for oil prices in the current fiscal.
In the report released on Thursday, analysts at Wall Street brokerage Bank of America Merrill Lynch revised upwards their Brent forecast to $71.8 a barrel from the earlier $62.5 forecast for FY19, and to $75.3 from $60 a barrel for fiscal year 2020.
Walmart Inc will comply with any tax demand arising from its purchase of a stake in e-commerce leader Flipkart, a move that could help the global giant avoid festering litigation that overseas companies such as Vodafone Group Plc face in India.
Senior bureaucrat Lok Ranjan, who is the central government’s nominee on the board of ICICI Bank, was on Thursday transferred to personnel ministry. His transfer comes a month after he was appointed on the board of the bank whose MD & CEO Chanda Kochhar is facing allegations of conflict of interest in sanctioning loan to Videocon group.
Stocks of brick-and-mortar retail players rallied on Thursday, following the world’s largest retailer Walmart picking up majority stake in India’s e-commerce giant Flipkart.
Future group stocks, including Future Consumer, Future Market Network, Future Enterprises and Future Lifestyle, made gains ranging from 3-9 per cent, while Avenue Supermart, Aditya Consumer and V2 Retail saw good buying interest.
The Walmart deal has just triggered a series of actions in the retail space. As the Walmart-Flipkart combine has blurred the lines between offline and online retail, Amazon and Alibaba will also now look for better combinations to give a tough fight to the omni-channel combine of Flipkart and Walmart.
In a setback for Tata Steel, the National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the creditors of debt-laden Bhushan Power and Steel, which is facing insolvency proceedings, to consider the late bid submitted by UK-based Liberty House before finalising the resolution plan.
The market managed to close in the green for the third day in a row on the back of buying in the IT and private sector banks stocks.
The Sensex rose 103.03 points to settle at 35,319.35 while the Nifty 50 rose 23.90 points to settle at 10,741.70, its highest closing level since February 2.
The broader market, however, witnessed selling pressure and the BSE Mid-Cap and Small-Cap indices ended in the red.