Companies and Markets

Companies & Markets

Volatility likely to heighten near-term

The market fell for the third consecutive day after making gains in the early part of the trading session. The falling rupee continued haunt investor sentiments as the Sensex fell 169 points, or 0.45 per cent to close at 37,121.22. The Nifty 50 index lost 44.55 points, or 0.39 per cent, to end at 11,234.35, its lowest closing level since July 26. Among secondary indices, the BSE Mid-Cap index fell 0.72 per cent while the BSE Small-Cap index fell 0.98 per cent.

RBI trims term, Rana Kapoor has to step down this year

The Reserve Bank has curtailed the term of Yes Bank's founding CEO Rana Kapoor (in pic) and asked the private sector lender to look for his replacement by January 2019. Kapoor, who has been managing director and CEO since the bank's inception in 2004, had sought a three-year extension till August 31, 2021. However, the sector regulator did not agree to the request and permitted him to continue only till January 2019.

ITC Hotels acquires Park Hyatt Goa Resort

ITC Hotels on Wednesday said it has acquired Park Hyatt Goa Resort and Spa.

The acquisition is a part of an auction held by Industrial Finance Corporation of India (IFCI) for Rs 541 crore in 2015, and upheld by the Supreme Court in its March 19, 2018 judgement, ITC Hotels said in a statement.

The property spread across 45 acres is currently under minor renovation to comply with ITC's sustainability practises, the luxury hospitality chain said.

Paper stocks jive in subdued market

Paper stock prices spurted on Tuesday as part a broader rally in the segment for the past six months. Chinese regulatory changes, which led to an increase in both domestic and global paper prices, have been building momentum in paper stocks.

Birla’s More chain goes to Amazon, Samara

In a major boost for Amazon’s strategy to dominate the Indian retail space, the e-commerce company along with Samara Capital have signed a deal to buy out Aditya Birla Group’s food and grocery retail chain, More. The deal has valued More at Rs 4,200 crore.

Samara Alternative Investment Fund (AIF) has picked up 51 per cent stake in the company while the remaining stake has been bought over by Amazon, sources told Financial Chronicle.

Tech sector upbeat as all-round growth on the way: Study

The technology sector is on a high as buyer markets and US and European economies are expected to boom. An across-the-board high growth is on the way that would virtually cover all market segments, said an Everest Group study.

10 public sector banks get new MDs, CEOs; 5 of them from SBI

Mrutyunjay Mahapatra and Padmaja Chundru, both deputy managing directors at State Bank of India, have been appointed as MD and CEO of Syndicate Bank and Indian Bank, respectively, according to an official order issued on Wednesday. They are among 10 MDs and CEOs of state-owned banks whose appointments were approved by the Appointments Committee of the Cabinet headed by PM Narendra Modi. Five of the 10 newly named MDs and CEOs are working as deputy managing directors in SBI. Mahapatra and Chundru will have tenure till the date of their superannuation, i.e.

Bank-backed AMC to bid for stressed assets headed to NCLT

The asset management companies proposed by public sector banks and infrastructure finance companies, including SBI, PNB and REC, will actively participate as bidders in the resolution process of large stressed assets being undertaken by the National Company Law Tribunal (NCLT).