Companies and Markets

Companies & Markets

Market may witness consolidation

The market continued to slide for the second day in a row on the back of weak global cues, worries over slowing GDP growth and major foreign fund selling. The benchmark indices like Nifty and Sensex ended 0.5 per cent and 0.8 per cent lower respectively.  The crude import, which rose 10.5 per cent in October, also dampened investors’ sentiment. 

Despite the weakness, the broader market seems resilient as both Nifty Midcap and Smallcap each gained 0.5 per cent.

Srei PAT at Rs 111 cr, Bhutoria new CEO

Srei Infrastructure Finance has roped in Rakesh Kumar Bhutoria as its chief executive officer. Bhutoria, who earlier was the head of commercial banking and strategic initiatives and a member of the steering committee at IDFC Bank, took over the charge on Wednesday. Before IDFC Bank he worked in senior leadership roles at Standard Chartered Bank, GE Capital and Crisil for the last two decades.

RJio to take over as service provider for Railways from Jan 1

Reliance Jio Infocomm will serve the country’s largest and most sought-after accounts in telecom - the railways - from January 1, with officials saying it is likely to slash the national transporter’s phone bills by around 35 per cent at least.

Railways has been using Bharati Airtel for over six years as its telecom provider for 1.95 lakh mobile phone connections used by its employees in closed user group (CUG) across the country for which the railways paid around Rs 100 crore bill per year, they said.

Its validity will expire on December 31 this year.

‘Chandrashekhar wanted Yes Bank to focus on finding Kapoor’s successor’

Former independent director of Yes Bank Rentala Chandrashekar quit the board as he was not happy with the recent developments in the bank, which seemed non-focussed to find a successor of its MD & CEO Rana Kapoor, sources said on Wednesday.

The former bureaucrat wanted the bank to focus on finding a successor for Kapoor rather than indulging in issues such as shake up in the board composition and the likes, sources told.

UltraTech to incorporate Binani Cement as subsidiary

UltraTech Cement on Wednesday said that its board has approved a proposal to incorporate Binani Cement (BCL) as it a wholly-owned subsidiary.

The National Company Law Appellate Tribunal (NCLAT) last week had approved the revised bid of Aditya Birla group firm UltratTech Cement for debt-ridden Binani Cement.

“The board of directors of UltraTech at its meeting held on the November 19, has approved the proposal to form Binani Cement (BCL) into a wholly-owned subsidiary of UltraTech from the November 20,” it said in a statement.

Cement: Optimism on price recovery

Cement companies expect the current strong demand growth to sustain and lead to improved price realisations and margins. This was the key takeaway from the Cement and Infra Day conference, held by ICICI Securities in Mumbai last week.

Half of India’s ATMs may close down by Mar ‘19

Just 2.38 lakh ATMs for a country of 1.3 billion! If that’s bad enough, here comes the worst. Over 50 per cent of the ATMs are going to shut down by March 2019. The worst impacted of the closures will be millions of rural poor.

Equity market gets poll jitters

Investors seem to be getting jittery over the outcome of the ongoing elections in four major states that could set the momentum for the general elections next year.

Analysts say the outcome in Bharatiya Janata Party-ruled Madhya Pradesh, Chhattisgarh and Rajasthan will have a bearing on market multiples over the next few months.

Kotak, L&T & NBCC show interest in Jaypee Infratech

Five companies — NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group — have shown interest in taking over debt-ridden Jaypee Infratech, which is facing bankruptcy proceedings in NCLT.

Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT’s direction after lenders rejected over Rs 7,000 crore bid of Suraksha group.

Bulls have to defend this level

The market fell sharply on the back of heavy selling in heavyweights like Reliance Ind, HDFC, and SBI. The Sensex was down 300 points, or 0.84 per cent, to settle at 35,474, while the Nifty50 fell 107.20 points, or 1 per cent to settle at 10,656.20, its lowest closing level since 15 November 2018.

On the other hand, both Mid and Small cap indices underperformed and fell 1.02 per cent and 0.92 per cent, respectively.