Companies and Markets

Companies & Markets

Small stocks fall 13% so far this year

The BSE's Small-cap and Mid-cap indices have failed to impress, with smaller stocks falling up to 13 per cent so far this year against their bigger peers.

While the Mid-cap Index fell by 1,580.74 points, or 8.86 per cent so far this year, fall in the Small-cap has been more sharp as it plunged 2,488.03 poi­nts, or 12.93 per cent, an analysis of the performance of the indices showed. On the other hand, the 30-share blue chip Sensex has gained 3,795.17 points, or 11.14 per cent.

Indian stocks with 8.5% return best among emerging markets

Driven by better-than-expected earnings growth in the June quarter, the Indian market has become one of the best performing emerging market giving a return of 8.5 per cent for the calendar year so far.

 Leading foreign brokerages Morgan Stanley, Citi have come out with positive outlook for the domestic market and expect it to outperform its emerging market peers even as the rupee has depreciated 9.23 per cent against the US dollar.

Volatility to remain high

The market snapped two-day losing spree with the S&P BSE Sensex gaining 207.10 points, or 0.55 per cent, to end at 37,852. The Nifty 50 Index rose 79.35 points, or 0.70 per cent, to close at 11,435.10.

The broad market also witnessed strong buying with the BSE Mid-Cap Index rising 0.89 per cent and the Small-cap Index up 0.53 per cent. Domestic market will remain shut today on account of Independence Day.

Technical view

Pune bank loses Rs 94.42 cr in two days as hackers clone debit cards

In a major cyber fraud, hackers stole Rs 94.42 crore over two days by hacking into the ATM Switch (servers) of the Pune-based Cosmos Cooperative Bank, one of the oldest urban cooperative banks in the country.

The bank on Monday paid the entire amount of Rs 94.42 crore to the American Visa and Indian RuPay payment gateways and settled the liability.

Hackers cloned Cosmos Bank debit cards of Visa and RuPay internet payment firms.

Rupee hits 70, but Finmin says nothing to worry

There is nothing to be worried even if the rupee slides to 80 against the dollar so long as other currencies also depreciated, said a senior finance ministry official, even as the Indian currency hit an all-time low of 70.08 to a dollar on Tuesday.

Root of IL&FS mess lies in subsidiaries

Debt-laden Infrastructure Leasing & Financial Services (IL&FS), which is in news for its balance sheet problems, has hundreds of complex subsidiaries some of which are listed. A high leverage resulting from the sizeable capital requirements across subsidiaries, many of them are overseas, has landed the company in the current mess.

JSW outbids rivals with Rs 19,700 crore offer

Sajjan Jindal-owned JSW Steel has emerged as the highest bidder for Bhushan Power and Steel (BPSL), overtaking Tata Steel that was most likely to bag the debt-ridden company earlier.

IOC hopes to get Iranian investment for CPCL refinery

Iran has shown interest in investing in the Rs 30,000-crore expansion project of Chennai Refinery even though the gulf nation faces a complete squeeze of its oil supplies to India following US sanctions. The investment would, however, be contingent upon availability of banking channels post-November, when the US imposed restrictions come into full force.

“They (Iran) are open to investment in the refinery project but whether these channels (for investment) will be available post-sanctions is something we don't know," IOC chairman Sanjiv Singh said.

Household savings hit slowest pace, drop 20%

The share of Indian households in the total savings of the country has dropped by 20 per cent in the past few years. Also, household savings are growing the slowest compared to public sector and private sector savings.