Swiss multinational investment bank UBS sees the best risk-reward coming from private corporate lending banks, rural-focused names and IT stocks while it finds infrastructure, industrials, small- and mid-caps unattractive after evaluating various scenarios after the general elections.
Companies and Markets
Companies & Markets
With governments still pondering over best suited solution to address worsening air pollution in the National Capital, the country’s largest power producer, NTPC, has taken the lead by proposing to partially replace coal with pellets made of paddy straw and other agricultural residue to generate electricity in 35,000 MW of its power plants.
The finance ministry is keen to take its shareholding in public sector banks to 52 per cent to follow a professional corporate structure, but that can happen only once banks stand on their own with no need for recapitalisation. At the moment, many banks need capital infusion through preferential equity, which rather pushes up the government stake in them than reducing it.
THE market continued to gain and was up for the first three days of the week. There was profit taking and correction in the remaining two days, but not enough to make the market turn negative. The BSE Sensex gained 314.74 points, or 0.88 per cent, to close at 36,009.84. The Nifty gained 67.60 points, or 0.63 per cent, to close at 10,794.95. The broader indices saw the BSE100, BSE200 and BSE500 gain 0.58 per cent, 0.63 per cent and 0.47 per cent, respectively. The BSE Mid-cap gained 0.19 per cent and Small-cap gained 0.05 per cent.
The Reserve Bank remained a net seller of dollars in November 2018, as it sold $644 million of the greenback on a net basis in the spot market, according to the latest data from the Central bank.
Foreign investors have pulled out more than Rs 3,600 crore from the Indian equity markets in the last nine trading sessions, adopting a cautious stance towards the country.
This comes following a cumulative net inflow of Rs 8,584 crore in the equity markets by foreign portfolio investors (FPIs) during November and December.
Only 22 per cent of the minority shareholders of IDBI Bank exercised their option of exiting the company in the open offer floated by Life Insurance Corporation (LIC), which is taking majority stake in the debt ridden state-owned bank, sources said.
Traders’ associations are launching a massive national campaign from February 1 to consolidate the trader community votes under the slogan, ‘One Nation-One Trader-One Vote.’ The campaign, they believe, will enhance their bargaining power with governments and political parties.
The National Company Law Tribunal (NCLT) has given its approval to start the insolvency proceedings against realty firm Parsvnath Developers’ subsidiary that is developing a housing project in the national capital.
Markets regulator Sebi Friday slapped a fine totalling Rs 20 lakh on two entities for executing fraudulent trades, which created artificial volume in the illiquid stock option segment on the BSE.
The regulator conducted a probe between April 2014 and September 2015 into the trading activities of certain entities in illiquid stock options on the BSE after observing large-scale reversal of trades.
During the investigation, Sebi found that over 81 per cent of all the trades executed in the BSE's stock options segment were non-genuine trades.