Companies and Markets

Companies & Markets

IndiGo, Jet among dozen bidders for RCS hinterland routes

The second round of bidding for starting flights to smaller towns and cities under the regional connectivity scheme (RCS) has seen over a dozen airlines, including IndiGo and Jet Airways, vying for new routes.

Airlines have placed bids for as many as 500 routes across the country, including North East and hilly states for launching helicopter services.

This gives a major boost to the Modi government’s ambitious air connectivity plan that seeks to help every common man by providing affordable airfares.

Private bank stocks fired up by 100% FDI plans

Private sector bank stocks rallied for the second consecutive session on Thursday amid news reports that the government is planning to raise the foreign direct investment (FDI) limits in both public and private sector banks. State-owned lenders, however, came under some selling pressure at the fag end of the day.

Haryana govt to revise pension, family pension

Haryana government has decided to revise pension and family pension with effect from January 1, 2016 in respect of all state government employees, who retired or died prior to January 1, 2016.

The government decided to revise pension and family pension by notionally fixing their pay in the pay matrix recommended by the 7th Central Pay Commission in the level corresponding to the pay in the pay scale or pay band and grade pay at which they retired or died, an official release said here today.

Extended bullish moves seen

The market scaled new highs on the back of strong across-the-board buying in index heavyweights. The Sensex settled at record high above the psychological 35,000-mark at at 35,081.82, surging 310.77 points, or 0.89 per cent. The Nifty-50 rose 88.10 points, or 0.82 per cent, to settle at 10,788.55. The BSE Mid-Cap and Small-Cap indices rose 0.66 per cent and 0.43 per cent, underperforming the Sensex.

Among the sectoral indices, the BSE Capital Goods Index was up 1.59 per cent, followed by Bankex (1.55) and IT (1.28).

Technical outlook

Bharat Forge to set up R&D centre for e-vehicles in UK

Bharat Forge, the largest exporter of auto components, is taking steps for gaining a cutting edge in the emerging electric vehicles market.

The Pune-headquartered firm on Wednesday said it opened a research and development (R&D) facility at Mira Technology Park in the UK to design powertrain solutions for electric vehicles.

The powertrain refers to components such as the transmission that converts the engine’s power into movement.

HUL beats Street with 28% rise in net profit, posts strong sales growth in Q3

Hindustan Unilever on Wednesday reported a 27.7 per cent rise in net profit for the October-December quarter, beating Street expectations, led by higher volumes on strong sale across sectors. Net profit stood at Rs 1,326 crore for the quarter as compared to Rs 1,036 crore posted a year ago.

The company's revenue grew by 14.1 per cent to Rs 8,590 crore against Rs 7,515 crore a year ago, on higher sales volume.

Extra borrowings cut to Rs 20,000 cr, bond yields fall steepest in 14 months

The government has cut its additional market borrowing requirement for the current financial year by 60 per cent to Rs 20,000 crore from the earlier decision of Rs 50,000 crore. The finance ministry said the reduction comes after a review of trends in revenue receipts and expenditure patterns, triggering a crash in the 10-year bond yields.

The yield on G-Sec fell 16.6 basis points on Wednesday, its steepest fall since November 15, 2016, to close at 7.22 per cent.

HPCL’s 51.11% stake sale to ONGC may fetch moderate gains

The government will get only moderate gains from selling its entire 51.11 per cent stake in HPCL to the country’s largest state-owned oil and gas explorer, ONGC.

Transaction advisors to the deal favour payment of sub-10 per cent premium on the fuel retailers’ six-month average share price.

Capping of premium payment at a lower level is expected to cool off any opposition to the deal from minority shareholders who would not get a chance to participate, as the government doesn’t plan to open the offer to the public.

Enzymes, antacids drive IIP high

Even as we cheered the fact that India’s factory output growth rocketed to a 17-month-high in November, we chose to disregard a statistical aberration, which raises questions over the quality of data points and the entire collation and collection process in such an exercise.