Companies and Markets

Companies & Markets

SC refuses to interfere in 63 Moons case, asks HC to conclude hearing in Feb

The Supreme Court has declined to interfere with the Bombay High Court order of releasing the assets of 63 Moons Technologies (formerly Financial Technologies, or FTIL) attached under the Maharashtra Protection of Interest of Depositors (MPID) Act in the Rs 5,600-crore NSEL default case.

The apex court while hearing the matter also urged the Bombay High Court to conclude the final hearing of the matter within February itself.

Positive signals for bulls

The market ended flat with the Sensex closing 1.25 points lower at 35,591.25, while the Nifty-50 fell 0.40 points to settle at 10,651.80. The broader market outperformed the frontline indices with the BSE Mid-Cap and Small-Cap indices ending in positive territory.

Tata Steel (up 5.14 per cent), Bajaj Finance (3.36 per cent), Axis Bank (4.56 per cent,) ICICI Bank (5.29 per cent), Coal India ( 1.21 per cent), SBI (2.40 per cent), L&T (1.35 per cent) and M&M (1.15 per cent), were the major Sensex gainers.

Market trading cautiously ahead of budget, Fed meet

The equity market seems to be treading cautiously ahead of the budget as investors are unwilling to take huge positions fearing volatility before key events.

Benchmark indices Sensex and Nifty on Wednesday ended flat as cautious investors refrained from taking any positions in view of upcoming key events like futures & options expiry, US Fed policy outcome and the Union interim budget, analysts said.

There is no major build up in the derivative market before the budget as sentiments are now driven more on political grounds rather than earnings or budget proposals.

Last hour up-move gives hope

The market ended with marginal loses after a highly volatile trading session. The Sensex shed 64.20 points, or 0.18 per cent to settle at 35,592.50, while the Nifty 50 fell 9.35 points or 0.09 per cent to settle at 10,652.

Yes Bank (down 2.43 per cent), Larsen & Toubro (-1.73 per cent), Reliance Industries (-1.52 per cent), HDFC Bank (-1.22 per cent) and Power Grid (-0.96 per cent), were the major Sensex losers.

P K Purwar to be next BSNL CMD

The Public Enterprise Selection Board on Tuesday named Pravin Kumar Purwar , currently the CMD of MTNL, as the new chairman-cum-managing director (CMD) of Bharat Sanchar Nigam Limited (BSNL) to succeed the current incumbent Anupam Shrivastava who superannuates in June this year.

The PESB held its final round of interview on Tuesday and announced the selection of Purwar, a copy of which Financial Chronicle has seen.

HDFC net falls to Rs 2,114 crore

Housing finance company HDFC Limited on Tuesday reported a net profit of Rs 2,113.80 crore on the standalone basis for the third quarter ended December 2018.

The company had posted a net profit of Rs 5,300 crore in the October-December quarter of the last financial year.

The profit numbers for the quarter ended December 31, 2018 are not comparable with that of the quarter ended December 31, 2017, HDFC said in a statement.

12 trends to change global banking this year

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, has released its annual banking trends forecast for the year 2019. The report, based on consultation with subject matter experts and experience of working with banks in 100 countries, captures 12 business and technology trends that will influence banking over the next 12 months and beyond.

HCL reports 19% rise in consolidated net profit for Q3

Shiv Nadar-promoted HCL Technologies, which displaced Wipro as the third largest tech player in the country after league players TCS and Infosys a few quarters ago, has reported remarkable numbers during the third quarter ended December 31.

NPA recognition cycle seems peaked for PSBs

While private sector banks have started showing some recovery in earnings trajectory,  the results of public sector banks declared so far indicate that the elevated bad loans recognition cycle has peaked for them and earnings recovery could start from FY20. On Tuesday, Bank of Baroda posted a 321.6 percent year-on-year (YoY) increase in its December quarter net profit at Rs 471.21 crore on strong growth in interest income and improved asset quality. The bank had logged a net profit of Rs 111.78 crore in October-December 2017.

Gold prices hit six-year high, seen heading to Rs 34,500

Gold prices in the domestic futures market have touched a six-year high ahead of the US Federal Reserve meet. If the Fed goes for a nil interest rate hike as anticipated by the market, prices in the spot market can probably revisit the all-time high levels, find experts.

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