Companies and Markets

Companies & Markets

All proceedings against IL&FS, 348 subsidiaries stayed on govt’s plea

The appellate tribunal on Monday stayed all proceedings against IL&FS and its 348 group companies until further order on an urgent petition moved by the government.

The ministry of corporate affairs approached the appellate tribunal on Sunday after the Mumbai bench of the National Company Law Tribunal (NCLT) on Friday turned down its plea to grant 90 days moratorium over the loans taken by IL&FS and its subsidiaries.

JSW Steel most likely winner for Bhushan Power

After facing stiff challenge from rival bidders, JSW Steel may finally emerge victorious in the battle for control of Bhushan Power & Steel (BPSL). Debt-ridden BPSL is facing insolvency proceedings for the past 15 months, a timeframe that far exceeds the mandated 270 days for resolution under the Insolvency and Bankruptcy Code (IBC).

Domestic firms worried as non-ferrous metal imports see big jump

India is well endowed with minerals. It’s a treasure trove of 95 minerals, including fuel, atomic, metallic and non-metallic and minor minerals. The mining sector offers tremendous potential and presents a vast opportunity for investors to mine the unexplored regions. In a world governed by increasing volatility, those trading in minerals and metals require absolute clarity in the prices, information and forecasts they receive.

Many blue chips to declare Q2 results this week

Second quarter earning season reporting will be in full steam right from Monday, which may turn market participants’ focus from global cues to individual companies’ earnings and guidance.

However the US market’s strong close on Friday despite around 4 per cent weekly loss will be another factor and how Asian markets opens would decide Indian market’s opening.

During this week index heavy weights announcing their earnings include Infosys and Hero MotoCorp on Wednesday, Reliance Industries on Thursday and HDFC Bank on Saturday.

Time seems ripe for a rally to begin

The week began on a positive note and the market gained and lost on alternate days, till Thursday and Friday. These two days turned the market topsy-turvy and saw huge volatility.

The market saw the Sensex lose 759 points on Thursday and gain 732 points on Friday. The Nifty similarly lost 225 points and gained 237 points. The net change during the week saw the Sensex gain 356.59 points, or 1.03 per cent, to close at 34,733.58 points, while the Nifty gained 156.05 points, or 1.49 per cent, to close at 10,472.50 points.

FPIs pull out Rs 26,600 cr in two weeks

Foreign investors have pulled out close to Rs 26,600 crore ($3.6 billion) from capital markets in the first two weeks of this month on unabated fall in rupee and rising crude oil prices and US treasury yields.

This is much higher than the over Rs 21,000 crore net outflow seen in entire September. Prior to that, overseas investors had put in a net amount of Rs 7,400 crore in the capital markets (both equity and debt) in July-August.

Irdai draft on reinsurance norms likely next month

Insurance watchdog Irdai is likely to come up with its much-awaited draft on new reinsurance norms by next month for global reinsurers.

Among the set of new norms, the Insurance Regulatory and Development Authority of India (Irdai) is expected to highlight the norms of ‘right of first refusal’ — the norm that will favour the ongoing businesses of state-run reinsurer GIC Re. Irdai approved the Reinsurance Act in its last board meeting in Hyderabad on September 28.

E-commerce companies fight it out on discounts and offers

Since 2014, limited-period festive season sales by Amazon and Flipkart have become much-awaited events. The offers and discounts are getting bigger and better year after year. Apart from the two biggies, other e-commerce players are also innovating to stand out in the melee.

Industry expects the five-day festive season sales in October to garner a GMV f $2.5 to 3 billion, for which the ecosystem will be investing more than $1 billion. In GMV terms, this will be the biggest season for e-commerce companies. 

BoB chief ayakumar gets 1-year extension

Bank of Baroda's (BoB) managing director and chief executive officer P S Jayakumar (in pic) was on Thu­rsday given one-year extension, an order issued by the personnel ministry said. Jayakumar, a chartered accountant by qualification, had joined BOB in October, 2015. The appointments committee of the cabinet has approved extension in tenure of Jayakumar for a period of one year, that is till October 12, 2019, beyond his currently notified period of appointment of three years that expires on October 12, 2018, it said.

Pullback to extend towards 10,540

Negative global cues led to more than 2 per cent fall in the benchmark indices Sensex and Nifty. The Sensex drop­ped 1,037.36 points, low­er at 33,723.53, in early trade before a partial recovery. The US market tu­rmoil first impacted Asian markets and then contagion spread to the Indian market as it opened on Thursday. The Sensex finally closed at 759.74 po­ints, or 2.19 per cent, to close at 34,001.15, while the Nifty 50 Index closed 225.45 points, or 2.16 per cent, down at 10,234.65.

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