Companies and Markets

Companies & Markets

Big corporate firms, PSUs, realtors keen on buying Sahara assets

Suitors are aplenty for Sahara group’s 30 domestic properties. The group, which is mired in a legal battle with Sebi, has received more than 250 expressions of interest (EoIs) for the auction of 30 properties across India being conducted by Knight Frank India, sources said.
Besides corporate houses Tatas, Godrej and Adani, which are believed to have put in their expression of interest, FMCG giant Patanjali is also said to be keen. Other names doing the rounds are real estate developers Omaxe and Eldeco, besides some PSUs. None of this, however, could be independently verified.

Cipla’s net loss narrows to Rs 62 cr in fourth quarter

Cipla on Thursday reported a reduced consolidated net loss of Rs 61.79 crore for the March quarter. The pharma firm had posted a net loss of Rs 92.83 crore for the same quarter a year ago.
Consolidated total income of the company rose to Rs 3,604.79 crore for the quarter to March 2017 against Rs 3,373.91 crore for the year-ago quarter.
Commenting on the results, Cipla MD and global CEO Umang Vohra said the quarterly results are off the mark because of a tough operating environment and certain one-offs.

IOC quarterly net jumps 85% on inventory gains, higher margins

The country’s largest oil refiner, Indian Oil Corporation (IOC), on Thursday reported an 85 per cent jump in the March quarter net profit from inventory gains, higher refining margins and greater sale of petrochemicals.
The public sector company reported a net profit of Rs 3,720.62 crore, or Rs 7.85 a share, for the quarter ended March 2017 against a net profit of Rs 2,005.89 crore, or Rs 4.23 a share, reported for the same period a year ago.
Shares of IOC closed 1.87 per cent up at Rs 438.70 apiece on the BSE.

Sensex charts new record high, Nifty tops 9,500 on F&O expiry

Stock indices smashed previous records as the Sensex today raced to close at a fresh life high of 30,750 zooming 448 points, its biggest single-day gain in over two months, after the US Fed signalled a more cautious approach to future rate hikes.
The broader Nifty again got past the key 9,500-mark. May futures and options expiry gave buying a push. The 30-share Sensex scaled an all-time high of 30,793.43 (intra-day), breaking its previous record of 30,712.35, recorded on May 19.

Sensex recovers 123 pts on global cues, F&O expiry

Benchmark BSE Sensex rebounded about 123 points in early trade today on fresh buying by investors, tracking a firm trend in other Asian bourses.
Short-covering of bets, today being the last session of May expiry in the derivatives segment, supported the recovery.
The 30-share index, which had lost 269.33 points in the previous two sessions, spurted by 122.99 points, or 0.40 per cent, to 30,424.63.
FMCG, realty, IT, capital goods, consumer durables, banking, teck, oil&gas, auto, PSU and metal sectors were leading the rally.

Rupee on way to recovery, gains 25 paise

Strengthening for the second day today, the rupee climbed 25 paise to 64.48 against the dollar on increased selling of the American currency by exporters and banks amid higher opening in the domestic equity markets.
Forex dealers said besides selling of the dollar, its weakness against other currencies after the Federal Reserve dialed down on some of the more hawkish policy expectations supported the rupee.
Further, fresh foreign fund inflows and a higher opening in the domestic equity markets added to the momentum, they added.

Equity market boom drags down commodity futures

The big boom in the equity market in recent times has dragged down volume in commodity futures.
Jobbers and arbitragers have shifted to stocks, with options trading now emerging as the only choice to reverse the trend.

Mid-cap, small-cap indices 7.5% off recent highs

THE broader market witnessed sharp correction for the third consecutive session on Wednesday, especially in stocks of healthcare, PSU banks, and debt laden firms.
Benchmark indices Sensex and Nifty-50 closed with minor losses of around 0.2 per cent but the mid-cap and small-cap indices on BSE and NSE saw steep declines of l.4 per cent to 2 per cent.
Mid-cap and small-cap indices are now 7.5 per cent off their recent highs due to continued fall since Monday.

HCLT sets buyback price at Rs 1,000

HCL Technologies, India's fourth largest software services firm, on Wednesday said it will buyback shares at Rs 1,000 apiece, a 17 per cent premium over the current trading price of Rs 852.35 per share.
in a regulatory filing, HCL Technologies said the share buyback will be done on a proportionate basis through tender offer.