Companies and Markets

Companies & Markets

IndusInd Bank posts 26% jump in Q1 net profit

Mid-tier private sector lender Indus-Ind Bank on Tuesday reported a 26 per cent increase in the June quarter net at Rs 836.55 crore, helped by a healthy rise in the core interest income.
The bank had reported a post tax profit of Rs 661.38 crore for the April-June period last year.
Its core net interest income jumped 31 per cent to Rs 1,774.06 crore for the reporting period, while the non- interest income grew 20 per cent to Rs 1,167.26 crore helped by a 25 per cent rise in fee income at Rs 974.04 crore.

Telecom stocks fall after Jio comes out with revised plans

Telecom stocks crashed on the bourses after Reliance Jio announced a set of revised tariff plans on Tuesday. The BSE Telecom Index fell 1.79 per cent, the most among the BSE sectoral indices.
Top telecom stocks that fell on the BSE were Bharti Airtel, down 2.59 per cent, Idea Cellular (3.54 per cent), Reliance Communications, (0.82 per cent), MTNL (1.85 per cent) and Tata Teleservices (Maharashtra) (5.58 per cent).

The $150 billion bad debt overhang

In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India’s $150 billion bad debt overhang.
The company, which makes steel tubes and auto parts for customers including Ford, Volkswagen and Tata Motors, posted its third straight annual loss in 2016, prompting ICICI, one of its lead lenders, to trigger bankruptcy proceedings early this year.

Sensex, Nifty break into new highs ahead of earnings

Markets pulled off a record today back to back as both the Sensex and the Nifty ended at new life highs on earnings optimism amid positive global leads.
Regulator Sebi's new norms on P-notes took markets higher, but stocks could not go the whole hog in view of caution due to US Fed's testimony tomorrow, which is expected to provide timing on balance sheet trimming.
Stability returned after yesterday's glitch and investors are looking forward to corporate quarterly earnings with a sense of optimism.

Sensex climbs fresh peak at 31,802.03; Nifty tops 9,800

The flagship Sensex today rallied to a fresh all-time high of 31,802 and the NSE Nifty hit off a new peak of 9,807 on uninterrupted foreign capital inflows coupled with earnings optimism among participants.
There are expectations that key macro data such as inflation and industrial production -- lined up for tomorrow -- will be encouraging.
Rising for the second straight day, the 30-share index rose by 86.39 points, or 0.27 per cent, to hit a new peak of 31,802.03.

NSE’s jinxed tale of tech glitches

Trading at the country’s biggest stock exchange NSE was crippled for three long hours immediately after opening on Monday due to a technical snag, causing panic among investor and broker communities.
Traders said stock prices did not get updated in the early hours of trade and there was also an issue in accessing the F&O segment. Problem occurred mainly because orders in pre-open were not stacking up as they should have and some pre-orders did not match while some got cancelled.

IDFC-Shriram merger likely to attract regulatory bottlenecks

IT won’t be a smooth ride yet for the proposed mega merger of IDFC and the Shriram Group. The deal would involve several complexities and integration challenges.
The shape of the final deal could potentially be complex, given the involvement of three large listed entities. According to analysts, the merger faces potential hurdles in getting regulatory approvals, execution risks, extent of holding company discount and meeting the central bank’s requirement of minimum shareholding of 40 per cent by IDFC in IDFC Bank.

Monday blues: India to Indonesia

Asia’s stock exchanges have had smoother starts to a week. India’s National Stock Exchange (NSE) suffered its longest ever halt on Monday after an unidentified glitch disrupted orders and price feeds, forcing the operator to freeze all equities and derivatives trading. Indonesia was also hit with a data issue and responded with its own shutdown. In both cases, brokers said confusion reigned even after the venues had announced the suspensions.

NSE 'deeply apologies' for glitch in trading system

The National Stock Exchange today "deeply apologised" for the glitch in its system that disrupted trading for over three hours and said the matter is being examined to find out the cause.
The leading bourse had stopped trading in cash as well as F&O (Futures & Options) segments following the glitch before resuming normal trade at 1230 hours.

Markets scale record highs despite trade disruption on NSE

The BSE Sensex surged by over 355 points, its biggest single-day gain in six weeks to record a new closing high of 31,715.64 and Nifty settled above the 9,700-mark for the first time despite technical glitches on NSE disrupting trade on its platform for over three hours.
Sentiments were mostly bolstered on sustained buying by domestic institutional investors and retailers amid optimism over the upcoming earnings season, with TCS to post earnings on July 13, brokers said.