Companies and Markets

Companies & Markets

Sensex rallies 132 pts on overall GST momentum

The GST feel-good went some notches higher as the Sensex rallied 132 points today -- bringing up gains for the fourth straight day -- with metal, banking and realty stocks ticking all the right boxes.
Asian cues offered hope, backed by a record close in the US, which emboldened investors.
The 30-share index was up 131.84 points, or 0.42 per cent, at 31,353.46. Sectoral indices led by metal, realty, power, consumer durables, oil and gas, auto and banking made headway.

Dalal Street gives thumbs up to GST launch

Equity market investors welcomed the new tax regime that became a reality from July1 with the GST launch. On Monday, the first day of trading after GST rollout, market benchmarks Sensex and Nifty-50 gained close to one per cent, registering the highest one day gain in last one month period, ending a long period of cautious trading.
Sensex gained 300 points or 0.97 per cent at 31,221.62 and Nifty-50 closed 94.10 points or 0.99 per cent up at 9,615.00. Stocks in the broader market were also up with BSE Mid-cap index up 1.13 per cent and BSE Small-cap index up 1.05 per cent.

ITC leads surge in cigarette stocks

Shares of cigarette manufacturers rallied on Monday after the finance ministry announced withdrawal of additional excise duty on tobacco, cigarettes and pan masala with effect from July 1 following the implementation of goods and services tax (GST).
ITC made its biggest gains in a year, becoming the fourth company to cross Rs 4 lakh crore in market capitalisation. Shares of Godfrey Philips India and VST Industries too gained ground on the positive news.

Investors bet big on fertiliser firms

Fertiliser companies were the favourites in the equity market on Monday as traders and investors bet on them as the government has lowered the GST rate applicable on the eve of the rollout.

Delta may buy stake in Jet

A series of marketing alliances between Jet Airways and Delta Air Lines over the last few months is fuelling speculation that the latter may pick up a stake in the Naresh Goyal-controlled
Jet Airways, however, denied any discussion with the American carrier for stake sale, saying it was only in the realm of speculation. In a clarification to BSE, the airline said it was committed to making appropriate disclosures in accordance with applicable regulations to avoid any speculative activities.

NSE may need to refile IPO application: Sebi chairman

THE National Stock Exchange may need to refile its application for a stock listing after looking into whether brokers were provided unfair access to its servers, the securities and exchange board of India (Sebi) chairman Ajay Tyagi (in pic) said on Monday.
The NSE submitted an application for an initial public offering (IPO) in December, which bankers have said could raise as much as $1 billion. Sebi, however, has yet to approve the listing amid an ongoing regulatory probe into whether the country’s biggest exchange had provided unfair access to its servers to some brokers.

NMCE, ICEX in India’s first comex merger

The National Multi Commodity Exchange (NMCE) will merge with the Indian Commodity Exchange (ICEX), where Reliance Capital is the largest investor, in an all-stock deal to create the country's third-largest commodities bourse.
This is the first merger deal in the commodity exchange space and the merged entity will offer the world's first diamond futures contract along with a wide range of contracts, including bullion, oil, rubber and other agri-commodities.
Reliance Capital will remain the largest shareholder in the merged entity.

We are new-age MF institution dedicated to financial inclusion of rural women

Svatandra, the new-age microfinance firm, founded by Ananya Birla — daughter of Kumar Mangalam Birla — has seen 220 per cent annual growth over the last three years, thereby achieving break-even. The firm is also looking at other financial services sectors like SME financing and affordable housing for future growth. In an exclusive interaction with Ashwin J Punnen, Ananya Birla says she believes in egalitarian growth substantiated by profitability. Excerpts:

Market feels good with GST, Sensex spikes 300 pts

The Sensex, after a lot of dithering, made a spectacular rally of 300 points to close at over one- week high of 31,222 today and the Nifty broke through the key 9,600 as investors swore by GST that kicked in from July 1.
There seemed no end to buying as the sweeping tax reform is expected give a huge momentum to the country's economy and draw global businesses to invest more here, traders said.
After a strong opening, the BSE 30-share index hit a high of 31,258.33, before closing 300.01 points, or 0.97 percent higher at 31,221.62, a level last seen on June 22.

Sensex above 31,000 at open, market takes gains further

The market hit a bright spot straightaway today as the Sensex moved beyond 31,000 at the start, extending its weekend gains following the GST kick-off amid mixed Asian cues.
However, growth of eight core sectors slowed to 3.6 per cent in May dragged down by coal and fertilisers, which acted as a sobering factor.
The 30-share index, after soaring 337 points to touch a high of 31,258.33 at the outset, let go of some gains and traded at 31,069.20, up 147.59 points, or 0.48 per cent. FMCG, metal, consumer durables, realty and auto stocks went higher by up to 3.42 per cent.