Companies and Markets

Companies & Markets

HPCL, MRPL stocks tank as open offer ruled out; ONGC gains

Shares of Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals (MRPL) fell sharply on Thursday as an open offer to minority shareholders by Oil & Natural Gas Corp (ONGC) has been ruled post-acquisition of HPCL.

NSE files for consent settlement in algo case

Within a week of assuming charge as the head of the National Stock Exchange (NSE), the new exchange management led by CEO Vikram Limaye on Thursday approached the regulator Sebi to settle the co-location (algo) case through the consent mechanism.

“The exchange has filed an application today with Sebi for settlement of the co-location issue under the consent process…under the settlement regulations of Sebi,” NSE said in a statement. The exchange also said it would work with the capital market regulator “for an early resolution of this matter.”

Wipro announces Rs 11,000-crore share buyback

India’s third largest IT firm Wipro on Thursday announced a mega buyback offer of Rs 11,000 crore, joining the growing roster of IT firms returning surplus cash to their shareholders.

"The board of directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the company of up to 343.75 million equity shares of Rs 2 each (representing 7.06 per cent of total equity capital),” Wipro said in a statement.

Jio to raise Rs 20,000 cr from RIL via rights issue

Reliance Jio Infocomm, the closely held telecom arm of Mukesh Ambani-led Reliance Industries, said it plans to raise Rs 20,000 crore from a rights offer. After plowing a little less than Rs 2 lakh crore into starting a national fourth-generation (4G) mobile network, the fresh round of funding will help Jio challenge competitors with its free-for-life voice calls and dirt-cheap data services. Jio is offering 400 crore non-cumulative optionally convertible preference shares (OCPS) at Rs 50 each to RIL, according to a stock exchange filing.

Investors cash in equity MFs as indices scale new peaks

Equity mutual funds saw reduced inflows in June compared to May though the market benchmarks were hitting new highs during the month. As the indices rise, apparently investors are booking profit from their mutual fund portfolio. Moreover, fund managers are shifting their equity fund allocations to defensives from domestic cyclicals as a safety measure.

HUL surprises street with a 9% rise in profit

The FMCG major Hindustan Unilever on Monday reported a 9 per cent rise in its net profit at Rs 1,283 crore for the April-June period, even as some of its business verticals saw a slow growth due to 'destocking' in view of the GST implementation from July 1.

Analysts on average had expected the company to post a profit of Rs 1,174 crore, according to Thomson Reuters data.

ITC share tanks up to 13% on cess hike


 The GST cess hike on cigarette companies led to a steep fall in index heavy weight ITC by 12.63 per cent. In turn, it triggered a 1 per cent fall in benchmark indices Sensex and Nifty-50. With another index heavy weight, Reliance Industries, also down by 2.03 per cent, Sensex shed 363 points or 1.13 per cent closing at 31,710.99, while Nifty-50 closed 90 points lower at 9,827.15, snapping six days of gains.

HDFC Life gets board approval for IPO

The board of HDFC Life on Monday approved plans to come up with an initial public offer (IPO). The private life insurer also put on hold its proposed merger with Max Life in the absence of regulatory approval