Companies and Markets

Companies & Markets

Activist buys 1% stake in Nestle, asks it to sell holding in L’Oreal

Nestle and L'Oreal shares rose on Monday after US hedge fund Third Point bought a one per cent stake in the Swiss food giant and immediately urged it to sell its large holding in L'Oreal.
Third Point has a reputation for aggressively pushing for change at target firms, including Sony and Yahoo!, and in a letter to investors on Sunday, Third Point founder Dan Loeb (in pic) announced the fund had acquired one per cent in Nestle, worth $3.5 billion (3.1 billion euros).

Sebi not keen on settlement with NSE in algo case

Markets regulator Sebi may not agree for a settlement with NSE in the algo trading case.
After Sebi issued show-cause notices to the exchange and 14 of its current and former officials, NSE sources had said that the bourse would go for a settlement with the Securities and Exchange Board of India (Sebi).
Regulatory sources said a settlement is unlikely at this juncture as the case is under the scanner of various

Sensex tumbles 153 pts on profit booking

Benchmark Sensex gave up early gains to end 153 points lower at 31,138.21 today while the Nifty cracked below the 9,600-mark as investors took profit ahead of a long weekend.
On a weekly basis, the Sensex gained 81.81 points, or 0.26 percent, while the broader Nifty shed 13.10 points, or 0.13 percent.
Markets will remain closed on Monday on account of 'Id-ul-Fitr' (Ramzan Id).

Sensex gets a buying lift, edges up 75 points

The Sensex climbed 75 points to 31,365 at the start today, aided by fresh domestic and foreign buying amid mixed Asian pointers.
Caution set in as investors waited for the launch of the Goods and Services Tax (GST) due on July 1.
The 30-share index advanced 74.65 points, or 0.23 per cent, to 31,365.39. It had gained 7.10 points in the previous session.
Sectoral indices such as realty, healthcare, IT and power ruled higher, rising by up to 1.09 per cent.
Similarly, the broader 50-share NSE Nifty moved up 17.65 points, or 0.18 per cent, at 9,647.65.

Infosys meets 45% power needs from renewables in FY17: Report

IT firm Infosys today said over 44.6 per cent of its electricity requirements in 2016-17 were met through renewable sources.
"During fiscal 2017, 118.90 million units of electricity were from renewable sources, which are about 44.6 per cent of overall electricity requirements of their campuses in India," Infosys said in its latest sustainability report.
The Bengaluru-based firm has also been working on reducing its per capita electricity consumption.
It said the per capita electricity consumption has been reduced by 2.88 per cent in 2016-17.

Sensex retreats from record on late sell-off, ends in green

The Sensex made it to a fresh life high during the session today but surrendered much of its gains to close marginally up, with softness in oil prices creating a sense of caution in the market.
At one point, the gauge zoomed over 239 points to 31,522.87, driven by a slew of market-friendly measures taken by regulator Securities and Exchange Board of India (SEBI).
There was also a spell of taking profit off the table, which pulled the index down. It swung 267.24 points during the session.
Global cues remained negative.

Sensex makes a 136-pt rebound as bad loan fight paces up

The BSE Sensex made a strong recovery of 136 points at the start today on the back of a slew of steps by regulator Sebi to make markets more attractive for investments.
Asian cues remained mixed. The 30-share index rebounded by 136.27 points, or 0.44 per cent, to 31,419.91. Realty, metal, power and auto were in the positive zone, rising by up to 1.09 per cent.
The gauge had lost 27.93 points in the previous two sessions. The NSE Nifty also moved up by 33.85 points, or 0.35 per cent, to 9,667.45.

Government sells $619 million stake in Larsen & Toubro

India sold a 2.5 percent stake in engineering and construction group Larsen & Toubro Ltd (L&T) on Wednesday, raising more than 40 billion rupees ($619.27 million) that will help the government meet its annual fiscal deficit target.

The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets, said Neeraj Gupta, the top bureaucrat looking after government stake sales, confirming earlier media reports.

SUUTI owned a 6.68 percent stake in L&T as of the end of March.

Nifty extends losses, mid-caps outperform

Benchmark Nifty ended marginally lower for the second session today at 9,633.60 on profit booking in metal, auto, IT, energy and pharma stocks amid weakness in global peers.
In overseas markets, European stocks edged lower as oil and gas, financial and tech shares struggled.
Asian shares ended mixed following a sell off in energy shares after oil prices slipped around 2 per cent overnight.