Companies and Markets

Companies & Markets

Sensex at new record high,Nifty tops 9,800 ahead of macro data

The benchmark Sensex today advanced by 57 points to end at all-time high of 31,804.82 and the Nifty closed above the 9,800-mark for the first time as banking, oil & gas and auto stocks advanced.
Optimistic buying in blue-chip stocks ahead of release of industrial production data for May and retail inflation for June drove stocks higher.
The BSE Sensex had opened on a better note at 31,813.24 and rose to the day's high of 31,865.69 in early trade. However, some profit booking in recent gainers pulled the index down to a day's low of 31,731.43 points.

Sensex climbs 73 pts, Nifty tops 9,800-mark

The benchmark Sensex advanced over 73 points and the Nifty reclaimed the 9,800 level as investors looked forward to release of key macroeconomic data due today amid a mixed trend in Asia.
The 30-share index went up 73.03 points, or 0.23 percent, at 31,820.12. The gauge gained 386.45 points in the previous two sessions to close at a fresh record high of 31,747.09 yesterday.
All the sectoral indices led by oil and gas, realty, PSU, bank and auto turned green.
The NSE index Nifty recaptured the key 9,800 mark by rising 27.10 points, or 0.27 percent, at 9,813.15.

NSE likens outage to black swan event

After the cataclysmic events at NSE, which rattled the investor community on Manic Monday, the NSE operated normally on Tuesday, a day after a technical glitch caused a three-hour disruption in trading, but harried traders demanded the country’s biggest exchange to quickly take measures to prevent a recurrence. Fortunately, all trading systems at the NSE, including price quotations for individual stocks, were operating normally, with share volumes recovering and the broader NSE Nifty rising as much as 0.6 per cent to a second consecutive record high.

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.