Companies and Markets

Companies & Markets

Reliance, BP tie up for Rs 40,000 crore gas plan

Reliance Industries (RIL) and its partner BP plc will invest $6 billion or Rs 40,000 crore to develop deep-water gas fields off the east coast and pump out 30-35 million cubic metres of gas a day by 2022.
RIL chairman Mukesh Ambani said the joint project would reduce India’s import dependence and meet 10 per cent of the country’s projected gas demand by 2022.
“This new and historic cooperation will evaluate opportunities in trading that could optimise the value of existing products like oil, gas, fuels, LNG, power and carbon,” Ambani said here on Thursday.

Warburg Pincus to pick up 43% in Tata Tech for $360m

Leading private equity firm Warburg Pincus will acquire a 43 per cent stake in Singapore-based Tata Technologies for $360 million (around Rs 2,320 crore).
An affiliate of Warburg Pincus will acquire around 30 per cent from Tata Motors and its subsidiary Sheba Properties as well as Tata Capital's entire 13 per cent stake, Tata Motors said in a regulatory filing.
Tata Technologies is a subsidiary of Tata Motors.

Equities suffer losses, Nifty ends below 9,600

Equities slipped back into the red today after a 2-day positive spell as the Sensex declined over 80 points and the Nifty cracked below 9,600, with investors treading with care after the US Federal Reserve's rate hike.
"Fed's 25 bps rate hike was on the expected lines, but the domestic market slid due to the Fed's hawkish view to trim its balance sheet with one more rate hike during the year despite weakness in economic growth... Sector-specific ups and downs may remain as GST implementation is round the corner," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Sensex climbs 74 pts in opening trade

The Sensex rose 74 points early today on buying pick-up as investors shrugged off weak Asian cues after the US Fed hiked its key rate.
An appreciating rupee brought more cheer. The 30-share index, which had gained 60.21 points in the previous two sessions, added 73.53 points, or 0.23 per cent, at 31,229.44.
Counters such as realty, oil and gas, auto, healthcare and FMCG traded positive.

Household savings spur double digit growth in private wealth

The global rally in equity markets has led to a faster rise in the number of millionaire households worldwide, including India, in 2016 than in 2015, driven by higher return from equities, according to a global private wealth report.
Private financial wealth in India posted a double-digit growth of 11 per cent in 2016, breaking the $2 trillion mark in private wealth for the first time, with most of the expansion stemming from new household savings, said Boston Consulting Group in their 2017 Global Wealth Report.

Options trade to deepen commodity market

Market regulator Sebi’s decision to introduce options in commodities derivatives market is widely seen as a critical reform, which could further deepen the domestic commodity market as it is expected to provide farmers and other participants a new hedging tool in a more cost-effective manner.
The regulator this week laid out rules for trading of commodity options, while allowing bourses to start trading of option in one commodity on a pilot basis.

Nifty snaps 2-day losing streak, up 11 pts

The NSE 50-share Nifty snapped its two-day losing streak to finish at 9,618.15 on fresh buying mainly in Reliance Industries.
The benchmark resumed higher at 9,621.55 and moved in a range of 9,627.40 and 9,580.45 before ending at 9,618.15, showing a gain of 11.25 points or 0.12 per cent.
The Nifty had dropped by 61.35 points or 0.63 per cent in the previous two days.
The NSE-realty index rose 1.36 per cent.

Sensex gains 52 points; Nifty advances as inflation cools off

The benchmark BSE Sensex rose by 52 points to close at 31,155.91 points today in a volatile trade as oil and gas, banking and pharma stocks gained amid positive global cues.
Inflation based on the wholesale price index fell to a five-month low of 2.17 percent in May, which lifted the investor sentiment, brokers said.
Investors, however, were cautious ahead of the US Federal Reserve's latest decision on interest rates later in the day, they said.

Sebi pulls up Raymond for flouting disclosure norms

Minority investors in companies have just got a leg up. The Securities and Exchanges Board of India (Sebi) on Tuesday pulled up Raymond for violation of disclosure norms under the listing agreement.
The market watchdog has issued notices to the board of the company and its audit committee for corporate governance issues relating to the sale of JK House.

Sensex recovers partially, moves up 102 pts on inflation cheer

Stocks got back into shape today as the Sensex recovered 102 points to 31,198 in early session -- chiefly buoyed by a cooling inflation -- amid mixed Asian cues.
Buying picked up on positive economic data after retail inflation fell to a record low of 2.18 per cent in May, from 2.99 per cent in April.
The 30-share barometer rebounded by 101.82 points, or 0.32 per cent, to 31,197.52. The gauge had lost 166.36 points in the previous session.
Sectoral indices such as healthcare, realty, capital goods, power and consumer durables looked good.