Companies and Markets

Companies & Markets

Half of BSE’s 10.79m shares taken on 1st day

BSE Ltd’s initial public offering (IPO) received positive response on the first day of bidding, with half of the total 10.79 million shares available for bidding getting subscribed.
As per combined stock exchange demand graph, the public issue was subscribed 0.50 times on the close of the first day’s bidding on Monday.
The retail category shares were subscribed 0.86 times, the qualified institutional buyers category was subscribed 0.17 time and the high net worth individual’s category was subscribed 0.12 times.
The BSE public issue closes on Wednesday, January 25.

HUL net rises 7% on exceptional gain, income declines 0.79%

The FMCG major Hindustan Unilever (HUL) on Monday reported 6.82 per cent increase in its standalone net profit to Rs 1,037.93 crore for the third quarter of FY17 on account of strong exceptional income. Hindustan Unilever (HUL) had posted net profit of Rs 971.66 crore in the October-December quarter of the last financial year.
Its exceptional income in the third quarter of 2016-17 was Rs 153.05 crore, as against exceptional expense of Rs 79.61 crore it had incurred in the same period of 2015-16.

Sensex sheds 71 pts on weak Asian cues

The benchmark Sensex fell by about 71 points to slip below the key 27,000-mark in the opening trade today, on sustained foreign fund outflows amid weak Asian cues as investors await US President Donald Trump's economic plan details.

The 30-share index was 70.92 points or 0.26 per cent lower at 26,963.58 in early trade with sectoral indices led by IT, healthcare, banking and capital goods, trading in the negative zone, falling by up to 0.78 per cent.

Remain on sidelines, stay contrarian

The market continued to trade in a sideways but volatile manner. Friday was a bad day and the market lost about a per cent in trading. On a weekly basis, the losses were 0.75 per cent on the BSE and 0.61 per cent on the Nifty. The crack on Friday was swift and it wiped out gains of the week and brought the indices to critical levels of support.

Nervy Sensex skids 81 pts in early trade on weak Asian cues

The Sensex shed almost 81 points to 27,227.78 in early trade as participants cut down bets amid lacklustre Asian cues and nervous investors await Donald Trump's takeover as US President later today.

The caution overshadowed better-than-expected China's fourth quarter GDP growth and Fed chair Janet Yellen taking a less hawkish stance on rate hike. Discouraging earnings by some companies too weighed on sentiment.

Axis Bank’s Q3 profit falls 73%

Private lender Axis Bank on Thursday reported a 73.3 per cent fall in net profit at Rs 580 crore for the third quarter ended December 2016 due to higher provisioning for bad loans.
Net interest income (NII) during the quarter grew by 4.1 per cent to Rs 4,333.73 crore compared to Rs 4,162.06 crore in the same period of the previous year. Other income (comprising fee, trading profit and miscellaneous income) stood at Rs 3,400 crore as against Rs 2,338 crore during the same period last year.

Surge in Yes Bank stock makes Rana Kapoor a billionaire

With YES Bank’s stock price jumping 16.4 per cent this month, Rana Kapoor (in pic), co-founder and chief executive officer of YES Bank who holds 11.6 per cent stake in the bank, has become a billionaire.
Kapoor is only the second billionaire to emerge from India’s banking industry after Uday Kotak, principal founder and promoter of Kotak Mahindra Bank, who has $7.2 billion net worth (Rs 49,065 crore).

Trump effect: commodities’ gain may be equities loss

Traders and brokers are waiting to allocate their money in commodities, as they want to get a clear picture in the US after Donald Trump assumes office. The more the new US president tightens local companies on the jobs issue, the higher would be the investment diverted from equities to commodities.
“Commodity funds are more volatile compared to diversified equity funds,” said Nilanjan Dey, director, Wishlist Capital Advisors.

Tax cuts, higher spending & maintaining fiscal deficit

After the huge disruption caused by the demonitisation, brokerage houses are now expecting finance minister Arun Jaitley to play the role of a magician to get the economy back on the growth path.
Many feel that the domestic economy reeling under the ‘shock and awe’ of the surgical strike on black money needs innovative measures to regain the momentum.

Sensex rises 51 pts on global cues, oil stocks rally

Equities advanced for a second day as the benchmark Sensex climbed nearly 51 points to close at 27,308.60 on across-the-board buying, led by oil & gas and PSU stocks, in line with a firming global trend amid buying by foreign as well as domestic financial institutions.

Moreover, better-than-expected earnings by some companies too buoyed sentiments.

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