The market ended with gains in a highly volatile trading as the Sensex gained 209.05 points or 0.59 per cent to close at 35,692.52, after falling 4.40 points, or 0.01 per cent at the day's low of 35,479.07. The Nifty 50 index ended with 55.90 points or 0.52 per cent gains to settle at 10,842.85, its highest closing level since 1 February, 2018. The S&P BSE Mid-Cap index rose 0.90 per cent, outperforming the Sensex, while the S&P BSE Small-Cap index was up 0.54 per cent, underperforming the Sensex. The market breadth was positive as 1,441 shares rose and 1,222 shares fell on BSE.
Companies and Markets
Companies & Markets
The initial public offering of Rites, a state-owned company under the ministry of railways, will open on June 20.
Rites, which provides transport infrastructure consultancy and quality assurance services in India and abroad, proposes to raise Rs 466 crore by divesting 12.6 per cent stake in a price band of Rs 180-185 per share of Rs 10 face value. Retail investors and employees will be offered a discount of Rs 6 per equity share.
Crisis-hit real estate firm Unitech on Tuesday reported a consolidated net loss of Rs 999.83 crore for the quarter ended March 31, 2018, despite earning a higher income. The Gurugram-based developer had posted a net loss of Rs 290.19 crore in the year-ago period, according to a regulatory filing.
Total income, however jumped over two fold to Rs 977.59 crore during January-March, 2017-18 from Rs 480.36 crore in the year-ago quarter.
Despite sharp rise in income, the company has posted net loss due to higher operational expenditure and an exceptional item of Rs 928 crore.
Bharat Forge, exporter of auto components, on Tuesday announced a strategic investment in the UK-based Tevva Motors, a firm which provides electric power train solutions for trucks and buses. Bharat Forge and Bharat Forge International UK will pick up 35.26 per cent stake in Tevva for Rs 90 crore. Tevva currently provides electric vehicle (EV) solutions to the 7.5-14 tonne range category commercial vehicles.
This is soon to be extended for the development of new commercial vehicles, especially trucks and buses.
Who’s at fault for Videocon Industries’ Rs 39,000 crore ($579 million) debt pile? The Indian maker of consumer appliances is casting the blame on prime minister Narendra Modi’s decision to ban cash, the nation’s top court and the Brazilian government.
In a development that could further complicate the resolution plan for debt-ridden Ruchi Soya, Ramdev-promoted Patanjali Ayurved has questioned the eligibility of rival bidder Adani Wilmar under the provisions of the Insolvency and Bankruptcy Code (IBC).
In a strongly worded letter to the committee of creditors (CoC), Patanjali has alleged serious conflict of interest with respect to the legal adviser of Adani Wilmar — Cyril Amarchand Mangaldas — and has sought details from the CoC before it goes ahead with the process to finalise successful resolution applicant for Ruchi Soya.
A day after railway minister Piyush Goyal said lower valuation was the reason for deferring IRCTC public offer, it now transpires that a sudden manpower shortage could be the real rationale for putting the share sale plan on hold.
Indian Railway Catering and Tourism Corporation (IRCTC) is facing shortage of officials due to repatriation of railway officials on deputation.
The market ended marginally higher after a volatile trading session. The S&P BSE Sensex gained 39.80 points or 0.11 per cent and closed at 35,483, while NSE Nifty gained 19.30 points or 0.18 per cent to end at 10,786.95. Strong buying in blue-chip stocks like the State Bank of India ahead of release of industrial production data drove stocks higher, particularly in early trade on Monday. Retail inflation data for May is expected to release today.
Your retirement nest egg may be way too small to see you through the years ahead in the twilight zone. Well, if you are lucky and living in Thiruvanathapuram, with just about Rs 98 lakh you can chill for 20 years in retirement, bathing in the calmness of a care-free life. However, if you are in the wrong city, that is, Mumbai, you need close to Rs 1.6 crore in kitty to thrive the two post-retirement decades in the Maximum City.
The RBI is expected to raise $30-35 billion through NRI bonds to support the rupee and offset the slowdown in FPI flows amid rising oil prices, says a report.
The FPI inflows to India will be impacted by Chinese firms listing in global benchmark indicies like MSCI, it said.
According to a Bank of America Merrill Lynch (BofAML) report, the listing in benchmark indices will shift up to $100 billion to China market by 2019.