Companies and Markets

Shares of InterGlobe Aviation surged over 6 per cent Thursday after the company reported a rise in yield in the quarter ended December 2018.

The stock rose by 6 per cent to close at Rs 1,174.40 on the BSE. Intra-day, it jumped 6.86 per cent to Rs 1,184.

At the National Stock Exchange (NSE), shares of the company soared 6.24 per cent to settle at Rs 1,178.55 apiece.

Market valuation of InterGlobe Aviation, parent firm of IndiGo, rose by Rs 2,554.74 crore to Rs 45,144.74 crore on the BSE.

There are very few instances of 10-15 per cent return from the equity market in a calendar year, says IDFC Mutual Fund in its market outlook for 2019.

“Only once since 1979, has the Sensex given returns in the range of 10-15 per cent,” IDFC Mutual Fund said.

The Sensex returned 13 per cent in the year 2004, otherwise returns have been either higher or lower than the 10-15 per cent range, the report said.

The Sensex returned 6 per cent in the calendar year 2019 and since 1991, only two times has it given negative returns in consecutive years.

India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the power sector for FY20 despite the agency’s anticipation of a healthy 6%-7% growth in power demand and an improvement in all India coal-based PLFs to 62%-63%. The stable-to-negative outlook continues to reflect Ind-Ra’s expectation of a slower-than-expected resolution of the stressed capacity, domestic coal availability challenges, and limited appetite of discoms to sign long-term power purchase agreements.

Yes Bank on Thursday appointed Ravneet Gill as its new managing director and chief executive officer. Gill is currently CEO of Deutsche Bank India and his appointment would be for three years.

“Gill is expected to join the Bank latest by March 1, 2019. The appointment will be subject to the approval of shareholders at the ensuing annual general meeting of the bank to be held in the month of June, 2019,” Yes Bank said in a release.

The market fell sharply as selling emerged in index heavyweights like ITC and Infosys with the BSE Sensex plunging 336.17 points or 0.92 per cent to settle at 36,108.47.

The Nifty 50 was down 91.25 points or 0.84 per cent to close at 10,831.50. The BSE Mid-Cap fell 0.28 per cent and Small-Cap was down 0.16 per cent.

Public lender Bank of Maharashtra on Wednesday reported over seven-fold increase in its net loss to Rs 3,764.26 crore for December 2018 quarter due to Rs 4,421 crore provisions and contingencies it made during the period.

The Pune-headquartered state-owned bank had posted a net loss of Rs 596.70 crore in the corresponding quarter of the previous financial year.

The provision for the bad loans increased significantly to Rs 4,538.28 crore in the quarter, compared with Rs 1,343.62 crore in the year-ago period.

Kolkata-headquartered diversified conglomerate ITC Ltd on Wednesday registered a 4 per cent YoY growth in its profit at Rs 3,209 crore, riding on a 30 per cent YoY rise in its other income in Q3 (Q3 other income stood at Rs 836.4 crore). Interestingly, ITC’s profit in the corresponding quarter of last fiscal stood at Rs 3,090 crore, which included an exceptional gain of Rs 413 crore.

In order to promote itself as a preferred hub for Aerospace and Defence industries, Tamil Nadu wants to attract investment to the tune of $5 billion in next five years and double it to $10 billion in the next 10 years. This will help the state generate an employment of one lakh in next 10 years, as per the policy document released at the Global Investors Meet. In order to attract investments, the state government is offering huge incentives for enterprises intending to set up facilities in the state. 

Indian Oil will be investing Rs 16,641 crore in Tamil Nadu in the next five years. The investment, which will create 20,000 direct and indirect employment opportunities, will be made in the marketing as well as pipeline divisions.

As part of the initiatives to reach out to the market, IndianOil will invest Rs 7941 crore in next five years, the company informed in the sidelines of the Global Investors Meet.

A day after National Company Law Appellate Tribunal (NCLAT) asked financial creditors to handover Essar Steel to ArcelorMittal, the Ruias-led promoters group on Wednesday claimed that its belated bid was higher by Rs 12,000 crore.

Essar group promoters argued that they should be allowed to payoff the entire debt of existing creditors and cited Insolvency and Bankruptcy Code (IBC) objective of maximising recovery for creditors.