Companies and Markets

Companies & Markets

Foreigners pull Rs 7,094-cr from equities in four sessions

Foreign investors have pulled out over Rs 9,300 crore ($1.3 billion) from the capital markets— both equity and debt—in the last four trading sessions on the unabated fall in rupee and the rise in crude oil prices. The latest withdrawal comes following a net outflow of over Rs 21,000 crore in the last month. Prior to that, they had put in a net amount of Rs 7,400 crore in July-August.

Flipkart forays into insurance space with Bajaj Allianz

E-commerce major Flipkart on Sunday said it is foraying into the insurance segment after securing a corporate agent licence.

To begin with, Flipkart has partnered Bajaj Allianz General Insurance to offer customised insurance solutions to power its mobile phone protection programme for all leading mobile phone brands that are sold on its platform, Flipkart said in a statement.

Under the programme, Flipkart will offer both cash payout option or free pick up, service and drop convenience to customers.

HZL tops green index in metal & mining sector

Hindustan Zinc has topped the Dow Jones Sustainability Index in the environment category in the metal & mining sector.

  HZL, which competed with 58 global companies, has also been ranked overall 5th globally by the index in the metals and mining sector, from 11th last year, an HZL release said.

Dow Jones Sustainability assessment is a globally renowned initiative organised by Robeccosam, which assesses and benchmarks companies on various parameters of sustainability.

Wait for market to settle

THE market saw a bloodbath last week, which had just four trading sessions, as Tuesday was a holiday. The market began the week with gains on Monday and then post the holiday fell very sharply on the remaining three days, with the Sensex losing 1,850.15 points, or 5.38 per cent, to close at 34,376.99 points. The Nifty lost 614 points, or 5.95 per cent, to close at 10,316.45 points. The broader market saw the BSE100, BSE200 and BSE500 lose similarly between 5.50 and 5.72 per cent.

Foreigners pull out Rs 7,094-cr from equities in four sessions

Foreign investors have pulled out over Rs 9,300 crore ($1.3 billion) from the capital markets— both equity and debt—in the last four trading sessions on the unabated fall in rupee and the rise in crude oil prices. The latest withdrawal comes following a net outflow of over Rs 21,000 crore in the last month. Prior to that, they had put in a net amount of Rs 7,400 crore in July-August.

IDBI officers allege LIC deal violates status quo assurance

The All-India IDBI Officers Association has alleged that the board decisions to allow LIC to up stake in the bank to 51 per cent and hand over management control was in violation of oral assurance on maintaining status quo given to the court which has not given its approval.

Beaten down scrip may face further investor fury

The market seems to be disregarding bullish calls given by various brokerages on Yes Bank, which is being pummelled into submission. With no clarity emerging on Rana Kapoor’s successor and sister-in-law Madhu Kapur with over 8 per cent shareholding representing the X factor in this dynamic calculus, the scrip is in for a continuing rough ride on bourses. Although after the relentless bear hammering in the last few days, a short covering pull-back appears on the anvil. Till the succession planning is resolved, Yes Bank stock should see more ferment.

Sensex dives 806 pts, more pain ahead

The stock market tanked on Thursday, with BSE Sensex losing over 806 points, or 2.24 per cent, to settle at 35,169 as frontline stocks, including Reliance Industries, were battered. An across-the-board selling was sparked by a steep fall in rupee’s exchange value and rising crude oil prices.

Out-of-box idea needed as rupee plumbs new depths

Rupee’s free fall continues unabated. The measures announced by government and the central bank’s intervention in the forex marker haven’t had any substantial impact on domestic currency’s exchange value which has depreciated by 15.46 per cent this calendar year.

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