Companies and Markets

Companies & Markets

HEG board okays Rs 750 cr share buyback

Graphite electrodes- maker HEG said its board has approved a share buyback offer worth Rs 750 crore.

Besides, the board has cleared an investment proposal of Rs 1,200 crore to expand the graphite electrodes and related products capacity by 20,000 tonne per annum (tpa).

The existing capacity is 80,000 tpa, it said in a BSE filing.

NSE to launch weekly options on dollar-rupee on Dec 3

The National Stock Exchange (NSE) on Monday said that it has received markets regulator Sebi’s approval to introduce weekly derivatives contracts on dollar-rupee which it will launch from December 3.

The weekly derivatives contracts will help participants  limit time-related premium costs, thereby offering effective protection for their foreign exchange exposures, NSE managing director and CEO Vikram Limaye said.

Stake sale: IL&FS claims over dozen responses

Debt-laden Infrastructure Leasing & Financial Services (IL&FS) on Monday said it has received more than a dozen responses for its stake sale in IL&FS Securities Services (ISSL) and ISSL Settlement & Transaction Services (ISTSL).

On November 12, the company had initiated the process for divesting its stake in both the subsidiaries. The group has 348 subsidiaries, nearly half of which are overseas.

Sun to acquire Japan’s Pola Pharma for $1m

Sun Pharma is acquiring 100 per cent stake of Japanese Pola Pharma, whose annual revenues are $108 million, for a total consideration of $1 million. Pola Pharma had annual revenues of approximately $108 million and net loss of $7 million for 12 months ended December 2017 on consolidated basis. The equity consideration, on a debt-free and cash-free basis, for the 100 per cent stake in Pola Pharma is approximately $1 million.

Meenakshi Energy falls victim to bank apathy

Stressed power assets has been a like festering wound on the economy for the last five years, but precious little is happening in terms of outcome. No resolution has been coming forth despite many policy and regulatory efforts to resolve the issue.

Bounce expected in Nifty

The market rebounded after three-day losing spree with the Sensex rising 373.06 points or 1.07 per cent to settle at 35,354.08. The Nifty 50 index rose 101.85 points or 0.97 per cent to settle at 10,628.60. The BSE’s Mid-Cap index rose 0.06 per cent, while Small-Cap index fell 0.15 per cent.

Among the sectoral indices on BSE, the FMCG index (up 2.2 per cent), Bankex (up 1.27 per cent), Auto (up 1.1 per cent) outperformed the Sensex. However, the Metal index was down 1.33 per cent.

Yes Bank promoters prepay Rs 400 crore loans to two MFs

Yes Bank shares turned volatile on Monday, falling close to 7 per cent before recovering partially after the sharp fall in early trade as the bank’s complex dealings to raise credit from the lenders’ mutual funds seemed to be losing the protection, triggering margin payment.

The dealings with creditors had a condition that if the stock price fell more than 50 per cent, it would trigger margin payment, according to a broker. The stock touched a 52-week high of Rs 404 and 52-week low of Rs 166.15 in the past one year.

Sharp dips could weaken market

The market began the week on a promising note and gained on the first trading day. Alas! That was it. They fell on the remaining three trading days and closed with losses for the week. The Sensex lost 476.14 points, or 1.34 per cent, to close at 34,981.02 points. The Nifty lost 155.45 points, or 1.46 per cent, to close at 10,526.75 points. Broader indices too saw losses of between 1.14 per cent and 1.27 per cent on the BSE100, BSE200 and BSE500.

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