Companies and Markets

Companies & Markets

Cost pressures weigh on Q2 revenues

The earnings season that kicked off this week on a strong note may report 12 per cent year-on-year revenue growth, marking the fourth consecutive quarter of double-digit growth.

Of the handful of major companies that have reported September quarter results this week, IT major Infosys has surprised analysts with a strong 4.2 per cent quarter-on-quarter constant currency (CC) revenue growth in Q2, along with the highest volume growth in the last 10 quarters and highest ever large deal wins of $2 billion.

No respite for Kapoor, Yes Bank has to get new chief by Feb 1

The Reserve Bank of India on Wednesday refused to grant more time to Yes Bank’s long serving CEO and MD Rana Kapoor and asked the private sector lender to appoint his successor latest by February 1, 2019.

Last month, the Yes Bank board had sought at least a three-month extension for Kapoor from the RBI beyond January 31, 2019, stating that finding a suitable successor is a time consuming challenge.

Nifty’s rally attempt to continue

Frontline indices failed to capitalise on the gap-up opening as selling pressure mounted in the afternoon session. Sensex and Nifty closed the day at 34,779.58 and 10,453.05 levels, down 1.09 per cent and 1.24 per cent, respectively.

The fall was led by auto and metal stocks as Nifty Auto and Metal slipped 3 per cent and 2 per cent, respectively.

In the broader market, the Nifty Midcap and Smallcap fell 2.3 per cent and 2.6 per cent, respectively.

RIL net jumps 17%; to buy Den, Hathway stake for Rs 5,230 cr

Oil-to-telecom conglomerate Reliance Industries on Wednesday reported its highest ever quarterly net profit for July-September as record earnings from the petrochemical business and bumper earnings from the retail business and telecom arm made up for a decline in refinery margins.

RIL net jumps 17%; to buy Den, Hathway stake for Rs 5,230 cr

Oil-to-telecom conglomerate Reliance Industries on Wednesday reported its highest ever quarterly net profit for July-September as record earnings from the petrochemical business and bumper earnings from the retail business and telecom arm made up for a decline in refinery margins.

Raymond removes Vijaypat Singhania as chairman-emeritus

Shares of Raymond Industries fell sharply after reports emerged that Vijaypat Singhania (in pic), the man who built the company, was removed as chairman-emeritus of the Raymond Group. The stock closed at Rs 642 apiece, down 4.7 per cent.

SAME OLD SCHOOL TRICKERY IN ALL TOP 100 BANK FRAUDS

Skulduggery, jiggery pokery and financial defalcation are rampant across Indian companies leading to all round malfeasance and a propensity for frauds. The unscrupulousness and swindle, a result of human ingenuity, always find a way due to the complicity of players within the banks who share a sense of underhandedness for 20 pieces of silver. Probity watchdog Central Vigilance Commission (CVC) submitted an analysis of the top 100 banking frauds on Tuesday, including those in the jewellery and aviation sectors, and shared its findings with RBI, ED and CBI, among others.

Be selective in stock picking

The market gained for third day in a row as a fall crude oil prices and rup­ee gaining against the d­ollar boosted sentiment. Investors are building expectation on September quarter ear­n­ings season. The Sensex rose 297 points, or 0.85 per cent, to settle at 35, 162.48, while the Nifty 50 Index rose 72.25 points, or 0.69 per cent, to settle at 10,584.75. The broader market also saw strong buying with the BSE Mid -cap Index rising 1.14 per cent, wh­ile the Sm­all-cap Index rose 1.68 per cent. Both these indices outperfor­med the Sensex.

Technical view

RBI gives 3 years to Bakhshi as ICICI chief against 5 sought

Adopting a seemingly cautious approach, the Reserve Bank has approved appointment of Sandeep Bakhshi (in pic) as ICICI Bank's managing director and chief executive officer for three years as against a five-year term sought by the lender.

ICICI Bank on Tuesday informed the stock exchanges that the Reserve Bank of India (RBI) has cleared Bakhshi's appointment for three years effective from October 15.

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