After two days of decline, equity benchmarks rallied on positive global cues though there was no significant change in the stand off between US and China in the ongoing trade war. Sensex and Nifty saw a gradual rise after a gap-up opening and peaked towards the close of the trading session. The Sensex gained 260.59 points, or 0.74 per cent, to settle at 35,547.33. The Nifty 50 gained 61.60 points, or 0.58 per cent, to settle at 10,772.05.
Companies and Markets
Companies & Markets
Infotech companies and automobile makers were among the top 10 large-cap stocks picked up by India’s mutual funds in May, data from global investment research firm Morningstar shows. On other extreme, four public sector enterprises counted among the top large-cap stocks sold by MFs last month.
Housing Development Finance Corporation (HDFC), Infosys, ITC, HCL Technologies, Maruti Suzuki, Sun Pharmaceuticals, State Bank of India, NTPC, Tata Motors and HDFC Bank were the most bought 10 large-cap stocks in May.
Maharashtra police has arrested Bank of Maharashtra CMD Ravindra P Marathe (in pic) and former chief Sushil Muhnot for sanctioning Rs 3,000 crore loan through fraudulent means to Pune-based real estate company DSK Group.
State Bank of India (SBI) does not expect its own share of loan haircuts to exceed 50 per cent from the first list of the 12 referred cases to IBC, its chairman Rajnish Kumar said.
"On the overall portfolio, we have said that we don’t expect the losses to exceed 50 per cent whereas SBI is holding a 56 per cent provision", Kumar told Financial Chronicle.
According to sources, SBI is aiming to recover Rs 50,000 crore this year; and of this Rs 30,000 crore are hoped to be recovered from the cases with the National Company Law Tribunal (NCLT).
The share of InterGlobe Aviation, which operates IndiGo, slumped 7.5 per cent on Wednesday, eroding Rs 3,536 crore from the company’s market valuation, after financial investigating agency Enforcement Directorate (ED) summoned the budget airline’s senior management for Foreign Exchange Management Act (FEMA) violations.
IndiGo, however, has denied that ED had summoned its senior management for FEMA violations.
In yet another high profile exit, chief economic adviser (CEA) Arvind Subramanian has quit, prompting government detractors to mount a fresh attack on the economic policies of the Centre.
The trade war jitters led to across-the-board selling as the Sensex and Nifty saw a gradual slide right from the opening of the trading session. The Sensex fell 261.52 points, or 0.74 per cent, to settle at 35,286.74. The Nifty 50 fell 89.40 points, or 0.83 per cent, to settle at 10,710.45. Selling in the Mid-Cap and Small-Cap indices was even sharper with the BSE Mid-Cap Index down 0.98 per cent and BSE Small-cap Index down 1.29 per cent. The market breadth was weak with 1,951 stocks declining as against 676 stocks gaining on the BSE.
Pune-based auto components maker Varroc Engineering announced a Rs 1,955-crore initial public offering in the price band of Rs 965 to Rs 967 a share of Re 1 face value.
The IPO opens on June 26 and closes on June 28.
State Bank of India, the country's largest lender, on Tuesday said it is not looking at any more consolidation after merging five of its associate banks and the Bharatiya Mahila Bank with it. SBI chairman Rajnish Kumar, however, said the banking ecosystem is too fragmented and the idea of mergers needs detailed deliberations.
This onetime hilltop paradise is becoming for some a hell on earth. The days of zero crime are over. Garbage collection is sporadic, so litter soils the man-made lake. Storefronts are vacant. Signs of neglect are everywhere: maintenance is late or nonexistent. And that’s for the construction already done. For the unfinished building works—that is most of it—there is little happening.