Benchmark indices extended gains for the fourth day in a row as firmness in most global stocks supported gains on bourses. The S&P BSE Sensex rose 286.43 points or 0.81 per cent to settle at 35,798.01, while the Nifty 50 index gained 71.50 points or 0.66 per cent to settle at 10,966.20.
Companies and Markets
Companies & Markets
The Bombay High Court last month upheld the NSEL-FTIL merger while dismissing the plea against the ministry of corporate affairs’s (MCA) merger order. Now, 63 Moons, formerly FTIL, says it would move the apex court citing the ‘devastating’ impact of this merger. In February 2016, the ministry had passed a final order directing the merger of scam-hit NSEL with FTIL. The draft order was issued in October 2014. It was the first case of the government ordering the merger of two private sector companies (under Section 396 of Companies Act, 1956).
Swedish compressed air solutions specialist the 11 billion euro (Rs 87,530 crore) Atlas Copco is targeting a double-digit growth with demand rising for its range of air compressors in Asia’s third biggest economy.
HPCL may acquire Mangalore Refinery and Petrochemicals (MRPL) in a cash and share-swap deal to become India’s third-largest oil refiner, a top official said.
Oil and Natural Gas Corp (ONGC), India’s biggest oil and gas producer, last week announced acquisition of HPCL for Rs 36,915 crore. After this takeover, ONGC has two refining subsidiaries – HPCL and MRPL.
“If MRPL comes to HPCL, we can bring lot of synergy,” HPCL chairman and managing director Mukesh Kumar Surana said.
Ahead of its board meeting, the stock price of Manappuram Finance rallied amid speculation that the company would announce an acquisition.
According to a notice to the Bombay Stock Exchange on Friday, the company had said, “We wish to inform the board meeting of directors of the company will be meeting at 11 am on Tuesday at Mumbai interalia to discuss on investment proposals.”
When asked about the board meeting, Kapil Krishan, chief financial officer of Manappuram Finance said the board would be discussing an investment it would be making in another company.
Indian tech vendors need to readjust their people pyramids, flatten the belly bulge and start hiring people with creative skills, design thinking, story-telling ability, hard core engineering knowledge and domain expertise to be successful in the digital play, cautions the global analyst community.
The sugar output has been considerably higher. So have been supplies from the mills. Ironically, however, sugar demand, particularly from the bulk consumers, was quite low. This slackened demand from bulk consumers has put pressure on prices. Little wonder then that sugar prices fell by Rs 80 per quintal at the wholesale market in Delhi on Monday.
India’s silver imports almost doubled in 2017 against the previous year. The inbound shipments are expected to further move up in 2018, finds Silver Institute, a global industry body. Expensive equities and a fall in cryptocurrency valuations are expected to increase global investment demand as well for the white metal in 2018.
Markets were on a roll last week and shot through crucial resistance to post new highs. The BSE Sensex gained 919.19 points or 2.59 per cent to close at 35,511.58 points. NSE Nifty rose 213.45 points or 1.96 per cent to close at 10,894.70 points. BSE Midcap went into some sort of correction and lost 2.09 per cent, while BSE Smallcap lost even more at 2.76 per cent.
Oil and Natural Gas Corp (ONGC) has increased its first ever debt-raising plans by 40 per cent to Rs 35,000 crore to fund its Rs 36,915-crore acquisition of Hindustan Petroleum (HPCL).
The acquisition would create India’s first integrated oil company. This would be ONGC’s biggest acquisition and second buyout this fiscal after its Rs 7,738 crore acquisition of 80 per cent stake in Gujarat State Petroleum Corp’s KG basin gas block.