Companies and Markets

Companies & Markets

Nifty forms bearish candle

The market witnessed some profit booking after the recent gains. Both Sensex and Nifty ended lower amidst weakness in global stock markets. The Sensex shed 115 points, or 0.33 per cent, to close at 34,501 while the Nifty-50 fell 43.80 points, or 0.41 per cent, to settle at 10,570.55. According to analysts investors are concerned about the recent firmness in crude oil prices.

The market breadth was weak as 1,750 shares fell and 898 shares rose on the BSE. The BSE Mid-Cap and Small-Cap indices fell 0.52 per cent  and 0.72 per cent, respectively, underperforming the Sensex.

New Nifty index to track equity savings funds

The NSE’s index services subsidiary, India Index Services & Products (IISL), has on Wednesday launched the Nifty Equity Savings Index.

The index will serve as a benchmark for the equity savings funds offered by various mutual funds. Similar to the investment philosophy of equity savings funds, this index captures performance of a portfolio having exposure to equity, equity arbitrage and debt instruments. This index is a total return index capturing price-return and dividend/coupon income.

Wipro Q4 net falls over 20% to Rs 1,800 cr

Belying market expectations, Wipro, India's third largest software services firm,  on Wednesday posted a more than 20 per cent decline in its consolidated profit at Rs 1,800.8 crore for the March quarter. Wipro had reported a profit of Rs 2,267 crore in the year-ago quarter, as per Indian accounting norms.

The total income stood at Rs 14,304.6 crore compared to Rs 15,045.5 crore in the January-March period of 2016-17, down by 4.9 per cent.

Bharti Infratel, Indus Towers to merge

Bharti Infratel has drawn up an agreement to merge with privately held Indus Towers to create the world’s second largest telecom tower company with an estimated equity value of $14.6 billion.

The merged entity, to be called Indus Towers, will boast of 163,000 towers across India, behind only China Towers for the number of towers internationally.

The move is seen as part of the incumbent telecom operators survival strategy to focus on wireless services and cut costs, reduce exposure to non-core businesses and pare debts in a highly competitive market.

PNB to hire detective agencies to track untraceable borrowers

Stung by Rs 13,000 crore fraud, state-run Punjab National Bank (PNB) would hire detective agencies to locate crooked borrowers who owe the bank hundreds of crores or rupees. The bank has invited applications for empanelment of detective agencies to unearth the untraceable clients who have contributed to its swelling NPA. The bank’s NPA surged to Rs 57,519 crore as of December 2017.

In its efforts to recover NPAs, the PNB has also resorted to ‘Gandhigiri’ wherein its staff hope to ‘name and shame’ defaulting borrowers to recover up to Rs 150 crore worth bad loans every month.

Rupee crashes 52 paise to 14-month low against US dollar

The rupee today nosedived 52 paise to hit a 14-month low of 66.90 against the US dollar, the third biggest single-day fall for the domestic currency this year, amid surging crude prices coupled with headwinds on the macro-economic front in form of widening trade deficit.

This was the lowest closing for the rupee since February 22, 2017. After a brief overnight recovery, the domestic unit  tumbled following panic dollar buying by corporates and importers.

Gold’s correlation with US interest rates wanes, back to tracking dollar

Gold’s price performance is no longer influenced by the interest rates in the US while the US dollar is again becoming a strong indicator of the price direction of the yellow metal, the World Gold Council (WGC) has said.

The gold industry body, in a report, said this trend will continue over coming months even while the dollar won't explain the precious metal's movements entirely.

No breakout seen

The market made gains on the back of strong up-move by index heavyweights like Reliance Industries in a highly volatile session. The Sensex gained 165.87 points, or 0.48 percent, to end at 34,616 and the Nifty rose 29.65 points, or 0.28 percent to settle at 10,614.35. The BSE Mid-Cap and Small-Cap indices ended in the red.

The market breadth was negative as 1,480 shares fell and 1,188 shares rose on the BSE. Among the sectoral indices on the BSE, Oil & Gas was up 1.5 percent and Metal was down 1.82 percent, followed by IT (-1.69 per cent) and Teck (-1.48 percent.)

Piramal Housing Finance aims to double assets

Piramal Housing Finance, the wholly owned subsidiary of Piramal Finance, is looking at more than doubling its Rs 1,400-crore housing finance assets under management within a year on the back of “demand for housing limping back” in the organised sector.

Its new retail housing finance business offers home loans, loan against property and smaller ticket construction finance to developers.

The Mumbai-headquartered company also plans to open a total of 24 branches for retail housing finance across India by the end of 2020.