Companies and Markets

Companies & Markets

Volatility to remain high

The market snapped two-day losing spree with the S&P BSE Sensex gaining 207.10 points, or 0.55 per cent, to end at 37,852. The Nifty 50 Index rose 79.35 points, or 0.70 per cent, to close at 11,435.10.

The broad market also witnessed strong buying with the BSE Mid-Cap Index rising 0.89 per cent and the Small-cap Index up 0.53 per cent. Domestic market will remain shut today on account of Independence Day.

Technical view

Pune bank loses Rs 94.42 cr in two days as hackers clone debit cards

In a major cyber fraud, hackers stole Rs 94.42 crore over two days by hacking into the ATM Switch (servers) of the Pune-based Cosmos Cooperative Bank, one of the oldest urban cooperative banks in the country.

The bank on Monday paid the entire amount of Rs 94.42 crore to the American Visa and Indian RuPay payment gateways and settled the liability.

Hackers cloned Cosmos Bank debit cards of Visa and RuPay internet payment firms.

Rupee hits 70, but Finmin says nothing to worry

There is nothing to be worried even if the rupee slides to 80 against the dollar so long as other currencies also depreciated, said a senior finance ministry official, even as the Indian currency hit an all-time low of 70.08 to a dollar on Tuesday.

Root of IL&FS mess lies in subsidiaries

Debt-laden Infrastructure Leasing & Financial Services (IL&FS), which is in news for its balance sheet problems, has hundreds of complex subsidiaries some of which are listed. A high leverage resulting from the sizeable capital requirements across subsidiaries, many of them are overseas, has landed the company in the current mess.

JSW outbids rivals with Rs 19,700 crore offer

Sajjan Jindal-owned JSW Steel has emerged as the highest bidder for Bhushan Power and Steel (BPSL), overtaking Tata Steel that was most likely to bag the debt-ridden company earlier.

IOC hopes to get Iranian investment for CPCL refinery

Iran has shown interest in investing in the Rs 30,000-crore expansion project of Chennai Refinery even though the gulf nation faces a complete squeeze of its oil supplies to India following US sanctions. The investment would, however, be contingent upon availability of banking channels post-November, when the US imposed restrictions come into full force.

“They (Iran) are open to investment in the refinery project but whether these channels (for investment) will be available post-sanctions is something we don't know," IOC chairman Sanjiv Singh said.

Household savings hit slowest pace, drop 20%

The share of Indian households in the total savings of the country has dropped by 20 per cent in the past few years. Also, household savings are growing the slowest compared to public sector and private sector savings.

RCom reinstates Rs 774 crore bank guarantees with DoT

Reliance Communications (RCom) has reinstated bank guarantees worth Rs 774 crore with the telecom department, much ahead of the timeline set by the telecom tribunal. With this move RCom has avoided a looming crisis that the company had faced after the telecom department's show-cause notice to it on spectrum and licence cancellation.

This BG now clears the way for the asset monetisation plan of the debt-ridden company.

Trend reversal seen

The market ended lower as sentiments were hit by currency crisis in Turkey that could trigger contagion into other markets. The S&P BSE Sensex shed 224.33 points, or 0.59 per cent, to settle at 37,644.90, while the Nifty 50 Index was down 73.75 points, or 0.65 per cent, to close at 11,355.75.

The broad market also saw huge selling with as the BSE Mid-Cap Index ended 0.70 per cent lower, and the Small-Cap Index was down 0.78 per cent.

Technical view

Canara Bank, BoI non-executive chairmen get extension

The Centre on Monday extended the terms of non-executive chairmen of Canara Bank and Bank of India (BoI) for two years, according to an official order.

The Appointments Committee of the Cabinet (ACC) has approved re-nomination of Thothala Narayana-samy Manoharan

as part-time non-official director on the board of Canara Bank for two years with effect from Tuesday, the order issued by the personnel ministry said.