Companies and Markets

Companies & Markets

Monsoon comfort

The early onset of rains and the forecast of normal monsoon at 97-98 per cent of long period average have improved the prospects agrochemical companies, which have otherwise reported moderate numbers for the seasonally weak January-March quarter.

The companies are expected to report healthy volume growth in the first two quarters of FY19, given the low inventory of fertilisers and pesticides with dealers in key growing areas.

Support seen at 10,220

The Indian market ended in the red on first trading day of the week, led by fall in banking and realty stocks ahead of the RBI monetary policy review. The S&P BSE Sensex fell 215 points or 0.61 per cent to settle at 35,011.89, while the Nifty 50 index fell 67 points or 0.63 per cent to settle at 10,628. 

Sebi lowers expenses charged by MFs

Markets regulator Sebi has drastically slashed the 'additional expense' charged by mutual funds to just 5 basis points to help increase the penetration of such products among investors.

The move will help reduce the cost of investing in MFs and industry players believe that it may result in lower commissions for distributors. The additional expense of 20 basis points has been reduced to 5 basis points across all MF schemes, the Securities and Exchange Board of India (Sebi) said in a notification dated May 29.

Idea gets DoT nod to raise FDI limit to 100%

Idea Cellular has received the department of telecom approval to raise the foreign direct investment (FDI) limit in the company to 100 per cent from the current 67.5 per cent.

CFOs remain optimistic about Indian economy: Amex survey

Indian finance executives remain optimistic about the Indian economy and are likely to increase spending on travel and entertainment (T&E), invest in improving administrative process efficiencies, mobile technology, hardware and infrastructure in 2018 to help meet their business priorities. That’s what the 11th edition of the Global Business & Spending Outlook Survey — commissioned by American Express and conducted by Institutional Investor Thought Leadership Studio — suggests.

Mid, small-cap stocks plunge to 52-week low

Even as frontline indices Sensex and Nifty are holding ground, there is a huge selloff in the mid and small cap segments as foreign funds continue to pull out money from the domestic market. While the Sensex rose 0.4 per cent in May, the BSE mid-cap and small-cap indices have lost close to 7 per cent as over 800 stocks have hit their 52-week low during the period. According to analysts, these stocks are clearly in a bear market and investors should not rush to average out their holding in stocks hitting fresh 52-week low.

Mahindra Logistics eyes 20% growth this year

Mahindra Logistics, one of India’s largest multimodal logistics service providers, is targeting over 20 per cent growth this financial year on the back of transportation business picking up across India post-GST.

“We are aiming at more than 20 per cent growth in our logistics business this year with the overall business growing post-GST,” Pirojshaw Sarkari, CEO at Mahindra Logistics told Financial Chronicle.

Cement firms put up good show in Q4, beat estimates

Cement companies were the surprise package this earnings season. They posted a strong set of sales, EBITDA and profit after tax as better prices led to higher realisations in central India and eastern India. Operational efficiencies and better operating leverage, despite increase in diesel and petcoke prices, also helped them perform well.

Global cues to dictate market trend

Indian market surged on short-covering on F&O settlement day and on expectation of better GDP numbers. The BSE Sensex and NSE’s Nifty 50 surged over 1 per cent mainly led by financial stocks with market heavyweight Stocks in Europe and Asia traded higher over easing political turmoil in Italy and developments in US-North Korea summit talks.