Companies and Markets

Companies & Markets

MCX to start brass futures trading next week

Ccommodity exchange  MCX on Thursday said it will start brass futures trading next week and provide a benchmark reference price for hedgers.

Three contracts ending in April, May and June 2018, will be available for trading. The lot size of the contract will be one tonne, the exchange said in a statement.

MCX said the brass futures is the first non-ferrous contract with the compulsory delivery option.

The price to be quoted at ex-warehouse Jamnagar (basis centre) inclusive of taxes and duties, excluding GST. The ingots and billets would be of IS-319 grade.

Beware of move towards 10K mark

After a subdued opening, key indices gained and hit a fresh intraday high in morning trade but the trend reversed as selling emerged in the late trade.

The Sensex lost 129.91 points, or 0.39 per cent, to settle at 33,006.27 while the Nifty-50 lost 40.50 points, or 0.40 per cent, to close at 10,114.75. The BSE Mid-Cap and Small-Cap indices fell 0.75 per cent and 1.05 per cent, underperforming the Sensex.

The market breadth was weak as 2,013 shares fell and 706 shares rose on the BSE.

ArcelorMittal keen to shed status as Uttam Galva promoter

Retaining its interest in bankrupt Essar Steel, world’s largest steel maker ArcelorMittal has approached market regulator Sebi and bourses NSE and BSE to get rid of its status as promoter of Uttam Galva Steel, another entity referred to the bankruptcy tribunal for insolvency proceedings.

Dalmia, UltraTech battle it out in NCLT

The continuing drama over selection of rightful bidder for Binani Cement is expected to unfold more surprises in the coming days, as the National Company Law Tribunal (NCLT) on Thursday did not approve Dalmia Bharat’s claim over the defaulting entity. The bankruptcy tribunal decided to meet again on March 27 to consider the matter and hear out both Dalmia Bharat and UltraTech Cement. The two companies are engaged in a bitter battle to take control of bankrupt Binani Cement.

RCom rises on bondholders' nod for asset sale

Shares of Reliance Communications (RCom) on Wednesday rose 9.5 per cent after the Anil Ambani firm said its bondholders have approved the sale of assets to Reliance Jio Infocomm and monetisation of other real estate properties.

The stock jumped 8.86 per cent to close at Rs 25.20 on the BSE. Intra-day, it jumped 12 per cent to Rs 25.95.

In a statement, RCom said that the bondholders also approved the release of their security on the company's assets and to accept part prepayment of their outstanding bonds.

Sandhar Tech IPO subscribed 6.18 times

The initial public offering of auto component maker Sandhar Technologies was subscribed 6.18 times on the final day of bidding on Wednesday.

The Rs 512-crore IPO received bids for 6,71,40,270 shares against the total issue size of 1,08,72,661 shares, data available with the NSE till 8 PMshowed.

The qualified institutional buyers (QIBs) category was subscribed 14.5 times, non-institutional investors 6.39 times and retail investors 1.31 times, merchant banking sources said.

May ease rules to help debt resolution

The Securities Exchange Board of India (Sebi) may amend its rules to facilitate resolution of cases referred under the Insolvency & Bankruptcy Code (IBC).

Sources said the markets regulator may give concessions in takeover regulations and also delisting rules to these debt-ridden companies to help new players acquire the companies.

The Sebi board will meet on March 28 to discuss crucial amendments to disclosure norms for listed companies referred under the IBC.

PDs pitch for more short-term debt instruments

Primary dealers on Wednesday asked the government to issue more shorter-dated securities to help boost   the declining demand in debt markets, said a finance ministry official after meeting with market participants about the country's borrowing plans.

The ministry had convened a meeting of primary dealers ahead of release of borrowing calendar for the first half of the next financial year.

According to official sources, the dealers have suggested for "more shorter duration government debt instruments" to reduce mark to market losses.