Companies and Markets

Companies & Markets

Srei Infra to float $200 million IT innovation fund with Russian bank

Kolkata-headquartered Srei Infrastructure Finance (Srei) will create a $200-million IT & Innovation Fund with Vnesheconombank of Russia to invest in technology companies.
The fund will promote Indo-Russian cooperation in IT technologies and innovation in both countries and in other select regions, top company officials said. The two groups have signed a memorandum of understanding to the effect on Wednesday.

It pours for IT stocks

Information technology stocks fell yet more on Thursday on the lingering negative outlook on the sector and the downgrading of Tata Consultancy Services (TCS) by a foreign brokerage.
Shares of TCS, India’s most valued company, fell more than 3.5 per cent on Thursday after Japanese investment banking firm Nomura downgraded the stock from a neutral to reduce rating, citing a mismatch between fundamentals and the stock price.

IPOs of public sector general insurance firms to be delayed

The government is looking to restore the financial health of state-owned general insurance PSUs before listing them at exchanges, an exercise that is likely to delay their initial public offerings (IPOs). In the process it has also junked a plan to merge three relatively weaker general insurance companies to create a large entity with strong customer profile.
The rethink is sparked by fears that financially weakened insurers might not get right valuation in the
market.

PSBs need Rs 95K cr equity capital by March 2019

The news from public sector banks (PSBs) is getting gloomier. Rating agency Moody’s on Thursday said the 11 PSBs that it rates will require Rs 70,000-Rs 95,000 crore of external equity capital by March 2019. The amount is much higher than the Rs 20,000 crore budgeted by the government towards capital infusion.
The rating agency said it assumes that the stock of impaired loans will increase during the horizon of this outlook, but at a slower pace versus the last two years.

WDM witnesses trade worth Rs 4,400.90 cr on NSE

The wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 4,400.90 crore in 101 trades.
Top securities (non-repo) traded at the WDM were: The 7.80 per cent government securities maturing in CG2020 traded value at Rs 700.00 crore at weighted yield of 6.54 per cent, the 8.13 per cent government securities maturing in CG2022 traded value at Rs 250.00 crore at weighted yield of 6.70 per cent and the 8.33 per cent government securities maturing in CG2026 traded value at Rs 200.00 crore at weighted yield of 6.92 per cent, NSE release said.

BSE introduces new framework for enhanced monitoring of cos

Leading stock exchange BSE has put in place 'S+ Framework' for enhanced monitoring of companies which are exclusively traded on its platform.
The 'S+ Framework', which would be in addition to the existing surveillance measures, would also keep a check on shares which witness price rise not commensurate with their financial health and fundamentals like earnings, or witness spurt in volumes without any corporate event.

IT stocks continue to see selling pressure, down up to 3.6%

IT stocks continue to witness selling pressure for the second straight session today, falling by up to 3.6 percent amid rising concerns as the sector is facing challenges on multiple fronts including stricter visa regime in key markets.
Shares of TCS fell by 3.59 per cent, HCL Tech lost 1.30 percent, Hexaware Tech came down by 0.63 per cent, Infosys (0.54 per cent), Tech Mahindra (0.54 per cent) and Wipro (0.06 per cent) on BSE.
TCS was the biggest drag on the BSE benchmark Sensex.
The BSE IT index declined by 1.33 per cent to close at 10,178.03.

RCom shares extend losses; end over 3% lower

Shares of Reliance Communications fell by more than 3 percent today, continuing the downtrend on sluggish investor sentiment after Fitch and Moody's Investors Service further downgraded the company's credit ratings.
The stock went down by 3.10 percent to close at Rs 18.75 on BSE. During the day, it declined by 3.61 per cent to Rs 18.65.
At NSE, shares of the company slipped 3.10 per cent to end at Rs 18.75.
On the volume front, 36.59 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.

Sensex succumbs to profit-booking, down 58 pts

In a volatile session, the BSE benchmark Sensex today fell by nearly 58 points to 31,213 on profit-booking in recent gainers by investors, who maintained a cautious stance ahead of UK polls and the ECB meeting.
Moreover, the domestic market sentiment was hit by the Reserve Bank pegging GDP growth for the current fiscal lower at 7.3 per cent and saying that rush for farm loan waivers may have inflationary spillovers.

Sensex slips 22 pts in early trade on global cues

Reversing early gains, the Sensex today declined nearly 22 points today as weak global cues turned investors cautious.
Besides, the market sentiment was hit by the Reserve Bank pegging GDP growth for the current fiscal lower at 7.3 per cent and saying that rush for farm loan waivers may have inflationary spillovers.
The 30-share Sensex was trading 21.53 points lower at 31,249.75 in the early deals. The NSE Nifty fell 14.85 points to 9,649.05.
Among the laggards were sectors such as IT, Tech, Realty, Oil and Gas, Power, Bank and PSU, falling up to 2.31 per cent.

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