The third week of July was a totally different compared to the earlier two. One stock, ITC, corrected sharply and took the momentum away from the bulls. ITC was down sharply at Rs 276.90 intraday on Monday, a loss of Rs 48.80 before recovering to close at Rs 288.50, a net loss of Rs 48.70, or 14.44 per cent. This ensured that the market ended virtually flat for the week, gaining a mere 8.14 points, or 0.03 per cent, on the Sensex.
Companies and Markets
Companies & Markets
The Nifty-50 Index could finally touch the 10,000 milestone this eventful week, which will see the futures & options derivative contracts expiry on Thursday, the US Fed meeting on July 25-26 and first quarter earnings reports of many index heavyweights.
The income tax (I-T) department has firmed up its plan to attach and sell the 9.8 per cent stake the Scottish oil explorer still holds in Cairn India even after selling the erstwhile subsidiary to Vedanta. The move comes even as Cairn Energy has pinned its hope on a favourable order from arbitration panel early next year over its tax dispute in India.
Benchmark Sensex ran up 124 points today, spurred by Reliance Industries reporting its highest quarterly earnings and its announcement of a bonus issue.
The benchmark Sensex rallied over 131 points above the 32,000-mark today as Reliance Industries' reported its highest quarterly earnings.
Shares of Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals (MRPL) fell sharply on Thursday as an open offer to minority shareholders by Oil & Natural Gas Corp (ONGC) has been ruled post-acquisition of HPCL.
Within a week of assuming charge as the head of the National Stock Exchange (NSE), the new exchange management led by CEO Vikram Limaye on Thursday approached the regulator Sebi to settle the co-location (algo) case through the consent mechanism.
“The exchange has filed an application today with Sebi for settlement of the co-location issue under the consent process…under the settlement regulations of Sebi,” NSE said in a statement. The exchange also said it would work with the capital market regulator “for an early resolution of this matter.”
India’s third largest IT firm Wipro on Thursday announced a mega buyback offer of Rs 11,000 crore, joining the growing roster of IT firms returning surplus cash to their shareholders.
"The board of directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the company of up to 343.75 million equity shares of Rs 2 each (representing 7.06 per cent of total equity capital),” Wipro said in a statement.
Reliance Jio Infocomm, the closely held telecom arm of Mukesh Ambani-led Reliance Industries, said it plans to raise Rs 20,000 crore from a rights offer. After plowing a little less than Rs 2 lakh crore into starting a national fourth-generation (4G) mobile network, the fresh round of funding will help Jio challenge competitors with its free-for-life voice calls and dirt-cheap data services. Jio is offering 400 crore non-cumulative optionally convertible preference shares (OCPS) at Rs 50 each to RIL, according to a stock exchange filing.
Equity mutual funds saw reduced inflows in June compared to May though the market benchmarks were hitting new highs during the month. As the indices rise, apparently investors are booking profit from their mutual fund portfolio. Moreover, fund managers are shifting their equity fund allocations to defensives from domestic cyclicals as a safety measure.