Companies and Markets

Companies & Markets

Tata Motors to invest Rs 4K cr to speed up sales in India

Tata Motors will invest more than Rs 4,000 crore ($625 million) to boost sales of its passenger and commercial vehicles, its chief executive said on Monday, as the automaker looks to return to profit in its domestic business.

In order to cut out distractions to the company’s business turnaround focus, Tata Motors has also decided to do away with the controversial flat-level hierarchy structure and instead award designations back to its employees.

With FPIs selling on dips, Nifty may find the going tough

 

With the first quarter results season getting over and no major events lined up for this week, foreign portfolio investors’ profit booking last week and their bearish bets in the futures & options market have come into the focus this week.

Stock exchange provisional data and NSDL data shows foreign portfolio investors are booking profit, as they have sold shares worth Rs 10,718 crore so far this month.

Brokers said it would be challenging for the Nifty-50 to regain the 10,000-mark,if the current tend persists.

Essar Oil goes to Rosneft, Trafigura & UCP

Debt-laden Essar Group on Monday concluded the sale of Essar Oil, including the captive port, power and retail assets, to Russian government-controlled oil giant Rosneft and a consortium of investors including Trafigura and UCP, for $12.9 billion, making it the largest foreign direct investment into the country.

Under the terms of the deal, Rosneft has picked up 49.13 per cent stake in Essar Oil's 20-million-tonne Vadinar refinery in Gujarat, a 58-mt captive port and a power plant (1,010 mw multi-fuel) and 3,500 petrol pumps.

Investors asked to exit as uncertainty looms

With uncertainty looming over India’s second largest IT firm Infosys, analysts are advising investors to use the buyback offer to exit from the company.

Many analysts see the exit of Vishal Sikka as the CEO of the company over spat with the founders, as a major setback for the company as it derails its plan to become a next generation IT firm critical to creating value.

Experts are painting a bleak picture for the future prospects of the company that is grappling with changing dynamics of global IT industry.

250 penny stocks under I-T scanner

Close on the heels of market regulator Securities and Exchange Board of India (Sebi) cracking the whip on 331 suspected shell companies, the Income Tax Department is preparing another list of penny stocks that could be barred from being traded on bourses.

The new list could have as many as 250 names and would be shared with Sebi for further action.

BSE, NSE to audit 100 suspected shell firms

Market regulator Sebi along with stock exchanges are in the process of initiating audit on about 100 out of 331 suspected shell companies.

Both BSE and NSE will soon appoint a panel of auditors for the first stage of audit of these companies, sources said. The exchanges may also initiate a forensic audit to verify credentials and fundamentals of these alleged shell companies.

Shell companies unravelled

Bogus addresses and fictitious companies, which assist in the process of layering to hide the real identity of the investor and the beneficiaries, are behind the multi-disciplinary crackdown on shell companies.

HUL starts soil remediation trial at Kodai thermometer factory site

More than 15 years after its thermometer factory at Kodaikanal in Tamil Nadu was closed down on complaints of mercury contamination, Hindustan Unilever has commenced soil remediation on a trial basis at the site.

HUL has received all the required statutory permissions and has completed the preparatory work required to start the soil remediation trial. The company will conduct the trial for three months in tune with the detailed project report and the approval given by the local regulatory authority, the Tamil Nadu Pollution Control Board (TNPCB), the company said in a release.

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