Companies and Markets

Companies & Markets

Rupee takes turn after early slump, ends 3 paise lower

The rupee staged an impressive comeback after plunging to a fresh three-week low and ended with a modest loss of 3 paise at 64.15 a dollar today even as local equities put up a strong performance.

The outcome of the two-day policy meeting of the Federal Reserve and resurgent dollar overseas largely kept forex market sentiment little shaky throughout the day.

Fresh bouts of dollar demand from importers and fears over a sudden capital flight added some extra pressure.

Eyeing IPO, ShopClues to turn Ebitda positive next year

Preparing itself for an initial public offering, e-commerce marketplace ShopClues is aiming at becoming Ebitda positive by next financial year.

ShopClues plans to list on the Indian stock exchanges next year. Before that it wants to achieve profitability. “We are strongly committed to being profitable and have a milestone based approach. We are expecting to be Ebitda positive (at a monthly level) during the next fiscal year,” said Deepak Sharma, chief financial officer of ShopClues.

Sensex losses mount on global sell-off, dives 336 pts

The BSE Sensex slumped over 336 points and the NSE Nifty slipped below the 9,800-mark in early trade today following global sell-off triggered by mounting geo-political tensions between the US and North Korea.

Volatility index soars 25% in one day, momentum broken

Investor sentiment seems to be badly hit by the recent Sebi order against 331 suspected shell companies. Coupled with escalating geo-political tensions concerning North Korea and its threat to attack Guam, a US military base in the Pacific Islands, it triggered a major correction in the market after the recent sharp run up in stocks that took Indian market to record highs. The volatility index went up by 25 per cent in one day and analysts predict that the market will be hit very badly on Friday morning.

Worries spread to broader market; smallcap, midcap & banking indices battered

With regulator Sebi cracking down on 331 suspected shell companies, panic has gripped the broader market as is evident from the hammering midcap, smallcap and Bankex received on Thursday.

The market sentiment has turned negative after the Securities and Exchange Board of India (Sebi) on Monday evening asked stock exchanges to restrict trading on 331 suspected shell companies. The market is on tight bear grip as only 303 stocks closed in the green on BSE. Of the total 2,683 stocks traded on this bourse, 2,274 closed in the red and 106 remained unchanged.

Bharat Forge announces 1:1 bonus, net up 43%

Bharat Forge, the world’s biggest forging company, which reported its net profit in the three months to June quarter rise by 43 per cent to Rs 175 crore due to higher income on Thursday, also announced 1:1 bonus issue. The net profit was higher than the Rs 159 crore estimate of analysts tracked by Bloomberg.

The Pune-based auto components maker had clocked a net profit of Rs 122.06 crore during the same period of the previous fiscal, Bharat Forge said in a BSE filing.

Dolly Khanna: the name is enough to stir up Dalal Street

When Dolly Khanna, a ‘home-maker’ from Chennai, picks up a stock, it creates a buzz on Dalal Street. From big bull Rakesh Jhunjhunwala to the smallest trader on India’s financial capital will know she has chosen the stock for a solid reason and will start digging deep on the company and its prospects. The most surprising thing is that very little is known about reclusive Dolly Khanna, except that her husband Rajiv Khanna is actually making the investment decision on her behalf.

Sensex posts fourth consecutive session of falls

Indian shares fell for a fourth straight session on Thursday, as Tata Motors dragged indexes down after its results failed to meet expectations, while sentiment was also hurt by worries about simmering U.S.-North Korea tensions.