Companies and Markets

Companies & Markets

SBI to auction 12 bad accounts this month to recover over Rs 1,325 crore

THE country’s largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore. The e-auction of these accounts will take place on June 25, according to an SBI notice.

The NPA accounts that have been put under the hammer include Ankit Metal & Power (Rs 690.08 crore), Modern Steels (Rs 122.61 crore), Good Hea­lth Agrotech (Rs 109.14 crore), Amit Cottons (Rs 84.70 crore) and Ind-Swift (Rs 80.49 crore).

BSNL to borrow Rs 4,300 cr in FY19

State-run Bharat Sanchar Nigam (BSNL) has decided to borrow Rs 4,300 crore in the current financial year to fund capital expenditure plans.

Sharp volatility seen ahead

THE market continued to remain volatile and in the first two days Sensex was down some 300 points, or close to 0.80 per cent. Strong rally on Wednesday and Thursday saw the indices not only recover but also close with weekly gains. On Tuesday, one also saw promoters of companies buying into their stocks. The Sensex gained 216.41 points, or 0.61 per cent, to close at 35,443.67 points while the Nifty gained 71.45 points, or 0.66 per cent, to close at 10,767.65 points.

RBI seeks details of payments data storage

The Reserve Bank of India (RBI) has written to payment companies seeking details of their preparedness to comply with its April mandate to store all user data in servers located within India.

RBI survey shows drop in confidence in Modi rule

“Achhe Din Ayenge” — the promise on which the National Democratic Alliance (NDA) government came to power in 2014 is still a distant dream for the common man. This was revealed in the highly-rated ‘Consumer Confidence Survey’ of the Reserve Bank of India.

People are not buying the tall claims of the Narendra Modi government, which has a tough task on its hands in the one year before the elections to turn the apparent disillusionment among the people to hope.

Too early for trend reversal

The domestic market had pull back rally on the back of positive global cues. The S&P BSE Sensex rose 284 points or 0.81 per cent to settle at 35,463.08, the Nifty 50 index rose 83 points or 0.78 per cent to end at 10,768.35. Broader market also witnessed strong buying as the BSE Mid-Cap index rose 1.4 per cent, the BSE Small-Cap index rose 1.96 per cent. Both these indices outperformed the Sensex. The market breadth was strong as 1,961 shares rose and 747 shares fell on BSE.

Technical view

Gold prices to gain momentum after Fed’s policy meeting

Gold prices are expected to move up post the US Federal Reserve’s policy meeting next week. Physical demand from the two largest markets﷓﷓India and China﷓﷓are showing signs of recovery along with positive inflows into gold ETFs. Of late, gold has been trading lower as expectations of a US interest rate hike have been building up in the market due to stronger-than-expected US jobs data. Once the Fed meeting on June 12 and 13 ends, market expects gold to shed its weakness.

Bharti sells Future Retail stake for Rs 1.7K cr

Bharti Group entity Cedar Support Services on Thursday sold 6 per cent stake in Kishore Biyani-led Future Retail for nearly Rs 1,697 crore, through open market transactions. Cedar disposed of 3.03 crore shares, amounting to 6.04 per cent stake in Future Retail, according to the bulk deal data available with the NSE.

Shares were offloaded at an average price of Rs 560.01, valuing the transaction at Rs 1,696.83 crore.

At the end of March quarter of 2017-18, Cedar held 4.63 crore shares, or 9.23 per cent stake in the Kishore Biyani-led firm.

Industry worried as De Beers’ forays into synthetic diamonds

The Indian diamond industry is worried about De Beers’ foray into synthetic diamond business with the launch of Lightbox Jewellery. They fear that the demand for natural diamond will get affected due to branded synthetic diamond jewellery from the global giant.