HDFC Bank shares rallied 4.36 per cent on Thursday to reach Rs 2,136.15 on BSE as domestic investors rushed to buy ahead of the introduction of a new system monitoring foreign ownership limits in real time from June 1.
Companies and Markets
Companies & Markets
Despite IRDA mandating that all the electronically sold insurance policies should be brought into e-insurance account, only 10 to 12 per cent of the life policies and less than one per cent of the general insurance policies are added to the repository accounts.
The government is considering creating a three million tonne sugar buffer stock to help millers clear about Rs 22,000 crore dues to cane growers, food minister Ram Vilas Paswan said on Thursday.
Sugar mills' financial health has worsened due to sharp fall in prices of the sweetener in the wake of a record production of 31.6 million tonne (mt) so far in the 2017-18 season (October-September).
"We are still considering a proposal to create a buffer stock of 3 million tonne. We are taking views from other departments," Paswan said.
Fuel retailer IOC has for the second year in a row beaten ONGC to become India's most profitable state-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates.
Indian Oil Corporation, which has for decades been India's biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal.
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is likely to maintain status quo on rates when it meets on June 4-6 to announce the second bi-monthly monetary policy. While some are not ruling out the probability of the MPC pre-emptively hiking rates by 25 basis points in the June policy meeting on rising oil prices and rupee weakness, economists appear unanimous of a rate hike in August policy.
Multiple years of losses have substantially eroded the net worth of engineering major L&T's shipbuilding arm and led its independent auditors to cast “significant doubt” over whether the company can continue as a "going concern".
L&T, the parent, however said its investment in L&T Shipbuilding is “strategic” and affirmed its financial support.
In accounting parlance, the 'going concern assumption' typically means that the company will remain in business for the foreseeable future without being forced to halt operations and liquidate its assets.
The department of telecom (DoT) will seek Rs 2,100 crore bank guarantee this month from Idea Cellular as one-time spectrum charge before its union with Vodafone is cleared, as per the latest M&A guidelines.
Mutual fund houses are trying hard to meet the June 30 deadline for adhering to Sebi guidelines on categorisation and rationalisation of schemes, but execution is a big challenge as portfolios are being reset.
Post-categorisation and rationalisation of mutual fund schemes, investors will have more clarity and they can pick and choose what they want. At present, it’s all about getting used to new fund categories and names, both for distributors and investors.
Foreign fund flows into domestic market are likely to be hit as MSCI Inc is placing emerging markets, including India and Brazil, on notice for limiting investor access.
According to experts, India’s weight on the MSCI index could see a reduction in the future, leading to FIIs pruning their exposure to the country.
This comes at a time when FIIs are consistently reducing their stakes in the domestic market over the past few months.
The economic growth in January-March period of 2017-18 surged to 7.7 per cent, the highest since a painful demonetisation and chaotic GST rollout. The figure surpassed China’s growth rate of 6.8 per cent in the same period, confirming India as the fastest growing major economy.