The benchmark NSE Nifty reclaimed the 9,900-level and BSE Sensex climbed over 167 points in early trade today on widespread gains following sustained buying by domestic institutional investors.
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.
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.
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.
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.
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.
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.
Snapping its three-session losing run, the rupee today closed almost flat with positive bias at 64.12 a dollar on emergence of fag-end demand for the American currency.
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.
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.