Companies and Markets

Companies & Markets

Reversal placed at 10,930

After two days of decline, equity benchmarks rallied on positive global cues though there was no significant change in the stand off between US and China in the ongoing trade war. Sensex and Nifty saw a gradual rise after a gap-up opening and peaked towards the close of the trading session. The Sensex gained 260.59 points, or 0.74 per cent, to settle at 35,547.33. The Nifty 50 gained 61.60 points, or 0.58 per cent, to settle at 10,772.05.

Top MF picks and drops

Infotech companies and automobile makers were among the top 10 large-cap stocks picked up by India’s mutual funds in May, data from global investment research firm Morningstar shows. On other extreme, four public sector enterprises counted among the top  large-cap stocks sold by MFs last month.

Housing Development Finance Corporation (HDFC), Infosys, ITC, HCL Technologies, Maruti Suzuki, Sun Pharmaceuticals, State Bank of India, NTPC, Tata Motors and HDFC Bank were the most bought 10 large-cap stocks in May.

BoM chief arrested in Rs 3,000 cr scam case

Maharashtra police has arrested Bank of Maharashtra CMD Ravindra P Marathe (in pic) and former chief Sushil Muhnot for sanctioning Rs 3,000 crore loan through fraudulent means to Pune-based real estate company DSK Group.

SBI sees 50% haircut from 1st list of IBC cases

State Bank of India  (SBI) does not expect its own share of loan haircuts to exceed 50 per cent from the first list of the 12 referred cases to IBC, its chairman Rajnish Kumar said.

"On the overall portfolio, we have said that we don’t expect the losses to exceed 50 per cent whereas SBI is holding a 56 per cent provision", Kumar told Financial Chronicle.

According to sources, SBI is aiming to recover Rs 50,000 crore this year; and of this Rs 30,000 crore are hoped to be recovered from the cases with the National Company Law Tribunal (NCLT).

IndiGo stock tanks on reports of ED summons

The share of InterGlobe Aviation, which operates IndiGo, slumped 7.5 per cent on Wednesday, eroding Rs 3,536 crore from the company’s market valuation, after financial investigating agency Enforcement Directorate (ED) summoned the budget airline’s senior management for Foreign Exchange Management Act (FEMA) violations.

IndiGo, however, has denied that ED had summoned its senior management for FEMA violations.

CEA Subramanian quits

In yet another high profile exit, chief economic adviser (CEA) Arvind Subramanian has quit, prompting government detractors to mount a fresh attack on the economic policies of the Centre.

Look for global cues

The trade war jitters led to across-the-board selling as the Sensex and Nifty saw a gradual slide right from the opening of the trading session. The  Sensex fell 261.52 points, or 0.74 per cent, to settle at 35,286.74. The Nifty 50 fell 89.40 points, or 0.83 per cent, to settle at 10,710.45. Selling in the Mid-Cap and Small-Cap indices was even sharper with the BSE Mid-Cap Index down 0.98 per cent and BSE Small-cap Index down 1.29 per cent. The market breadth was weak with 1,951 stocks declining as against 676 stocks gaining on the BSE.

Technical view

SBI bats for consolidation of other PSBs

State Bank of India, the country's largest lender, on Tuesday said it is not looking at any more consolidation after merging five of its associate banks and the Bharatiya Mahila Bank with it. SBI chairman Rajnish Kumar, however, said the banking ecosystem is too fragmented and the idea of mergers needs detailed deliberations.

Lavasa A dream turned nightmare

This onetime hilltop paradise is becoming for some a hell on earth. The days of zero crime are over. Garbage collection is sporadic, so litter soils the man-made lake. Storefronts are vacant. Signs of neglect are everywhere: maintenance is late or nonexistent. And that’s for the construction already done. For the unfinished building works—that is most of it—there is little happening.