Companies and Markets

Companies & Markets

Short-term structure is bearish

The market ended in the red in a trading session that saw low key volatility on negative global cues with trade war fears escalating. The S&P BSE The Sensex fell 73.88 points or 0.21 per cent to settle at 35,548.26. The Nifty 50  fell 17.85 points or 0.17 per cent to settle at 10,799.85. Selling in the Mid-Cap and Small-Cap indices continued with the BSE Mid-Cap Index down 0.18 per cent and the BSE Small-Cap Index down 0.77 per cent. The market breadth was weak with 1,737 stocks declining against 901 gaining on the BSE.

Technical view

Govt to list RVNL, IRFC in Q2

The government is planning to list two of its railway PSUs--RVNL and IRFC—in the July-September quarter, a senior official said.

The government is launching the initial public offering (IPO) of railway consultancy firm RITES on June 20 and has fixed a price band of Rs 180-185 per share. It hopes to mop up as much as Rs 460 crore from the market.

Vedanta ends 3% lower after Sensex rejig, Reddy’s up 1%

Shares of Vedanta ended with a nearly 3 per cent loss on the BSE as the 30-share Sensex rejig came into effect from Monday.

Under the reconstitution, Vedanta has entered the benchmark index, while Dr Reddy's Labs has exited. Vedanta shares fell by 2.70 per cent to end at Rs 232.30 on BSE. During the day, it lost 4.16 per cent to Rs 228.80—its 52-week low.

HIGH FIVE

Tata Motors Rating: Buy; Target price Rs 450

Healthy volume/margin outlook across businesses

A day of PR flip-flop for Airtel

It was public relations at its worst for Airtel on Monday. After finding itself at the receiving end of Twitterati after a controversy on religious lines, the Sunil Mittal-led company did a somersault to save its reputation. But the damage has already been done. Airtel’s DTH customer, one Pooja Singh, asked for a ‘Hindu representative’ to address her grievance after her complaint was taken up first by a service engineer named Shohaib.

HDFC Bank may focus on India for $2.3b share sale

HDFC Bank, the world’s most expensive major lender, is considering relying entirely on the Indian market for a share sale that could raise as much as Rs 155 billion ($2.3 billion), people with knowledge of the matter said.

Gujarat NRE may get a new lease of life

In a first such instance, Gujarat NRE Coke — which has been ordered to undergo liquidation proceedings by NCLT — is heading for a fresh lease of life through a new scheme proposed by the promoters. Earlier, the Kolkata bench of the National Company Law Tribunal (NCLT), in an order dated January 11, directed how the company will be liquidated — as a going concern by slump sale to protect the 1,200 employees and others associated with them.

Market to remain choppy

The market had a decent showing last week but struggled towards the weekend. However, it managed to close with small gains. The Sensex gained 178.47 points, or 0.50 per cent, to close at 35,622.14 points while the Nifty gained 50.05 points, or 0.46 per cent, to close at 10,817.70 points. The market has not factored geopolitical moves happening between China and the US that would put global trade at the risk of war.

Borosil to raise solar glass production to meet rising demand

Encouraged by the growing demand for solar glass in India and abroad from panel makers, Gujarat Borosil plans to raise solar glass production by 6 per cent, or 10 tonne per day, in the current financial year, the company said during a plant visit organised for the media.

Gujarat Borosil manufactures consumer ware glass products, glass-based products used in laboratories. It plans to set up a solar glass sheet production facility by March 2019 for use in photo voltaic panels.

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