Companies and Markets

Companies & Markets

Sensex reclaims 30,000-level, rises 99 pts in early trade

The BSE benchmark Sensex rose over 99 points to trade above the key 30,000-mark in early trade today on sustained buying by domestic institutional investors as well as retail investors amid positive global cues.
The 30-share index was trading 99.41 points, or 0.33 per cent, higher at 30,020.59 with all sectoral indices led by realty, power, auto, metal and capital goods trading in the positive zone.
The Sensex had a marginal gain of 2.78 points yesterday. In today's early trade, the NSE Nifty too advanced by 32.50 points, or 0.34 per cent, to 9,346.30.

Shriram Properties, Xander Group ink $350 million deal for Chennai IT SEZ

Bengaluru-based Sh­r­iram Properties and Singapore’s Xander Group have signed a $350 million (Rs 2,290 crore) deal facilitating the latter to acquire 100 per cent interest in Shriram’s Gateway SEZ in Chennai and creating one of the largest PE deals witnessed in the real estate space.

Pay hike row, outsourcing woes wearing down Sikka

Vishal Sikka is tired. Infosys’s chief executive officer, known for walking barefoot on the outsourcing firm’s grass lawns and taking thousands of selfies with employees, is starting to look like a man under pressure.
He smiles less often and cracks fewer jokes at meetings, saying things like, “It is my job to do my job.”

Sensex reclaims 30,000-level, zooms 134 pts in early trade

BSE benchmark Sensex recouped over 134 points to trade above the 30,000-mark in early trade today on the back of widespread gains triggered by encouraging corporate earnings.
The 30-share index rose by 134.33 points, or 0.44 per cent, to 30,052.73. The gauge had lost 214.95 points in the previous two sessions.
All the sectoral indices led by consumer durables, PSU, metal, auto, bank and IT were trading in the positive zone, rising by up to 0.96 per cent.

FPIs may intensify selling this month

Foreign portfolio investors (FPIs) have been sitting on the sidelines in the euphoric market last month. They invested just Rs 2,394 crore in equities in April, a far cry from Rs 30,906 crore invested in March and Rs 9,902 crore in February. In fact, FPIs have turned net sellers in the past few sessions and this trend is likely to continue. Historically, the month of May has seen intensified FPI selling.

Reliance Growth Fund hits NAV of Rs1,000

Reliance Growth Fund, a 21-year-old fund owned by Reliance Mutual Fund, has crossed the Rs 1,000-mark in net asset value (NAV), a first for the equity funds in the mutual fund industry.
The last updated NAV of Reliance Growth Fund stands at Rs 1003.75, as on Monday.
NAV is the price at which investors buy (bid price) fund shares from a fund company and sell them (redemption price) to a fund company. It is derived by dividing the total value of all the cash and securities in a fund’s portfolio minus its liabilities.

Windfall time for top MF CEOs

It’s happy time to be a top executive or just be in the top echelons of a company that too of a mutual fund, irrespective of the performance of the firm in terms of profit.
The salary of chief executive officers (CEOs) has gone up at the country’s biggest mutual funds on robust business growth, but several smaller players making losses or little profit have also paid crores to their top executives.

Cairn alleges dividend frozen to square off retro tax demand

In a startling allegation that might have its ramification on arbitration between Cairn Energy and the government, the British oil explorer has said that a finance ministry official has “privately” advised Vedanta Group to withhold dividend income for a potential squaring off of a retrospective tax liability.

Market expects economic and earnings growth

The massive rally in equity across the globe has driven the domestic market to new highs with the NSE Nifty closing at an all-time high.
The market momentum is mainly led by positive global cues like easing of geopolitical tensions, a favourable election outcome in France and expectations of a major tax stimulus from US President Donald Trump. Investor sentiment has been boosted by positive surprises in the fourth quarter earnings from domestic companies as better-than-expected results from index heavyweights signal a revival in corporate earnings.

The raging bull but much to do about perking up economy

What goes up must come down.” However, the Indian indices are determined to prove this maxim wrong. Whether it is the high beta names as Reliance Infrastructure, India Bulls Real Estate or the ever so modest OMCs like BPCL and IOC, all have rallied up significantly in the last couple of months.
The fact is that no matter how high the valuations of the stocks at current levels look like, every trading session is giving rise to a sector which compels us to re look at those valuations and convinces us that maybe there is more to what meets the eye.