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Wednesday, 18 April 2018

Nifty holds 10,500 mark; Axis Bank; HDFC twins stocks down

Bombay Stock Exchange BuildingBenchmark equity indices erased morning gains in afternoon trade led by banking and financials stocks after RBI circular.

At 3:07 PM, the BSE Sensex was trading at 34,293, down 102 points, while the Nifty50 index was trading at 10,51
3, down 36 points.

The BSE Midcap and the BSE Smallcap indices were down by 0.23% and 0.46%, respectively.

FMCG stocks gained. Dabur India shares climbed as much as 2.8% to Rs353.6, their highest since February 2.

Godrej Consumer Products (up 3.28%), Dabur India (up 2.53%), Britannia Industries (up 0.28%), GlaxoSmithkline Consumer Healthcare (up 0.42%), Hindustan Unilever (up 0.3%), Marico (up 0.03%), Nestle India (up 0.55%), Tata Global Beverages (up 0.68%), Procter & Gamble Hygiene and Health Care (up 0.04%) and Bajaj Corp (up 1.49%) rose. Jyothy Laboratories (down 0.62%) and Colgate-Palmolive (India) (down 0.2%) fell.

Amtek Auto will sell all equity and preference shares held in its Joint Venture (JV) SMI Amtek Crankshafts Private Limited (SMIAC) to Nippon Steel and Sumitomo Metal Corporation (NSSMC). SMIAC will cease to be a JV of AAL post the stake sale. The stock is trading lower by 3%.

Shares of ICICI Bank erased early gains in the morning trade following a block deal where about 20 lakh shares changed hands.

Volatility index India VIX was down 1.81% at 14.7875.

ITC (+3.8%), Zee (+2.3%), Wipro (+1.7%), UltraTech (+1.7%) and Vedanta (+1.6%) were the top gainers on the NSE.

HPCL (-2.5%), HCL Tech (-1.4%), Titan (-1.3%), Tech Mahindra (-1%) and BPCL (-1%) were the top losers on the NSE.

Out of 2,043 stocks traded on the NSE, 894 advanced, 781 declined and 368 remained unchanged today.

A total of 39 stocks registered a fresh 52-week high in trade today, while 26 stocks touched a new 52-week low on the NSE.

The rupee weakened by 14 paise, nearing a fresh seven-month low of 65.78 against the US dollar at the interbank forex market today on fresh demand for the greenback from importers and banks.

Thursday, 5 April 2018

Agencies to probe use of shell companies for Rs 64 crore Videocon loan



India’s top investigating agencies had shared information among themselves last year on aspects that may require to be probed after getting a complaint that a loan given by ICICI Bank to the VideoconBSE 3.65 % Group was a part of a quid pro quo arrangement. 

Chief among the concerns of the agencies was the use of shell companies, if any, in the disbursement of a Rs 64 crore loan by Venugopal Dhoot of Videocon to NuPower Renewables Private Ltd., a company jointly promoted by Dhoot and Deepak Kochhar, the husband of ICICI Bank managing director Chanda Kochhar. 

The correspondence among the agencies indicated probing the angle of money laundering. 

Dhoot floated NuPower as an equal venture with Kochhar in 2008, lent Rs 64 crore to the company and eventually transferred his stake to Kochhar. The transfer of the holdings, which took place six months after the Videocon Group got a loan of Rs 3,250 crore from ICICI Bank, “intrigued” the sleuths. 
The fact that the `64 crore loan was never returned also raised questions with the agencies. 


Top sources in the agencies told ET that the “possible areas of probe” were determined and shared among themselves. It is reliably learnt that the balance sheets of NuPower have been scrutinised. 
NuPower has come under the scanner of the Income Tax Department. A notice has been issued to the company under Section 131 (power regarding discovery and production of evidence) of the Income Tax Act, 1961. 

The Central Bureau of Investigation began a preliminary enquiry two months ago – based on “source information” —into dealings between Kochhar, the Videocon Group and “unknown bank officials.” 

Both Kochhar and Dhoot will shortly be called for examination by the CBI, which has recorded statements of ICICI Bank officials involved in the disbursement of the loan to the Videocon Group. 


Monday, 2 April 2018

SEBI looks to overhaul corporate governance at public sector enterprises

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The regulator has recommended measures to government to ensure independence of PSEs from the administrative ministry and create an autonomous environment.

Unhappy with governance standards in public sector enterprises (PSEs), the Securities and Exchanges Board of India (SEBI) has recommended seven measures to improve their functioning.
The measures include ensuring the independence of the PSE from the administrative ministry and creating an autonomous environment. SEBI’s board has agreed to send a copy of the recommendations to the government for necessary action.
The measures were presented to the board on March 28.
"All listed entities, government or private, to be at par on governance standard. So, all listed PSEs should be compliant with LODR [Listing Obligations and Disclosure Requirements],” the regulator said in its presentation. Under LODR, stock exchanges need to be informed of every price sensitive information, as and when it happens.
“If the government and PSEs management create such environment then certainly [it will] enhance the value of the national asset. However, we should make a timeframe for creating such an environment,” a source close to the development told Moneycontrol.
SEBI’s board has referred the recommendations to the government for feedback and necessary action.
 Independent boards
SEBI’s recommendations are focused on the boards of PSEs.
“In the past, we have seen politicians taking seats on the boards of public sector enterprises,” the source said.
SEBI recommended that the government consolidate its stake in listed public sector enterprises under holding entity structure by April 2020 along with ensuring that PSEs have an independent board with diversified skill sets.
Earlier, in compliance with the minimum public shareholding of 25 percent, PSEs were given an additional year’s time, which will end in August 2018

Friday, 30 March 2018

Birlas convert Rs 2,800 crore AB Group retail bonds into equity

http://www.adityabirla.com/home
Aditya Birla Group chairman Kumar Mangalam Birla and his family have converted bonds worth more than Rs 2,800 crore into equity for the group’s food and grocery business, reducing debt that has consistently weighed down profitability. 

"Aditya Birla Retail (ABRL) passed a board resolution to issue equity shares worth Rs 2,837 crore to group firms Kanishtha Finance & Investment and RKN Retail, promoted by Birla, his family and some closely held companies of the family," ABRL said in a filing with the Registrar of Companies. The board of the retailing business had met on March 23 to give its approval. The fund infusion will involve allotment of 907 million fully paid up equity shares of Rs 10 each to Kanishtha Finance  .. 


ABRL, the operator of More supermarkets, reported a 20% increase in FY17 sales to Rs 4,194 crore, with net loss narrowing to Rs 644 crore. However, the company had debt of about Rs 6,573 crore on its books and financing costs amounted to Rs 471 crore for the year. Accumulated debt was mainly due to the acquisition of Trinethra and Fabmall a decade ago, and Jubilant’s Total Super Store two years ago. 

Read more details : http://tradenivesh.com/ 

Rising US output, Opec cuts to keep crude rangebound

WTI crude oil prices posted a biggest weekly gain in eight months, as they hit a 2-month high on surging geopolitical risk in the Middle East and prospects of an extension of Opec-led production cut into 2019. 

Rising concerns that sanction will be imposed on Iran after Donald Trump warned that the US would pull out from the nuclear deal, further supported the prices. Intensifying global trade war and rising US production may keep prices in the $58-66.8 range for some more time. 



Concerns over looming trade dispute between the United States and China that weighed on global markets may impact crude oil prices too due to risk-off sentiment. Last week, Industrial Commodities fell after the US President signed a memorandum that could impose tariffs on up to $60 billion of imports from China. If selloff in the equities and industrial commodities widens this week, certainly it will also hamper crude oil prices. 

Record US production and its possibility of surpassing t .. 

Read more at:

Thursday, 29 March 2018

Medanta hospital refunds Rs 15.68 lakh charged to patient's family after health minister intervenes


In a new twist to the case of Medanta hospital in Gurugram overcharging a patient, the family of the 7-year old child Sourya Pratap, who died of dengue, withdrew the complaint and agreed not to pursue the case further after the hospital agreed refund the entire amount of Rs 15.68 lakh charged for the patient’s treatment.
The settlement was facilitated by the Union health minister JP Nadda.
In a letter written to Naresh Trehan, the Chairman and Managing Director of Medanta, Nadda's additional private secretary Om Prakaash Sharma on March 1 requested Medanta to refund the amount, on the grounds that the family is poor and has lost a child.
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