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Binani Cement insolvency case hearing is underway at the Kolkata National Company Law Tribunal. At least 13 petitions have been filed by different stakeholders. The arguments started at 11:00 a.m., and here are the latest updates:
Binani Industries To NCLT
Resolution Professional To NCLT
NCLT’S Observations
India may allow more time for the restructuring plans of defaulting companies to be approved, Bloomberg reported citing people with knowledge of the matter. The move comes as a slew of lawsuits from owners, lenders and bidders slows the insolvency process and tests a new bankruptcy law.
Shares of the Bengaluru-based communications equipment manufacturer rose as much as 6.8 percent to Rs 124.9.
The Cabinet cleared selling of 18 crore equity shares of ITI Ltd through a follow-on public offer (FPO), which will help the telecom PSU meet the minimum 25 percent public shareholding norm.
The FPO would help ITI Ltd raise working capital for new projects, reduce its debt obligations and meet Sebi's requirement of minimum 25 percent public shareholding, the company said. The government currently holds 92.59 percent stake in ITI.
The stock rose for the third consecutive session although it has given negative returns of 11.9 percent so far this year as compared to Sensex’s returns of 2.3 percent.
Shares of the Pune-based application software developer rose as much as 2.7 percent to Rs 947.
Zensar Technologies Ltd. will acquire U.S.-based insurance-tech company Cynosure for $33 million, to expand its foothold in the fast-growing property and casualty insurance space. A combination of internal accrual and debt will be used to finance the entire deal, the midcap I.T. firm said in an exchange filing.
The stock has been rising for three consecutive trading sessions. Trading volume was 6.2 times the 20-day average.
Buyers and sellers were not known immediately.
Source: Bloomberg
While luck plays a big part in stock market investments, knowledge, courage and patience are the cornerstones. investor-trader Vijay Kedia, in fact, likes it when stocks don’t move too quickly after he has made the first purchase. “I usually buy a stock that I know will not gain for the next six months.”
Kedia has crunched all that into what he called the SMILE approach to investing. (Click here to read more).
Indian equity benchmarks erased gains clocked during today's trade. The S&P BSE Sensex Index fell as much as 0.1 percent to 33,281.77, while the NSE Nifty 50 Index fell as much as 0.1 percent to Rs 10,207.85.
The market breadth was firmly tilted in favour of sellers. About 1,221 stocks declined, and 439 shares advanced on NSE.
Key highlights from the conversation:
The Indian market is yet to price in what could be a ‘political storm’ in the run-up to the general elections next year as the opposition seeks to regain lost ground.
That’s the word from Japanese financial major Nomura which expects a “grand coalition" of opposition parties to take on the might of the ruling Bharatiya Janata Party. (click here to read more).
Shares of the biopharmaceutical company extended gains for the second day and rose as much as 3.3 percent to Rs 175.30.
The company secured product patents in Norway, South Korea and Singapore, used for the treatment of disorders associated with Neurodegenerative diseases.
Suven Life trades at 25.4 times trailing 12-month earnings per share and 21 times its estimates for the coming year. The stock declined 14 percent so far this year and advanced 6.6 percent in the past 52 weeks.
Shares of the highway construction company rose as much as 2.1 percent to Rs 995. The company won an order from National Highways Authority of India for an EPC project worth Rs. 677.07 crore, according to its stock exchange notification.
The stock rose 183.3 percent in the last 12 months, compared to 15.4 percent advance in Sensex.
Indian equity benchmarks extended gains for the third trading session after a volatile open.
The S&P BSE Sensex index rose as much as 0.4 percent to 33,281.77, while the NSE NIfty 50 Index rose as much as 0.5 percent to 10,207.50.
The market breadth, however, was tilted in favour of buyers. About 888 stocks declined, and 714 shares advanced on NSE.
The Indian rupee halted five-day losing streak in today’s trade. It rose nine paise against the U.S. dollar to 65.12 in early trade at the interbank forex market today amid weakness in the greenback after the U.S. Fed raised benchmark lending rate by 25 basis points.
The central bank’s Chairman Jerome Powell forecast a steeper path of rate hikes in 2019 and 2020, citing improving economic outlook.
Forex dealers said persistent inflows of foreign funds and weakness in the dollar against other currencies overseas supported the domestic unit.
(From PTI)
Key highlights from the conversation:
Shares of the Anil Agarwal-led company snapped six-day losing streak after Bank of America Merrill Lynch (BofAML) initiated coverage with a 'Buy' rating, according to Bloomberg report.
Shares of Vedanta is expected to reach Rs 380 in the next 12 months, according to BofAML. The price target implies a potential upside of 32 percent from the last regular trade.
The stock is 27 percent below the Bloomberg consensus one-year price target. It has declined 5.9 percent so far this year, compared to the gain of 27 percent in the last 12 months.
The country’s largest oil refiner is planning to invest as much as $3.5 billion in the year beginning April 1, or about a fifth more than the previous year, to expand and upgrade its refineries and boost its marketing network, Bloomberg reported, quoting people familiar with the matter.
Buyers and sellers were not known immediately
Source: Bloomberg
Shares of the country’s largest drugmaker rose as much as 3.3 percent, the most in a month, to Rs 521.
The pharmaceutical company received a green signal from the U.S. drug regulator ILUMYA, used to treat moderate-to-severe plaque psoriasis, according to its stock exchange notification.
Trading volume was 2.6 times its 20-day average. The stock declined 10 percent so far this year.
The Indian rupee may gain tracking advances in its Asian peers after the Federal Reserve refrained from accelerating its tightening schedule for this year.
The Fed raised the benchmark lending rate by 25 basis points and stuck to its outlook of three rate hikes this year. Implied opening from forwards suggests spot may start trading around 65.13 today.
Sovereign bonds are also seen extending Wednesday’s gains as underwriters pitch for more shorter-dated bond issuances in meeting with government.
Bonds with shorter tenor will boost demand and lower mark-to-market losses, a government official said Wednesday after the finance ministry met primary dealers to discuss borrowing plans for the new fiscal year.
Here's a lineup of all major corporate meetings over the next few days.https://t.co/zov2Z1z6GG pic.twitter.com/msDNMkPY58
— BloombergQuint (@BloombergQuint) March 22, 2018
SEBI plans amending norms for companies undergoing insolvency proceedings.https://t.co/UB2Odwpbml pic.twitter.com/gyb2G8qJ3p
— BloombergQuint (@BloombergQuint) March 21, 2018
ICICI Securities IPO opens today. Here’s all you need to know.https://t.co/YZlBYfhUKK pic.twitter.com/EwtD9iPJBP
— BloombergQuint (@BloombergQuint) March 22, 2018
IDFC Securities on Sun Pharma
Macquarie on Jubilant Foodworks
Deutsche Bank on IndusInd Bank
Elara Capital on Tata Metaliks
Dalmia Bharat affidavit alleges “malafide conduct” and “intent to cause obstacles” by UltraTech Cement. @menakadoshi reports.https://t.co/UqVYun7tlw pic.twitter.com/NkNOMtYw80
— BloombergQuint (@BloombergQuint) March 21, 2018
Facebook sued over data disclosure to #CambridgeAnalytica.https://t.co/SdpNOzVkmo pic.twitter.com/VhYPBlNmEh
— BloombergQuint (@BloombergQuint) March 21, 2018
Sun Pharma marks a milestone in its bid to diversify out of generic drugs.https://t.co/Tg1Xu22vhy pic.twitter.com/nEJ5EV3MPc
— BloombergQuint (@BloombergQuint) March 21, 2018
Jim O’Neill says a hawkish U.S. Fed won’t impact India.https://t.co/rRFCYBmIoD pic.twitter.com/ZU0yS9ApzB
— BloombergQuint (@BloombergQuint) March 21, 2018
The Fed raises interest rates, more tariffs on the way, and profits at Chinese banks are set to surge.https://t.co/aXNyrYHEw8 pic.twitter.com/wK4RZxkP58
— BloombergQuint (@BloombergQuint) March 22, 2018
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