Setting aside Sebi's direction, the Securities Appellate Tribunal (SAT) on Monday allowed PNB Housing Finance to go ahead with the shareholders' meeting on Tuesday to consider the proposed Rs 4,000 crore-investment by private equity firm Carlyle and others in the mortgage firm. However, results of the shareholders' voting will not be disclosed till further directions from the tribunal. The ruling comes hours after PNB Housing Finance informed stock exchanges that it has appealed against Sebi's direction on June 18 wherein it was asked to defer consideration of the proposed capital infusion proposal till a valuation of the company's shares is done by a registered independent valuer.
The rupee will be a key determinant for stock markets.
The broad-based NSE Nifty rose 52.80 points, or 0.50 per cent, to end at 10,530.70
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The broader NSE Nifty ended at 10,888, a gain of 0.77 per cent or 83 points, after shuttling between 10,900.35 and 10,844.85.
There was broad-based rally with participation across sectors creating enormous wealth for investors but starting 2018, the rally got concentrated into select large-cap companies with under performance in broader markets.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
Out of the seven companies, Coal India Ltd and SBI were the top gainers in an overall strong stock market. ONGC, ITC and Infosys were the losers for the week ended April 11.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
RIL has also appointed McKinsey senior advisor Adil Zainulbhai as independent director and Network 18 Media & Investments (NW18) former promoter Raghav Bhel as a non-executive director on the NW18 Board.
The central bank is engaged with other financial institutions for investment as part of the scheme to resurrect Yes Bank under RBI imposed moratorium since March 5.
While TCS, RIL, ONGC, CIL, HDFC Bank, Bharti, HDFC and HUL saw rise in their market capitalisation (m-cap), ITC and Infosys suffered losses.
On a weekly basis, the Sensex climbed 749.86 points or 2.69 per cent and the NSE Nifty soared 237.10 points or 2.76 per cent
Busting a major 'front running' case in the stock market, Sebi on Friday ordered impounding of unlawful gains worth nearly Rs 15 crore (Rs 150 million) from brokerage firm Sharekhan and 15 other entities.
Global rating agency Fitch has upgraded its support ratings for several Indian banks, including ICICI Bank, HDFC, Punjab National Bank, Canara Bank, Bank of India and IDBI among others.
Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.
HBL Global Pvt Ltd, a direct sales organisation, is looking for sales executives and assistant sales managers to distribute HDFC Bank's financial products and services.
Wipro Infotech on Friday announced its largest IT outsourcing deal in India.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Mukesh Ambani-led RIL, which had a cash chest and marketable securities worth over Rs 90,000 crore (Rs 900 billion) at the end of the last fiscal, is known for very effectively managing its financial resources by placing them in liquid instruments and highly rated securities.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
Following the sharp rally in stocks, investor wealth rose by Rs 1,39,948 crore to Rs 1,10,70,610 crore.
Sustained foreign fund inflows and strengthening rupee are among the main reasons behind the market rally.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
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Nearly 40 developers participating in HDFC Indian Homes Fair in London would showcase thousands of property.
In the Sensex pack, index heavyweight Reliance Industries fell 2.84 per cent to Rs 1,057.15 after reports that the company's oil assets may take a hit due to the government's imposition of cost controls on soaring petrol and diesel prices.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
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Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.
Profit taking in index heavweights RIL and HDFC weighed on sentiment while ICICI Bank surged 7%.
Recovery in bluechips and gains in European markets helped the rally.
By contrast, the fraud enabled Raju's kin and aides to make hundreds of crores, charges CBI.
From its all-time peak of 38,989.65 scaled on August 29 this year, the Sensex has fallen by 2,921.32 points, or 7.5 per cent, to 36,068.33.
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
First-time home buyers have stayed away from the market ever since developers, in a bid to cash in on the market sentiment, focused on launching luxurious projects, bigger in size and priced beyond the reach of average buyers. Property prices across India more than tripled from 2003-07, owing to rising incomes, mortgage availability at inexpensive rates, higher tax benefits and speculators flocking to the market.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
