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The Bombay Stock Exchange could list on its own market this year either through an initial public offering or a direct listing, Rajnikant Patel, the group's chief executive, said. The move, part of efforts to reform India's second largest equities market after its demutualisation in 2005, comes as it seeks to raise its international profile.
The jewellers and companies linked to Nirav Modi and Mehul Choksi had allegedly colluded with PNB officers to obtain fake bank guarantees to get loan from overseas branches of Indian banks including Allahabad Bank, Axis Bank and UCO Bank.
Prime Minister Manmohan Singh sought on Friday to allay fears of a possible US slowdown affecting Indian economy, saying that the country's economic foundation was strong enough to sustain 9-9.5 per cent growth. "I am confident we can sustain our growth momentum at 9 and 9.5 per annum despite international situation," Singh said at a joint press conference with visiting French President Nicolas Sarkozy in New Delhi.
Equity benchmarks continued to remain weak on Monday with the Sensex and Nifty falling over 1 per cent each, dragged down by bank stocks and negative global market trends. The 30-share BSE Sensex, which had started the trade on a weak note, tumbled 872.28 points or 1.46 per cent to settle at 58,773.87. During the day, it slumped 941.04 points or 1.57 per cent to 58,705.11. The broader NSE Nifty declined 267.75 points or 1.51 per cent to finish at 17,490.70.
With the Bombay Stock Exchange (BSE) benchmark Sensex racing towards its all-time high, retail and high net worth individual (HNI) investors are flocking towards public issues.
From the Sensex pack, State Bank of India, Axis Bank, IndusInd Bank, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Maruti Suzuki, Tata Steel and Tata Motors were the major gainers. Power Grid and HDFC Bank were the laggards from the pack.
Investors' wealth on Tuesday jumped by over Rs 2.51 lakh crore, in tandem with a sharp recovery in equities after four days of heavy declines. The 30-share BSE Sensex opened on a weak note and tumbled 581.93 points or 1.10 per cent to 52,260.82 during the day amid firming oil prices and relentless selling by foreign institutional investors. Amid bouts of volatility, the benchmark touched a high of 53,484.26 and a low of 52,260.82 during the trade. It finally settled at 53,424.09, higher by 581.34 points or 1.10 per cent.
InterGlobe Aviation, the parent of the country's largest airline IndiGo, will convene a shareholders' meeting on December 30 to amend the company's Articles of Association (AoA) following a joint request from its promoters. The promoters -- Rahul Bhatia and Rakesh Gangwal -- together with their related entities and individuals own 77.4 per cent stake in InterGlobe Aviation. In a regulatory filing on Monday, the company said it will convene an Extraordinary General Meeting (EGM) on December 30 to amend the AoA to remove restrictions on transfer of shares by the promoters.
Among the Sensex firms, HCL Technologies, Tata Motors, Hindustan Unilever, NTPC, IndusInd Bank, Bajaj Finserv, Bajaj Finance and Mahindra & Mahindra were the major gainers. Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints were the laggards.
Benchmark BSE Sensex and Nifty soared over 2.5 per cent, logging their best single-day gain in more than three months, on Tuesday after value buying in banking, IT and oil stocks. The 30-share Sensex jumped 1,564.45 points or 2.70 per cent to settle at 59,537.07. During the day, it zoomed 1,627.16 points or 2.80 per cent to 59,599.78. The broader NSE Nifty advanced 446.40 points or 2.58 per cent to 17,759.30.
In 2010, Kraft Foods had acquired British candy maker Cadbury in a deal worth close to $19 billion.
Real estate developer DLF Ltd on Wednesday said it has secured a Rs 6,000 crore contract from Delhi Development Authority (DDA) for constructing an international convention centre in Dwarka.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
The company has launched a new chemical entity Lulifin (Luliconazole) in the Indian dermatology market, the pharma major said in a filing to the Bombay Stock Exchange.
A depreciating dollar and the uncertainty in the equity markets globally are adding to the sheen of the yellow metal. With gold prices surging 20 per cent in the last two months, Gold ETFs are back in focus.
Delhi International Airport (P) Ltd will appoint US-based Parsons Brinkerhoff International Inc as project management consultant for the Delhi Airport Modernisation Project.
Equity benchmark indices halted their three-day gain on Tuesday, with the Sensex falling over 317 points in early trade, amid weak global market trends and persistent foreign fund outflows. Firm crude oil prices in the international market also put pressure on equities. The 30-share BSE Sensex was trading 317.41 points lower at 52,843.87. The NSE Nifty dipped 99.65 points to 15,732.40.
Prime Minister Mahinda Rajapaksa became the only member of the family to retain a cabinet position in his younger brother Gotabaya Rajapaksa's new cabinet of 17 ministers appointed on Monday, as the island nation was facing the worst economic crisis.
Curiously, it will not be far-fetched to state the contrary, that the global stock exchanges follow the Indian markets' cue
Country's largest lender State Bank of India on Wednesday said it has selected US-based Elavon Incorporation and Visa International as its joint venture partners for merchant acquiring business. Merchant acquiring business is facilitation of payment through debit or credit card at the retail outlets.
Larsen and Toubro has forayed into dredging business by acquiring 61 per cent stake in International Seaport Dredging\nPvt Ltd.
The Sensex jumped nearly 900 points and the Nifty rallied over 272 points on Friday, bouncing back from the previous day's fall, following a positive trend in global equities and fresh foreign fund inflows. The BSE Sensex rallied 899.62 points or 1.53 per cent to end at 59,808.97 after starting the trade on a positive note. During the day, it jumped 1,057.69 points or 1.79 per cent to 59,967.04.
Pantaloon Industries Ltd said on Tuesday its subsidiary Indus-League Clothing will form a 50:50 joint venture company with Lee Cooper International Ltd to distribute and retail its brands in India.
Infrastructure equipment and finance company SREI International Finance, along with its associate company Indian Infrastructure Equipment, has struck a deal with Tata Motors for 10,000 vehicles.
Carrier International Mauritius Ltd and Global Investment Ltd are looking to buy over 45 lakh shares in domestic IT services firm Infotech Enterprises, for nearly Rs 162 crore (Rs1.62 billion).
Both signed a non-binding deal on Sunday.
GMR Infrastructure has awarded the contract for managing the automated parking management system at Hyderabad Airport to Malaysia-based Tenaga Group.
GMR Infrastructure on Tuesday said it plans to raise Rs 50 billion (Rs 5,000 crore) by selling shares in domestic as well as international markets.
PowerGrid was the top gainer in the Sensex pack, rallying over 4 per cent, followed by NTPC, UltraTech Cement, Tech Mahindra, Reliance Industries and IndusInd Bank.
IT and BPO services provider MphasiS on Wednesday said it is set to acquire AIG Systems Solutions (AIGSS), part of the troubled insurance giant American International Group Inc, for an undisclosed amount.
Following Reliance Communications' announcement last week accusing Videsh Sanchar Nigam Limited of delaying implementation of an international tribunal order, VSNL said on Wednesday the announcement contained false imputations against it.
Benchmark stock indices Sensex and Nifty spurted over 1 per cent at close on Monday following buying in IT, oil and gas and banking shares bolstered by firm global trends. Rising for a second straight session, the 30-share BSE Sensex rallied 760.37 points or 1.41 per cent to settle at 54,521.15. During the day, it jumped 795.88 points or 1.48 per cent to 53,760.78. The broader NSE Nifty advanced 229.30 points or 1.43 per cent to 16,278.50 as 41 of its constituents advanced.
Reliance Communications, which is eyeing to acquire the country's fourth-largest mobile firm Hutch Essar, said on Wednesday it plans to raise funds through issue of securities in the international market.
Bilateral trade was close to $4.2 billion last year, said Canadian Minister of International Trade Peter Van Loan. "Both the Governments have set a target of increasing the mutual bilateral merchandise trade to USD 15 billion in the next five years.
UK-based Alpha Airports and Future Group's Pantaloon Retail have won a contract valued at Rs 500 crore (Rs 5 billion) to set up duty-free shops at Indira Gandhi International Airport in New Delhi.
IT distributor Redington (India) on Wednesday said its overseas subsidiary will acquire a 49.4 per cent stake in Turkey-based Arena for $42.464 million (about Rs 194 crore).
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