Indian benchmark indices, Sensex and Nifty, saw early gains driven by lower crude oil prices and buying in Reliance Industries, even as the Reserve Bank of India maintained its benchmark policy rate for the fourth consecutive meeting, reinforcing confidence in the domestic economy.
Indian stock market indices closed on a mixed note, with the Sensex gaining 374 points driven by buying in Reliance Industries and ICICI Bank, while the Nifty remained flat. This divergence is attributed to a new Closing Auction Session (CAS) mechanism introduced by stock exchanges, impacting market liquidity and price discovery.
Sanjay Kirloskar, promoter of Kirloskar Brothers, moves Supreme Court to enforce a family settlement signed in 2009.
Kirloskar Brothers Ltd (KBL), led by Sanjay Kirloskar, on Tuesday accused four firms under his brothers Atul and Rahul of trying to "usurp" its legacy of 130 years and trying to mislead the public, which has been refuted by the other side. As the family feud simmers, KBL in a letter to capital markets regulator Sebi claimed that recent press releases by Kirloskar Oil Engines Ltd (KOEL), Kirloskar Industries Ltd (KIL), Kirloskar Pneumatic Company Ltd (KPCL) and Kirloskar Ferrous Industries Ltd (KFIL) "have sought to usurp the legacy" of KBL. Also, they attempted to pass off the legacy and track record of KBL as that of their own, the letter said.
Kirloskar siblings Rahul and Atul on Saturday raised questions over corporate governance of Kirloskar Brothers Ltd, led by their warring brother Sanjay, after having been cleared of insider trading charges labelled against them.
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
While the list of CEOs given to the French media mentioned Gautam Adani, the list given to the Indian media omitted his name.
'In terms of semiconductors, challenges do remain in the pan industry, but I think we are much better than where we were a year or so back.'
Young Indian entrepreneurs hope to share some of the limelight too at the Hyderabad event.
Increasing the duties on auto parts and putting an additional cess on petrol and diesel could drive up costs of vehicles, specially where volumes are low and localisation is not viable.
Turns down firm's plea for stay on CCI order; final order pending
