Anil Ambani group firm Reliance Communications on Monday said its consolidated net profit rose by 11.91 per cent to Rs 6,044.93 crore (Rs 60.44 billion) for the year ended March 31, 2009, over the same period last year.
The country's two ubiquitous financial powerhouses, HDFC and ICICI Bank, have been the darling of participatory notes, the instrument through which overseas investors invest indirectly - through foreign institutional investors - in India's stock market. Among the stocks comprising Bombay Stock Exchange's Sensitive Index and National Stock Exchange's S&P Nifty, HDFC has the highest P-Notes holding in value, 14.2 per cent, followed by ICICI Bank's 9.1 per cent.
Rising crude prices and weakening global markets on Monday pulled down the benchmark index below 15,000 mark with the market dipping over 700 points due to heavy selling.
Last Friday's tumble on Wall Street, with the Dow Jones index falling nearly 400 points, is sure to have its repercussions on the already shaky Indian market. With both the benchmark indices, the Bombay Stock Exchange Sensex and the National Stock Exchange Nifty having lost 5 per cent apiece last week, investors are already skittish.
Kolkata-based personal care products maker Emami, which made a hostile takeover bid for Zandu Pharmaceuticals, on Friday forced the latter to withdraw a plan to offer preferential shares to its promoters.Zandu had sent notice to the Bombay Stock Exchange late on Thursday evening saying its board would meet to discuss a preferential share issue to the promoters and directors.Emami lawyers swung into action and sent legal notice early on Friday to Zandu's board.
Soaps and cosmetics maker Godrej Industries Ltd has set a final dividend of Rs 2 per share of face value Rs 6 each, for the past year ended March, the Bombay Stock Exchange said on Wednesday.\n\n\n\n
In a significant decision, the Securities and Exchange Board of India (Sebi) has decided to set up a panel to review all records maintained by auditors on the quarterly results of companies listed on the Bombay Stock Exchange 30-share Sensex and the National Stock Exchange 50-share Nifty.
Before the weapons could be retrieved, investigators say Shehzad was arrested. As a result, the attack on the Bombay Stock Exchange was averted, but the Mumbai attacks were moved from September to November.
'But for the change in the method of accounting... the loss for the quarter ended September 30, 2008 would have been more by Rs 129.5 crore (Rs 1.29 billion) and for the half-year ended on that date would have been more by Rs 744.23 crore (Rs 7.44 billion),' chartered accountant B K Ramadhyani & Company said in their report to the board of directors of Kingfisher Airlines.
US-based buyout fund Carlyle, Providence Equity Partners, Warburg Pincus and Blackstone are understood to be exploring a buyout of Temasek's holding in Mumbai-based pure-play business process outsourcing firm Firstsource. The news triggered the company's share price to rise 6.76 per cent on the Bombay Stock Exchange (BSE) to close at Rs 43.45 on Tuesday. Warburg Pincus has a stake in WNS, a BPO company, while Blackstone has a majority stake in Intelenet.
Tata Iron and Steel Company on Monday decided to issue bonus shares in the ratio of 1:2, subject to shareholders approval.
Shishir Bajaj and two other family members have exited Bajaj Electricals by selling their 2.05 per cent stake in the company following a family dispute settlement with elder brother Rahul Bajaj.
The 50-share National Stock Exchange index Nifty shot up by 44.80 at 4,568.55, after moving between 4,578.75 and 4,504.85 points during the day. The upsurge was maintained by Maruti Suzuki, which raced to an all-time high a day after the leading carmaker reported a 25 per cent jump in quarterly profit on higher sales and lower raw material costs.
Anil Ambani Group firm Reliance Communications said it has bought back foreign currency convertible bonds (FCCBs) worth Rs 121.22 crore (Rs 1.21 billion).
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The 50-share National Stock Exchange index Nifty also shuttled between 4,524.00 and 4,436.60, before winding up at 4,469.10, showing a net loss of 33.15 points. The information technology sector, which led the upsurge in Tuesday's trading, suffered the most, losing 1.74 per cent to 3,694.03, as segment major Infosys and Tata Consultancy dropped on profit booking.
Quantum (M) has acquired three lakh shares representing 1.18 per cent stake worth Rs 112.35 crore (Rs 1.12 billion) in the company by private placement of shares, Educomp said in a disclosure to the Bombay Stock Exchange. Prior to the acquisition the foreign fund held 4.79 per cent stake, which increased to 5.97 per cent comprising 11.29 lakh shares in the IT education services provider.
In an announcement sent to the Bombay Stock Exchange, Musco said that due to the on-going economic slow down in the steel as well as automotive industry, and taking into account the slowdown in demand for the company's product, it has been decided to align the company's production plan with the expected demand.
This comes a couple of days after activists of the Sena's student's wing, Bharatiya Vidyarthi Sena, targeted establishments that still have Bombay in their names, including the city's prestigious school, Bombay Scottish, a Bombay Dyeing showroom and offices of The Times of India, whose city supplement is called Bombay Times. Senior Sena leaders on Tuesday held a protest outside PJ Towers on Dalal Street and threatened further action if their demand was not met.
Following the announcement, share prices of Wockhardt rose 3.02 per cent on the Bombay Stock Exchange (BSE) from Rs 104.20 to close at Rs 107.35 on Friday. An extraordinary general meeting of the members of the company has been convened on January 19, to consider and approve the plan.
Satyam Computer on Thursday said its new owner Tech Mahindra's stake will go up to 50.42 per cent in the company following a preferential allotment of over 19.86 lakh shares.
It was the worst Budget day today for Dalal Street with the Bombay Stock Exchange index Sensex plunging over 850 points - the biggest fall on any Budget day - on concerns of widening fiscal deficit.
Private sector banks also plunged into the negative territory with country's largest private lender ICICI Bank registering a fall of nearly 10 per cent and HDFC Bank dipped 5.7 per cent.
"... All shareholders of Reliance Power except promoters who as per the company's records hold shares as at the end of business hours on June 2, 2008, irrespective of whether such shares were subscribed by the shareholders in the company's IPO or such shares were purchased/acquired from the secondary market or otherwise after th IPO, shall be eligible to receive the bonus shares," the filing said.
Shares of engineering and wagon manufacturing firms surged by up to 4 per cent on the Bombay Stock Exchange in early trade on Friday ahead of the Railway Budget 2009-10. KK Birla Group company Texmaco, which is in the business of wagon manufacturing, gained 2.53 per cent to hit a high of Rs 123.50 within minutes of opening trade. Kalindee Rail Nirman rose by 2.80 per cent to Rs 229.30.
Nearly 80 stocks on the Bombay Stock Exchange (BSE) today witnessed an unusual price movement of up to 20 per cent. Belonging to 'S' and 'Z' categories and the trade-to-trade group, these scrips normally attract 5 per cent circuit breakers.
Strides Arcolab Ltd's, US subsidiary Strides Inc and STADA Pharmaceuticals Inc, the US subsidiary of STADA Arzneimittel AG, have signed a development and supply agreement for a prescription generic drug product for the US market.
Wipro will announce its FY03 results on April 17, the company said in a release to the Bombay Stock Exchange on Tuesday.
In 2005, Vijay Mallya-led United Breweries acquired Shaw Wallace & Company, following which it was merged with the group's flagship company USL last year.
Anil Ambani group firm Reliance Money on Monday joined hands with the Bombay Stock Exchange and the Bombay Bullion Association to launch the country's first organised bullion trading platform.The over-the-counter 'Bullion Spot Market' would be the first of its kind and would be operationalised within a month, the Anil Dhirubhai Ambani Group announced.
The board of directors of the company at its meeting on Monday day have approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement basis, Tech Mahindra said in a filing to the Bombay Stock Exchange.
No circuit filter on the day of listing helps operators to push up prices.
The trend has attracted the attention of fund managers who have resumed launching products targeted at HNIs.
UB Holdings, which operates Kingfisher Airline, last year picked up a 26 per cent stake in Deccan Aviation for Rs 550 crore (Rs 5.5 billion). Subsequently, they made an open offer for acquiring another 20 per cent taking its holding to 46 per cent. The merger between Kingfisher Airlines and Air Deccan of Deccan Aviation, is now awaiting Karnataka High Court approval.
Under the agreement, SBI would hold a 74 per cent stake in the new entity that would be set up for providing the business, while the Australian partner would hold the remaining, SBI said in a filing to the Bombay Stock Exchange. In May this year, both parties had said they would enter into an agreement to form a new company for the proposed insurance business. However, the JV is subject to regulatory approvals, it added.
Almost following the 'Rule of Three' concept referred to in the management books which states that three companies tend to have dominant market share in any given sector, the sectoral indices of BSE are dominated by the big three companies. A big movement in the share price of these companies make impact on the value of entire sector.
Maruti Udyog on Wednesday reported a 7.1 per cent increase in domestic sales in January at 48,526 units.
The Supreme Court will resume the hearing of 1993 Mumbai bomb blasts convict Yakub Memon's mercy petition on Tuesday morning.
The board has approved the allotment of the shares, under the employee stock options plans of the company, Satyam said in a filing to the Bombay Stock Exchange. After the allotment, the paid-up share capital of the company stood at Rs 195,35,94,874 up from Rs 195,34,44,694, the filing added.
According to a report 62 markets worldwide are now up.
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