Market Update: Benchmark indices ended lower for the fourth consecutive session, dragged by pharma, metals, auto stocks, HDFC twins and Reliance Industries.
The 30-share BSE Sensex was down 232.17 points at 34,616.13 and the 50-share NSE Nifty fell 79.70 points to 10,516.70.
Sun Pharma, Cipla, Dr Reddy's Labs, Tata Motors, Tata Steel, HUL and Titan Company declined up to 5 percent while SBI, ICICI Bank and TCS gained up to 2.5 percent.
Nifty Midcap was down more than 300 points. About four shares declined for every share rising on the NSE.
Jet Airways, BEML, REC, Adani Power, LIC Housing Finance, Glenmark Pharma, Ashok Leyland, Amara Raja Batteries, Kitex Garments and Strides Shasun fell up to 20 percent.
Canara Bank, Union Bank, IDBI Bank and Balrampur Chini gained up to 7 percent.
May 21, 03:31 PM (IST)
Buzzing: Shares of Petronet LNG lost a little over 7 percent as the net profit fell over a percent at Rs 522.7 crore. Its revenues fell over 11 percent to Rs 8,636 crore. The operating profit fell 3 percent to Rs 822 crore while the margin was also lower than previous quarter at 9.5 percent.
May 21, 03:31 PM (IST)
Mcleod Russel India to consider buyback: The company has informed that at the meeting of board of directors will be held on May 30 to consider a proposal for buying back some of its own shares by the company.
May 21, 03:29 PM (IST)
Buyback: Shares of DB Corp gained over 5 percent during the day as the firm will be considering a buyback issue on May 26.
May 21, 03:28 PM (IST)
Infibeam Incorporation acquires 100% stake in Dubai company: Infibeam Global EMEA FZ-LLC, the wholly owned subsidiary of Infibeam Incorporation, has acquired 100% shareholding of Vavian International.
The acquisition is expected to be completed in next 2 to 4 weeks.
On completion of acquisition, Vavian International will become direct subsidiary of Infibeam Global EMEA FZ-LLC and a step-down subsidiary of Infibeam Incorporation.
May 21, 03:25 PM (IST)
Petronet LNG Q4 results: The company's Q4 net profit declined 1.2 percent at Rs 522.7 crore against Rs 529 crore. Other income was up at Rs 103.4 crore and revenue increased by 11 percent at Rs 8,636 crore.
The operating profit or EBITDA was down 3 percent at Rs 822.1 crore and margin was down at 9.5 percent.
Acquisition: Infibeam Incorporation said Infibeam Global EMEAFZ-LLC, the wholly owned subsidiary based in Dubai has acquired 100 percent shareholding of Vavian International Limited, a company formed and registered in Dubai.
The acquisition is expected to be completed in next 2 to 4 weeks.
"On completion of aforesaid acquisition, Vavian International Limited will become direct subsidiary of Infibeam Global EMEA FZ-LLC and a step-down subsidiary of Infibeam Incorporation Limited. ompany through our wholly owned subsidiary in Dubai," it said.
May 21, 02:49 PM (IST)
Earnings Reaction: CCL Products share price fell 2 percent despite decent earnings for the quarter ended March 2018.
Profit in Q4 grew by 32.6 percent year-on-year to Rs 47.2 crore and revenue increased 7.4 percent to Rs 321 crore.
Operating profit jumped 10.9 percent to Rs 71.2 crore and margin improved 70 basis points to 22.2 percent compared to year-ago.
May 21, 02:39 PM (IST)
Results: Colgate Palmolive has reported a 32.4 percent increase year-on-year in March quarter profit at Rs 188.8 crore against profit at Rs 142.6 crore.
Revenue from operations grew by 5.2 percent to Rs 1,091.7 crore from Rs 1,037.5 crore YoY.
Operating profit in Q4 increased 26.6 percent to Rs 307.6 crore from Rs 243 crore in same period last year.
Margin expanded 480 basis points year-on-year to 28.2 crore for the quarter ended March 2018.
Volume growth was at 4 percent against analyst estimates of 5 percent. Volume declined 3 percent in year-ago quarter.
May 21, 02:25 PM (IST)
Market Update: Benchmark indices are trading at day's low, with the Sensex falling 211.79 points to 34,636.51 dragged by metals stocks, HDFC twins, Reliance Industries and Bajaj Finance.
The 50-share NSE Nifty fell 81.90 points to 10,514.50 while the Nifty Midcap index declined 1.6 percent. About three shares fell for every share rising on the BSE.
All sectoral indices are under pressure barring PSU Bank (up 2.8 percent) and IT (up 0.3 percent).
PSU Bank index extended rally on hope of further reduction in bad loans after the successful deal between Tata Steel and Bhushan Steel.
May 21, 02:16 PM (IST)
Results Reaction: Indian Metals disappointed street by reporting a 97.2 percent decline year-on-year in March quarter profit at Rs 4.9 crore against profit at Rs 174 crore.
Revenue during the quarter declined 25 percent to Rs 443.3 crore compared to Rs 588.2 crore in same period last fiscal.
May 21, 02:02 PM (IST)
Earnings: Kitchen appliances maker TTK Prestige has reported a 32.4 percent decline year-on-year in profit at Rs 37.4 crore for the January-March quarter against Rs 55.3 crore in same period last year.
Revenue during the quarter grew by 11.6 percent to Rs 443.7 crore compared to Rs 397.5 crore in corresponding period last fiscal.
Operating profit increased 21.4 percent to Rs 60.4 crore from Rs 49.8 crore YoY.
Tax expenses for the quarter at Rs 18.9 crore against tax credit of Rs 16.3 crore in year-ago.
The company announced dividend of Rs 30 per share.
May 21, 01:56 PM (IST)
Europe Update: French and UK stocks started the week on a higher note with investors digesting weekend developments in US-China trade talks.
The FTSE 100 was up by 0.47 percent and the CAC 40 in Paris was higher by 0.26 percent. The former hit a fresh intraday record high Monday. The German and other European markets were closed for a public holiday.
Market sentiment was driven by trade news and political events in Italy. Fears over a trade war between the US and China eased after comments from US Treasury Secretary Steven Mnuchin that both countries are putting the trade war "on hold" as they try to reach a compromise. His comments also sent US stock futures higher, reports CNBC.
May 21, 01:53 PM (IST)
Market Update: The market remained under pressure, with the Sensex falling more than 100 points amid higher crude oil prices and weaker rupee, as disappointing earnings by midcap companies.
PSU Bank is the biggest gainer among sectoral indices, rising more than 2 percent on reduction in bad loans after Tata Steel acquired Bhushan Steel.
The 30-share BSE Sensex was down 142.20 points at 34,706.10 and the 50-share NSE Nifty fell 57.10 points to 10,539.30.
About three shares declined for every share rising on the BSE.
May 21, 01:42 PM (IST)
Earnings: PPAP Automotive has reported a massive 64 percent rise YoY in profit at Rs 14.1 crore for the March quarter against Rs 8.6 crore in year-ago.
Revenue during the quarter grew by 32.7 percent to Rs 127.6 crore and operating profit margin 39.9 percent to Rs 28.6 crore compared to year-ago.
May 21, 01:36 PM (IST)
Oil Minister on crude prices: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.
Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
"Various alternatives are being looked at," Dharmendra Pradhan said in a televised speech, adding that he would "work out something soon". He did not give details.
The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record, reports Reuters.
May 21, 01:25 PM (IST)
Rupee Update: The rupee traded lower by 11 paise at 68.12 against the American currency on sustained dollar demand from importers and banks, despite lower local equities.
The domestic unit hovered between 68.00 and 68.15.
"Sustained capital outflows, higher dollar overseas after easing trade war tension's loomed over rupee," a dealer said.
Meanwhile, the US dollar rose against basket currencies in early Asian trade after US Treasury Secretary Steven Mnuchin said the US trade war with China was on hold.
May 21, 01:11 PM (IST)
Delisting: Leading stock exchange NSE has decided to delist Vijay Mallya-promoted Kingfisher Airlines and Plethico Pharmaceuticals and 16 other companies from May 30.
This comes after BSE delisted over 200 companies from May 11 as trading in their shares remained suspended for over six months.
The decision comes at a time when authorities are clamping down on shell companies - listed as well as unlisted - for being allegedly used as conduits for illicit fund flows.
In August, markets regulator Sebi had directed exchanges to act against 331 suspected shell companies, while the government has already deregistered more than 2 lakh firms that have not been carrying out business activities for long.
May 21, 12:55 PM (IST)
Buzzing: Shares of Dilip Buildcon fell 5.6 percent intraday as company's promoters pledged their shares with RBL Bank.
Dilip Suryavanshi and Devendra Jain, promoters of the company has pledged 1,31,655 and 31,77,345 equity share respectively for the benefit of the company including wholly owned subsidiary companies (SPVs).
Dilip Suryavanshi has pledged 64,455 shares of DBL Bangalore Nidagatta Highways and 67,200 shares of DBL Nidagatta Mysore Highway in favor of RBL Bank.
Devendra Jain has pledged 15,55,545 shares of DBL Bangalore Nidagatta Highways and 16,21,800 shares of DBL Nidagatta Mysore Highway in favor of RBL Bank.
May 21, 12:53 PM (IST)
Market Update: The market remained under selling pressure amid higher crude oil prices and weaker rupee. Investors also monitor corporate earnings.
The Sensex is down around 200 points and the Nifty Midcap index fell over 1.5 percent.
All sectoral indices are in the red barring IT and PSU Bank.
PSU Bank index is up over a percent on reduction in bad loans after Tata Steel bought Bhushan Steel.
May 21, 12:46 PM (IST)
Mining Block: Aditya Birla group firm Ultratech Cement today said it has bagged the Deora-Sitapuri-Udipyapura limestone mining block in Madhya Pradesh (MP).
Ultratech Cement said the block is in close proximity to its existing limestone mines of the company's recently commissioned unit Dhar Cement Works.
"The company has won the Deora-Sitapuri-Udipyapura limestone mining block in the State of Madhya Pradesh," Ultratech Cement said in a BSE filing.
"This mining block is spread over 344.783 hectares of land having minable reserve of around 54 million MT.... This (limestone mining block) will be useful for augmenting the capacity of Dhar Unit in future," it added, reports PTI.
May 21, 12:31 PM (IST)
Buzzing: Avenue Supermarts fell 5 percent for the second consecutive session after promoter decided to dilute some stake in the company to meet minimum public shareholding norms.
May 21, 12:26 PM (IST)
Here are the top headlines from Moneycontrol News' Anchal Pathak
May 21, 12:20 PM (IST)
NCLAT on Tata Steel-Bhushan Steel: The National Company Law Appellate Tribunal (NCLAT) today declined to stay Tata Steel's acquisition of debt-laden Bhushan Steel under the corporate insolvency resolution process.
An NCLAT bench headed by Chairman Justice S J Mulhopadhaya also issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on a petition filed by its promotor Neeraj Singal challenging the sale.
"Let us decide the law but not stall the process," the bench said, adding that the resolution process would be subject to the final outcome of the case.
The bench directed the matter to be listed on May 30 and asked the parties to file their replies in a week, reports PTI
May 21, 12:05 PM (IST)
Crude Update: Oil prices rose, lifted by news that China and the United States had put a looming trade war between the world's two biggest economies "on hold".
Brent crude futures were at $79.17 per barrel, up 0.84 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.
US West Texas Intermediate (WTI) crude futures were at $71.82 a barrel, up 0.76 percent, from their last settlement, reports CNBC.
May 21, 12:03 PM (IST)
Market Update: The market continued to trade lower for fourth consecutive session amid higher crude oil prices and weaker rupee, dragged by HDFC twins, auto, metals stocks and Reliance Industries.
The Sensex is falling more than 100 points while the Nifty Midcap is down more than 1.5 percent.
The market breadth weakened further as about three shares declined for every share rising on the BSE
PSU Banks and ICICI Bank outperformed on reduction in bad loans after Tata Steel bought Bhushan Steel.
May 21, 11:56 AM (IST)
USFDA Approval: Glenmark Pharma said it has received final approval from the US health regulator for Colesevelam Hydrochloride tablets, 625 mg, the generic version of Daiichi Sankyo's Welchol tablets, 625 mg.
"Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Colesevelam Hydrochloride tablets, 625 mg," the company said in a BSE filing today.
The company said it has already commenced supplies of the product to the US market.
Quoting IQVIA sales data for the 12-month period ending March 2018, Glenmark Pharma said the Welchol tablets, 625 mg, achieved annual sales of approximately USD 519.9 million.
May 21, 11:52 AM (IST)
Results Reaction: Shares of Balrampur Chini Mills gained nearly 10 percent intraday despite loss in the quarter ended March 2018.
The company has reported net loss of Rs 42.7 crore in Q4FY18 against profit at Rs 200.4 crore in the same quarter last fiscal.
Revenue of the company increased by 21 percent at Rs 1,025.5 crore versus Rs 846.09 crore.
EBITDA or operating loss for the quarter was of Rs 8.2 crore.
May 21, 11:22 AM (IST)
L&T bags order: Shares of Larsen & Toubro (L&T) rose 1.5 percent as its wholly owned subsidiary L&T Hydrocarbon Engineering, in consortium with TechnipFMC, has won two significant orders from Hindustan Urvarak and Rasayan Limited (HURL), a joint venture company of IOCL, NTPC, CIL, FCIL and HFCL.
The engineering, procurement, construction and commissioning (EPCC) contracts are for setting up two fertilizer plants of 2, 200 TPD Ammonia & 3, 850 TPD Urea at Barauni (Bihar) and Sindri (Jharkhand).
Market Update: Benchmark indices ended lower for the fourth consecutive session, dragged by pharma, metals, auto stocks, HDFC twins and Reliance Industries.
The 30-share BSE Sensex was down 232.17 points at 34,616.13 and the 50-share NSE Nifty fell 79.70 points to 10,516.70.
Sun Pharma, Cipla, Dr Reddy's Labs, Tata Motors, Tata Steel, HUL and Titan Company declined up to 5 percent while SBI, ICICI Bank and TCS gained up to 2.5 percent.
Nifty Midcap was down more than 300 points. About four shares declined for every share rising on the NSE.
Jet Airways, BEML, REC, Adani Power, LIC Housing Finance, Glenmark Pharma, Ashok Leyland, Amara Raja Batteries, Kitex Garments and Strides Shasun fell up to 20 percent.
Canara Bank, Union Bank, IDBI Bank and Balrampur Chini gained up to 7 percent.
Buzzing: Shares of Petronet LNG lost a little over 7 percent as the net profit fell over a percent at Rs 522.7 crore. Its revenues fell over 11 percent to Rs 8,636 crore. The operating profit fell 3 percent to Rs 822 crore while the margin was also lower than previous quarter at 9.5 percent.
Mcleod Russel India to consider buyback: The company has informed that at the meeting of board of directors will be held on May 30 to consider a proposal for buying back some of its own shares by the company.
Buyback: Shares of DB Corp gained over 5 percent during the day as the firm will be considering a buyback issue on May 26.
Infibeam Incorporation acquires 100% stake in Dubai company: Infibeam Global EMEA FZ-LLC, the wholly owned subsidiary of Infibeam Incorporation, has acquired 100% shareholding of Vavian International.
The acquisition is expected to be completed in next 2 to 4 weeks.
On completion of acquisition, Vavian International will become direct subsidiary of Infibeam Global EMEA FZ-LLC and a step-down subsidiary of Infibeam Incorporation.
Petronet LNG Q4 results: The company's Q4 net profit declined 1.2 percent at Rs 522.7 crore against Rs 529 crore. Other income was up at Rs 103.4 crore and revenue increased by 11 percent at Rs 8,636 crore.
The operating profit or EBITDA was down 3 percent at Rs 822.1 crore and margin was down at 9.5 percent.
'Indian stock market unlikely to give phenomenal returns in FY19, likely to remain volatile'
Depending on investors' risk and reward objectives, we would recommend some exposure to gold as it is a hedge against geo-political risks and financial instability.
Acquisition: Infibeam Incorporation said Infibeam Global EMEAFZ-LLC, the wholly owned subsidiary based in Dubai has acquired 100 percent shareholding of Vavian International Limited, a company formed and registered in Dubai.
The acquisition is expected to be completed in next 2 to 4 weeks.
"On completion of aforesaid acquisition, Vavian International Limited will become direct subsidiary of Infibeam Global EMEA FZ-LLC and a step-down subsidiary of Infibeam Incorporation Limited. ompany through our wholly owned subsidiary in Dubai," it said.
Earnings Reaction: CCL Products share price fell 2 percent despite decent earnings for the quarter ended March 2018.
Profit in Q4 grew by 32.6 percent year-on-year to Rs 47.2 crore and revenue increased 7.4 percent to Rs 321 crore.
Operating profit jumped 10.9 percent to Rs 71.2 crore and margin improved 70 basis points to 22.2 percent compared to year-ago.
Results: Colgate Palmolive has reported a 32.4 percent increase year-on-year in March quarter profit at Rs 188.8 crore against profit at Rs 142.6 crore.
Revenue from operations grew by 5.2 percent to Rs 1,091.7 crore from Rs 1,037.5 crore YoY.
Operating profit in Q4 increased 26.6 percent to Rs 307.6 crore from Rs 243 crore in same period last year.
Margin expanded 480 basis points year-on-year to 28.2 crore for the quarter ended March 2018.
Volume growth was at 4 percent against analyst estimates of 5 percent. Volume declined 3 percent in year-ago quarter.
Market Update: Benchmark indices are trading at day's low, with the Sensex falling 211.79 points to 34,636.51 dragged by metals stocks, HDFC twins, Reliance Industries and Bajaj Finance.
The 50-share NSE Nifty fell 81.90 points to 10,514.50 while the Nifty Midcap index declined 1.6 percent. About three shares fell for every share rising on the BSE.
All sectoral indices are under pressure barring PSU Bank (up 2.8 percent) and IT (up 0.3 percent).
PSU Bank index extended rally on hope of further reduction in bad loans after the successful deal between Tata Steel and Bhushan Steel.
Results Reaction: Indian Metals disappointed street by reporting a 97.2 percent decline year-on-year in March quarter profit at Rs 4.9 crore against profit at Rs 174 crore.
Revenue during the quarter declined 25 percent to Rs 443.3 crore compared to Rs 588.2 crore in same period last fiscal.
Earnings: Kitchen appliances maker TTK Prestige has reported a 32.4 percent decline year-on-year in profit at Rs 37.4 crore for the January-March quarter against Rs 55.3 crore in same period last year.
Revenue during the quarter grew by 11.6 percent to Rs 443.7 crore compared to Rs 397.5 crore in corresponding period last fiscal.
Operating profit increased 21.4 percent to Rs 60.4 crore from Rs 49.8 crore YoY.
Tax expenses for the quarter at Rs 18.9 crore against tax credit of Rs 16.3 crore in year-ago.
The company announced dividend of Rs 30 per share.
Europe Update: French and UK stocks started the week on a higher note with investors digesting weekend developments in US-China trade talks.
The FTSE 100 was up by 0.47 percent and the CAC 40 in Paris was higher by 0.26 percent. The former hit a fresh intraday record high Monday. The German and other European markets were closed for a public holiday.
Market sentiment was driven by trade news and political events in Italy. Fears over a trade war between the US and China eased after comments from US Treasury Secretary Steven Mnuchin that both countries are putting the trade war "on hold" as they try to reach a compromise. His comments also sent US stock futures higher, reports CNBC.
Market Update: The market remained under pressure, with the Sensex falling more than 100 points amid higher crude oil prices and weaker rupee, as disappointing earnings by midcap companies.
PSU Bank is the biggest gainer among sectoral indices, rising more than 2 percent on reduction in bad loans after Tata Steel acquired Bhushan Steel.
The 30-share BSE Sensex was down 142.20 points at 34,706.10 and the 50-share NSE Nifty fell 57.10 points to 10,539.30.
About three shares declined for every share rising on the BSE.
Earnings: PPAP Automotive has reported a massive 64 percent rise YoY in profit at Rs 14.1 crore for the March quarter against Rs 8.6 crore in year-ago.
Revenue during the quarter grew by 32.7 percent to Rs 127.6 crore and operating profit margin 39.9 percent to Rs 28.6 crore compared to year-ago.
Oil Minister on crude prices: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.
Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
"Various alternatives are being looked at," Dharmendra Pradhan said in a televised speech, adding that he would "work out something soon". He did not give details.
The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record, reports Reuters.
Rupee Update: The rupee traded lower by 11 paise at 68.12 against the American currency on sustained dollar demand from importers and banks, despite lower local equities.
The domestic unit hovered between 68.00 and 68.15.
"Sustained capital outflows, higher dollar overseas after easing trade war tension's loomed over rupee," a dealer said.
Meanwhile, the US dollar rose against basket currencies in early Asian trade after US Treasury Secretary Steven Mnuchin said the US trade war with China was on hold.
Delisting: Leading stock exchange NSE has decided to delist Vijay Mallya-promoted Kingfisher Airlines and Plethico Pharmaceuticals and 16 other companies from May 30.
This comes after BSE delisted over 200 companies from May 11 as trading in their shares remained suspended for over six months.
The decision comes at a time when authorities are clamping down on shell companies - listed as well as unlisted - for being allegedly used as conduits for illicit fund flows.
In August, markets regulator Sebi had directed exchanges to act against 331 suspected shell companies, while the government has already deregistered more than 2 lakh firms that have not been carrying out business activities for long.
Buzzing: Shares of Dilip Buildcon fell 5.6 percent intraday as company's promoters pledged their shares with RBL Bank.
Dilip Suryavanshi and Devendra Jain, promoters of the company has pledged 1,31,655 and 31,77,345 equity share respectively for the benefit of the company including wholly owned subsidiary companies (SPVs).
Dilip Suryavanshi has pledged 64,455 shares of DBL Bangalore Nidagatta Highways and 67,200 shares of DBL Nidagatta Mysore Highway in favor of RBL Bank.
Devendra Jain has pledged 15,55,545 shares of DBL Bangalore Nidagatta Highways and 16,21,800 shares of DBL Nidagatta Mysore Highway in favor of RBL Bank.
Market Update: The market remained under selling pressure amid higher crude oil prices and weaker rupee. Investors also monitor corporate earnings.
The Sensex is down around 200 points and the Nifty Midcap index fell over 1.5 percent.
All sectoral indices are in the red barring IT and PSU Bank.
PSU Bank index is up over a percent on reduction in bad loans after Tata Steel bought Bhushan Steel.
Mining Block: Aditya Birla group firm Ultratech Cement today said it has bagged the Deora-Sitapuri-Udipyapura limestone mining block in Madhya Pradesh (MP).
Ultratech Cement said the block is in close proximity to its existing limestone mines of the company's recently commissioned unit Dhar Cement Works.
"The company has won the Deora-Sitapuri-Udipyapura limestone mining block in the State of Madhya Pradesh," Ultratech Cement said in a BSE filing.
"This mining block is spread over 344.783 hectares of land having minable reserve of around 54 million MT.... This (limestone mining block) will be useful for augmenting the capacity of Dhar Unit in future," it added, reports PTI.
Buzzing: Avenue Supermarts fell 5 percent for the second consecutive session after promoter decided to dilute some stake in the company to meet minimum public shareholding norms.
Here are the top headlines from Moneycontrol News' Anchal Pathak
NCLAT on Tata Steel-Bhushan Steel: The National Company Law Appellate Tribunal (NCLAT) today declined to stay Tata Steel's acquisition of debt-laden Bhushan Steel under the corporate insolvency resolution process.
An NCLAT bench headed by Chairman Justice S J Mulhopadhaya also issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on a petition filed by its promotor Neeraj Singal challenging the sale.
"Let us decide the law but not stall the process," the bench said, adding that the resolution process would be subject to the final outcome of the case.
The bench directed the matter to be listed on May 30 and asked the parties to file their replies in a week, reports PTI
Crude Update: Oil prices rose, lifted by news that China and the United States had put a looming trade war between the world's two biggest economies "on hold".
Brent crude futures were at $79.17 per barrel, up 0.84 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.
US West Texas Intermediate (WTI) crude futures were at $71.82 a barrel, up 0.76 percent, from their last settlement, reports CNBC.
Market Update: The market continued to trade lower for fourth consecutive session amid higher crude oil prices and weaker rupee, dragged by HDFC twins, auto, metals stocks and Reliance Industries.
The Sensex is falling more than 100 points while the Nifty Midcap is down more than 1.5 percent.
The market breadth weakened further as about three shares declined for every share rising on the BSE
PSU Banks and ICICI Bank outperformed on reduction in bad loans after Tata Steel bought Bhushan Steel.
USFDA Approval: Glenmark Pharma said it has received final approval from the US health regulator for Colesevelam Hydrochloride tablets, 625 mg, the generic version of Daiichi Sankyo's Welchol tablets, 625 mg.
"Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Colesevelam Hydrochloride tablets, 625 mg," the company said in a BSE filing today.
The company said it has already commenced supplies of the product to the US market.
Quoting IQVIA sales data for the 12-month period ending March 2018, Glenmark Pharma said the Welchol tablets, 625 mg, achieved annual sales of approximately USD 519.9 million.
Results Reaction: Shares of Balrampur Chini Mills gained nearly 10 percent intraday despite loss in the quarter ended March 2018.
The company has reported net loss of Rs 42.7 crore in Q4FY18 against profit at Rs 200.4 crore in the same quarter last fiscal.
Revenue of the company increased by 21 percent at Rs 1,025.5 crore versus Rs 846.09 crore.
EBITDA or operating loss for the quarter was of Rs 8.2 crore.
L&T bags order: Shares of Larsen & Toubro (L&T) rose 1.5 percent as its wholly owned subsidiary L&T Hydrocarbon Engineering, in consortium with TechnipFMC, has won two significant orders from Hindustan Urvarak and Rasayan Limited (HURL), a joint venture company of IOCL, NTPC, CIL, FCIL and HFCL.
The engineering, procurement, construction and commissioning (EPCC) contracts are for setting up two fertilizer plants of 2, 200 TPD Ammonia & 3, 850 TPD Urea at Barauni (Bihar) and Sindri (Jharkhand).