Domestic markets closed with losses for the third day running on the weekly futures & options expiry session yesterday. S&P BSE Sensex fell 575 points or 0.97% to settle at 59,034 while the NSE Nifty 50 slipped 168 points or 0.94% to end at 17,639. Domestic markets are now expected to look towards the Reserve Bank of India’s Monetary Policy Committee (MPC) which will end its three-day deliberations today. Analysts expect some volatility on Dalal Street today and chartists see the near-term trend as negative. It would be prudent for investors to be stock specific among such market conditions.
Infosys: IT major Infosys on Thursday said that it has inaugurated the joint ‘Aerospace Engineering and Digital Innovation Centre’ along with Rolls-Royce. Both the companies have extended strategic collaboration.
IDBI Bank: The Reserve Bank of India could be asked to consider giving the potential buyer of IDBI Bank some leeway on complying with the regulatory norms for private banks, including a time-bound reduction in promoter holdings. The government is looking to trim stake in the lender.
HDFC Bank: “The other key differentiator is our asset quality which continues to be best-in-class and stable across cycles,” said Srinivasan Vaidyanathan, chief financial officer and group head — finance. The lender has recently announced the merger with HDFC Ltd.
Bandhan Bank: Bandhan Financial Holdings (BFHL)-led consortium, which will acquire IDFC Asset Management Co, will be looking to scale up the mutual fund business by strengthening its product portfolio by introducing more equity-oriented funds and enhancing distribution networks to attract retail investors.
Zee Entertainment Enterprises: After months of squabbling with the board, investment firm Invesco on Thursday offloaded a 7.74 per cent stake in Zee. Bulk deal data showed that Invesco sold a total of 74,318,476 shares at an average price of Rs 281.46 apiece, valuing the transaction size to Rs 2,091.76 crore.
Larsen & Toubro: The company has informed the stock exchanges that it has received a letter from the Ministry of Corporate Affairs (MCA) seeking information and documents for the period between 2003 to 2008. “The said letter does not refer to any governance lapses on the part of the Company,” L&T said.
Rohit Ferro-Tech: Shares of the company will be suspended from trading after the Kolkata bench of the National Company Law Tribunal (NCLT) approved the resolution plan submitted by a wholly-owned subsidiary of Tata Steel.
Tata Steel: A wholly-owned subsidiary of Tata Steel — Tata Steel Mining Limited — will acquire debt-laden Rohit Ferro-Tech after the NCLT approved the resolution plan.
