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Stocks in focus: SpiceJet, Britannia, DHFL, Voda Idea, Hexaware, Coffee Day

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Markets, Investors, Indices, Stocks


At 08:45 am, Nifty futures on the Singapore Exchange (SGX) were trading 5 points or 0.05 per cent lower at 11,066, indicating a flat start for the Indian market on Friday.


Here’s a look at the top stocks that may remain in focus today –



Earnings today: As many as 249 companies, including Spicejet, Britannia Industries, MRF, BHEL, BPCL, GAIL (India), Hindalco and Cadila Healthcare, are scheduled to declare their June quarter results today.


Coffee Day Enterprises: The company has decided to sell the group’s 90-acre technology park in Bengaluru to reduce CDEL’s debt burden, said a Mint report.


YES Bank: The lender on Thursday announced opening of the qualified institutional placement (QIP) issue at a floor price of Rs 87.9 per equity share. The capital raising committee of the bank’s board of directors on Thursday authorised the opening of the issue, Yes Bank said in a regulatory filing.


Hexaware: The company’s net sales stood at Rs 1,308.34 crore in June 2019, up 15.1 per cent from Rs. 1,136.73 crore in June 2018. Quarterly net profit at Rs 151.35 crore in June 2019, down 1.45 per cent from Rs 153.57 crore in June 2018.


DHFL: Crisis-hit Dewan Housing Finance (DHFL) has informed the stock exchanges that it may not be able to repay due in the near future as the firm is in talks with lenders on the resolution plan they have submitted.


Reliance Capital: Reliance Capital on Thursday said its joint auditors have confirmed that there are “no violations” as alleged by the firm’s previous auditor Price Waterhouse & Co Chartered Accountants LLP (PWC).


Vodafone Idea: Credit rating agency Care has downgraded Vodafone Idea to Care A with negative outlook on account of weak financial performance.


Mahanagar Gas‘ net profit rose 32.66 per cent to Rs 170.24 crore on 22.55 per cent rise in total income at Rs 777.83 crore for June quarter.


Page Industries: The company’s net profit fell 11.07 per cent to Rs 110.67 crore on 2.19 per cent rise in total income to Rs 840.46 crore.


Nalco: State-owned National Aluminium Co Ltd (Nalco) has entered into a pact with Mishra Dhatu Nigam Ltd (MIDHANI) to incorporate a joint venture to set up high-end aluminium alloy plant.


NBCC (India)‘s consolidated net profit slipped 37.9 per cent YoY to Rs 51.46 crore in Q1 June 2019 over Q1 June 2018.

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Market Updates

Sitharaman’s sops for NBFCs may perk up lending, ease liquidity stress

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Illustration by Binay Sinha


To further ease the liquidity stress in the non-banking sector and nudge them to revive their lending activities, Finance Minister (FM) Nirmala Sitharaman on Friday announced a slew of measures for non-banking financial companies (NBFCs) and housing finance companies (HFCs). The government hopes this will result in more credit support for purchase of houses, vehicles, and consumption goods.


The government has provided additional support of Rs 20,000 crore to the stressed housing finance companies from National Housing Bank (NHB). With this, the additional liquidity support for the HFCs from NHB has gone up to Rs 30,000 crore.



In the Union Budget last month, the FM had encouraged public sector banks (PSBs) to buy high-quality pooled assets of NBFCs up to Rs 1 trillion for which the government would provide a one-time six-month partial credit guarantee for the first loss of up to 10 per cent.


The Reserve Bank of India (RBI) had also chipped in by tweaking banks’ bond-holding norms. This will allow banks to borrow an additional Rs 1.34 trillion exclusively for buying such pooled assets and giving loans to NBFCs. The FM on Friday said this partial credit guarantee scheme will be monitored at the highest level in each bank. Through this, it is expected that many of the assets will get quickly pooled and NBFCs will receive the necessary liquidity. “NHB has already settled some of the issues. NBFCs are receiving money from the banks and are moving towards funding,” said Sitharaman.


Sanjaya Gupta, managing director, PNB Housing Finance, said “This will support growth and ease the liquidity crunch. HFCs will now get an additional Rs 20,000 crore from NHB. The initiatives have potential to kick start the real estate sector.”


The government has also permitted NBFCs to use Aadhaar-authenticated bank KYC to avoid repeating the same process when a customer approaches it for credit. This has been a long-standing demand. The necessary changes in the Aadhaar regulations and Prevention of Money Laundering Act rules will be made, the FM said.


“This will streamline the process and also reduce frauds,” said Raman Aggarwal, chairman, Finance Industry Development Council.


The government has also asked PSBs and NBFCs to fast-track their collaboration to provide credit to micro, small and medium enterprises, small traders, self-help groups, and micro finance industry client borrowers.

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PACL Case: Sebi panel invites expression of interest for 28,974 properties

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Sebi


A committee headed by Justice R M Lodha has invited expression of interest (EoI) from prospective buyers for a total of 28,974 properties belonging to PACL Group.


Market regulator Sebi had set up a committee headed by former Chief Justice of India R M Lodha following a Supreme Court order to refund money to investors in the matter of PACL Group.



As per the notice issued by Sebi, the committee has divided the total 28,974 properties belonging to PACL group in four zones — east, west, north and south — with maximum properties being located in the southern zone.


Regarding PACL properties, the apex court’s order dated July 30 observed “we also leave it open to the committee to receive any further offers and to explore them after duly publishing a further notice on the website,” the notice said.


In pursuance of apex court’s order, the committee “invites Expression of Interest from prospective buyers clearly indicating therein, list of properties in each zone, its circle rate, the offer amount and other relevant details,” the Friday notice said.


“The proposal should be for properties in each zone aggregating in value not less than Rs 1,000 crore,” the notice added.


The notice further said that the last date of receipt of proposals is September 9.


PACL, also known as Pearl Group, had raised Rs 60,000 crore from public in the name of agriculture and real estate businesses and was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years.

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Improved market access for domestic retail investors with Aadhaar-based kYC

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Markets, Investors, Indices, Stocks


The government will allow Aadhaar-based KYC for domestic retail investors, and necessary amendments to the rules under the Prevention of Money Laundering Act will be issued.


Announcing a slew of measures to boost the economy, the government said the Depository Receipt Scheme 2014 is expected to be operationalised soon by Sebi. “This will give Indian companies increased access to foreign funds through American Depository Receipt (ADR)/ Global Depository Receipt (GDR),” she said.



In order to improve market access for the domestic retail investors, Aadhaar-based KYC will be permitted for opening of demat account and making investment in mutual funds. In this regard, necessary notification for amendments in PMLA rules would be issued.

Besides, steps would be taken with regard to offshore rupee market.


“To bring offshore rupee market to domestic stock exchanges and permit trading of USD-INR derivatives in GIFT IFSC, Ministry of Finance is working with RBI to introduce this measure shortly,” the government said.

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