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Here are the top gainers and losers of the markets in the first six months of the present financial year from Markets https://ift.tt/2zHKPVv
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Showing posts from September, 2018
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The initial public offer of state-owned Garden Reach Shipbuilders & Engineers has been fully subscribed Friday. The Rs 345-crore IPO received bids for 2,95,85,400 shares against the total issue size of 2,92,10,760 shares, reflecting 1.01 times subscription, data available with the NSE showed. The category reserved for qualified institutional buyers (QIBs) was subscribed 1.81 times, non institutional investors 30 per cent and retail investors 23 per cent. "BRLM (Book Running Lead Managers) to the Garden Reach Shipbuilders & Engineers Limited issue, has informed the exchange that the issue closure date has been extended up to 01 October, 2018. Price band has been revised from Rs 115-118 to Rs 114-118 per share," according to an update on NSE. The earlier issue closure date was September 26. IDBI Capital Markets & Securities Limited and YES Securities (India) Limited are managing the issue. Garden Reach is a ship building company under the administrative control of t...
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Capital market regulator Sebi Friday said it has not issued any advisory to mutual funds against rolling over of their current exposure to Indiabulls Housing Finance and Dewan Housing Finance. "It has been reported in certain sections of the media that Sebi has advised mutual funds not to roll over their current exposure to Indiabulls Housing Finance and Dewan Housing. It is clarified that Sebi has not issued any such advisory," the regulator said in a statement. The clarification follows Sebi seeking details from mutual funds about their exposure to all NBFCs and housing finance companies, amid concerns over liquidity in the system, according to sources. In recent days, shares of non-banking financial companies (NBFCs) and housing finance companies have taken a beating against the backdrop of IL&FS group entity defaulting on its debt obligations, triggering fears of liquidity crunch. The Securities and Exchange Board of India (Sebi) has sent letters to mutual funds seeki...
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To enhance transparency in the voting process, NSE Thursday announced that it is conducting tests to use blockchain for e-voting for listed companies. The test would involve setting up a blockchain to connect the markets regulator Sebi with the company and the RTA (registrar and transfer agent) during the voting process. The voting rights will be tokenised, thus making them easy to transfer, NSE said in a statement. Tokenising of voting means a form of digital envelope which allows only end voter to open it, which helps in preventing tampering of the data. Sankarson Banerjee, CTO-Projects, NSE said, "The immutable nature of blockchain will ensure that every action taken by a network participant is transparent to the regulator." The blockchain will be built using Elemential platform on Hyperledger framework, NSE said. Raunaq Vaisoha, CEO, Elemential Labs platform said, "Blockchain enables a real-time, immutable trail of all activities for the regulator. This brings us a s...
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After slowing down for a while, Indian aquaculture companies are stepping ahead for a turnaround, due to revival in demand from America, the world's largest consumer.Most companies saw a sharp decline in revenue and profit till the December '17 quarter, spilling over in some cases to the March '18 one, too. However, leading companies in the segment posted an increase in sales and profit during the June 2018 quarter. This was thanks to a high import duty levied by the US government on its largest supplier, China, in an ongoing trade war.Starting with 15 per cent early this year, the US administration raised the duty on shrimp and other aquaculture products from China to 25 per cent in the latest round of tariff levies, totalling $200 billion. Experts believe US orders would now shift to India."All players in the industry believe the worst is behind, US demand has recovered and would accelerate as the festive season begins. Both international shrimp prices and Indian far...
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Coffee production is expected to come down by 14 per cent as against last year's post blossom estimates. The crop loss due to heavy rains in the traditional coffee tracts in South India is estimated to be around 75,000 MT. According to Coffee Board, total post blossom estimate in 2017-18 was 3,50,400 MT, including 103,100 MT of Arabica and 247,300 MT of Robusta.The Coffee Board has made an initial assessment of 1500ha of land lost and a crop loss of 82,000 tonnes.However, compared to the estimates made in the beginning of the season at sowing tome, loss looks even bigger at 20 per cent. "We expect a total crop of 300,000 as against our pre monsoon estimate of about 3,75,000 MT, said Ramesh Rajah, president, Coffee Exporters Association.The estimate for the 2018-19 season is 85,000-90,000 tons of Arabica and 200,000-2,10,000 MT of Robusta.Rajah said due to flood the coffee industry has been directly hit. "There are many numbers being mentioned and so making a reasonable cr...
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State-owned insurer LIC Tuesday said it will not allow debt-ridden IL&FS to collapse and explore options to revive it. The Life Insurance Corporation (LIC) has the largest shareholding in IL&FS. IL&FS Financial Services, a group company of IL&FS defaulted on one of its commercial paper (CP) issuances due for repayment on Monday. This was the third default by the company. LIC Chairman V K Sharma, after a meeting at the finance ministry, assured that efforts are being made to keep IL&FS afloat. "We will ensure IL&FS does not collapse. We will not allow contagion to spread from IL&FS...All options are open (including raising stake in the company)," he said. The infrastructure development and finance group has been facing liquidity issues for some time and had defaulted on a Rs 1,000-crore debt from Sidbi earlier this month. On September 14, it had again defaulted on a repayment of Rs 105 crore CPs and the next day, it had defaulted on Rs 80-crore ... ...
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The central government has prepared a five-year schedule to double India's edible oil production and reduce import dependence, through expansion in sowing area and yield.At a recent rabi conference, the ministry of agriculture revealed the plan, to take annual production to 13.69 million tonnes by 2022, as against the current 7.31 mt.Several such roadmaps were drawn in the past, too but the momentum did not continue. Sustained increase in consumption against stagnating production widened India's import dependence to 67 per cent for 2016-17, with an estimated demand of 24.5 mt."Despite notable performance in domestic production of the nine annual crops (compound annual growth rate of 3.89 per cent), it could not match the galloping rate of per capita demand (around six per cent) due to enhanced per capita consumption (19 kg edible oil per annum), driven by increase in population and enhanced per capita income. The production of nine annual oilseed crops (primary source) has...
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As many as 145 firms, including eight facing insolvency, have come under the Additional Surveillance Measure (ASM) framework of the BSE, according to the latest data available with the exchange. The data shows that the exchange has put Amtek Auto, Adani Transmission, Bombay Dyeing & Manufacturing Company, Electrosteel Steels, Emami Infrastructure, GVK Power & Infrastructure and Indiabulls Ventures under the ASM. Other firms placed in the framework are Jaypee Infratech, Jindal Worldwide, Manpasand Beverages, Reliance Naval and Engineering, Stampede Capital, Swaraj Automotives, Timex Group India, TVS Electronics, VIP Industries and V-Mart Retail. Besides, the eight firms in the framework facing insolvency are Castex Technologies, Easun Reyrolle, Jyoti Structures, Monnet Ispat & Energy, Moser Baer India, Sharon Bio-Medicine, Unity Infraprojects and Vardhman Industries. The parameters for shortlisting securities under the framework are high-low variation, client concentration, ...
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Stocks of non-banking financial companies (NBFCs) and housing finance companies (HFCs) continued to trade in the red on Monday, for a consecutive session. Stocks of many HFCs fell 5-10 per cent and those of NBFCs by up to eight per cent. Worries over net interest margin (NIM) and balance sheet growth, amid expected challenges in funding growth at reasonable cost, are weighing on the stocks. Though liquidity is also a problem, analysts do not see this as serious a concern as compared to pressure on NIMs.After the IL&FS issues, experts believe lenders to NBFCs and HFCs will be more cautious, raising the cost of funds and thus putting pressure on NIMs. Many NBFCs have 37-46 per cent exposure to market borrowing (other than banks); it is higher (53 to 59 per cent) for HFCs. Anil Gupta, head for financial sector ratings at ICRA, expects a 10 basis points (bps) rise in cost of funds to impact the NIMs of NBFCs, including HFCs, by six to eight bps, depending on their leverage ... from M...
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Leading exchange BSE will move out eight companies from the additional surveillance measure (ASM) framework from September 24. The companies are Commex Technology, Oscar Investments, Tiaan Ayurvedic & Herbs, ACI Infocom, Kretto Syscon, Oasis Tradelink, Usher Agro, and VKJ Infradevelopers. Usher Agro will be excluded from the framework from September 24 by the rival exchange NSE as well. In separate communications dated September 21, the exchanges also said that Globus Spirits has been shortlisted in ASM framework with effect from September 24. The parameters for shortlisting securities under the framework are high-low variation, client concentration, number of price band hits, close to close price variation and price-earning ratio, as per the exchanges. The surveillance actions applicable for the shortlisted securities include placing them in the price band of 5 per cent and levying margins at the rate of 100 per cent. Public sector enterprises and public sector banks are exclude ...
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The ED said Friday it has attached assets worth Rs 42.88 crore in India and Dubai in connection with a money laundering probe related to a bitcoin transaction case. The agency said it has issued a provisional order for attachment of properties under the Prevention of Money Laundering Act (PMLA). The properties include six offices of the alleged kingpin of the scam, Amit Bhardwaj, in Dubai and flats and bank balances in India of two of his marketing agents. These are worth Rs 42.88 crore, the Enforcement Directorate (ED) said. Bhardwaj started a company in Singapore -- Ms Variabletech Pvt Ltd -- in 2015 and through its website www.gainbitcoin.com and www.gainbitcoin.com he launched a ponzi scheme for bitcoin trading, according to the ED investigation. Bitcoin is a virtual crypto-currency which is illegal in India. The ED said under the scheme, Bhardwaj through his team of marketing agents used to lure people by asking them to buy bitcoins out of their investments. He then invested ... ...
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TOKYO (Reuters) - Japanese cryptocurrency firm Tech Bureau Corp said on Friday it now estimates $62 million worth of digital currencies were stolen in a hack last week, but added that the amount could still rise as the precise figures would only be known once its computer server is restored. from Markets https://ift.tt/2zn7NRs
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It's been an unnerving time for investors with the market swinging wildly both ways in the past few days. This month the benchmark Sensex has gained or lost more than 300 points on six of the 13 trading days. Friday was particularly volatile with the Sensex seeing a 1,500-point swing, amid sharp correction in financial stocks, before closing 280 points lower. The immediate trigger was the uncertainty surrounding the future of IL&FS and tighter liquidity conditions. The India VIX, a measure of investors' perception about the risk of sharp swings based on options prices, rose about 10 per cent to 15.4. "For VIX, 16-17 is the level to watch out for and any up move beyond this level will be a sign of caution," said Sneha Seth, derivatives research analyst, Angel Broking. "For Nifty, there is a likelihood of a steep correction to 10,850 levels if the market does not go past 11,350 in the next few sessions." Bank stocks in particular may be in for a rough ride...
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The London Stock Exchange Group on Friday announced a new memorandum of understanding with the National Stock Exchange of India to cooperate on dual listings and the launch of the group's offerings in India. London Stock Exchange (LSE) said the MoU is aimed at working together with the National Stock Exchange (NSE) on creating a dual listing route for Masala bonds and explore the launch of ELITE, LSE group's business support and capital raising programme for private high-growth companies, in India next year. The MoU was signed in London by Vikram Limaye, MD & CEO of the NSE, and Nikhil Rathi, CEO, London Stock Exchange Plc, and witnessed by MK Das, Principal Secretary to the Chief Minister of Gujarat Vijay Rupani. "Dual listing of Masala bonds would enhance visibility, increase liquidity in secondary markets and enhance efficiency of price discovery for Masala bond issuers. This would also reduce the cost of raising capital for all issuers and encourage the participati...
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Hackers have stolen 6.7 billion yen (USD 60 million) worth of cryptocurrencies from a Japanese digital currency exchange, the operators said Thursday. Tech Bureau Corp. said a server for its Zaif exchange was hacked for two hours last week, and some digital currencies got unlawfully relayed from what's called a "hot wallet," or where virtual coins are stored at such exchanges. The exchange was taken offline until details of the damage could be confirmed, and efforts were underway to get it back working, Tech Bureau said. Japan has been bullish on virtual money and has set up a system requiring exchanges to be licensed to help protect consumers. The system is also meant to make Japan a global leader in the technology. Bitcoin has been a legal form of payment in Japan since April 2017, and a handful of major retailers here already accept bitcoin payments. But the recurrence of cryptocurrency heists shows problems persist. Earlier this year, the Tokyo-based exchange Coinchec...
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Digital currency worth around 6.7 billion yen (USD 60 million) has been stolen in Japan following a hacking attack, a virtual exchange operator said on Thursday. Osaka-based Tech Bureau, which operates virtual currency exchange Zaif, said its server had been illegally accessed and money transfered. "We decline to comment on the details of how this illegal access occurred, as it is a crime and we've already asked the authorities to investigate," Tech Bureau said in a statement. It added that the virtual currencies stolen were bitcoin, monacoin, and bitcoin cash. "We will prepare measures so that customers' assets will not be affected" by the hack, it said, adding it would receive financial support from major shareholder Fisco Group. Japan is a major centre for virtual currencies and as many as 50,000 shops in the country are thought to accept bitcoin. Earlier this year, Japan-based exchange Coincheck suspended deposits and withdrawal for virtual currencies af...
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Rising for the second straight session, sugar stocks Friday surged up to 20 per cent on the government's announcement of hike in ethanol price for blending in petrol by 25 per cent. In the previous trading session, shares of sugar firms had registered a rise of around 18 per cent. The government Wednesday approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol in a bid to cut surplus sugar production and reduce oil imports. Avadh Sugar & Energy, Ponni Sugars (Erode), Magadh Sugar & Energy, Simbhaoli Sugars, Rajshree Sugars & Chemicals, Dalmia Bharat Sugar & Industries and Uttam Mills rose as much as 20 per cent each and hit their upper circuit limits on the BSE. Shares of Shree Renuka Sugars surged 16.17 per cent and Thiru Arooran Sugars jumped 15.63 per cent. K M Sugar Mills rose 14.04 per cent. The Cabinet Committee on Economic Affairs raised the procurement price of ethanol derived from 100 per cent ...
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The capital market regulator Securities and Exchange Board of India (Sebi) has crackdown on stock market investment fraud scheme promising 100 per cent return in one month. The move follows after dozens of investors reached out to regulator at its New Delhi office and filed a complaint against a scheme claiming to generate improbable returns.Calling it a business offer, scrupulous entities lured investors through advertisements in local and national dailies in New Delhi. "Invest 12 lakhs, earn 3 lakhs weekly approximately," the ad claimed. "Open online trading account deposit money in your own name with any NSE discount broker," it further said.Sources say Sebi has begun to roundup brokers, suspected of facilitating such trades in the market. The market regulator has also shared with the economic offence wing of the Delhi police."The regulator has approached Delhi police following the complaint against unknown entities. More information being gathered and accor...
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HONG KONG (Reuters/IFR) - Chinese online food delivery-to-ticketing services firm Meituan Dianping raised $4.2 billion in the world's biggest internet-focused IPO in four years as it priced the float near the top end of a marketed range, people close to the deal said. from Markets https://ift.tt/2Msv5c1
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HONG KONG (Reuters/IFR) - Chinese online food delivery-to-ticketing services firm Meituan Dianping raised $4.2 billion in the world's biggest internet-focused IPO in four years as it priced the float near the top of an indicative range, people close to the deal said. from Markets https://ift.tt/2N9fjI6
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Market regulator Securities and Exchange Board of India (Sebi) on Tuesday said it won't allow manipulators take advantage of the volatility in the stock market. "We have strong risk management systems are in place. Manipulators will not be allowed to take advantage of the market weakness. We are vigilant," Sebi chairman Ajay Tyagi told reporters on the sidelines of capital markets conference organized by industry body FCCI.Tyagi said increase in international oil prices, tighter global financial conditions, spillover risks from a global trade conflict and rising regional geopolitical tensions are some of key risks at this juncture. The Sebi chief said the sustained fund raising in the domestic market is "encouraging". He said a record amount of Rs 8.8 trillion was raised by way of both equity and debt in the domestic market last fiscal and another Rs 2.3 trillion has already been raised in the first quarter of this fiscal."The size of offerings has increase...
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Five months after a formal request, Canada has opened its market for pineapple and mandarin (a variety of oranges) import from India. Our Union ministry of commerce had sent its first request on April 10, with a reminder on May 18. Responding, the Canadian Food Inspection Agency of their government conveyed its approval on August 9, noting general phytosanitary requirements would apply, beside some specifics.In an advisory to Indian exporters, U K Vats, general manager of the Agricultural and Processed Food Products Export Development Authority has asked that they "strictly adhere with the required conditions".Pineapple import into Canada has been increasing consistently over years. It was 127,000 tonnes in calendar year 2017, from 118,210 tonnes the previous year. The quantity of mandarin import was not clear but the value was C$257.2 million in 2016, from all parts of the world. Mandarin output in India was 4.4 million tonnes in 2017-18, from 409,000 hectares. Total pineapp...
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Tyre stocks are down by five to 11 per cent over the past month on input cost worries. Natural rubber (NR) prices in India have moved up by eight per cent over the past four months, on supply issues, including the impact from floods in Kerala. The price in rupee terms of imported rubber has risen by four per cent in the same period, due to the rupee's sharp depreciation. About 40 per cent of the sector's requirement is from import; with the home supply disruption, analysts expect this to move to 50 per cent for 2018-19. K Srikumar, vice-president at ratings agency ICRA, expects domestic NR prices to increase by five to 10 per cent over the next two quarters, to Rs 135-145 a kg. NR is a little over a third of tyre makers' input costs.The impact on companies' margins depends on factors such as scale, product mix, geographical mix and price of crude oil derivatives. Srikumar says a 10 per cent rise in NR prices (other things remaining the same) could result in a 300 basis ...
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A court here remanded on Monday former BJP MLA Nalin Kotadiya, arrested in the Bitcoin extortion case, in police custody till September 17. Additional Sessions Judge P J Tamakuwala sent Kotadiya in the custody of the police's Criminal Investigation Department (CID) for seven days, against the investigation agency's demand of 10 days. The former MLA from Dhari in Amreli district was arrested Sunday from Amalner in Maharashtra by the Ahmedabad police's crime branch. The CID told the court that Kotadiya was evading arrest since he was named as an accused in the case on April 8. The court had proclaimed him as an absconder on June 18. The CID has sufficient evidence against Kotadiya, including call detail records, which reveal that he was in touch with other accused, it said. He was involved in the conspiracy along with co-accused Kirit Patadiya and Ketan Patel, it claimed. The former MLA has been booked for kidnapping, wrongful confinement, extortion and conspiracy. Surat-base...
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Shares of Infrastructure Leasing & Financial Services (IL&FS) group companies tumbled up to 14 per cent Monday after rating agency ICRA downgraded loan and debentures of infrastructure financing firm IL&FS. IL&FS Transportation Networks slumped 13.79 per cent, IL&FS Investment Managers dived 10.99 per cent and IL&FS Engineering and Construction Company plunged 6.55 per cent on the BSE. The three stocks hit their respective 52-week lows in intra-day trade. Rating agency ICRA Sunday downgraded loan and debentures of infrastructure financing firm IL&FS to 'default risk' citing liquidity pressure on the group on the back of sizeable repayment obligations. The ratings of IL&FS, which has reportedly defaulted on payment, is kept under rating watch with developing implications. The long-term rating of IL&FS' Rs 5,225 crore non-convertible debenture programme and the Rs 350 crore term loans has been cut to 'BB' from 'AA+'. from ...
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With the fall in gold prices internationally, jewellers and traders imported 100 tons gold in the August to augment their inventories before falling rupee take away lower price advantage. However, the sudden jump in import is important when low rupee has again raised current account deficit worries. According to GFMS Thomson Reuters estimate, import of gold in India was 100 tons compared to 46.2 tons in August last year, resulting in doubling of import bill for gold in August. Gold import bill for August 2017 was $1.89 billion which is estimated to have doubled. Import growth in tons is 116.5 but average gold price in international market in August was down 6.5 per cent compared to previous August.Sudheesh Nambiath, head, India Gold Policy Centre set up by IIM-Ahmedabad said that, "jewellery show held last month has shown good turn out and jewellers were low on inventories. This has resulted in sharp jump in gold import in August as prices were also low which jewellers considered ...