Sensex falls 198 points; YES Bank surges 33%
03 Oct 2019
1
NSE to delist 9 companies from October 17
Leading stock exchange NSE will delist nine companies including Lanco Infratech and Moser-Baer from its platform from October 17.
Besides, Lanco Infratech and Moser-Baer, the other seven firms that will be delisted are -- Amar Remedies, Supreme Tex Mart, Samtel Color, Hindustan Dorr-Oliver, Servalakshmi Paper, LML and Hanung Toys and Textiles.
According to the National Stock Exchange (NSE), these nine companies are "under liquidation".
Aster DM gains 5% on buying additional stake in Sri Sainatha Multispeciality Hospital:
The share price of Aster DM Healthcare added more than 5 percent intraday on October 3 after the company acquired additional stake in Sri Sainatha Multispeciality Hospital Private Limited.
The company increased its stake in Sri Sainatha Multispeciality Hospital Private Limited by 4.89 percent, thereby making the aggregate shareholding of the Company 72.41 percent.
Market update: Market benchmarks look poised for extending their losing spree into the fourth consecutive session. HDFC twins, Kotak Mahindra Bank and Axis Bank are the top drag on Sensex while ICICI Bank, ITC and Yes Bank are holding up.
E-commerce policy: The government is likely to miss the deadline on the e-commerce policy that was supposed to be released by the end of 2019, the Business Standard reported.
The final policy document will be released only after the other technology policies are implemented since the commerce ministry is trying to avoid overlaps and contradictions, the report said.
Mukesh Trends Lifestyle files DRHP with SEBI
Ahmedabad-based fabric manufacturer Mukesh Trends Lifestyle has filed a Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for a proposed initial public offering (IPO). The company is seeking an issue of up to 1 crore equity shares of the face value of Rs 10 each, the DRHP says.
IRCTC IPO oversubscribed by 8.50 times on last day of bidding:
The offer for sale issue of public sector company Indian Railway Catering and Tourism Corporation (IRCTC) has received healthy response from investors on the final day of the bidding process on October 3.
The Rs 645-crore public issue has been oversubscribed by 8.50 times, the data available on exchanges show. The initial public offering has received bids for 17,17,27,480 equity shares against the IPO size of 2.016 crore shares, data available on exchanges reveal.
Zee Entertainment jumps 9% after lenders extend repayment deadline
Shares of Zee Entertainment Enterprises (ZEEL) surged 9 percent on BSE on October 3 after the company said that the lenders had agreed to give it another six months to repay debt.
In an interview to CNBC-TV18, Punit Goenka, chief executive officer, on October 1 said, "Zee is working with the lenders with all options to explore and find a solution on the stake sale and the resolution stake sale that we had proposed of another 10 percent." Goenka said the amount due to the Indian lenders was around Rs 5,000 crore.
Wipro up 2% after completing strategic engagement with ICICI Bank
Shares of Wipro added 2.5 percent intraday on October 3 after the company completed a strategic engagement with ICICI Bank. The company will absorb some employees of Vara lnfotech along with its existing contracts, facilities and assets through a business transfer agreement, as per a BSE release.
The meeting of the board of directors will be held over October 14-15 to consider and approve the condensed audited standalone and consolidated financial results of the company under lndAS for the quarter and half year ended September 30, 2019.
Coal India slips 3% after flooding at one of its largest mines
Share price of Coal India slipped over 3 percent intraday on Thursday after flooding at one of its largest open-pit mines. It will halt production there for at least a month, a senior company official said.
The flooding at the Dipka mine, which produces more than 30 million tonne a year of thermal coal and accounts for some 5 percent of Coal India's overall output, could leave some power plants in eastern and central India scrambling for fuel.
Revival plan for CG Power: Media reports have indicated that Bharti's Sunil Mittal and other institutional shareholders are considering injecting working capital into CG Power. They are said to be in talks with lenders to recast loans. Shares of CG Power and Industrial Solutions traded 4.93 percent higher at Rs 14.04 on BSE around 1050 hours IST.
YES Bank CFO Rajat Monga quits
Yes Bank’s Group President and CFO Rajat Monga, one of the key leaders during the tenure of former head Rana Kapoor, has resigned from his post, its CEO Ravneet Gill said.
In a conference call on October 3, Gill said Monga will be 'moving on', without sharing any further details of his exit.
Future Consumer touches fresh 52-week low after Morgan Stanley downgrade
Shares of Future Consumer declined almost nine percent to touch a fresh low of Rs 23.60 on the BSE on October 3 after Morgan Stanley downgraded the stock to 'equal-weight' from 'overweight'.
The global financial firm has cut the target price to Rs 28 from Rs 82 earlier, after elevated working capital forced it to re-evaluate its valuation benchmark due to concerns on receivables.
"A 73 percent and 38 percent cut in our EPS estimates for FY20 and FY21, respectively, reflects lower revenue growth," said Morgan Stanley.
The company has sold 3,15,912 units in September 2019 as against 4,23,939 units in the month of September 2018, a de-growth of 25.48 percent. The total two-wheeler sales were down 26 percent at 3,00,909 units in September 2019 versus 4,10,657 units in in September 2018.
Buzzing stock: Shares of Future Consumer declined almost 9 percent to touch their fresh 52-week low of Rs 23.60 on BSE after Morgan Stanley downgraded the stock to 'equal-weight' from 'overweight'. The global financial firm has cut the target price to Rs 28 from Rs 82 earlier.
Market update: Indian market pared losses on support coming from select heavyweights such as ICICI Bank, ITC, Yes Bank and State Bank of India.
Gold price today: Gold prices rebounded in futures trade, supported by selloff in equities. Fresh concerns around trade war made investors avoid riskier equities and go for safe-haven assets.
Market update: Indian market benchmarks Sensex and Nifty opened in the red. Sensex declined over 225 points while Nifty traded below 11,280 in early deals. Yes Bank jumped 10 percent higher, but Vedanta declined nearly 3 percent.
SGX Nifty update: SGX Nifty is indicating a negative start for the Indian market, broadly in sync with most Asian peers. around 0825 hours IST, the SGX Nifty was 0.09 percent down at 11,345.50.
Asian markets trade lower: Asia stocks, already under pressure from growing global growth fears, tumbled on Thursday after New York markets slumped overnight because the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union, Reuters reported.
.webp)
