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Sensex
surges 116 points on reform moves
Mumbai: Sensex
finished at a four-week high on 6 February, reversing a two-day
decline, boosted by the government's moves to speed up privatisation
and key economic reform announcements.
The Sensex closed up 116 points at 3,428.16 points (provisional).
Traded volume surged to 108.5 million shares from the previous days
79 million and gainers outstripped losers 749 to 389.
The broader Nifty rose 40 points to close at 1,114.10 points.
The government had announced the sale of a 33.6 per cent stake in IBP
Co to Indian Oil Corporation. It also announced the sale of a 25 per
cent stake in telecoms giant VSNL to the Tata group.
The Union cabinet also approved a new drugs policy which eased
government control over the sector and aimed at boosting investment.
Shares of state-run companies rose across the board. Refiner Hindustan
Petroleum Corporation and Bharat Heavy Electricals Ltd, a power
generation equipment maker, rose the maximum permissible 10 per cent.
Both are components of the benchmark BSE Sensex.
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Crisil
downgrades Forbes Gokak's NCD
Mumbai: The
Credit Rating and Information Services of India has downgraded the Rs
15 crore non convertible debenture issue of Forbes Gokak Limited from
high safety 'AA-' to adequate safety 'A+'.
The rating revision is based on the deterioration of FGL's financial
risk profile due to decline in performance and the expected
continuation of the current low profitability levels in the short
term.
Reduction in profits of FGL emanates primarily from the increased
losses of its textile division, the agency said adding that the rating
was further constrained by continued support to weak group companies,
which is unlikely to increase significantly from current levels.
In addition, according to CRISIL, FGL's presence in low value coarse
counts in textiles, leading to vulnerability of profits to cotton
price movements and modest presence in engineering business also
temper the rating.
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