NDTV surges 20% as Sebi orders Vishvapradhan Commercial to make open offer

The stock is locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday.

Shares of NDTV are locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday, after the Securities and Exchange Board of India (Sebi) on Tuesday passed an order asking Vishvapradhan Commercial Pvt Ltd (VCPL) to make an open offer for the company.

Till 09:25 am; a combined 160,893 shares changed hands on the counter and there were pending buy orders for 462,932 shares on the BSE and NSE.

“The order noted that VCPL had acquired indirect control through a loan agreement in 2009, which would have necessitated an open offer at the time. The regulator has now asked for this open offer to be made with interest,” Business Standard reported.

Meanwhile, the Bombay High Court on Tuesday directed the Reserve Bank of India (RBI) to consider the compounding applications filed by news organisation NDTV in a case of alleged violation of the Foreign Exchange Management Act (FEMA).

“The Bombay High Court has today directed the Reserve Bank of India (RBI) to consider the compounding application(s) filed by the Company. The Court has ruled in favour of the writ petition number 2026/2017 filed by NDTV against the RBI and Enforcement Directorate,” NDTV said in a BSE filing on Tuesday.

“NDTV had approached the Bombay High Court against the RBI's refusal to consider its compounding applications in circumstances where the RBI was relying on the Enforcement Directorate's unsubstantiated allegations against NDTV. The Bombay High Court has today quashed the directive issued by the Enforcement Directorate to RBI which had prevented the compounding, “ it added.

Click here : New Delhi Television Share Price

Markets remain subdued on profit taking; L&T Technology Services lists at Rs 920

Markets remain subdued on profit taking; L&T Technology Services lists at Rs 920

Markets are trading in a subdued note tracking mixed global cues on account of booking profits after the recent run-up.

At 9:30 am, the S&P BSE Sensex slipped 48 points at 28,725 and the Nifty50 dipped 9 points to trade at 8,858. Among broader markets, BSE Midcap and Smallcapindices are up 0.3%-0.5%.

“Subdued trading is expected early in the day inside the 8890-8860 region. Breakout beyond the same is expected, but a directional move is less likely. Downsides look limited, but upsides in the near term look more limited, suggesting that bearishness should dominate,” adds Geojit BNP Paribas in a technical note.

ALSO READ: Stock picks from Motilal Oswal Securities; buy HDFC, Aurobindo Pharma

On Thursday, Indian equities surged mirroring strong global markets after the US Federal Reserve kept interest rates at a near-record low, but hinted a hike could come in December.

On the macro-economic front, the government, on Thursday, appointed three academics to the panel. The RBI has already appointed its members to the panel.

The government nominees are Chetan Ghate, professor, Indian Statistical Institute; Pami Dua, director, Delhi School of Economics; and Ravindra H Dholakia, professor, Indian Institute of Management-Ahmedabad (IIM-A).

Read More

Markets remain listless; Bank of Baroda drops 7% Edit

Markets remain listless; Bank of Baroda drops 7%

Benchmark shares indices continued to trade firm led by gains in index heavyweights ITC and Reliance Industries and IT majors.

At 10:30am, the S&P BSE Sensex was up 22 points at 27,797 and the Nifty50 was down 4 points at 8,572. In the broader market, the BSE Midcap and Smallcap indices were trading flat with mixed bias. Market breadth was firm with 1011 advances and 948 declines on the BSE.

ITC was up 1.3% on renewed buying interest while Reliance Industries was up over 1%.

IT majors continued to trade firm with Infosys and TCS were up 0.5%-0.9% each.

On the losing side, Bank of Baroda was down 7% after the state-owned bank reported 60% year-on-year (YoY) drop in net profit at Rs 424 crore for the quarter ended June 30, 2016 (Q1FY17) due to higher provisions and lower net interest income. Further, the bank’s gross net performing assets (NPA) as a percentage of total loans rose to 11.15% at the end of the June 2016 quarter as compared to 9.99% in the March quarter and 4.13% in the June 2015 quarter.

Sun Pharma was down 2% on the back of weak earnings from its overseas subsidiary Taro Pharmaceuticals.(more)

Nifty hovers above 8,550; Tata Motors up 4%

Nifty hovers above 8,550; Tata Motors up 4%

Markets have shrugged off the clearance of GST in the upper house and are trading in a narrow range with Sensex and Nifty swinging between negative and positive zone.

By 10:25 am, the S&P BSE Sensex was up 48 points at 27,746 and the Nifty50 gained 14 points to trade 8,559. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.5% each.

"Contrary to popular belief, the passage of the GST Constitutional Amendment marks only the beginning of a fairly tedious procedure that should ultimately result in the implementation of a unified GST in India at best by 2HFY18. Even as the adoption of a unified GST is one of the most remarkable tax reforms from a long-term perspective, in the short-term we highlight that this is likely to result in (1) a mild pick-up in inflation as hitherto untaxed goods and services are now brought under the tax net, (2) a meaningful loss of jobs in the informal sector as this sector will no longer be able to fly under the radar of the taxman and (3) consequently trigger pro-electorate measures in the form of higher revenue expenditure from FY18 onwards as the Modi-led BJP Government begins preparing for the 2019 General Elections," adds Ritika Mankar Mukherjee, Senior Economist, Ambit Capital.(more)

Nifty reclaims 8,200 on 7th Pay Commission approval; Brexit woes ease

Nifty reclaims 8,200 on 7th Pay Commission approval; Brexit woes ease

Benchmark indices ended near day’s high after the Cabinet today approved the recommendations of the 7th Pay Commission. Investors’ sentiments were further boosted due to recovery in global stocks after near term Brexit concerns eased.

The S&P BSE Sensex rose 216 points to end at 26,740 and the Nifty50 gained 76 points to close at 8,204. Among broader markets, BSE Midcap and Smallcap indices surged between 0.9%-1.2%, outperforming the benchmark indices.

ALSO READ: 7th Pay Commission: Cabinet approves big pay hike for government employees

Commenting on today's development, Motilal Oswal, CMD, Motilal Oswal Financial Services said "Just ahead of Monsoon, the 7th Pay commission will set the snowball impact in the economy. This is a well expected positive move, this will help achieve GDP growth target quicker. The Auto, consumer durables and FMCG sector would see much higher demand. The small concern could be that this may push inflation a bit higher”.

The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday approved the recommendations of the Seventh Pay Commission, a move which will boost consumption by putting extra disposable income in the hands of the central government’s 4.7 million employees.

The Cabinet has also approved the National Mineral Exploration Policy (NMEP) on Wednesday, which will pave the way for auction of 100 prospective mineral blocks, boosting India’s mining potential.

The Cabinet cleared the model Shops and Establishment Act that would allow cinema halls, restaurants, shops, banks and other such workplaces to be open 24X7. Read more.

Tamil Nadu: Blow for Karunanidhi family's business interests?

Tamil Nadu: Blow for Karunanidhi family's business interests?

Thursday’s state election results are likely to make the fortunes for some businesses and mar for some others. The biggest and most prominent loser of the day was from the family of DMK chief M Karunanidhi. On the day of the results, the Sun TV stock lost Rs 2,229 crore in market value. Its market capitalisation fell from Rs 16,845 crore at its close on Thursday to Rs 14,616 crore at the end of the day. By virtue of his 75 per cent holding, DMK chief M Karunanidhi’s grandnephew Kalanithi Maran would take three-fourths of that hit.

This notional loss could be an indicator of the bad news in store for the family’s business interests that extend beyond media. While Maran was among the first in the family to get into organised business through his venture into broadcast media in the early 1990s, there were others who have followed in his footsteps. After a brief break-up in relations with the Marans, Karunanidhi’s immediate family members floated Kalaignar TV in 2007. At the time Karunanidhi’s wife Dayalu Ammal owned 60 per cent, while his daughter Kanimozhi owned 20 per cent. Karunanidhi’s grandsons, from his sons Stalin and Azhagiri have also built interests in a range of businesses from real estate to movies to granite mining.

The management of Sun TV has often maintained that its business is independent of the government in power, but the market seems to be understanding it differently. A second term of the AIADMK could prove to be tougher for the family as it does not have the cushion of a friendly regime at the Centre. Read more.

RBI decision on expected lines: FinMin

Economic affairs secretary Shaktikanta Das on Tuesday said RBI's move to keep the policy rate intact was on the expected lines.

He said one has to wait for the Budget to know the government strategy on the fiscal consolidation road map. The Budget is expected to be tabled in Parliament on February 29.

Read our full coverage on Union Budget 2016

The finance ministry is grappling with the issue of fiscal consolidation road map. It has received all sorts of advices-- to defer the road map by one more year, stay on the path and not to tie itself with any fiscal deficit number.

As RBI expected inflation would be 5% in FY17, Das said one has to see how inflation turns from here.

Markets extend losses; Sensex down 100 points

Markets have turned weak in the afternoon session as selling pressure intensified across the board. The weakness in European equities on account of lowering crude oil prices has also dented the sentiments.

At 2:35 pm, the S&P BSE Sensex shed 113 points at 24,711 and the Nifty50 lost 45 points at 7,509.

The RBI at its sixth bi-monthly monetary policy review on Tuesday kept the repo rate unchanged at 6.75%. The cash reserve ratio (CRR), or the portion of a bank’s money maintained with the central bank in cash, was also unchanged at 4%. The RBI, however, indicated that rates would continue to soften, prompted by benign inflation and weak economic and industrial growth.

Markets gain for the thrid straight session; Nifty ends above 7,750

Markets gained for the third straight day as market players seem to have already discounted the much expected US interest rate hike that is due later today. The rally in the Market was led by oil & gas and energy shares.

Provisionally, the S&P BSE Sensex has climbed 169 points to trade at 25,490 and the Nifty50 has gained 52 points to quote at 7,752

Markets have maintained an uptrend in the late afternoon trades and are heading towards the third straight session of gains as market players seem to have already discounted the much expected US interest rate hike that is due later today.

By 2:45 pm, the S&P BSE Sensex has climbed 205 points to trade at 25,525 and the Nifty50 has gained 60 points to quote at 7,761.

The two day FOMC meet of the US Federal Reserve will conclude today in which the Fed Chair Janet Yellen is widely expected to announce the hike in the interest rates for the first time in almost a decade. 

In another major development for the day, the Supreme Court of India has banned the registration of all new diesel cars with over 2000 cc capacity in Delhi-NCR till March 31st, 2016. As a step to curb pollution in the capital city, the apex court has also ordered that the taxis in Delhi be converted to CNG by March 31, 2016.

Following the order, the shares of CNG manufacturers are trading higher. Everest Kanto Cylinder has surged 16% on the BSE while Nitin Fire Protection Industries has climbed 1%

Meanwhile, while speaking at the Rajya Sabha, Finance Minister Arun Jaitley said the government will achieve its fiscal deficit target without any cuts in the government spending.

On the macro-economic front, India’s merchandise exports fell for the twelfth consecutive month in November this year.