BSE to delist 17 companies from today
BSE will delist as many as 17 companies from today as trading in their shares has remained suspended for over six months. The exchange has been delisting for the past few months those firms in which trading has remained suspended for a long period. In a circular, BSE yesterday said, "17 companies that have remained suspended for more than 6 months would be delisted from the platform of the exchange, with effect from August 21, 2018 pursuant to order of the delisting committee". These companies are -- Associated Marmo & Granites, Baroda Electric Meters, Bihar Air Products, Cana Glass, Graphic Charts, IAG Company, Kiev Finance, Mahavir Impex, Neelkanth Motels & Hotels, Prithvi Information Solutions, Realtime Finlease and Sibar Media & Entertainment.
L&T shares rally 6%; m-cap up Rs 11,759.79 cr
Shares of Larsen & Toubro yesterday settled with gains of over 6% on bourses, following which the market capitalisation of the company improved by Rs 11,759.79 crore. During the day the stock of the company opened at Rs 1,300, then gained further ground and touched an intra-day high of Rs 1,331.00, up 7.31% over its previous closing price on BSE. At the end of yesterday's trading session, the stock was at Rs 1,323.95, up 6.74%. Following the uptick in the counter, market capitalisation of the company improved by Rs 11,759.79 crore to Rs 1,85,616.07 crore at the end of yesterday's trading on BSE. In a regulatory filing on August 18, the company had said that "the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on Thursday, August 23, 2018".
Maruti drives in updated Ciaz
Country's largest carmaker Maruti Suzuki India (MSI) yesterday launched an updated version of its mid-sized sedan Ciaz featuring a new petrol powertrain with price starting at Rs 8.19 lakh (ex-showroom). The new Ciaz comes with a new 1.5 litre K15 petrol engine along with a new generation smart hybrid technology featuring a lithium-ion battery. Earlier version of the sedan was powered by a 1.4 litre petrol engine. The manual variants of the new petrol version are priced between Rs 8.19 lakh and Rs 9.97 lakh while the automatic transmission options are tagged between Rs 9.8 lakh and Rs 10.97 lakh.
Bagrry’s launches Choco+
Making healthy and kid-friendly breakfast task easier for parents, Bagrry’s - a leading brand of breakfast cereals and health foods in India has launched Bagrry’s Choco+, an innovative and all natural chocolate cereal for kids. The ready to eat cereal comprises the goodness of 3 great grains (Whole wheat, Oats and Rice) with 0% maida. The product is made of completely natural ingredients and does not contain any artificial harmful antioxidants such as BHA (INS320) or artificial flavors and colors.
RIL pips TCS once again to become most valued firm
Reliance Industries Limited (RIL) yesterday pipped Tata Consultancy Services to become India's most valued company in terms of market capitalisation. At the end of trade on BSE yesterday, RIL commanded a market capitalisation of Rs 7,82,636.38 crore, while India's largest IT firm by revenue TCS slipped to the second spot with a market capitalisation of Rs 7,69,696.75 crore. Shares of RIL yesterday opened at Rs 1,206.50, then gained further ground and touched its 52-week high level of Rs 1,238.05, up 2.87% over its previous closing price. At the end of yesterday's trade, the shares of the company were trading at Rs 1,234.90, up 2.61%.
Sembcorp wins bid to supply 250 MW power to Bangladesh
Sembcorp Energy India Ltd (SEIL) yesterday said it has won a bid to supply 250 MW electricity to Bangladesh for 15 years. Sembcorp Gayatri Power, a subsidiary of SEIL, bid the lowest among half a dozen power utilities which submitted offers to Bangladesh Power Development Board (BPDB) for the supply. "SGPL has received letters of intent from BPDB confirming its success in both the short term and long term bids, and supply of power is expected to commence soon upon completion of procedural requirements and relevant government approvals," the company said in a statement.
India's outperformance could cause FPI flows to return: Morgan
India has been "remarkably resilient" in the recent turmoil in emerging market equities largely driven by macro stability, low policy uncertainty, improving growth and domestic flows, says a Morgan Stanley report. According to the global brokerage firm, though foreign investors have trimmed their stake, the domestic equity market's out performance could cause FPI flows to return. "Domestic equity flows are in the midst of a structural uptrend and though FPIs have trimmed their India weight to 2011 lows, "India's outperformance could cause FPI flows to return," Morgan Stanley said in a research note. Morgan Stanley in its base case (50% probability) expects June 2019 Sensex at 36,000, while in the bull case (30% probability) it could be at 44,000 and in bear case (20% probability) it could be at 26,500.
Infosys stock settles down 3% on CFO Ranganath's exit
Shares of Infosys yesterday defied the broader market sentiment and settled down 3% on the bourses, eroding Rs 10,079.73 crore from the company's market capitalisation. On August 18, Ranganath, fondly known as Ranga, who has been working with Infosys for close to two decades, resigned in a surprise move that raises questions about stability at the country's second largest IT services firm. At close, the stock was quoted at Rs 1,385.20, down 3.22% on BSE. The market capitalisation of the company eroded by Rs 10,079.73 crore to Rs 3,02,545.31 crore at close.
Maruti's Dzire overtakes Alto as best selling PV model in July
Maruti Suzuki India's (MSI) compact sedan Dzire became the best selling passenger vehicle (PV) model in July in India, overtaking entry level small car Alto from the company's stable. According to latest data from Society of India Automobile Manufacturers (SIAM), Dzire occupied the top slot by selling 25,647 units in July as compared to 14,703 units in the same month a year ago, when it was the fifth best selling model.