Key benchmark indices were trading with small gains in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 88.19 points or 0.22% at 39,522.91. The Nifty 50 index was up 22.40 points or 0.19% at 11,866.50.
Among secondary barometers,the BSE Mid-Cap index was up 0.55%. The BSE Small-Cap index was up 0.72%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 947 shares rose and 339 shares fell. A total of 67 shares were unchanged.
Overseas, Asian shares were mixed Monday as investors watched for developments from US President Donald Trump's state visit to Japan as well as results from the European parliamentary election.
US stocks rose on Friday, but sentiment remained fragile as investors worried the US-China trade war is hurting economic growth. US durable goods orders dropped 2.1% last month amid a slowdown in exports and a buildup in inventories.
Back home, Grasim Industries was up 1.89%. The company's consolidated net profit rose 58.95% to Rs 1144.57 crore on 20.19% rise in total income to Rs 21386.32 crore in Q4 March 2019 over Q4 March 2018. The announcement was made after market hours on Friday, 24 May 2019.
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Bata India was down 0.07%. The company's net profit rose 69.49% to Rs 88.27 crore on 9.49% rise in total income to Rs 707.32 crore in Q4 March 2019 over Q4 March 2018. The announcement was made after market hours on Friday, 24 May 2019.
FDC was up 7.39%. The company's board approved the buyback by the company of its own fully paid up equity shares, not exceeding 34,30,000 shares at Rs 350 per share for an aggregate amount not exceeding Rs 120.05 crore on a proportionate basis through the tender offer route. The announcement was made after market hours on Friday, 24 May 2019.
V-Mart Retail was down 1.36%. The company has opened a new store in Jharkhand. This takes the total number of stores to 223 Stores in 176 cities across 17 states and total tally of Jharkhand is 18 stores. The announcement was made after market hours on Friday, 24 May 2019.
Music Broadcast was down 0.43%. The company has decided to terminate the business transfer agreement dated 23 April 2018 with Ananda Offset on account of uncertainty of receipt of regulatory approval as contemplated under the agreement. The business transfer agreement was executed on 23 April 2018 for acquisition of the radio business undertaking of Ananda Offset, engaged in radio broadcasting business under the brand name 'Friends 91.9 FM' through slump sale. The announcement was made after market hours on Friday, 24 May 2019.
On the economic front, the Reserve Bank of India (RBI) on Friday, 24 May 2019, said it has decided to conduct purchase of Government securities under Open Market Operation (OMO) for Rs 15000 crore on 13 June 2019.
In a separate announcement on Friday, 24 May 2019, RBI placed a draft circular on the "Liquidity Risk Management Framework for Non-Banking Financial Companies (NBFCs) and Core Investment Companies (CICs)" to be adopted by all deposit taking NBFCs; non-deposit taking NBFCs with an asset size of Rs 100 crore and above; and all CICs registered with the Reserve Bank.
The draft guidelines cover application of generic Asset Liability Management (ALM) principles, granular maturity buckets in the liquidity statements and tolerance limits, liquidity risk monitoring tool and adoption of the "stock" approach to liquidity. In addition, the draft proposes to introduce Liquidity Coverage Ratio (LCR) for all deposit taking NBFCs; and non-deposit taking NBFCs with an asset size of Rs 5000 crore and above. With a view to ensuring a smooth transition to the LCR regime, the proposal is to implement it in a calibrated manner through a glide path over a period of four years commencing from April 2020 and going upto April 2024.
Further, RBI on Friday fixed the investment limit at Rs 54,606.55 crore for foreign portfolio investors (FPIs) under the voluntary retention route (VRR), which allows to park funds in both government securities as well as corporate debt. VRR for investments by FPIs was introduced on March 1. Limits for investment in debt by FPIs were offered for allotment 'on tap' during the March 11-April 30 period. Based on the feedback received, and in consultation with the government, the RBI said it has made certain changes in the scheme to increase its operational flexibility. The minimum retention period shall be three years. During this period, FPIs shall maintain a minimum of 75% of the allocated amount in India, RBI said.
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