MARKET WRAP: Sensex up 115 pts on positive global cues; auto stocks rally

All that happened in the markets today

9:19 AM

FIRST TRADE: Top gainers and losers on the S&P BSE Sensex

9:18 AM

OPENING BELL

At 09:16 AM, the S&P BSE Sensex was trading flat at 41,569, up 10 points or 0.02 per cent while NSE's Nifty50 index was ruling at 12,223, up nearly 2 points or 0.01 per cent. 12,223.40

9:11 AM

ABB India: Investor interest may remain high on hopes of value discovery

Bringing a closure to the demerger of ABB India’s power grid business from other operations, the company has set December 23 as the record date for this purpose. To put it simply, all shareholders of ABB India as on that date will be considered for the purpose of allocating shares in the demerged entity – ABB’s power grid (PG) unit.

 

For every five shares held in ABB India, investors will get a share in its PG business. READ MORE

9:05 AM

Top gainers and losers on S&P BSE Sensex during Pre-open

9:05 AM

Market at Pre-open

9:04 AM

Market at Pre-open

9:01 AM

Rupee Opening Alert

Rupee opens 70.99 per US dollar vs Wednesday's close of Rs 70.97/$

8:56 AM

Mistry as Tata Sons chairman: Cloud over key decisions, board appointments

What now for the Tatas: That question kept analysts, lawyers and industry watchers busy ever since the National Company Law Appellate Tribunal (NCLAT) delivered the surprising verdict on Wednesday afternoon, restoring Cyrus Mistry as executive chairman of Tata Sons, three years after he was sacked unceremoniously. READ MORE

Cyrus Mistry

8:52 AM

Frequent churn of portfolios, short-term goals eating into investor returns

Frequent churning of portfolios is eating into returns that investors get from their funds. The difference is stark especially for equity funds, and reached as high as 2.4 percentage points during the past five-year period, according to a recent study by Axis Mutual Fund.

 

While equity funds returned 8.2 per cent during the period under review, investor returns stood at 5.8 per cent. READ MORE

8:49 AM

Stocks to watch: Tata Group stocks, Bank of Baroda, Ruchi Soya, Lemon Tree

Here's a look at the top stocks that may remain in focus today -

 

Tata Group shares: The National Company Law Appellate Tribunal’s (NCLAT’s) move to reinstate former Tata Sons chairman Cyrus Mistry will trigger a knee-jerk reaction in related stocks. It will keep them under pressure in the short-to-medium term till there is clarity on the issue, say analysts. 

 

Bank of Baroda: Government-owned Bank of Baroda has reported a Rs 5,250-crore divergence in the calculation of bad loans for the 2018-19 financial year. The Reserve Bank of India's (RBI's) assessment of its gross non-performing assets (NPAs) for the year is Rs 75,174 crore. Against this, the bank had reported GNPAs of Rs 69,924 crore, it told the BSE exchange. READ MORE

8:45 AM

Trai's IUC extension might benefit Jio; limited gains for Voda Idea, Airtel

With incoming off-net calls of Reliance Jio hitting over 50 per cent of its total calls with incumbent operators in November end, the decision of the Telecom Regulatory Authority of India (Trai) to extend the Interconnect Usage Charge (IUC) regime for one more year might benefit the new player by letting Jio earn additional revenues, without providing any additional financial benefit to the incumbent operators. READ MORE

8:40 AM

Delivery volumes at 10-yr low even as benchmark indices hit new highs

Delivery-based volumes have continued to slide this year, even as the benchmark indices touched new highs. According to experts, investors have taken to squaring up a large portion of their trades intra-day, to avoid bearing large losses on their trade or to book small profits, rather than carry over their position to the next day. READ MORE

8:34 AM

Cyrus reinstated: Tata Group stocks to remain under pressure, say analysts

The National Company Law Appellate Tribunal’s (NCLAT’s) move to reinstate former Tata Sons chairman Cyrus Mistry will trigger a knee-jerk reaction in related stocks. It will keep them under pressure in the short-to-medium term till there is clarity on the issue, say analysts.

 

The NCLAT also termed the appointment of N Chandrasekaran (Chandra as he is popularly known as), the current chairman of Tata Sons, as “illegal.” READ MORE

8:29 AM

Tata vs Mistry: What next in India's biggest corporate thriller?

Opening Pandora’s Box

 

It seems digging a bit deeper into the order, could open Pandora’s Box. The Tribunal has come down heavily on losses caused due to mis-management prior to Cyrus Mistry taking over as the Chairman in 2012. This relates to Tata Steel Europe, Indian Hotels, Tata Teleservices/Docomo and Indian operations of Tata Motors. It will also bring to fore the real ‘independence’ of the Board and the temptation of ‘back-seat’ driving by Ratan Tata. There is a possibility of drilling holes into the corporate governance high ground held by the Group over the last many decades. READ REPORT HERE

Cyrus Mistry

8:21 AM

NEWS ALERT | Bank Of Japan keeps deposit rate unchanged at -0.1%: CNBC TV18

-- Maintains 10-year JGB yield target around 0%