Sensex, Nifty end higher for fourth straight session; Infosys gains 3%

Catch all that happened in the market here

2:16 PM

India's GDP growth seen picking up to 6.6%: Reuters poll

 

India's economic growth likely accelerated to 6.6% in the quarter just ended, but analysts polled by Reuters are sounding increasingly worried that confusion over a new goods and services tax will dampen activity in coming months.

 

The forecast, from a survey of over 40 economists taken over the past week, compares with growth of 6.1% in the first three months of the year, the slowest pace in two years. The range of forecasts was wide from 5.7% to 7.2%.

1:57 PM

Adani Enterprises surges

Adani Enterprises gained over 9% after the company announced that it plans to begin work in October to build the controversial Carmichael coal project in Australia, aiming to make its first shipment in March 2020.

 

The project has been delayed for years by court challenges from green groups and indigenous groups concerned about climate change, and the impact on native land and water supply, but those challenges have been rejected.

1:40 PM

BUZZING STOCK

Kiri Industries rose 3% to Rs 302.95 on BSE after consolidated net profit rose 26.9% to Rs 103.68 crore on 6.8% decrease in net sales to Rs 272.64 crore in Q1 June 2017 over Q1 June 2016.

1:19 PM

PSB consolidation move in India is credit positive: Moody's

 

Rating agency Moody's on Monday said the government’s decision to form a panel to consider and oversee mergers amongst public sector banks is credit positive as consolidation would provide scale efficiencies and improve corporate governance.

 

Last Wednesday, the Union Cabinet decided to form a ministerial panel led by Finance Minister Arun Jaitley to consider and oversee mergers among the country’s 21 public-sector banks.

 

However, such mergers would not improve the banks’ weak capitalisation due to lack of fresh capital infusions from the government, Moody’s said in a statement. READ MORE

1:02 PM

Buzzing stock

Gillette India fell over 2% to Rs 5,200 on BSE after the company's net profit fell 20.4% to Rs 37.67 crore on 14.7% decline in net sales to Rs 407.60 crore in Q4 June 2017 over Q4 June 2016.

12:40 PM

Environmental 'troubles' for delay in PSU IPO

 

After the success of Cochin Shipyard, the Centre is planning to take another big state-owned shipbuilder Mazgaon Dock Shipbuilders public. The proposal, however, has run into rough weather with the Union environment ministry. Investment banking sources say the initial public offering (IPO) may get pushed to the next financial year due to the delay in the environment ministry’s nod. READ MORE

12:21 PM

Buzzing stock

Bharat Bijlee slumped over 7% to Rs 1,127 on BSE after the company reported net loss of Rs 3.87 crore in Q1 June 2017, compared with net loss of Rs 2.15 crore in Q1 June 2016.

 

The result was announced after market hours on Thursday, 24 Aug 2017. READ FULL REPORT HERE

12:00 PM

GDP growth seen picking up to 6.6% in June quarter

 

Country’s economic growth likely accelerated to 6.6% in the quarter just ended, but analysts polled by Reuters are sounding increasingly worried that confusion over a new goods and services tax (GST) will dampen activity in coming months.

 

The forecast, from a survey of over 40 economists taken over the past week, compares with growth of 6.1% in the first three months of the year, the slowest pace in two years. The range of forecasts was wide from 5.7% to 7.2%.

11:24 AM

Buzzing stock

Emco rallied over 10% to Rs 18.75 on news reports that an Asia-focused special situations investment firm SSG Capital Management may acquire a stake in the company.

 

Meanwhile, BSE has sought clarification from Emco with reference to news in www.livemint.com quoting "SSG Capital Management in talks to buy stake in Emco Ltd".

11:04 AM

Markets check

 

At 11:00 am, the Sensex was trading at 31,762, up 166 points, while the broader Nifty50 was ruling at 9,911, up 54 points. 

10:50 AM

IPOs a big hit for investors so far this year

 

Two of three IPOs that have hit markets this year have made money for the investors. At Thursday’s closing price, 10 of the 15 companies that launched IPOs this year are trading above their issue price. READ MORE  

10:39 AM

The worst is over for firm, say brokerages

 

After Nandan Nilekani's return in Infosys, brokerages have revised their price target for the stock and suggest that the worst may be over for the company as regards corporate governance issues are concerned. Infosys, they feel, can now get back to focussing on tackling business-related issues. READ FULL REPORT HERE 

10:24 AM

Buzzing stock

Realty major DLF wiped off all its morning gains to slip in red after the company on Sunday said it has entered into a joint venture (JV) with GIC to build rental assets in India. CLICK HERE FOR MORE

10:08 AM

India Inc on record fundraising spree

 

India Inc is embarking on a record fundraising spree, bolstered by a sustained rally in the stock market and the flood of money sloshing around with domestic and overseas institutional investors.  More than 150 companies have expressed their intent to raise capital amounting to an estimated Rs 2.5 lakh crore by way of initial public offerings (IPOs), qualified institutional placements (QIPs), and follow-on public offerings. READ FULL REPORT HERE 

9:50 AM

Reimagining Infosys

 

He may have joined Infosys at 26 and rejoined at 62, but Nandan Nilekani clearly hasn’t lost any of his old traits: Combative (some questions from the media on Friday were dismissed with disdain); clear-headed and diplomatic (over the weekend, he has already given the world enough idea about his course of action without giving away anything specific); confident (he has repeatedly asserted that he will take all the critical decisions and wants everybody to leave him alone); consensus-builder (he has talked about using his skills as a unifier) and loyal (he has described NR Narayana Murthy as the father of corporate governance in India and got the board to issue an apology letter of sorts to Mr Murthy). READ FULL EDITORIAL HERE 

Illustration: Ajay Mohanty