MCX raises maximum compensation limit to Rs.25 lakh from IPF

MCX (Multi Commodity Exchange of India) on Thursday announced the enhancement of maximum compensation that could be availed by investors to Rs. 25.00 lakhs from the existing Rs.2.00 lakhs per claim.

MCX has established and maintained an Investor Protection Fund viz. Multi Commodity Exchange Investor (Client) Protection Fund (MCX IPF), with the aim of compensating investors in the event of defaulters' assets not being adequate to meet the legitimate claims of investors.

MCX also promotes investor awareness and education to increase literacy, participation in the commodity derivatives market and utilized for such other purpose as prescribed by the Sebi.

The maximum amount of compensation available against a single claim of an investor arising out of default of a member of exchange is presently Rs. 2.00 besides the maximum available compensation being Rs.2.00 crore per defaulter member.

In today’s, NSE Closing hours, shares of Multi Commodity Exchange of India Ltd was traded at Rs. 744.75 down by 2.14% at Rs.744.75 as compared to the previous close of Rs. 761.00. The stock hit an intraday high and low of Rs. 759.40 and 741.15

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Reliance Communications shareholders approve asset monetization

Reliance Communications Limited (RCOM) on Friday announced that the Company’s shareholders approved the monetization of its assets.

RCOM announced the results of the postal vote on Thursday, February 15, through which the shareholders approved the resolution to monetize the Telecom Infrastructure, Towers, Spectrum, Fiber and other assets with a vast majority of 99.91%, RCom said.  Post the other asset sales, RCom will consist of a steady and profitable B2B focused biz, in the world.

Shares of RCom are trading at Rs 28.35, by Rs. 1.61 or 0.45% on Exchanges by 3.05 pm. The scrip opened at Rs. 28.45 and has touched a high of Rs. 29 and low of Rs 27.65. 

PNB stocks slump for second straight day after fraud shock; Plunges almost 12 pc

Shares of PNB on Thursday continued to drop for a second straight day by closing almost 12% lower after a USD 1.8 billion fraud was detected in one of its branches in Mumbai.

The trading volumes in PNB shares spiked remarkably high level. At the closing on Thursday’s trades, more than 19.4 crore shares exchanged hands on NSE and BSE counters with about 17.7 crore shares on NSE alone.

Stocks of jewellery companies such as Gitanjali Gems and PC Jewellers too declined after authorities blamed billionaire diamond trader Nirav Modi for the fraud.

Stocks of Gitanjali Gems plummeted almost 20 percent, while Stocks of PC Jewellers fell 5.31 percent on the BSE.

On Thursday, PNB shares lost about 12.89 percent to conclude at 127.05 on NSE while the shares settled 11.97 percent down at Rs 128.35 on BSE.

Idea Cellular issue equity shares worth up to Rs 3,500 crore

Idea Cellular Ltd’s has approved the issuance of equity shares by way of qualified institutional placement (QIP) to eligible investors, for an amount not exceeding Rs 3,500 crore, the company said to the stock exchanges on Wednesday. The issuance modalities will be in accordance with the SEBI regulations.

Idea Cellular today completed the allotment of 32,66,33,165 equity shares to the Aditya Birla Group entities, at an issue price of Rs 99.50/share aggregating to Rs 3,250 crore.

Meanwhile, the promoters of the company, Birla TMT, Elaine Investments, Oriana Investments have already invested Rs. 3250 crore to strengthen its balance sheet. Following this equity infusion by Idea Cellular’s promoters, their stake in Idea Cellular will go up at 47.2 percent from the 42.42.

Shares of Idea Cellular was trading up 1.36% at Rs. 85.65 on NSE post lunch hours of trading.

Tata steel and Wipro bag ‘most Ethical Company Award’

Tata Steel Ltd and Wipro Limited are the two Indian companies that have been chosen among 135 world's most ethical companies for 2018 by the Ethisphere Institute, a leading international organization dedicated to the creation, advancement and sharing of best practices in business ethics, a press release has said.

The 135 companies dedicated to "defining and advancing the standards of ethical business practices" have been selected from 23 countries across 57 industries, Ethisphere Institute said in its statement on Monday.

A total of 135 companies from 23 countries are being recognized in 2018, the release said.  It added that the award will be bestowed on March 13. Amazingly, Tata Steel Limited has been honored by Ethisphere Institute USA five times earlier, in 2012, 2013, 2015, 2016 & 2017, in the Metals, Minerals and Mining grouping.

It seems that Tata Steel Limited and Wipro Limited will be impacted by the investors with this dignity in the trading days ahead.  However, the shares of Tata Steel and Wipro on Monday spiked 4.15% and 4.05% of Rs. 713.70 and 289.05 respectively on National Stock Exchange.

L&T Hydrocarbon Engineering bags Rs 2,200 crore order

L&T Hydrocarbon Engg Ltd., a wholly subsidiary of Larsen & Toubro Ltd., has obtained an order worth over Rs 2,200 crore from Abu Dhabi's Al Dhafra Petroleum Operations Company. Al Dhafra Petroleum is a joint venture between Abu Dhabi National Oil Corporation, Korea Oil National Corporation, and GS Energy.

As part of the order, L&T Hydrocarbon will set up flow lines, gathering facilities, and pipelines to transfer crude oil and gas from the Haliba fields in east Abu Dhabi to a processing facility at Asab.

Shares of Larsen & Toubro Ltd ended higher by 1.56% at Rs 1,350.00 on NSE, at the closing hours on Monday.

HPCL Q3 profit rises 23% to Rs 19 billion; Stocks lower

Indian state-owned oil and natural gas Company, Hindustan Petroleum Corporation Limited’s (HPCL) profit rose 22.6% per cent in the Q-3, beating estimates.

Profit rose to Rs 19.50 billion, compared with Rs 15.90 billion a year earlier. Operational income rose over 13% to Rs 628.32 billion.

The country's largest oil explorer, Oil and Natural Gas Corp (ONGC), last month agreed to buy the govt’s majority stake in HPCL for Rs 369 billion.

Shares of HPCL traded 1.45% lower to Rs 394 on NSE, meantime BSE Sensex closed lower by 407.40 points, or 1.18%, to 34,005.26, while the Nifty 50 fell 121.90 points, or 1.15%, to 10,454.95, on closing hours, Friday.

Galaxy Surfactants gains over 13% on debut

Specialty chemicals manufacturer, Galaxy Surfactants, debuted in the stock Exchange on Thursday at 15% in debut trade over the issue price of Rs.1480.

The stock listed at Rs 1520 and 2.70% from the issue price on BSE. During the session, the stock rose 17% to Rs 1,732 and finally ended at Rs 1,698.10, by gaining 14.73%

On NSE, shares of Galaxy Surfactants ended 14.89% higher at Rs 1,700.45. The company's M-Cap stood at Rs 6,020.57 crore.

By equity volume terms, over 13.40 lakh shares of the company have been traded on Bombay Stock Exchange and 85.00 lakh shares changed hands on National Stock Exchange during Thursday’s session.

ICICI Securities gets SEBI's go-ahead for IPO

ICICI Bank Ltd has received approval from the Sebi to list its stock brokerage unit, ICICI Securities Ltd. ICICI Securities had filed its DRHPs with SEBI in December and received observations from the regulator on Feb 2, as per the latest update with the markets regulator.

As per the DRHP filed by the company, the IPO comprises sale of 64,428,280 equity shares, amounting to 20% stake, by ICICI Bank. The IPO includes a reservation of up to 32.21 lakh shares for individual as well as HUF shareholders of ICICI Bank. The IPO is expected to garner Rs. 3,000 to 4,000 crore.

SBI Capital Markets, DSP Merrill Lynch, Citigroup Global Markets India, IIFL Holdings, Edelweiss Financial Services and CLSA India are book running lead managers to the issue.

Tata Chemicals Q3 profit rise 3-fold to Rs.759 crore

Tata Chemicals Limited, an Indian global company with interests in chemicals, on Tuesday posted about 3-fold jump in consolidated net profit at Rs. 759.07 crore during the third quarter (Q3) of this fiscal on gains from its North American business.

Tata Chemical’s net profit had stood at Rs. 263.63 crore in the same period of corresponding year, it said. Total income increased marginally to Rs. 2,591.07 crore in the Oct – Dec period of 2017-18 fiscal from Rs. 2,524.44 crore in the year-ago period.

 Shares of Tata Chemicals closed down by 1.99% to settle at Rs. 682.95 on the BSE, while on NSE shares closed down by 1.33% at Rs. 686.20

Bharti Airtel spikes over 5 percent post investment by Singtel

Bharti Airtel on Monday announced that SINGTEL (Singapore Telecom Limited) would invest Rs 2,649 crore in Bharti Telecom, the promoter company of Airtel, via preferential allotment of shares.  With this investment, Singtel's total stake together with its affiliates, in Bharti Telecom would increase to 48.90%.

Singtel presently holds 47.17% stake in Bharti Telecom. Bharti Enterprises continues to hold over 50% stakes in Bharti Telecom.

The move is seen to aid Bharti Airtel Limited in its combat for market share with Reliance Jio.

Shares of Bharti Aitel Limited was trading at Rs. 444.15 per share, up Rs. 21.80 or 5.16% on NSE at 12.20 PM, Monday. Whereas BSE Sensex was at 34,789.95, down 276.80 points or 0.79% and Nifty was at 10,675.15, down 85.45 points or 0.79%

Yes Bank to raise USD 600 million through fixed term notes

Yes Bank, India's fifth  largest private sector bank, on Friday said that it will raise 600 million dollar, equivalent to Rs. 3,830 crore, approx,  via issuance of fixed term notes under its USD 1 billion MTN (Medium Term Note) programme.

Earlier in In December 2017, Yes Bank had established an MTM Programme to raise over Rs 6,400 crore, by issuing debt securities on Private Placement (PP) basis.

As per the approval from its BoD and shareholders, Yes Bank has permission to raise funds up to Rs. 20,000 crore in one or more tranches on PP basis from time to time.

Shares of Yes Bank ended by 2.55% lower at Rs. 350.00 on BSE, while on NSE it settled by 3.58% lower at Rs. 347 on Friday’s closing.

Airline and Agriculture stocks zoom on Budget impact

Finance Minister Arun Jaitley announced in his Budget speech on Thursday that Regional air connectivity scheme will connect 56 unserved airports and 31 unserved helipads. Goveernemnt will also expand capacity of airports by 5- times to cater to one billion trips a year, under a new initiative by the government.

Subsequent on the announcement, stocks of aviation companies such as Jet Airways, Inter Globe Aviation and Spice Jet closed in positive territory. Stocks of Jet Airways gained 2.57% on National Stock Exchange, whereas the shares of Inter Globe Aviation (IndiGo) zoomed marginally by 0.42% on NSE, on Thursday. 

In a top reward to farmers, Jaitley announced fixing the support-price for kharif crops, by 50 per cent higher than the cost of production, together increasing farm credit target for the next fiscal by ten percent to Rs 11.00 lakh crore.

Following the announcement, shares of NACL Industries zoomed, 2.25%, PI Industries rose 2.49%, Action Construction Equipment spiked 2.59%, Aries Agro rose 0.28% and Monsanto India zoomed 1.81% on the NSE.