One 97 Communications, which operates the PayTM payments platform in India, revealed details of its October performance late on Sunday, hours before trading resumed in its shares after a volatile first day on Thursday. The company’s shares had fallen by a whopping 27% on day 1, wiping out around Rs 38,000 cr of investor wealth […]
Eros International Plc, listed on the New York Stock Exchange, denied short-seller allegations about financial misappropriations at the the India-based content aggregation company said it was also working with CARE Ratings to address their concerns. It also announced a $20 million (Rs 138 cr) share repurchase program. The company’s stock also took a knock last […]
The key Nifty 50 stock index in India is likely to breach the 10,000 support mark this week as the Indian stock market enters what many have called its deepest correction since the 2008 financial crisis. The Nifty, which reflects the stock prices of 50 bluechip stocks traded on the National Stock Exchange, had gone […]
Three months after Tata Consultancy Services became the first Indian company to achieve a market capitalization of $100 bln (Rs 6.85 lakh cr), Reliance Industries is close to the $100 bln mark as well. At present, there are only around 100 companies in the world whose shares are worth $100 bln or more, including the […]
Shares of New Delhi Television Ltd spiked another 10% today to Rs 62.40, prompting the BSE to write to the company to seek clarification on any undisclosed development. With this, the total gain in NDTV shares in the last four days is 76%. The company, however, said it was not aware of any development that […]
Wipro has announced details of its buy back of up to 343.8 mln shares or about 7.06% of its total equity base at a price of Rs 320 each for up to Rs 11,000 cr. The Buyback Size is 23.15% of the fully paid-up Equity Share capital and free reserves as per the audited standalone […]
Moody’s Investors Service has downgraded debt issued by IDBI Bank over concerns on “reduction in the amount of extraordinary government support incorporated into the bank’s ratings and its weak standalone credit profile,” the bank said. While earlier, Moody’s used to assume that government support for IDBI Bank was at the top-end of the ‘very high’ […]
IndiGo Airlines, India’s largest airline by far, is in no mood to go easy on its rapid expansion in coming years, the company said. The company, which accounted for 85% of the total capacity added in the country in the last five years and grew its seats at 24% per year on average, plans to […]
Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock’s counter. “Fullshare is supposedly a commercial and residential property developer, but this business is tiny compared to its market capitalization. In FY 2016, Fullshare generated a paltry RMB 132 million […]
The Idea Cellular-Vodafone merger announced today will save about Rs 14,000 cr in operating expenses per year for the combined entity after four years of merger, the two companies said. However, due to the applicability of spectrum caps on the combined entity, the deal will also cost Rs 3000 cr in present value in terms […]
The merger deal between Idea Cellular and Vodafone India values equity shares of the Aditya Birla Group company at about Rs 109.76 at the time of completion of the merger, 2% below its present trading value. According to the terms of the contract, when the merger of Vodafone India with Idea is completed, Idea will issue a […]
Investors are only now starting to realize the plan that Mukesh Ambani and his telecom brainchild, Reliance Jio, have put into practice, and are therefore driving stock prices of his company higher, said Angel Broking, a retail-only stock-broker. Reliance Industries share prices surged 11% on Wednesday, the first time it has moved so much in […]
Nandan Denim Limited (NDL), a Gujarat- based fabric manufacturer, said it is planning to issue 50 lakh convertible warrants to foreign investors at Rs 200 each, aggregating to Rs 100 cr. “The company will be issuing 25 lakh fully convertible warrants each to Foreign Portfolio Investors, LTS Investment Fund Ltd and LGOF Global Opportunities Ltd […]
Tata Consultancy Services Ltd is scheduled to report its first-quarter results at 4 pm today. India’s biggest IT services company has been giving out disappointing quarterly numbers for over a year, and the market is hoping that the IT major will not disappoint this time. We bring you a summary of what different analysts expect […]
Jet Airways, one of India’s top three airlines, denied rumors of its foreign partner Etihad Airways, approaching the government for permission to increase its stake in the Indian airline. “With reference to news item appearing in leading newspaper dated June 24, 2015 titled, “We would like to state that certain media reports about Etihad Airways […]
Edelweiss, one of India’s biggest brokers, has downgraded Nestle India to ‘reduce’ from ‘hold’ over the controversy surrounding one of its biggest revenue drivers – Maggi noodles. Some state governments have alleged that the noodles contain lead and high levels of MSG, which the company denies. Sales of Maggi noodles are expected to have halved […]
Three of the top four stocks held by mutual funds in India are bank stocks – ICICI Bank Ltd, HDFC Bank Ltd and State Bank of India, with Infosys Ltd being the sole exception. ICICI Bank and HDFC Bank were the top holdings, with ICICI alone accounting for about Rs 14,300 crore, or about 5% […]
Stocks of Indian IT service providers like Tata Consultancy Services, Infosys Ltd, HCL Technologies etc. are near their historic lows in terms of valuation and do not have much more scope for further correction, Edelweiss Financial Services said. “IT stocks have corrected sharply in the past couple of months led by INR appreciation and portfolio […]
TCS’ fourth quarter results look decent on the fact – revenue grew 1.9% in dollar terms compared to the preceding quarter, and profit was up 2.5%. The company blamed poor India performance in its press conference. However, there is more to it that just poor India numbers. First, after a seasonally weak quarter in the […]
Tomorrow is the much awaited Infosys quarterly earnings results – an event that would set the agenda for IT stocks for the coming days or weeks. So what should you expect from the results? First off, Infosys is unlikely to report the 1.5-2% growth in dollar revenues that it has managed for the last two […]
