Trading in securities of the nine companies will be suspended with effect from 30 April 2013, for a period of 15 trading days, on account of non- compliance with the provisions of the Listing Agreement, the exchange said
Bombay Stock Exchange (BSE) the country's premiere bourse, has said it will suspend trading in securities of nine companies for their failure to comply with various provisions of the listing agreement.
These companies will be barred from trading with effect from 30th April, this year.
The nine companies facing suspension are—GCV Services, Indo-Pacific Software & Entertainment, IOL Netcom, Jai Mata Glass, Mahaan Foods, Midfield Industries, Priyadarshini Spinning Mills, Regency Trust and Suraj Industries.
These firms have not fulfilled the BSE requirements for continuous listing till the quarter ended December 2012, BSE has said in a statement.
“Trading in securities of these nine companies will be suspended with effect from Tuesday, 30 April 2013 (being 15 trading days from issue of notice); on account of non- compliance with the provisions of the Listing Agreement,” it said.
As per the stock exchange, if the companies comply with listing norms on or before 18 April 2013, trading in their securities would be suspended for five days up to 7th May.
However, if they fail to do so, the suspension would continue till such time the company complies with the procedure laid for revoking suspension, it added.
“...suspension of trading in securities of a company will be revoked only if the company has complied with all the provisions of the Listing Agreement up to the latest quarter for which the compliances are required,” BSE said.
If today’s low on the Nifty is broken, it may hit 5,490
The Indian market settled lower for the third straight day on selling by overseas investors in fast moving consumer goods, consumer durables and capital goods sectors. If today’s low on the Nifty is broken, the index may touch 5,490. The National Stock Exchange (NSE) recorded a volume of 55.99 crore shares and advance-decline volume of 770:773.
The Indian market opened in the negative despite supportive global cues. Markets in Asia were trading higher in opening deals on the back of the Bank of Japan’s pledge to support its stimulus programme and on the European Central Bank president Mario Draghi announcement on Thursday to continue with the loose monetary policy for an “extended period”. Overnight, US markets settled marginally higher on optimism from Japan.
The Nifty opened seven points lower at 5,568 and the Sensex started off at 18,494, a cut of 16 points over its previous close. The market witnessed sideways movement till late-morning trade in the absence of any domestic triggers.
However, selling pressure from fast moving consumer goods, power, capital goods and banking stocks pushed the Sensex lower in noon trade. But select buying in the auto and metal sectors helped the market pare its losses in post-noon trade.
Volatile trade continued till the end of the trading session keeping the indices in the red. A negative opening of the key European markets added to woes of the domestic market. The Nifty traded in the range of 5,535 and the Sensex oscillated between 18,389 and 18,525 today.
The market settled in red for the third day in a row on unimpressive economic indicators and cautiousness ahead of the quarterly earnings season, which kicks off next week.
The Nifty fell 22 points (0.39%) to 5,553 and the Sensex ended the session at 18,450, down 59 points (0.32%).
The broader indices settled mixed today. The BSE Mid-cap index added 0.02% while the BSE Small-cap index fell 0.15%.
The top sectoral gainers were BSE Oil & Gas (up 1.65%; BSE Auto (up 0.55%); BSE Metal (up 0.31%; BSE PSU (up 0.14%) and BSE Healthcare (up 0.06%). The main losers were BSE Fast Moving Consumer Goods (down 1.74%); BSE Consumer Durables (down 0.78%); BSE Capital Goods (down 0.72%); BSE Power (down 0.56%) and BSE Bankex (down 0.36%).
Sixteen of the 30 stocks on the Sensex closed in the positive. The chief gainers were Maruti Suzuki (down 7.23%); ONGC (up 2.20%); Wipro (up 2.17%); Reliance Industries and Sterlite Industries (up 1.77% each). The top losers were HDFC (down 2.84%); ITC (down 2.79%); NTPC (down 2.42%); Bharti Airtel (down 1.13%) and ICICI Bank (down 1.11%).
The top two A Group gainers on the BSE were—Indraprastha Gas (up 11.45%) and Maruti Suzuki (up 7.23%).
The top two A Group losers on the BSE were—NMDC (down 4.48%) and Indian Bank (down 4.07%).
The top two B Group gainers on the BSE were— Shimoga Technologies (up 25%) and Thiru Arooran Sugars (up 20%).
The top two B Group losers on the BSE were—Garware Polyester (down 18.69%) and IOL Chemicals (down 14.53%).
Of the 50 stocks on the Nifty, 21 ended in the green. The key gainers were Maruti Suzuki (up 7.18%); ONGC (up 2.23%); HCL Technologies (up 2%); Sesa Goa (up 1.80%) and Hindalco (up 1.69%). The major losers were NMDC (down 4.94%); ITC (down 2.90%); HDFC, NTPC (down 2.87% each) and Ambuja Cement (down 2.51%).
Markets across Asia closed mixed as the Bank of Japan’s move to continue with its loose policy propped up some indices. On the other hand, markets in China, Hong Kong, Singapore and South Korea were lower on concerns about the global economy.
The Jakarta Composite rose 0.07%; the KLSE Composite added 0.01% and the Nikkei 225 surged 1.58%. Among the losers, he Hang Seng tumbled 2.73%, the Straits Times fell 0.24% and the Seoul Composite tanked 1.64%. Markets in China and Taiwan were closed for a local holiday.
At the time of writing, markets in Europe were down between 1.27% and 1.82% and the US stock futures were trading lower, indicating a lower opening for US stocks lower in the day.
Back home, foreign institutional investors were net sellers of equities amounting Rs326.21 crore on Thursday while domestic institutional investors were net buyers of shares totalling Rs64.73 crore.
UK-based Diageo Plc will kick launch its over Rs5,441-crore open offer to acquire an additional acquire 26% in United Spirits from 10th April. The open offer will close on 26th April. In a filing with the exchanges, United Spirits said the offer price shall remain at Rs1,440 per equity share. United Spirits closed 4.20% lower at Rs1,749.15 on the NSE.
Real estate major DLF today said that it will sale its windmills in Tamil Nadu and Rajasthan to two different companies as part of its stated objective of divesting its non core assets. While the Tamil Nadu windmill project is expected to fetch Rs189 crore, the windmill in Rajasthan will be sold for lump sum of Rs52 crore. The stock declined 0.77% to close at Rs232.90 on the NSE.
Uttam Galva Steels, in which the world’s largest steel maker ArcelorMittal has 33.80% stake, today said it has raised Rs76.14 crore through placement of shares to Mauritius-based Albula Investment Fund. Uttam Galva declined 4.51% to close at Rs69.80 on the NSE.
MSD, in its plea, alleged that the Indian pharma company has violated its intellectual property right over its anti-diabetes medicines, Januvia and Janumet, by coming in the market with its own drugs containing the same salts
The Delhi High Court today refused to grant interim relief on a patent row to US pharmaceuticals major Merck Sharp & Dohme (MSD) which sought to restrain Indian firm Glenmark Pharmaceuticals to manufacture and market anti-diabetes drugs Zita and Zita-Met.
Justice Rajiv Sahai Endlaw dismissed the interim application of the multinational pharma major that the Mumbai-based firm be restrained from manufacturing and selling the anti-diabetes medicines on the grounds that the salt used in the drugs were not of generic nature.
MSD, in its plea, alleged that the Indian pharma company has violated its intellectual property right (IPR) over its anti-diabetes medicines, Januvia and Janumet, by coming in the market with its own drugs containing the same salts.
The development assumes significance as on Monday the Supreme Court had rejected the plea of Novartis AG for patent protection of its anti-cancer drug Glivec.
The high court, however, kept the main petition of the US firm pending for filing of evidence and other subsequent legal proceedings before its joint registrar on 16 July.
According to market sources, a strip of seven tablets of Januvia (50 mg and 100 mg) is priced at Rs300 while Glenmark's version costs around 30% less.
Reacting to the order, the US firm expressed disappointment over the decision and said it is considering all options including filing an appeal. “MSD is extremely disappointed with the decision of denial of injunction by the Delhi High Court against Glenmark for patent violation of our drugs Januvia and Janumet,” a company spokesperson said, adding that “MSD is considering all options, including an appeal of the decision.”