Market cap of BSE listed companies nears Rs100 lakh crore mark

BSE’s 30-share benchmark Sensex has gained 6,745 points, or 31.86%, so far this year taking the market capitalisation or m-cap of listed companies to Rs97.13 lakh crore


As the benchmark S&P BSE Sensex is witnessing a dream-rally, the total market valuation of Exchange-listed companies has inched closer to the Rs100 lakh crore mark.


At present, the total market capitalisation (m-cap) of BSE-listed companies stands at Rs97.13 lakh crore, which is just Rs2.86 lakh crore short of the Rs100 lakh crore milestone.


In terms of the US dollar, the total market valuation of BSE-listed companies has surged to $1.58 trillion at the current rupee rate of 61.41 against the Greenback.


India first entered the trillion-dollar club in June 2007, but moved out in September 2008 after a global meltdown.


It again got back into the elite league in May 2009 and largely remained there except for some brief time, including once in 2012. In August 2013, it had again slipped out of the list.


The Sensex has gained 6,745.2 points, or 31.86%, so far this year. The index had hit its all-time high of 28,010.39 on Wednesday.


Experts said expectations of more reforms by the Narendra Modi-led government and a rate cut by the Reserve Bank of India (RBI) has helped markets scale new heights.


The Sensex blue-chips whose market valuation is more than Rs1 lakh crore include Tata Consultancy Services (TCS), ONGC, Reliance Industries Ltd (RIL), ITC, Infosys, HDFC Bank, Coal India, State Bank of India (SBI), ICICI Bank, Sun Pharma, HDFC, Hindustan Unilever Ltd (HUL), L&T, Bharti Airtel, Tata Motors, Wipro, NTPC, HCL Tech and Axis Bank.


Outsourcing giant TCS is the most valued Indian company with a market cap of around Rs5.1 lakh crore.


Marketmen said Indian markets are also making merry, helped by smart foreign fund inflows.


Since the beginning of this year, overseas investors have infused a net amount of Rs82,266 crore ($13.7 billion) into the equities, while they invested a net of Rs1.36 lakh crore into the debt market ($22.5 billion) taking the total to Rs2.18 lakh crore ($36 billion).


Financial Technologies to get Rs576 crore from IEX stake sale

Financial Technologies is selling its 25.64% stake in IEX, which provides a power trading platform, to a group of investors for about Rs576.84 crore


Financial Technologies (India) Ltd said it would offload its entire 25.64% stake in Indian Energy Exchange Ltd (IEX), which provides a power trading platform, to a group of investors for about Rs576.84 crore.


FTIL, in a regulatory filings, said that on 5th November, it had entered into a share purchase agreement (SPA) with TVS Shriram Growth Fund 1, S Gopalkrishnan, Lakshmi Narayanan, Rajeev Gupta, Dalmia Cement Bharat Power Ventures Ltd, Kiran Vyapar Ltd, TVS Capital Funds Ltd and Agri Power and Engineering Solutions Pvt Ltd and would sale its 25.64% stake in IEX for around Rs576.84 crore.


The company said the transaction was subject to fulfilment of certain condition precedents including buyout of the application software and other technology for its own use only by IEX and regulatory approvals, if any.


Under the SPA, the transaction would close within 30 days unless all parties extended it. After the transaction was completed, FTIL would have completely exited IEX, the statement said.


IEX offers a demutualised and automated platform for physical delivery of electricity. The exchange also facilitated “efficient price discovery and price risk management” for those who took part in the electricity market that included industries which were eligible for open access.


IEX said nearly 3,000 participants from 29 states, five union territories (UTs), more than 800 private generators (both commercial and renewable energy), and over 2,800 open access consumers benefited by participating in the exchange.


DLF allowed to redeem Rs1,800 crore invested in mutual funds

In an interim order, the SAT said DLF can redeem its investment in mutual funds worth Rs767 crore in November, and the rest in December


The Securities Appellate Tribunal (SAT) has allowed real estate developer DLF to redeem Rs1,800 crore the company had invested in mutual funds, by next month.


In an interim order, the SAT said DLF can redeem funds worth Rs767 crore in November, and the rest in December.


Last month, DLF was banned from trading on stock exchanges for three years by market regulator Securities and Exchange Board of India (SEBI). The company was also barred from redeeming its investments.


DLF has invested about Rs2,500 crore in mutual funds. While SEBI had not imposed any monetary penalty, it prohibited the company and six persons from sale, purchase or any other dealings, including raising funds, in the market. DLF had challenged the SEBI ban and sought relief.


SEBI’s action was a result of DLF not disclosing details about three of its 353 subsidiaries and associate companies in its 2007 initial public offering (IPO) filing.


The company had garnered up Rs9,187 crore from the IPO, making it the biggest public offering in the country that year.


The Delhi-based developer had filed an affidavit with the SAT last week against the SEBI order, and filed a case against the market regulator in October.


While hearing the case last month, the SAT had asked SEBI to cite the reasons for banning DLF.


The Tribunal will next hear the case on 10th December.


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