Stocks
Nifty, Sensex, Bank Nifty undecided - Tuesday closing market
A close below 8,420 may mean a short decline for Nifty
 
We had mentioned in Monday’s closing report that NSE’s CNX Nifty has to say above 8,450 for the momentum to be strong. The 50-stock benchmark closed Tuesday just four points above it. It was a listless day with a flat close after lower-than-expected retail inflation data dampened hopes of an interest rate cut by Reserve Bank of India (RBI) next month.
 
 
The 30-share S&P BSE Sensex, which opened at 27,986.92 points, closed at 27,932.90 points, down 28.29 points, or 0.10%, over the previous day's close. The benchmark had touched a high of 28,018.59 points and a low of 27,853.96 points in intra-day trade.
 
The wider Nifty of the National Stock Exchange also closed flat -- down 5.55 points or 0.07%.
 
Rise in food and fuel prices propelled India's retail inflation to 5.40% in June from 5.01% in May, official data showed on Monday.
 
Foreign funds remained net sellers to the tune of $87 million on Tuesday. Good buying was observed in IT and healthcare sectors, while selling pressure was seen in auto and banking sectors during to today’s trading.
 
Among the 12 sector-specific indices of the Mumbai bourse, IT index rose 0.89% and healthcare index gained by 0.64%. However, auto index was down 0.93% and bankex by 0.55%.
 
The 100-scrip and 200-scrip indices were 0.08% and 0.05% down, respectively, while mid-cap index gained by 0.14% and small-cap stocks went up by 0.36%.
 
The major Sensex gainers on Tuesday were: Coal India, up 3.33% at Rs434.05; Infosys, up 2.11% at Rs970.10; Hindustan Unilever, up 1.91% at Rs927.45; and Hero MotoCorp, up 1.52% at Rs2640.20.
 
The losers were: Tata Motors, down 4.10% at Rs385.75; Hindalco, down 1.83% at Rs104.60; State Bank of India (SBI), down 1.81% at Rs268.60; and Vedanta, down 1.63% at Rs145.10.
 
The shares, which were top gainers and top losers among the major indices are given in the table below:
 
 
The closing values of world indices are given in the table below:
 
 
Among European indices, the DAX was at 11,449.35, down 0.31% and FTSE 100 was at 6,722.69, down 0.23%. 
 

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India Cements scrip slips, question mark over rejig process
The India Cements Ltd. scrip slipped on Tuesday but later recovered -- albeit partially -- as uncertainty loomed over the company's demerger of Chennai Super Kings division into a subsidiary after Justice Lodha Committee's order suspending the cricket team for two years.
 
The scrip with a face value of Rs.10 opened at Rs.94.55 at the Bombay Stock Exchange but slid to Rs.88.25 during the morning trade. The scrip later recovered to Rs.91.15.
 
The Supreme Court-appointed Justice Lodha Committee on Tuesday suspended the Chennai Super Kings team for two years from the Indian Premier League (IPL) and also suspended for life its former team official Gurunath Meiyappan from any cricketing activity.
 
Meiyappan is the son-in-law of N. Srinivasan, vice chairman and managing director of India Cements.
 
Meanwhile, uncertainty prevailed on the restructuring process and the impact on India Cements due to the investments made in Chennai Super Kings.
 
Last fiscal, India Cements transferred the IPL franchise rights to Chennai Super Kings Cricket Ltd. (CSKCL), a wholly-owned subsidiary, at its net assets value (NAV) of Rs.7.83 crore.
 
The company board in February 2015 approved the sale of entire shareholding in CSKCL aggregating to 50,000 shares of Rs.10 each to a trust called India Cements Shareholder Trust (ICST).
 
Three of the independent directors of the company were designated trustees of the new entity which was assigned the task of distribution of shares of CSKCL in due course to all non-promoter shareholders.
 
The shares that promoters were entitled to would be allotted to another trust created for the benefit of former cricketers of India Cements.
 
The company had earlier said that the IPL team was instrumental in creating awareness about its cement brands in the market.
 

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CBI searches Teesta Setalvad's Mumbai house
The Central Bureau of Investigation (CBI) on Tuesday conducted searches at three locations in Mumbai, including the residence of social activist Teesta Setalvad.
 
The CBI officials conducted searches at the office of Sabrang Communications and Publishing along with the premises of Setalvad, her husband Javed Anand and associate Gulam Mohammed Peshimam.
 
The agency took the step after it registered a case on July 8 against Setalvad, Anand and Mohammed for criminal conspiracy and illegal acceptance of foreign contributions for their company, Sabrang Communications and Publishing Pvt. Ltd. (SCPPL).
 
The three have been accused of diverting foreign funds to SCPPL by violating the provision of the Foreign Contribution and Regulation Act (FCRA), 2010.
 
The trio has also been booked under various sections of FCRA 2010 and Protection of Civil Rights Act.
 
"The allegations are of criminal conspiracy for illegal acceptance of foreign contribution without registration and prior permission from the ministry of home affairs," an official told IANS.
 
Anand, Setalvad and Mohammed are directors of SCPPL, based in Santa Cruz in Mumbai.

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COMMENTS

J Pinto

2 years ago

Assuming Teesta Setalvad has mis-appropriated part or all of 1.5 crores that is a small price to pay for putting 100 people in jail in the Gujarat pogrom or genocide.

All "sickulars" will feel hopeful of the nation's future now that political parties have seen the consequence of their murderous ways.

AS Teesta pointed out the Mumbai political party responsible for 1992 riots got away with genocide. Thanks to her intervention the likelihood of Mumbai and Gujarat being repeated is greatly reduced ?

J Pinto

2 years ago

Is CBI the normally designated authority for investigating breach of FCRA ?

If not this is shocking and deeply disturbing abuse of the law and the Supreme Court must take suo moto cognizance, particularly given that it has earlier noticed abuse of the law by authorities in Gujarat and afforded protection from arrest.


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