Stocks
Nifty, Sensex looking weak – Thursday closing report

We had mentioned in Wednesday’s closing report that Nifty, Sensex were still trendless. The major indices of the Indian stock markets suffered a correction on Thursday and closed with losses around 0.75% over Wednesday’s close. NSE trading volumes were high, indicating a broad-based correction from the point of view of investors. The trends of the major indices in the course of Thursday’s trading are given in the table below:

 

The markets were subdued during the mid-afternoon session on Thursday as volatility was induced by futures and options (F&O) expiry, coupled with negative global cues and the Jackson Hole Summit that kicks off today, where US Fed Chairman Janet Yellen is due to speak. Consequently, the key indices traded in the red, as selling pressure was seen in information technology (IT), automobile and metal stocks. The BSE market breadth was tilted in favour of the bears -- with 1,467 declines and 1,233 advances. On the NSE, on Thursday, there were 543 advances, 835 declines and 57 unchanged. 
 
Initially on Thursday, the benchmark indices opened on a positive note, in spite of mixed cues from their Asian peers and negative US markets. The markets also traded with apprehension as caution prevailed ahead of US Fed Chair Janet Yellen's speech on Friday -- a pointer to a possible interest rate hike, which can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India. In addition, the European markets fell sharply by almost 1.4%.
These factors contributed to the fall in the domestic markets.
 
The National Payments Corporation of India (NPCI) on Thursday said the Unified Payments Interface (UPI) will go live for customers of 21 banks. The relevant details of the service would be available on the website of 21 banks, the NPCI said. According to NPCI, the UPI application of 19 banks can be downloaded from Google Play Store in next two to three working days. The Bank Nifty fell by 0.27%.
 
Country's largest lender State Bank of India (SBI) on Wednesday said in a filing to the Bombay Stock Exchange ”..the Committee of Directors for Capital Raising at its meeting held on August 24, 2016 authorised the Bank to raise upto Rs11,100 crore Additional Tier 1 capital, by way of issue of Basel III compliant Perpetual Debt instrument in USD and/or INR, at par, through private placement to overseas and/or Indian investors,..". SBI shares closed at Rs250.05, down 1.81% on the BSE on Thursday.
 
Tata Sons' Chairman Cyrus P. Mistry on Wednesday said the Tata Group is looking for an investment opportunity in West Bengal. "I think the opportunities have to show themselves, and when they do, irrespective of the political environment, we will make the decision to invest," he said. Relations between the Tata group and West Bengal's ruling Trinamool Congress had become unpleasant after Tata Motors abandoned the Nano project at Singur in Hooghly district of Bengal in 2008 following persistent opposition from party supremo Mamata Banerjee on the land acquisition for the project. Banerjee opposed agricultural land acquisition and asked Tata to return 400 acres, out of 1,000 acres acquired for the project, to the farmers. The matter is still before the Supreme Court. Tata Motors shares closed at Rs493.75, down 0.85% on the BSE.
 
Tata Global Beverages Ltd (TGBL) is considering the restructuring options of its China operations, company Chairman Cyrus P. Mistry said on Wednesday. " In what way that restructuring will be done is yet to be seen. We are exploring multiple options," Mistry said while in response to a shareholder's query at the company's 53rd Annual General Meeting. Challenges exist in the China joint venture operations, Zhejiang Tata Tea Extraction Company Ltd. "Delays continue in stabilisation of the China business," said the company's latest annual report. The company’s shares closed at Rs140.50, up 0.11% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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IIT-B names, shames start-ups reneging on job offers
In an unprecedented move, the Indian Institute of Technology-Bombay (IIT-B) on Thursday released the names of nine companies it had blacklisted for allegedly going back on plum job placements they offered to its students.
 
These companies, most of them start-ups, were blacklisted for one year for various reasons, IIT-B spokesperson Falguni Benerjee-Naha said.
 
The erring companies are LeGarde Burnett Group, which had revoked its job offers and was later found to be fake.
 
Companies LexInnova and IndusInsight delayed the joining dates given to the selected students, Banerjee-Naha said.
 
The others who are said to have revoked job offers are GPSK, Johnson Electric of China, Portea Medical, Peppertap and Cashcare Technologies. 
 
One firm, Mera Hunar, came up with a different name and hired the IIT-B students for another start-up.
 
The list of nine companies named on Thursday is not final and more could follow depending on their responses in future, she said.
 
It is the first time a prestigious institution like the IIT-B has published a list of blacklisted companies for reneging on job offers to its passouts.
 
The matter had been under review for a couple of months after these companies defaulted on their job offers and was discussed at a recent national-level conclave of all IITs in the country.
 
Taking a cue from IIT-B, other IITs are expected to follow suit and announce their own lists of companies that have gone back on their placement commitments.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Kisan Karnad

9 months ago

These are probably start ups which use hiring intent to drum up cash flows from potential VCs.

India saw 350% rise in cybercrime in three years: Study
Blame it on systems that are built around technologies with weaker protocols which are inherently more vulnerable, India has witnessed a 350 per cent rise in cyber crime cases from 2011-2014, an Assocham-PwC joint study revealed on Thursday.
 
In the past, attacks have been mostly initiated from countries such as the US, Turkey, China, Brazil, Pakistan, Algeria, Turkey, Europe and the UAE.
 
With the growing adoption of internet and smartphone, India has emerged as one of the most favourite countries among cyber criminals, said the study.
 
“Cyberattacks around the world are occurring at a greater frequency and intensity. Not only individuals but also businesses and governments are being targeted. The profile and motivation of cyber attackers are fast changing”, it highlighted.
 
“The Indian Computer Emergency Response Team (CERT-In) has also reported a surge in the number of incidents handled by it, with close to 50,000 security incidents in 2015,” noted the study titled ‘Protecting interconnected systems in the cyber era'.
 
With an increase in the usage of information and operational technology (OT) and consumer technology (CT) in critical infrastructure, overall effectiveness has increased. 
 
“However, these elements have also become the target of choice for attackers since they recognise the impact of disrupting the routine way of life,” the study noted. 
 
In the US alone, there has been an increase of nearly 50 per cent in reported cyber incidents against its critical infrastructure from 2012 to 2015.
 
Not only individuals but also businesses and governments are being targeted. 
 
“The profile and motivation of cyber attackers are fast changing. A new breed of cyber criminals has now emerged, whose main aim is not just financial gains but also causing disruption and chaos to businesses in particular and the nation at large,” the paper pointed out.
 
The regular sharing of cyber security intelligence and insights is essential to improving the resiliency of these systems and processes from emerging cyber risks, the study said.
 
Moneylife is conducting a free seminar in Mumbai on 31 August 2016 on cybercrime. For more details click here.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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