Companies & Sectors
Wilful Defaulter: Kingfisher Airlines says got stay against United Bank's decision
Kingfisher Airlines said it obtained a stay from Calcutta High Court against United Bank of India's decision to declare the carrier as 'wilful defaulter
 
Vijay Mallya-controlled Kingfisher Airlines on Wednesday said it obtained a stay from Calcutta High Court against United Bank of India's decision to declare the carrier as 'wilful defaulter'.
 
In a statement, Prakash Mirpur, Kingfisher Airlines’ vice-president for corporate communications, said the carrier has "secured a stay from the Calcutta High Court on the decision of the Grievance Redressal Committee (GRC) of the United Bank, which had earlier declared the airline and its directors (including erstwhile directors) as wilful defaulters".
 
Last month, the Kolkata-based state-run Bank became the first lender to declare debt-ridden Kingfisher Airlines and its promoter Vijay Mallya as wilful defaulters. The Grievance Redressal Committee (GRC) of the bank has declared directors, Ravi Nedungadi, Anil Kumar Ganguly and Subash Gupte as wilful defaulters.
 
After that Kingfisher Airlines moved a special leave petition before the Supreme Court. However, the apex court refused to hear the petition. A bench comprising justices AR Dave and UU Lalit said, "Your (KFA's) grievance has been that the Grievance Redressal Committee (GRC) should not decide the matter but they had already decided it, therefore your plea is infructuous". 
 
After the Supreme Court said that the plea has become infructuous, the airline counsel submitted that they would challenge the GRC order before the concerned High Court.

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Nifty, Sensex still directionless – Wednesday closing report
Nifty is getting into an oversold region; may register a short bounce
 
In Tuesday’s closing report we had mentioned the market is in no man’s land and if Nifty stays above the day’s low, it may try to rally above 8,000. Although the index managed to sustain above the level of 7,924, it witnessed volatile sideways movement with a negative bias.
 
S&P BSE Sensex opened at 26,681 and moved in a narrow ran of 26,548 and 26,684 while Nifty opened at 7,961 and moved between 7,937 and 7,978. Sensex closed at 26,568 (down 63 points or 0.23%) while Nifty closed at 7,946 (down 19 points or 0.24%). NSE recorded a volume of 88.39 crore shares. India VIX fell 1.10% to close at 13.0000.
 
Indian financial markets remain closed on Thursday on account of Mahatma Gandhi Jayanthi and again on Friday on account of Dussehra.
 
Data released by the government after trading hours on Tuesday, showed that eight core industries, comprising nearly 38% of the weight of items included in the index of industrial production (IIP), grew 5.8% in August 2014 up from 2.7% growth posted in July 2014. Meanwhile, the growth figure for August 2013 has been revised upwards to 4.7% from 3.8% reported earlier.
 
The fiscal deficit in April-August for the fiscal year ending 31 March 2015 (FY 2015) stood at Rs397,929 crore, which was 74.9% as a proportion of Budget Estimate (BE) same as 74.6% in the same period last year. The Budget has set the fiscal deficit target at 4.1% of GDP for fiscal 2015, down from 4.6% the previous fiscal.
 
The results of a survey showed that growth in the Indian manufacturing sector slowed in September 2014 to slowest since December 2013. Adjusted for seasonal factors, the headline HSBC India Purchasing Managers' Index dropped from 52.4 in August to 51 in September. Manufacturing output and new orders grow at weaker rates, the survey showed.
 
Fitch said India's growth is expected to accelerate to 5.6% in the current fiscal and further to 6.5% in 2015-16, buoyed by strong investments and political certainty.
 
A joint statement issued after Prime Minister Narendra Modi's first bilateral meeting with US President Barack Obama at White House yesterday stated that the two leaders have pledged to establish an infrastructure collaboration platform convened by the Ministry of Finance and the Department of Commerce to enhance participation of US companies in infrastructure projects in India.
 
Berger Paints (5.44%) and Bata India (5.02%) hit their 52-week highs today and were among the top two gainers in the ‘A’ group on the BSE. Suzlon Energy (up 4.56%) was among the top three gainers in the group. The stock declined 43% in the span of eight consecutive trading sessions, closing lower on each day.  
 
Maruti Suzuki (3.11%) was among the top four losers in ‘A’ group on the BSE and was the top loser in the Sensex 30 stock. Its total sales for September 2014 rose 4.6% to 1.09 lakh units over September 2013. Domestic sales rose 9.8% to 99,290 units while exports declined 28.2% to 10,452 units.
 
With the strengthening of the rupee against the dollar to Rs61.75, all the software stocks were among the gainers in the Sensex: Wipro (3.22%), Infosys (2.66%) and TCS (1.37%) were the gainers. The exchange rate is the highest since 5 March 2014.
 
US indices closed in the negative on Tuesday. Confidence among US consumers fell to a four-month low in September as Americans' views of the labour market deteriorated. The Conference Board's index decreased to 86 last month. A separate report indicated home prices in 20 US cities rose in the year ended in July at the slowest pace in almost two years.
 
Asian indices showed mixed performance. Among those which were trading today, NZSE 50 (0.37%) was the top gainer while Seoul Composite (1.41%) was the top loser.
 
Growth in China's manufacturing sector held up in September as large state factories benefitted from steady domestic demand. The official Purchasing Managers' Index (PMI) hovered at 51.1, the National Bureau of Statistics said today, 1 October 2014. A PMI reading above 50 indicates growth on a monthly basis, and a reading below that points to contraction. On the other hand, China cut mortgage rates for the first time, since 2008, to lift its flagging economy.
 
European indices were trading in the red. US Futures too were trading lower.

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Indian market trends

The Sensex and the Nifty fell 2% each during the fortnight ended 25th September. ML Mega-cap Index also fell 2%. ML Large-cap Index and ML Mid-cap Index declined 3% and 4%, respectively. ML Small-cap Index tumbled 7%. 

 

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