Retail Investors Begin To Benefit from Kotak Committee Measures
Starting 2019, India Inc will see implementation of various recommendations put forward by the Kotak Committee in 2017. The Kotak Committee, constituted on 2 June 2017, was the third committee to examine issues of corporate governance commissioned under the Securities and Exchange Board of India Act (SEBI Act). It followed the Kumar Mangalam Birla committee in 1999 and NR Narayana Murthy...
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  • Nifty, Sensex have no buying trigger – Thursday closing report

    We had mentioned in Wednesday’s closing report that Nifty, Sensex were still under bear pressure. The major indices of the Indian stock markets suffered a correction on Thursday and closed with losses over Wednesday’s close. On the NSE, there were 734 advances, 1,005 declines and 360 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

     

     
    The S&P BSE Sensex plunged more than 300 points on May 9, while Nifty50 broke below 11,300 levels intraday. Selling was seen in sectors like energy, telecom, power, metals, and oil & gas, while buying was seen in IT (information technology), consumer durables and auto index. 
     
    Asian markets hit a fresh eight-week low as investors waited to see whether Chinese and US trade negotiators can salvage a deal to stave off the threat of fresh US tariff increases, which would damage global economic growth.
     
    The Ministry of Corporate Affairs (MCA) has asked the Serious Fraud Investigation Office (SFIO) to begin a probe into Jet Airways on suspicion the promoters siphoned off money. The investigation follows after the MCA opened a preliminary enquiry into the company and carried out an inspection of Jet’s books. The MCA also wants the company’s financials probed – why the company suddenly turned in a loss in fiscal year 2018 after posting a profit for a couple of years. This was despite the company receiving fund infusions in the form of Etihad’s investments twice during the period. Sources said another reason the Jet case assumes importance and warrants an SFIO probe is the recent turn of events, when the company shut down its operations, leaving the fate of about 20,000 staff hanging in the balance. The MCA’s Western Regional Director headed the enquiry and inspection into Jet. Jet Airways shares closed at Rs147.95, up 12.64% on the NSE.
     
    The National Company Law Tribunal on May 9 allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on May 9 superseded its board and appointed a new resolution professional to run it and also allow the SBI-led consortium of 31 banks to form a committee of creditors. 
     
    At the last hearing, Rcom, through the existing resolution professional, had sought 357 days (from May 30, 2018 to April 30, 2019) exclusion in the insolvency process citing the stays it had on the process by the appellate tribunal and the Supreme Court. The RP sought the exclusion from May 30, 2018 to April 30, 2019 as the initial insolvency proceedings was stayed by the National Company Law Appellate Tribunal (NCLAT) and later by the apex court. A bench comprising VP Singh and R Duraisamy said the matter should proceed in a manner of law and in view of the guidelines, the tribunal grants the exclusion of time for Reliance Infratel and Reliance Telecom along with RCom. 
     
    The country's largest car maker Maruti Suzuki India (MSI) on Thursday said it has slashed its vehicle production by around 10% across its factories in April. It is the company's third consecutive month of taking a production cut. It had also reduced production in February and March this year. The auto major produced a total of 1,47,669 units in April, including Super Carry LCV, down 9.6% from 163,368 units in the year-ago month, it said in a regulatory filing. The company cut production of passenger vehicles, including Alto, Swift and Dzire, by 10.3% to 1,44,702 units as compared with 1,61,370 units in April 2018. Maruti Suzuki India shares closed at Rs6,609.85, down 0.61% on the NSE.
     
    Shares of Reliance Industries fell nearly 3% intraday after brokerage firm Morgan Stanley downgraded the company to equal-weight, maintaining the target at Rs1,349 per share. The brokerage firm expects the earnings growth of the Mukesh Ambani-led company to halve in FY20, after delivering a steady 17% compound annual growth rate (CAGR) between FY17 and FY19. Morgan Stanley said that earnings upswing of the last two fiscal years is likely to reverse and the upside appears limited, as the core business of the company drags. Reliance Industries shares closed at Rs1,253.15, down 3.56% on the NSE.
     
    Indian motorcycle manufacturer TVS could be working on a new RTR for the Indian market, albeit with new changes. After collaboration with BMW to produce the RR 310, it is possible that TVS will graft its engine in the new RTR before Auto Expo next year. The company could be aiming for a quarter-litre streetfighter carrying its badge after the G310R was given the BMW logo. It is also expected that the RTR 310 will take more elements from the G310R rather than the previous generations of Apache. TVS Motor Company shares closed at Rs489.00, down 0.86% on the NSE.
     
    Shares of Yes Bank jumped even after India Ratings has downgraded the company's long-term ratings. India Ratings has downgraded banks long-term ratings to AA- with a negative outlook. Meanwhile, it has reaffirmed its short term rating of the bank with A1+. Yes Bank shares closed at Rs171.15, up 6.47% on the NSE. Zee Entertainment jumped over 7% after the promoters said that they hope to complete its stake sale soon.
     
    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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