The Market Got a ‘Package’ but Has Other Bigger Worries
Last week, I surmised that the government will not give in to the demands for a rollback of various measures that some people think are hurting economic growth and was leading to relentless selling in the market. Well, I was wrong; the government did respond to the cries of mounting economic woes and came out with measures that included rolling back the ‘super-rich’ tax. 
 
I...
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  • Nifty, Sensex Fails to Sustain Upward Momentum – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex may move in a range with an upward bias. The major indices suffered a correction today. On the NSE, there were 662 advances, 1,119 declines and 339 unchanged. The trends of the Indian stock markets in the course of Thursday’s trading are given in the table below:
     
     
    Days after revelation of fraud at CG Power, the company's board sacked its Chairman Gautam Thapar with immediate effect. The company, in a regulatory filing, said that in cognizance of the current situation being faced by the company, the Board of Directors have decided to "remove Gautam Thapar as the Chairman of the Board with immediate effect".
     
    Senior Congress leader Ahmed Patel's son Faisal Patel is being questioned by Enforcement Directorate office in the alleged case of multi-crore bank fraud and money-laundering by the Gujarat-based Sterling Biotech. He is being probed for his links with the Sandesara brothers (Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara), the owners and promoters of the Vadodara-based pharmaceutical firm and his statement recorded under the sections of the money laundering act.
     
    ONGC has set up a Euro Medium Term Note (EMTN) programme of US$2 billion which will be listed on Singapore Stock Exchange. An EMTN Programme is an uncommitted facility and any drawdown thereof under this document would be subject to funding requirements. 
     
    Accelya Solutions India has recorded consolidated operating income of Rs1,090.62 million for the fourth quarter ended June 2019 Rs989.52 million in June 2018. Consolidated PAT stood at Rs264.04 compared to Rs219.17 million in June 2018. Board of Directors of Accelya Solutions India has recommended final dividend of Rs15 per share, subject to the approval of shareholders.
     
    IIFL Wealth Group to acquire 100% equity shares of L&T Capital Markets, a wholly owned subsidiary of L&T Finance Holdings, which provides wealth management services for individual and institutional clients. The transaction is subject to regulatory approvals. 
     
    Gujarat Gas has sought shareholders nod to raise borrowing limit of the company to Rs15,000 crore from current Rs10,000 crore to help meet fund requirement for its business expansion. The resolution would be voted at the company's 7th annual general meeting (AGM) on September 20 in Gandhinagar, Gujarat.
     
    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:
     
     
  • User

    UFO Moviez: Blurred Picture
    Despite a relentless assault from digital platforms, the movie exhibition business is doing fine. And, so, both, the movie distribution business and on-screen advertising business, should do well too. UFO Moviez India Limited (UFO) is India’s largest digital cinema distribution network (done through satellites) and in-cinema advertising company. 
     
    As on 30 June 2019 UFO’s global...
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