Weekly Moneylife Indices & Sector Trends
INDIAN MARKET TRENDS
The Sensex and the Nifty fell 1% each during the period 8 April 2019 and 12 April 2019. ML Large-cap Index and ML Mega-cap Index dipped 1% each. ML Micro-cap Index and ML Small-cap Index went down by 1% each. ML Mid-cap Index ended flat. 
 
 
FUND FLOWS
Foreigners: Foreign institutional investors were net buyers of equities during the week...
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  • Jet suspends international flights till weekend
    With its fleet size further shrunk, the debt-ridden Jet Airways on Friday suspended all international operations till the weekend.
     
    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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    SC restrains Arcelor Mittal from paying for Essar Steel
    The Supreme Court on Friday restrained steel manufacturing giant Arcelor Mittal from acquiring Essar Steel India and ordered status quo on the March 8 order of the National Company Law Tribunal (NCLT) approving Arcelor's bid for Essar.
     
    The Arcelor's acquisition of Essar would have allowed Arcelor owner Lakshmi Mittal to begin its operations in the Indian steel market. 
     
    The tribunal had given its approval to the resolution plan offered by Arcelor Mittal for the acquisition of Essar Steel. 
     
    The Committee of Creditors (CoC), however, moved the apex court opposing higher payment to Standard Chartered Bank (SCB).
     
    After the Friday's order, Arcelor Mittal cannot make payments to the lenders to buy Essar Steel. 
     
    A bench headed by Justice Rohinton F. Nariman directed the NCLT to expeditiously decide on appeals in the case. 
     
    As per the tribunal order, SCB was allotted only 1.7 per cent of its total admitted claims, while the financial creditors were recovering their claims close to 92 per cent. 
     
    The NCLT had directed that the distribution should be done on a pro-rata basis, and SCB should be awarded its share accordingly. 
     
    The apex court order is bound to delay Mittal's plan to buy the steel mill, which can produce 10 million metric tonne annually. 
     
    Post the acquisition, Arcelor will become the fourth-biggest player in the country. It plans to invest trillions of rupees in its infrastructure. 
     
    The NCLT had approved Arcelor's and Nippon Steel Corp offer to pay $6 billion to lenders and then invest about another $1.1 billion in the company.
     
    The CoC opposed the NCLT decision asking a panel of lenders to consider higher payment to SCB, and contested the Tribunal's view that a substantial part of its Rs 35 billion ($505 million) dues would remain unpaid under Arcelor's plan. The CoC claimed that the distribution of money among the lender as per the plan is unfair.
     
    The panel of lenders and the State Bank of India challenged the tribunal's direction in the top court.
     
    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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