Weekly Moneylife Indices & Sector Trends
For the period 21 June 2019 to 27 June 2019, ML Mega-cap Index, ML Mid-cap Index and ML Large-cap Index rose 1.26%, 1.24% and 1.10%, respectively. Both, the Sensex and the NIFTY rose 1%. ML Micro-cap Index and ML Small-cap Index rose 0.92% and 0.55%, respectively.
Foreigners: Foreign institutional investors were net buyers of...
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  • Nifty, Sensex Still on a Bullish Course – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex may log more gains. The major indices of the Indian stock markets were range bound and ended flat. On the NSE, there were 1,014 advances, 743 declines and 332 unchanged.
    The trends of the major indices in the course of Thursday’s trading are given in the table below:
    Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher. The Sensex, which had closed at 39,592.08 points on Wednesday, opened higher at 39,633.97 points. Both the indices on Wednesday had closed higher over signs of easing trade tension between the US and China.
    Tech Mahindra hopes to strike large deals with clients in the banking, financial services and insurance (BFSI) sector even though companies are cutting down on technology spends, a top company executive said. The communications vertical of Tech Mahindra contributes over 40% to its total revenues. With 5G rollouts expected to pick up steam in 2020, it is likely to contribute to the overall number of large deals for the organisation.
    The Enforcement Directorate on Thursday said it has attached four Swiss bank accounts of fugitive businessman Nirav Modi and his sister Purvi with a balance of Rs 283 crore in its investigation into the Rs 13,500 crore Punjab National Bank (PNB) fraud.The ED action comes months after it filed a supplementary chargesheet against Nirav Modi's wife Ami Modi, a US national, for being the beneficiary of alleged purchase of two apartments at Central Park in New York using $30 million of laundered money which her husband obtained fraudulently from PNB through Letters of Undertaking and Foreign Letters of Credit. 
    Reliance Infrastructure will complete the sale of its entire stake in the Delhi-Agra Toll Roadway to Singapore-based Cube Highways by August-end 2019. The sale would reduce the firms debt by over 25% to less than Rs5,000 crore.
    Larsen & Toubro (L&T) Hydrocarbon Engineering won twin orders from Oil & Natural Gas Corporation (ONGC) for work in the western offshore basin. The contracts awarded are for the development of Heera Panna block and Mumbai High South field of western offshore basin near Mumbai, L&T said in a BSE filing. The company said the orders fall under "large" category which ranges between Rs2,500 crore and Rs5,000 crore as per its classification of contracts.
    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

    SBI mutual fund and SBI Caps take divergent stance on 'risky' Emami stock
    In a clear case of one hand not knowing what the other is doing, the mutual fund arm of country's largest bank SBI has remained heavily invested in the potentially "risky" stocks of Emami Ltd despite another bank subsidiary, SBI Caps, dissuading long-term investors from investing in the company having highly unfavourable risk reward ratio.
    SBI Mutual Fund, through its SBI Consumption Opportunity fund, holds 5.13 per cent in Emami Ltd that has seen big erosion in value with shares seeing a 50 per cent correction in price in last one year. In fact, Emami's stock price hit an over four-and-half year low of Rs 270 on Monday, slipping 7 per cent on the BSE, after huge block deals.
    In a recent report on Emami, SBI Caps said that "risk-reward" for Emami is "still unfavourable" for the long-term investor but clearly another sister concern, SBI MF maintained contradictory position by not only remaining invested in the stock but also building up the portfolio earlier this year.
    "After 50 per cent correction in the stock price in last 1 year, for the short-term investor, we expect a favourable risk reward with a decent return," the SBI Caps report said about Emami.
    But for the long term investors the report said that "we think the risk-reward is still unfavourable, as pressure in the core business will remain and non-resolution of the mess despite the expected steps remains a big risk".
    SBI Caps, maintained a 'hold' rating on the stock but had reduced its June 20 target price to Rs 300.
    Emami on Wednesday closed 9.34 per cent, or Rs 27.15 higher, at Rs 317.95 per share. But the stock has seen a beating for past few sessions. Emami's stock has been under pressure due to company's weak operating performance and rising indebtedness with increased promoter share pledge. The share's one year return has under-performed the Sensex by ( -) 48.68 per cent. 
    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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    Ramesh Poapt

    6 months ago

    co. sold its 10% eqty holding 2 days back to to reduce debt. some price erosion
    can be due to that.

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