Opening bell: Sensex opens 100 points higher, Nifty approaching 15,200; IT Stock Earnings
Indian indices opened higher on Friday mainly driven by gains in heavyweights RIL, Infosys and HDFC Bank. At 9:18 am, the Sensex was trading 133 points higher at 51,665 while the Nifty 8 points higher at 15,181. Earnings were mainly led by IT, pharmaceuticals and some banking stocks. The broader markets were also positive: the mid-cap index was up 0.3 percent and the small-cap index was up 0.8 percent. In the Nifty50 index, Wipro, Infosys, Grasim, HDFC Bank and HCL Tech were the main winners, while ITC, Shree Cements, Coal India, Maruti and UPL led the losses.
RailTel Corporation IPO Will Launch February 16; price band set at Rs 93-94 per share
The initial public offering (IPO) of the state-owned RailTel Corporation of India will open for subscription on February 16 to raise more than 800 million rupees. The issue will close on February 18 and the price band for the IPO has been set at Rs 93-94 per share. The information and communications technology infrastructure provider would be the sixth initial public offering this year, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft and Brookfield India Real Estate Trust. The IPO will be a full offering for the sale of 8.7 crore equity shares by the government. Of this, 5 lakh shares will be reserved for company employees. Investors can bid for a minimum of 155 equity shares and in multiples of 155 equity shares thereafter.
Sun Pharma top brass to pay Rs 2.36 crore in wrongdoing resolution case
Senior officials at Sun Pharmaceuticals Industries will pay Rs 2.36 million to the Securities and Exchange Board of India (SEBI) to settle a whistleblower’s charges that Sun Pharma had diverted funds through related party transactions. Dilip Shanghvi, founder and CEO of Sun Pharma will have to pay Rs 62.35 lakh; Sudhir Valia, former full-time director will pay Rs 37.41 lakh; Sailesh T Desai, Executive Director will pay Rs 37.41 lakh; Kalyanasundaram Subramanian, non-independent chief executive officer, has been asked to pay Rs 36.97 lakh; Uday Baldota, CEO of Taro Pharmaceutical Industries to pay Rs 24.65 lakh; Sunil Ajmera, secretary of the company, will pay Rs 18.70 lakh and Ashok Bhuta, Senior General Manager (legal and secretarial) will pay Rs 18.48 lakh as a fine. A whistleblower in a letter to SEBI had alleged that Sun Pharmaceutical Industries and its wholly owned subsidiary Sun Pharmaceutical Laboratories had diverted funds through Aditya Medisales Ltd (AML), its sole distributor in India. More here
Sebi imposes 80 lakh rupee fine on four entities for diverting IPO funds
Sebi imposed fines totaling Rs 80 lakhs on four entities for diverting proceeds from Birla Pacific Medspa Ltd.’s IPO. A Rs 20 lakhs fine was imposed on Ketan Vora, owner of New Fashion, KV Impex, Jigar Vora, Owner of JC Enterprise, and Dinesh Vora, Owner of HUF by Vora Associates (notices). The Securities and Exchange Board of India (Sebi) conducted an investigation on the initial public offering (IPO) of BPML for the period 7-15 July 2011. The BPML code was listed in the BSE on July 7, 2011, after the IPO was open for subscription from June 20 to 23, 2011. More here
First, here is a quick update on what happened in the markets on Thursday.
The Indian stock indices, Sensex and Nifty ended Thursday’s volatile session higher led by gains in metals and TI stocks. The Sensex closed 222.13 points, or 0.43 points higher at 51,531.52, while the Nifty closed at 15,173.30, an increase of 66.80 points or 0.44 percent. The broader markets supported the bullish move with small caps outperforming top-line indices. Among sectors, Nifty Metal, Nifty FMCG and Nifty IT led earnings, while Nifty PSU Bank, Nifty Auto and Nifty Realty finished in the red. In the Nifty50, Hindalco Industries, Reliance Industries, Sun Pharmaceuticals, Adani Ports & SEZ and GAIL India were the main winners, while Eicher Motors, Titan Company, Larsen & Toubro, Tata Motors and Coal India were the main losers.
Welcome to the CNBC-TV18 Market Live blog
Good morning readers! This is Pranati Deva from the market desk of CNBC-TV18. Welcome to our market blog, where we provide live news coverage of the latest events in the stock market, business and the economy. We’ll also get instant reactions and guests from our stellar lineup of TV guests and editors, researchers, and internal reporters. If you are an investor, we wish you a great trading day. Good luck!
