India’s foreign exchange reserves dropped by $6.05 billion to $593.48 billion during the week ended May 19, RBI said on Friday. The drop in the kitty has snapped two consecutive weeks of increases. In the previous reporting week, the overall reserves had increased by $3.5 billion to take the overall quantum just shy of $600 billion.
Posts tagged Rediff
Sensex surges 629 points; RIL jumps 2.79% (26-05-2023)
Sun Pharma, Hindustan Unilever, HCL Technologies, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel and Titan were among the other major gainers. Bharti Airtel, Power Grid and NTPC were the laggards.
Bernstein pegs RIL’s stake in retail arm at $111 bn (26-05-2023)
Global investment management firm Bernstein has pegged the enterprise valuation of Reliance Industries (RIL)’s 85 per cent stake in Reliance Retail at $111 billion, while valuing the Mukesh Ambani-led company’s 66.5 per cent stake in telecom and digital platform arm Reliance Jio at $88 billion. Reliance Industries had earlier planned to list both its subsidiaries to unlock value for its shareholders but hadn’t fixed any timeline. The report said that Reliance Retail had raised $6 billion by diluting a 10.1 per cent stake, while Jio Platforms raised $20 billion from investors by selling 33 per cent in 2020.
Tribunal’s order on Zee-Sony merger set aside (26-05-2023)
The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023.
Margin expansion ahead for Colgate-Palmolive (26-05-2023)
The stock of Colgate-Palmolive (India) surged after the company delivered a better than expected operating performance for the March quarter of the 2022-23 financial year (Q4FY23) recently. The stock, however, has given up most of these gains over the last one week as the Street awaits recovery in the core toothpaste segment and sustained recovery in market share. The country’s largest listed oral care company posted a gross margin expansion of 100 basis points (bps) on a sequential basis to 66.9 per cent, led by pricing and efficient sourcing.
Has correlation between Nifty IT index, NASDAQ ended? (26-05-2023)
Back home, the Nifty IT index – a gauge of the performance of the IT stocks on the National Stock Exchange (NSE) that has closely mirrored the performance of NASDAQ over the past few years – has lost nearly 2 per cent in CY23.
Varun Beverages part of trillion-rupee club (26-05-2023)
Since its results, the stock of bottling and beverage distribution company Varun Beverages (VBL) is up 7 per cent on the back of a strong 2022-23 January-March quarter performance, robust outlook, and revision in profit estimates. Given the sharp uptick, it is now part of the trillion-rupee club, with its market capitalisation at Rs 1.01 trillion. The stock is one of the best performers in the consumer space as well as the S and P BSE 200, of which it is a constituent.
Revealed: ONGC’s Big Plans (25-05-2023)
‘We plan to add over 100,000 square kilometres every year, to reach an ambitious target of 500,000 square kilometres by 2025.’
Markets bounce back; Sensex ends up 99 points (25-05-2023)
From the Sensex pack, Bharti Airtel, ITC, Kotak Mahindra Bank, Larsen and Toubro, Power Grid, Bajaj Finance, Infosys, Nestle, Asian Paints and Mahindra and Mahindra were among the major gainers. Wipro, Tata Motors, IndusInd Bank, HDFC, Hindustan Unilever, State Bank of India and Tata Steel were the major laggards.
Markets bounce back; Sensex ends up 99 points (25-05-2023)
From the Sensex pack, Bharti Airtel, ITC, Kotak Mahindra Bank, Larsen and Toubro, Power Grid, Bajaj Finance, Infosys, Nestle, Asian Paints and Mahindra and Mahindra were among the major gainers. Wipro, Tata Motors, IndusInd Bank, HDFC, Hindustan Unilever, State Bank of India and Tata Steel were the major laggards.