India News

Wipro, Infosys shares shine as Sensex slumps

Infosys and Wipro from the IT industry were trading in the green on Friday morning, even as the benchmark indices and broader markets were trading in the red. The Infosys share opened at Rs 976 and went on to hit the day’s high of Rs 997 on NSE. Asian Pants, L&T and ONGC plunged by more than 2%. Sensex shed more than 300 points, while the Nifty had hit a low of 9,704 in the morning trade. The Sensex opened at 31,355 and soon dived to the day’s low of 31,194.87.

Biggest Indian explorer ONGC is said to plan first ever borrowings

Oil and Natural Gas Corp. plans to tap the debt market for the first time, an opportunity that may be hard to pass up for bond bulls.

India’s largest state-run energy producer may sell bonds and take out loans of as much as $4 billion to pay for the purchase of the government’s $5.2 billion stake in Hindustan Petroleum Corp. and bankroll $4.5 billion of projects, according to company executives with knowledge of the matter.

Sensex hits one-month low, Nifty retreats to 9800

Dalal Street seems to be going through a consolidation mode after hitting life highs in the bygone week. Key indices languished in the red for the fourth consecutive session after succumbing to heavy selling pressure. Market surprises have only started, experts are of the view.

After opening lower, the 30-share Sensex recovered only to slip again to close at 31531.33 hitting a one-month low, after plunging 266.51 points, or 0.84%. The level was last seen on July 7 when it ended at 31360.63. The gauge had lost 527.57 points in the previous three sessions.

Ashok Leyland eyes over Rs 1,000 crore revenue from after-market biz

Commercial vehicle maker Ashok Leyland is looking at after-market business to boost its revenues and expects the segment to contribute over Rs 1,000 crore to its topline in the next three years.

In line with this vision, the company on Thursday announced launching digital initiatives which will help the vehicle owners to keep better control of their fleet.

Venkaiah Naidu sworn-in as 13th Vice-President of India; takes over as Rajya Sabha Chairman

M Venkaiah Naidu was on Friday sworn-in as India's 13th Vice-President during a ceremony at Rashtrapati Bhavan in Delhi.

Naidu was administered the oath by President Ram Nath Kovind.

The ceremony was attended by Prime Minister Narendra Modi, former Prime Minister Manmohan Singh and other leaders.

Sebi's blanket ban on shell firms hurts innocent minority shareholders the most

The Securities and Exchange Board of India's (Sebi's) action of freezing trading in the shares of 331 so-called shell companies has hit minority shareholders hard. It was an action taken on the basis of price-sensitive information received from the MCA. However, the action itself was taken in a way that doesn't give shareholders either pertinent information or a chance to make a rational decision to stay invested or exit.

Investigations into the financials of listed companies and into cases of alleged price manipulation are common enough. The normal procedure is to put the charges into the public domain.