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Listing of Indian companies on stock exchanges in foreign jurisdictions

Newsmantra — Thu, 05 Mar 2020 04:53:11 +0000

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013. The Amendment Bill, inter alia, would enable the listing of Indian companies on stock exchanges in foreign jurisdictions.

The listing of Indian companies in foreign stock exchanges is expected to increase the competitiveness of Indian companies in terms of access to capital, broader investor base and better valuations.

The framework for enabling such listing under the foreign exchange and securities laws would be finalised by the Ministry of Finance in consultation with Ministry of Corporate Affairs, Reserve Bank of India and the Securities and Exchange Board of India.

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Sensex Up Hits 40k Mark

Newsmantra — Mon, 04 Nov 2019 10:07:36 +0000

Market benchmark BSE Sensex rallied over 269 points to hit its intra-day peak of 40,434.83 in early trade on Monday led by gains in ICICI Bank, RIL, ITC, TCS and HDFC Bank amid positive global cues and unabated foreign fund inflow.

Similarly, the broader NSE Nifty advanced 75.85 points to 11,966.45, inching closed to the 12,000 mark.

Top gainers in the Sensex pack included Vedanta, Tata Steel, ICICI Bank, Tata Motors, SBI, HCL Tech, Sun Pharma and Bharti Airtel, rising up to 3.20 per cent.

On the other hand, Yes Bank, Infosys, Hero MotoCorp, Bajaj Auto and HUL fell up to 4.80 per cent.

In the previous session, the 30-share Sensex settled 35.98 points, or 0.09 per cent, higher at 40,165.03. The Nifty advanced 13.15 points, or 0.11 per cent, to close at 11,890.60.

Foreign institutional investors (FIIs) purchased a Rs 533.37 crore in the capital market, on Friday, while domestic institutional investors sold shares worth Rs 136.50 crore, data available with stock exchange showed.

According to experts, better liquidity from FIIs and mutual funds will maintain a positive sentiment in the market given de-escalation in geopolitical risks and focus on upcoming reforms to revive growth.

Globally, bourses in Shanghai, Hong Kong and Seoul were trading higher on optimism over the US-China trade deal after China’s commerce ministry on Saturday announced that top Chinese and US trade negotiators “reached consensus on principles”.

Indices in Tokyo, however, were in the red.

Shares on Wall Street too ended higher after data showing the US economy continued to add jobs at a steady clip despite turbulence from the trade war with China.

On the currency front, the rupee appreciated 16 paise against the US dollar to trade at 70.65 in early session.

Brent futures, the global oil benchmark, fell 0.53 per cent to USD 61.36 per barrel.

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Market Check: Sensex, Nifty Regain Momentum

Newsmantra — Fri, 13 Sep 2019 09:20:43 +0000

Indian equity benchmarks regained momentum after fluctuating between gains and losses. The S&P BSE Sensex rose 0.2 percent to 37,183 as of 2 p.m. and the NSE Nifty 50 rose 0.21 percent to 11,007. The broader markets represented by the NSE Nifty 500 Index rose 0.17 percent. The market breadth was tilted in favour of buyers. About 964 stocks advanced Wockhardt Halts Five-Day Rally; Shares Fall 6% Shares of Wockhardt halted its five-day gaining streak, their longest gaining streak in nearly three months. The stock fell as much as 5.8 percent to Rs 305.60. The scrip advanced 31 percent in the past five days and rose 7.4 percent in the past 30 days, Bloomberg data showed. Of the shares traded, 38 percent were at the ask price and 44 percent were .

The S&P BSE Sensex and NSE Nifty 50 indices recovered from intraday low levels led by gains in ICICI Bank, Infosys, Kotak Mahindra Bank, Reliance Industries, Axis Bank and Maruti Suzuki. The S&P BSE Sensex index moved in a range of 244.25 points, between 37,244.34 and 37,000.09, as against its earlier close of 37,104.28. The broader NSE Nifty benchmark rose as much as 41.05 points to hit 11,023.85 at the day’s strongest level, and declined as much as 78.1 points from that mark to 10,945.75. Government data on Thursday showed growth in industrial production was at 4.3 per cent in July, as against 2 per cent the previous month. Meanwhile, separate data showed that inflation rose to a 10-month high of 3.21 per cent in August. Analysts say the latest macroeconomic data leaves room for a rate cut in the Reserve Bank of India’s next bi-monthly review due in October.

Meanwhile,Consumer price inflation is likely to inch up further in the coming months. It would however continue to be within the RBI’s target. Industrial production (IIP) growth has come higher than market expectations and is a good sign, though capital and durable goods performance has not been good,” credit ratings agency CARE said in a note.

“Food price inflation needs to watched for as there is potential for higher prices in the coming months and the kharif output will hold the clue… For the rest of the financial year we expect policy rates to be cut by another 40 bps,” the agency added.

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