Ipca Laboratories shares hit fresh 52-week low of Rs 480 on Friday, falling 14 percent intraday after Geneva-based fund decided not to source any anti-malaria drug from the company. "....following a risk consideration exercise post USFDA warning letter to company, The Global Fund (Geneva, Switzerland) informed that they will not allocate any volume of Artemisinin based Combination Therapy (ACTs) to the company," says the Maharashtra-based pharma company. The fund has re-assessed the situation after a warning letter issued to the company by the United States Federal Drug Regulatory Authority (USFDA) on January 29, 2016.
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Simplex Projects shares are locked in 20 percent upper circuit at Rs 28.85 on Friday after selling 51 percent stake in its subsidiary. There were pending buy orders of 25,775 shares, with no sellers available, at 15:11 hours IST. Simplex Projects' board of directors, on March 28, decided to sell its investment in wholly-owned subsidiary. Accordingly, 16,31,400 shares (51.21 percent) have been sold on March 31. "For better management of Simpark Infrastructure (subsidiary) and to generate funds for the company, it is necessary to dispose of some investments held by the company in wholly-owned subsidiary," said Kolkata-based infrastructure company.
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Even as asset quality concerns continue to persist, the stress in the corporate system will disappear as the economy picks up, says Ravi Venkatesan, Chairman, Bank of Baroda to CNBC-TV18's Nimesh Shah at the 19th Annual Asia Investment Conference being held by Credit Suisse in Hong Kong. Venkatesan believes that recovering NPAs are not the core competence of a PSU bank and expresses concerns over the reluctance to create a public asset recovery company to deal with the bad loans. Bank of Baroda's balance-sheet is in a less stressed situation as compared to its counterparts, and Venkatesan maintains that they will be able to crawl out of this situation in a couple of quarters.
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Prime Minister Narendra Modi is going to need a big rise in economic growth and a run of good weather to have a chance of fulfilling his promise to double farmers' incomes by 2022. He may also have to allow farm gate prices to rise fast, agricultural and economic experts said, jeopardising a key policy of his first two years in office: keeping inflation in check to appeal to India's swelling middle class. The 65-year-old made his bold commitment at a February rally in the eastern state of Odisha, hoping to shore up support among 263 million farmers who will have a major say in his party's fate in upcoming state elections and a national vote in 2019. "This is a government that thinks about farmers," Modi told the rally.
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The Rs 2,200 crore-IPO of Equitas Holdings, the biggest initial public offering so far this year, elicited robust investor response, with the issue getting oversubscribed 17.21 times on the last day of the offer. The initial public offer received more than 5.8 lakh applications. Reflecting good response, the IPO generated demand worth over Rs 26,000 crore from only domestic investors as it received total bids for 2,39,57,56,440 shares against the issue size of 13,91,91,802 shares, data available with NSE till 2030 hours showed. The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 14.93 times and that of non-institutional investors received 57 times subscription, sources said.
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Indian shares are likely to start with little direction, even as a sell-off on Wall Street overnight echoed in Asian equities today. The latest down move comes amid a rise in concern again that global growth will likely be weak going forward and as questions arise over the effectiveness of central bank monetary policies.
Asian markets were trading on a weak note after bank shares slumped globally, while the yen soared to a 17-month high against the dollar as investors unwound bets against the yen, calculating that any effort by Japan to drive down the yen would be vigorously opposed by other major economies.
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The Nifty50 lost momentum from the word go on Thursday and formed a 'Bearish Belt Hold' pattern on the daily candlestick chart. It ended the day below the psychological levels of 7,580 and 7,550, dropping signals that it may slide towards 7,400.A Bearish Belt Hold pattern signals trend reversal. Its significance gets amplified when the pattern emerges after a consolidation phase, like the one seen in the previous session.
The BSE Sensex fell to a three-week low on Thursday as investors took gains off the table, continuing to book profits in recent outperformers as the upcoming quarterly reporting season is expected to be weak.The benchmark BSE Sensex shed 0.86 percent to close at 24,685.42, its lowest since March 17.
