NSE WEEKLY NEWS UPDATE

✍ Bank Nifty index surges to record high

Banking stocks surged, with the Bank Nifty Index hitting a record high on hopes of faster reforms in the sector ahead of a two-day industry meet that starts on Friday.The one-of-a-kind retreat, spearheaded by Prime Minister Narendra Modi along with central bank Governor Raghuram Rajan and Finance Minister Arun Jaitley, will include all top bankers to address issues such as consolidation, bad loans, financial inclusion and capital needs.Bank Nifty is up 1.58% or 297 points at 19,047, touching a record high of 19,056 during the intra-day trades.The benchmark CNX Nifty is up 1.26% or 104 points at 8,388.


✍ Tata Motors' sales up 10% in December

Tata Motors today reported 10 per cent increase in total sales at 41,734 units in December, as against 37,836 units in the same month last year. Domestic sales of Tata commercial and passenger vehicles grew by 8 per cent at 37,776 units as compared to 35,010 units in December 2013, Tata Motors said in a statement. Sales of passenger vehicles in the domestic market in December stood at 12,040 units, up 30 per cent from 9,272 units in December 2013.


✍ Maruti's December sales jump 20.8 pc; shares up

Country's largest car-maker Maruti Suzuki India (MSI) on Thursday reported a 20.8 per cent increase in total sales in December at 1,09,791 units. The car maker had reported sales of 90,924 units in the same month last year. Following the release of strong sales numbers, shares of Maruti were trading 0.50 per cent higher at Rs 3,344 in an otherwise weak general market.


✍ SpiceJet extends flight cancellations till January 31

Cash-strapped carrier SpiceJet has extended its cancellations till next month affecting over 300 flights, but the government on Tuesday made it clear that the airline will have to itself resolve its financial woes. Meanwhile, the Airports Authority of India (AAI) is likely to put SpiceJet on the pre-payment mode from Wednesday midnight as the earlier deadline of the two-weeks credit window ends on Wednesday.



✍ RINL gets Sebi's nod for IPO

State-run Rashtriya Ispat Nigam Ltd (RINL) has received market regulator Sebi's approval to raise funds through an initial public offer (IPO). The steel maker had filed its draft papers with the Securities and Exchange Board of India (Sebi) for the proposed public offer in September. Sebi issued its final 'observations' on the draft red-herring prospectus (DRHP) documents on December 22, according to the latest update by the capital markets regulator. Under the proposed IPO, the government would offload 48,89,84,620 shares through an offer for sale, of which 35 per cent will be reserved for retail investors and 50 per cent for qualified institutional buyers.


✍ RIL completes Network18 open offers for Rs 17 crore

In a New Year gift to its shareholders, Reliance Industries (RIL) completed its long-drawn acquisition of Network18 without breaking a sweat, at a fraction of the costs originally proposed. The open offers of Network18 Media & Investments and TV18 Broadcast, expected to cost about Rs 2,200 crore, were completed at a total expenditure of Rs 17 crore as very few investors tendered their shares in the offer, according to exchange filings by the two media firms on Thursday.The conclusion of the open offers marks the end of a three-year, multi-level acquisition process that began with an announcement in January 2012. In a three-way deal, RIL initially infused funds through a rights issue to help finance a buyout of some channels of the Ramoji Rao-owned ETV Network. It initially controlled the investment through an independent trust, used to acquire direct control of equity last year, resulting in the open offers.


✍ Saksoft rallies 43.9% in two days

Saksoft was locked at 20% upper circuit at Rs 191.50 on BSE, with the stock extending recent rally triggered by the company acquiring 51% stake in Threesixty Logica Testing.On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 2,965 shares in the past one quarter.The stock hit a low of Rs 168 so far during the day. The stock had hit a 52-week high of Rs 197 on 13 October 2014. The stock had hit a 52-week low of Rs 64 on 2 January 2014.The stock had outperformed the market over the past one month till 1 January 2015, jumping 8.57% compared with the Sensex's 3.68% fall. The scrip had also outperformed the market in past one quarter, surging 14.29% as against Sensex's 3.54% rise.


✍ BSE to move 45 scrips to ‘T’ group from Jan 6

The Bombay Stock Exchange has decided to transfer scrips of as many as 45 companies to the restricted trading segment from January 6 to safeguard the interests of investors.The stocks to be moved to the ‘T’ group include White Diamond Industries, South Asian Enterprises, Adi Rasayan and Chambal Breweries & Distilleries Ltd.The stock exchange said that it would be shifting 45 scrips to the trade-for-trade or the ‘T’ group segment.Under the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of the consideration amount are mandatory.These stocks would attract a price band of 5 per cent which would be the maximum permissible limit within which the share price can move.Also, BSE said that about 236 scrips, including Zodiac Ventures, Universal Credit & Securities, Oswal Overseas and Microse India, will continue to trade in the restricted trade segment.The NSE said in a circular that it will move ATN International, Birla Cotsyn (India) and NRB Industrial Bearings to the restricted trading category from January 6.


✍ SRF signs agreement with US company

SRF signed a definitive agreement with El DuPont De Nemours and Company, US, on Wednesday with immediate effect. Under the transaction, SRF acquires Global DuPont Dymel HFC 134a pharma business, will own Du Font’s ‘Dymel’ brand and receive the technology and knowhow for setting up its own ‘current Good Manufacturing Practices’ facility for manufacturing HFC 134a pharma grade. DuPont will supply SRF the product from its existing facility till SRF’s facility is approved. The consideration for the transaction is $20 million payable in cash. SRF has two plants that manufacture technical grade HFC 134a. The SRF board has already approved the proposal. Shares of SRF closed little changed at ₹875.


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