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M&M's tractor business now worth twice as much as automotive division
Posted on 24th April 2018
Mahindra & Mahindra (M&M), the country’s biggest tractor maker, has seen its market cap swelling by over Rs 100 billion since the start of the new financial year, giving it a valuation of Rs 1.03 trillion. The stock hit a new high of Rs 839 on Tuesday, showing a cumulative increase of over 12 per cent since the beginning of April.

The only visible trigger for this price increase is the forecast of a normal monsoon by private forecaster Skymet, as well as the India Meteorological Department (IMD).

Trump administration plans to end work permits for H-1B visa holders’ spouses
Posted on 24th April 2018
Washington: The Trump administration is planning to end allowing spouses of H1-B visa holders to work legally in the US, a top federal agency official has told lawmakers, a move that could have a devastating impact on tens of thousands of Indians.

The move to end the Obama-era rule could have an impact on more than 70,000 H-4 visas holders, who have work permits. H-4 is issued to the spouse of H-1B visa holders, a significantly large number of whom are high-skilled professionals from India.

Maintain ‘buy’ on HDFC Bank with TP of Rs 2,454
Posted on 24th April 2018
HDFC Bank’s Q4FY18 earnings sustained 20% YoY growth momentum but core operating profit growth was softer—up <25% versus 30% plus over the past couple of quarters. The miss was due to sharp moderation in loan growth (sub-20% YoY); surprising given better market opportunities in corporate segment (PSU fallout). Meanwhile, deposits grew a strong 13% QoQ, which along with capital raising will provide growth runway to the bank.

Lenders come to Anil Ambani's rescue, to pay RCom's Rs 774 cr spectrum dues to DoT
Posted on 24th April 2018
MUMBAI: Lenders led by State Bank of India (SBI) on Monday agreed to pay Rs 774 crore of deferred spectrum charges for Reliance Communications (RCom) to prevent further litigation in the Anil Ambani-owned company’s debt takeover by Reliance Jio, said two people close to the developments.

Sensex opens above 100 points, Nifty above 10,500 mark on positive Asian cues
Posted on 24th April 2018
Key indices on Tuesday opened in green with the benchmark BSE Sensex opening up 100 points higher and Nifty was trading above 10,500 mark trading positive cues from Asian peers. At 9:48 AM, Sensex was trading 135 points higher at 34,586 points and Nifty was at 10,596.20 points.

Essar Steel sale: Lenders may give time to Arcelor, Numetal to rectify bids
Posted on 24th April 2018
The committee of creditors (CoC) for Essar Steel will meet on Tuesday to take a call on the bids after Thursday’s order by the Ahmedabad bench of the National Company Law Tribunal (NCLT). Sources close to the development said, ahead of the CoC meeting, major lenders of Essar Steel met on Monday to thrash out a strategy for the meeting.

TCS market cap breaches $100 billion mark, ahead of rival Accenture
Posted on 24th April 2018
As India’s largest software company Tata Consultancy Services (TCS)’s market cap surpassed the $100 billion mark, the Street is seeing value in the company’s organic growth plans. TCS saw its stock price soaring to a record high of Rs 3,557 on Monday on the BSE following better than expected Q4 results posted last week.

Although TCS’ market value on a closing basis slipped to $98.1 billion, it is still more valuable than its US-listed rival Accenture, which, according to Bloomberg, was valued at $98 billion.

Infosys draws up three-year road map to accelerate growth in digital space
Posted on 24th April 2018
On a day when its closest rival Tata Consultancy Services achieved the distinction of becoming the first Indian IT company to cross $100 billion in market cap, top leaders of Infosys led by newly appointed Chief Executive Officer and Managing Director Salil Parekh were busy convincing investors in Mumbai how they are trying to build a company that has put in place all the building blocks to emerge as a leader in the digital space, where most of the client budgets are going today.

Sebi's circular naming defaulters draws flak; companies approach FinMin
Posted on 24th April 2018
Market regulator Securities and Exchange Board of India (Sebi) is once again caught on the wrong foot, and this time for one of its recent circulars that made public names of over 2,000 entities, which have defaulted on its dues.

Some of the companies named in the list have raised objections with the finance ministry, stating that the list was erroneous, said sources aware of the development.

Suresh Kumar assumes additional charge as Coal India CMD
Posted on 23rd April 2018
New Delhi: Senior bureaucrat Suresh Kumar on Monday assumed the additional charge as chairman and managing director (CMD) of state-owned Coal India Ltd.

Kumar, additional secretary with the coal ministry, has taken over from Central Coalfields Ltd CMD Gopal Singh, who was appointed as interim chairman of the world’s largest coal miner in September last year.

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