SENSEX CLIMBS TO A FRESH LIFETIME HIGH FOR THE 3RD DAY IN A ROW
MUMBAI: Extending its recordsetting run for the third straight day, benchmark Sensex rose 33.13 points to close at a fresh lifetime high of 36,858.23 on Wednesday on persistent buying by domestic and foreign investors. Covering-up of short positions by participants ahead of July futures and options (F&O) expiry on Thursday also supported the upmove, brokers said. Buoyed by metal and financial stocks, the 30-share Sensex touched a new intra-day record high of 36,947.18 after a bout of choppy trade, surpassing its previous high of 36,902.06 hit on Tuesday. The index has now gained 473.87 points in three days. However, the broader 50-issue NSE Nifty slipped from its record closing, shedding 2.30 points or 0.02% to end at 11,132.00.
TPG, Baring may enter race for PNB Housing Finance
MUMBAI : The upcoming auction for a controlling stake in PNB Housing Finance Ltd has seen interest from at least two bulge bracket private equity funds— TPG Capital and Baring Private Equity Asia—three people familiar with the plans said, requesting anonymity. The PE funds are looking to acquire a 51% stake in the housing finance company, which is valued at ₹10,281 crore at the current market price, the people added. oth TPG and Baring Asia are extremely keen, given that they were looking to foray into the housing finance segment for sometime now, but had failed in their earlier attempt to pick up a stake in ICICI Home Finance, primarily due to a valuation mismatch. PNB Housing Finance commenced operations in 1988 as a wholly-owned subsidiary of PNB. Between 2009 and 2014, PNB sold a 49% stake to Destimoney Enterprises Pvt. Ltd, which in turn, sold its entire stake to the Carlyle Group in 2015.
NCLAT junks cement firms’ plea against CCI penalty
NEW DELHI : The National Company Law Appellate Tribunal (NCLAT) on Wednesday dismissed cement manufacturers’ plea, challenging the order of fair trade regulator the Competition Commission of India (CCI) to impose a penalty of ₹6,700 crore for alleged cartelisation. A two-member NCLAT bench headed by chairman justice SJ Mukhopadhaya dismissed a batch of petitions by over 11 cementmakers. “The appeals are dismissed,” said the NCLAT, which now is an appellate authority over CCI. In August 2016, CCI had slapped approximately ₹6,700 crore penalty on 11 cement firms including Ultratech, ACC, Ambuja, Ramco and JK Cement as well as the industry body Cement Manufacturers Association (CMA) for indulging in cartelisation.
Exports likely to touch $350 bn in FY19: Prabhu
NEW DELHI: India’s exports would register healthy growth rates in the coming months and are expected to touch $350 billion in 2018-19, commerce and industry minister Suresh Prabhu said on Wednesday. He also said that services sector is set to become a dominant driver of the Indian economy and will contribute $3 trillion to the gross domestic product by 2025. A commerce ministry statement, quoting Prabhu, said that the services sector contributes significantly to India’s increased productivity and competitiveness.
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