Sensex cracks after RBIs status quo on repo rate Sun Pharma tanks

first_imgKey equity benchmarks reversed all the gains and fell sharply in the last hour trade as the Reserve Bank of India (RBI) surprised the market by maintaining status quo in policy rates on Wednesday.While the 30-share index Sensex lost 0.59 percent to close at 26,236.87, the 50-share index Nifty ended the trade at 8,102.05, down 0.5 percent.Shares of Sun Pharma tanked 5.97 percent to close at Rs 664 as US drug regulator issued observations after inspecting company’s Halol plant. Banking shares also fell with Bank of Baroda and Axis Bank witnessing selling pressure on Wednesday.However, shares of Eicher Motors, HDFC, BPCL and Adani Ports bucked the trend and closed in the green. Market breadth turned negative with sharp fall in rate sensitive sectors post RBI’s decision not to cut policy rates. Slashing of GDP growth rate forecast by RBI also weighed on investors’ sentiments.However, the central bank’s decision to remove the incremental cash reserve for banks from December 10 provided some support to the market. After RBI’s decision not to change key policy rates, analysts were of the view that market would wait for upcoming Federal Reserve policy meeting scheduled on December 13-14 for future direction. Meanwhile, Indian currency appreciated 0.40 percent to close Wednesday trade at 67.93 against dollar.last_img read more

SC passes no order on Khaleda plea in graft case

first_imgThe Appellate Division of the Supreme Court on Monday cleared way for the continuation of Zia Orphanage Trust graft case against Bangladesh Nationalist Party chairperson Khaleda Zia, reports UNB. A four-member bench led by acting chief justice Abdul Wahhab Miah passed ‘no order’ on a petition filed by Khaleda Zia seeking stay on the trial proceedings and recording deposition of the witnesses of the case.AJ Mohammad Ali stood for Khaleda Zia while lawyer Khurshid Alam Khan for the Anti-Corruption Commission (ACC).Earlier on Thursday, the SC set 30 October to deliver its order on the petition.On 22 October, the High Court disposed with observation the petition filed by Khaleda Zia seeking its directive for recording deposition of nine witnesses of state.Besides, the HC rejected an appeal filed for re-examining two witnesses of the case.Later, on 24 October, Khaleda filed petition with the Supreme Court against the HC order.After a hearing, chamber judge of the Appellate Division justice Syed Mahmud Hossain sent the petition to the full bench of the apex court for its hearing.The ACC filed the Zia Orphanage Trust graft case on 3 July, 2008 with Ramna police station accusing Khaleda Zia, her eldest son Tarique Rahman, now living in the UK after securing bail, and four others for misappropriating over Tk 21 million (2.10 crore) that came as grants from a foreign bank for orphans.last_img read more

India Inc preferred debt to equity to raise funds this year

first_imgIndian firms raised a staggering amount of funds totalling Rs 4 lakh crore from the markets in 2014, with debt market emerging as the most preferred route to garner capital for their corporate needs despite a sustained rally in the stock market.The trends remained sluggish in the primary stock market — where the companies raise funds through the sale of shares via instruments like IPOs and FPOs — despite a bullish equity market. It has been private placement of corporate bonds and non-convertible debentures that were used the most to meet funding requirements of businesses in 2014. Also Read – I-T issues 17-point checklist to trace unaccounted DeMO cashHowever, IPO market is expected to see some activities in 2015, as a large number of companies have filed their draft papers with Sebi for their public offers since a new government took over in May. Besides, debt market may also witness sustained rally in the new year, market analysts said.”In 2015, we will see spurt in IPO activities as more than a dozen companies have filed their draft documents in 2014 ,” Geojit BNP Paribas Research Head Alex Mathew said. Also Read – Lanka launches ambitious tourism programme to woo Indian touristsEchoing a similar view, Prime Database Managing Director Pranav Haldea said :”A flurry of IPOs are expected in the Q4 (January-March period of 2015).”Market participants believe that probable interest rate cuts by the Reserve Bank of India (RBI) as trigger for fund raising through debt instruments.In 2014, companies together have raised fresh capital worth nearly Rs 4 lakh crore from equity and debt markets.These funds have been raised mainly for expansion of business plans and to support working capital requirements. A large chunk of this amount or more than Rs 3.3 lakh crore has been mopped-up from debt market. Fresh capital raked in from equity market stood at about Rs 67,000 crore, which mostly include those garnered by Qualified Institutional Placement (QIP) route and by way of preferential share allotments to promoters and other investors.Within the debt market, the companies raised Rs 2.95 lakh crore through debt placement route, while Rs 32,000 crore has been mopped up through non-convertible debentures.The year 2014 saw companies flocking towards debt route instead of equities because equity was not available for those firms.”Many firms opted for the debt route instead of equity as fund raising through equity segment was not available as very few companies came out with public offers,” CNI Research Head Kishor Ostwal said.In the equity segment, most of the funds were raised through QIP (Rs 30,000 crore) followed by preferential route (Rs 25,500 crore), rights issue (Rs 5,200 crore) sale of shares via OFS route (Rs 4,300 crore) and IPOs and FPOs (Rs 1,619 crore). “Retail investors have not fully participated in the IPOs during the year, because of that we have seen less number of public offers hitting the capital markets in 2014,” Mathew said.”On the other hand, we witnessed hectic activities in fund raising via QIP route during the year as institutional investors were bullish on this segment due to change in new government,” he added.Despite a rally of around 30 per cent in the equity market in 2014, there was only five main-board initial public offers (IPO) and one Follow-on Public Offers (FPOs) witnessed during the year.However, a large number (34) firms got listed on the stock exchanges from the small and medium enterprise (SME) sector.A meagre Rs 1,619 crore were raked in through these public offers in 2014, even less than Rs 1,627 crore were garnered last year.The entire year saw just one follow-on offer, by state-run Engineers India Ltd (EIL), which also happens to be the biggest public offer with an issue size of Rs 505 crore.Those five firms that hit the capital markets were —Monte Carlo Fashions, Shemaroo Entertainment Sharda Cropchem, Snowman Logistics and Wonderla Holidays.last_img read more

Recordhigh 65 million passengers flew with WestJet in Q3

first_img Share Tags: WestJet Thursday, October 12, 2017 Posted by CALGARY — WestJet is flying high with the news that it flew 6.5 million guests in the third quarter of 2017, an all-time record high for the airline and a year-over-year increase of 10.7%.September 2017 traffic results also revealed a load factor of 80.4%, an increase of 0.5 percentage points year over year. Revenue passenger miles (RPMs), or traffic, increased 5.9% year over year, and capacity (measured in available seat miles, or ASMs), grew 5.3% over the same period.“We are very pleased with our strong traffic growth, as we reported record load factors each month this quarter, which translated into achieving both our highest ever quarterly load factor of 85.7%, and flying an all-time quarterly record number of guests in our 21-year history,” said WestJet President and CEO Gregg Saretsky. “I want to sincerely thank our over 13,000 WestJetters for continuing to deliver our award-winning brand of friendly caring service as we transition through our shoulder period into the busy winter season.”More news:  Apply now for AQSC’s agent cruise ratesThese record numbers come on the heels of WestJet breaking ground on its new $50 million hangar project at YYC Calgary International Airport in September. The hangar, once complete, will occupy 125,000 square feet, accommodate its new Boeing 787-9 Dreamliner aircraft and stand eight stories tall.Also in September, WestJet announced the name and logo for its ultra-low-cost airline in Canada. Named Swoop, the ULCC will begin selling flights in early 2018.center_img Record-high 6.5 million passengers flew with WestJet in Q3 << Previous PostNext Post >> Travelweek Group last_img read more