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18
February 2019
The
major indices of the Indian stock markets suffered a correction on Monday. On
the NSE, there were 575 advances, 1,145 declines and 359 unchanged. The trends
of the major indices in the course of Monday’s trading are given in the table
below:
The
Sensex and Nifty declined after opening on a flat note on Monday led by selling
in auto, IT (information technology) and FMCG (fast moving consumer goods)
stocks. On Friday, foreign institutional investors (FIIs) sold shares to the
tune of Rs966.43 crore, while the domestic institutional investors (DIIs)
bought Rs853.25 crore worth of scrips.
The
Reserve Bank of India (RBI) may impose monetary penalty on Yes Bank for
breaching the confidentiality norms of its communications exchange with the
private bank which the central bank is said to be treating as a market-related
information slip aimed at boosting the stock. Yes Bank made an exchange between
it and the RBI public where it said that the central bank had not found any
divergence in its non-performing asset recognition for 2017-18. Soon, after its
stock soared and it attracted the attention of the apex bank, which in a
first-of-its-kind criticism told Yes Bank that the risk assessment report was
intended to a be a "confidential" document and that disclosures made
by the lender was viewed by the regulator as a "deliberate attempt to
mislead". Yes Bank shares closed at Rs214.00, down 2.28% on the NSE.
In
a setback to Vedanta, the Supreme Court refused to order the re-opening of its
Sterlite Copper Smelting plant located in Tamil Nadu as it set aside the
National Green Tribunal's (NGT) December 15 order on the grounds of
jurisdiction. Setting aside the NGT order on maintainability, a bench of
Justice Rohinton Fali Nariman and Justice Vineet Saran asked Vedanta to
approach the High Court and since the Thoothukudi plant has been locked up for
quite some time, they could urge the High Court Chief Justice for an
expeditious hearing and interim relief. The plant was shut down permanently on
May 28, 2018, when the state government had ordered the Tamil Nadu Pollution
Control Board (TNPCB) to seal and "permanently" close the plant in
the wake of protests over pollution concerns. The protests had turned violent,
resulting in the death of 13 people in police firing on May 22-23 in Tuticorin,
officially called the Thoothukudi port city. The top court verdict came on the
TNPCB's plea against the December 15, 2018, NGT order directing it to give its
consent. The grant of consent by the state pollution control board was subject
to the satisfaction of certain conditions by Vedanta. The TNPCB had in
the course of arguments asserted that the copper smelting plant was the cause
of near irreversible ground water pollution and thus could not be allowed to
resume operation. On the other hand, Vedanta had described as
"political" the decision to put the plant under the lock. Vedanta had
contended that the high level ground water pollution was not limited just to
Thoothukudi alone, and that similar situation existed in other parts of the
state. Vedanta shares closed at Rs147.95, up 0.44% on the NSE.
RInfra
said that the Supreme Court has admitted a Special Leave Petition (SLP) filed
by its subsidiary challenging a Delhi High Court order that set aside an over
Rs5,800 crore arbitral award won by the RInfra minor against the Delhi Metro
Rail Corporation (DMRC). In 2018, the High Court had directed the DMRC to take
over the servicing of all debt liabilities of Delhi Airport Metro Express Pvt
Ltd (DAMEPL). Reliance Infrastructure (RInfra) had said that 11 banks, who had
lent to DAMEPL to run the Delhi Airport Metro Express line, would benefit from
the High Court's order. Noting the apex court's entertaining the SLP, a RInfra
release said a short notice was also issued to the DMRC on DAMEPL's plea for
interim relief, so that the DMRC continued to service the debt of DAMEPL,
pending the plea disposal by the apex court. "The Supreme Court has
entertained the Special Leave Petition (SLP) filed by Reliance Infrastructure
Ltd., SPV Delhi Airport Metro Express Pvt Ltd (DAMEPL) challenging the
judgement of Division Bench of Delhi High Court, which set aside the over
Rs5,800 crore arbitral award won by DAMEPL against DMRC," it said.
Reliance Infrastructure shares closed at Rs122.70, up 6.74% on the NSE.
The
top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
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| Major Indices (The Total Investment & Insurance Solutions) |
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