The Nifty remained in a tight raage the whole day, and there were traces of profit booking with sudden downward spikes, which were promptly arrested with fresh buying signals. High volatility was witnessed during the latter part of the trading session as key benchmarks reversed direction and moved into the positive terrain. As per provisional figures the S&P BSE Sensex was up 35.63 points to 20282.96. The CNX Nifty was down 14.05 points to 6183.95 as per provisional figures. The market breadth was negative. On BSE 1245 shares declined and 1112 shares rose.
Reliance Industries, which has been doing well this week, fell 0.68% to Rs 834.40. ITC fell 0.62% to Rs 334.70. Power equipment makers rallied across the board. ABB jumped massive 21% on large volumens. Crompton Greaves L&T Bhel and Siemens advanced 2.34% to 9.69% Auto stocks were mixed. Tata Motors rose 0.05%. Maruti Suzuki India fell 1% to Rs 1709.40. M&M rose 0.03% to Rs 985.50. Two wheeler markers were mixed. Bajaj Auto rose 1.44%. Hero MotoCorp dropped 0.56%. Motherson Sumi Systems lost 4.11%. Continue reading Indian Stock Market Review – 17May2013→
Reliance Natural Resources Ltd (RNRL) was merged into Reliance Power Ltd in 2011, in 4 to 1 share ratio. Last traded price of RNRL was Rs 42.25, which makes Reliance Power price of Rs 169 as the benchmark price for this merger.
IFCI is a term lender in India promoted by financial institutions and banks including LIC, and had no single promoter or majority shareholder till now, with 100% of its shareholding with a diverse body of domestic and foreign shareholders.
Business Standard has reported that IFCI Ltd has decided to proceed with the conversion of Government of India bonds worth INR 923 crore (INR 9.23 billion) into equity. The board of directors of the Company has decided to proceed with the conversion of optionally convertible debentures/bonds(OCBs) held by the Government of India for INR 400 crore (INR 4 billion) and financial assistance of INR 523 crore (INR 5.23 billion), IFCI said in a filing on the BSE.
IFCI will now become a Government of India company, which has its pros and cons. Pros include safety net of a govt. company against fraud and access to capital at all times, and cons include reduced aggression and speed in the capital markets, which IFCI was able to execute as an independent company till now.
