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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Midcaps buck the trend 
(Tue, 4 Oct 11:30 am) 
 
Indian stock market indices have been trading in the red over the last two hours. Heavy selling is witnessed in Information technology (IT) and auto stocks. Stocks in Capital Goods and consumer durables sectors are however trading firm.

The BSE-Sensex is trading down by 38 points and NSE-Nifty is trading down by 6 points. However, BSE Mid Cap and BSE Small Cap indices are trading higher by 0.3% and 0.1% respectively. The rupee is trading at 49.25 to the US dollar.

Retail stocks are trading firm led by Koutons and Pantaloon Retail. According to a leading financial daily, Pantaloon Retail is planning to raise funds worth Rs 15 bn by issuing equity-linked securities. This would result in a dilution of stake of around 15%. The proposal is subject to shareholders' approval. As per the management they would ensure that the dilution is not more than 15% and the debt-equity ratio does not exceed 1.33x. As on June 2011, the promoters had a stake of 44.92% in this Future Group company. The securities that would be issued could be convertible instruments that are convertible into equity or debt instruments with attached warrants.

Banking stocks are trading strong. Bank of Baroda and Oriental Bank are the top gainers. As per a leading financial daily, the state-run banks may soon get the freedom to revamp their remuneration structure. The government has accepted most of the recommendations made by a panel assigned for this. The panel was headed by Mr A K Khandelwal (former chief of Bank of Baroda). An advisory group was set up under his guidance to prepare a 10 year road map for the public sector banks. Among other things, they had been asked to suggest changes regarding technology and business process reengineering reforms also. This new change if implemented will alter the human resource policies and personnel management in these banks. Under the current system PSU banking employees are paid less than their counterparts in the other banks.

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Jul 21, 2017 (Close)

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