Sensex Trades in Green; PSU Stocks Lead Gains

Fri, 6 Oct 01:30 pm

   Previous Close   

   09:30 am   

   11:30 am   

   Closing   

After opening the day in green, Share markets in India continued the momentum and are presently trading above the dotted line. Sectoral indices are trading on a positive note, with stocks in the metals sector and the PSU sector witnessing maximum buying interest.

The BSE Sensex is trading up by 175 points (up 0.6%) and the NSE Nifty is trading up 70 points (up 0.7%). Meanwhile, the BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up by 1.1%. The rupee is trading at 65.27 to the US$.

Big changes are afoot in the country's corporate governance standards after the Uday Kotak led corporate governance committee submitted its report to the market regulator and suggested sweeping changes.

The proposed changes are aimed at tightening the corporate governance standards across the boardrooms of India. The suggestions assume greater relevance in the background of high-profile boardroom battles that have rocked corporate India over the past year.

The 25-member committee, which was set up in June and comprised bureaucrats, executives, lawyers and academics, has also recommended improvements in transparency, keeping large shareholders informed about unpublished information and stricter rules on board composition among others.

The committee suggested splitting the posts of chairman and managing director besides amending rules on independent directors, disclosures, and accounting and auditing practices.

Notably, according to the IMF, India's corporate governance standards have been falling over past eight years. This is despite the fact that the regulator, has been taking various measures to control the malpractices.

India's Deteriorating Corporate Governance Standards

India has often been criticized for poor corporate governance and lack of enough regulations to protect minority shareholders' interest. In extreme cases, promoter's greed has broken all boundaries leading to a scam big enough to set an example and inspire new governance codes

The recent recommendations are a step in the right direction. They will reinforce corporate governance and also inspire new governance codes. Moreover, they will protect minority shareholders' interest by tighten the lid on unfair share practices and make managements more accountable.

In news from the retail sector. Future Retail said that it will acquire HyperCity for Rs 6.5 billion. The Kishor Biyani owned company is set to acquire HyperCity, a premium chain of 19 hypermarkets from Shoppers Stop for Rs 6.5 billion through a combination of cash and shares to further consolidate his footprint in western India.

The deal, which is likely to be completed in the next three to five months, will see HyperCity Retail India Limited become a wholly-owned subsidiary of Future Retail.

uture Retail said it will allot 9.3 million shares of Rs 2 face value to HyperCity Retail's 15 shareholders at Rs 535 per share on a preferential basis.

Of the total deal value, Rs 500 crore will come from these shares. The remaining Rs 155 crore will be paid in cash.

The deal is subject to approval of Shoppers Stop shareholders. The company will hold an extra-ordinary general meeting on October 13 in this regard.

This is Future Retail's fifth major acquisition in the past four years and will add more than a million square feet of retail space to the company.

Notably, merger and acquisition activity in India is on a high. The value of M&As that have taken place last year - at US$ 69.75 billion - are the highest on record for the country. This even beats the previous record of US$ 66.96 billion set in 2007.

At the time of writing, Future Retail share price was trading up by 2.5%, while Shopper's Stop share price was trading up by 2% after opening the day up 10%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers