Sensex, Nifty Close Higher Aided By Realty, Auto, Consumer Durables Stocks
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Zee - Invesco case: NCLT Agrees To Wait For A day After NCLAT Reserves Order On Zee’s Plea
Just In: NCLT will take up the case tomorrow.
Zee Entertainment has approached NCLAT against limited time granted to it by NCLT for filing reply to Invesco’s petition.
NCLAT order to be out today.
Senior Advocate Navroz Seervai, representing Zee Entertainment
NCLT gives us 36 hours and the members feel this is more than adequate time.
The case has never been listed for final hearing at the NCLT.
We are saying give us 2 weeks time and take up the case for final hearing.
The heavens won’t fall.
Seek 2 weeks time to file response in NCLT.
I started three days after the applicants argued. In their zeal and anxiety to give us only 36 hours the bench says there are time constraints.
We only asked for one week. But before this court we are asking for two weeks. Surely some time may have be given otherwise it is travesty of justice.
Senior Advocate Mukul Rohatgi for Invesco
If you have to hold a meeting it cannot be interim meeting or an ad-interim meeting
This interim and ad-interim business is a bogey
It is absurd to say that a meeting for 2.5 lakh shareholders will be called as interim.
On 30th, there was no request for filing a reply.
On Monday and then Tuesday, Mr Dwarkadas and I argued the matter fully. No request for filing a reply was made while we were arguing.
This (Zee) petition should be rejected with costs.
This is abuse of process.
You can file a petition, a suit but not a reply?
Arun Kathpalia for Zee Entertainment's Independent Directors
We are being ambushed.
Even notice has not been issued in this case (the NCLT case).
I beseech the court to intervene.
The NCLT hearing is scheduled for 2:30 p.m.
India’s equity benchmarks closed higher, aided by gains in realty, auto, consumer durables stocks, amid positive global cues. Focus now shifts to the MPC meeting of the Reserve Bank of India and quarterly earnings of Tata Consultancy Services Ltd. scheduled for Friday.
The S&P BSE Sensex Index rose 0.82% to 59,677.83. The 30-stock index came close to reclaiming the 60,000 mark and hit an intraday high of 59,914.91. The NSE Nifty 50 Index advanced by similar magnitude to 17,790.35.
The broader indices outperformed their larger peers with the S&P BSE MidCap adding 1.7% and S&P BSE SmallCap gaining 1.4%. All the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Realty index rising over 6% and S&P BSE Consumer Durables index gaining nearly 6%.
The market breadth was skewed in favour of bears. About 2,237 stocks advanced, 1,066 declined and 140 remained unchanged.
"Strong rebound in auto, IT and private banks supported market rally today. Further, Nifty realty was up over 5% today mainly led by strong 2QFY22 provisional numbers reported by select real estate companies. Further, IT stocks also witnessed sharp recovery ahead of TCS numbers tomorrow. Expectations of strong growth despite margin pressure and recent weakness in INR fueled rally in IT companies", Binod Modi, Head Strategy, Reliance Securities wrote in a note and added "India’s sovereign rating upgrade by Moody’s Investors Services bodes well. Further, steady rise in disbursal of banks and NBFCs in 2QFY22 (as shown in their provisional numbers reported to exchanges) vindicates growth momentum of the economy. However, sharp rise in oil prices is a fresh overhang of Indian equities, which can essentially result in further hardening of inflation and adversely impact government’s fiscal math".
ATP & Infosys Launch Revamped Stats Center To Improve Fans Engagement
Infosys Ltd., in partnership with ATP Tour, the governing body of tennis, has launched a suite of exciting match stats and analysis tools to improve fans engagement in men's professional tennis.
Statistical insights from over 60 ATP Tour events per season will be delivered through an immersive and intuitive interface on ATPTour.com.
The new features launched today have been enabled using Infosys Tennis Platform leveraging big data analytics, natural language generation tools in 3D. The new features include MatchBeats, Rally Analysis, 3D CourtVision, Stroke Summary, and immersive stats.
Source: Exchange Filing
Piramal Enterprises To Carve Out Pharma Business
Piramal Enterprises Ltd. will segregate its pharmaceutical and financial services businesses to unlock the potential value of each vertical and streamline the group structure.
According to an exchange filing, the board at its meeting on Oct. 7 has decided:
1) To demerge Piramal Pharma Ltd. from Piramal Enterprises Ltd.
2) Merge Convergence Chemicals Pvt. and Hemmo Pharmaceuticals Pvt., wholly owned arms of the pharma unit, into Piramal Pharma.
3) Merge PHL Fininvest Pvt., a wholly owned subsidiary of Piramal Enterprises, into the parent.
The scheme is subject to the approval of the requisite majority of the shareholders and creditors of the companies, and regulatory authorities such as SEBI, BSE, NSE and National Company Law Tribunal.
25,000 Bookings In 57 Minutes; XUV700 Registers Unprecedented Interest: M&M
Mahindra & Mahindra Ltd. said that the company's Mahindra XUV700 clocked 25,000 bookings in 57 minutes, an unprecedented milestone in Indian automotive industry. In an exchange filing, Mahindra said the volume of XUV700s made available today at the launch prices reflects up to six months of production, depending on the variant. Bookings will reopen starting 10 a.m. on October 8.
The variants of XUV700 are priced in the range between Rs. 12.49 lakh for MX Petrol fuel type variant and Rs 22.99 lakh for the Diesel + AWD (All-Wheel Drive) fuel type variant.
Breaking: Bombay High Court Rejects SREI Group Promoters' Plea Against RBI Action
Promoters had sought stay against RBI's decision to supersede board and appoint administrator for two SREI Group NBFCs.