Market Live: Sensex up 100 pts, Nifty nears 10,600 on Asian cues; metals melt. Ashok Leyland, Shriram Transport, Cholamandalam Finance, GNFC, Delta Corp, Gati, Swaraj Engines and Thomas Cook rallied up to 5 percent.
Ashok Leyland, Shriram Transport, Cholamandalam Finance, GNFC, Delta Corp, Gati, Swaraj Engines and Thomas Cook rallied up to 5 percent.
Jubilant Life Sciences share price gained 3.5 percent after the company has issued commercial papers (CPs) of Rs 75 crore on April 23.
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Market Update: The market is trading higher, with the Sensex rising more than 100 points, tracking positive Asian cues.
Banking & financials, FMCG stocks and Reliance Industries are supporting the market while the correction in metals and technology stocks cap gains.
Banking & financials, FMCG stocks and Reliance Industries are supporting the market while the correction in metals and technology stocks cap gains.
The Nifty Metal index is down around 2.5 percent on fall in global commodity prices. Vedanta, Hindalco, and Tata Steel declined up to 7 percent.
The 30-share BSE Sensex was up 127.18 points at 34,577.95 and the 50-share NSE Nifty rose 10.80 points to 10,595.50.
About two shares advanced for every share falling on the BSE.
Reliance Naval falls 6%: Reliance Naval's auditor report said the statement regarding preparation of standalone financial results of the company on going concern basis and also recognition of deferred tax assets (DTA) on tax losses notwithstanding the fact that the company has been incurring cash losses, its net worth has been substantially eroded as on 31st March 2018, loans have been called back by secured lenders, current liabilities are substantially higher than current assets, applications have been made to National Company Law Tribunal (NCLT), Ahmedabad, under section 9 of the Insolvency Bankruptcy Code and winding up petitions been filed before Gujarat High Court for recovery of their dues by few operating creditors, for the reasons stated in the said note.
The company is also of the view that no impairment of its non-current assets is required. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as going concern.
The appropriateness of assumption of going concern, recognition of DTA and evaluation of the recoverable value of its non-current assets is critically dependent upon the approval of company's resolution plan by the secured lenders, the company's ability to raise requisite finance generate cash flows in future to meet its obligations and to earn profits in future.
Benchmark indices opened higher, following the positive lead from Asian stocks.
The 30-share BSE Sensex was up 101.63 points at 34,552.40 and the 50-share NSE Nifty rose 14.20 points to 10,598.90.
Nalco, Hindalco Industries, Vedanta, JSPL, JSW Steel and SAIL fell up to 9 percent.
Tech Mahindra, BPCL, and IOC were under pressure.
The 30-share BSE Sensex was up 127.18 points at 34,577.95 and the 50-share NSE Nifty rose 10.80 points to 10,595.50.
About two shares advanced for every share falling on the BSE.
Reliance Naval falls 6%: Reliance Naval's auditor report said the statement regarding preparation of standalone financial results of the company on going concern basis and also recognition of deferred tax assets (DTA) on tax losses notwithstanding the fact that the company has been incurring cash losses, its net worth has been substantially eroded as on 31st March 2018, loans have been called back by secured lenders, current liabilities are substantially higher than current assets, applications have been made to National Company Law Tribunal (NCLT), Ahmedabad, under section 9 of the Insolvency Bankruptcy Code and winding up petitions been filed before Gujarat High Court for recovery of their dues by few operating creditors, for the reasons stated in the said note.
The company is also of the view that no impairment of its non-current assets is required. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as going concern.
The appropriateness of assumption of going concern, recognition of DTA and evaluation of the recoverable value of its non-current assets is critically dependent upon the approval of company's resolution plan by the secured lenders, the company's ability to raise requisite finance generate cash flows in future to meet its obligations and to earn profits in future.
Benchmark indices opened higher, following the positive lead from Asian stocks.
The 30-share BSE Sensex was up 101.63 points at 34,552.40 and the 50-share NSE Nifty rose 14.20 points to 10,598.90.
Nalco, Hindalco Industries, Vedanta, JSPL, JSW Steel and SAIL fell up to 9 percent.
Tech Mahindra, BPCL, and IOC were under pressure.
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Bharti Infratel, Indiabulls Housing Finance, ONGC, Zee Entertainment, TCS and Yes Bank were early gainers.
Ashok Leyland, Shriram Transport, Cholamandalam Finance, GNFC, Delta Corp, Gati, Swaraj Engines and Thomas Cook rallied up to 5 percent.
LIC Housing, 3i Infotech and Ujjivan Financial fell up to 9 percent.
Ashok Leyland, Shriram Transport, Cholamandalam Finance, GNFC, Delta Corp, Gati, Swaraj Engines and Thomas Cook rallied up to 5 percent.
LIC Housing, 3i Infotech and Ujjivan Financial fell up to 9 percent.
Rupee Update: The Indian rupee recovered by 10 paise to 66.38 against the US dollar today.
The rupee on Monday ended at its lowest level against the dollar since March 10, 2017, at 66.48.
The rupee on Monday ended at its lowest level against the dollar since March 10, 2017, at 66.48.
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