Rcom settles dues with Ericsson, stock up 10 percent

Rcom has settled the dues with Ericsson India.  Ericsson has agreed the Rcom's offer of Rs 550 Cr. The amount will be paid by 30-09-2018.

In view of this, National Company Law Appellate Tribunal has stayed the corporate insolvency resolution process initiated against Reliance Communications  and two group companies—Reliance Infratel and Reliance Telecom. 

The stock closed at Rs 17.50, up 10% in yesterday's trade.

Moody's cuts India ratings

Rating agency Moody's Investors Service  have cut India's 2018 growth forecast to 7.3 per cent from the previous estimate of 7.5 per cent, saying the economy is in cyclical recovery but higher oil prices and tighter financial conditions will weigh on the pace of acceleration.

Moody's, however, maintained its 2019 growth forecast at 7.5 per cent.

Whistle blower complaint : ICICI Bank to conduct independent enquiry

 ICICI Bank will conduct an independent enquiry into allegations of breach of code of conduct and conflict of interest against its Managing Director Chanda Kochhar after a complaint from an anonymous whistle-blower. This comes soon after the Securities and Exchange Board of India served a notice to the bank and Kochhar, this week.

IPO ANALYSIS: WAA SOLAR LIMITED - AVOID

Issue Details :

Issue opens  / closes on	31-05 / 04-06-2018
Issue size	20,00,000 equity shares
Face value	Rs 10
Price	Rs 161
Business	Solar power generation
Promoters	MADHAV POWER PRIVATE LIMITED
Listings	Bse, sme
BRLM	GUINESS CORPORATE ADVISORS
Registrar	BigShare  Services

Bank of America ML lowers Sensex target

Bank of America-Merrill Lynch  has become cautious on the domestic market and lowered the December target for Sensex to 32,000. The Sensex closes at 34949 on May 29. 

FII investments in Indian equities has come down steadily over the past six years from Rs 1.28 lakh crore in 2012, Rs 1.13 lakh crore in 2013 to Rs 97,069 crore in 2014, Rs 17,806 crore in 2015, Rs 20,566 crore in 2016 and Rs 49,729 crore in 2017. 

Portfolio investors have turned extremely cautious on Indian equities, as reflected by their net seller status in 35 out of 42 trading sessions till May 29.

IPO ANALYSIS: PALM JEWELS LIMITED - AVOID

Issue Details :

Issue opens  / closes on	25-05 / 01-06-2018
Issue size	29,68,000 equity shares
Face value	Rs 10
Price band	Rs 30
Business	Wholesale gold jewellery
Promoters	ROHIT D. SHAH & MRS. CHETNA R. SHAH
Listings	Bse, sme
BRLM	First Overseas Capital
Registrar	Karvy

BOI's loss widens

Bank of India has reported net loss to Rs 3,969 crore in the March quarter due to higher provisioning for mounting bad loans. It had reported a net loss of Rs 1,046 crore for the year-ago period.

 The gross non-performing assets hit 16.58 per cent of the gross advances, as against 13.22 per cent by end March 2017. Net NPAs rose to 8.26 per cent, as against 6.90 per cent. In absolute terms, the gross NPAs reached Rs 62,328 crore, sharply up from Rs 52,045 crore a year ago. 

Manpasand auditor quits, stock tanks 20 percent

Auditor of Manpasand Beverages, Deloitte Haskins & Sells has resigned as statutory auditors as the fruit juice maker failed to provide them with “significant information” on the financial results for the year ended March 31, 2018.

The stock tanked 20% and closed at Rs 344 in yesterday's trading.

L&T posts muted net in Q4

L&T has posted around 5 per cent jump in consolidated net profit in Q4.

The company has posted a profit of Rs 3,167 crore for the fourth quarter ended March 31, 2017-18 as against Rs 3,025 crore in the same period of the preceding fiscal.

The consolidated gross revenue in the quarter January to March 2018 stood at Rs 40,678 crore recording an increase of 10 per cent on a year-on-year basis.