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Sensex opens 100 points higher, Nifty nears 15,200; IT stocks gain; small correction likely.
Stock Market Live: Indian indices opened higher on Friday mainly led by gains in heavyweights RIL, Infosys, and HDFC Bank. At 9:!8 am ,the Sensex was trading 133 points higher at 51,665 while the Nifty 8 points to 15,181. Gains were mainly led by IT, pharma and some banking stocks.
Opening Bell: Sensex opens 100 points higher, Nifty nears 15,200; IT stocks gain
Indian indices opened higher on Friday mainly led by gains in heavyweights RIL, Infosys, and HDFC Bank. At 9:18 am,the Sensex was trading 133 points higher at 51,665 while the Nifty 8 points to 15,181. Gains were mainly led by IT, pharma and some banking stocks. Broader markets were also positive with the midcap indec up 0.3 percent adn smallcap index up 0.8 percent. On the Nifty50 index, Wipro, Infosys, Grasim, HDFC Bank and HCL Tech were the top gainers while ITC, Shree Cements, Coal India, Maruti and UPL led the losses.
RailTel Corporation IPO to launch on February 16; price band set at Rs 93-94 per share
State-owned RailTel Corporation of India’s initial public offering (IPO) will open for subscription on February 16 to raise over Rs 800 crore. The issue will close on February 18 and the price band for the IPO has been set at Rs 93-94 per share.
The information and communications technology infrastructure provider would be the sixth initial public offerings this year, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, and Brookfield India Real Estate Trust. The IPO will be a complete offer for the sale of 8.7 crore equity shares by the government. Of this, 5 lakh shares will be reserved for the company’s employees. Investors can bid for a minimum of 155 equity shares and in multiples of 155 equity shares thereafter.
Top brass of Sun Pharma to pay Rs 2.36 crore in whistleblower settlement case.
The top brass of Sun Pharmaceuticals Industries will pay Rs 2.36 crore to the Securities and Exchange Board of India (SEBI) towards settling charges by a whistleblower that Sun Pharma had diverted funds through related party transactions. Dilip Shanghvi, founder and Managing Director of Sun Pharma will have to pay Rs 62.35 lakh; Sudhir Valia, former whole-time director will pay Rs 37.41 lakh; Sailesh T Desai, Executive Director will pay Rs 37.41 lakh; Kalyanasundaram Subramanian, Executive non-independent director has been asked to pay Rs 36.97 lakh; Uday Baldota, CEO at Taro Pharmaceutical Industries will pay Rs 24.65 lakh; Sunil Ajmera, Company Secretary to pay Rs 18.70 lakh and Ashok Bhuta, Senior General Manager (legal and secretarial) will pay Rs 18.48 lakh as penalty. A whistleblower in a letter to SEBI had alleged that Sun Pharmaceutical Industries and its wholly-owned subsidiary Sun Pharmaceutical Laboratories had been diverting funds through Aditya Medisales Ltd (AML), its sole distributor in India.
Sebi slaps Rs 80 lakh fine on four entities for diverting IPO funds
Sebi has slapped fines totalling Rs 80 lakh on four entities for diverting proceeds from the initial public offer of Birla Pacific Medspa Ltd. A fine of Rs 20 lakh each has been imposed on Ketan Vora, Proprietor of New Fashion, K V Impex, Jigar Vora, Proprietor of J C Enterprise, and Dinesh Vora, HUF Proprietor of Vora Associates (noticees). An investigation was conducted by Securities and Exchange Board of India (Sebi) into the initial public offer (IPO) of BPML for the period from July 7-15, 2011. The scrip of BPML was listed on BSE on July 7, 2011, after the IPO was open for subscription from June 20-23, 2011.
First up, here is quick catchup of what happened in the markets on Thursday
Indian equity indices, Sensex and Nifty ended Thursday’s volatile session higher led by gains in metals and IT stocks. The Sensex ended 222.13 points, or 0.43 points higher at 51,531.52, while the Nifty closed at 15,173.30, up 66.80 points, or 0.44 percent. Broader markets supported the upmove with smallcaps outperforming the frontline indices. Among sectors, Nifty Metal, Nifty FMCG and Nifty IT led the gains, while Nifty PSU Bank, Nifty Auto and Nifty Realty ended in the red. On the Nifty50, Hindalco Industries, Reliance Industries, Sun Pharmaceuticals, Adani Ports & SEZ and GAIL India were the top gainers, while Eicher Motors, Titan Company, Larsen & Toubro, Tata Motors and Coal India were the top losers.
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