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Updated: Feb 5 2013, 05:55am hrs
Sensex extends losses for third session

The BSE Sensex erased early gains on Monday and fell for the third consecutive session down 30 points at 19,751.19 to a three-week low on profitbooking, amid some weak quarterly earnings and lower openings in the European markets. PSUs, healthcare, power, oil & gas and metal stocks faced selling pressure. Offloading in stocks of heavyweights, such as SBI, RIL, ITC, ONGC, Cipla, BHEL and Dr Reddy's Lab, weighed on the market, while rise in HDFC, Tata Motors, ICICI Bank and HDFC Bank restricted the Sensex fall to some extent. The NSE 50-stock index, Nifty, also eased down 11.65 points or 0.1% at 5,987.25.

IDBI MF gets regulatory approval for RGESS

IDBI Asset Management has received Sebis nod for the launch of IDBI Rajiv Gandhi Equity Savings Scheme Series I (RGESS). Under RGESS, a new retail investor who has not transacted in equity shares through his depository account as on November 23, 2012, and has a gross annual income not exceeding R10 lakh, would be eligible for tax savings under Section 80 CCG over and above the limit of R1 lakh currently available under Section 80C of the IT Act.

HDFC Mutual Fund sells 2.39% stake in TII

HDFC Mutual Fund has sold 2.39% stake in Tube Investments of India (TII) in the open market over the last few days. HDFC Mutual Fund, through five of its funds, held 7.56% stake in the auto components-cum-bicycle-cum-metal framing company. It now has sold around 44,63,306 shares from its shareholding of 1,41,000,532 shares, according to a stock exchange communication on Monday.

Over 97.46 lakh pledged shares of SpiceJet released

Low-cost carrier SpiceJet on Monday said more than 97.46 lakh shares pledged by one of its promoter, Kal Airways, have been released. Kal Airways held 15.65 crore, or 32.32%, stake in SpiceJet as of December quarter. In a disclosure to the BSE, Spicejet said that over 97.46 lakh equity shares of the company, pledged by Kal Airways have been released. SpiceJet last month reported a net profit of R102 crore for the third quarter ended December, 2012.

Sebi fines three GEE promoter entities

The Securities and Exchange Board of India (Sebi) has imposed a total penalty of R27 lakh on three promoter entities of GEE for alleged fraudulent trading in the firms shares. Sebi slapped a fine of R18 lakh on Vidya Finvest, R6 lakh on Sanwarmal Agarwal and R3 lakh on Shankarlal Agarwal. Shankarlal Agarwal is also the MD of GEE, while Sanwarmal Agarwal is executive director of the company, a Sebi order said. The case relates to Sebi's probe into trading in shares of GEE between April 28 and August 31, 2009.

Goldman reiterates buy on Crompton Greaves

Goldman Sachs has retained its buy rating on Crompton Greaves and added the stock to its Asia-Pacific Conviction List. Goldman cited a favourable risk-reward ratio after the power equipment maker completed the restructuring of its Belgium plant in the quarter ended in December. The bank added that Crompton Greaves valuations are trading at a historical trough, calling it unjustified.