Shrugging off poor IIP and inflation numbers, the Indian stock market on Tuesday rose by over 100 points to snap its eight-day losing streak, on value-buying in ONGC, HDFC Bank, Tata Motors and RIL. The benchmark Sensex bounced back by notching up a gain of 100.47 points, or 0.52%, to end the day at 19,561.04. The index had lost 545 points in last eight sessions to mark its longest losing streak since May 2011. The 30-share barometer resumed the day better, but fell to a low of 19,438.53 after the news of fall in industrial output growth and rise in retail inflation trickled in. Growth in industrial output contracted 0.6% in December mainly due to muted activities in manufacturing and mining sectors. Retail inflation, on the other hand, remained in double digits at 10.79% in January, driven by higher prices of vegetables, edible oil, cereals and protein-based items. But soon buying sentiment picked up, mainly in key stocks from refinery, pharma, PSU and auto segments. ONGC led the 17 gainers in 30-share Sensex by rising 3.81%, followed by Sun Pharma, Tata Motors, Coal India and Bharti Airtel. The broad-based National Stock Exchange index Nifty rose 24.65 points, or 0.42%, to close at 5,922.50.
NSE stops using S&P name for indices
Leading stock exchange NSE has stopped using the name of global financial market indexing and ratings major Standard and Poors (S&P) for its various indices, including benchmark Nifty, as a licensing agreement between them in this regard has been terminated. S&P had a licensing arrangement with India Index Services & Products (IISL), a joint venture between the NSE and the Indian ratings agency and S&P group firm Crisil, under which the Indian bourse was using S&P trademark in the names of its various indices, including market benchmark Nifty.
WNS fixes offer price of ADS held by Warburg Pincus
BPO firm WNS on Tuesday fixed the issue price of its American depository shares, held by private equity firm Warburg Pincus, at $12.75 a piece, taking the offer size to $185.12 million. Last week, Warburg Pincus had announced that it plans to sell its entire holding of over 14.5 million American depository shares (ADS) in the NYSE-listed WNS. WNS announced pricing of the previously announced underwritten public offering of 12,625,343 ADS by Warburg Pincus at a price to the public of $12.75 per ADS," WNS said in a statement. Warburg Pincus has also granted the underwriters of the offering a 30-day option to purchase up to an additional 1,893,801 ADS, representing 15% of the total offering size, to cover over-allotments, if any, it added.
Assocham asks Sebi to extend ESOP norm deadline
Assocham has sought more clarity on Sebi's norms for employee welfare schemes and asked for an extension of the deadline set for companies to comply with the amended rules. To avoid the confusion created by the Securities and Exchange Board of India (Sebi) recent guidelines on (Employee Stock Option Scheme and Employee Stock Purchase Scheme) ...Assocham has suggested extension in the date for final disposal of shares held beyond June 30 this year," said an Assocham statement. Assocham has sought the regulator's clarification regarding certain lock-in norms for these schemes, among others.