1. Sensex snaps 4-day losing streak, closes 82 points up, Nifty50 settles above 7,600

Sensex snaps 4-day losing streak, closes 82 points up, Nifty50 settles above 7,600

The BSE Sensex snapped four day of losing streak and closed in positive terrain on Friday on account of value-buying in blue-chip stocks and recovery in the rupee amid firm Asian cues.

By: | Mumbai | Updated: January 8, 2016 5:43 PM
Sensex, market capital

The benchmark BSE Sensex regained the 25,000-mark by recovering over 206 points in early trade mostly driven by a value-buying in blue-chip stocks and recovery in the rupee amid firm Asian cues. . (Reuters)

The BSE Sensex and NSE Nifty snapped their four-day losing streak and closed on a positive note on Friday on account of value-buying in blue-chip stocks and recovery in the rupee amid firm Asian cues.

Sensex closed 82.50 points or 0.33 per cent up at 24,934.33, while NSE Nifty settled 33.05 points or 0.44 per cent up at 7,601.35. For the week, both the indexes recorded steep fall with the Sensex tumbling 1,226.57 points or 4.68 per cent while Nifty tanked by 361.85 points or 4.54 per cent.

Indian  rupee recovering from a three-week low by rising 33 paise to 66.60 against the dollar (intra-day) also supported the market sentiments.

“Key benchmark indices in India traded in the positive zone on Friday in the wake of stability seeping into the Chinese stock market after the authorities removed a controversial new circuit breaker system which failed to reign in volatility at the bourses. After four consecutive days of a steep slide, investors cautiously expressed buying interest with select energy and IT stocks attracting flows. In a complete volte face from Thursday, all sectoral indices on the NSE traded in the green today. Buying interest was also witnessed in mid and small cap stocks, with the BSE Mid-Cap index and the BSE Small-Cap index outperforming the benchmark Sensex, ” Shreyash Devalkar, fund manager – Equities, BNP Paribas Mutual Fund said.

On the global front, the Asian markets were higher after China suspended its market circuit breaker system and set a firmer midpoint rate for the yuan. The stock markets will eye the earnings season starting next week when Tata Consultancy Services and Infosys report their quarterly results.

Gold prices continued its rising streak for a fifth straight day and edged up by Rs 20 to Rs 26,350 per ten grams at the bullion market on Friday.

In the 50-share index, Tata Power(up 3.09 per cent), Tata Motors (up 3.01 per cent), Tech Mahindra (up 2.58 per cent), PowerGrid (up 2.53 per cent) and BPCL (up 2.45 per cent) were among the major gainers. On the other hand, Larsen and Toubro (down 2.45 per cent), Cipla (down 2.11 per cent), Bajaj Auto (down 1.99 per cent), Adani Ports (down 1.49 per cent) and Coal India (down 1.35 per cent up) were among the top losers.

Out of the 30-share Sensex pack, 17 closed in the green and 13 finished lower. In the Sensex kitty, Tata Motors(up 2.99 per cent) and Tata Steel(up 1.44 per cent) were among the gainers. Cipla(down 2.61 per cent) and Larsen and Toubro(2.19 per cent) were among the biggest losers.

Markets through the day

3.30 pm: Sensex closed 82 points up at 24,934.33. Nifty settled 33.05 points up at 7,601.35.

3.20 pm: Tata Motors shares were trading 2.94 per cent up at Rs 353.30. Sensex was trading points 89.61 points up at 24,941.44. NSE Nifty was trading 33.35 points up at 7,601.65.

3.06 pm: Continuing restructuring of its top management, Wipro has appointed Bhanumurthy BM as President and COO. The company has also formed a new unit, Marketing, Innovations and Technology (MIT), which will be headed by Wipro’s Global Infrastructure Services (GIS) Head G K Prasanna. Shares of Wipro were trading 1.36 per cent up at Rs 557.25. Sensex gained 85.63 points to trade at 24,937.46. NSE Nifty was trading 26.95 points up at 7,595.25.

2.46 pm: Lupin shares gained 0.43 per cent to Rs 1725.75 after the pharma Major informed bourses that it has received final approval for its Kaitlib Fe Tablets from the United States Food and Drug Administration (FDA) to market a generic version of Warner Chilcott’s Generess Fe Chewable Tablets. Sensex was trading 115.72 points up at 24,967.55. NSE Nifty was trading 39.65 points up at 7,607.95.

2.28 pm: BSE Realty index was trading 3.17 per cent up (with Housing development & Infrastructure gaining 7.27 per cent) followed by BSE Utilities 2.24. Sensex was trading 166.35 points up at 25,018.18. NSE Nifty was trading 59.10 points up at 7,627.40.

1.55 pm: European shares inched higher on Friday, signalling a possible stabilisation from this week’s earlier sell-off as Chinese stocks rose after the country’s circuit breaker mechanism was axed to calm investor sentiment. By 0816 GMT, the pan-European FTSEurofirst 300 index was up 0.2 percent but was still on track for its steepest weekly drop since late August. The euro zone’s blue-chip Euro STOXX 50 index also advanced by 0.1 percent. Sensex was trading 150.59 points up at 25,002.42. NSE Nifty was trading 44.10 points up at 7,612.40.

1.47 pm: Sensex was trading 114.06 points up at 24,965.89. NSE Nifty was trading 35.65 points up at 7,603.95. Oil prices rose more than 2 per cent on Friday, following China shares higher after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes, although a persistent global crude surplus kept a lid on gains. Brent rose 75 cents to $34.50 a barrel by 0743 GMT, near an intraday high of $34.72. It was more than $2 away from Thursday’s $32.16, a level last seen in 2004.

1.24 pm: Sensex was trading 155.97 points at 25,007.80. NSE Nifty gained 49.85 points up at 7,618.15.

1.03 pm: Glenmark Pharmaceuticals on Friday announced discovery and initiation of enabling studies of an investigational new drug (IND) molecule targeted at cancer treatment. Shares of Glenmark were trading 0.04 per cent up at Rs 866.90. Sensex was trading 127.70 points up at 24,979.53. NSE Nifty was trading 41.05 points up at 7,609.35.

12.37 pm: BSE Power and BSE Oil and Gas index was up 1.63 per cent and 1.37 per cent respectively. Sensex was trading 124.96 points up at 24,976.79. NSE Nifty was trading 31.25 points up at 7,599.55.

12.27 pm: Larsen & Toubro (L&T) shares were trading 2.11 per cent down at Rs 1180.80 after CLSA’s strategist Christopher Wood replaced L&T with Reliance Industries in his Asia ex-Japan long-only portfolio. Sensex was trading 86.71 points up at 24,938.54, while NSE Nifty was trading 25.05 points up at 7,593.35.

12.09 pm: IVRCL shares were trading 4.60 per cent up at Rs 9.78 after the company has bagged orders worth Rs 350.96 crore under its Irrigation Division and Water Division. Sensex was trading 83.56 points up at 24,935.39. NIfty was trading 24.35 points up 7,592.65.

11.37 am: Canara Bank shares were trading  0.53 per cent up at Rs 220.10 after it informed BSE that as per the powers delegated by the Board of the Bank, the Bond Committee has decided to raise Basel III Compliant Tier -II Bonds amounting to Rs 900 Crore (as Series – II) by way of Private Placement. Sensex was trading 101.37 points up at 24,953.20. Nifty was trading 24.10 points up at 7,592.40.

11.15 am: Coal India shares were trading 2.77 per cent down at Rs 317.50. Sensex was trading 71.38 points up at 24,923.21. Nifty was trading 16.70 points up at 7,585.00.

10.58 am: Sensex was trading 85.36 points up at 24,937.19. NSE Nifty was trading 26.35 points up at 7,594.65. China’s major stock indexes rose strongly on Friday after Beijing ditched a circuit breaker mechanism that halted trading twice this week and had been blamed for exacerbating the market sell-offs it was designed to limit. The People’s Bank of China also raised its guidance rate for the yuan for the first time in nine trading days, having allowed the currency’s biggest fall in five months on Thursday, sending shivers through regional currencies and global stock markets as investors feared it would trigger competitive devaluations. With the circuit breaker deactivated late on Thursday, the CSI300 index was up 3 per cent at 3,393.61 points in early afternoon trade(10.59 am IST) on Friday, while the Shanghai Composite Index was up 2.8 percent at 3,211.12 points. The CSI300 had lost around 12 per cent in the first four trading days of 2016, giving up all the gains made in 2015.

10.25 am: Tech Mahindra stocks were trading 1.82 per cent up at Rs 520.75 as the software firm has entered into a strategic alliance with US-based MetricStream to deliver governance, risk and compliance (GRC) solutions across the globe. Sensex was trading 108.11 points up at 24,959.94. Nifty was trading 27.65 points up at 7,595.95.

10.02 am: Tata Steel was trading with gains of 0.96 per cent at Rs 252.50 after its Sukinda Chromite Mine (SCM) in Odisha’s Jajpur district become the first mine in India to roll out a pilot project on Sustainable Development Framework (SDF), a concept proposed and promoted by Union Mines Ministry for the development of culture of sustainable mining. Sensex was trading 114.40 points up at 24,966.23. Nifty was trading 36.35 points up at 7,604.65.

9.44 am: Indian rupee recovered from its three-week low by surging 30 paise to 66.63 against the US dollar in early trade at the Interbank Foreign Exchange on fresh selling of the American currency by exporters and banks. Sensex gives up some gains and was trading 110.93 points up at 24,962.76. NSE Nifty was trading 32.25 points up at 7,600.55.

9.31 am: Axis Bank stocks were trading 1.44 per cent up at Rs 415.25 after the government is considering diluting its 11.7 per cent stake in Axis Bank it holds in the bank through the Specified Undertaking of the Unit Trust of India (SUUTI) to meet shortfall in disinvestment proceeds and revenue collection during the current fiscal. Sensex was trading 167.77 points up at 25,019.60. NSE Nifty was trading 49.65 points up at 7,617.95.

9.18 am: Sensex was trading 206.52 points up at 25,058.35. NSE Nifty was trading 46.55 points up at 7,614.85.

9.15 am: After a sharp fall of over 550 on Thursday, Sensex stages smart recovery after China markets recovered and rose more than 2 per cent in early trade on Friday after Beijing deactivated a circuit breaker mechanism blamed for aggravating market crashes this week. Sensex was trading 161.82 points up at 25,013.65. NSE Nifty was trading 46.55 points up at 7,614.85.

8.40 am: The BSE Sensex and NSE Nifty are likely to open flat with a positive bias on Friday tracking SGX Nifty and China markets.

At 8.39 am, SGX Nifty was trading 12 points or 0.16 per cent up at 7,584.50.

Asian shares are on course to post their biggest weekly fall in more than four years as investors dumped risk assets on fears over China’s economy and its turbulent financial markets. Hang Seng and Nikkei were up 0.90 per cent and 0.39 per cent, respectively.

US stocks sold off further on Thursday, giving the Dow and S&P 500 their worst four-day starts to a year ever, dragged down by another drop in Chinese equities and oil prices at 12-year lows.

On Thursday, BSE Sensex and NSE Nifty fell for fourth day in a row, tumbling by over two percentage points as China accelerated the depreciation of the yuan, sparking sharp falls in regional equity and currency markets. Markets ended at 4-month low as the benchmark BSE Sensex ended 554.50 points down at 24,851.83. NSE Nifty on the other hand plunged 172.70 down at 7,568.30.

 

  1. A
    Ashish
    Jan 8, 2016 at 10:23 am
    Good that our sen is now driven by indian retail investors as well. FIIs outlow often gets balanced by DIIS inflow. It’s time to get rich rather than watching FIIs getting rich from our market. Refer prudentcap dot in to explore more .
    Reply
  2. H
    Harry Potter
    Jan 9, 2016 at 12:12 pm
    Make In India - LnT Style! Please refer The Quint article - Not Quite Make in India: Sardar Patel Statue Being Made in China. Please refer Times of India articles - Article - 1 - China-wary Sardar's statue being made in Nanchang. Article - 2 - Sardar Patels statue to have China connection. Outlook India article - Nationalism, Made In China. Deccan Herald article - Sardar Patels Statue of Unity is being made in China. International Business Times article - Is Prime Minister Modis dream Statue of Unit being made in China? Please GOOGLE - LnT fraud / forgery / corruption / harment / risk. LnTs current dispensation can not be trusted with India-s defence and lives of soldiers. Since state owned LIC and UTI are biggest investors at LnT, PM Modi should intervene to fix retirement age for top-bres from SCANDALOUS 75 to professional 60.----------------------------------------------------Annus horribilis for L&T - Annus mirabilis for L&T executive, 3 of these failed executives are in 2015 Top-10 Highest Paid pro executives of India Inc. L&T bres have displa geriatric trait of biting more than they can chew. Later cry foul policies, political situations etc. Hydrocarbon projects losses of 900 cr, they concede it as error of judgment, underestimating risks, aggressive bidding, and overestimating capabilities. Cost overruns in Hyderabad/Riyadh metro, 5k cr of stagnating investment in defence - they want to build ‘India’s defence capabilities’ – please do BUSINESS of profits. GoI is under no obligation to commit fixed orders. Laxmi Mittal the steel magnet have no time to cry/blame - dead busy expanding his empire from north pole to south pole, no less India lover, still holds Indian Pport, will do business in India at right time. Why L&T is asking for VGF? Do your calculations bear risk – simple. Jeff Bezos – Amazon CEO- “when asked whether doing business was easy in India, he said, ''doing business is not easy anywhere. Every country has its quirks, differences and uniqueness, companies must work around them".-------------------------------------------------------------------------------------------------------------Even self-confessed Avatar Purush like Chairman A M Naik seems to be failing to manage L&T - Mr Naik's views on succession - why Mr Naik is slogging at 73 – Quote- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UnQuote. LnT stock touched 18 month low of 1175 (Jan 08, 2016) , from peak of 1879 (July 10 2015). Lost whopping 37 percent in last 6 months. Net debt as on 30 Sep 2015, - 98 thousand crores. Would it hit 3 yr low of 722 in a quarter or two? People who have invested in L&T stock have either lost or gained less than zero risk FD investment in 5-6 years. Only exception are L&T top bres - LnT top-bres were on selling spree, Chairman Mr Naik sold his LnT shares worth 70 crores in 20 days - March 2014. Same is applicable to only other listed company of the group L&T Finance, not made any money for investors for last 6 years. No impacts on tenures of top bres nearly or above 70 yrs. All above age of 60 should be smoked out of L&T, Leave Now ! --------------------------------------------------------------------------------------------------------------------------------------------------------To quote Mr Naik "there is no bloody owner at L&T". It is not just Mr Naik L&T is personal fiefdom of a old-men club, it is divided between septuagenarians vertical wise - CEO Mr Vekataramanan (alas hanged boots, Sep 2015), responsible for hydrocarbon business and its heavy losses. Mr Magapu is responsible for stagnating IT business L&T Infotech and L&T Tech services, Mr Deosthali is CEO of L&T Financeholding, LnT Finance not made any money for shareholders in 6-7 yrs,, Mr MV Kotwal man in charge of L&T's defence forays, 5k crores of futuristic investment in defence is junking. These gentlemen are nearly/above 70. Please GOOGLE - L&T fraud / forgery / harment / risk / succession / default / corruption - to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. To quote Mr Naik "CEO and company are two sides of the same coin they represent each other. PM Mr Modi should intervene to restore insutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now!. Career span of 50 years as paid employees in a company where state owned LIC/UTI are biggest stake holders - SCANDALOUS - in a country where millions are job less. PM Mr Modi, should intervene to fix retirement age at LnT from SCANDALOUS 75 to 60 - ASAP!! All and sundry above 60 at L&T, leading the pack Mr Naik (aged 73) Leave Now!!---------------------------------------------------------------------------------------------------------------Please allow me to give you all a glimpse (trailer) of a public sponsored circus - Gymnastics by 70 ton Gorillas and Dinosaurs on-going show at L&T please refer BS articles - L&T: International orders worth Rs 30,000 cr at risk - and - why analysts are angry with L&T. Some excerpts - What has angered analysts the most is that the company did not in any way prepare the market for a Rs 900 crore loss. - L&T calls it an error of judgment, as it underestimated risks and overestimated its own capability- Investors and analysts allege the company frequently changes the financial reporting structure, making year-on-year comparison difficult. Some exotic nonsense by geriatric in chief - why Mr Naik is slogging to find successor - " you find a man in the world who will kill himself four times a day, has worked for more than a hundred years;--The day you find such a man he is my successor." - Mr Naik is right, well chronicled life span in modern times is 122 years. On one hand top-bres are taking their compensation and retirement to the highest level possible, on other hand FIRING young talented employees - Please GOOGLE --"Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations".Can employees, investors, analyst TRUST these dinosaurs - All and sundry above 60 Leave Now!!-----------------------------------L&T in melting - devil or the deep blue sea - stake or post losses. L&T in melting - devil or the deep blue sea - stake or post losses. Complete stake at Dhamra Port (Rs 2500 crores) to Adani group saved LnT from posting losses in q1-2014. LnT Inra stake to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores. Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores. Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, ss Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785 crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD potion of septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1270, from peak of 1879 - Total consolidated debt 98 thousand crores - would it hit 3 yr low of 722 in a quarter or two? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- L&T Chairman (aged 73) Mr Naik-s brainchild, LnT Infotech is stunted juvenile. Founded as LnT-IT in late 80s, renamed to LnT Infotech in 1997 claiming to touch $1 billion in revenues since 2010 – still not there. Cognizant founded in 1997 is more than $10 billion in revenues. Sans DNA destruction of work culture and mockery of corporate governance at LnT, LnT Infotech could be what TCS is for TATAgroup companies, a great saviour for old-economy TATA companies. LnT Infotech a proven laggard, in news for failed attempt to bid for Satyam, Patni, Polaris, Hexaware, rumoured sell off to Fujitsu. Perennial entry/exit of lateral CXOs, listing gimmicks – it’s in shambles. Year 1999, Mr Naik appointed CEO of LnT group, Infosys headcount in March 2000 nearly 5k, now nearly 1.7 lakhs and LnT Infotech is nearly 20k. What policy paralysis, RBI rates etc Mr Naik wants to blame for this most dismal performance in IT space? LnT has failed to cut even 1% of IT business pie of $116 billion in India. LnT Infotech in IT space for more than quarter of a century (25 years) and not even $1 billion in revenues, headcount less than 20k! Please GOOGLE – white collar criminal equivalent of rape and murder- “Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations”. All and sundry above 60 at L&T Leave Now!!-------------------------------------------------------------------------------------------------L&T is an example of brazen disregard for merit and professionalism , a mockery of corporate governance. L&T legacy of true founders Danish engineers Mr Ln and Mr Toubro is in clutches of despotic geritocracy. Leading the pack of engineers who joined L&T in 60s is Chairman Mr Naaik. State owned LIC and UTI are biggest stakeholders, upto 10 and 17% each. Mr Naik's views on succession - why Mr Naik is slogging at 73 – QUOTE- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UNQUOTE. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts –Cabinet ministers arrived via scheduled flights -- private jet of AM Naik left immediately after arriving –. State owned LIC/UTI are biggest stakeholders at L&T, PM Mr Modi should intervene to restore insutional integrity at L&T and fix retirement age to 60. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. Please GOOGLE - L&T fraud / forgery /harment / risk / succession / default to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. PM Mr Modi should intervene to restore insutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now.---------------------------------------------------------------------------------------------- 3 of the failed executives of sinking ship L&T are in list of 2015 top ten highest paid pro executives of India Inc, leading the pack Chairman Mr Naik 27 crores. Cost of public sponsored circus at L&T - number ofCxOs/MDs at L&T and all its subsidiaries (138)- their CTC? Just CEO (Mr Venkatraman alas retired Sep 2015) and Executive chairmen of L&T pegged at Rs 14 and 27 crores, Mr Dubhashi of L&T Finance 21 crores only. KUMBH-MELA factories of old to very-old CXOs/MDs. L&T top bres have displa geriatric trait of biting more than they can chew and digest, than they are putting blame on policies etc. Where they not aware of Telengana movement? Now asking VGF - blackmailing newly formed state, threatened to pull out. How many farmers get Viability Gap Funding before committing suicide? They have implemented international hydrocarbon projects at losses of 900 crores, they concede it as error of judgment, underestimating risks, aggressive bidding, overestimating capabilities. 5000 crores they have invested in defence, again crying foul on name of policies. Biggest shareholders at LnT are state owned LIC/UTI. PM Mr Modi should intervene to fix retirement age at LnT to 60 - ASAP. All and sundry above 60 at L&T Leave Now!!----------------------------------------------------------------------------------------------------------------------------------------------------------------Frank De Souza appointed CEO of Cognizant at 38, HRD Minister Ms Irani 38, Vivek Murthy, Surgeon General - US, is 37. Vishal Sikka, Infosys CEO 46, Cyrus Mistry TATA top-man 44, N Chandrasekaran appointed CEO of TCS at 46, Raghuram Rajan appointed RBI Governor at 50, Indira Nooyi appointed CEO of PEPSI at 50. Rajeev Suri, CEO Nokia 47. Arun Sarin appointed CEO of Vodafone at 50. Staya Nadel, CEO Microsoft 46, Ajaypal Singh Banga appointed CEO Master Card at 50. Tulsi Gabbard, youngest woman in the US to be elected to a state legislature at age of 21. India got its first PM born post independence. Avg age of India in 2020 will be 29. Credit goes to Charcoal Colored Hair (Eyebrows) and White Elephant Syndrome. L&T is plagued with A MaN made leadership crisis. L&T is India Inc's biggest Geritocracy - (by, for and of Geriatrics), leading the pack Chairman Mr AM Naik, oldest (aged 73, compensation 27 crores) one of the highest paid ‘professional’ honcho in India Inc. Mr Naik's views on succession - why Mr Naik is slogging at 73 – Quote- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UnQuote. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts –Cabinet ministers arrived via scheduled flights -- private jet of AM Naik left immediately after arriving –. State owned LIC/UTI are biggest stakeholders at L&T, PM Mr Modi should intervene to restore insutional integrity at L&T and fix retirement age to 60. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T------------------------------------------------------------------------------------------------------------------------Here is the list of lateral CEOs who left L&T, Dr Panda (L&T Tech Services) of scam tainted Satyam is an exception ---Its a Catch-22 situation young insiders are not good enough for the top jobs at LnT and its subsidiaries, outsiders (laterals) cant with stand Despotic Gritocracy the old-men club. Top-men-eater Egyptian Mummies. Infotech ex-CEO Mr Banerji, two last joint CEOs Mr Chopra and Dr Aghi – QUIT. Mr Ravi Uppal CEO LnT Power (Mr Naik's potential successor)–QUIT. CEO LnT General Insurance Mr Joydeep Roy – QUIT. CEO LnT MF Mr Sanjay Sinha – QUIT. Old-men club is singing this bad chorus and opera a distorted version remix of Brayan Adams songs - 18 till I die and Summer off 69 - oh ya!. The band joined LnT some time in 60s. This public sponsored deafening cacophony and distortion should be stopped.----------------------------------------------------------------- For expansion companies get listed, at L&T its an on-going distress sell across sectors. Geriatric leadership of L&T is all set to sink L&T into Indian Ocean – before they hang boots and Go Home. L&T Infotech IPO scheduled on Dec 2015, dela due to valuation issues, L&T Valves proposed IPO postponed - again, valuation issues. Total debt ending Sep 2015 - 98k crs, current market cap 1 lakh 12k crs – L&T share has plunged by 37% from high OF 1879 to current low of 1176 in last 6 months. Devil or Deep Blue sea - sell stake or post losses - or hard rock. Here is the list of off loads - Dhamra and Kuttapalli port complete stake sold to Adani - more than 4k crs. L&T Infra partial stake sold to Canada Pension fund - 2k crores. L&T Finance 10% stake sold to Bains - 1.3k crs, Citi's stake raised to 7.6%. L&T Reality Elante Mall sold to Carnival Group. Bains Capital got one board seat at L&T Finance after 10% stake purchase - why no seats at board of L&T for LIC and UTI - at-least 2 and 1 respectively. LIC and UTO holds upto 10 and 17 % stake at L&T. Schizophrenic immortal Egyptian Mummies – L&T top bres had some Bond-007 international plans of shifting L&T Business HQ to Dubai. PM Mr Modi should intervene to fix retirement age to 60. All above age of 60 should be smoked out of L&T – leading the pack junior engineer turned Chairman Mr Naik aged 73, compensation 27 crs, Paid Employee at L&T for more than 50 yrs.---------------------------------------------------Please GOOGLE - L&T fraud / forgery / harment / risk / succession / default / corruption - to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. PM Mr Modi should intervene to restore insutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now!
    Reply

Go to Top