Market erases gains, Sensex down 10 points
After rising about 129 points in early trade on Tuesday, the BSE benchmark Sensex gave up gains to end 10 points lower, dragged down by losses in Infosys, SBI and RIL, amid talks of a no-confidence motion against the UPA government on the FDI issue in Parliament. After snapping a six-day losing run on Monday, the 30-share Sensex resumed up, in line with firm trends in global markets and improved further to a high of 18,467.91. However, the market slowly frittered away the gains to finally close at 18,329.32, a drop of 9.68 points on profit-booking. The Sensex lost the initial momentum on fall in Infosys (1.46%), SBI (1.39%) and RIL (1.27%) despite gains in M&M (3.25%), HDFC (2.02%) and Tata Power (1.81%). The 50-share NSE Nifty index moved up marginally by 0.15 points to 5,571.55, snapping straight seven session of losses.
Sebi fined 7 cos in 2012-13 on investor complaints
Tightening its noose on companies that failed to resolve investors’ complaints, the Securities and Exchange Board of India (Sebi) has slapped penalties totalling more than R21 lakh since the beginning of the current fiscal. As per the latest information available with Sebi, the regulator has imposed a total monetary penalty of R21.35 lakh so far in 2012-13. These penalties have been imposed against seven companies for failure to resolve investor grievances. The number of such companies in the current fiscal so far is higher than a total of five firms against whom penal action was taken by Sebi in the entire previous fiscal, 2011-12, and three in the year before.
Cos make 39 open offers worth R2,569 cr in Apr-Sept
Indian companies made 39 open offers totalling over R2,500 crore to public shareholders in first six months of the current financial year, up from 23 offers worth about R2,200 crore in the year-ago period. Out of these, 19 offers worth R1,621 crore were made for substantial acquisition of shares. However, the number and total size of open offers fell sharply in the first half of current fiscal beginning April 2012, compared to the preceding six-month period that saw as many as 48 offers worth R17,061 crore.