Infosys is poised to overtake ITC as the stock with the biggest weighting in the benchmark BSE Sensex and the broader Nifty. Infosys’ weighting in the BSE Sensex currently stands at 9.70%, only 15 bps away from 9.85% for ITC, Thomson Reuters data show. In the Nifty, Infosys’ weighting stands at 8.41% compared with 8.58% for ITC. The Infosys share rose 16.4% in the last three months on rupee depreciation and hopes of higher business from the US, while ITC, a bet on domestic consumption, fell 11.7% in the same period on valuations and a slowing economy.
Sebi bars Lee Capital for illegal investment scheme
Sebi has barred Lee Capital Services and its managing director from the securities market for running an unauthorised money pooling scheme by promising “unrealistic returns” and directed the firm to make refunds, along with interest, to investors within three months. Continuing its crackdown on fraudulent investment schemes, Sebi has also asked Lee Capital to wind up its money raising activities. Besides the company, the market regulator has also barred its managing director Santhosh Kumar and his father KL Kunjiraman Pillai from dealing in the securities market till further directions. Lee Capital had also misused its stock broker registration with Sebi, the capital market regulator.
