Sensex up 106 pts to 1-month high on GDP, manufacturing
The Sensex rose 106 points on Monday to the highest level in a month after data showed economic growth in the second quarter was better than expected and manufacturing activity expanded last month. The gains were led by healthcare, capital goods, banking and metal sector stocks. ICICI Bank, Sun Pharma and Larsen & Toubro helped to lift the index even as ONGC and Hindustan Unilever dragged it lower. Jindal Steel, Wipro and BHEL were among the top gainers. The 30-share S&P BSE Sensex resumed on a lower note and hovered in a range of 20,770.51 to 20,941 before ending at 20,898.01, up 106.08 points or 0.51%. It was the third day of gains for the index, which is at the highest level since the November 5 close.
Funding via preferential allotment at 4-month high
Fund-raising by issuance of shares to promoters and shareholders on preferential basis has hit a four-month high of R3,366 crore in October. According to the latest data released by Sebi, funds garnered by firms through preferential allotment route surged to R3,366 crore in October, after plunging to a nine-month low of R926 crore in September.
The October figure has reached the highest level since June, when the funds had mopped up a total of R11,878 crore through preferential allotments. However, the number of preferential issues slipped to 31
in October from 32 in the preceding month.
SAT adjourns RIL’s insider-trading case
The Securities Appellate Tribunal (SAT) on Monday adjourned the hearing on an appeal by Reliance Industries (RIL) against Sebi in the 2007 insider-trading case till Tuesday, as the company sought time to respond to certain queries from the tribunal. The tribunal’s presiding officer J P Devadhar asked senior RIL counsel Janak Dwarakadas not to shift his stance on the number of documents RIL wants from the regulator when Dwarakadas said he demanded only three set of documents from Sebi on the consent order, which the company is challenging and another set of 27 documents for the second case that’s on the adjudication petition.