Bourses may shift 6 scrips to normal trading: Sebi
The Securities & Exchange Board of India (Sebi) on Monday said stock exchanges may consider shifting securities of as many as six companies to the normal trading category from the restricted segment. The scrips, which could now be shifted to rolling settlement, are Elder Projects, Risa International, Mapro Industries, Surya Industrial Corporation, Croitre Industries and Anandam Rubber Company. Additionally, Sebi also advised the bourses to report to the regulator the action taken in this regard in the monthly/quarterly development report.
Sebi settles case against Suzlon’s senior executive
Sebi has disposed of a case against a senior official of Suzlon Energy after he made a payment of R6.80 lakh as settlement in a matter related to alleged violations of insider trading norms in 2009. Sebi had initiated adjudication proceedings against the company’s vice-president, purchase (Nacelle), Manoj Bakshi, for indulging in opposite transactions in Suzlon’s shares. As per the norms, designated employees who trade in company shares are not allowed to enter into an opposite transaction — sell or buy shares during the next 30 days or six months following the prior transaction.
IDFC cuts RIL to ‘neutral’ citing valuations
IDFC on Monday cut its ratings on Reliance Industries to ‘neutral’ from ‘outperform’, citing valuation concerns after a recent rally in shares of the energy conglomerate. The brokerage said Reliance's current share prices were already factoring in healthy gross refining margins, better petrochemicals spreads and a rise in exploration and production volumes.
Motilal Oswal net up 12% at R29.2 crore
Motilal Oswal Financial Services’ net profit for the quarter ended December 31, 2012, stood at R29.2 crore, up 12% year-on-year and up 28% quarter-on-quarter. Revenues for the quarter stood at R114 crore, up 3% on a y-o-y basis and up 1% on a q-o-q basis. Broking and related revenues were at R75.8 crore, up 5% from the same period in the previous year and up 4% from the previous quarter.