Capitalstars Updates: Top Corporate News :- 6 Feb 2018

top corporate news

Top Headlines Of The Day:- 6 Feb 2018

Bond yields down as investors move to safe haven instruments
Oil India recovers from 3-month low on bonus share plan
MOIL down 3.5% as share buyback premium disappoints
Vakrangee locked in 10% lower circuit, down for 7th day
The textile and footwear stocks witnessed huge sell-offs

Bond yields down as investors move to safe haven instruments
Strong prospects of the Fed hiking interest rates in the next month has led to a spike in US bond yields, which touched 2.89%, highest level in nearly four years. The yields have been steadily increasing throughout January as signs of improving economy stimulated fears of inflation and increase in borrowing cost.
The ISM non-manufacturing index touched 59.9 in January, which was above the expected 56.5 (as per survey of Reuters economists), giving signs of growth in the economy’s service sector. Non-farm payrolls data released by US Labor Department data on Friday showed that it rose to 200,000 in Jan, more than the average estimate of economists. The unemployment rate was at a near 17-year low of 4.1%.

Oil India recovers from 3-month low on bonus share plan
Shrugging off the panic selling in the broader market, shares of Oil India recovered and came off their three-month lows on the company’s plan to issue bonus shares.
Late on Monday, the company said its board will consider the issue of bonus shares on Friday.
Earlier, the stock had extended losses to the seventh session in early trade, hitting a three-month low of Rs326.75, due to the plunge in the broader market. The scrip staged a remarkable recovery, rising as much as 2.1% to a high of Rs343.75.

MOIL down 3.5% as share buyback premium disappoints
Shares of MOIL fell nearly 8% today as the marginal premium offered by the company on its share buyback disappointed investors. At 11:40 AM, the stock was down 3.5%.
Post-market hours Monday, the company said it will buy back 8.8 million shares at Rs240 apiece, a mere 4% premium to the day’s closing price.
The company intends to spend up to Rs2.1 bln on the buyback.
MOIL Ltd is currently trading at Rs223, down by Rs8.25 or 3.57% from its previous closing of Rs231.25 on the BSE. The scrip opened at Rs220 and has touched a high and low of Rs224.15 and Rs213.75, respectively. The current market cap of the company is Rs6, 159.94cr.

Vakrangee locked in 10% lower circuit, down for 7th day
Shares of Vakrangee were locked in a 10% lower-circuit for the fifth session in a row at Rs212.80.
The shares were down for the seventh straight session today and have lost nearly 58% during the period.
There was heavy selling of shares after a news report said SEBI has ordered a probe into the alleged manipulation of the company’s share prices.
The company, however, has denied all the allegations of manipulation in the shares of the company and said it has not received any communication from the stock exchanges or SEBI.

The textile and footwear stocks witnessed huge sell-offs
The textile stocks witnessed huge sell-offs in today’s session on account of negative cues across the global markets. Today, the Indian markets opened up with a huge gap down of more than 3%. The negative cues are on account of rising inflation levels and anticipation of interest rate hike by the Federal Reserve.
The margins of textile companies are already under pressure on account of rising key material cost i.e. cotton. The management of the Indian textile companies expects that the cotton prices would normalise over next two quarters from current levels. However, we expect cotton prices to go up slightly, given lower domestic production following bollworm infestation. The Union Budget has also announced to increase MSP prices of Kharif crops to 1.5x of the cost of production. This would increase cotton MSP by ~22% to ~Rs5, 250.

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