Here are the top stories this evening:
Taking Stock: Sensex up 379 points, Nifty above 17,800 as rally continues
The Indian equity market carried forward the gains of the previous week, with buying across sectors, barring metal and PSU bank, and a drop in wholesale prices boosting sentiment on August 16. At close, the Sensex was up 379.43 points or 0.64 percent at 59,842.21, and the Nifty was up 127.10 points or 0.72 percent at 17,825.30.
SBI initiates insolvency proceedings against Bajaj Hindusthan Sugar
State Bank of India, the country’s largest lender, has filed an insolvency petition in the National Company Law Tribunal (NCLT) against Bajaj Hindusthan Sugar. As per media reports, Bajaj Hindusthan Sugar owes nearly Rs 4,800 crore to banks like SBI, Punjab National Bank, Indian Bank and Central Bank of India.
Adani Transmission hits Rs 4-trillion in market capitalisation for the first time
Adani Transmission Ltd on August 16 hit Rs 4 trillion in market capitalisation for the first time after its shares rallied over 104 percent this year. The stock touched an all-time high after gaining for three consecutive sessions.
Franklin Templeton India’s first launch after debt fund crisis is here. Should you invest in it?
Franklin Templeton Mutual Fund (FT MF) has launched its first new mutual fund scheme since it decided to wind-up six of its debt schemes in April 2020. The new fund offer (NFO) opens today. Moneycontrol was first to report that FT MF's first fund launch since the debt funds crisis will be on August 16.
Syrma SGS Technology IPO: Issue subscribed 91% on second day of bidding
Syrma SGS Technology’s initial public offering (IPO) has subscribed 91 percent on August 16, receiving bids for 2.6 crore equity shares against an offer size of 2.85 crore shares. The issue has got a good response from retail investors who bought 1.54 times the shares set aside for them by Day 2 of the bidding. Non-institutional investors had subscribed to 74 percent of their quota of shares.
Rupee Co-operative Bank’s collapse leaves many depositors in distress
The end to Rupee Co-operative Bank didn’t come suddenly. The bank had faced RBI penalties many times in the past. Trouble at the Pune-based lender started in 2001-2002 when the RBI detected large-scale financial irregularities, a high level of non-performing assets and loss resulting in erosion in net worth and erosion in deposits following a whistle-blower alert. How did the bank fail?
Hindustan Oil Exploration Co shut second well in western offshore for tech issues
Listed crude oil explorer Hindustan Oil Exploration Company Ltd (HOECL) has shut-in its second well (D-2) in the B-80 oil and gas field in the Mumbai offshore basin because of technical disruptions. Reacting to the news, shares of HOECL declined 4.2 percent to Rs 162.55 on the BSE at 2:30 pm on August 16.