Daily Archives: Tuesday February 12th, 2019

CEO of Tata Steel UK quits


Mumbai: Bimalendra Jha, Chief Executive Officer (CEO) of Tata Steel UK, UK subsidiary of Tata Steel Group has resigned. This resignation has been given at a time when the company is going through a lot of crisis.
Explain that the company has planned joint ventures with Thyssenkurup. Bimalendra Jha was the CEO of Tata Steel’s European operations since 2016. Tata Steel recently transferred some of its stake to NatSteel and also in Southeast Asia. It also signed with China’s HBIS Group for this. According to sources, Jha has resigned and his resignation has been accepted.

Market continues to decline

Sensex ends down

In the Mumbai-market this week, the decline continued for the second day. The Sensex has weakened 240 points, while the Nifty closed below 5500 levels, down 108.50. Bank Nifty worked to create pressure in the market, where 225 points weakness was noticed. But the midcap index has been successful in closing in green mark today. The BSE 30-share index Sensex closed at a level of 36153.62, with 241.41 points, or 0.66 per cent weakness. On the other hand, NSE’s 50-share index Nifty closed with 57.40 points, ie 0.53 per cent, at the level of 10831.40.
Bharti Infra, Hero Moto, HDFC, SBI and ICICI Bank were among the biggest losers in the business, while Zee Entertainment, JSW Steel, NTPC and Eicher Motors were among the top gainers.

Today ADAG (Anil Dhirubhai Ambani) shares has been trending. Reliance Capital 2.5 percent weakened, while Reliance Infra dropped 3.75 percent. Reliance Power has also seen weakness of up to 3 per cent. There was also pressure on Reliance Communications.

On the other hand, the pressure on the shares of the city gas distribution companies, due to the suspension of subsidy on CNG. IGL and MGL have declined by over 4 per cent. In fact, CNG customers have been recommended to give gas at market prices whereas PNG customers are recommended for subsidy through DBT. Nomura has also described it as negative for companies.

India-22 ETF sale on February 14

stock market news

The Mumbai-Central Government will offer additional sales of Indo-22 Exchange Traded Fund (ETF) on February 14. The Government is aiming to raise Rs. 3500 crores through this. Officials said that this sale offer will open for only 1 day and that day institutional and retail investors can participate in it.
The size of the issue has been fixed at Rs.3500 crores. Also the option of additional subscription has been kept. The government has raised Rs 22,900 crore from the Ind-22 ETF so far. In this, Rs 14,500 crore was raised in November 2017 and Rs 8,400 crore in June 2018. It is believed that through the additional sale offer, the Government will be able to meet the disinvestment target of 80 thousand crore for the current physical year. ETFs are considered safe for investment. This prevents investors from the volatility of the stock market.
Indo-22 ETF also includes central public undertaking like ONGC, Indian Oil, Bharat Petroleum, Coal India and Nalco. Bharat Electronics, Engineers India, NBC, NTPC, NHPC, SJVNL, GAIL, NLC India are also involved in this. There are 3 government banks in State Bank of India, Indian Bank and Bank of Baroda. This is the second ETF in the current financial year.