Severe cuts in Sensex, Nifty; auto, FMCG, oil stocks tumble

Moneycontrol Bureau11:45 am Fund raising: Great Eastern Shipping Company (GESC) said it has raised Rs 400 crore through issuance of non-convertible debentures by way of private placement.

"The Debenture Issue Committee has, at its meeting held November 11, 2016, allotted 8.24 percent 4,000 unsecured non-convertible debentures of face value of Rs 10 lakhs each aggregating to Rs 400 crore in two tranches of Rs 200 crore each," Great Eastern Shipping Company said in a filing to BSE.

GESC has two main businesses -- shipping and offshore.

11:30 am Infosys: Infosys' 'Zero Distance' programme -- that pushes for driving innovation and bringing in improvements in ongoing projects -- has helped drive the company's customer satisfaction scores to a 10-year high, chief Vishal Sikka said.

In an email to employees, Sikka said: "It was a truly awesome and proud moment to get the early results of our customer satisfaction survey for 2016 from Nabarun, with scores at their highest in 10 years!" He added that client-feedback scores had jumped by 12 points from last year.

"Satisfaction levels at the CxO level alone went up by 7 points, and that in turn had gone up by 15 points over the year before, our highest CxO scores," he said.

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The market is struggling as the Sensex is down 396.59 points or 1.4 percent at 27121.09 and the Nifty is down 135.10 points or 1.6 percent at 8390.65. About 408 shares have advanced, 1808 shares declined, and 93 shares are unchanged.

Sun Pharma, BHEL, SBI and HDFC Bank are top gainers while GAIL, Hero MotoCorp, Asian Paints, ICICI Bank and HDFC are losers in the Sensex.

RBI cautioned people against falling prey to any agents for exchanging the scrapped Rs 500 and Rs 1000 currency notes as anxious public thronged banks in large numbers to avail of the facility across Tamil Nadu.

Several public sector banks including country's largest public sector State Bank of India, Bank of India, Bank of Baroda, City Union Bank had opened additional counters to clear the crowd and for fast processing, bank officials said.