July 24, 2013 / 18:16 IST
Here's a lowdown on all that happened in the business world today:
- Sensex dives 200 pts, IT stops deeper cut; banks smashed
Bank stocks plunged Wednesday on RBI's latest money tightening measure, pulling down equity benchmarks by nearly 1 percent. However, both Sensex and Nifty managed to trim losses towards the close of session, helped by purchases in select IT and healthcare stocks.
- YES Bank Q1 net rises 38.3%, stock down 13%
Private sector lender Yes Bank's first quarter (April-June) net profit rose to a forecast beating 38 percent year-on-year to Rs 401 crore, aided by robust growth in net interest income (NII) and other income.
- Holcim set to merge ACC, Ambuja ops: Sources
Swiss cement manufacturer Holcim is all set to restructure its India operations. The firm is likely to transfer its 50 percent stake in ACC Ltd to Ambuja Cements , exclusive sources told CNBC-TV18. Board members of Ambuja and ACC are likely to meet today for the purpose,- Wockhardt plunges after Macquarie downgrades to 'neutral'
Wockhardt shares plunged 16 percent to hit a new 52-week low of Rs 685 on Wednesday after Macquarie Equities Research downgraded the stock to "neutral" from "outperform" and cut the target price by almost half to Rs 750.
- Jet-Etihad Deal: Sebi tosses management structuring at FIPB
The Securities and Exchange Board of India has now left it to the Finance Ministry, the Department of Economic Affairs (DEA) and the Foreign Investment Promotion Board (FIPB) to take a call on the issue of whether there will be a change in management and control in the Jet -Etihad deal.- Cairn to invest $3bn in exploration biz by FY16: ChairmanCairn India will invest around Rs 16000 crore (USD 3 billion) in oil and gas exploration activities by FY16 in its flagship Rajasthan oilfields and other blocks in India, said chairman Navin Agarwal- TCS acquires France's Alti SA for over Rs 530 crIT services major Tata Consultancy Services ( TCS ) today said it has completed the acquisition of French enterprise solutions provider Alti SA, a move that will help the Tata Group company to expand its reach in Europe.
- Heavy rains in Mumbai, BMC says step out only if necessaryNormal life in Mumbai has been crippled as heavy rains continue to batter the city for the second day on Wednesday. The Brihanmumbai Municipal Corporation (BMC) has now sent an alert to Mumbaikars to move out of their houses only if necessary.- 2G case: Tatas funded Unitech, says Anil AmbaniReliance ADA Group Chairman Anil Ambani, who has been summoned to depose as a witness in the 2G case, has told the CBI that questions on shell firms allegedly related to his company can be "best answered" by his colleagues as he has "full faith" on them.- Max Life slapped with Rs 10 lakh penalty by IrdaThe Insurance Regulatory and Development Authority (Irda) on Tuesday slapped a fine of Rs 10 lakh on Max Life Insurance for violating guidelines with regard to a payout to a corporate agent.- Yes Bank files replies to Madhu Kapur’s amended petitionPrivate sector lender Yes Bank on Tuesday sent its replies to the amended petition filed by Madhu Kapur before the Bombay High Court two weeks back. The bank is going to serve the same to the register of the court on Wednesday. The final hearing is due on July 29.
- Morgan Stanley downgrades IDFC as funding costs riseMorgan Stanley downgrades IDFC Ltd to "equal-weight" from "underweight" and cut its price target to 100 rupees from 150 rupees. The downgrade comes as Morgan Stanley cuts its loan growth outlook for IDFC and cites an increase of 125 basis points in three-month commercial papers, which would make funding more expensive. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
