Key benchmarks were trading in a narrow range in the mid-morning trade. At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 21.06 points or 0.06% at 37,306.48. The Nifty 50 index was down 14.25 points or 0.13% at 11,002.75. The market breadth was negative. On the BSE, 683 shares rose and 1295 shares fell. A total of 125 shares were unchanged. The S&P BSE Mid-Cap index was down 0.45%. The S&P BSE Small-Cap index was down 0.46%. Both these indices underperformed the Sensex. Meanwhile, the Maharashtra Navnirman Sena (MNS) chief Raj Thackeray will appear before the Enforcement Directorate (ED) in connection with a money laundering probe and has appealed to the party workers not to protest over the issue. The MNS has withdrawn its proposed bandh in the Thane district on Thursday, 22 August 2019. The ED has summoned Raj Thackeray to appear before it on Thursday in connection with its probe into the Infrastructure Leasing & Financial Services (IL&FS) scam. The agency is probing alleged irregularities relating to loans and equity investment worth over Rs 450 crore by IL&FS in Kohinoor CTNL Infrastructure Company, which is developing Kohinoor Square tower in Mumbai's Dadar area. Further, ED has put out a lookout circular for former union minister P Chidambaram, who has not been seen since the High Court denied him protection from arrest on Tuesday, after which the CBI visited his home in Delhi twice. Chidambaram failed to win a reprieve from the Supreme Court, which rejected his petition for anticipatory bail in the INX Media case. According to media reports, Chidambaram has been away from his home during visits by the CBI and the ED. Past midnight on Tuesday, the CBI reportedly pasted a notice outside the house asking him to appear before it within two hours of receiving the note. On the equity front, Housing Development & Infrastructure (HDIL) hit a 20% lower circuit at Rs 8.78 after the company informed that it has been admitted under the provisions of The Insolvency Bankruptcy Code, 2016 by an order passed by the National Company Law Tribunal (NCLT). NCLT had passed the order on 20 August 2019 pursuant to an application filed by Bank of India under Section 7 of IBC. Under the Insolvency Bankruptcy Code (IBC), financial creditors, operational creditors and corporate debtors can initiate corporate insolvency process. Section 7 of IBC gives power to financial creditor to file an application against corporate debtor. The company reported that it is under the process to file an appeal to National Company Law Appellate Tribunal ('NCLAT') against the order passed by NCLT. Jaiprakash Associates tumbled 4.64% to Rs 2.26 after Competition Commission of India (CCI) imposed a penalty of Rs 13.82 crore on the company. CCI reported that Jaiprakash Associates enjoyed a dominant position in the relevant market of 'provision of services for development and sale of independent residential units in Integrated Townships in the territory of Noida and Greater Noida and thus is in contravention of provisions of CCI Act. IT Major HCL Technologies announced that it has launched a delivery centre in Hamilton, New Zealand for supporting company's commitment to delivering innovation. The delivery centre will enable HCL to support skills development within the Hamilton region. The company plans to collaborate with local governing and trade bodies for regional development initiatives. On BSE, HCL Technologies was trading 1.17% lower at Rs 1071.15. United Spirits was down 0.74% to Rs 573.80. The company said that its promoter Relay B. V. has hiked stake in the company. The company announced after market hours yesterday that Relay B. V. acquired 33.10 lakh shares at Rs 591.95 per share, aggregating to Rs 195.96 crore. The transaction took place on 20 August 2019 via open markets. The stake of the promoter after the said transaction has risen from 54.78% to 55.24%. Powered by Capital Market - Live News |