The benchmark indices settled nearly 1 per cent higher on Monday led by gains in the information technology (IT) and banking stocks. The S&P BSE Sensex ended at 36,526, up 299 points while the broader Nifty50 index settled at 11,008, up 78 points. Among sectoral indices, the Nifty IT index settled 2.4 per cent higher led by a rally in Infibeam Avenues, Tata Consultancy Services (TCS) and Infosys. The Nifty PSU Bank ended 3.6 per cent higher led by IDBI Bank and Indian Bank.
OPEN INTEREST AND VOLUME
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• September GST at Rs 944 billion, continues to be lower than expected.
• Ashok Leyland reports 21% jump in M&HCV sales at 14,232 units in September.
• Lupin partners with Eli Lilly and Company to distribute diabetes injection.
• GMR Infra emerges the highest bidder for Nagpur Airport privatisation.
Govt may move to seize control of IL&FS management, supercede current board :
The Indian government may move to seize control of the management of an Indian financier that’s roiled markets by defaulting on debt, according to media reports, with the move coming just after the beleaguered company unveiled details of a restructuring proposal. The Mumbai bench of the National Company Law Tribunal will hear a ministry of corporate affairs case against Infrastructure Leasing & Financial Services Ltd. and others on Monday, according to a cause list on its website. The government may seek a management change and look to supersede the existing board, CNBC reported in a Twitter post, citing government sources it did not name. India’s corporate affairs ministry has only sought to take control of a company on two prior occasions. Rescuing IL&FS group, which has total debt of $12.6 billion. 61 percent in the form of loans from financial institutions is vital for authorities to stem the risk of default spreading to other lenders in the world’s fastest-growing major economy. Infrastructure Leasing & Financial Services Ltd. stockholders over the weekend separately endorsed a plan to raise as much as 150 billion rupees ($2.1 billion) through a non-convertible debt sale and increase the firm’s borrowing limit by 100 billion rupees to 350 billion rupees