The Farce of Independent Directors - II
Globally, the role of an independent director got attention after the Penn Central default on commercial paper (which also gave a boost to the credit rating concept) in 1970. Much later came the Cadbury report, in 1991, which talked about corporate governance. Since then, companies all over the world have been struggling to find a mechanism to protect the non-promoter shareholder from the...
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  • Nifty, Sensex May Move Sideways – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex’ may head lower. The major indices opened high and ended with minor gains. On the NSE, there were 726 advances, 1,058 declines and 358 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
     
     
    Vodafone Idea lost over 20% during early trade on reports that the Department of Telecommunications (DoT) asked the telecom firms to pay their revenue share dues within three months. DoT on Wednesday sent notices to the telcos, asking them to pay the adjusted gross revenue dues on a self-assessment basis within the next three months.
     
    After cutting India's sovereign ratings, Moody's Investor Services cut India's growth forecast to 5.6%, from its earlier 5.8% due to subdued consumer demand, along with sluggish liquidity supply.
     
    In a scathing rebuttal to the Vaish report which suggested a fraud by former CG Power and Industrial Solutions executives, including its erstwhile Chairman Gautam Thapar, V.R. Venkatesh, the ex-CFO of the company who was also implicated in the alleged fraud, has said that the report was "biased and concocted" and did not reflect several proceedings of the investigation. And on July 30, the recorded date of interrogation, "hardly" any questions were asked, said Venkatesh's letter seen by IANS.
     
    Coffee Day Enterprise reported Rs1,509 crore net profit for the first quarter (Q1) of fiscal 2019-20, on the back of Rs1,659 crore-gain from the sale of equity stake held in its former software major Mindtree. Mumbai-based Larson and Toubro had acquired 60.06% controlling equity stake in Mindtree during the quarter under review.
     
    Mishra Dhatu Nigam has secured one order worth about Rs106 crore. With this, the order book for FY 2019-20 is about Rs560 crore till date. The open order position of MIDHANI as on date is about Rs1,850 crore.
     
    Tata Consultancy Services has expanded its partnership with Cardinal Health to transform its IT operating model toward a product-centric IT organization. The new operating model will embrace TCS' Enterprise Agile vision and Machine-First™ Delivery Model (MFDM™), and help Cardinal Health drive business agility, and continuous innovation and transformation to stay ahead of its competitors and disruptors.
     
    SpiceJet recorded a 52% rise in second quarter operational revenue to Rs2,845.3 crore as it added more destinations and expanded its fleet of passenger and freighter aircraft. The company posted a loss of Rs462.6 crore as against Rs389.4 crore for the same quarter last year.
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
     
     
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    Nifty, Sensex May Head Lower – Wednesday closing report
    We had mentioned in Monday’s closing report that Nifty, Sensex were losing upward momentum. The major indices suffered losses today. On the NSE, there were 691 advances, 1,092 declines and 362 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
     
     
    Airtel and Vodafone Idea are discussing with their legal teams on filing petitions for reviewing the Supreme Court's recent order on adjusted gross revenue (AGR) after the Department of Telecom (DOT) told them to approach the court in this regard. 
     
    Any review petition is required to be filed by November 24 as there is a time limit of a month to file for reviewing a court order. The deadline for paying the AGR amount of Rs83,000 crore is January 24, which includes Rs43,000 crore for Airtel and Rs40,000 crore for Vodafone Idea.
     
    Rail Vikas Nigam reported an increase in revenues by 106% y-o-y for the quarter ended September 2019 to Rs3,827 crore. Net profits increased 157% y-o-y to Rs220 crore.
     
    Insecticides India reported increase in revenues by 10% y-o-y for the quarter ended September 2019 to Rs505 crore. Net profits increased 14% y-o-y to Rs49 crore.
     
    Kaveri Seed Company reported increase in revenues by 14% y-o-y for the quarter ended September 2019 to Rs120 crore. Net profits decreased 12% y-o-y to Rs13.63 crore.
     
    3M India reported increase in revenues by 3% y-o-y for the quarter ended September 2019 to Rs774 crore. Net profits increased 42% y-o-y to Rs100 crore.
     
    Trident Limited has been granted patent for 'Apparatus and Method for treating an industrial Effluent containing Sodium Sulphate' by Indian Patent Office, Government of India. The present invention relates to treatment of industrial effluents. The invention provides an apparatus and method for treatment of Industrial effluents that contain a plurality of soluble or insoluble contaminants including sodium sulphate which may be discharged from textile dyeing process.
     
    Deep Industries Ltd has received letter of award for hiring of natural gas - compression service at GGS North Gandhar for capacity of 1,00,000 SCMD and period of 3 years. The total estimated value of the said award is approximate Rs20.25 Cr. Another award for hiring of service for gas dehydration services at ONGC Agartala for the period of 3 years. The total estimated value of the said award is approximate Rs28.49 Cr.
     
    The board of Vinati Organics has approved the subdivision of equity shares from one share of face value of Rs2 to two shares of face value of Re1 each, subsequent to the approval of the shareholders through postal ballot.
     
    The Edelweiss Group announced a partnership between Edelweiss Alternative Asset Advisors (EAAA) and leading South Korean Financial Services conglomerate Meritz Financial Group, to launch the first fund of the financing platform, set up by Edelweiss. The platform will house funds that will buyout existing residential real estate loans and provide requisite completion financing to good quality, commercially viable projects. The funds within the platform will be managed by Edelweiss's Alternative Asset Management business. The first fund of this platform is targeted to be of $ 425 million. The platform is targeting to raise $ 1 billion, primarily from similar International Institutional investors, over the next 12 months.
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
     
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