Monday, 11 July 2016

SEBI Steps Up L'affaire Mallya Probe; to Seek Overseas Help

The market has opened at new 2016 high while the midcap index is at 11-month high. The Sensex is up 368.52 points or 1.4 percent at 27495.42, and the Nifty is up 104.45 points or 1.2 percent at 8427.65. About 932 shares have advanced, 111 shares declined, and 36 shares are unchanged. For more information visit
      ICICI Bank, BHEL, Tata Motors, Bharti and L&T are top gainers. The Indian rupee gained in the early trade. It has opened higher by 24 paise at 67.12 per dollar versus 67.36 Friday.
      Road Transport and Highways Minister Nitin Gadkari will invite investments in ports, ship building and coastal economics zones during his week long visit to the US. "Indo-US cooperation in the vital infrastructure sector will get a new impetus when (the minister) holds official talks with his counter-part US Secretary of Transportation, Anthony Foxx in Washington today, on a wide range of projects of mutual interest", an official statement said.
           In mounting troubles for embattled Vijay Mallya, markets regulator Sebi has stepped up its probe into alleged fund diversion from his erstwhile listed group firms to other entities, including some abroad and his various sport ventures. With the latest disclosures taking total suspected fund diversion at United Spirits alone to over Rs 2,500 crore, Sebi is also referring to the matter for further action by other agencies including SFIO (Serious Fraud Investigation Office) under the Corporate Affairs Ministry, a top official said.
          Private sector HDFC Bank plans to focus on digital platforms in rural and semi-urban markets to achieve sustained growth in the coming years.
       The Gujarat government is conducting a social impact assessment for acquisition of about 33 hectares of land in three villages of Vadodara for the expansion of Indian Oil Corporation 's refinery here.


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