Nifty jumps above 17150, Sensex gains 50 pts in early trade on Thu, Mar 23; HAL shares tank over 5% Domestic indices opened in the negative territory on F&O expiry but turned green as the market sentiment improved. The NSE Nifty 50 rose 14.20 pts or 0.08% to 17,166.10 and BSE Sensex rose 53 pts or 0.09% to 58,267.87. Bank Nifty rose 41.65 pts or 0.10% to 40,040.70. The top gainers on Nifty 50 were Netslte India, Hindalco, Tata Motors, Larsen & Toubro and Adani Ports while the top losers were Asian Paints, HCL Tech, Wipro, Infosys and Bajaj Auto.Indian Markets The sectoral indices were trading mostly in green. Bank Nifty rose 0.23%, Nifty Pharma climbed 0.30%, Nifty Metal was up 0.22% while Nifty IT fell 0.72% and Nifty PSU Bank dipped 0.22%. Asian markets were mostly trading flat with China’s Shanghai Composite index rising 0.09%, Hong Kong’s Hang Seng climbing 0.03%, South Korea’s KOSPI falling 0.27% and Japan’s Nikkei 225 tanking 0.45%. The US market ended the overnight session in negative territory with Dow Jones Industrial Average tanking 1.63%, S&P 500 plunging 1.65% and the tech-heavy Nasdaq tumbling 1.60%. Foreign institutional investors (FII) net bought shares worth Rs 61.72 crore, while domestic institutional investors (DII) net acquired equities worth Rs 383.5 crore on 22 March, according to the provisional data available on the NSE. The National Stock Exchange has Biocon and Indiabulls Housing Finance on its F&O ban list for 23 March. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
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The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
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