Street signs: Foreign investors bet on Rolta India

Foreign investors bet on Rolta India

Rolta India seems back in the good books of shareholders after its stellar earnings. According to the results announced on December 9, net profit was up 134 per cent, propelling the stock by 30 per cent. During the week, at least three big foreign institutions bought the scrip. The stock had taken a serious beating during the year, as multiple credit rating agencies downgraded its debt.

Pavan Burugula
Market volumes take a hit

Daily trading turnover, of both equity and derivatives, is down 30 per cent this month amid a range-bound market. Market players say the volumes could dip further in the absence of any big triggers. “Major events such as the interest rate decisions of the US Federal Reserve and Reserve Bank of India are over. The market could be listless till the next big trigger, such as the earnings’ season and the Union Budget,” said a broker. Typically, foreign investor participation tends to dip during the second half of December, due to holidays.

Samie Modak
Note ban hits NBFCs’ fundraising

Fundraising plans of at least three non-banking finance companies (NBFCs) have been hit due to demonetisation. These companies had completed roadshows and were about to hit the market but the change in market dynamics has forced them to rethink, say investment bankers. “Initially, the belief was that the pain from the pullback of old currencies could be short-term and normalcy would return by December. With the recuperation process likely to be delayed, NBFC heads are assessing the impact on their FY17 and FY18 numbers before tapping investors,” said an investment banker.

Hamsini Karthik