Street signs: WhatsApp chatter goes mute

Activity on stock market-focused WhatsApp groups has got muted, on fears of a regulatory crackdown. Last month, Reuters reported that financial results of major Indian companies were getting leaked on WhatsApp groups, whose participants included traders and analysts. Following this news, the Securities and Exchange Board of India (Sebi) and stock exchanges have begun probing the matter. Some brokerages have also issued diktats, asking their employees to exit such groups. “Normal stock market chatter also on WhatsApp group has reduced, as some of the key stock market participants, who were actively earlier, have become wary of sharing views,” said a broker.

Samie Modak

FIIs bullish on Infosys

The change in guard at Infosys has buoyed the hopes of foreign institutional investors (FIIs) in the company. In a fortnight, two big FIIs have upped their stake in Infosys. Royal Bank of Canada made a fresh purchase of 4.8 million shares and Invesco bought additional 552,780 shares, data from Bloomberg showed. Analysts say investors are awaiting for more clarity on issues like growth forecast, attrition and future strategy from new leader Salil Parekh before placing further bets. 

Pavan Burugula

Union Bank QIP sees good demand

The Rs 2,000-crore qualified institutional placement (QIP) of Union Bank of India saw encouraging response from institutional investors, said sources. The entire book got fully subscribed with five investors, which included top mutual funds, bidding for nearly two-third of shares on offer. The share sale also saw participation from FIIs. “Union Bank of India is relatively attractively valued and better-placed compared to some other public sector banks (PSBs),” said a fund manager who subscribed to the offering. Union Bank and Bank of Maharashtra have concluded their QIPs. Another five PSBs, including Punjab National Bank and Bank of Baroda, are expected to launch theirs soon. Meanwhile, bankers have been asked by the government to space out their offerings to avoid bunching up.

Samie Modak