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<ul><li>Proxy advisory firms have flagged <keyword id="12193675" type="General" weightage="20" keywordseo="corporate-governance-issues-at-finolex" source="Orion">corporate governance issues at Finolex</keyword> Cables and advised shareholders to vote against reappointment of three directors at the annual general meeting.</li><li>All eyes are now on the AGM scheduled for Wednesday, September 29.</li><li>Reacting to the reports, shares of <keyword id="181603" type="General" weightage="20" keywordseo="finolex-cables" source="Orion">Finolex Cables</keyword> were down 1% on Tuesday.</li></ul>Finolex Cables has come under the radar of proxy advisory firms as they raise corporate governance issues in the company right before the annual general meeting. Proxy advisory firms -- InGovern Research Services and Stakeholders Empowerment Services (SES) have <a href="https://www.financialexpress.com/industry/finolex-cables-accuses-prakash-chhabria-of-instigating-actions/2339166/">reportedly</a> highlighted governance issues at Finolex Cables, stating that the board may be violating corporate governance norms. Moreover, they have advised shareholders to vote against the reappointment of the company’s directors. Proxy advisory firms provide research, data, recommendations on management of companies that will help shareholders vote rationally in a shareholder meeting. Apart from this, family feud in the Finolex Group companies -- Finolex Cables and <keyword id="112668" type="General" weightage="20" keywordseo="finolex-industries" source="Orion">Finolex Industries</keyword> -- seem to have gone too far. Mahesh Viswanathan, the chief financial officer of Finolex Cables, stated the allegations as false and accused Prakash Chhabria, chairman of Finolex Industries and the cousin of Finolex Cables chairman Deepak Chhabria of instigating shareholders and creating a controversy. “There are two companies in the stable, Finolex Cables and Finolex Industries, which are currently headed by cousin brothers [sic]. There is an intense fight between the brothers over the ownership of the shares that are held in some trust. Both are at loggerheads and one party votes against the other in the meetings,” said JN Gupta, founder and managing director at proxy advisory firm SES in an interview to <a href="https://economictimes.indiatimes.com/markets/expert-view/finolex-cables-case-related-to-infighting-among-promoters-jn-gupta/articleshow/86556641.cms">The Economic Times</a>. Finolex cables is the largest manufacturer of electrical and telecommunication cables. Finolex Group is an Indian conglomerate company based in Pune comprising Finolex Cables, Finolex Industries, Finolex J-Power Systems and Finolex Plasson Industries. In the ₹7,500-crore Finolex Cables, about 30.7% stake is held by Orbit (Finolex Group holding firm), 14.5% is held by Finolex Industries and the rest is with the public. Adding to it, these three companies have four common directors -- Deepak and Prakash Chhabria, Sunil Pathak and Sanjay Asher. Investors will now monitor the annual general meeting (AGM) that will result if additional directors -- PR Barpande, Avinash Shridhar Khare and Firoza Fredoon Kapadia are reappointed or not. The board had appointed them as additional directors on September 30, 2020, and is now seeking shareholders nod to appoint them as independent directors for a five-year term under different resolutions, even though they are liable to retire. According to proxy advisory firm SES, as stated by <a href="https://telecom.economictimes.indiatimes.com/news/proxy-advisory-firms-flag-corp-governance-issues-ahead-of-finolex-cables-agm/86554295">a media report</a>, these resolutions are superfluous for one and violative of SEBI norms. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/take-a-deeper-look-at-the-meteoric-rise-of-glance-that-may-have-caught-mukesh-ambanis-eye/articleshow/86579569.cms">Take a deeper look at the meteoric rise of Glance that may have caught Mukesh Ambani’s eye</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-down-over-500-points-while-power-grid-corp-ntpc-coal-india-gain-up-to-5/articleshow/86578972.cms">Sensex down over 500 points; Power Grid Corp, NTPC, Coal India gain up to 5%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-gujarat-state-fertilizers-and-chemicals-surges-over-4-on-reports-of-anti-dumping-duty-approval-on-caprolactam/articleshow/86576235.cms">Gujarat State Fertilizers and Chemicals surges over 4% on reports of anti-dumping duty approval</a>

Finolex Cables under pressure after two advisory firms accuse the firm of poor corporate governance

<ul><li>The 30-share BSE index Sensex was down 100 points, and the NSE Nifty was trading 0.25% lower at 9:55 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices opened on a choppy note on Tuesday, tracking losses in index majors Reliance Industries, ICICI Bank and Infosys amid negative cues from global markets. The 30-share BSE index Sensex was down 100 points, and the NSE Nifty was trading 0.25% lower at 9:55 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IOC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Chem </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr></tbody></table>*as of October 27, 10:00 am These are the top stocks in news today. <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> up over 8% The shares of Kotak Mahindra Bank were trading 8% higher. Double boost coming in for this banking stock on back of brokerage upgrades post the second quarter earnings. Also, the announcement of MSCI sectoral cap changes bodes well and could mean an inclusion in the index. NTPC trades 3% higher The shares of National Thermal Power Corporation (NTPC) gained over 3% ahead of the board meeting on November 2 to consider the share buyback plan. <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> zooms over 12% The shares of the recently listed broker, Angel Broking zoomed over 12% after the company posted the highest ever quarterly profit-after-tax at ₹74 crore for the quarter ended September 30. The company in its regulatory filing said its total income grew 29% to ₹317 crore for the quarter under review. <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword> locked in 5% lower circuit The shares of DHFL were locked in a 5% lower circuit in minutes after opening on Tuesday. The downturn came after lenders of debt-ridden DHFL have asked the four bidders to get back with a revised offer by October 31 as part of the on-going resolution process. The four bidders include Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy. Reliance Industries and <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> trade in red The shares of Reliance Industries and Future Retail were trading in red as the tussle between Amazon, and Future Retail continued for the Reliance Retail deal. Reliance Industries (<keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword>) was trading 0.55% lower, and Future Retail was down 3%. The media <a href="https://www.indiatoday.in/business/story/future-group-liquidiation-reliance-deal-amazon-singapore-arbitrator-1735423-2020-10-27">reports </a>also claimed that if the RIL deal does not materialise, Future Retail may look at liquidation. <keyword id="112668" type="COMPANY" weightage="20" keywordseo="Finolex-Industries">Finolex Industries</keyword> open 6% higher The shares of the manufacturer of PVC water pipes, Finolex Industries gained over 6% after the company reported a 17% year-on-year (YoY) jump in net profit to ₹120 crore in September quarter. Cadila Healthcare trade a percent higher The shares of drugmaker Cadila Healthcare were trading nearly a percent higher after a media <a href="https://www.bloomberg.com/news/articles/2020-10-26/covid-vaccine-developer-in-india-plans-to-boost-capacity-by-70">report claimed</a> that the Indian drugmaker is in talks with potential partners to ramp up its indigenous COVID-19 vaccine development and production capacity. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-is-looking-to-expand-operations-in-canada-if-h-1b-visa-issues-persist/articleshow/78884838.cms" data-type="tilCustomLink"> EXCLUSIVE: HCL Tech is expanding operations in Canada as H-1B visa issues persist</a> <a href="https://www.businessinsider.in/business/news/bezos-vs-ambani-battle-eight-questions-regarding-amazons-disclosures-of-future-deal-will-be-in-the-spotlight/articleshow/78883583.cms" data-type="tilCustomLink">Bezos vs Ambani battle: Eight questions regarding Amazon's disclosures of Future deal will be in the spotlight</a> <a href="https://www.businessinsider.in/education/news/how-to-register-for-neet-counselling-2020-online/articleshow/78884869.cms" data-type="tilCustomLink">NEET counselling 2020 registrations begin today: Here’s all you need to know</a>

Top stock movers — Kotak Mahindra Bank, Future Retail, RIL, Angel Broking, DHFL, Finolex Industries, and others

Mumbai, Feb 12 () Finolex Industries on Wednesday reported a 18.5 per cent rise in net profit at Rs 93.3 crore in December quarter as higher margins offset dip in revenue. The Pune-based company reported a 7.6 per cent fall in revenue at Rs 699.4 crore, the PVC pipes and fittings maker said in a statement. The bottomline was boosted by an improvement in margin, which rose to 19.8 per cent from 18.4 per cent. Apart from that, tax outgo was also lower at Rs 31.3 crore as against Rs 42.2 crore a year ago. At 93.3 crore, the net profit is the highest-ever recorded by the company, even as sales volume declined, it added. "Volumes registered a decline of about 11 per cent in PVC resin and pipes &amp; fittings segments. The main reason for this decline was the extended monsoon with cyclones thereafter," Finolex Industries Chairman Prakash Chhabria said. The company had a healthy volume growth of 18 per cent in Q1, but volumes declined in the subsequent quarter due to heavy and extended monsoons and cyclones thereafter, he added. "The Budget focus on farmers and the rural economy is expected to give an impetus to our performance in the coming quarters. Our focus is on implementing strategies to expand our footprint while serving our existing base," Chhabria added. Shares of Finolex Industries on Wednesday closed 0.3 per cent lower at Rs 544.05 on the BSE. BEN RVK

Finolex Industries Q3 net up 18.5 pc to Rs 93.3 cr

<ul><li>In spite of high market volatility, a few stocks have turned multibaggers in the last one year. </li><li>Mid cap company <keyword id="169932" type="General" weightage="20" keywordseo="apar-industries" source="Orion">Apar Industries</keyword> is on the top of the list as it provided 4x returns to investors. </li><li>PSU RVNL and Fertilisers And Chemicals Travancore also made it to the list. </li></ul>Although markets have been choppy and volatile amid uncertain macro conditions in the last one year, there are stocks that have piled up huge returns in the last one year. Share prices of most of these companies have surged more than 100% in the last one year, providing investors with multibagger returns. The mid cap company Apar Industries is on the top of the list, providing investors with four times returns to investors. The company is a manufacturer and supplier of conductors, cables, specialty oils, polymers and lubricants. The company’s net profit in March quarter nearly tripled to ₹243 crore from ₹82 crore last year while revenue jumped 36% on year to ₹4,089 crore. Rail Vikas Nigam Limited (RVNL), a public-sector railway company, is another multibagger stock that has rallied in the last one year, all thanks to robust orders and the government efforts <a href="https://www.businessinsider.in/stock-market/news/rail-vikas-nigam-marks-a-strong-journey-in-2023-share-price-of-68-to-140/slidelist/100069014.cms">towards infrastructure development</a>. The company has added several large orders to its kitty in the last one year. A project to build the Mumbai Metro line and another to construct and maintain Vande Bharat Express trains are among the large orders it has bagged. Another company among investors favourite list is Fertilisers And Chemicals Travancore that rose 166% in the last one year. The Kerala state government has said it would acquire the company’s land at Eloor and hand it over to Cochin University of Science and Technology (Cusat) for setting up a Science park. Also, shares of UCO Bank have surged 128% in the last one year. The Kolkata based bank surged on reports of privatisation of the bank as part of the government’s divestment plan. In Budget 2021-22, finance minister Nirmala Sitharaman had announced privatisation of PSBs in order to garner ₹1.75 lakh crore from divestments. Shares of automotive components supplier Mahindra CIE has spiked 133% in the last one year. The company’s net profit surged nearly 73% in March quarter profit to ₹279 crore. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Returns in the last one year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apar Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">358% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rail Vikas Nigam </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">286% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mazagon Dock Shipbuilders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">177% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fertilisers And Chemicals Travancore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">166% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Finolex Cables </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">146% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra CIE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">133% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UCO Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">128% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Karur Vysya Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">131% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSL International Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">125% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Triveni Turbine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">127% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: BSE

These are the top multibagger stocks of the last one year

Shares of Finolex Industries Ltd., a maker of <keyword id="1838362" type="UNKNOWN" weightage="100" keywordseo="plastic-pipes">plastic pipes</keyword>, hit their highest level in 10 months after the company's quarterly profit surged on the back of lower depreciation and fuel costs.
 

	Finolex said its first quarter Net Profit rose 40 percent to 70.2 crore rupees compared with 50.2 crore rupees in the same quarter a year ago. Sales during April-June fell 4.4 percent to 633.4 crore rupees from 662.7 crore rupees in the year ago period.
 

	Finolex rose 13 rupees, or 5 percent to 298 rupees, its highest since Nov 13th, on the National Stock Exchange, where 7.22 lakh shares were traded by 2:40 pm compared with the 5-day average of 46,000 shares.
 

	Finolex's market capitalisation has risen 13 percent in the past one year to 3,770 crore rupees. 
	 
	Image credit: Indiatimes

Shares of Finolex Industries are the highest they've been in 10 months. Know why

Hospitality major <keyword id="201442" type="COMPANY" weightage="20" keywordseo="Delta-Corp">Delta Corp</keyword>, that runs some of the high-end casinos and hotels in Goa, has announced the exit of its one of the Board directors, <keyword id="2648043" type="UNKNOWN" weightage="20" keywordseo="Prakash-Chhabaria">Prakash Chhabaria</keyword>. Chhabaria has put in his papers on December 15, 2014. 
	 
	“This is to inform you that Prakash Chhabaria has tendered his resignation as Director of the Company with effect from December 15, 2014,” said the company in a letter to the National Stock Exchange (NSE). 
	 Chhabaria was an independent director of the company. He also serves as the executive chairman of <keyword id="112668" type="COMPANY" weightage="20" keywordseo="Finolex-Industries">Finolex Industries</keyword> Limited since 2012 and had previously held the position of managing director of the electrical goods major. Apart from Delta Corp Limited, he is also a member of the executive committee of the Pune’s Mahratta Chamber of Commerce, Industries and Agriculture. 
	 
	Image Credit: Docstoc.com

Finolex
Executive Chairman Prakash Chhabaria Exits Delta Corp’s Board

Midcap and <keyword id="44747" type="General" weightage="100" keywordseo="small-cap" source="Orion">small cap</keyword> stocks, which have performed well in this financial year, are underperforming the benchmark indices on Monday. The BSE Small Cap Index is one of the biggest losers in trade, down 2.4%. In comparison, <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> is down by just 0.36%. Among the Small Cap index components, PNB Gilts is down 12%, Ion Exchange is down 9%, Onward Technologies is down 9%, Kirloskar Brothers is down 8%, HCC is down 8%, Rajratan Global Wire is down 8%, Vascon Engineers is down 8%, Vimta Labs is down 8%. Among the constituents of the index, KIOCL is down 7%, Amber Enterprises is down 7%, Finolex Industries is down 7%, RCF is down 6%, Indiabulls Housing Finance is down 6%, SJVN is down 6%, Star Cement is down 6%, Bank of Maharashtra is down 6%, ITI is down 6%. <keyword id="44748" type="General" weightage="80" keywordseo="mid-cap" source="Orion">Mid cap</keyword> stocks are also under selling pressure The BSE Mid Cap Index is down 1.3%. Among the stocks, Laurus Labs is down 10%, IOB is down 5%, Bank of India is down 4%, UCO Bank is down 4%, ABFRL is down 4%, IRFC is down 4%, BHEL is down 3%. Even as the headline indices have taken a knock, small and mid cap stocks had survived the selling pressure and outperformed the headline indices. According to Motilal Oswal Asset Management Company (MOAMC)'s Global Market Snapshot report,Nifty Midcap 150outperformed all major indexes in September by rising 3.04%. It has risen by 12.98%, 33.37%, 29.92% in the last three months, six months and one year, respectively. Similarly, <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> Smallcap 250 has also performed well during the same period rising by 15.99%, 39.17%, 32.96% in the last three months, six months and one year, respectively.

Mid and small cap indices come under selling pressure

Mutual funds raise bets on mid & small-cap stocks amid volatile markets

<ul><li>Essential fuels like petrol and diesel are already too expensive.</li><li>The <keyword id="1881337" type="PERSON" weightage="20" keywordseo="rise-in-food-prices">rise in food prices</keyword> is relatively low compared to last year but still rising fast.</li><li>From <keyword id="6357252" type="DOMAIN" weightage="20" keywordseo="Hero-MotoCorp">Hero Motocorp</keyword> to <keyword id="6912" type="LOCATION" weightage="20" keywordseo="maruti">Maruti</keyword>, from Havells to Blue Star, from <keyword id="186975" type="DOMAIN" weightage="20" keywordseo="TTK-Prestige">TTK Prestige</keyword> to Finolex, companies are looking to hike prices to meet rising costs.</li><li>Meanwhile, falling savings and rising household debt, coupled with an uncertain future due to the second wave of COVID-19 infections, is likely to put severe pressure on people’s finances and their confidence.</li></ul>The year 2020 was bad but 2021 has hardly been a relief for Indian families. The second wave of COVID-19 cases has filled WhatsApp chats (and other social media) with fearful exchanges about the possibility of yet another lockdown. The possible dent in consumer confidence, which improved in January, may take a further knock from rising cost of everyday essentials. What makes this threat to people’s livelihood even worse are the rising prices of daily essentials and the depleted savings. To top up the miserable feeling, the salaried class in the private sector is going to see a fall in take home pay due to <a href="https://www.businessinsider.in/personal-finance/news/your-take-home-salaries-could-shrink-sharply-in-april-with-indias-new-definition-of-wages/articleshow/81631662.cms#:~:text=India's%20new%20labour%20codes%2C%20which,like%20gratuity%20and%20leave%20encashment.">the new definition of wages that kicks in</a> from April 1. Food and fuel are already taking a big chunk out of people’s earnings Essential fuels like petrol and diesel are already too expensive. At 8.76%, food inflation was already high in February 2020. So compared to that a 4.25% rise in food prices in February this year may seem slower but it is still significant. <div type="image" title="B3FC84F1-0AB9-4D7E-BB9E-EB94502CE6E9_edited" msid="81667538" hostid="261" caption="&amp;lt;p&amp;gt;Attendant shows price of fuel at a petrol pump in Nagpur&amp;lt;/p&amp;gt;"></div> While the Reserve Bank of India (RBI) expects prices to be stable hereon, any supply disruption due to measures taken to curb the spike in COVID-19 cases will only make it worse. Raw materials such as palm oil, copra and edible oils have risen sharply. Since price hikes have been quite limited over the past two years, Dabur has room to raise prices this year, the management told analysts recently. The company sells everyday items like toothpaste and fruit juices to branded honey and mosquito repellents. Soap makers have already hiked prices by 5–6%, and another round of a 3% hike is likely, an Edelweiss report dated March 19 said. Crude oil prices are up 26% compared to a year earlier, which makes nylon more expensive. That, in turn, will increase prices of cotton that is a competing commodity. Wholesale prices of cotton are already up 24% between October 2020 and February this year. And that could, eventually, reflect in the prices of textiles and apparels. Hooked to WhatsApp, Facebook, Instagram or Youtube? Prepare to shell out more The glory days of India’s famous dirt-cheap mobile data plans are well behind us. The market is shrinking, effectively, into <a href="https://www.businessinsider.in/business/telecom/news/how-the-latest-spectrum-auction-may-affect-your-mobile-phone-bills-and-quality-of-network-service/articleshow/81325496.cms">a duopoly between Airtel and Reliance Jio</a>. While Vodafone Idea is getting relegated to the margin, the Aditya Birla Group company may have to increase tariff to stay in the game, allowing Mukesh Ambani and Sunil Mittal to follow suit. So mobile bills are going to get more expensive. <div type="image" title="man on mobile phone_edited" msid="81667557" hostid="261" caption="&amp;lt;p&amp;gt;The market is shrinking, effectively, into a duopoly between Airtel and Reliance Ji0, which could result in a hike in prices of data&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> Cost of metals like steel, aluminium, palladium, platinum and rhodium are up 30% in the last six months, according to JM Financial. These are key inputs for automobiles and the rise in prices reflect in the cost of buying with a lag of a few months. No wonder, India’s largest motorbike maker Hero MotoCorp just announced <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/b4e500a3-9a79-4dc6-b18d-ec23916af252.pdf">a hike of up to ₹2,500 per unit from April 1</a>. Other major players in the two-wheeler space like Bajaj Auto and TVS Motor have already hiked by 2-3% in the last few months, over and above a 20% rise in the last couple of years due to the shift to BS-VI models to reduce pollution. Those who planned to buy cars may have to shell out more too. <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-increase-price-of-cars-from-april-2021/articleshow/81632209.cms">Maruti Suzuki</a> and <a href="https://www.businessinsider.in/business/auto/news/nissan-india-to-increase-prices-of-all-models-for-nissan-and-datsun-from-april-1/articleshow/81647750.cms">Nissan</a> have already announced that the rising price of raw materials will force these companies to raise prices in April. <div type="image" title="maruti_edited" msid="81667591" hostid="261" caption="&amp;lt;p&amp;gt;Cars at a Maruti dealership in New Delhi&amp;lt;/p&amp;gt;"></div> India’s <a href="https://m.economictimes.com/markets/stocks/news/ttk-prestige-raised-prices-by-4-5-price-so-far-will-take-more-hikes-during-the-week-t-jagannathan/videoshow/79795003.cms">largest consumer appliances maker, TTK Prestige</a>, known for its pressure cookers hiked prices, on average, by 9% across product categories including mixer grinders and gas stoves. The company’s smaller peer Butterfly Gandhimathi has hiked prices by 5% in December but, yet another one, Hawkins hasn’t followed suit yet. The price of copper is near an all-time high nearly twice of what it was five years ago. So, cable makers like Finolex Cables and Polycab have already passed the pressure on to their customers. KEI Industries, which makes cables, is revising prices every 15 days based on the prices of the key raw material copper, Edelweiss said. And, that means the cost of production is significantly higher for electrical appliance makers like Havells and V-Guard Industries. Especially in the case of V-Guard, which is popular for its inverters and voltage stabilisers, over 46% of the cost is copper, according to analysts at Edelweiss. Air cooler major Symphony raised prices in January, long before the summer sun started to sting. Why will air conditioners be left behind? Blue Star, which raised prices by 5-8% in January, will push prices further up by another 3-5% from April, <a href="https://economictimes.indiatimes.com/industry/cons-products/durables/blue-star-to-increase-prices-in-first-week-of-april-md/articleshow/81648037.cms">Managing Director B Thiagarajan told the Economic Times on March 23</a>. A lot of dream homes were stalled by the pandemic and the lockdown. While the construction of these homes has resumed in full gusto, the cement needed to build these is at least 7-8% on average in the last one year. Dealers told analysts at Emkay Global that companies like Ultratech, ACC and Ambuja Cement tried to increase prices again, by ₹10-20 a bag, but it has not been implemented yet. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> There is added pressure on families in terms of healthcare, either in terms of COVID-19 treatments or the cost of vaccination or both. Even for salaried employees in India, who form a small proportion of the total workforce, the <a href="https://www.businesstoday.in/sectors/jobs/india-inc-to-offer-77-average-salary-hike-in-2021-aon/story/432174.html#:~:text=Global%20professional%20services%20firm%20Aon's,6.1%20per%20cent%20in%202020.">average rise in remuneration is likely to be 7.7%</a>. But a big chunk of the rise may not land in their bank accounts ⁠— it will go into provident fund and gratuity contribution, instead⁠ — because the new labour codes would have kicked in from April 1. Of course, if the second wave triggers another economic crisis, many families may not even have the same amount of cushion from their past savings. In the last five years, the average annual household savings in India has grown 64%. However, in the same time, average household debt has increased 133%, according to the latest data from the RBI. None of this would be comforting for households staring at a limited income and an uncertain future. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/inequality-is-only-increasing-in-india-the-resulting-lack-of-trust-may-make-climate-change-a-tougher-challenge-to-tackle/articleshow/81666431.cms">Inequality is only increasing in India — the resulting lack of trust may make climate change a tougher challenge to tackle</a> <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% soon after listing</a> <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">You can now buy a Tesla with Bitcoin, tweets Elon Musk</a>

From Maruti to Nissan, from Hero to Havells, from cotton to cement– everyday products are set to get more expensive in India

New Delhi, Nov 22 () A clutch of Indian vendors of Bharat Sanchar Nigam Ltd (BSNL) on Friday sought the telecom department's intervention for release of outstanding dues of nearly Rs 1,600 crore, pertaining to Bharat Net II project.
 These companies, which have sought intervention of Department of Telecom (DoT) Secretary Anshu Prakash, said they are "deeply troubled" over non-payment of dues and sought immediate release of outstanding payments.
 The companies that have approached the DoT flagging their concerns on pending dues include Sterlite, Tejas, Paramount Wires And Cables Ltd (PWCL), Aksh Optifibre, Finolex among others, and the dues run into Rs 1,600 crore, said Sandeep Aggarwal, Managing Director of Paramount Communications.
 "The dues are towards supply of cable, electronics and pipes and are linked to Bharat Net II project," Aggarwal, who is also the Chairman of Telecom Committee of PHD Chamber of Commerce and Industry, told reporters.
 The Union Cabinet had, last month, approved a plan to combine MTNL - which provides services in Mumbai and New Delhi - with BSNL that services the rest of the nation.
 It also approved a Rs 69,000-crore revival package, including monetising their assets and giving VRS to employees.
 The package includes infusion of Rs 20,140 crore for purchase of 4G spectrum, Rs 3,674 crore for GST to be paid on spectrum allocation, companies raising Rs 15,000 crore in debt on the sovereign guarantee and government funding Rs 17,160 crore VRS and another Rs 12,768 crore towards retirement liability.
 The two firms will also monetise assets worth Rs 37,500 crore in the next three years. MTNL has reported losses in nine of the past 10 years and BSNL too has been ringing in loss since 2010. The total debt on both companies stood at Rs 40,000 crore, of which half of the liability is on MTNL alone. MBI MBI ANU
ANU

BSNL vendors seek DoT intervention over Rs 1,600 cr dues linked to Bharat Net 2

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> snapped a 2-day rally on Friday as traders remained on sidelines ahead of the weekend and concentrated more on earnings related stocks rather than blue chips.
 

	The Nifty fell 24 points to end the week at 8,565. Its Advance-Decline ratio was 16/34 with BHEL, Coal India, State Bank of India and Bank of Baroda leading the loser's side. ONGC, Tata Motors, BPCL and Vedanta were on the gainers list on the Index, which added 0.4 percent this week. BHEL was the most actively traded stock on the Nifty with 2.02 crore shares changing hands.
 

	There was all-round profit booking with major indices such as CNX Nifty Junior, CNX 100, CNX 200 and CNX 500 ending in the red.
 

	
		
			The Bank Nifty dropped 134 points to 18,893 as traders booked partial gains after a 6-day advance. The CNX PSU bank Index was the top loser, down 2.4 percent. The trend in other sectoral indices was bearish. CNX Metals, CNX IT, CNX Media and CNX FMCG lost ground. 
		 
		
			On the Bombay Stock Exchange, the <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> fell 62 points to close at 28,237 points. NTPC, Bajaj Auto, Cipla and TCS were the top losers on the Index, whereas Hindalco, Sun Pharma and Infosys posted modest gains. The Advance-Decline Ratio stood at a negative 10/20 on the Sensex, which rose 0.5 percent this week.
		 
		
			
				
					Bears dominated the wider market for the second day running with just 1,373 stocks gaining ground versus 1,547 fell below Thursday's closing prices.
				 
				
					The trend remained flat in the derivatives space with Nifty Futures closing just a shade below the 8,600-point mark. Media, Capital goods, Fertilisers and Textiles sectors were top prices losers with rising open interest. The Advance-Decline Ratio favoured the bears with a ratio of 63/96 in the futures and Options market. 
				 
				
					The weekly picture favoured beaten down stocks with top gainers including: JP Power, JP Associates, Union Bank and Ceat. Top losers were led by JSW Energy, India Cements, BHEL and Coal India.
				 
				
					BHEL was the biggest disappointment when it came to earnings, as also Bombay Dyeing and Monte Carlo. Big cheers were reserved for KEI Industries, Neyveli Lignite, Finolex Industries and Repco Home Finance that announced brilliant set of numbers. 
					 
					Image credit: Indiatimes

Here's how the last day of the week was at Dalal Street

Indian stocks breathed a sigh of relief on Tuesday in part due to short covering after 7 days of sustained selling even as sentiment improved a bit after Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> took stock of the economy in a meeting with top industrialists and policy makers. Banking stocks, beaten blue over the last one month, were the flavour of the day. 
 As a consequence, the <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> surged 129 points, or 1.7 percent, to 7,688 points, near its day's high. The Advance-Decline Ratio was a strong 45/4, however, the list of gainers left much to be desired when it came to its quality. GAIL, Yes Bank, BHEL, Tata Steel and Axis Bank were the top 5 stocks closing in positive territory. Among the losers were <keyword id="6365619" type="CITY" weightage="100" keywordseo="Hindustan-UniLever">Hindustan Unilever</keyword>, Cairn, BPCL, Tech Mahindra and Bharti. 
 
Axis Bank, Yes Bank and ICICI Bank were the top traded stocks on the National Stock Exchange and all three of them quoting strongly into positive territory. 
 There was a dark shade of green on wider indices as well: The CNX 100, CNX 200, CNX 500, the Mid cap and Small Cap Indices gained between 0.6 percent and 1.5 percent as investors tried to find value in beaten down stocks in a market quoting near 13-month lows. The <keyword id="151330" type="COMPANY" weightage="100" keywordseo="Bank-Nifty">Bank Nifty</keyword> lead sector-specific indices higher with gains of 3.6 percent. Smart jumps were also seen on CNX PSU Bank, CNX Finance, CNX Metals, CNX Energy and CNX Realty Indices but visible profit booking was seen on CNX <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> Index where Hindustan Unilever led the losers. 
 The <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> jumped 424 points, or 1.7 percent, to 25,317 points on the Bombay Stock Exchange. Tata Steel, Larsen, HDFC and HDFC Bank were among the major gainers while Bharti, ITC, Infosys and Hind Unilever were top losers. The Advance-Decline Ratio stood at a robust 26/4. 
 
State Bank of India, Tata Steel and Axis Bank were the top traded stocks on the Sensex. 
 
The mood was distinctly bullish in the futures and options space with 139 futures rising compared with 22 that fell. JSW Energy, DLF and Yes Bank futures lead the gainers list while Amtek Auto, Kaveri Seed, Reliance Comm and Page Industries had sharp losses. All sectors ended with gains except for the FMCG space. 
 
The broader market saw the emergence of bulls on a rare day. 1,464 stocks gained compared with 1,184 that fell below their Monday's close. 
 
Stocks that made it to the list of 52 week highs included 8K Miles, Abbott India and Rama Steel Tubes while 142 stocks hit fresh 52 week lows on the NSE, including Dena Bank, Esab India, Garden Silk Mills and EMCO Ltd. 
 
Federal Mogul, Indian Hume Pipe, Finolex Industries and Sanghvi Movers were among the 25 stocks that made up the top volume buzzers list. 
 
(Image credits: Indiatimes)

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