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The rupee edged 2 paise higher to 68.51 against the US dollar in early trade on Tuesday ahead of the Federal Reserve’s policy meet.


Besides the greenback’s weakness against some currencies overseas, increased selling of the American currency by exporters as well as banks supported the rupee, forex dealers said. A higher opening in the domestic equity market influenced the currency’s movement, they added.

On Monday, the domestic unit had surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,823 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,269 crore Monday, provisional data showed.

Meanwhile, the benchmark BSE Sensex rose 83.10 points, or 0.22 percent, to 38,178.17 in early trade.

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The rupee appreciated 17 paise to 68.93 against the US dollar in opening trade on Monday is driven by weakening greenback in overseas markets and sustained foreign inflows. Besides, narrowing country’s trade deficit and selling of the American currency by exporters supported the domestic currency


The marginal 2.44 percent increase in exports, as well as lower imports of gold and petroleum products in February, significantly narrowed the country’s trade deficit to USD 9.6 billion, according to data released by the commerce ministry on Friday.

Extending its gains for the sixth session, the rupee opened higher at 68.92 at the interbank forex market and gained further ground to touch 68.87. However, it pared some gains and was quoting 17 paise higher at 68.93 at 0920 hours. The rupee on Friday had jumped 24 paise to close at 69.10 against the US dollar on sustained foreign fund inflows and heavy buying in domestic equities.

Meanwhile, foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 4,323.49 crore on a net basis Friday, as per provisional data. Meanwhile, the benchmark BSE Sensex was trading higher by 232.31 points, or 0.61 percent, at 38,256.63.

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Move to restructure group companies-

Tata Realty and Infrastructure (TRIL) will acquire Tata Sons’ stake in Tata Housing (THL) for about ₹3,000 crore. Both TRIL and Tata Housing are 100 percent subsidiaries of Tata Sons. The two real estate firms were competing for projects in the same cities in the past, which is a factor behind the integration.

This is part of Tata Sons’ overall plans to restructure group companies to streamline the internal shareholding structure and businesses.

Rights issue

To raise funds for the real estate deal, TRIL will first come up with a rights issue, which will be subscribed by Tata Sons. TRIL will then pick up Tata Sons’ stake in Tata Housing. A Tata Sons spokesperson did not comment on the restructuring.

The plan is to integrate TRIL’s commercial real estate division with Tata Housing’s residential business. Both TRIL and Tata Housing have overlapping business interests due to planned residential projects in Delhi, Pune, and other cities.

Tata Housing’s project portfolio mainly comprises a housing in various income group segments, ranging from low-cost to premium/luxury projects. These are spread across metros and tier-I cities, including Mumbai, Delhi NCR, Bengaluru, Kolkata, Chennai, and Pune.

Going forward, Tata Housing plans to focus only on premium and luxury projects, while low-cost and affordable projects will be undertaken by its wholly-owned subsidiary Tata Value Homes.

Henceforth, all of TRIL’s housing projects would be implemented by Tata Housing. TRIL will focus on large mixed-development retail or commercial developments along with its current portfolio of special economic zones, logistics parks, airports and road, and highway projects.

Tata Group may also look to monetize the real estate and infrastructure assets for which the integration was even more important. It may look at listing a public real estate investment trust (REIT) or a private REIT in which an institutional investor may acquire a strategic stake. A REIT is an entity that owns, operates or finances income-producing real estate.

According to information available with the Registrar of Companies, Tata Housing had a loss of ₹81 crore in 2016-17, while its revenue from operations stood at ₹727 crore. In the fiscal year 2015-16, the company had posted a net profit of ₹27 crore and revenue of ₹790 crore.

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Titan Company is currently trading at Rs. 1088.50, up by 5.20 points or 0.48% from its previous closing of Rs. 1083.30 on the BSE.


The scrip opened at Rs. 1090.80 and has touched a high and low of Rs. 1092.50 and Rs. 1083.50 respectively. So far 11276 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1096.25 on 12-Mar-2019 and a 52 week low of Rs. 731.70 on 09-Oct-2018.

Last one week high and low of the scrip stood at Rs. 1096.25 and Rs. 1037.85 respectively. The current market cap of the company is Rs. 96173.87 crore.

The promoters holding in the company stood at 52.91%, while Institutions and Non-Institutions held 26.81% and 20.29% respectively.

Titan Company has entered into an alliance with FTS USA LLC to assist the American watchmaker in setting up an assembly unit in the US. According to the deal, the company will extend its support to FTS by supplying quartz movement kits and training US engineers.

Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags, and belts.

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Welspun Corp is currently trading at Rs. 126.10, up by 6.65 points or 5.57% from its previous closing of Rs. 119.45 on the BSE.


The scrip opened at Rs. 127.75 and has touched a high and low of Rs. 127.75 and Rs. 125.35 respectively. So far 70996 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 186.90 on 06-Sep-2018 and a 52 week low of Rs. 89.30 on 18-Feb-2019.

Last one week high and low of the scrip stood at Rs. 127.75 and Rs. 116.50 respectively. The current market cap of the company is Rs. 3168.13 crore.

The promoters holding in the company stood at 48.65%, while Institutions and Non-Institutions held 14.90% and 36.45% respectively.

Welspun Corp has received additional pipe orders of 212 KMT on a global basis. Out of these additional orders, 151 KMT will be serviced from India. The company's current order book stands at 1,667 KMTs valued at Rs 145 billion, after considering execution up to February 2019.

Welspun Corp is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.

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The appellate tribunal said the country’s largest lender had “clapped with RCom” or, in other words, worked with the telecom player.


The National Company Law Appellate Tribunal (NCLAT) on Monday admonished State Bank of India (SBI), saying the lender had given a false impression that the RCom-RJio deal would fetch about `37,000 crores.

The NCLAT bench wondered why should there not be proceedings against the lender for painting a rosy picture of RCom. “SBI created a false impression, gave a rosy picture before us,” the two-member NCLAT bench, headed by chairperson SJ Mukhopadhyay observed.

The appellate tribunal said the country’s largest lender had “clapped with RCom” or, in other words, worked with the telecom player.

“You (SBI) have failed. JLF has failed. No sale took place. You clapped with RCom and claimed that you would recover around Rs 37,000 crore from the sale to Jio. You cited losses of crores per day. You failed and now will seek to recover `260 crores,” the bench observed.

The appellate tribunal pulled up SBI for not releasing the Rs 260-crore income tax returns lying with it, which could be used by RCom to pay Swedish telecom equipment maker Ericsson. The bench was hearing a plea by RCom seeking the tax refund be released in favor of Ericsson.

The release would help RCom to clear a part of its Rs 550-crore dues to Ericsson. The Supreme Court had, on February 20, held RCom chairman Anil Ambani and two others guilty of contempt for violating its order by not paying dues of `550 crores to Ericsson. The apex court had said that they would face a three-year jail term if the company failed to pay up within four weeks.

It also reminded the lenders that once the corporate insolvency resolution process (CIRP) begins, lenders would not get the `260 crores since it would go to the corporate debtor. The NCLAT had earlier halted insolvency proceedings against RCom after the case was admitted by the Mumbai bench of National Company Law Tribunal (NCLT) on May 15, 2018. The apex court had on October 23 asked RCom to clear the dues by December 15, 2018.

RCom has already deposited Rs 118 crore with the Supreme Court. Moreover, it has asked lenders to release the income tax refunds of Rs 260 crore directly to Ericsson. The company is planning to raise Rs 200 crore to pay Ericsson Rs 550 crore including interest.

“Why should SC orders not be respected? Sending someone (Anil Ambani) to jail will not solve the problem before us. The SC has directed the company to repay the money,” it observed.

On February 4, the NCLAT had allowed Ericsson to file its reply on RCom’s plea for withdrawal of the appeals. The appellate tribunal had also directed the company not to sell, transfer or alienate any moveable or immovable property of the company without the prior permission of the NCLAT.

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