BSE to suspend share trading of non-compliant companies from Nov 16

 Leading stock exchange BSE will suspend three companies from next month for non-compliance with listing agreement clauses relating to corporate governance norms and shareholding disclosures.

The companies, Terruzzi Fercalx India Ltd, Alka Diamond Industries Ltd and Meuse Kara & Sungrace Mafatlal Ltd, have been given time till November 10 to comply, or be suspended.

While trading suspension will begin from November 16, the exchange also ordered freezing of the entire promoter shareholding of these companies from October 23 till further notice.

"Trading in securities of these companies will be suspended with effect from November 16, on account of non- compliance with Clauses 35 and or 49 of the Listing Agreement for two consecutive quarters -- March and June," BSE said in a circular.

In case any of these companies comply to the satisfaction of the exchange, with all the provisions of the listing agreement including payment of fines on or before November 10 2015, the trading in their securities "will not be suspended".

Otherwise, the suspension will continue till such time the companies comply including payment of fines.

The revocation of suspension would be subject to the companies further complying with the procedure and all extant norms prescribed for revocation of suspension.

According to BSE, 15 days after suspension has been effected, trading in the shares of non-compliant companies would be allowed on restricted basis or in 'Trade for Trade basis in Z group' only on the first trading day of every week for six months. 

Sensex advances 147 pts, Nifty above 8,300 on firm Asian cues

The benchmark BSE Sensex rose by 147 points while the NSE Nifty regained 8,300-mark in early trade today on sustained foreign funds inflows amid a firming Asian cues.
Better-than-expected earnings by telecom major Bharti Airtel also influenced sentiment.

The 30-share index, which had gained 183.15 points in the previous session, surged by 147.33 points, or 0.53 per cent, to 27,618.14 points in early trade.

Among major gainers, Larsen and Toubro, Bajaj Auto, Tata Motors, Hindalco, Hero MotoCorp and ICICI Bank rose up to 1.5 per cent.

All the sectoral indices led by metals, IT and auto were trading in the positive zone with gains up to 0.85 per cent.

The National Stock Exchange's index Nifty reclaimed the 8,300-mark by rising 40.85 points, or 0.49 per cent, to 8,336.30.

Brokers said continued buying by funds and retailers amid a firming trend at other Asian markets after Chinese interest rate cut on Friday buoyed sentiments here.

Japan's Nikkei moved up by 1.21 per cent, Hong Kong rose 0.25 per cent and Shanghai index 0.79 per cent.

The US Dow Jones Industrial Average ended 0.90 per cent higher in Friday's trade.