Nifty continues to struggle below 8750, L&T, ICICI, Bharti drag.

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L&T, ICICI Bank, Bharti Airtel, ONGC and Adani Ports are laggards in the Sensex. Among gainers are TCS, Asian Paints, Sun Pharma, Infosts and Coal India are top gainers.

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 Reliance Capital AGM: Introducing son Anmol as a new director on Reliance Capital's board, Chairman Anil Ambani today said he has brought "tremendous luck" with a 40 percent surge in share price since his induction and hoped that the 'Anmol Effect' will continue further. Thanking the shareholders at the company's Annual General Meeting for their "vote of confidence" in 24-year-old Anmol's appointment as an Executive Director, Ambani said his son is "part of this younger demography and will relate to the future customers, shareholders, employees as well as the other stakeholders of Reliance Capital". "Anmol has brought tremendous luck as the stock price rose by 40 percent since his induction in the board and has added to the value creation for our shareholders. I hope and I am confident that the 'Anmol Effect' will continue, based on the improved performance, growth and teamwork," the Chairman said.

Done deal? The minority shareholders of Max Life Insurance have given a green nod for payment non-compete fee to its promoters. Analjit Singh and family will get Rs 850 crore as the non-compete fee over four years. In the company’s Annual General Meet (AGM) on Monday, 65 percent of minority shareholders approved it. The shareholders include names like KKR, Goldman Sachs and Kotak. While the numerical numbers have won, corporate governance has failed, says Anil Singhvi, Chairman of ICan Investment Advisors. Private equity players usually prefer the promoters.

Market outlook: Speaking to CNBC-TV18 Mahesh Patil of Birla Sun Life AMC said that in NBFCs valuations are on the higher side. “We don’t don’t just look at near-term PE multiples. We take a longer view. This is a good sector to be in.” Return on equity in this sector has moved up, he said, adding that he is not expecting any further rerating. Auto will play out well in this festival season, he said. “There should be a strong pickup. If it doesn’t pan out, then there could be a problem. For the next two-three years, we should see decent pick-up in the auto sector.” He expects the four-wheeler industry to see a revival, though it won’t see any margin improvement.

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Nifty continues to struggle below 8750, L&T, ICICI, Bharti drag

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Nifty continues to struggle below 8750, L&T, ICICI, Bharti drag

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Nifty continues to struggle below 8750, L&T, ICICI, Bharti drag

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