The company’s board of directors also stated that they will commence a search for a replacement

After four sessions of gains, shares of rating agency ICRA fell as much as 5 percent on August 30 session, a day after the company announced the immediate termination of its Managing Director and Group CEO.

The board of rating agency ICRA, an affiliate of Moody's, on August 29, terminated the services of its managing director and CEO Naresh Takkar, following the appearance of his name in the IL&FS case.

In the release filed with the exchanges, the company’s board of directors also stated that they will commence a search for a replacement. No reason was mentioned for the termination of Takkar’s employment.

The release also stated that Vipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a new CEO has been appointed.

According to reports, Takkar was sent on forced leave in July following a review by the rating agency pending an enquiry into the "concerns" raised by the capital markets watchdog SEBI.

Takkar's forced to leave in July was seen as an unprecedented step, a first in the industry, which occurred at a time when the rating agencies were under a cloud following the IL&FS debacle.

The infra lender was enjoying top ratings right till the time of its first default in late August last year.

Earlier in May, there were reports that the ICRA brass was being probed for influencing the 'AAA' rating on IL&FS and had hired KPMG to look into the allegations.

Takkar had been at the helm of ICRA for long and was also recently appointed by the Reserve Bank as a member of its committee on the development of housing finance securitisation market, which is chaired by Bain & Co's Harsh Vardhan.

Shares of ICRA traded 2.21 percent down at Rs 2,738 on BSE around 1020 hours.

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An interest payment default of Rs 9.42 crore occurred on secured NCDs (5 years tenure) and of Rs 4.71 crore on 10 years NCDs, the company said

After three successive sessions of gains, shares of Dewan Housing Finance Corporation (DHFL) tumbled 5 percent on BSE on August 28, a day after the company said it defaulted to the tune of Rs 14.13 crore towards interest payments on bonds.

An interest payment default of Rs 9.42 crore occurred on secured NCDs (5-year tenure) and of Rs 4.71 crore on 10-year NCDs, the company said in a regulatory filing.

Separately, the housing finance company said it planned to raise funds through equity share sale or other means as part of the debt resolution plan.

The company's board will to meet on August 30, when the proposal would be tabled, the firm said in another regulatory filing.

The fund mop-up can also be through any other permissible mode or a combination of prospectus or placement document or letter of offer or any other permissible offer, it added.

Shares of DHFL were trading 1.96 percent down at Rs 47.50 at 1115 IST.

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The next immediate support for Nifty50 is placed at around 10,750 and then towards 10,600 levels, while resistance is observed at 11,110 and then towards 11,200 levels.

The benchmark index, Nifty50 breached its previous four-day consolidation pattern on the downside on August 21 to close below 11,000 levels. On the daily time frame, the index witnessed a breakdown from the bearish flag pole pattern which can further sink prices towards its next immediate support which is placed at 10,600 levels.

Previous three days’ candle formation suggests that the immediate pullback got capped at 11,200 levels, and the index has now opened the gate for further downside.

The NSE-NIFTY reversed before visiting its short-term moving average placed at the 20-day EMA the daily interval.

On the Options front, maximum Put open interest is placed at 10,850 followed by 10,500 strikes while the maximum Call open interest is seen at 11,000 followed by 11,500 strikes.

The next immediate support for Nifty50 is placed at around 10,750 and then towards 10,600 levels, while resistance is observed at 11,110 and then towards 11,200 levels.

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Indian stock markets staged a sharp recovery on Friday amid a buzz that the Prime Minister's Office was set to intervene in order to arrest the prolonged fall in the stock markets partly caused by the tax on the super-rich proposed in the Union Budget

However, no such announcement was made until late evening. This begets the question as to how and when the government will act to reverse the damage caused by the exodus of foreign funds as only 3 parliamentary sessions are left before the close of the Budget session.

One way could be the route of an ordinance, which has been used extensively by NDA-2 for taking various big-ticket decisions. The ordinance gives six months life to a proposal within which time either the plan has to be ratified by Parliament or ordinance is re-promulgated. 

Experts believe that this route will give enough time to the government to think all over its budget proposal to provide relief to a big segment of FPIs. 

The most likely course of action to correct the new super-rich tax burden on FPIs is to provide one-time tax-free transfer of shares to special purpose vehicles (SPVs). The other move could be a mechanism of self-declaration by FPIs. 

FPIs have off-loaded equities worth over Rs 2,500 crore from the Indian capital markets since July 1, which has partly caused the equity indices to shed heavily during the same period.

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Automobile major Mahindra and Mahindra (M&M) on Thursday reported a 15 per cent decline in its total vehicle sales for July, owing to tight liquidity and low buying sentiment in the domestic market

The total sales of the company fell to 40,142 units last month, against 47,199 units sold during the corresponding period of 2018.

Similarly, the company's domestic sales plunged by 16 per cent to 37,474 units from an off-take of 44,605 units in the like period of last year.

However, M&M's exports inched higher by 3 per cent to 2,668 vehicles in July.

"The headwinds faced by the automotive industry continue as a result of subdued consumer sentiment, triggered by various factors," said Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M.

"The industry needs stimuli to help revive consumer demand and conversions. We hope that the overall buying sentiment will improve in the run-up to the festive season and with the monsoon turning out to be better than initially anticipated," he added.

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Automobile major Maruti Suzuki India on Thursday reported a decline of 33.5 per cent in its total sales, including exports for July

According to Maruti Suzuki India, a total of 109,264 units were sold last month, compared to the off-take of 164,369 units recorded during the corresponding period of the previous financial year.

The company's domestic sales (domestic and OEMs) decreased by 35.1 per cent on a year-on-year basis to 100,006 units in July.

Although the total domestic passenger vehicle sales were lower by 36.7 per cent to 96,478 units on a YoY basis, the company's sales of light commercial vehicles in the country inched up 0.5 per cent to 1,732 units.

The automobile major's exports declined by 9.4 per cent in July to 9,258 units from 10,219 units which were shipped out during the corresponding month of the last fiscal.

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The new infusion came through two holding entities including Rajdhani Investments & Agencies and DLF Urva Real Estate Developers & Services which has taken the promoters’ collective stake to 74.95 percent in the company.

Shares of real estate major DLF gained as much as 2 percent intraday on June 28 after its promoters infused Rs 2,250 crore in the company against the issuance of new equity shares.

The scrip has added as much as 6 percent in the last three days.

The new infusion came through two holding entities including Rajdhani Investments & Agencies and DLF Urva Real Estate Developers & Services which has taken the promoters’ collective stake to 74.95 percent in the company.

The DLF board has now allotted 138.1 million equity shares at Rs 217.25 each against the convertible debentures. Earlier in May, the board had issued 130 million shares at the same rate. The promoters will now have 268.1 million new equity shares in their possession since March 31 with the current infusion.

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According to Angel Broking, EURUSD depreciated by 0.06 percent yesterday while EURINR appreciated by 0.39 percent during the same time frame.

Angel Broking's currency report on EURINR

EURUSD depreciated by 0.06 percent yesterday while EURINR appreciated by 0.39 percent during the same time frame. ECB in its latest monetary policy meeting yesterday will end the QE program by the end of Dec’18. The ECB also said it would continue to reinvest cash from maturing bonds for an extended period of time. Meanwhile, Italian PM Conte presented the budget in front of the European Union with a target deficit of 2.04 percent.

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