12:20 pm Shareholders approval:
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.
Also read – Cycle of stressed assets in public banks is over now: JP Morgan
12:00 pm Market Check
The market continued to consolidate with a positive bias in noon trade ahead of Thursday’s expiry of September futures & options contracts.
The 30-share BSE Sensex was up 78.50 points at 28372.78 and the 50-share NSE Nifty gained 26.05 points at 8749.10.
The broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.5-0.8 percent on positive breadth. About 1413 shares advanced against 950 declining shares on the exchange.
MCX is the most active stock on exchanges, followed by Narayana Hrudayalaya, REC, Alphageo, HDFC Bank, Reliance Industries, Axis Bank, ICICI Bank and Yes Bank.
Asia markets were mixed amid increased volatility in financial markets. Traders kept an eye on an informal OPEC meeting in Algeria and looked ahead to the first US presidential debate.