ADVERTISEMENT

Business & Economy

Truckers 'postpone' strike following request from Centre

ADVERTISEMENT
Truckers on Friday "temporarily postponed" their ongoing indefinite nationwide strike following a request from the Central government as Road Transport Minister Nitin Gadkari was out of station.
 
The strike had been called from June 18 against the high diesel prices, high toll rates and a sharp hike of third party insurance premium, and had entered the fifth day on Friday.
 
In a media release, All India Confederation of Goods Vehicle Owners' Association -- which had called the strike -- said the decision was taken following a telephone call from the Centre, which asked the strikers to come for discussion after June 27.
 
"We have received telephone call from (the) Central ministry, that since the Minister is not in station till June 27, (they have requested us) to call off the strike and come for discussion after June 27," said AICOGOA General Secretary Rajendra Singh and President B. Channa Reddy.
 
"In view of this and in public interest, we have (decided to) postpone the truckers' strike," they said.
 
The AICOGOA said the call for talks was received from Gadkari's office.
 
"We received call from Union Minister Nitin Gadkari's office and they have called us to talk... We have temporarily called off the strike because it was affecting truckers and people both," another AICOGOA General Secretary Kausar Hussain told IANS.
 
Over 50 lakh vehicles remained off the road during the strike.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Banking, healthcare stocks, strong rupee lift equity indices

ADVERTISEMENT
Healthy buying in banking, healthcare and auto stocks during the late-afternoon session lifted the key equity indices after a largely choppy trade on Friday.
 
The domestic indices, however, had opened on a negative note tracking weak Asian markets and the ongoing global trade war concerns.
 
Broadly positive European markets along with an appreciation in the Indian rupee and value buying by investors also supported the Indian indices late in the day, analysts said.
 
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,821.85 points, up 80.75 points or 0.75 per cent from the previous close of 10,741.10 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,428.42 points, closed at 35,689.60 points -- up 257.21 points or 0.73 per cent -- from its previous session's close of 35,432.39 points.
 
The Sensex touched an intra-day high of 35,741.26 and a low of 35,344.49 points. 
 
In the broader markets, the S&P BSE mid-cap closed 0.46 per cent higher while the the small-cap rose marginally by 0.07 per cent. The BSE market breadth, however, was bearish with 1,436 declines and 1,134 advances.
 
"Markets rallied smartly on Friday after a shaky opening. The Nifty50 found support at the 10,710 levels in the morning session and rallied through the day," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
Although, major Asian markets closed on a mixed note, European indices like FTSE 100, CAC 40 and DAX traded in the green, Jasani told IANS.
 
According to BNP Paribas Mutual Fund's Senior Fund Manager for Equities, Abhijeet Dey, domestic stock markets ended the week on a buoyant note, despite edging lower in early trade as markets recouped losses by afternoon on bargain buying at lower levels.
 
"While trade tensions between the US and China continued to influence investor sentiment, expectations that an ongoing meeting of OPEC and major oil producers could result in an expansion of crude production, had a positive impact on domestic investors," he added.
 
ADVERTISEMENT
On the currency front, the Indian rupee appreciated by 15 paise against the US dollar to 67.84, from its previous close of 67.99 per greenback.
 
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 1,343.44 crore while the domestic institutional investors bought stocks worth Rs 1,105.76 crore.
 
Sector-wise, the S&P BSE banking index gained the most, by 300.24 points, followed by the healthcare index which rose by 184.90 points and the auto index ended 119.70 points higher from its previous close.
 
On the other hand, S&P BSE oil and gas fell by 59.23 points, the energy was down 53.26 points and the IT index fell marginally, by 8.05 points.
 
Stock-wise, the major gainers on the Sensex were Sun Pharma, up 3.91 per cent at Rs 576.30; Mahindra and Mahindra (M&M), up 2.87 per cent at Rs 909; HDFC, up 2.54 per cent at Rs 1,902.40; Axis Bank, up 2.22 per cent at Rs 524.65; and State Bank of India, up 1.69 per cent at Rs 273.25 per share.
 
The top losers were Reliance Industries, down 1.94 per cent at Rs 1,012.30; Coal India, down 0.99 per cent at Rs 265.10; Tata Consultancy Services, down 0.44 per cent at Rs 1,811.80, Wipro, down 0.41 per cent at Rs 257.95; and Adani Ports, down 0.23 per cent at Rs 366 per share. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

India’s forex reserves slide by $ 3.04 billion to $ 410.07 billion

ADVERTISEMENT
India’s foreign exchange reserves dipped by $ 3.04 billion to $ 410.07 billion during the week ended June 15, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had risen by $ 879.5 million to $ 413.11 billion during the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone down by $ 3.058 billion during the week.
 
According to the bulletin, the country’s gold reserves went up by $ 38.9 million to $ 21.228 billion, while its special drawing rights (SDR) decreased by $ 8.7 million to $ 1.491 billion.
 
India’s reserve position in the International Monetary Fund (IMF) went down by $ 11.7 million to $ 2.0174 billion, the bulletin added.
 
NNN
 
 
 
 
 
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Equity indices trade flat amid weak global cues

ADVERTISEMENT
The key Indian equity indices traded on a flat-to-positive note on Friday afternoon tracking broadly weak global markets.
 
Globally, investor sentiments were dampened by a trade war like situation after the recent tariff hikes by the US. As a retaliatory measure the European Union on Friday imposed tariffs on around $3.2 billion worth of American goods. 
 
At 12.58 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,753.40 points, up 12.30 points or 0.11 per cent from the previous close of 10,741.10 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,428.42 points, traded at 35,460.49 points (1 p.m.) -- up 28.10 points or 0.08 per cent -- from its previous session's close of 35,432.39 points.
 
The Sensex has so far touched a high of 35,484.33 and a low of 35,344.49 points. The BSE market breadth was tilted towards the bears with 1,374 declines and 933 advances so far.
 
The top gainers on the Sensex were Mahindra and Mahindra (M&M), ITC, Sun Pharma, HDFC and Bharti Airtel whereas Wipro, Reliance Industries, IndusInd Bank, Coal India and Bajaj Auto were the major losers.
 
On the NSE, M&M, Bharti Infratel and ITC were the highest gainers while UPL, Reliance Industries and Grasim Industries lost the most. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Key equity indices open lower on weak global cues

ADVERTISEMENT
The key Indian equity indices opened in the negative territory on Friday tracking weakness in the benchmark global markets.
 
At 9.24 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,718.10 points, down 23 points or 0.21 per cent from the previous close of 10,741.10 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,428.42 points, traded at 35,401 points (9.24 a.m.) -- down 31.39 points or 0.09 per cent -- from its previous session's close of 35,432.39 points.
 
The Sensex has so far touched a high of 35,437.33 and a low of 35,363.74 points.
 
The BSE market breadth was tilted towards the bears with 692 declines and 492 advances so far.
 
IANS
 
 
 
 
 
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

As countermeasure, India hikes import duty on 29 US products

ADVERTISEMENT
In a retaliatory move against the recent US import duty hikes, India on Thursday raised customs duty on 29 products, including on iron and steel products imported from the US.
 
A Finance Ministry notification said the duty hike would come into effect immediately for 28 products, while for the marine product artemia the increased duty would be effective from August 4.
 
In March, US President Donald Trump slapped import tariffs of 25 per cent on steel and 10 per cent on aluminium, unfolding the prospect of an all-out global trade war. China retaliated in April imposing tariffs as high as 25 per cent on 128 American products.
 
India has sought an exemption from the US tariffs along the lines the US has allowed to the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea.
 
In Thursday's hike by India, duty on flat rolled products on iron has been raised to 27.50 per cent from 15 per cent earlier, while certain flat rolled products on stainless steel will now attract 22.50 per cent duty as against 15 per cent earlier.
 
Import duty on chickpeas, Bengal gram (chana) and masur dal has been increased to 70 per cent, from 30 per cent earlier, while that on lentils has been raised to 40 per cent from 30 per cent.
 
Shelled almonds from the US will now attract import duty at Rs 120 per kg, as compared to Rs 100 earlier. Almonds in shell will now be levied import duty at Rs 42 per kg as against Rs 35 earlier.
 
ADVERTISEMENT
Shelled walnut will now attract customs duty at the rate of 120 per cent, as against 30 per cent earlier. 
 
Apples will attract import duty of 75 per cent as compared to 50 per cent earlier.
 
Import duty on American phosphoric acid has been raised to 20 per cent, from 10 per cent each earlier, while the duty on diagnostic reagents has also been doubled to 20 per cent. 
 
Customs duty on artemia, a type of shrimp, has been hiked to 30 per cent with effect from August 4.
 
For automobiles and earth moving equipment, SIM sockets and other metallic mechanical items for use in manufacture of mobile phones, the duty has been hiked to 25 per cent, from 15 per cent previously.
 
During his visit to Washington last week, Commerce Minister Suresh Prabhu said that India and the US had agreed to hold official talks soon to address the trade and economic irritants between both nations.
 
This decision was taken during a series of meetings Prabhu had with US Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer in Washington during the Indian Minister's visit from June 10 to 12.
 
Prabhu told reporters in Washington that India would send an official team to work out the details and start comprehensive negotiations on all issues concerning the bilateral trade and economic relationship.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Bank with Amit Shah as director collected highest amount of banned notes among DCCBs: RTI reply

ADVERTISEMENT
A district cooperative bank, which has Bharatiya Janata Party (BJP) President Amit Shah as a director, netted the highest deposits among such banks of old Rs 500 and Rs 1,000 notes that were abruptly demonetised on November 8, 2016, according to RTI replies received by a Mumbai activist.
 
The Ahmedabad District Cooperative Bank (ADCB) secured deposits of Rs 745.59 crore of the spiked notes -- in just five days after Prime Minister Narendra Modi made the demonetisation announcement. All the district cooperative banks were banned from accepting deposits of the banned currency notes from the public after November 14, 2016, -- five days after demonetisation -- on fears that black money would be laundered through this route.
 
According to the bank's website, Shah continues to be a director with the bank and has been in that position for several years. He was also the bank's chairman in 2000. ADCB's total deposits on March 31, 2017, were Rs 5,050 crore and its net profit for 2016-17 was Rs 14.31 crore.
 
Right behind ADCB, is the Rajkot District Cooperative Bank, whose chairman Jayeshbhai Vitthalbhai Radadiya is a cabinet minister in Gujarat Chief Minister Vijay Rupani's government. It got deposits of old currencies worth Rs 693.19 crore.
 
Interestingly, Rajkot is the hub of Gujarat BJP politics -- Prime Minister Modi was first elected from there as a legislator in 2001.
 
Incidentally, the figures of Ahmedabad-Rajkot DCCBs are much higher than the apex Gujarat State Cooperative Bank Ltd, which got deposits of a mere Rs 1.11 crore.
 
"The amount of deposits made in the State Cooperative Banks (SCBs) and District Central Cooperative Banks (DCCBs) -- revealed under RTI for first time since demonetisation -- are astounding," Manoranjan S. Roy, the RTI activist who made the effort to get the information, told IANS.
 
The RTI information was given by the Chief General Manager and Appellate Authority, S. Saravanavel, of the National Bank for Agriculture & Rural Development (NABARD).
 
It has also come to light, through the RTI queries, that only seven public sector banks (PSBs), 32 SCBs, 370 DCCBs, and a little over three-dozen post offices across India collected Rs 7.91 lakh crore -- more than half (52 per cent) of the total amount of old currencies of Rs 15.28 lakh crore deposited with the RBI.
 
The break-up of Rs 7.91 lakh crore mentioned in the RTI replies shows that the value of spiked notes deposited with the RBI by the seven PSBs was Rs 7.57 lakh crore, the 32 SCBs gave in Rs 6,407 crore and the 370 DCCBs brought in Rs 22,271 crore. Old notes deposited by 39 post offices were worth Rs 4,408 crore.
 
Information from all the SCBs and DCCBs across India were received through the replies. The seven PSBs account for around 29,000 branches -- out of the over 92,500 branches of the 21 PSBs in India -- according to data published by the RBI. The 14 other PSBs declined to gave information on one ground or the other. There are around 155,000 post offices in the country.
 
Fifteen months after demonetisation, the government had announced that Rs 15.28 lakh crore -- or 99 per cent of the cancelled notes worth Rs 15.44 lakh crore -- were returned to the RBI treasury.
 
Roy said it was a serious matter if only a few banks and their branches and a handful post offices, apart from SCBs and DCCBs, accounted for over half the old currency notes.
 
"At this rate, serious questions arise about the actual collection of spiked notes through the remaining 14 mega-PSBs, besides rural-urban banks, private banks (like ICICI, HDFC and others), local cooperatives, Jankalyan Banks and credit cooperatives and other entities with banking licenses, the figures of which are not made available under RTI," he said.
 
The SCBs were allowed to exchange or take deposits of banned notes till December 30, 2016 -- for a little over seven weeks, in contrast to district cooperative banks which were allowed only five days of transactions.
 
ADVERTISEMENT
The prime minister during his demonetisation speech had said that Rs 500 and Rs 1,000 notes could be deposited in bank or post office accounts from November 10 till close of banking hours on December 30, 2016, without any limit. "Thus you will have 50 days to deposit your notes and there is no need for panic," he had said.
 
After an uproar, mostly from BJP allies, the government also opened a small window in mid-2017, during the presidential elections, allowing the 32 SCBs and 370 DCCBs -- largely owned, managed or controlled by politicians of various parties -- to deposit their stocks of the spiked notes with the RBI. The move was strongly criticised by the Congress and other major Opposition parties.
 
Among the SCBs, the Maharashtra State Cooperative Bank topped the list of depositors with Rs 1,128 crore from 55 branches and the smallest share of Rs 5.94 crore came from just five branches of Jharkhand State Cooperative Bank, according to the replies.
 
Surprisingly, the Andaman & Nicobar State Cooperative Bank's share (from 29 branches) was Rs 85.76 crore.
 
While Maharashtra has a population of 12 crore, Jharkhand's population is 3.6 crore. Andaman & Nicobar Islands have less than four lakh residents.
 
The poorest of all the cooperative banks in the country is Banki Central Cooperative Bank Ltd in Odisha, which admitted to receiving zero deposits of the spiked currency.
 
Of the total 21 PSBs, State Bank of India, Bank of Baroda, Bank of Maharashtra, Central Bank of India, Dena Bank, Indian Overseas Bank, Punjab & Sindh Bank, Vijaya Bank, Andhra Bank, Syndicate Bank, UCO Bank, United Bank of India, Oriental Bank of Commerce, and IDBI Bank (14 banks) -- with over 63,500 branches amongst them -- did not give any information on deposits.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Modi to lay foundation stone for Vanijya Bhavan on Friday

ADVERTISEMENT
Prime Minister Narendra Modi will lay the foundation stone of the Vanijya Bhawan, a new office complex for the Commerce Department, Ministry of Commerce and Industry, here tomorrow. 
 
Located near India Gate, it is being built on a plot of 4.33 acres, belonging to erstwhile Directorate General of Supplies and Disposals (DGS&D), at the junction of Akbar and Man Singh roads.
 
Conforming to Central Vista norms, the building has an area of 19,233.745 sq. meters.  It will accommodate about 1,000 officers and staff.  While retaining the Central Vista architecture, the Vanijya Bhawan will have modern technology-driven features.
 
It will be a paperless office with state-of-the-art facilities such as smart access control, central air-conditioning, video conferencing, and completely networked systems. It is also significantly a green building with all required certifications.
 
The layout of the building has been planned so as to minimise the number of trees that would have to be cut. More than 56% of the 214 trees on the plot are either being left untouched or being replanted on the same plot. About 70% of the big trees have been saved. As many as 230 new trees are also being planted on the same plot, thereby ensuring that tree cover on the site would increase after the construction of the new building.
 
The Department of Commerce is currently housed in Udyog Bhawan which also houses a large number of other Government departments leading to a constraint of space. A few of its attached and subordinate offices like the Directorate General of Trade Remedies (DGTR) and Government e-Marketplace (GeM) are operating from rented premises.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Weak global cues depress equity indices, auto stocks slump

ADVERTISEMENT
Broadly negative global markets subdued the key Indian equity indices on Thursday. Indices on both the BSE and the National Stock Exchange (NSE) ended in the red after a largely volatile trade throughout the day.
 
Concerns of a renewed global trade war dampened investor sentiments in the international markets, analysts said.
 
The key indices had opened on a positive note but could not hold on to the gains for long, with heavy selling pressure on auto, capital goods and consumer durables stocks.
 
Index-wise, the wider Nifty50 of the NSE closed at 10,741.10 points, down 30.95 points or 0.29 per cent from the previous close of 10,772.05 points.
 
Similarly, the BSE Sensex, which had opened at 35,644.05 points, closed at 35,432.39 points -- down 114.94 points or 0.32 per cent from its previous session's close of 35,547.33 points.
 
The Sensex touched an intra-day high of 35,678.69 points and a low of 35,396.97 points. The BSE market breadth was bearish with 1,793 declines against 808 advances.
 
"Markets ended lower on Thursday after correcting from a high of 10,810 points (Nifty50). Weak global cues from trade tensions and oil price direction dampened the sentiments," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
Major Asian markets have closed on a negative note and the European indices like FTSE 100, CAC 40 and DAX traded in the red, he added.
 
ADVERTISEMENT
On the currency front, the Indian rupee appreciated by nine paise against the US dollar to 67.99, from its previous close of 68.08 per greenback. 
 
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 1,126.75 crore and the domestic institutional investors bought stocks worth Rs 663.57 crore. 
 
Sector-wise, the S&P BSE oil and gas index was the only gainer on Thursday, ending 85.89 points higher from its previous close.
 
On the other hand, S&P BSE auto slumped 223.81 points, the capital goods index was down 196.03 points and the consumer durables index ended lower by 171.09 points.
 
Stock-wise, the major gainers on the Sensex were ICICI Bank, up 1.47 per cent at Rs 297.55; Reliance Industries, up 1.22 per cent at Rs 1,032.35; HDFC, up 0.35 per cent at Rs 1,853; Tata Motors, up 0.31 per cent at Rs 306.55; and Infosys, up 0.24 per cent at Rs 1,246.35 per share.
 
The top losers were Mahindra and Mahindra, down 2.11 per cent at Rs 883.60; ONGC, down 1.9 per cent at Rs 159.70; Power Grid, down 1.88 per cent at Rs 195.85, State Bank of India, down 1.67 per cent at Rs 268.70; and Sun Pharma, down 1.6 per cent at Rs 554.60 per share. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Swiggy raises $210 million from Naspers, DST Global

ADVERTISEMENT
Indian online food ordering and delivery platform Swiggy on Thursday said it raised $210 million in a Series G funding from South Africa's Cape Town-based internet company Naspers and Hong Kong-based internet investment firm DST Global.
 
This seventh round of funding received by Swiggy will also see the participation of its existing shareholder Meituan-Dianping, and a new investor Coatue Management, the company said in a statement.
 
DST Global is also a new investor in the firm.
 
"The latest round of funding will enable Swiggy to ramp up its supply chain network and expand to new markets, while investing in capabilities that enhance consumer experience," the Bengaluru-based Swiggy said.
 
This latest investment follows a $100 million Series F (sixth round) investment in February this year, also led by Naspers along with Meituan-Dianping.
 
With the funding, Swiggy aims to strengthen its technology for operations and connected supply chain systems.
 
"With this investment, we will continue to widen Swiggy's offerings, along with increasing our capabilities and plugging the gaps in the on-demand delivery ecosystem," said the company's Chief Executive Officer (CEO) Sriharsha Majety in the statement.
 
So far, Swiggy has raised over $460 million, after $100 million investment in February and about $80 million in May 2017.
 
Founded in 2014, Swiggy delivers food across 15 Indian cities with over 35,000 restaurant partners and 40,000 delivery executives.
 
It is currently operational in cities like New Delhi, Gurugram, Mumbai, Pune, Kolkata, Bengaluru, Hyderabad and Chennai.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Goibibo announces partnership with PhonePe

ADVERTISEMENT
Online travel company Goibibo today announced an app-in-app partnership with digital payments start-up PhonePe that will provide a  unified login and payments experience to over PhonePe users while making their hotel bookings.
 
As a part of this partnership, Goibibo will be live with its ‘Hotels’ store (microapp) on the PhonePe app, a press release from the company said.
 
"Leveraging mutual synergies, the alliance brings together a streamlined travel booking experience through Goibibo, and assured reliability and integrity of payments through PhonePe. In an industry first, PhonePe users will also be able to use their goCash balance (Goibibo's promotional currency) in the PhonePe app, to book domestic and international hotels," it said.
 
Sanjay Bhasin, COO, Goibibo said, “Goibibo is delighted to partner with PhonePe, which is at the forefront of India’s digital payment ecosystem to make online travel bookings even more easy, seamless and convenient for our customers. This partnership will extend Goibibo's extensive selection of 50,000+ domestic hotels & homestays, including Goibibo certified goStays and half a million international hotels to PhonePe's growing customer base. PhonePe has taken a unique approach to solve digital payments, and their open ecosystem allows us to build the Goibibo experience into their app and engage with a wider user base on their platform.”
 
Rahul Chari, Co-founder & CTO, PhonePe said, “Goibibo has transformed online travel for millions, establishing itself as India’s leading online travel player, and we are excited to have them as a strategic partner. With this partnership, Indian travellers can easily and conveniently make hotel bookings within their PhonePe app. The microapp storefront was built by GoIbibo in just three weeks, which is testimony to how simple it is to build out a merchant experience on PhonePe. We also want to commend the GoIbibo team for their agility in getting the store ready in record time."
 
Rituraj Rautela, Head of In-App Platform, PhonePe added, "This is a big technology milestone for us, as this is the first partner built microapp on our platform. Goibibo has built this store using React Native, enabling a rich user experience similar to their native apps. Our platform is now ready for partners to easily open-up their stores for accelerated distribution of their services across our 100M+ users. This would empower partners to push faster product iterations and innovate with custom experiences, which would immensely enrich the mobile commerce experience in India."
 
The release said Goibibo was committed to ensuring that its consumers had a great experience and the partnership with PhonePe presented the brand with an opportunity to provide a hassle-free travel booking experience to a wider audience.
 
"Along with easier payment, cancellation and instant refund options, consumers will also get a rich native-app-like user experience on the PhonePe app while enjoying exciting offers.
 
"The association with Goibibo is a testimonial of PhonePe's belief in the open platform approach- where an established brand brings in its service expertise while PhonePe focuses on providing the most convenient payment experience to its users," the release added.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Equity indices shed early gains to trade in red; auto stocks fall

ADVERTISEMENT
After opening on a positive note, the key Indian equity indices ceded their gains to trade in the negative territory in the afternoon session on Thursday.
 
According to analysts, the indices were weighed down by heavy selling pressure on auto, capital goods and banking stocks.
 
At 12.17 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,752.50 points, down 19.55 points or 0.18 per cent from the previous close of 10,772.05 points.
 
Similarly, the BSE Sensex, which had opened at 35,644.05 points, traded at 35,481.24 points (12.19 p.m.) -- down 66.09 points or 0.19 per cent -- from its previous session's close of 35,547.33 points. 
 
The Sensex has so far touched a high of 35,678.69 points and a low of 35,476.85 points. The BSE market breadth was bearish with 1,521 declines against 785 advances so far.
 
The top gainers on the Sensex were ICICI Bank, Adani Ports, Reliance Industries, Infosys and Vedanta whereas Power Grid, Mahindra and Mahindra (M&M), ONGC, Axis Bank and State Bank of India were the major losers.
 
On the NSE, ICICI Bank, Adani Ports and Tech Mahindra were the highest gainers while Power Grid, Dr Reddy's Lab and M&M lost the most. 
 
IANS
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Disappointed, not surprised at CEA quitting: Chidambaram

ADVERTISEMENT
Senior Congress leader P. Chidambaram on Wednesday expressed disappointment over Chief Economic Advisor (CEA) Arvind Subramanian's resignation, noting his views were brushed aside on many important issues including GST rates and he was not consulted before demonetisation.
 
"I am disappointed, but not surprised, that Dr Arvind Subramanian has decided to leave the government before the end of his term. Dr Arvind Subramanian was either not consulted or his views were brushed aside on many important issues," the former Union Finance Minister said in a tweet.
 
"It is no longer a secret that the CEA was not consulted before demonetisation. The CEA's views on GST rates and his report on the Revenue Neutral Rate (RNR) were rudely brushed aside and, as a result, we have an animal that is not GST," he added.
 
Chidambaram also said: "I am sure that with age on his side, Dr Arvind Subramanian will return to serve under a future government.I thank Dr Arvind Subramanian for describing the UPA years of 2005-2010 as the 'boom period' of the Indian economy."
 
Subramanian's term would not be extended any further as he wants to go back to the US due to family commitments, Union Minister Arun Jaitley said in a Facebook post on Wednesday.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Key Indian equity indices open in green

ADVERTISEMENT
Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 35,547.33 points on Wednesday, opened higher at 35,644.05 points.
 
Minutes into trading, it was quoting at 35,631.42 points, up by 84.09 points, or 0.24 per cent.
 
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,772.05 points on Wednesday, was quoting at 10,798.80 points, up by 26.75 points or 0.25 per cent.
 
Broadly positive global cues had lifted the key Indian equity indices on Wednesday and according to analysts, banking, metal and auto stocks witnessed healthy buying activity.
 
The Sensex was up by 260.59 points or 0.74 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 35,571.37 points and a low of 35,329.51 points. The Nifty, too, was up by 61.60 points or 0.58 per cent.
 
On Thursday, Asian indices were showing mixed trend. Japan's Nikkei 225 was quoting in green, up by 0.79 per cent, while Hang Seng was down by 0.07 per cent, and South Korea's Kospi was down by 0.29 per cent. China's Shanghai Composite index was trading in green, up by 0.40 per cent.
 
Overnight, Nasdaq closed in green, up by 0.72 per cent while FTSE 100 was also up by 0.31 per cent at the closing on Wednesday.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Boeing delivers first 737 Max to Jet Airways

ADVERTISEMENT
Aircraft manufacturers Boeing today said it had delivered the first 737 Max airplane to Indian full-service carrier Jet Airways.
 
"Jet Airways will be first Indian carrier to fly the new and improved 737 airplane, which delivers a double-digit improvement in fuel efficiency and improved passenger comfort," a press release from Boeing said.
 
"The new 737 MAX is a critical element to our future growth strategy and we are proud to become the first airline in India to introduce this brand new airplane to our customers," said Naresh Goyal, Chairman of Jet Airways. "The 737 has been the backbone of our dynamic fleet for many years and we are excited to leverage the superior capabilities of the new 737 MAX. The improved economics and efficiency as well as the passenger pleasing features of the MAX will enable us to strengthen our position as India's premier airline."
 
According to the release, the delivery marks the first of 150 737 MAX airplanes the airline has on order with Boeing, following two separate orders for 75 jets placed in 2015 and earlier this year.
 
"This milestone delivery adds yet another chapter in our long and successful relationship with Jet Airways," said Dinesh Keskar, senior vice president, Asia Pacific and India Sales, Boeing Commercial Airplanes. "Jet Airways continues to demonstrate their leadership in a highly competitive market and I am confident that these new 737 MAX airplanes will enable the airline to successfully achieve long-term growth going forward."
 
Jet Airways is India's second-largest airline with a fleet of nearly 120 airplanes serving more than 60 destinations across 15 countries across Asia, Europe, North America and elsewhere.
 
The 737 Max is the fastest-selling airplane in Boeing history, accumulating more than 4,500 orders from 99 customers worldwide.
 
The family of airplanes is powered by CFM International LEAP-1B engines, and includes design updates such as Boeing's Advanced Technology winglet that will result in less drag and optimize performance, especially on longer-range missions. Together, these improvements reduce fuel use and CO2 emissions by at least 14 percent compared to today's Next-Generation 737s – and by 20 percent more than the single-aisle airplanes they replace, the release added.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Value buying, global cues lift equity indices; banking stocks rise

ADVERTISEMENT
Domestic cues, such as attractive valuations coupled with expectations of better credit flow from the banking sector, lifted the key Indian equity indices on Wednesday after two consecutive sessions of losses.
 
Besides, positive global markets and an appreciation in the Indian rupee supported the indices' northward movement. Healthy buying was witnessed in the banking, metal and auto counters. 
 
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,772.05 points, up 61.60 points or 0.58 per cent from the previous close of 10,710.45 points.
 
Similarly, the Bombay Stock Exchange (BSE) Sensex, which had opened at 35,329.61 points closed in the green. It closed at 35,547.33 points -- up 260.59 points or 0.74 per cent -- from its previous session's close of 35,286.74 points. 
 
The Sensex touched a high of 35,571.37 points and a low of 35,329.51 points. The market breadth was largely even with 1,317 advances and 1,311 declines. 
 
"In line with global cues, benchmark indices in Indian opened the day in the green and traded with strength, through the day," said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
 
"Recovery in global stocks boosted sentiment on the domestic bourses while bargain hunting at lower levels provided some stability to markets." 
 
According to HDFC Securities' Head of Retail Research, Deepak Jasani, major Asian markets closed on a positive note and European indices like FTSE 100, CAC 40 and DAX traded in the green.
 
On the currency front, the Indian rupee appreciated by 31 paise against the US dollar to 68.08, from its previous close of 68.39 per greenback.
 
ADVERTISEMENT
However, investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 2,442.61 crore while the domestic institutional investors bought stocks worth Rs 1,473.65 crore. 
 
Sector-wise, the S&P BSE banking index gained the most, by 306.81 points, followed by the metal index which rose by 140.71 points and the auto index, which ended higher by 111.78 points. 
 
On the other hand, S&P BSE capital index fell by 50 points, the FMCG index was down 40.59 points and the oil and gas index ended lower by 39.27 points.
 
Stock-wise, the major gainers on the Sensex were Reliance Industries, up 2.44 per cent at Rs 1,019.95; Vedanta, up 2.10 per cent at Rs 228.75; IndusInd Bank, up 1.93 per cent at Rs 1,967.45; Yes Bank, up 1.66 per cent at Rs 335.90; and Kotak Mahindra Bank, up 1.58 per cent at Rs 1,327.75 per share.
 
The top losers were ONGC, down 1.24 per cent at Rs 162.80; Coal India, down 0.92 per cent at Rs 270.60; ITC, down 0.90 per cent at Rs 263.75, Wipro, down 0.71 per cent at Rs 259.80; and Larsen and Toubro, down 0.54 per cent at Rs 1,307.05 per share. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

AI's 76% stake sale plan crashes, other alternatives to be evaluated

ADVERTISEMENT
The Central government has said that the process of a 76 per cent stake sale in national carrier Air India has ended, as "no interest" was shown by bidders, but it remains committed to the strategic divestment for which other alternatives will be evaluated.
 
"We ran a disinvestment process, where we made it very clear what type of bids we were interested in receiving... We asked certain type of bidders with certain bidding criteria to participate," said Minister of State for Civil Aviation Jayant Sinha.
 
"Nobody expressed any interest during that process. So just by that set of those circumstances it is clear that that process right now is over... We have to move forward and we have to consider other alternatives, now as market conditions as industry circumstances change, we will evaluate all those alternatives but that particular specific process for the moment has come to an end, if need be, we can restart that or any other process depending upon the appropriate market circumstances."
 
However, the government clearly stated that it is still committed to the idea of Air India's strategic divestment.
 
Sinha added: "The government is committed to strategic disinvestment, what the modalities are and the circumstances are, we will have to monitor and evaluate as we go along." 
 
According to the Civil Aviation Minister Suresh Prabhu a few days back the Empowered Group of Ministers set up to look at the Air India Specific Alternate Mechanism reviewed the situation.
 
Mr. Prabhu, who is also Minister of Commerce and Industry said: "... Because there was no interest we have decided to review the situation soon. In the meantime to ensure that Air India runs properly a plan is being prepared by the Air India management to ensure that AI continues continues operate efficiently."
 
On May 31, the Ministry of Civil Aviation said that no response was received even during the extended submission deadline for the 'Expression of Interest' (EOI) bids under Air India's divestment process.
 
"As informed by the Transaction Adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the ministry had said in a tweet. 
 
"Further course of action will be decided appropriately."
 
ADVERTISEMENT
The government on May 1 had released a detailed document on clarifications sought by interested bidders regarding the divestment process.
 
The clarification document said the airline's net current liabilities were Rs 88.16 billion (Rs 8,816 crore) and "these will remain with AI and AIXL (Air India Express) as these have been incurred in the course of business."
 
"After deducting Rs 88,160 mn from Rs 333,920 mn, the remaining figure of INR 245,760 mn is the debt and liability quantum that will remain with AI and AIXL."
 
As per the old timelines, the submission deadline for the EOI bids was earlier extended to May 31 and consequently, the date for the "intimation to the Qualified Interested Bidders" -- QIB -- which was supposed to have been the next stage was slated for June 15.
 
It was expected that by August-end, the government will be able to determine the highest bidder.
 
On March 28, the government had issued a Preliminary Information Memorandum (PIM) inviting 'EOI' for the strategic divestment of AI, along with the airline's shares in AIXL and AISATS (Air India SATS Airport Services) from private entities including the airline's employees.
 
The Central government owns 100 per cent equity of Air India. In turn, the airline holds full stake in Air India Express, while it holds 50 per cent stake in the joint venture AISATS.
 
Accordingly, it has been planned to divest 76 per cent government stake in AI, 100 per cent in AIXL and 50 per cent in AISATS.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Global cues lift equity indices; Sensex ends over 200 points higher

ADVERTISEMENT
Broadly positive global cues lifted the key Indian equity indices on Wednesday, with the barometer Sensex of the BSE closing with gains of more than 200 points.
 
According to analysts, banking, metal and auto stocks witnessed healthy buying activity.
 
At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,772.05 points, up 61.60 points or 0.58 per cent from the previous close of 10,710.45 points.
 
Similarly, the Bombay Stock Exchange (BSE) Sensex, which had opened at 35,329.61 points, closed at 35,547.33 points (3.30 p.m.) -- up 260.59 points or 0.74 per cent -- from its previous session's close of 35,286.74 points. 
 
The Sensex touched a high of 35,571.37 points and a low of 35,329.51 points. 
 
The top gainers on the Sensex were Reliance Industries, IndusInd Bank, Vedanta, Tata Steel and Yes Bank whereas ONGC, Coal India, ITC, Wipro and Larsen and Toubro (L&T) were the major losers.
 
On the NSE, Reliance Industries, IndusInd Bank and Tata Steel were the highest gainers while UPL, Hindustan Petroleum and Indian Oil Corp lost the most. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Modi says government working towards doubling farmers' income by 2022

 
Govt. working to double farmers' income by 2022: Modi
 
 
Prime Minister Narendra Modi today said the government was working towards the goal of doubling farmers' income by 2022 and provide them with the maximum price for their produce.
 
Interacting with farmers across the country through a video-bridge, Mr. Modi outlined his vision for the overall welfare of farmers in the country.
 
He said the effort was to ensure that farmers receive help during all stages of farming, from the preparation of crops to its sales. The Government was keen on ensuring the minimal cost of raw material, providing fair value for the produce, stopping wastage of the produce and ensuring alternate sources of income for the farmers, he said.
 
More than 2 lakh Common Service Centres (CSC) and 600 Krishi Vigyan Kendras (KVK) were connected through the video dialogue. This is the seventh interaction in the series by the Prime Minister through video conference with beneficiaries of various Government schemes.
 
Expressing happiness in interacting with farmers from over 600 districts, Mr Modi told them they were the ‘Annadatas’ (food providers) of the nation. The entire credit for nation’s food security should go to the farmers, he added.
 
The interaction covered a wide range of topics related to the agricultural and allied sectors, including organic farming, blue revolution, animal husbandry, horticulture and floriculture.
 
He said the various initiatives of the government, including ‘Beej Se Bazaar’ (Seed to Market), were aimed at helping them to improve traditional farming.
 
Mr Modi said the agriculture sector had developed rapidly in the last 48 months. There has been record production of milk, fruits and vegetables in the country during the period, he said.
 
The Government has also almost doubled the budget provision for agricultural sector (2014-2019) to Rs 2,12,000 crore compared to Rs 1,21,000 crore in the five years of the previous government.
 
ADVERTISEMENT
Similarly, food grain production has increased to more than 279 million tonnes in 2017-2018 compared to an average of 255 million tonnes during 2010-2014. The period also saw 26 % increase in fish farming due to the blue revolution and 24% increase in animal husbandry and milk production.
 
In order to ensure the overall welfare of the farmer, the government has provided Soil Health Cards, Credit through Kisan Credit Cards, quality fertilizers through the provision of Neem-coated Urea, crop insurance through Fasal Bima Yojana and irrigation through Pradhan Mantri Krishi Sinchai Yojana.
 
Under the PM Krishi Sinchai Yojana, about 100 irrigation projects are being completed across the country today and around 29 lakh hectare land has been brought under irrigation, he said.
 
The government also started the e-NAM, an online platform, enabling farmers to sell their produce at the right price. In the past four years, more than 585 regulated wholesale markets have been brought under e-NAM.
 
Mr. Modi said the government had also brought nearly 22 lakh hectare land under organic farming, compared to just 7 lakh hectares in 2013-2014. It also plans to promote North-East as the hub of Organic Farming.
 
The Prime Minister expressed delight in the collective strength displayed by the farmers through the formation of Farmer Producer Group and FPO (Farmer Producer Organisation), enabling them to get agricultural inputs at low cost and marketing their produce effectively. 
 
In the past 4 years, 517 Farmer Producer Organizations have been created and income tax exemption has been granted to Farmer Producer Companies, to encourage cooperatives among farmers.
 
The beneficiaries, on their part, informed the Prime Minister about how the various government schemes helped improve production. They also highlighted the importance of the Soil Health Card and shared their experiences of the cooperative movement.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Railways to build another bridge over Yamuna to ease congestion

ADVERTISEMENT
Aiming to speed up train movement over the Yamuna and also decongest the Ghaziabad-New Delhi rail corridor -- one of the busiest in the country -- Indian Railways has proposed an additional rail bridge over the river in the capital.
 
While the old Yamuna rail bridge -- also known as Loha Pul -- will give way to a new double-line rail bridge by March next year, another bridge is set to come up near the existing Nizamuddin rail bridge to ensure faster and seamless movement of about 150 outbound and inbound passenger and freight services.
 
Currently, train movement between Ghaziabad and New Delhi station takes more than an hour -- and sometimes even two hours -- due to over-congestion on the route, causing much inconvenience to passengers. There has been demand to ensure an additional path for Delhi-bound trains to improve punctuality.
 
The proposed 600-metre bridge near the existing Nizamuddin rail bridge, to be constructed at an estimated cost of Rs 425 crore, will provide an additional path for Delhi-bound services and ensure that trains negotiate the bridge at above 100 km per hour.
 
"The hydraulic study for the proposed new rail bridge is underway and we are expecting the construction to start by year-end," a senior Railway Ministry official told IANS.
 
The construction of this new bridge along the Nizamuddin bridge is expected to claim about 2,000 kikar trees on the dry riverbed. 
 
ADVERTISEMENT
As far as the replacement of the old Yamuna bridge is concerned, the 800-metre-long new double-line rail bridge -- being built at an estimated cost of Rs 200 crore -- is expected to be operational by March next year, as the work is on full steam.
 
Though the more-than-a-century-old Yamuna bridge would be discarded and replaced by a new one along the existing site, the road bridge which is part of the old bridge will continue to be in use and its maintenance will now be handed over to the Delhi government by Northern Railway.
 
Popularly known as Loha Pul, the old bridge gets affected during floods as train movement slows down and if the Yamuna water level touches the danger mark then the traffic is barred on the bridge.
 
The upcoming new rail bridge will, however, be an all-weather bridge where "train movement would not be affected even in a flood situation", said the official.
 
Unlike the old Yamuna bridge where trains are allowed only at 20/30 kmph, there will be no speed restriction on the new one.
 
(Arun Kumar Das is a senior Delhi-based freelance journalist)
 
IANS
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

BHEL wins Rs. 1,000 crore orders for emission control equipment from TSGENCO

ADVERTISEMENT
The public sector Bharat Heavy Electricals Limited (BHEL) today said it had bagged two orders for emission control equipment from Telangana State Power Generation Corporation Ltd (TSGENCO).  
 
Valued at Rs.1,000 crore, the orders involve supply and installation of Flue Gas Desulphurization (FGD) systems for control of SOx emissions at TSGENCO’s 1x800 MW Kothagudem Thermal Power Station (TPS) and 4x270 MW Bhadradri TPS in Telangana, a press release from the company said.
 
The order for Bhadradri TPS also includes modification in Boiler and ElectroStatic Precipitators (ESPs) to meet the revised emission norms. BHEL is presently executing these projects on Engineering, Procurement, Construction (EPC) basis, the release said.
 
According to the release, the Indian power sector has seen an uptick in the ordering of emission control equipment due to the revised and more stringent emission norms notified by the Ministry of Environment, Forest and Climate Change. This calls for installation of emission control equipment in both existing, as well as, new thermal power projects.
 
BHEL is offering customized solutions for Indian thermal power plants to meet these revised emission norms, it added.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

The Indian Hotels Company announces its second hotel in Katra, J&K

ADVERTISEMENT
Hospitality major The Indian Hotels Company (IHCL) has announced the signing of a Vivanta in Katra, Jammu and Kashmir with the Delhi based DMG Group.
 
Suma Venkatesh, executive vice president – real estate and development, Indian Hotels Company, said, “We are pleased to partner with DMG Group in bringing the Vivanta brand to Katra. This announcement is aligned to our strategy of expanding our footprint and driving growth across popular pilgrimage and tourist destinations.”
 
Located in Katra - the base camp for the holy pilgrimage of Vaishno Devi, the hotel is conveniently located 42 kilometres from the Jammu airport. The 80-room hotel, spread over eight acres, offers views of the Holy Shrine and Trikuta Mountains. 
 
The hotel features an all-day restaurant, banqueting and recreation facilities including a gym, swimming pool and badminton court, a press release from the company said
 
Sushen Gupta, managing director, DMG Group, said, “We are delighted to partner with Indian Hotels Company. We look forward to working with them to bring their unique Vivanta brand and legendary experience to visitors to the holy shrine.”
 
Vaishno Devi is one of the holiest religious destinations in India. As many as 8.2 million pilgrims visited Katra in 2017. Katra has the potential to develop as a leisure destination with its close proximity to many local attractions including Patnitop, Nathatop, Mansar Lake, Shivkhori, Nau Devi, Baba Dhansar and Sanasar Lake.
 
The DMG Group hotel at Katra is an existing property. The owners will further invest approximately Rs. 10 crore to bring the hotel to Vivanta brand standards by early 2019.
 
Vivanta Katra will be the third IHCL branded hotel in Jammu and Kashmir, strengthening the company’s presence in the state. The company also manages the Vivanta Dal View in Srinagar and Ginger in Katra, the release added.
 
NNN
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Markets open on a higher note on Wednesday

ADVERTISEMENT
The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
 
The Sensex of the BSE after opening at 35, 329.61 points and touched a high of 35,417.15 points and a low of 35,329.51 points.
 
On Tuesday, the Sensex closed at 35,286.74 points.
 
The Sensex is trading at 35,408.05 points up by 121.31 points or 0.34 per cent.
 
On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 10,734.65 points after closing at 10,710.45 points.
 
The Nifty is trading at 10,749.85 points in the morning.
 
IANS
 
 
 
 
 
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Global cues, fund outflow subdue equity indices; Sensex falls 200 points

ADVERTISEMENT
Weak global markets, coupled with the outflow of foreign funds, suppressed the key Indian equity indices on Tuesday with the benchmark 30-scrip Sensex on the BSE losing over 200 points.
 
Globally, key markets were weighed down by signs of a resurgent trade war after reports said that US President Donald Trump might consider imposing tariffs on additional $200 billion worth of Chinese goods.
 
According to analysts, the depreciation of the Indian rupee also eroded investor sentiment.
 
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,710.45 points, down 89.40 points or 0.83 per cent from the previous close of 10,799.85 points.
 
Similarly, the BSE Sensex, which had opened at its intra-day high level of 35,552.47 points closed at 35,286.74 points -- down 261.52 points or 0.74 per cent -- from its previous session's close of 35,548.26 points. The Sensex touched an intra-day low of 35,249.06 points. 
 
In the broader markets, the S&P BSE mid-cap declined by 0.98 per cent, while the S&P BSE small-cap ended 1.29 per cent lower from its previous close. The BSE market breadth was bearish with 1,951 declines against 676 advances.
 
"The weakness came on the back of weak global cues as the trade spat between the US and China intensified," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
He further said: "Major Asian markets have closed on a negative note. European indices like FTSE 100, CAC 40 and DAX are trading in the red." 
 
ADVERTISEMENT
According to BNP Paribas Mutual Fund's Senior Fund Manager for Equities, Abhijeet Dey, persistent selling of Indian equities by foreign institutional investors also dampened investor sentiment.
 
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 1,324.92 crore while the domestic institutional investors bought stocks worth Rs 653.68 crore. 
 
On the currency front, the Indian rupee weakened by 40 paise against the US dollar to 68.39, from its previous close of 67.99 per greenback.
 
Sector-wise, all the indices ended the day's trade on the downside with the S&P BSE auto index losing the most, by 264.15 points, followed by the metal index which fell by 222.71 and the banking index ending 190.83 points lower.
 
Stock-wise, the gainers on the Sensex were ITC, up 0.76 per cent at Rs 266.15; ONGC, up 0.30 per cent at Rs 164.85; HDFC Bank, up 0.20 per cent at Rs 2,025.40; and HDFC, up 0.11 per cent at Rs 1,826.70 per share.
 
The top losers were Vedanta, down 3.55 per cent at Rs 224.05; Mahindra and Mahindra, down 2.23 per cent at Rs 892.40; Adani Ports, down 2 per cent at Rs 362.65, Reliance Industries, down 1.91 per cent at Rs 995.65; and IndusInd Bank, down 1.90 per cent at Rs 1,930.25 per share. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Global cues depress equity indices; Sensex declines over 200 points

ADVERTISEMENT
Weak global markets suppressed the key Indian equity indices on Tuesday with the benchmark 30-scrip Sensex on the BSE losing over 200 points.
 
Globally, key markets were weighed down by signs of a resurgent trade war after reports said that US President Donald Trump might consider imposing tariffs on additional $200 billion worth of Chinese goods.
 
According to analysts, heavy selling pressure was witnessed in auto, metal and banking stocks.
 
At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,710.45 points, down 89.40 points or 0.83 per cent from the previous close of 10,799.85 points.
 
Similarly, the BSE Sensex, which had opened at 35,552.47 points, closed at 35,286.74 points (3.30 p.m.) -- down 261.52 points or 0.74 per cent -- from its previous session's close of 35,548.26 points. 
 
The Sensex touched a high of 35,552.47 points and a low of 35,249.06 points. The BSE market breadth was bearish with 1,918 declines and 710 advances.
 
Stock-wise, on the Sensex, ITC, HDFC Bank and HDFC gained during the day, whereas Vedanta, Sun Pharma, Infosys, Reliance Industries, Mahindra and Mahindra (M&M) and Tata Motors (DVR) were the major losers.
 
On the NSE, Bajaj Finance, Gail and ITC were the highest gainers while Vedanta, Indian Oil Corp and Hindalco Industries lost the most. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 
Syndicate content
© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.