ADVERTISEMENT

Business & Economy

10 lakh bankers to go on two-day strike on May 30-31

ADVERTISEMENT
Over 10 lakh bankers in the government and private sectors are gearing up for a two-day strike starting on May 30, as the Indian Banks' Association (IBA) did not make any improved offer over the two per cent wage hike made earlier, an All India Bank Employees Association (AIBEA) leader said.
 
The strike is spearheaded by the United Forum of Bank Unions (UFBU), an umbrella body of nine unions.
 
The bankers would strike work demanding early revision of the wages. The wage revision has been due since November 1, 2017.
 
"It is now too late for us to go back on our strike call. We had requested the IBA to come up with a better offer than the mere two per cent hike offer made earlier. 
 
"We also asked the IBA not to delink the wage negotiations for bank officers in the Scales 4-7. The IBA did not do anything," AIBEA General Secretary C.H. Venkatachalam told IANS.
 
He said at the conciliation meeting held on Monday, the Chief Labour Commissioner (CLC) had asked the IBA not to raise new controversies like delinking the wage talks for officers in the 4-7 scale.
 
"Though the CLC tried its best to sort out the strike issues, there is no positive developments. Hence strike on May 30 and 31 (Wednesday and Thursday) stands," All India Bank Officers' Confederation (AIBOC) General Secretary D.T. Franco said.
 
According to Venkatachalam, with regard to the coverage of officers from Scale 4-7 the IBA said it did not get the mandate from six banks as they opted to cover officers up to Scale 3 level.
 
However, 14 banks have given the mandate for covering the officers up to Scale 7 in wage negotiations as was done in the previous wage settlement negotiations, he said.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Global cues, profit booking depress equity indices

Broadly negative global cues, along with persistent selling by foreign investors and profit booking, subdued the Indian equity indices on Tuesday.
 
According to market observers, a depreciation in the rupee and a slight rise in global crude oil prices also eroded investor sentiments. 
 
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,633.30 points -- down by 55.35 points or 0.52 per cent -- from its previous close of 10,688.65 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex), which had opened at 35,213.14 points ended in the red. It closed at 34,949.24 points -- lower by 216.24 points or 0.61 per cent -- from its previous session's close of 35,165.48 points.
 
The Sensex touched a high of 35,234.14 points and a low of 34,922.18 points during the intra-day trade. 
 
In the broader market the S&P BSE mid-cap declined by 0.44 per cent and the S&P BSE small-cap ended 0.26 per cent lower than its previous close. The BSE market breadth was tilted towards the bears with 1,470 declines against 1,214 advances.
 
"Markets corrected on Tuesday after three sessions of gains. The weakness came on the back of weak global cues mainly led by crisis in Italy and its repercussions on EU (European Union)," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
Jasani further told IANS: "Major Asian markets have closed on a negative note. European indices like FTSE 100, CAC 40 and DAX are trading in the red."
 
Tradebulls's Director and Chief Operating Officer, Dhruv Desai said: "Sensex and Nifty traded on the lower side, following mixed sentiment in global equities and selling by foreign investors." 
 
ADVERTISEMENT
Further, on the currency front, the Indian rupee weakened by 43 paise against the US dollar to 67.87, from its previous close at 67.44 per greenback.
 
Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 795.06 crore, while the domestic institutional investors bought stocks worth Rs 1,017.65 crore.
 
Sector-wise, the S&P BSE auto index rose by 106.12 points, the oil and gas index was up by 69.44 points and the IT index gained by 44.81 points.
 
On the other hand, the S&P BSE banking index plunged by 480.26 points, the consumer durable index fell by 162.89 points and the healthcare index ended 105.90 points lower. 
 
The major gainers on the Sensex were Mahindra and Mahindra, up 2.26 per cent at Rs 868.80; Bharti Airtel, up 1.08 per cent at Rs 378.25; Tata Consultancy Services (TCS), up 0.54 per cent at Rs 3,522.70; Hero MotoCorp, up 0.43 per cent at Rs 3,612.35; and Infosys, up 0.18 per cent at Rs 1,216.65 per share.
 
The top losers were ICICI Bank, down 2.87 per cent at Rs 290.65; State Bank of India, down 2.70 per cent at Rs 264.90; IndusInd Bank, down 2.08 per cent at Rs 1,877.55; Yes Bank, down 1.78 per cent at Rs 338.45; and Asian Paints, down 1.54 per cent at Rs 1,299.15 per share. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

World Bank to provide $ 21.7 million loan for strengthening public financial management in Rajasthan

ADVERTISEMENT
The World Bank will provide IBRD credit of $ 21.7 million for the Strengthening of Public Financial Management in Rajasthan Project.
 
The agreement in this regard was signed here by Mr. Sameer Kumar Khare, Joint Secretary (FB and ADB), Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank. 
 
The Implementing Entity Agreement was signed by the Secretary, Finance (Budget) on behalf of the Government of Rajasthan, and the Acting Country Director (India) on behalf of the World Bank, an official press release said.
 
The project size is approximately $ 31 million, of which $ 21.7 million will be financed by the World Bank, and the remaining amount will be funded out of the State Budget. The project duration is five years.
 
According to the release, the project objective is to contribute to improved Budget execution, enhanced accountability and greater efficiency in Revenue Administration in Rajasthan. The project involves Strengthening of the Public Financial Management Framework; Strengthening of Expenditure and Revenue Systems; and Project Management and Capacity Building among others, the release added.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

DAC approves procurement of equipment worth Rs. 6,900 crore for Defence Forces

ADVERTISEMENT
The Defence Acquisition Council (DAC), chaired by Defence Minister Nirmala Sitharaman, met here yesterday and accorded approval for the procurement of equipment valued at more than Rs. 6,900 crore for the Defence Forces.
 
An official press release said that, in a major boost to indigenisation and in realisation of India’s growing technological prowess, the DAC approved procurement of Thermal Imaging (TI) Night Sights for the Rocket Launcher (RL) used by the Army and the Air Force under ‘Buy (Indian) IDDM’ category through established Indian vendors. 
 
The TI sight for 84mm RL will be used by troops in operations to facilitate accurate and continuous engagement of moving and static enemy targets and destruction of field fortifications (bunkers) during hours of complete darkness, it said.
 
The sight will enable Indian troops to detect and recognize enemy tanks and soldiers’ movement during night and engage them with greater efficiency. Furthermore, the effect of camouflage and concealment will be drastically reduced as RL detachments will be able to ascertain location of enemy taking cover behind foliage and thin walled constructions with greater ease, the release said.
 
The DAC also accorded approval for undertaking Design and Development of the Long Range Dual Band Infrared Imaging Search and Track System (IRST) for SU-30 MKI aircraft under ‘Make II’ sub category and subsequently, for procurement of at least 100 IRSTs under Buy (Indian–IDDM) category.  The system will be able to operate in day and night conditions and will substantially enhance the capabilities of the aircraft.
 
"With the above approvals, in the last eight months alone, the DAC has pursued modernisation of the Armed Forces with greater vigour and has accorded major thrust on indigenisation. Approvals for procurement of equipment valued at approx Rs 43,844 crore, have been accorded, of which, Rs 32,253 crore would be Made-in-India, through the indigenous route," the release added.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Global cues, profit booking subdue equity indices

Broadly negative Asian markets, along with profit booking, subdued the Indian equity indices during the morning trade session on Tuesday.
 
According to market observers, heavy selling was witnessed in banking, healthcare and metal stocks.
 
Around 9.35 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,675.60 points -- down by 13.05 points or 0.12 per cent -- from its previous close.
 
The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,213.14 points, traded at 35,123.52 points -- lower by 41.96 points or 0.12 per cent -- from its previous session's close of 35,165.48 points.
 
Sensex has so far touched a high of 35,232.44 points and a low of 35,095.89 points during the intra-day trade.
 
On Monday -- the previous trade session -- both the indices closed in the positive territory for the third consecutive session, as the expected on time arrival of the Southwest monsoon over India's mainland as well as a fall in global crude oil prices enhanced investors risk taking appetite.
 
Consequently, the NSE Nifty50 closed at 10,688.65 points -- up 83.50 points or 0.79 per cent -- from the previous close of 10,605.15 points
 
Similarly, the barometer S&P BSE Sensex settled in the green. It had opened at 35,074.32 points and closed at 35,165.48 points, higher by 240.61 points or 0.69 per cent from the previous close of 34,924.87 points.
 
IANS
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

IGL hikes CNG prices from Tuesday

ADVERTISEMENT
The public sector Indraprastha Gas Limited (IGL) today hiked the selling prices of compressed natural gas (CNG) in the National Capital Territory (NCT) of Delhi, Noida, Greater Noida and Ghaziabad from midnight tonight to offset the impact on its input costs as a result of recent appreciation of dollar vis-à-vis the rupee and revision in proportions of domestic gas allocation.
 
The revision in prices would result in an increase of Rs 1.36 per kg in the consumer price of CNG in Delhi and Rs 1.55 per kg in the consumer price of CNG in Noida, Greater Noida and Ghaziabad. 
 
The new consumer price of Rs. 41.97 per kg in Delhi and Rs 48.60 per kg in Noida, Greater Noida & Ghaziabad would be effective from midnight tonight, a press release from IGL said.
 
The release said IGL would continue to offer a discount of Rs 1.50 per kg in the selling prices of CNG for filling between 12.30 am and 5.30 am at select outlets. Thus, the consumer price of CNG would be Rs. 40.47 per kg in Delhi and Rs 47.10 per kg in Noida, Greater Noida & Ghaziabad during 12.30 am to 5.30 am at the select CNG stations across the region.
 
"There has been a steep appreciation of the dollar as compared to rupee since the last CNG price revision. The base price of natural gas being procured by IGL from its sources is dollar linked thereby making the entire input price totally dependent on price of dollar vis-à-vis rupee. In addition, as per the revised domestic gas allocation for supply as CNG, the proportion of costlier PMT gas has been increased, which has added to the input cost of gas," it said.
 
"However, this increase would have a marginal impact on the per km running cost of vehicles. For autos, the increase would be 4 paisa per km, for taxi it would be 7 paisa per km and in case of buses, the increase would be nearly 40 paise per km," the release said.
 
"With the revised price, CNG would still offer over 60% savings towards the running cost when compared to petrol driven vehicles at the current level of prices. When compared to diesel driven vehicles, the economics in favour of CNG at revised price would be nearly 40%," the release added.
 
IGL is a joint venture of GAIL (India) Ltd., BPCL and Government of NCT of Delhi.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sterlite copper smelter plant to be shut: TN government

ADVERTISEMENT
The Tamil Nadu government on Monday issued orders closing the copper smelter plant in Thoothukudi owned by the Vedanta Group, a week after 13 people were killed in police firing during protests against continued functioning of the unit.
 
The Government Order said it has been brought to the notice of the government that Tamil Nadu Pollution Control Board (TNPCB) did not renew the 'Consent to Operate' to the copper smelter plant in Thoothukudi by its order of April 9 this year and subsequently on May 23, the PCB has also issued directions for closure and disconnection of power supply. 
 
"Under Sections 18(1)(B) of the Water Act, 1974 in the larger public interest, the Government endorse the closure direction of the TNPCB and also direct the TNPCB to seal the unit and close the plant permanently," said the Order.
 
Chief Minister Edappadi K Palaniswamy said in a separate statement that the 'Consent to Operate' permission for the copper smelter plant ended in March this year and it was not renewed by the TNPCB. The electricity and water connections to the plant have been disconnected from May 24, he said.
 
The Chief Minister said the demand of the people of Thoothukudi to the government for closure of the plant has been accepted by the government and orders have been issued to this effect.
 
The order is also significant because the protesters against the functioning of the copper smelter have been demanding that the government should issue formal orders as they would not be satisfied with verbal promises.
 
Welcoming the order, protesters said they needed a Cabinet decision on this as otherwise the company would approach courts and get a stay. They also wanted the Central government to take a similar stand.
 
ADVERTISEMENT
Earlier in the day, Deputy Chief Minister O. Panneerselvam on Monday visited Thoothukudi, the first senior political representative to go to the violence-hit town, and announced that the government will take necessary steps to permanently shut down the copper smelter plant.
 
Pannerselvam visited the hospital in Thoothukudi and enquired about the health of those injured in the police firing on anti-Sterlite Copper protesters on May 22, in which 13 persons died.
 
Speaking to reporters, the Deputy Chief Minister said that compensation to the injured was being paid.
 
Normalcy was slowly returning in the town with shops and other establishments opening their doors for customers.
 
Internet connectivity has also resumed since Sunday midnight after it was suspended on May 23.
 
"Shops are open now. Normalcy is returning. But till the copper smelter plant is permanently closed there will not be total peace in the city," S. Raja of Thoothukudi Traders Association told IANS.
 
Raja also said murder charge should be registered against the police officials who shot the protestors.
 
According to Raja, post-mortem examination has been done on seven bodies out of the 13 who were killed in the police firing. However, the relatives have not claimed the bodies yet.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Easing oil prices, approaching monsoon lift equity indices

The expected arrival on time of the southwest monsoon over India's mainland as well as a fall in global crude oil prices lifted the key domestic equity indices for the third consecutive session on Monday.
 
According to market analysts, the rebound in rupee strength and healthy buying by domestic investors also supported the key indices.
 
Index-wise, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed at 10,688.65 points -- up 83.50 points or 0.79 per cent -- from the previous close of 10,605.15 points.
 
Similarly, the 30-scrip Sensitive Index (Sensex) of the BSE settled the day's trade with gains. It opened at 35,074.32 points and closed at 35,165.48 points, higher by 240.61 points or 0.69 per cent from the previous close of 34,924.87 points.
 
During the intra-day trade, the Sensex touched a high of 35,240.96 points and a low of 35,006.50 points.
 
In the broader markets, the S&P BSE mid-cap index rose 1.35 per cent while the S&P BSE small-cap index ended 1.60 per cent higher. The BSE market breadth was bullish with 1,843 advances so far against 848 declines.
 
"Investor sentiments were boosted by a decline in crude oil prices and appreciation in the value of rupee, which will be positive for India's macros," Deepak Jasani, Head of Retail Research at HDFC Securities told IANS.
 
Geojit Financial Services' Head of Research, Vinod Nair said: "Additionally, market optimism may increase as monsoon is about to hit the southern peninsula which will support the consumption led story and rural economy." 
 
ADVERTISEMENT
Further, on the currency front, the Indian rupee strengthened by 34 paise against the US dollar to 67.44, from its previous close at 67.78 per greenback.
 
Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 795.06 crore, while the domestic institutional investors bought stocks worth Rs 1,017.65 crore.
 
Sector-wise, the S&P BSE capital goods index surged by 464.66 points, the banking index rose by 350.03 points and the oil and gas index gained by 344.68 points.
 
On the other hand, the S&P BSE IT and Teck indices were the losers with decline of 233.52 points and 93.55 points respectively. 
 
The major gainers on the Sensex were Sun Pharma, up 7.11 per cent at Rs 499.70; Coal India, up 3.22 per cent at Rs 284.95; Larsen and Toubro, up 2.52 per cent at Rs 1,377.60; Asian Paints, up 2.31 per cent at Rs 1,319.50; and State Bank of India, up 1.97 per cent at Rs 272.25 per share.
 
The top losers were Tata Consultancy Services, down 2.39 per cent at Rs 3,503.80; PowerGrid, down 2.31 per cent at Rs 207.05; Infosys, down 1.16 per cent at Rs 1,214.50; Mahindra and Mahindra, down 0.90 per cent at Rs 849.60; and Bharti Airtel, down 0.65 per cent at Rs 374.20 per share. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Easing crude prices lift Indian equity indices

ADVERTISEMENT
The key Indian equity indices traded in positive territory on Monday afternoon due to the fall in global crude oil prices.
 
According to market analysts, heavy buying was observed in the capital goods, oil and gas and banking stocks.
 
However, heavy selling pressure on the IT, Teck (technology, entertainment and media) and consumer durables stocks limited the gains on the indices.
 
At 12.29 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) traded at 10,687.55 points -- up 82.40 points or 0.78 per cent -- from the previous close of 10,605.15 points.
 
Similarly, the 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,074.32 points, traded at 35,178.33 points (at 12.31 p.m.), higher by 253.46 points or 0.73 per cent from the previous close at 34,924.87 points.
 
The Sensex has so far touched a high of 35,174.43 points and a low of 35,006.50 points in the trade so far. The BSE market breadth was bullish with 1,728 advances so far against 731 declines.
 
The major gainers on the BSE were Sun Pharma, Coal India, Larsen and Toubro, Asian Paints and Maruti Suzuki while Tata Consultancy Services (TCS), Infosys, Bharti Airtel, Mahindra and Mahindra and Adani Ports were the major losers.
 
On the NSE, the top gainers were Sun Pharma, Hindustan Petroleum and BPCL. The major losers were Tech Mahindra, HCL Technologies and TCS. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Ateli-Phulera section of Western Dedicated Freight Corridor to open on August 15

ADVERTISEMENT
Railway Board Chairman Ashwani Lohani inspected the Ateli-Phulera section of the Western Dedicated Freight Corridor on Saturday and announced that it would be opened on August 15.
 
An official press release said Mr. Lohani inspected structures and discussed critical issues.
 
The distance between the two stations is 190 kms and it falls in Haryana (Mahendragarh district) and Rajasthan (Jaipur district). This section contains 10 viaducts and major bridges, 127 minor bridges, one rail flyover and 118 road underbridges. There are 6 DFC stations in this section and two junctions -Ateli and Phulera.
 
Apart from reviewing the latest construction methodologies being used in the project, Mr. Lohani also inspected live track laying by NTC machine, which is capable of laying 1.5 km of track in a day.
 
The Dedicated Freight Corridor Corporation of India Limited (DFCCIL) will run freight trains at a maximum speed of 100 km/hour as against the current maxium speed of 75 km/hour on Indian Railways tracks. The average speed of freight trains will also be increased from the existing 26 kmph to 70 kmph on the dedicated freight corridors, the release said.
 
DFCCIL, a special purpose vehicle (SPV) is engaged in planning, construction, operation and maintenance of the Dedicated Freight Corridors and in the first phase, the two corridors, Eastern Corridor from Ludhiana to Dankuni (1856 kms) and the Western Corridor from Dadri to Jawahar Lal Nehru Port (JNPT) (1504 kms) are being constructed for exclusively movement of goods trains.
 
The Eastern Dedicated Freight Corridor from Ludhiana to Dankuni near Kolkata is traversing states of Punjab, Haryana, Uttar Pradesh, Bihar, Jharkhand and West Bengal. The Western Dedicated Freight corridor from Dadri (Uttar Pradesh) to Jawaharlal Nehru Port Trust (Mumbai) is passing through Uttar Pradesh, Haryana, Rajasthan, Gujarat and Maharashtra.
 
The Western Corridor is being funded by Japan International Corporation Agency (JICA), while the Eastern Corridor from Mughalsarai to Ludhiana is being funded by the World Bank.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Key Indian equity indices open higher

ADVERTISEMENT
The key Indian equity indices on Monday opened on higher note.
 
The 30-scrip Sensitive Index (Sensex), was trading 145.23 points or 0.42 per cent higher soon after opening.
 
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 57.60 points or 0.54 per cent higher at 10,662.75 points.
 
The Sensex of the BSE, which opened at 35,074.32 points, was trading at 35,070.10 points (at 9.22 a.m.), higher 145.23 points or 0.42 per cent from the previous day's close at 34,924.87 points.
 
The Sensex touched a high of 35,100.90 points and a low of 35,006.50 points in the trade so far.
 
IANS
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Macro-data, rupee to fuel equity market's trajectory

ADVERTISEMENT
Fluctuations in the global crude oil prices, along with the rupee's movement against the US dollar and the upcoming macro-economic data points, are expected to chart the course of the key Indian equity indices during the coming week.
 
According to market observers, other factors such as the ongoing quarterly results season and the direction of foreign fund flows will also impact investor sentiments.
 
"The fall in crude oil prices... should help to soothe the market and the INR sentiment," Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.
 
"The global situation on North Korea and the US-China trade spat would also be closely watched."
 
Lately, high crude oil prices and geopolitical developments have pushed the domestic fuel prices higher and weakened the Indian rupee. 
 
However, a reversal in the rupee's trajectory was seen late last week as it strengthened by 23 paise to close at 67.78 against the US dollar. Even domestic fuel prices are expected to fall after the Brent crude cost eased to around $76 from $78 per barrel last Friday.
 
Additionally, the direction of foreign fund flows will play a key role to determine the market movement. Last week's provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 3,227.06 crore.
 
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 2,988.86 crore, or $438.81 million, in the week ended May 25.
 
"Any negative emerging markets' sentiment will adversely influence the Indian markets too. The domestic institutional investors have become the new anchors of the Indian markets given its matching net purchases to the net FPI sales," Nevgi said.
 
Besides, crucial data points on the country's 'Fiscal Deficit', 'Index of Eight Core Industries' and the Q1 GDP growth rate will be keenly watched by the market participants.
 
"Decelerating macro trends like increase in bond yield, rising inflation, INR depreciation and gap in current account deficit might impact market performance over the medium term," said Vinod Nair, Head of Research at Geojit Financial Services.
 
"This will lower the premium valuation of India..."
 
ADVERTISEMENT
Apart from the macro-data points, companies like L&T, NHPC, NMDC, NTPC, BHEL, BPCL, Coal India, Indian Overseas Bank and Mahindra & Mahindra are expected to announce their fourth quarter (Q4) earning results in the coming week.
 
"Given the weakening macro scenario and likely inflationary pressure in coming months due to crude oil prices, direction of market is completely dependent upon the earnings trajectory of companies," said SMC Investments and Advisors' Chairman and Managing Director D.K. Aggarwal. 
 
"Going forward, unfavourable developments on the macroeconomic front may dent the confidence of the market participants." 
 
On technical-charts, any further upsides in NSE Nifty 50 which has rallied for two consecutive sessions till last Friday are seen after the immediate resistance level of 10,628 points is crossed. 
 
"Technically, with the Nifty rallying for the second consecutive session on Friday, traders will need to watch if the recent gains can sustain early next week," said Deepak Jasani, Head of Retail Research for HDFC Securities.
 
"Further upsides are likely once the immediate resistance of 10,628 points is taken out. Crucial supports to watch for resumption of weakness is at 10,417 points."
 
Last week, both the key Indian equity indices -- S&P BSE Sensex and NSE Nifty 50 -- made marginal gains on the back of attractive valuations, as well as a fall in global crude oil prices and appreciation in the Indian rupee.
 
Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 76.57 points or 0.22 per cent to close at 34,924.87 points on a weekly basis.
 
Similarly, the wider Nifty50 of the NSE closed the week on a slightly positive note. It closed at 10,605.15 points -- up 8.75 points or 0.08 per cent.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Petrol prices rise for 14th straight day; cross Rs 78 mark in Delhi

File photo of a petrol pump
File photo of a petrol pump
Domestic petrol prices increased for the 14th consecutive day on Sunday, with the key transportation fuel being sold at Rs 78.12 per litre in the national capital.
 
According to the data from oil marketing major IndianOil, petrol price rose to Rs 78.12 in Delhi from Rs 77.97 a litre on Saturday.
 
Along with Delhi, prices in Mumbai and Chennai have already reached record levels. In Mumbai and Chennai, petrol was sold at Rs 85.93 and Rs 81.11 a litre, respectively, up from Rs 85.78 and Rs 80.95 per litre on Saturday.
 
In addition, price in Kolkata inched up to Rs 80.76, against 80.61 per litre on the previous day.
 
The surge in petrol prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on the particular fuel type in the country. 
 
Diesel cost, which is already at record levels across the major cities, rose to Rs 69.06, Rs 71.61, Rs 73.53 and Rs 72.91 a litre on Sunday in Delhi, Kolkata, Mumbai and Chennai, respectively.
 
However, consumers can expect some relief as the Brent crude oil prices have eased to around $76 from $78 per barrel on Friday.
 
As per the country's pricing mechanism, the domestic petrol prices are dependent on the international fuel price on a 15-day average.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Amid volatility, equity indices end week with marginal gains

ADVERTISEMENT
The key Indian equity indices settled with marginal gains in the week ended Friday after largely volatile trade throughout the week.
 
Value buying, a fall in global crude oil prices and appreciation in rupee on Friday led to a nearly one per cent rise in both the BSE and NSE on the week's last trading day, which eventually lifted the indices on a week-on-week basis.
 
The barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 76.57 points or 0.22 per cent to close at 34,924.87 points on a weekly basis.
 
The wider Nifty50 of the NSE closed the week's trade at 10,605.15 points -- up 8.75 points or 0.08 per cent -- from its previous close.
 
"Markets ended the week with marginal gains after a sharp bounce back from the lows of 10,417 points (on Nifty) towards the end of the week. Buying by domestic institutions, stabilisation of rupee and crude prices helped the Nifty to make a sharp recovery. This week's marginal gain came after the sharp fall seen last week," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
Equity99's Senior Research Analyst, Rahul Sharma said: "Volatility was high last week due to political developments in Karnataka. Also, weak global clues and high crude prices added to sentiments."
 
"Markets last week ended flat, but (there was) extremely high volatility influenced by quarterly results, crude oil price movement and geopolitical news," said Prateek Jain, Director of Hem Securities, adding that market observed a slump in the crude oil and dollar improved the frail macro indicators lighting a fire in the Nifty.
 
ADVERTISEMENT
On the currency front, the rupee strengthened by 23 paise to close at 67.78 against the US dollar from its previous week's close of 68.01 per greenback.
 
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 3,227.06 crore, while the domestic institutional investors purchased stocks worth Rs 4,364.93 crore during the week.
 
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 2,988.86 crore, or $438.81 million, in the week ended May 25.
 
Sector-wise, PSU Banks, IT and pharmaceuticals gained the most, while realty, energy and FMCG lost the most, Jasani told IANS.
 
The top weekly Sensex gainers were: State Bank of India (up 11.62 per cent at Rs 267); Bharti Airtel (up 4.06 per cent at Rs 376.65); Infosys (up 3.81 per cent at Rs 1,228.80); Coal India (up 3.62 per cent at Rs 276.05); and ICICI Bank (up 3.53 per cent at Rs 296.50 per share).
 
The major losers were: ONGC (down 5.24 per cent at Rs 175.35); Tata Motors (DVR) (down 4.74 per cent at Rs 171.75); Tata Steel (down 4.11 per cent at Rs 567.20); ITC (down 3.62 per cent at Rs 271.95); and Tata Motors (down 3.62 per cent at Rs 294.20 per share).
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Petrol prices rise for 13th straight day; almost Rs 78 in Delhi

File photo of a petrol pump
File photo of a petrol pump
Domestic petrol prices increased for the 13th day in a row on Saturday, with the fuel being sold at Rs 77.97 per litre in the national capital.
 
The price rose to Rs 77.97 in Delhi from Rs 77.83 a litre on Friday, data from the Indian Oil Corp website showed.
 
Along with Delhi, prices in Mumbai and Chennai have already reached record levels and are only reaching new highs every single day.
 
In Mumbai and Chennai, petrol was sold at Rs 85.78 and Rs 80.95 a litre, respectively, up from Rs 85.65 and Rs 80.80 per litre on Friday.
 
Further, in Kolkata, petrol price, currently inching towards a four-year high, was sold at Rs 80.61, against 80.47 per litre on Friday.
 
This surge in fuel prices is largely attributed to the recent rise in crude oil prices and the high excise duty on the fuels in the country. 
 
The price of Brent crude oil, however, has declined around $3 per barrel in the last two days, which raises hopes of easing fuel prices in the country. Brent crude is currently priced around $76 per barrel.
 
Prices of diesel, the key transportation fuel, which are already at record levels across the major cities, rose to Rs 68.90, Rs 71.45, Rs 73.36 and Rs 72.74 a litre on Saturday in Delhi, Kolkata, Mumbai and Chennai, respectively. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

SEBI issues notice to ICICI Bank, CEO Kochhar in Videocon case

ADVERTISEMENT
Private lender ICICI Bank on Friday said that Securities and Exchange Board of India (SEBI) has sought responses from the company and its MD and CEO Chanda Kochhar on alleged non-compliance of the "erstwhile 'Listing Agreement' and the 'Listing Obligations and Disclosure Requirements) Regulations, 2015'".
 
According to a BSE filing, SEBI sought the reply via a notice issued to the private lender and its MD and CEO on May 24.
 
As per the securities market regulator's LODR regulations, all listed entities are mandated to immediately disclose relevant and important information to stock exchanges. 
 
"The MD and CEO and the bank received a notice from SEBI on May 24, 2018... requiring responses on matters relating to alleged non-compliance with certain provisions of the erstwhile 'Listing Agreement' and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'," the filing said.
 
"The notice has been issued based on information furnished by the bank or its MD and CEO to diverse queries made by SEBI concerning dealings between the bank and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity in which Deepak Kochhar spouse of MD and CEO has economic interests."
 
The bank said that appropriate responses would be submitted to SEBI in accordance with regulation.
 
The SEBI notice comes more than a month after nepotism and conflict of interest allegations were levelled against Kochhar. It has been alleged that Kochhar had wrongfully granted a loan to Videocon Group and that her husband's company -- NuPower Renewables -- received a loan from the Videocon Group's Chariman Venugopal Dhoot on a quid pro quo basis. 
 
Chanda Kochhar on May 7 had said that the private lender works under and abides by all regulatory norms and that it has been fully cooperating with regulatory and investigative agencies.
 
On March 29, ICICI Bank Chairman M.K. Sharma had said that reports alleging nepotism by Kochhar were unfounded and malicious in nature.
 
Saying that ICICI Bank's exposure to the Videocon Group (Videocon Industries and 12 of its subsidiaries or associates as co-obligors) for a debt consolidation programme and for the group's oil and gas capital expenditure programme aggregating approximately Rs 40,000 crore was less than 10 per cent.
 
Sharma had asserted that no individual bank employee has the ability to influence decisions of the credit committee.
 
He clarified that none of "the investors of NuPower Renewables are borrowers of ICICI Bank" and that Kochhar did not chair the committee that had lent to Videocon.
 
In addition, Sharma said at the press briefing that Kochhar has been making all her disclosures in accordance with the regulatory guidelines under the Companies Act and the Banking Act.
 
Sharma revealed that the bank has 'satisfactorily' replied to the questions of all the regulators, which he described as an ongoing process between "a regulated entity like a bank and the regulators and other government departments". 
 
In 2012, a consortium of 20 banks and financial institutions sanctioned credit facilities to the Videocon Group for a debt consolidation programme and for its oil and gas capital expenditure programme aggregating to approximately Rs 40,000 crore. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Deadline for comments on draft National Digital Communications Policy extended

ADVERTISEMENT
The Department of Telecommunications (DoT) has extended the last date for submission of comments on the recently published draft National Digital Communications Policy (NDCP), 2018.
 
Public and stakeholders can give their comments till June 1 through the MyGov portal, where the draft Policy has been hosted for public comments. It can be accessed here.
 
An official press release said several stakeholders had requested DoT to provide more time for giving inputs on the draft Policy.  Earlier the deadline was set as May 25, 2018.
 
The DoT had released the draft NDCP on May 1 for public comments.  The key objectives of the Policy include broadband for all, creating 4 million additional jobs in the Digital Communications sector, enhancing the contribution of the Digital Communications sector to 8% of India’s GDP from around 6% in 2017, propelling India to the Top 50 Nations in the ICT Development Index of ITU from 134 in 2017, enhancing India’s contribution to Global Value Chains, and ensuring Digital Sovereignty of the country.
 
NNN
 
 
 
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Now home buyers to be treated as financial creditors: Governmnent

ADVERTISEMENT
In a huge relief for home buyers, the Central government on Friday said they would now be treated as financial creditors and would have a share in the proceeds earned by sale of assets of bankrupt real estate companies.
 
"Good news for home buyers: Now in situation of real estate companies going bankrupt, home buyers will have a share along with banks in the auction of assets of such companies," Finance Minister Piyush Goyal said in a tweet in Hindi.
 
"This decision will bring relief to lakhs of home buyers in the country," he added.
 
The Minister was apparently referring to an ordinance approved by the Union Cabinet on Wednesday making amendments to the Insolvency and Bankruptcy Code (IBC) and now awaiting the President's approval.
 
Along with his tweet, Goyal shared a news article in Hindi about the Cabinet approval to the ordinance.
 
IT and Law Minister Ravi Shankar Prasad had then refrained from revealing details of the ordinance saying protocol prevented him from divulging more details before its approval by President Ram Nath Kovind.
 
Under the existing law, the lending bank and other institutional creditors recover their money first through the sale of assets of the builder in case of insolvency. Only if anything is left, do the buyers get their money back.
 
ADVERTISEMENT
Earlier, the Insolvency Law Committee (ILC) set up by the Corporate Affairs Ministry had suggested that home buyers be treated as financial creditors to enable them to participate equitably in an insolvency resolution process.
 
The report of the 14-member ILC, headed by Corporate Affairs Secretary Injeti Srinivas, that was made public last month had also suggested relaxations for micro, small and medium Enterprises (MSMEs) under the IBC which came into force in December 2016.
 
Recommending relief for home buyers stranded due to real estate projects left incomplete by promoters facing insolvency proceedings, the panel suggested home buyers be treated as financial creditors owing to the unique nature of real estate financing and their treatment by the Supreme Court in ongoing cases.
 
Notably, classification as financial creditors would enable home buyers to participate equitably in the insolvency resolution process under the Code.
 
Under the IBC, 'financial creditor' refers to any person to whom a financial debt is owed.
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Surging petrol prices may ease as crude cost declines

ADVERTISEMENT
Petrol prices across the four metro cities rose for the 12 consecutive day on Friday, but consumers can expect some respite in the coming days as global crude oil prices eased.
 
In the national capital, the price of petrol rose to Rs 77.83 from Rs 77.47 per litre on day-to-day basis.
 
Similarly, petrol prices also rose in other major cities of Kolkata, Mumbai and Chennai, where the fuel cost Rs 80.47, Rs 85.65 and Rs 80.80 per litre, respectively, against Thursday's levels of Rs 80.12, Rs 85.29 and Rs 80.42 per litre.
 
Prices in Delhi, Mumbai and Chennai have already reached record levels, while in Kolkata, it is inching close to a four-year-high level.
 
However, consumers can expect some relief as the Brent crude oil prices fell to around $78 from $80 per barrel on Friday. 
 
In tandem with petrol prices, diesel prices in Delhi, Kolkata, Mumbai and Chennai also rose to fresh record highs of Rs 68.75, Rs 71.30, Rs 73.20 and Rs 72.58 per litre, respectively. On Thursday, prices in these cities stood at Rs 68.53, Rs 71.08, Rs 72.96 and Rs 72.35 per litre.
 
Of late, geo-political tensions in the Middle East and supply side constraints have led to a surge in global crude oil prices. 
 
IANS
 
 
 
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

India’s forex reserves plunge by $ 2.649 billion to $ 415.054 billion

ADVERTISEMENT
Continuing a downward trend for the fifth consecutive week, India’s foreign exchange reserves plunged by $ 2.649 billion to $ 415.054 billion during the week ended May 18, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had dipped by $ 1.237 billion to $ 417.702 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 $ 2.633 biillion to $ 389.820 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves increased by $ 13 million to $ 21.7 billion, while its special drawing rights (SDRs) decreased by $ 14.2 million to $ 1.501 billion.
 
India’s reserve position in the International Monetary Fund (IMF) went down by $ 14.2 million to $ 2.031 billion, the bulletin added.
 
NNN
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Fall in oil prices, stronger rupee lift equity indices

The Indian equity markets rose for the second consecutive day on Friday as a fall in global crude oil prices along with strengthened rupee enhanced investors' risk-taking appetite.
 
However, geopolitical uncertainties after US President Donald Trump pulled out of the planned talks with North Korea's leader Kim Jong-un capped gains.
 
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,605.15 points, up 91.30 points or 0.87 per cent from the previous close of 10,513.85 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 34,753.47 points, closed at 34,924.87 points -- up 261.76 points or 0.76 per cent -- from its previous session's close of 34,663.11 points.
 
The Sensex touched a high of 35,017.93 and a low of 34,700.52 points. The BSE market breadth was bullish with 1,599 advances and 1,037 declines.
 
"Continued buying by domestic institutions helped to push the markets higher. Gain in rupee and fall in crude prices helped sentiments," HDFC Securities' Head of Retail Research Deepak Jasani told IANS.
 
"Major Asian markets have closed on a mixed note. European indices like FTSE 100, CAC 40 and DAX are trading in the green."
 
On the currency front, the Indian rupee strengthened by 65 paise against the US dollar to 67.78, from its previous close at 68.43 per greenback.
 
ADVERTISEMENT
Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 768.29 crore, while the domestic institutional investors bought stocks worth Rs 887.76 crore.
 
Sector-wise, the S&P BSE oil and gas index surged by 412.34 points, the auto index rose by 404.63 points and the banking index gained by 299.14 points.
 
On the other hand, the S&P BSE consumer durables index was the only sector-wise loser, which fell by 62.27 points. 
 
The major gainers on the Sensex were ONGC, up 4.59 per cent at Rs 175.35; Tata Steel, up 3.43 per cent at Rs 567.20; Yes Bank, up 2.71 per cent at Rs 339.45; Adani Ports, up 2.34 per cent at Rs 379.90; and IndusInd Bank, up 2.33 per cent at Rs 1,914.75 per share.
 
The top losers were Coal India, down 1.36 per cent at Rs 276.05; ITC, down 1.04 per cent at Rs 271.95; State Bank of India, down 0.56 per cent at Rs 267; Tata Consultancy Services, down 0.43 per cent at Rs 3,589.45; and ICICI Bank, down 0.25 per cent at Rs 296.50 per share. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Equity indices trade higher on supportive auto, oil, gas stocks

ADVERTISEMENT
The key Indian equity indices traded in positive territory on Friday afternoon supported by heavy buying activity in auto, oil and gas and IT stocks.
 
However, weakness in the global markets, after US President Donald Trump pulled out of the planned talks with North Korean leader Kim Jong-un, limited the gains on the Indian indices.
 
At 12.06 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,566.35 points, up 52.50 points or 0.50 per cent from the previous close of 10,513.85 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 34,753.47 points, traded at 34,837.24 points (12.06 p.m.) -- up 174.13 points or 0.50 per cent -- from its previous session's close of 34,663.11 points.
 
The Sensex has so far touched a high of 34,869.60 and a low of 34,700.52 points. The BSE market breadth was bullish with 1,348 advances and 959 declines so far.
 
So far, the major gainers on the BSE were Tata Steel, ONGC, IndusInd Bank, Infosys and Yes Bank while State Bank of India (SBI), ITC, Coal India, Adani Ports and HDFC were the major losers.
 
On the NSE, the top gainers were Hindalco Industries, GAIL and Bajaj Finserv. The major losers were Vedanta, SBI and Bajaj Infratel. 
 
IANS
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sushant Singh Rajput to promote two major initiatives of NITI Aayog

ADVERTISEMENT
NITI Aayog and Bollywood actor-entrepreneur Sushant Singh Rajput have decided to collaborate towards promoting BHIM and the Women Entrepreneurship Platform (WEP).
 
The agreement would be signed by Rajput with Anna Roy, Adviser, NITI Aayog in the presence of NITI Aayog CEO Amitabh Kant, an official press release said.
 
As part of its larger mandate to promote digital payments across the country, the NITI Aayog has been successfully driving the digital payments campaign in India, by collaborating with youth leaders and public figures to promote the cashless payment systems across the country, it said.
 
NITI Aayog continues to bring disruption within the industrial space with the establishment of the WEP,  launched earlier this year with a mission to establish a vibrant, enabling ecosystem for women entrepreneurs across India, the release added.
 
NNN
 
 
 
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Key Indian equity indices open in green

ADVERTISEMENT
The key Indian equity indices opened on a positive note on Friday.
 
At 9.27 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,553.20 points, up 39.35 points or 0.37 per cent from the previous close of 10,513.85 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 34,753.47 points, traded at 34,808.13 points (9.27 a.m.)-- up 145.02 points or 0.42 per cent -- from its previous session's close of 34,663.11 points.
 
The Sensex has so far touched a high of 34,810.22 and a low of 34,700.52 points.
 
The BSE market breadth was bullish with 830 advances and 411 declines so far.
 
IANS
 
 
 
 
 
Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Prabhu releases Strategy Paper on Computer Software and Electronics Exports

ADVERTISEMENT
Union Minister for Commerce & Industry Suresh Prabhu released here yesterday a strategy paper and business plan of India’s Computer Software & ITeS and Electronics Export, prepared by the Electronics and Computer Software Export Promotion Council (ESC).
 
The Council has prepared the strategy paper for augmenting software exports to $ 178 billion by 2022. Mr Prabhu praised the ESC efforts to boost India’s computer software & ITeS and electronics export.
 
He said the Government will extend all possible support to the industry for intensifying the exports to traditional markets and to make forays into the alternate markets like Africa, Latin America and Commonwealth of Independent States (CIS). The government was taking pro-active steps for making ICT exports more vibrant and to motivate more units to focus on exports, he added.
 
The strategy paper highlights the need for some policy level changes that are critically needed, such as resolving visa problems with the US, greater access of professionals to European countries, early signing of Totalisation Agreement with the US, setting up of incubation centres and language proficiency facilities in major IT hubs.
 
The current business model for export of software and ITeS is relevant for outsourcing work. For the emerging markets like Africa and the Middle East, a different model is required since India mostly offers product solutions. Although the potential for export of software & ITeS in the US and Europe is high, the smaller companies are grossly underperforming because of innovation and technology leadership gaps.
 
The paper also spells out specific policy prescriptions, market destinations and other enabling inputs that can bring about transformational changes in the Indian software and services exports. Specific suggestions include judiciously blending software and hardware, creating newer export outlets, fiscal incentives, country-specific software export promotion measures.
 
NNN
 
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.