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Indian equity markets open on positive note

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 opened at 39,176,56 points. It touched a high of 39,334.97 points and a low of 39,158.10 points.
 
On Tuesday, the Sensex closed at 39,046.34 points.
 
The Sensex was trading at 39,333.62, up by 287.28 points or 0.74 per cent this morning.
 
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 11,744.45 points after closing at 11,691.50 points on Tuesday. The Nifty was trading at 11,760.60 points in the morning.
 
IANS
 
 
 
 

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Jet shares ends 40% lower, 2 independent directors resign

Jet Airways saw one of the worst days of its trading history on Tuesday as investors distanced themselves from the grounded airline after its lenders decided to initiate bankruptcy proceedings to recover dues.
 
The Jet scrip hit its lowest point ever of Rs 32.25 per share, falling over 50 per cent before closing slightly higher at Rs 40.45 apiece, down 40 per cent.
 
The company also informed about the resignation of two independent directors -- Ashok Chawla and Sharad Sharma -- in another sign that the chances of its revival were remote.
 
"...Ashok Chawla and Sharad Sharma resigned as Independent Directors of the company with effect from June 17, 2019 in view of the board continuing to be in non-compliance with the provisions of the Companies Act, no additional directors being appointed and the process of the banks-led resolution plan not moving forward," Jet said in a regulatory filing.
 
Information that Jet's shares will be removed from daily trading of futures and options from June 28, further accelerated the fall in its shares.
 
The SBI-led lenders consortium on Monday said that it had decided to "seek resolution under Insolvency and Bankruptcy Code (IBC) as only a conditional bid was received and requirement of the investor for SEBI exemptions and resolution of all creditors is possible under IBC".
 
Besides owing Rs 8,500 crore to public sector banks, the airline has a total liability of about Rs 25,000 crore, which includes dues of operational creditors.
 
Running out of cash, Jet Airways suspended its entire operations on April 17. Subsequently, the government re-allocated its slots and foreign traffic rights to rival carriers.
 
IANS
 

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Sensex, Nifty end marginally higher, Jet ends 40% down

Snapping a four-day losing streak, the benchmark indices Sensex and Nifty closed marginally higher on Tuesday after a choppy day of trade.
 
The Sensex closed 85.55 points, or 0.22 per cent, higher at 39,046.34 while the Nifty closed 19.35 points, or 0.17 per cent, in the green.
 
"Markets ended positive, supported by ease in oil prices due to concern over global growth, trade war and uncertainties in upcoming OPEC meeting...," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Market will be careful during the ongoing (US) Fed meeting which is expected to prove dovish." 
 
Brent crude was trading at $60.72 per barrel around the time the markets closed. 
 
Jet Airways saw its scrip plunging over 40 per cent after landing in the bankruptcy court. Lead lender, the SBI has approached the National Company Law Tribunal to file IBC proceedings against the airline for the speedy recovery of their dues.
 
IndiGo operator InterGlobe Aviation's shares gained 1.6 per cent after the company placed orders worth $20 billion for LEAP-1A engines.
 
The yield on 10-year bonds fell 10 basis to 6.81 per cent Tuesday after touching 6.8 per cent, the lowest for the benchmark notes since October 2017.
 
Deepak Jasani of HDFC Securities said that markets have punished over-leveraged companies severely over the past few days.
 
"Having fallen sharply, this process seems to be coming to an end over the next few days. Fund managers keep latching on to well-run defensive companies with clean management and little debt even though their valuations may not be cheap or even fair," he added.
 
IANS

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Investors abandon Jet Airways, shares crash 52%

Jet Airways shares lost over half of its value on Tuesday following its lenders' decision to initiate bankruptcy proceedings against the grounded airline.
 
Jet Airways stocks hit an intra-day low of Rs 32.25 per share, falling by a massive 52 per cent. At 1.41 p.m, Jet's stocks were trading at Rs 38.05 per share, down Rs 30.25 or 44.29 per cent.
 
SBI-led lenders consortium on Monday said that they have decided to "seek resolution under IBC since only a conditional bid was received and requirement of the investor for SEBI exemptions and resolution of all creditors is possible under IBC".
 
Besides owing Rs 8,500 crore to public sector banks, the airline has a total liability of about Rs 25,000 crore which includes dues of operational creditors.
 
Running out of cash, Jet Airways suspended its entire operations on April 17. Subsequently, the government re-allocated its slots and foreign traffic rights to rival carriers.
 
IANS
 

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Sensex, Nifty flat ahead of Fed policy meet

The Sensex on Tuesday opened marginally higher ahead of the US Federal Reserve policy meet.
 
The two-day US Federal Reserve's monetary policy meeting is scheduled to begin on Tuesday.
 
At 9.44 a.m., the S&P BSE Sensex traded 32.57 points or 0.08 per cent higher to 38,993.36. It opened marginally higher at 39,056.98 from its Monday's close of 38,960.79.
 
Nifty was up by 19 points or 0.16 per cent at 11,691.15.
 
"Investor caution ahead of the Federal Reserve's interest rate meeting capped Asian stocks on Tuesday, while crude oil prices retreated as global growth worries overshadowed supply concerns stemming from recent Middle East tensions," said Deepak Jasani of HDFC Securities.
 
Jet Airways was locked in lower circuit, falling nearly 10 per cent to hit its 52 week low of Rs 61.50 per share after lenders decided to seek resolution in the bankruptcy courts.
 
"...Lenders have decided to seek resolution under IBC since only a conditional bid was received and requirement of the Investor for SEBI exemptions and resolution of all creditors is possible under IBC," the lenders said in a statement.
 
IANS
 

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India-US trade tension grips markets, Sensex tanks by 490 pts

The Sensex lost nearly 500 points on Monday as investors feared a tit-for-tat trade battle between the US and India after the latter raised tariffs on 28 US items in retaliation to US tariffs.
 
The US had raised tariffs on Indian aluminium and steel last year and had ended India's $5.6 billion trade concessions under the Generalised System of Preferences (GSP) programme earlier this year.
 
Besides, the US-China trade tension also weighed on the investor sentiments. Caution was also seen ahead of the Federal Reserve meeting which will start on June 18-19.
 
"Domestic market has been caught in a bearish grip as investors are increasingly turning cautious led by global trade war which has got murkier. Additionally, geopolitical tensions in the Middle East triggered a sudden spurt in oil prices," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
 
"Domestic market consolidation will be maintained till global events unfolds like central bank and GST council meet this week. Consolidation was broad based with metals, auto, pharma and financials under performing," he added.
 
Metal stocks lost the most over slowdown fears. The Nifty metal index declined by 2.83 per cent.
 
The Sensex, after trading in the red throughout the day, closed 491.28 points or 1.25 per cent lower at 38,960.79. The Nifty also shed 148.45 points or 1.26 per cent to settled at 11,674.85.
 
Investor fear was also evident as the India Vix shot up by over 6 per cent.
 
"Local investors will be worried as to how US could react to this (India's raising tarifffs). However, FIIs will wait for any such move by the US before feeling the Indian market," Deepak Jasani of HDFC Securities told IANS.
 
"$250-400 million is not a big number, but 28 items consist of almonds, walnuts and apples which affect their farmers. This could trigger a response... which will not bode well for the Indian markets," he added.
 
Tata Steel, Tata Motors, ONGC, Vedanta and index heavyweight Reliance Industries lost the most during the day's trade while Yes Bank and Coal India and Insosys were the only scrips who managed to finish in the green on the BSE.
 
IANS
 

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Sensex in red, Reliance Industries down 1.57%

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Indian equities traded in the red during the morning trade session on Monday after opening slightly higher. Index heavyweight Reliance Industries was down 1.56 per cent on the BSE.
 
Asian shares opened mixed as investors were cautious ahead of the Federal Reserve meeting.
 
At 9.25 a.m. the Sensex was trading 112.01 points or 0.28 per cent lower at 39,340.06. It opened at 39,514.36 slightly higher from its Friday's close of 39,452.07.
 
The Nifty was down 40.15 points or 0.34 per cent at 11,783.15.
 
Besides, investors continued to watch developments in the Middle East after a pair of oil tankers were attacked near the Strait of Hormuz on June 13. The incident escalates tensions in the region, heightening fears of a potential US-Iran military confrontation and disruption in oil supplies. Crude futures climbed 0.5 per cent the very next day.
 
The Brent was trading at $62.20 per barrel, up by 0.3 per cent.
 
Another point of concern for the markets, said Deepak Jasani of HDFC Securities, was the slowing of the Chinese economy. "Chinese data pointed to the worst slowdown in industrial growth in 17 years. May industrial output growth slowed to a more than 17-year low, the weakest since 2002," Jasani said.
 
IANS
 

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Yashovardhan Birla declared willful defaulter by UCO Bank

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UCO Bank on Sunday declared Yashovardhan Birla, the Director of Birla Surya Ltd, as a willful defaulter after the company failed to repay loans of Rs 67.65 crore.
 
Yashovardhan Birla is also the Chairman of the Yash Birla Group.
 
In a public notice which also carried a photo of Yashovardhan Birla, UCO Bank said the account was declared a non-performing asset (NPA) on June 3, 2019.
 
"The Birla Surya Limited was sanctioned with credit limit of Rs 100 crore only with fund-based facilities for the purpose of manufacturing multi crystalline solar photovoltaic cells from our flagship corporate branch, Mafatlal Centre, Nariman Point, Mumbai. The present balance outstanding is Rs 67.65 crore plus unapplied interest from the date on NPA," the notice said.
 
The bank further said that the borrower didn't repay the dues despite several notices served by the Kolkata-based lender.
 
Interestingly, UCO Bank was founded in 1943 under the aegis of industrialist G.D. Birla, the brother of Yashovardhan Birla's great grandfather Rameshwar Das Birla.
 
IANS
 

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Fadnavis reshuffles Cabinet, drops 6 Ministers, inducts 13

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With an eye on the Assembly elections due in four months, Maharashtra Chief Minister Devendra Fadnavis on Sunday reshuffled his Cabinet by dropping six Ministers and inducting 13 others.
 
The 13 comprise 10 from the Bharatiya Janata Party (BJP), two from Shiv Sena and one from their ally Republican Party of India (A) (RPI-A).
 
As expected, former Congressman and Leader of Opposition in the state assembly Radhakrishna Vikhe-Patil joined as a Minister, and another long-time contender Mumbai BJP President Ashish Shelar was also inducted.
 
All the ministers were administered the oath of office and secrecy by Governor C. V. Rao at a ceremony in Raj Bhavan.
 
Besides Vikhe-Patil and Shelar, the other Cabinet-rank Ministers who were sworn in are: Sanjay Kute, Suresh Khade, Anil Bonde and Ashok Uike and Tanaji Sawant (all BJP), and Jaydutt Kshirsagar (Shiv Sena).
 
Five legislators were inducted as Ministers of State -- Yogesh Sagar, Sanjay Bhegde, Parinay Fuke (all BJP), Atul Save (Shiv Sena) and Avinash Mahatakear (RPI-A).
 
Six incumbent ministers -- Prakash Mehta, Vishnu Savra, Ambarish Atram, Dilip Kamble, Pravin Pote and Rajkumar Badole -- who were dropped for lacklustre performance, tendered their resignations which were accepted by Fadnavis.
 
With this, on the eve of the Maharashtra Assembly's monsoon session starting here on Monday, Fadnavis has consolidated the ruling BJP-Shiv Sena's position before the elections.
 
IANS
 

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Suman Rao crowned Miss India 2019

Suman Rao (C) from Rajasthan has won the Femina Miss India World 2019, Shivani Jadhav (L) from Chhattisgarh clinched Femina Miss Grand India 2019 title and Shreya Shanker (R) from Bihar won Miss India United Continents 2019 title during the grand finale of the beauty pageant at Sardar Vallabhbhai Patel Indoor Stadium in Mumbai on June 16, 2019. (Photo: Twitter/@feminamissindia)
Suman Rao (C) from Rajasthan has won the Femina Miss India World 2019, Shivani Jadhav (L) from Chhattisgarh clinched Femina Miss Grand India 2019 title and Shreya Shanker (R) from Bihar won Miss India United Continents 2019 title during the grand finale of the beauty pageant at Sardar Vallabhbhai Patel Indoor Stadium in Mumbai on June 16, 2019. (Photo: Twitter/@feminamissindia)
Suman Rao from Rajasthan has won the Femina Miss India World 2019 beauty pageant during a star-studded ceremony at Sardar Vallabhbhai Patel Indoor Stadium here.
 
Shivani Jadhav from Chhattisgarh clinched Femina Miss Grand India 2019 title and Shreya Shanker from Bihar won Miss India United Continents 2019 title during the grand finale of the beauty pageant on Saturday.
 
20-year-old Suman, a college student, will represent India at Miss World 2019 in Thailand.
 
"When you get yourself determined towards a particular goal in life, every single nerve and fibre of your body starts working into that direction for a victorious journey," she said in an interview.
 
The prestigious event was adjudged by Bollywood choreographer Remo D'Souza alongside actress Huma Qureshi, Chitrangada Singh, fashion designer Falguni Shane Peacock and Indian footballer Sunil Chhetri, among others.
 
During the event, film stars like Katrina Kaif, Vicky Kaushal and Mouni Roy enthralled the audience with their dance performances.
 
The event was hosted by the Bollywood filmmaker Karan Johar and actor Manish Paul.
 
IANS
 

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Tensions in Arabian Gulf, rise in oil prices dent equities

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Rising geo-political tensions in the Arabian Gulf region along with concerns over a slowdown in global economic growth subdued Indian equity markets on Friday.
 
Market observers pointed out that premium valuation and rise in crude oil prices to over $61 per barrel also dented investors' sentiments.
 
Sectorally, BSE capital goods index ended in the green, whereas BSE realty, telecom, bankex and auto indices ended in the red.
 
Accordingly, the S&P BSE Sensex closed 289.29 points or 0.73 per cent lower at 39,452.07, and the NSE Nifty50 was down 90.75 points or 0.76 per cent at 11,823.30.
 
"World stocks struggled and safe haven bets were back in play on Friday with German bond yields plumbing record lows as Chinese data (May industrial output slowed to a more than 17 year-low) rekindled woes about the health of the global economy and fears of a new US-Iran confrontation intensified," said Deepak Jasani, Head of Retail Research, HDFC Securities.
 
"Gold prices hit a 14-month high."
 
According to Geojit Financial Services Head of Research Vinod Nair said: "Ripple effect from a weak global market while premium valuation and slow economy is hurting the market."
 
"Continuous exchange of words between US and Tehran regarding the oil tanker attack, progress of US-China trade-war, Fed policy outcome on June 19 and progress of monsoon will be closely watched by the investors. The market is cautious today awaiting these important events while companies highly leveraged are being mostly impacted."
 
In terms of investments, while the foreign institutional investors (FIIs) bought stocks worth Rs 172.35 crore, domestic institutional investors (DIIs) sold Rs 444.87 crore stocks.
 
On the currency front, the Indian rupee weakened 30 paise to 69.81 against the US dollar from its previous close of 69.51.
 
IANS
 

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Indian equity indices open in red, Sensex down 139 points

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The key Indian equity indices opened on a negative note on Friday with the BSE Sensex losing nearly 140 points, tracking weakness in the major Asian markets.
 
At 9.38 a.m., the Sensex traded at 39,602.13, lower by 139.23 points or 0.35 per cent from the previous close of 39,741.36 points.
 
It has so far touched an intra-day low of 39,799.90 points and a low of 39,583.26 points.
 
The Nifty50 on the National Stock Exchange traded at 11,866.10, lower by 47.95 points or 0.40 per cent from the previous close of 11,914.05 points.
 
IANS
 
 
 
 
 

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Sensex ends marginally lower, Brent jumps by 4%

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The Sensex on Thursday closed marginally lower after trading in the red throughout the session.
 
The rupee too depreciated by 16 paise after oil prices surged nearly 4 per cent amid reports of an attack on oil tankers in the Gulf of Oman which added to the already-heightened tensions between Iran and the United States.
 
"The banking index continued its consolidation for the third consecutive week and the open interest activity in futures segment remained subdued," said Sneha Seth, Derivatives Analyst, Angel Broking.
 
The Sensex closed 15.45 points or 0.04 per cent lower at 39,741.36 while the Nifty settled at 11,914.05, down 7.85 points or 0.07 per cent.
 
"Asian markets were mixed even as suspected attacks on two tankers off the coast of Iran saw oil markets erupt out of their recent slump on Thursday and kept traders gobbling up ultra-safe government bonds, gold and the Japanese yen," Deepak Jasani of HDFC Securities said.
 
Indiabulls group stocks rose after declining in the early trade as Indiabulls Housing Finance said that the writ petition filed in the Supreme Court against the company and Sameer Gehlaut has been withdrawn.
 
"This improved sentiments although other troubled companies like Jet, DHFL and Yes Bank closed near their lows," Jasani added.
 
After hitting an all-time low of Rs 84.80 per share, the Jet Airways scrip closed 16 per cent lower on Thursday, a day after the exchanges decided to shift the security from Rolling Segment to Trade for Trade Segment.
 
Maruti Suzuki, Indian Oil Corporation, UPL, IndusInd Bank and Yes Bank finished as the top losers on Nifty. Indiabulls Housing Finance Limited, Zee Limited, BPCL, Grasim and Kotak Mahindra Bank settled as the top gainers.
 
IANS
 

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#MeToo: Mumbai Police close Tanushree's case against Nana Patekar

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In a surprising development, the Mumbai Police have filed a closure report in the alleged #MeToo sexual harassment case lodged by actress Tanushree Dutta against actor Nana Patekar, a top official said here on Thursday.
 
"Yes, we have filed a B-Summary Report before the court," Mumbai Police spokesperson, Deputy Commissioner of Police Manjunath Shinge told IANS.
 
The police move comes after they reportedly did not find enough evidence in the matter, virtually ending the case as they cannot continue further investigations.
 
Dutta's lawyer Nitin Satpute said that they would challenge the police move in the matter.
 
"If the police file any B or C classification of Summary Report, that cannot be final. We shall oppose it before the court. After hearing, if the court is satisfied, then it can again direct the police to re-investigate," Satpute told IANS.
 
He accused the police of conducting a shoddy probe into the entire matter, not recording the statements of many other witnesses, but relying on the evidence of only "one or two" witnesses in a bid to protect the accused.
 
"In view of this, we shall oppose the B Summary Report and also file a writ petition before Bombay High Court," Satpute added.
 
Dutta had lodged the complaint against Patekar in September 2018 accusing him of allegedly sexually harassing her over a decade ago, in 2008 during a shoot, but he (Patekar) had stoutly denied the charges levelled by her.
 
The actress on Thursday said in a statement: "Our witnesses have been silenced by intimidation and fake witnesses have been put forth to weaken the case. What was the rush to file a B Summary report when all of my witnesses have not even recorded their statements yet? I'm neither shocked nor surprised being a woman in India this is something we all have got used to."
 
IANS
 

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Jet stocks plunge 16% as surveillance measures to kick in soon

After hitting an all-time low of Rs 84.80 per share, Jet Airways' scrips closed 16 per cent lower on Thursday, a day after the exchanges decided to shift the security from Rolling Segment to Trade for Trade Segment.
 
The two key stock exchanges -- BSE and NSE -- will impose preventive surveillance measure on Jet's scrip from June 28.
 
The decision was made following the inability of the company to issue a clarification with respect to several rumours in the markets and non-declaration of financial results for the year ended March 31, 2019.
 
"... It has been jointly decided by the exchanges that w.e.f. June 28, 2019 till further notice, the security of the company shall be shifted from 'Rolling Segment to Trade for Trade Segment, wherein the settlement in the security will take place on gross basis with 100 per cent upfront margin and 5 per cent price band," the stock exchanges said in a circular.
 
Additionally, Jet's scrip which is currently available for trading in the 'Futures and Options' segment will be excluded from the segment from June 28.
 
No contracts shall be available for trading in Jet's security.
 
Jet Airways had suspended operations on April 17, impacting thousands of employees, lessors, vendors and passengers.
 
At present, the lenders of Jet Airways led by the SBI are in the process of selling the airline to recover their dues of over Rs 8,400 crore.
 
IANS
 

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Key Indian equity market indices open in red

Taking a cue from global markets, the key Indian equity market indices on Thursday opened lower.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 39,756.81 points on Wednesday, opened lower at 39,679.35 points.
 
Minutes into trading, it was quoting at 39,651.30 points, down by 105.51 points, or 0.27 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,906.20 points on Wednesday, was quoting at 11,871.40 points, down by 34.80 points or 0.29 per cent.
 
As many as 14 stocks advanced in the Nifty 50 index while 36 stocks declined. In the BSE Sensex, 20 stocks including Tata Steel, ITC were trading in red while 10 stocks including Coal India, HDFC were trading in green at 9.21 a.m.
 
Concerns over slowing growth along with the outflow of foreign funds pulled the Indian equity market lower on Wednesday.
 
The Sensex was down by 193.65 points or 0.48 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 39,982.10 points and a low of 39,623.53 points. The Nifty, too was down by 59.40 points or 0.50 per cent.
 
On Thursday, Asian indices were showing a negative trend. Japan's Nikkei 225 was quoting in red, down by 0.52 per cent, Hang Seng was also down by 0.71 per cent.A South Korea's Kospi was quoting in red, down by 0.77 per cent. China's Shanghai Composite was however trading in green, up by 0.10per cent.
 
Overnight, Nasdaq closed in the red, down by 0.38 per cent while FTSE was also down by 0.42 per cent at the closing on Wednesday.
 
IANS

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Growth concerns, fund outflows dent equities

Concerns over slowing growth along with the outflow of foreign funds pulled the Indian equity market lower on Wednesday. While the S&P BSE Sensex closed 193.65 points or 0.48 per cent lower at 39,756.81, the NSE Nifty50 was down 59.40 points or 0.50 per cent at 11,906.20.
 
Plunge in May automobile sales coupled with negative global cues, such as US-China trade tensions, and caution ahead of key industrial and inflation data dented investors' sentiments. But a sharp downward correction in crude oil prices arrested the free fall.
 
Sectorally, the top gainers were auto, banks, capital goods, telecom and realty indices, and the top losers metals and FMCG. 
 
"The headline indices -- the Sensex and the Nifty -- ended lower on Wednesday amid US-China trade tensions. Most Southeast Asian markets fell on Wednesday with Malaysia leading the decline as escalating tensions on the US-China trade front and concerns of slowing growth in China curbed risk sentiment," said Deepak Jasani, Head of Retail Research, HDFC Securities. 
 
"Technically, with the Nifty correcting from the recent lower high of 12,000-mark, there is a possibility of further weakness in the coming sessions. The lower levels in the next few sessions to be watched are 11,820 and 11,800. Immediate resistance level to be watched is 11,965."
 
According to Vinod Nair, Geojit Financial Services Head of Research, the market retreated the winning streak as headwinds from global markets and concerns that CPI inflation may rise to the 7-month high in May impacted the momentum. 
 
"A steep fall of 21 per cent in passenger vehicle sales added fuel to investors' concerns over demand and liquidity crunch with non-banking finance companies (NBFCs). The market will consolidate as long as there are no fresh triggers and await more clarity on how NBFC-related concerns pans out." 
 
While the foreign institutional investors (FIIs) sold stocks worth Rs 1,050.43 crore, domestic institutional investors (DIIs) bought Rs 271.15 crore stocks.
 
On the currency front, the Indian rupee on Tuesday strengthened by 10 paise to 69.35 against the US dollar from its previous close of 69.45.
 
IANS

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Hoardings crash in Mumbai, kills one

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A senior citizen was killed and three women injured in two separate incidents of hoardings crashing in the city and suburbs, here on Wednesday, officials said.
 
A cement hoarding sheet uprooted by gusty winds crashed on a pedestrian outside Churchgate station, injuring him seriously, the BMC Disaster Control said here on Wednesday.
 
The incident occurred around 12.45 p.m. when the heavy hoarding suddenly collapsed on the pedestrian, who was identified as Madhukar Appa Narvekar, 62.
 
He was rushed to the G. T. Hospital near Chhatrapati Shivaji Maharaj Terminus where he succumbed to his injuries after an hour while under treatment.
 
In the second incident, a heavy acrylic hoarding was ripped off a skywalk and crashed on three women pedestrians in Bandra west at around 1.30 pm.
 
The injured are Tejal Kadam, 27, Malisa Nazareth, 30 and Sulakshana Vaze, 41. They were rushed to Holy Family Hospital. Their condition was described as 'stable' by officials.
 
Over the past three days, owing to cyclonic conditions building up in the Arabian Sea, Mumbai and surroundings witnessed pre-monsoon thunderstorms that have claimed at least six lives so far.
 
The cyclone Vayu is expected to pass around 250 km in the Arabian Sea, heading towards the Gujarat coast which has created stormy conditions on the entire Maharashtra coastal, Konkan region and popular beaches in Sindhudurg, Ratnagiri, Raigad, Mumbai, Thane and Palghar.
 
The Indian Coast Guard, State Disaster Response Force, Mumbai Police, BrihanMumbai Municipal Corporation and other agencies have warned people against venturing near beaches or promenades which are lashed by strong tidal waves, posing safety hazards.
 
IANS
 

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Indian markets open in red: Sensex down 160 points

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.
 
The Sensex of the BSE opened at 39,974.18, then touched a high of 39,982.10 and a low of 39,780.00. It was trading at 39,788.61 down by 161.85 points or 0.41 per cent fro its Tuesday's close at 39,950.46.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 11,962.45 after closing at 11,965.60. It was trading at 11,919.85 in the morning.
 
IANS
 
 
 
 

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Mumbai businessman gets life, Rs 5 crore fine for creating hijack scare in 2018

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In the first conviction under the amended anti-hijacking law, a special National Investigation Agency (NIA) court on Tuesday sentenced a Mumbai-based businessman to a life term and a fine of Rs 5 crore for creating a hijack scare on a Mumbai-Delhi Jet Airways flight on October 30, 2017.
 
Convicting Birju Kishor Salla for violating provisions of the Anti-Hijacking Act 2016, the court, in its order, said that the fine amount would be used to compensate each pilot of the Jet Airways' flight no-9W 339 with Rs 1 lakh, each air hostess with Rs 50,000 and each passenger with Rs 25,000 for the misery they underwent.
 
Salla was arrested by the Ahmedabad Detection of Crime Branch (DCB) after a letter warning of a hijack and bomb threat was discovered on Mumbai-Delhi bound Jet Airways' flight no-9W 339, which had 122 passengers, including seven crew, on board. 
 
Following the scare, the flight had to be diverted to Ahmedabad and then grounded at the Ahmedabad airport. It was only after all passengers were disembarked and screened at a remote bay there that the flight was cleared for take-off.
 
The NIA took over the probe on November 7. During investigation, the NIA claimed that it found clinching evidence regarding preparation of the threat note and its placement on the plane. 
 
The pilot had alerted the Ahmedabad airport authorities about the threat letter, reported to be in Urdu and English. The NIA said that Salla intentionally put the printed threat letter inside the toilet to disrupt the aircraft operation thus jeopardising the safety of the passengers and the crew members on board. 
 
The NIA filed a charge sheet against Salla on January 23, 2018 in the NIA Court under several sections of Anti-Hijacking Act 2016.
 
IANS

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Reliance, BP sanction third phase of integrated KG D6 development

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Reliance Industries Limited (RIL) and BP today announced the sanction of the MJ project (also known as D55) in Block KG D6, offshore the east coast of India.
 
MJ is the third of three new projects in the Block KG D6 integrated development plan and its approval follows sanctions for the development of ‘R-Series’ deep-water gas field in June 2017 and for the Satellites cluster in April 2018, a press release from the company said.
 
Together the three projects are expected to develop a total of about 3 trillion cubic feet (tcf) of discovered gas resources with a total investment of circa Rs. 35,000 crore (US$5 billion). These projects together, when fully developed, will bring about 1 billion cubic feet a day of new domestic gas onstream, phased over 2020-2022, it said.
 
Mukesh Ambani, Chairman and Managing Director of RIL, said: “Bringing these three discoveries to production, as promised in 2017, by leveraging the existing infrastructure has been the primary objective of the Reliance - BP Joint Venture. The gas will satiate the increasing demand for clean fuel in the country, save foreign exchange and reduce dependency on imported gas. We are excited about bringing this gas onshore from our third project on the East Coast of India to power the Indian economy with an environment-friendly fuel and help strengthen energy security while moving towards meeting India's Climate Change Goal.”
 
Bob Dudley, BP Group Chief Executive, welcomed the investment decision: “We are building an important upstream business in India, helping to supply the country’s growing gas market. Working closely with Reliance, we are efficiently developing discovered resources, with focused exploration to give options for the future. This latest investment is a further demonstration of BP’s commitment to India and helps support India in addressing the dual challenge and moving to a low carbon future.”
 
The release said MJ is a gas condensate field and is the third field under development as part of the  KG D6 integrated development campaign. The project is in 700-1100 metres water depth, with a well depth of 4200 metres below mean sea-level in a high-temperature and pressure environment. It comprises wells connected to a sub-sea production, with tie-back to a Floating Production Storage and Offloading (FPSO) vessel to process and separate liquids, and gas which will be exported to the onshore terminal through one of the existing 24 inch trunk pipelines. The project is expected to begin production in mid-2022.
 
The first of the three KG D6 projects under development, the R-Series project, is in execution phase.  All six wells have been drilled. With this, the first installation campaign; in which a 54-line km, 18”/4” piggyback flow line was installed in 1920m water depth – setting a new world record for deep-water pipelay installation, has been successfully completed. First gas from this project is on-schedule and expected by mid-2020. 
 
The second project, the development of the Satellites cluster, is on track with all major contracts awarded to deliver first gas by mid-2021. The MJ project will draw on execution synergies with the R-Series and Satellite projects being developed, concurrently, the  release said.
 
India today consumes over 5 billion cubic feet a day of natural gas and aspires to double gas consumption by 2022. Gas production from KG D6 integrated development is expected to help reduce India’s import dependence and amount to over 10% of the country’s projected gas demand in 2022; benefiting India and domestic consumers at large.
 
BP had, in 2011, taken a 30% stake in multiple oil and gas blocks in India operated by RIL, including the producing Block KG D6.
 
Since formation of this partnership in 2011, the two companies have invested over Rs. 13,000 crore (US$2 billion) in deep-water exploration and production to date. In addition to the D55 gas discovery announced in 2013, the partnership has combined BP’s technology and skills with RIL’s execution and operational capability to sustain production from the geologically complex reservoirs in D1D3 on Block KG D6. This has included the deployment of world-leading technologies for production from deep-water gas fields for the first time in India.
 
With its many investments in India and employing around 7,500 people in the oil, gas, lubricants and petrochemicals businesses, BP is one of the largest international energy companies in India. In addition to its gas value chain alliance with Reliance Industries Ltd., BP’s activities include Castrol lubricants; the licensing of competitive petrochemical technologies; oil and gas trading; clean energy projects through investment in Lightsource BP; IT and procurement back office activities; staffing and training for BP’s global marine fleet; and the recruitment of skilled Indian employees for its global businesses. India Gas Solutions Private Limited, a 50:50 joint venture to source and market gas in India, is also part of BP’s gas value chain alliance with RIL.
 
NNN
 

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Global cues push equities higher; banking stocks gain

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Global cues on the back of ease in trade protectionist measures along with hopes of healthy inflation and industrial production data pushed the Indian equity market higher on Tuesday.
 
Additionally, hopes over a reduced bad debt burden on the banking sector and a stronger rupee buoyed investors sentiments.
 
Consequently, the S&P BSE Sensex closed 165.94 points or 0.42 per cent higher at 39,950.46 points, while the NSE Nifty50 was up 42.90 points or 0.36 per cent at 11,965.60 points.
 
Sectorally, the top gainers were the BSE metal, oil and gas, banking and telecom indices, whereas, the top losers were the BSE capital goods and FMCG indices.
 
"Markets ended with healthy gains on Tuesday. It was the third consecutive session of gains for the Nifty. The gains came on the back of positive global cues as investor concerns eased after the US shelved plans to impose tariffs on Mexico," said Deepak Jasani, Head of Retail Research, HDFC Securities.
 
"Technically, with the Nifty rallying further, the bulls remain in control. Further upsides are likely once the immediate resistance of 12,001 is taken out. Crucial support to watch for any weakness is at 11,904."
 
"Positive momentum was triggered in banking stocks based on report that system-wide NPA level has declined to 9.3 per cent in March 2019 from 11.5 per cent a year back," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Still the broad trajectory of the market remains indecisive and await fresh triggers in this expensive valuation. News of government stimulus in China boosted Asian and European equities while trade war concerns has also subsided marginally. Further tensions can emerge ahead of the G20 meet this month given the war of words exchanged between China and the US."
 
In terms of investment, both foreign and domestic institutional investors (FIIs/DIIs) sold stocks. FIIs bought stocks worth Rs 95.79 crore, while DIIs sold stocks to the tune of Rs 151.01 crore.
 
On the currency front, the rupee on Tuesday strengthened by 20 paise to 69.45 per US dollar from its previous close of 69.65.
 
IANS
 

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Indian equity indices turn flat after opening in green

The key Indian equity indices traded on a flat note on Tuesday after opening in the positive territory.
 
At 9.33 a.m., the BSE Sensex traded at 39,790.50, higher by just 5.98 points or 0.02 per cent from the previous close of 39,784.52.
 
It had opened over 100 points higher at 39,900.45 points and has so far touched an intra-day high of 39,926.82 and a low of 39,778.15 points.
 
The Nifty50 on the National Stock Exchange traded at 11,914.40, lower by 8.30 points or 0.07 per cent from the previous close of 11,922.70 points.
 
It had opened at 11,959.85 points.
 
IANS
 

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Equity market rises on US-Mexico deal; NBFC fears exist

The Indian equity indices rose for the second consecutive trading session on Monday supported by positive global cues as the US and Mexico on Friday struck a deal to avert a tariff war between the two countries.
 
The rise was led by the export-oriented IT stocks, but looming concerns of a liquidity crisis in the non-banking financial companies (NBFCs) persisted, leading to a decline in the banking and financial stocks, analysts said.
 
The banking and financial stocks trimmed the initial gains in the market. US President Donald Trump said he would drop plans for tariffs on Mexico after the country promised new steps to check illegal migration into the US.
 
"I am pleased to inform you that the United States of America has reached a signed agreement with Mexico," Trump said in a tweet on Friday night. 
 
"The tariffs scheduled to be implemented by the US on Monday, against Mexico, are hereby indefinitely suspended."
 
The Sensex on Monday closed at 39,784.52, higher by 168.62 points, or 0.43 per cent, than the previous close of 39,615.90 points.
 
Earlier in the day, it rose 363 points to touch an intra-day high of 39,979.48. Its intra-day low was 39,619.97 points.
 
The Nifty50 on the National Stock Exchange closed the day's trade at 11,922.70, higher by 52.05 points or 0.44 per cent, over the previous close of 11,870.65.
 
Data on the BSE showed that foreign institutional investors (FII) invested a net amount of Rs 216.20 crore and the domestic institutional investors (DII) invested a net amount of Rs 170.62 crore.
 
On the Sensex, the top gainers during the day were Tata Consultancy Services (TCS), Infosys, Bharti Airtel, Axis Bank and ITC and the major losers were Yes Bank, Coal India, Tata Motors, ONGC and Hero MotoCorp.
 
In a major stock-wise development, shares of Jammu and Kashmir Bank settled 12 per cent lower after its Chairman Parvez Ahmed was removed by the state government on Saturday on charges of nepotism and corruption.
 
The state Anti-Corruption Bureau (ACB) also carried out a raid at the bank's corporate office in Srinagar for two days after Ahmed's removal. ACB officials said documentary evidence regarding the mismanagement, nepotism and corruption by the ousted Chairman were collected and investigations were on.
 
Earlier in the day, the shares of Jammu and Kashmir Bank slumped nearly 20 per cent to an intra-day low of Rs 47.60 per share. On Monday, the bank said that it has received the Reserve Bank's approval to appoint R. K. Chhibber as the interim Chairman and Managing Director of the bank for a period of three months with immediate effect.
 
IANS
 

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Yuvraj Singh retires from all forms of cricket

File photo of Yuvraj Singh
File photo of Yuvraj Singh
After 25 years in and around the 22 yards and almost 17 years of international cricket, swashbuckling all-rounder Yuvraj Singh on Monday announced his retirement from all forms of the game.
 
"Only if I could articulate what cricket has done for me, to me! But let me tell you this, cricket has given me everything I have and it is the reason why I sit here today," said Yuvraj, whose on-field exploits defined India's last two World Cup triumphs.
 
With a career that spanned over 304 ODIs, 58 T20s and 40 Tests, Yuvraj imprinted his place in the echelons of cricket as a player who could pretty much win matches for his side either through his electric fielding, deceiving bowling or fierce batting. 
 
Big-ticket events brought out the best from the big-hitting player, be it his international cricket entry at 2000 Champions Trophy, the mind-numbing batting exhibition at the inaugural 2007 World T20 or the all-round performance at the 2011 World Cup.
 
His teenage entry in the U-19 cricket World Cup surely was an indication of things to come. In his second ODI ever, Yuvraj took the Australian fast bowling battery to the cleaners in an exhibition of fearless batting in Nairobi during the 2000 Champions Trophy, which also earned him the Man of the Match award.
 
It took three years before he could score his first ODI century, and also earn his Test cap. In Test cricket, Yuvraj had an affinity for Pakistan, scoring all his three centuries against them, first on a green top in Lahore in 2004, second in Karachi in 2006 and third, his best of 169, in Bengaluru.
 
His exploits at World T20 in South Africa have remained untouched till date. Yuvraj's willow-wielding ways gave nightmares to almost every bowler through the tournament. Clobbering six sixes in the penultimate over bowled by Englishman Stuart Broad in Kingsmead was a moment not many cricket fans will forget. That performance against England took Yuvraj on top of the pile of fastest 50s in a T20I match, scoring 50 in just 12 balls, a record that still stands. 
 
As time passed, the left-hander became an established middle-order lynchpin for Indian team, and a man with golden arm too. A testimony of his accomplished all-round abilities was the 2011 World Cup where Yuvraj became the first all-rounder to score 300 plus runs and to take 15 wickets in a single edition of the prestigious quadrennial event. The feat included four MoM awards and Man of the Tournament for the 362 runs and 15 wickets.
 
"Winning the 2011 World Cup, being man of the series, four MoM awards was all like a dream, which was followed with a harsh reality of getting diagnosed with cancer," reminisced Yuvraj.
 
"All this happened so quickly and that too when I was at the peak of my career. I can't possibly explain the support of my family and friends who stood by me, like my pillars of strength and courage. The BCCI and its president at that time N. Srinivasan too supported me during my treatment," he added.
 
A fighter to the core, Yuvraj battled all odds to return to cricket after successfully treating the rare germ cell tumour. An appearance at the 2014 T20 World Cup finals looked like a perfect script until Yuvraj found the going tough. 
 
"This was probably the most difficult time in my cricket career, the 2014 T20 World Cup final against Sri Lanka when I laboured to 11 off 21 balls. It was so shattering that I felt my career was all but over, everyone wrote me off too... But I never stopped believing in myself," remarked Yuvraj.
 
The urge to play top-level cricket again pushed Yuvraj to go through the grind and the 2016-17 Ranji Trophy season saw him scoring 672 runs at an impressive average of 84.00, something selectors found worth rewarding him another go. 
 
He came back for the home series against England in 2017 and how. A career-best of 150 against English team in Cuttack got everyone to witness pure nostalgia -- the Yuvraj they were used to see.
 
"I am extremely lucky to play 400+ games for India, I for one, would have not imagined doing this when I started my career as a cricketer. Through this journey, some matches that remain etched in my memory were the 2002 NatWest final, my first test hundred in Lahore in 2004, the 2007 ODI series in England, six sixes at the 2007 T20 World Cup, that match when we realised to have not gone beyond at 2007 50-over World Cup and then the most memorable was 2011 World Cup finals," said Yuvraj recalling his careers highlights.
 
For now, he wishes to focus his energies on helping and enabling people affected with cancer. "My next focus is enabling and helping people with cancer through my charity YouWeCan. I really want to make a difference to the society by setting an example through my inspiring story," Yuvraj said.
 
"I would like to thank my family, my mother, especially, who is present here today; my loving mother who has been the pillar of strength and gave me birth twice, my loving wife who stood by me in my tough times and my close friends who get sick of me but are always there for me, everybody who I love is here today except my dad. So I think it's a perfect day to move on...," he concluded.
 
IANS
 

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