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BCCI ombudsman Justice D K Jain to function as its Ethics Officer on interim basis

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The Board of Control for Cricket in India (BCCI) today said that its ombudsman, Justice D. K. Jain, former Supreme Court judge, shall temporarily discharge the functions of the BCCI Ethics Officer, in addition  to his current role.
 
A press release from BCCI's Supreme Court-appointed Committee of Administrators (CoA) said this arrangement would continue till such time that an Ethics Officer is appointed.
 
The release said Chapter 8 of the BCCI's Memorandum of Association and Rules & Regulations dated 21st August 2018 (BCCI Constitution), as approved by the Supreme Court vide its judgment dated 9th August 2018, deals with Transparency and Conflict of Interest and makes detailed provisions for dealing with Conflict of Interests. 
 
The provisions require an Ethics Officer to be appointed to determine and decide issues relating to Conflict of Interest. Rule 39(1) of the BCCI Constitution states as follows:
 
“The BCCI shall appoint an Ethics Officer at the Annual General Meeting for the purpose of guidance and resolution in instances of conflict of interest. The Ethics Officer shall be a retired Judge of a High Court so appointed by the BCCI after obtaining his/her consent and on terms as determined by the BCCI in keeping with the dignity and stature of the office. The term of an Ethics Officer shall be one year, subject to a maximum of 3 terms in office.”
 
In the Tenth Status Report dated 28th October 2018 submitted by the CoA to the Supreme Court, a prayer was made seeking appropriate directions appointing and/or enabling the appointment of an Ethics Officer for the BCCI. No order has yet been passed by the Supreme Court in this behalf, the release said.
 
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"Since transparency and measures to avoid conflict of interest are important aspects of the reforms process, there is a need for an Ethics Officer to be appointed at the earliest, so that the provisions relating to conflict of interest under the BCCI Constitution be implemented immediately and complaints/references relating to conflict of interest can be considered and addressed by a duly qualified person.
 
"In light of the aforesaid requirement, the Committee of Administrators addressed an email dated 12th March 2019 to the Ld. Ombudsman of the BCCI, the Hon’ble Mr. Justice D.K. Jain (retd.),  inter alia requesting him to consider if he would be willing to assume the role and discharge the functions of the BCCI Ethics Officer, in addition to his role as the BCCI Ombudsman, as a pro tem measure till such time that an Ethics Officer is appointed.
 
"In response to the aforesaid email, the Ld. Ombudsman vide his letter dated 21st March 2019 sent to the Committee of Administrators has expressed his willingness to discharge the functions of the BCCI Ethics Officer as an ad hoc arrangement in addition to his duties as the Ombudsman of the BCCI," the release added.
 
The CoA said it had, accordingly, issued the necessary directions in this regard to ensure that the measures for avoidance of conflict of interest are implemented immediately and complaints/references relating to conflict of interest can be considered and addressed and as such the affairs of the BCCI are carried out in accordance with the BCCI Constitution until an Ethics Officer is appointed.
 
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Infosys to acquire 75% stake in ABN AMRO subsidiary

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IT services major Infosys today said it would acquire 75% of the shareholding in Stater N. V., a wholly-owned subsidiary of ABN AMRO Bank N.V. that offers pure-play, end-to-end mortgage administration services in the Netherlands, Belgium and Germany.
 
ABN AMRO will continue to hold the remaining 25% of the shareholding, a press release from Infosys said.
 
The decision is part of a strategic partnership between Infosys and ABN AMRO, the third largest bank in the Netherlands headquartered in Amsterdam. 
 
"This partnership strengthens Infosys’ position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies, and further enhances the company’s strategy to help clients navigate their next digital transformation journeys," the release said.
 
"Stater is a market leader in the Benelux region, operating across the mortgage and consumer lending value chain with deep capabilities in digital origination, servicing and collection. Stater also brings deep European mortgage expertise and a robust digital platform to drive superior customer experience. Infosys will drive the digital transformation roadmap of Stater with accelerators such as dynamic workflow, API layers, RPA and analytics. The current management team of Stater will continue to steer the company," it said.
 
Mortgage services is a focus area for large corporations in the financial sector, given the importance of the asset on a bank’s balance sheet. The specialized knowledge and experience of Stater in the mortgage services market, combined with the global reach, AI, digital transformation and automation capabilities of Infosys, can potentially create differentiated solutions for the market, the release said.
 
Mohit Joshi, President, Infosys, said, “This transaction strengthens our approach to offer clients digital platforms and industry focused solutions. It brings together our complementary capabilities to enhance the value we offer to our financial services clients. We are excited to welcome Stater’s talented team to the Infosys family, thereby enhancing our presence in Europe.”
 
Christian Bornfeld, Member of the Executive Board of ABN AMRO, said, “While mortgages are a key product for ABN AMRO, providing administrative mortgage services is not a core activity. That’s why we are very pleased with Infosys as Stater’s new majority shareholder. ABN AMRO will keep a strategic interest of 25% and will continue to be an important client to Stater.”
 
Erwin Dreuning, Managing Director, Stater, said, “We are eager to welcome Infosys as a new shareholder. As they are already active in mortgage administration services, Infosys offers specific expertise. With the combined forces of ABN AMRO, Infosys and Stater ensures we have a solid basis to pursue our plans to for further development of our service offering. Furthermore, it opens up opportunities for us to grow and service other clients.”
 
The transaction is expected to close during the first quarter of fiscal 2020, subject to customary closing conditions, the release added.
 
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IPL: Alzarri Joseph replaces injured Mumbai Indians pacer Adam Milne

Alzarri Joseph (Photo: Mumbai Indians)
Alzarri Joseph (Photo: Mumbai Indians)
Mumbai Indians have brought in young West Indies pace bowler Alzarri Joseph as a replacement for the injured Adam Milne in the ongoing 12th edition of the Indian Premier League (IPL).
 
The New Zealand seamer picked up an injury just before IPL 2019 got underway, paving the way for Joseph, who became a permanent part of the Windies squad at the end of last year, a press release from Mumbai Indians (MI) said.
 
Joseph is known for his express pace back in the Caribbean and will bolster MI’s quick-bowling options. He’s represented the Windies in nine Tests as well as 16 ODIs so far, taking 25 and 24 wickets in the respective formats. 
 
A part of the 2016 U-19 squad that won the World Cup, Joseph was a driving force for Windies in that tournament and ended it as his team’s leading wicket-taker (13), including a Man of the Match performance of four for 30 against Zimbabwe in the group stage. 
 
Coincidentally, that tournament also saw him dismiss a young Ishan Kishan, who he soon will be sharing the dressing room with.
 
Joseph becomes the latest player from the Caribbean to join Mumbai Indians. The three-time champions have a rich and successful history with West Indian talents. The likes of Dwayne Smith, Lendl Simmons, Kieron Pollard and Evin Lewis have all left their mark on MI’s glorious past and Joseph will be hoping to do the same, the release added.
 
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Key equity indices in green ahead of F&O expiry

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Despite negative trends in global markets, the key Indian equity market indices on Thursday opened higher ahead of the futures and options (F&O) contracts' expiry.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 38,132.88 on Wednesday, opened higher at 38,208.30. It was quoting at 38,214.01, up by 81.13 points, or 0.21 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,445.05 on Wednesday, was quoting at 11,467.55, up by 22.50 points or 0.20 per cent.
 
As many as 32 stocks advanced in the Nifty 50 index while 18 stocks declined. In BSE Sensex 18 stocks including Reliance, ITC were trading in green while 10 stocks including Tata Motors, Coal India were trading in red at 9.28 a.m.
 
Although the indices had traded in the green for most of Wednesday, profit booking ahead of the F&O contracts expiry, pulling the market down in the last two hours of trade. Heavy selling pressure on the energy, power and oil and gas stocks also weighed on the indices.
 
The Sensex was down by 100.53 points or 0.26 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 38,475.93 points and a low of 38,001.34 points. The Nifty, too was down by 38.20 points or 0.33 per cent.
 
On Thursday, Asian indices were showing mostly negative trends. Japan's Nikkei 225 was quoting in red, down by 1.51 per cent; Hang Seng was also trading in red -- down by 0.05 per cent; South Korea's Kospi was down by 0.54 per cent and China's Shanghai Composite was quoting in red, down by 0.36 per cent.
 
Overnight, Nasdaq closed in red, down by 0.63 per cent while FTSE 100 was also down by 0.03 per cent at the closing on Wednesday.
 

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Sensex ends 100 points down amid volatility

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The key Indian equity indices settled in the red on Wednesday, with the BSE Sensex closing 100 points lower after a largely volatile trade session.
 
Although the indices had opened on a positive note and traded in the green for most of the day, profit booking ahead of the futures and options (F&O) contracts expiry on Thursday pulled the market down in the last two hours of trade, analysts said.
 
Heavy selling pressure on the energy, power and oil and gas stocks also weighed on the indices. Further, broadly negative European markets and a mixed trend in the Asian indices too dampened the domestic investor sentiments.
 
The Sensex closed at 38,132.88 points, lower by 100.53 or 0.26 per cent from the previous close of 38,233.41 points. 
 
After opening at 38,372.03 points, it touched an intra-day high of 38,475.93 and a low of 38,001.34 points.
 
The Nifty50 on National Stock Exchange settled at 11,445.05 points, lower by 38.20 points 0.33 per cent from its previous close.
 
"Markets ended lower on Wednesday due to selling pressure in the afternoon session. The markets were quietly trading in a range in the morning session. Markets sold off post 1.30 p.m. as European markets opened a bit weak," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
"Technically, while the Nifty has corrected today, the short term trend remains up. It will be important that the Nifty holds above the crucial supports of 11,360 for the uptrend to sustain," he added.
 
Stock-wise, the top gainers on the Sensex were Yes Bank, IndusInd Bank and State Bank of India, while the major losers were NTPC, Tata Motors and Bharti Airtel.
 
IANS
 
 

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Markets in green: Sensex up 200 pts, Nifty crosses 11,500

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note up 200 points, while the Nifty crossed the 11,500 mark.
 
The Sensex of the BSE opened at 38,372.03 points and touched a high of 38,456.86 and a low of 38,372.03 points.
 
The Sensex was trading at 38,445.13 in the morning session up by 200.19 points or 0.52 per cent from its Tuesday's close at 38,233.41 points.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 11,531.45 points after closing at 11,483.25 points. It is trading at 11,532.15 points in the morning.
 
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Sensex ends 441 pts higher, PSU Bank Nifty up 3%

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The benchmark Sensex advanced by 424 points on Tuesday while the Nifty jumped 129 points over a strong recovery in global markets. The gains on the bourses were led by banking and finance stocks.
 
The PSU Bank Nifty index closed 3.13 per cent higher. Except for the export-oriented IT sector stocks, which declined owing to the gains by the rupee against the US dollar, all the sectors gained. 
 
Major Asian markets closed on a positive note, barring the Shanghai index. European indices like FTSE 100, DAX and CAC 40 traded in the green. 
 
"After a subdued opening, the market bounced back sharply and covered Monday's losses due to positive global peers. Global growth outlook still remains a concern while rise in US 10 year bond yield after two days of fall gave some respite to investor sentiment," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"The rebound was broadbased except IT index due to strengthening rupee. Gradual fall in Foreign Institutional Investors (FII) inflows added some caution among investors which may end up with some consolidation in the near term, after a sharp rally in the short term."
 
The BSE Sensex closed 424.50 points higher at 1.12 per cent to 38,233.41 while the Nifty jumped to 129 point or 1.14 per cent at 11,483.25.
 
The top gainers were NTPC, State Bank of India (SBI), Vedanta, Reliance Industries and ICICI Bank which surge in the range of 2 to 3 per cent.
 
The losers in the Sensex pack were Infosys, down 1.23 per cent, while ITC, Larsen and Toubro, Tata Consultancy Services (TCS) and Bajaj Auto also declined up to 1 per cent.
 
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HCC to raise Rs. 1,750 crore through monetisation of claims

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Infrastructure major Hindustan Construction Company Ltd. (HCC) today said it had signed terms with a consortium of investors led by BlackRock, who will seek to monetize an identified pool of arbitration awards and claims for a consideration of Rs. 1,750 crore. 
 
The proposed transaction was approved by its Board of Directors at its meeting held here today, and is subject to requisite approvals, a press release from the company said.
 
Under the terms of the transaction, HCC will transfer its beneficial interest and rights in an identified portfolio of arbitration awards and claims to a special purpose vehicle (SPV) controlled by a consortium of investors, including BlackRock. 
 
"HCC will receive a consideration of Rs. 1,750 crore from the SPV, which will be utilised to prepay debt of Rs. 1,250 crore, including its entire term loan of Rs. 942 crore which is due in the next three years and Rs. 308 crore of OCDs. 
 
"The balance Rs. 500 crore will be made available to fund working capital and business growth. Consequently, the balance sheet of HCC would stand substantially deleveraged, with debt servicing over the next 4 years being limited to its working capital facilities," the release said.
 
As a result of the transaction, the company expects approximately Rs. 2,000 crore of working capital assets, being a combination of adjudicated awards and lodged claims, to leave its balance sheet, which will result in a partial write down of net worth. The precise amount of write-down will be ascertained in HCC’s year-end accounts and is not expected to impact the company’s business prospects materially, it said.
 
"HCC will continue to retain a material amount of awards and claims with the transaction being limited only to an identified pool of awards and claims. The agreement also envisions a claw back of value by HCC from the SPV in the event that the recovery of awards and claims transferred to the SPV exceeds certain thresholds," the release said.
 
Arjun Dhawan, Director & Group Chief Executive Officer, said, “This unique transaction will help unshackle HCC from mismatches in our cash flow caused by prolonged litigation cycles. HCC will stand substantially deleveraged as a result, which will bring us towards the end of our financial turnaround process.”
 
The Overseeing Committee (OC) of the Lenders, formed under the aegis of the Inter-Creditor Agreement (ICA) framework executed among Lenders, has reviewed the proposal and requested consortium members to accord their respective approvals. Consummation of the transaction is subject to formal sanctions by lenders and requisite approvals from the investors, including the completion of required conditions precedent and final documentation, the release said.
 
Earlier this fiscal year, HCC successfully completed its Rs. 497.6 crore rights issue which was oversubscribed, resulting in an increase in promoter group shareholding which currently stands at 34.85%. HCC has also received formal notification from its lenders earlier this month that the CDR scheme no longer applies to the company, the release added.
 
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Mumbai-Singapore flight lands safely after bomb threat

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A Singapore Airlines (SIA) flight from Mumbai landed safely at Changi Airport here on Tuesday after the pilot raised a bomb threat alert.
 
Flight 423 was escorted safely back to the airport by Singapore's air force and touched down at about 8 a.m., The Straits Times quoted the police as saying.
 
The police searched the Boeing 777-300ER that carried 263 people onboard, but did not find any suspicious item.
 
All passengers, except for a woman and a child who were held back for questioning, disembarked safely and had to undergo security screening before they could leave.
 
Preliminary investigation showed that the airline had received a call after the plane left the Mumbai airport on Monday at 11.35 p.m. The caller claimed that there was a bomb on the plane.
 
An airline spokesman told The Straits Times: "Singapore Airlines confirms there was a bomb threat concerning SQ423 operating from Mumbai to Singapore... We are assisting the authorities with their investigations and regret that we are unable to provide further details."
 
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Markets in green: Sensex up 70 pts, Nifty at 11,380

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Key equity indices had a muted start on Tuesday. The benchmark Sensex was up 70 points while the Nifty advanced by 24 points.
 
Both the indices opened slightly higher after some recovery was seen in the Asian markets after Monday's slide.
 
A global sell-off was triggered after concerns of growth slow down emerged following weak German manufacturing data on Friday.
 
Besides, the Federal Reserve's dovish stance on interest rates last week also spooked the markets.
 
Worries also resurfaced about trade relations between US and China ahead of talks scheduled for Thursday.
 
Except for Nifty IT index, all the sectoral indices traded in the green.
 
The Sensex of the BSE opened at 37,886.29 from its previous close at 37,808.91 on Monday. At 9.31 a.m., the Sensex traded at 37,878.65 up 69.74 points or 0.18 per cent.
 
The Nifty of the National Stock Exchange (NSE) opened at 11,375.20 after closing at 11,354.25 on Monday. It traded at 11,379.00 during the morning trade session, up 24.75 points and 0.22 per cent.
 
Foreign Institutional Investors bought stocks worth Rs 150.40 crore on Monday while Domestic Institutional Investors sold scrips worth Rs 12.52 crore.
 
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KPTL acquires 85% stake in Linjemontage i Grastorp AB of Sweden

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Kalpataru Power Transmission Limited (KPTL), a leading EPC player in the power and infrastructure contracting sector, has announced that its wholly owned subsidiary in Sweden, Kalpataru Power Transmission Sweden AB, has signed a definitive agreement to acquire 85% equity stake in Linjemontage i Grastorp AB for an enterprise value of $ 24 million.
 
Linjemontage i Grastorp AB, founded in 1993, specializes in power supply solutions and services for electricity networks up to voltage range of 400 kv, a press release from KPTL said.
 
The company mainly operates in three main business areas -- Substation, Transmission & Local Networks and Electricity Network Services with revenue of around SEK 700 million (around $ 75 million) in 2018 and has a profitable track record. It has presence in Sweden and Norway with an order book of around SEK 710 million (around $ 77 million) as on date, the release said.
 
"The acquisition of Linjemontage i Grastorp AB is in-line with KPTL’s stated objective of growth and greater geographical presence in stable and growing markets with focus on core power transmission segment. The transaction is expected to close in the first quarter of FY2019-2020," it said.
 
Sanjay Dalmia, Executive Director, KPTL said “We continue to expand our geographical reach aligned to our vision of being a local player in the global environment. This acquisition has been carried out on grounds of strategic fit both to capture local market opportunity and to help us in expanding our presence in Nordic countries where we have no formal presence. This strategic acquisition will also help KPTL with greater access to technology and EPC capability to take turnkey projects in Nordic countries and Europe. Linjemontage has a consistent track record of revenue growth around 15% CAGR over last five years along with consistent profitability."
 
"We look forward to welcoming Linjemontage i Grastorp AB into the KPTL family. Both the companies will leverage each other’s capabilities to deliver significant shareholder value in future," he added.
 
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Milind Deora replaces Sanjay Nirupam as Mumbai Congress chief

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In a surprise reshuffle ahead of parliamentary elections, Mumbai Congress President Sanjay Nirupam was on Monday suddenly removed and replaced with former Union Minister Milind Deora.
 
The terse announcement was made by the All India Congress Committee (AICC) in the evening.
 
Nirupam, 54, was nominated for the Mumbai North-West constituency.
 
For the past few months, there was a clamour for his removal by various sections in the faction-hit Mumbai Congress, but all demands were brushed aside by the party high command.
 
Things came to a boil when on January 7, former MP Priya Dutt-Roncon announced she would "take a break" from electoral politics and not contest the 2019 Lok Sabha polls.
 
However, prodded by Congress President Rahul Gandhi, on March 13 she ended the break and bounced back with a nomination from Mumbai North-Central seat.
 
The aggressive Nirupam was named MPCC President in March 2017, and has also been a two-time Shiv Sena Rajya Sabha MP and later elected to the Lok Sabha from Mumbai North on a Congress ticket.
 
The soft-spoken, US-educated Milind Deora, 45, is the son of former Union Minister, the late Murli Deora, and has won the Mumbai South seat twice, trouncing Bharatiya Janata Party's former Union Minister, the late Jaywantiben Mehta.
 
Representing the same Mumbai South seat held by father several times, Deora Jr. will now be entrusted with the task of ensuring victory for the five Congress and one Nationalist Congress Party candidates from the city in the crucial 2019 elections.
 
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Goyal quits Jet Airways board, airline to get immediate support of Rs. 1500 crore

Jet Airways' stocks jumped over 17 per cent on Monday, but settled nearly 13 per cent higher at Rs 254.50 per share after founder Naresh Goyal and his wife quit the board and the ailing airline said it will get an "immediate funding support" of Rs 1,500 crore from the lenders.
 
"Two nominees of promoter Naresh Goyal and Anita Goyal, and a nominee of Etihad Airways Public Joint Stock Companies (PJSC) to step down from the Board. Additionally, Naresh Goyal to also cease to be the Chairman of the Company," said the company in a statement.
 
Besides, the company also announced that it would receive an "immediate funding support" of up to Rs 1,500 crore by lenders for operational requirements.
 
"Jet Airways rose on reports that the current promoter Naresh Goyal and his wife quit the board under pressure from the lenders. This will pave the way for the lenders to look for change of hands and in the meanwhile infuse capital to ensure that the airline continues to run," said Deepak Jasani of HDFC Securities.
 
"The board also approved the issue of 11.4 crore equity shares to the lenders upon conversion of Re 1 of the outstanding debt."
 
According to industry estimates, Jet's total debt stood at Rs 8,000 crore. The company urgently needed funding to maintain whatever was left of its market shares, as the airline pilots and crew were said to be approaching other airlines for employment.
 
The airline's pilots along with engineers and other highly critical segment of employees have not been paid salaries from January 1, sources said, adding only 12.5 per cent of December pay was given.
 
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Sensex tanks 355 pts on global growth concerns

Following a steep decline in the Asian and other global markets, the BSE Sensex tanked 355 points on Monday over concerns of global slowdown.
 
Except for oil and gas and power sector stocks all the sectors on both BSE and NSE ended in the red led by finance and banking stocks.
 
"Lingering concern on global economic slowdown dragged down the domestic indices. US bond yield has fallen as risk appetite of investors to equities reduced due to fear of US recession," said Vinod Nair, Head of Research, Geojit Financial Services.
 
The BSE Sensex declined 355.70 points or 0.93 per cent to 37,808.91, while Nifty shed 102.65 points or 0.90 per cent.
 
Following the decline in the US equity markets last week, all eastern markets also slipped 1-2 per cent on Monday. European markets too were in the red, said Joseph Thomas of Emkay Wealth Management.
 
"The lower manufacturing PMI in Germany, and contraction in Germany and France, and recession already having set in in Italy, markets may progressively test lower levels."
 
The top gainers were ONGC which surged close to 4 per cent followed by Coal India, Power Grid, NTPC and Bajaj Finance up in the 1 to 2 per cent range.
 
Among the losers were Vedanta, Tata Motors, Yes Bank, and Mahindra and Mahindra which declined up to 4 per cent.
 
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Markets in red: Sensex tanks 330 points, Nifty 100

Key equity indices opened lower on Monday and fell steeply. The benchmark BSE Sensex declined over 330 points while the NSE Nifty was trading 103 points lower.
 
All sectors witnessed heavy selling pressure, except for the BSE oil and gas index.
 
The Sensex of the Bombay Stock Exchange opened at 38,016.76 from its previous close at 38,164.61 on Friday.
 
At 9.18 a.m., it traded at 37,833.19 down 331.42 points or 0.87 per cent.
 
The Nifty of the National Stock Exchange (NSE) opened at 11,395.65 after closing at 11,456.90 on Friday. It traded at 11,353.35, down 103.55 points and 0.90 per cent.
 
Foreign Institutional Investors bought stocks worth Rs 1,374.57 crore on Friday while Domestic Institutional Investors sold scrips worth Rs 675.37 crore.
 
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All-round effort help Delhi beat Mumbai by 37 runs

Veteran Yuvraj Singh (53 off 35) and Krunal Pandya's quickfire cameo went in vain as Delhi Capitals outclassed Mumbai Indians by 37 runs in their campaign opener at the Wankhede Stadium here on Sunday.
 
A rebranded Delhi team showed its effort in every department of the game as firstly it rode Rishabh Pant's blistering knock to post a massive total of 213 runs before their bowlers also rose to the occasion to bowl out the three-time champions for 176 in 19.2 overs.
 
Chasing the huge 214-run target, Mumbai had a slow but steady start as they put up 28 runs in three overs without losing a wicket. However, Delhi's Ishant Sharma dealt the first blow as he dismissed Mumbai skipper Rohit Sharma (14) in the fourth over.
 
Incoming batsman Suryakumar Yadav (2) also departed soon while Ishant struck again to send back the dangerous Quinton de Kock (27). 
 
Yuvraj and Keiron Pollard (21 off 13) then showed some fight as they added 50 runs for the fourth wicket to help Mumbai approach the three digit mark. However, Keemo Paul removed Pollard to land the hosts in deep trouble as their scorecard read 95/4 in the 11th over.
 
Hardik Pandya added more worries to the Mumbai camp as he departed without scoring off a Axar Patel delivery. Krunal (32 off 15) then played some good shots along with Yuvraj but couldn't stay in the middle for long as Trent Boult applied the breaks on his innings with the Mumbai scorecard reading 134/6.
 
Yuvraj tried his best to overhaul the target with some lusty blows but wickets falling at the other end hurt Mumbai's chances.
 
For Delhi, Kagiso Rabada and Ishant picked up two wickets each while Rahul Tewatia, Paul and Axar bagged one wicket apiece.
 
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Earlier, Rishabh Pant's blistering knock helped Delhi Capitals post a massive 213/6.
 
As soon as the young stumper arrived in the middle, he took every bowler to the cleaners to blast an unbeaten 78 off just 27 deliveries with the help of seven boundaries and as many hits into the stands.
 
Apart from Pant, opener Shikhar Dhawan (43 off 36) and Colin Ingram (47 off 32) also made valuable contributions.
 
Put in to bat first, Delhi were off to a poor start as they lost opener Prithvi Shaw (7) and skipper Shreyas Iyer (16) with just 29 runs on board. Mumbai pacer Mitchell McClenaghan accounted for both the wickets.
 
Dhawan and Ingram then stabilised Delhi's innings with a crucial 83-run partnership for the third wicket before Ben Cutting sent the latter to the hut in the 13th over.
 
With Delhi's scorecard reading 112/3, it seemed the visitors will hardly cross the 150-run mark. But Pant's arrival changed the whole scenario as he started smashing every Mumbai bowler.
 
Delhi lost Dhawan, Paul (3) and Axar (4) at quick intervals, but Pant kept one end intact and guided his team to a huge total.
 
For Mumbai, McClenaghan was the pick of bowlers with figures of 3/40, while Jasprit Bumrah, Hardik Pandya and Ben Cutting picked up a wicket each.
 
Brief scores: Delhi Capitals 213/6 in 20 overs (Rishabh Pant 78 not out, Colin Ingram 47; Mitchell McClenaghan 3/40) beat Mumbai Indians 176 all out (Yuvraj SIngh 53, Krunal Pandya 32; Kagiso Rabada 2/23) by 37 runs.
 
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Pant's heroics guide Delhi to 213/6 vs Mumbai

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Rishabh Pant's blistering innings helped Delhi Capitals post a massive 213/6 against Mumbai Indians in their Indian Premier League (IPL) 2019 campaign opener at the Wankhede Stadium here on Sunday.
 
As soon as Pant arrived in the middle, the young stumper took every bowler to cleaners to blast 78 runs off just 27 deliveries, which contained seven boundaries and as many hits into the stands.
 
Apart from Pant, opener Shikhar Dhawan (43 off 36) and Colin Ingram (47 off 32) also made valuable contributions in the top order. 
 
Put in to bat, Delhi were off to a poor start as they lost opener Prithvi Shaw (7) and skipper Shreyas Iyer (16) with just 29 runs on the board. Mumbai pacer Mitchell McClenaghan accounted for both the wickets.
 
Dhawan and Ingram then stabilised Delhi's innings with a crucial 83-run partnership for the third wicket before Ben Cutting sent the later to the hut in the 13th over.
 
With Delhi's scorecard reading 112/3, it seemed the visitors will hardly cross the 150-run mark. But Pant's arrival changed the whole scenario as he started smashing every Mumbai bowler.
 
Delhi lost Dhawan, Keemo Paul (3) and Axar Patel (4) at regular intervals, but Pant kept one end intact and guided his team to a huge total.
 
For Mumbai, McClenaghan was the pick of the bowlers with figures of 3/40, while Jasprit Bumrah, Hardik Pandya and Ben Cutting picked up a wicket each.
 
Brief scores: Delhi Capitals 213/6 in 20 overs (Rishabh Pant 78 not out, Colin Ingram 47; Mitchell McClenaghan 3/40) vs Mumbai Indians
 
IANS
 

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IPL 2019: Mumbai opt to field vs Delhi

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Mumbai Indians skipper Rohit Sharma won the toss and opted to field first in their Indian Premier League (IPL) 2019 campaign opener against Delhi Capitals at the Wankhede Stadium here on Sunday.
 
While the three-time champions Mumbai have included three foreign players in their playing eleven, Delhi has opted to go with four.
 
The teams:
 
Mumbai Indians: Rohit Sharma (Captain), Quinton de Kock (wicket-keeper), Suryakumar Yadav, Krunal Pandya, Yuvraj Singh, Kieron Pollard, Hardik Pandya, Ben Cutting, Mitchell McClenaghan, Rasikh Salam, Jasprit Bumrah.
 
Delhi Capitals: Shikhar Dhawan, Prithvi Shaw, Shreyas Iyer (Captain), Rishabh Pant (wicket-keeper), Colin Ingram, Keemo Paul, Axar Patel, Rahul Tewatia, Kagiso Rabada, Trent Boult, Ishant Sharma.
 
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Market Outlook: Derivative expiry, macro-data to drive equity indices

Derivative expiry coupled with key macro-economic data points and direction of foreign fund flow will affect the Indian equity market's trajectory during the upcoming week.
 
According to analysts, hopes of corporate India's earnings revival and formation of a stable Central government post general election 2019 will also have a bearing on the market.
 
"Going ahead, we expect Nifty to consolidate after correcting further. Global cues also turned sour for growth," said Sahil Kapoor, Chief Market Strategist-Research, Edelweiss Wealth Management. 
 
"However mid- and small-cap indices may outperform large-cap indices. Investors should now focus on stock specific ideas and probably abstain for leverage index positions."
 
However, going forward, key domestic indices are expected to move in tandem with the global market amid factors such direction of fund flows and movement of the Indian currency, said D. K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors
 
On the investment front, provisional figures showed that so far during March foreign institutional investors (FIIs) bought stocks worth Rs 26,232.60 crore.
 
"Investors across the globe have also increased their exposure towards emerging markets like India on the expectation of an earnings revival," Aggarwal said.
 
According to Vinod Nair, Head of Research at Geojit Financial Services, another factor which helped market to gain was the continued optimism shown by the FIIs, which were largely driven by expectation of positive outcome from general election.
 
"Further, emerging markets like in India is benefited by improvement in foreign funds to emerging markets due to dovish policies from global central banks. US Fed indicated that there will be no rate hike this year and to end its ongoing QE tightening program due concern over economic growth."
 
In terms of currency, the Indian rupee depreciated and closed at Rs 68.95 a US dollar after touching highs of 68.32 during the week. 
 
"Expect the rupee to weaken beyond 69.50 in the coming week owing to global recessionary fears...," said Sajal Gupta, Head Forex and Rates, Edelweiss Securities.
 
In addition to the rupee's moves, macro-economic points like Index of Eight Core Industries (ECI) figures, along with the country's fiscal deficit numbers up to February and external debt data will be keenly watched by investors.
 
On technical levels, Nifty might slide further after it took a breather and corrected sharply on last Friday.
 
"Traders will need to watch, if the index can now hold above the immediate supports of 11,380; else a further correction is on the cards in the coming week," said Deepak Jasani, Head of Retail Research for HDFC Securities.
 
"On upmoves, 11,572 will prove to be a resistance." 
 
IANS
 

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Sonam Kapoor to help raise funds for cancer survivors

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Actress Sonam K. Ahuja will be walking for designer duo Abu Jani and Sandeep Khosla for a fashion show by the Cancer Patients Aids Association (CPAA) to raise funds for cancer survivors here. She says she is a huge believer in using her voice to support social and health issues.
 
"It is an honour and a privilege to be a part of this show. I am a huge believer in using my voice to support social and health issues. The CPAA does outstanding work in the field of providing holistic care to those affected by Cancer," Sonam said in a statement.
 
The CPAA is completing 50 years on Sunday and to support it a fashion show is being organised.
 
The 33-year-old actress said the battle against cancer must be won.
 
"Battling Cancer is a most worthy fight and one which can and must be won. My every good wish for them as they complete 50 years of exceptional service to the cause," she added.
 
Talking about walking for the designer duo, Sonam said: "I am delighted to walk for Abu and Sandeep. They are (my) favourites. Its always a pleasure to work with them and wear their fabulous clothes."
 
IANS

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Ranbir Kapoor, Alia Bhatt win big at 64th Filmfare Awards

Ranbir Kapoor and Alia Bhatt (File photo: IANS)
Ranbir Kapoor and Alia Bhatt (File photo: IANS)
Bollywood superstars Ranbir Kapoor and Alia Bhatt won the best actor awards for their roles in the films "Sanju" and "Raazi" respectively at the 64th Filmfare Awards 2019 on Saturday.
 
The film "Raazi" won five awards including the category of Best Film, Best Director.
 
The lovebirds grabbed the attention at the star-studded award ceremony that was graced by Bollywood stars like Sonam Kapoor, Jahnvi Kapoor, Katrina Kaif, Sunny Leone, Kajol, Arjun Kapoor, Rajkummar Rao, Sanjay Leela Bhansali, Karan Johar -- among many others.
 
After receiving the best actress award, Alia said, "Meghna, for me 'Raazi' is you, your blood and sweat. You are my main chick Vicky without u the film wouldn't be complete. Thank u my mentor Karan for being my mentor, father and my fashion police. Tonight's all about love there my special one, I love you (Ranbir Kapoor)."
 
While Meghna Gulzar won the Best Director for the film "Raazi", Gulzar won the Best Lyricist award for the song 'Ae Watan'. Arijit Singh won the Best singer for lending his voice for the same song.
 
Vicky Kaushal won the Best Actor In A Supporting Role for the film "Sanju". He also made his debut as a performer at the Filmfare stage and paid a tribute to the legendary actor Amitabh Bachchan. His performance was choreographed by Shiamak Davar.
 
Ranveer Singh won the Critics Awards for Best Actor for his role in the film "Padmaavat". Dedicating the award to his grandmother, Ranveer said, "I dedicate this award to my nani as it was my nani's favourite character. One day I called my sister and asked what nani is doing, she said that nani is on terrace doing her favourite thing that is watching 'Padmavaat'." 
 
He was present alongside his wife, the gorgeous actress Deepika Padukone.
 
The film "Badhaai Ho" on the other hand, also won several awards. Neena Gupta bagged the Critics' Award for Best Actor (Female). Gajraj Rao and Surekha Sikri won the Best Actor In A Supporting Role awards. Akshat Ghildial won the Best Dialogue Award for the film.
 
Ayushmann Khurana starrer Sriram Raghavan's directorial venture "Andhadhun" won the Critics' Award for Best Film.
 
The Best Debutant award has been given to Sara Ali Khan for "Kedarnath" and Ishaan Khattar for "Beyond The Cloud".
 
Ishaan said, "I am nervous in between so many huge personalities and thank you all."
 
After receiving the award Sara said, "I remember when I used to come to watch Filmfare and I had a dream to come on this stage as an actress."
 
Amar Kaushik won the Best Debut Director award for the film "Stree".
 
Hema Malini received The Lifetime Achievement Award for completion of 50 years in the Hindi film industry.
 
During the award ceremony, the film fraternity paid tributes to the late actress Sridevi.
 
IANS
 

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Maharashtra's 56-party alliance ready to take on BJP-Sena

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A 56-party strong 'Mahagathbandhan' (grand alliance) finalised in Maharashtra on Saturday is all set to take on the Bharatiya Janata Party-Shiv Sena-led ruling alliance in the Lok Sabha elections due in April-May.
 
The two biggest partners in the 'grand alliance' -- Congress and Nationalist Congress Party -- have decided to accommodate some of the smaller partners by keepijng four seats from their respective quotas, out of the total 48 constituencies in the state.
 
The parties which are expected to fight the elections under the banner of 'United Progressive Grand Alliance' are Swabhimani Shetkari Sanghatana (SSS), which will contest two seats, Bahujan Vikas Aghadi (BVA) and Yuva Swabhimani Party (YSP), which will fight for one seat each.
 
In contrast, the ruling BJP-Sena alliance has given a short shrift to all its smaller allies by dividing the 48 seats among themselves in the ratio of 25:23, sparking resentment, especially in the Republican Party of India (A) led by Union Minister for Social Welfare Ramdas Athawale.
 
Launching a scathing tirade, state Congress President and former Chief Minister Ashok Chavan said that many other parties were keen to join the UPGA, but were prevented by the politics of 'Saam, Daam, Dand, Bhed' (by any means) pursued by the BJP.
 
He accused the BJP of using divisive politics in its attempt to divide the secular votes vis-a-vis their communal politics, but the 'Mahagathbandhan' would ensure unity and justice for all sections of society including farmers, minorities, Dalits, SC/ST, women, workers and the youth.
 
"This (BJP-Sena) government has made false assurances, announcements and promises which remained unfulfilled in the past five years, thus committing a fraud on the peoples' trust. The people will not forget or forgive and teach them a lesson in the next elections," Chavan said.
 
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State NCP President Jayant Patil charged Prime Minister Narendra Modi with indulging in hypocrisy by quietly sending wishes to Pakistan Prime Minister Imran Khan and attacked the government on various other major issues where it had failed.
 
"This 'Mahagathbandhan' will free the people of the country who are tired of the promises of 'achhe din' made by Modi," Patil said.
 
Former Deputy Chief Minister Ajit Pawar said there were huge hurdles in forming the 'grand alliance' with efforts thwarted at every stage, but everything was overcome.
 
"Those who didn't join the UPGA are the 'Team B' of the BJP-Sena," he said without naming Vanchit Bahujan Aghadi led by Prakash Ambedkar and the Owaisi brothers which is planning to contest all 48 seats.
 
"Nearly 25 per cent of the candidates of the BJP-Sena are imported from other parties. If everything is going smoothly in the BJP, why do they have to take outsiders? Is it their disruptive politics at play?" he asked.
 
Other speakers lashed out at the BJP for betraying the farmers, the youth, students and commoners on all fronts, unleashing unemployment and inflation, under the "dictatorial" style of functioning by Modi.
 
Besides the leaders of all the 56 parties in the Mahagathbandhan, several prominent leaders included former Congress minister Naseem Khan, NCP's former Deputy CM Chhagan Bhujbal, Jitendra Awhad, SSS's Raju Shetti, BVA's Hitendra Thakur and others.
 
IANS
 

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Rear Admiral Sanjay Jasjit Singh takes over as Western Fleet Commander

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Rear Admiral Sanjay Jasjit Singh took over charge of Western Fleet, the 'sword arm' of the Indian Navy, from Rear Admiral M. A. Hampiholi at a  ceremonial parade held at the Naval dockyard here on Friday.
 
Rear Admiral Singh was commissioned into the Indian Navy in 1986 and is an alumnus of the National Defence Academy, Khadakwasla. A specialist in Navigation and Direction, he has held a range of command, training and staff appointments during his career.
 
His sea command appointments include that of the ASW and UAV-control Frigate Taragiri, where he was awarded the Nao Sena Medal, and the multi-role Frigate Trishul.
 
His other important appointments include Officer-in-Charge Local Workup Team (West), Indian Naval Attache at Iran, Joint Director of Personnel, Principal Director of Naval Operation and Principal Director of Strategy, Concepts and Transformation at IHQ MoD (N).
 
On promotion to Flag rank, he served as Assistant Chief of Naval Staff (Communication Space and Network Centric Operation) and Flag Officer Sea Training.
 
He also has the distinction of being the lead drafter for the Indian Navy’s Maritime Doctrine in 2009, Indian Maritime Security Strategy and Strategic Guidance to Transformation in 2015.
 
A keen student of military affairs, he has completed several post-graduate study programmes, including MSc and MPhil in Defence and Strategic Studies from Madras University, MA in Defence Studies from King’s College, London and MA (History), MPhil (Pol) and PhD in Political Science from Mumbai University.
 
Rear Admiral Hampiholi is proceeding to IHQ MoD (N), New Delhi, as Director General Naval Operations in the rank of Vice-Admiral on March 27. Under him, the Western Fleet had undertaken several operational deployments and multinational exercises, strengthening maritime security and deterrence at sea, for which he was recently awarded the Ati Vishist Seva Medal.
 
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Sensex down 222 points, breaks 8-day winning streak

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The Sensex reversed early gains and closed lower on Friday, as investors took to booking profit after gaining for eight straight sessions.
 
All sectors, except real estate index, on the NSE ended in the red. The Nifty banking index which touched an all-time high also succumbed to the overall decline.
 
Saurabh Jain of SMC Global said that Friday's decline is rather healthy. "Investors booked profit after consecutive sessions of strong gain and we expect it to continue for two-three more sessions," he said.
 
The BSE Sensex closed 222.14 points lower at 38,164.61 while the Nifty declined by 64.15 points or 0.56 per cent.
 
"Domestic market ended on a weak note as investors turned to profit booking given the sharp rally in last two weeks and weak global cues. US Fed has indicted that there will be no rate hike this year and ended its ongoing Quantitative easing (QE) tightening program due to concern over economic growth," said Vinod Nair, Head of Research, Geojit Financial Services. 
 
"Besides, uncertainties over Brexit deal and delay in trade deal between US-China continued to impact global markets."
 
Nair also added that global bond yields were on decline as global central banks were tweaking their monetary policy to support growth. This is likely to benefit emerging markets like India in the medium term. 
 
The Sensex pack saw Tata Motors (DVR) losing the most followed by Tata Motors, Reliance Industries, Maruti Suzuki and State Bank of India declining in the range of 1 to 3 per cent.
 
The top gainers were NTPC, up 3.67 per cent followed by Larsen and Toubro (L&T), Asian Paints, Tata Steel and Power Grid, which advanced up to 1.60 per cent.
 
IANS
 

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India’s forex reserves soar by $ 3.603 billion to $ 405.638 billion

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Maintaining an uptrend for the fifth consecutive week, India’s foreign exchange reserves soared by $ 3.603 billion to $ 405.638 billion during the week ended March 15, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had gone up by $ 258.8 million to $ 402.035 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 up by $ 3.46 billion to $ 377.773 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 $ 38.9 million to $ 23.408 billion, while its special drawing rights (SDRs) went up by $ 5.9 million to $ 1.461 billion.
 
India’s reserve position in the International Monetary Fund (IMF) increased by $ 12.1 million to $ 2.995 billion, the bulletin added.
 
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