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Sensex down 170 points, Yes Bank sheds 5%

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In the absence of any positive development and concerns over the damaging slowdown in the domestic economy, the markets continued to trade lower on Thursday.
 
Yes Bank fell over 5 per cent during the early trade as investors were worried about the corporate governance issues reported in CG Power. The private lender has significant stake in CG Power.
 
At 10.32 a.m., the Sensex was trading 169.34 points lower at 36,891.03 while the broader Nifty was down 62.20 points to 10,856.50.
 
Foreign Institutional Investors (FIIs) on Wednesday sold scrips worth Rs 770.81 crore while the Domestic Institutional Investors (DIIs) offloaded stocks worth Rs 353.97 crore.
 
Analysts said that an extended slowdown in the domestic economy has increased the volume of stressed assets in segments like industrial, infrastructure and financials.
 
IANS
 

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Crackdown on MNS ahead of Thackeray's ED appearance

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Hours before Maharashtra Navnirman Sena (MNS) President Raj Thackeray appears before the Enforcement Directorate, Mumbai Police launched a crackdown on key party functionaries to prevent them from creating any ruckus here on Thursday morning.
 
MNS spokesperson Sandip Deshpande and some others were picked up from Dadar and later whisked away to the nearby Shivaji Park Police Station.
 
Strongly protesting his detention, Deshpande termed it as "high-handed action" by the police.
 
The MNS activists were already served notices warning them against creating any law and order issues before Thackeray's appearance in the Enforcement Directorate office in South Mumbai.
 
Thackeray has issued at least two direct appeals to all his followers to remain calm despite any provocation, keep away from the ED office, and desist from any form of agitation or violence.
 
Thackeray is expected to reach the ED office around 11 a.m. to respond to the summons served on August 18.
 
His former business partners Unmesh Joshi -- son of former Lok Sabha Speaker Manohar Joshi -- and Rajan Shirodkar, have already been grilled by the ED in a case pertaining to the IL&FS imbroglio.
 
Not taking any chances, the Mumbai Police have implemented tight security measures in the vicinity of the ED Offices in South Mumbai, with a huge force deployed, roadblocks, barricades, restricted entry of people, and so on.
 
On Wednesday, agitated by the Enforcement Directorate (ED) summons to the MNS chief, a young party activist committed suicide by setting himself on fire. 
 
IANS
 

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Newbies, veterans own Day 1 of LFW 2019

Actor-filmmaker Farhan Akhtar and singer Shibani Dandekar showcase creations of Payal Singhal at the Lakme Fashion Week Winter/Festive 2019 in Mumbai on Aug 21, 2019. (Photo: IANS)
Actor-filmmaker Farhan Akhtar and singer Shibani Dandekar showcase creations of Payal Singhal at the Lakme Fashion Week Winter/Festive 2019 in Mumbai on Aug 21, 2019. (Photo: IANS)
The Lakme Fashion Week Winter/Festive 2019 on its Day 1 on Wednesday was owned by newbies as well as veterans. Many young designers debuted in the industry with this edition of LFW that completed 20 years, while others celebrated their years-long journey in the industry.
 
Six rising designers -- Sahib Bhatia, Gaurav Singh, Ankita Srivastava, Akanksha Aggarwal, Manjushree Saikia, Stanzin Palmo --  from different parts of the country showcased their contemporary collections inspired by regional traditional wears marked their debut on the LFW ramp with the Gen Next show. 
 
Fresh designers Him Kumari Gurung and Amandeep Singh Dhesi from Chandigarh, Deepali Jain from Hyderabad, Sangeeta Aidasani from Jodhpur, Chitra Singh from Kanpur and Rushikesh Bhivsane from Nasik also marked their entry into the fashion world with the show 'Launchpad' by Inter National Institute of Fashion Design (INIFD).
 
On the other hand, designer Payal Singhal marked 20 years in the fashion industry. Actors Shibani Dandekar and Farhan Akhtar turned showstoppers for the designer. She said: "I kind of grew on the runway. Lakme Fashion Week and I complete 20 years together. We have grown together. It's very nostalgic for me."
 
Designer Amit Aggarwal also launched his luxury pret collection called 'Flux' with cricketer Hardik Pandya and actress Lisa Haydon walking the ramp as showstoppers. Aggarwal, who is known for engineering recycled products in his designed garments, has this time tied up with R-Elan -- Reliance Industries' textile arm -- to create the grandeur pieces in fluid, free-flowing fabrics.
 
Actress Esha Gupta walked the runway for label 'Not So Serious' by designer Pallavi Mohan.
 
The day also saw labels "Half Full Curve" by Rixi and Tinka Bhatia, Vineet Rahul by Vineet Kataria and Rahul Arya and Saaksha & Kinni on the runway.
 
IANS

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Essar Ports says on course to achieving 60 MT cargo handling target

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Essar Ports today said higher capacity utilisation at its recently commissioned terminals at Salaya and Visakhapatnam, and an increase in third-party cargo, were the two key factors that will help the company achieve its target of handling 60 million tonnes (MT) of cargo by March 31, 2020.
 
A press release said the company’s first-quarter cargo handling performance has been very strong and brought it closer to achieving its target throughput by the end of the current financial year. 
 
For the quarter ended June 30, 2019, Essar Ports reported a 17.4% growth in cargo volumes across its four terminals. The combined throughput stood at 13.5 MT — up from 11.5 MT in the same period last year.
 
According to the release, among the company's four terminals, Hazira in Gujarat recorded a 2.9% growth to 7 MT in the first quarter; Paradip in Odisha recorded 2.0 MT, the same as in the corresponding period of the last year; Visakhapatnam in Andhra Pradesh recorded 45.5% growth to 3.2 MT and Salaya in Gujarat grew by 160% to 1.3 MT.
 
All Essar terminals are focused on bulk and dry bulk cargoes that are primarily used as raw material in core sector industries, like steel and power, the release said.
 
“Our business is on a record growth trajectory with all terminals operating in full swing. Significant boost in third-party business and enhanced capacity utilisation of our anchor customers has been the key driver for the growth in volumes. We have consistently surpassed the average sectoral growth rate and are confident of achieving our target by March 2020,” said Mr Rajiv Agarwal, MD & CEO, Essar Ports Ltd. 
 
Essar Ports is one of India’s largest private sector port and terminal developers and operators. It has invested Rs 11,000 crore in developing world-class terminals in three Indian states. Its current operations span four terminals with a combined capacity of 110 MTPA, which is roughly 5 percent of India’s port capacity. The company is a leader in the non-containerized bulk cargo space
 
All Essar Ports terminals use advanced cargo handling infrastructure and are equipped to double capacity in the near to medium term. The company is focused on not only enhancing cargo throughput, but also on ramping up capacity and contributing meaningfully to the Government of India’s ambitious target of developing 3,130 MT of port capacity in the country by 2020.
 
Outside India, Essar’s port assets include a liquid terminal in the UK and a coal terminal which is in development stage at Mozambique’s Beira port, the release added.
 
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Sensex, Nifty flat, Yes Bank down 3%

The Sensex and the Nifty on Wednesday traded on a flat note awaiting a stimulus package from the Union government.
 
The Sensex opened slightly lower at 37,298.73 from its Tuesday's close of 37,328.01.
 
At 10.07 a.m., the Sensex traded 59.02 points higher at 37,387.03 while the Nifty was up 13.75 points at 11,030.75.
 
Yes Bank was trading 3.09 per cent lower during the early trade after latest worry originating from a disclosure regarding irregularities and unauthorised transactions at CG Power and Industrial Solution.
 
Yes Bank holds 12.8 per cent stake in CG Power, which hit lower circuit for the second straight day on Wednesday.
 
Besides, the rupee continue to trade with weakness against the US dollar. The rupee closed at over six-month low against the US dollar at 71.71 on Tuesday.
 
Foreign Institutional Investors bought stocks worth Rs 373.23 crore on Tuesday while Domestic Institutional Investors purchased scrips worth Rs 296.41 crore.
 
IANS
 
 

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Squash: Yoshna Singh in line for a double

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Yoshna Singh (Maharashtra) continued her fine run as she won the U-19 and Women’s Open semi-finals of the Western Slam (Junior) and 44th Maharashtra State Senior Open Squash Tournament played at the Bombay Gymkhana Squash Courts on Tuesday.
 
Yoshna, who is unseeded in the Girls U-19 category, faced a tough challenge from 3rd seed Amita Gondi of Telangana, who rallied from two games down to take the match into the decider. However, Yoshna kept her nerves and made no mistakes in the final game to take the match 11-7, 11-6, 9-11, 6-11, 11-6. 
 
Later in the Women’s open tie, Yoshna made short work of her state mate Akanksha Rao, winning 11-3, 11-1, 11-6 to make it to the finals.
 
In the Boy’s U-19 tie, while Yash Fadte managed to edge past Prithivi Singh with ease, unseeded Neel Joshi had to fight hard to upset 2nd seed Rahul Baitha 9-11, 11-9, 11-8, 11-7 to advance to the finals. 
 
In the Men’s Open, 2nd seed Abhishek Pradhan was stretched to his limits before he triumphed over Abhay Singh, winning  9-11, 11-9, 11-4, 4-11, 11-5 to set up a title clash with top seed Mahesh Mangaonkar, who was clinical in his 13-11, 11-6, 11-3 win over Abhishek Agarwal.
 
Girls U-19 Semi-Finals
Yoshna Singh bt Amita Gondi [3/4] 11-7 11-6 9-11 6-11 11-6; Amira Singh [2] bt Anannya Morey 11-4 11-2 11-7    
 
Boy’s U-19 Semi-Finals
Yash Fadte [1] bt Prithvi Singh [5/8] 11-3 11-7 11-8; Neel Joshi bt Rahul Baitha [2] 9-11 11-9 11-8 11-7                                                       
 
Women’s Open Semi-Finals      
Yoshna Singh [5/8] bt Aakanksha Rao [5/8] 11-3 11-1 11-6; Tanvi Khanna [2] bt Sachika Balvani [3/4] 11-2 11-2 11-3
 
Men’s Open Semi-Finals
Mahesh Mangaonkar [1] bt Abhishek Agarwal [3/4] 13-11 11-6 11-3; Abhishek Pradhan [2] bt Abhay Singh [3/4] 9-11 11-9 11-4 4-11 11-5
 
IANS
 

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Sensex down 74 points, Nifty closes at 11,017

Indian stock markets closed on a flat note for the second straight day on Tuesday, awaiting a stimulus package from the government. The Sensex closed 74.48 points or 0.20 per cent lower at 37,328.01, while the broader Nifty ended 36.90 points lower at 11,017.
 
State-run banks declined most on the NSE, followed by private banks and financial service stocks, while auto stocks gained.
 
According to analysts, the auto stocks gained investors' favour on a possible stimulus package and optimism over the upcoming festive season. Maruti Suzuki and Tata Motors closed as the Nifty50 table toppers, gaining 4 per cent and 2.48 per cent, respectively.
 
IT stocks also edged higher after a relatively poor performance during the last month.
 
Private lender Yes Bank, which has a significant stake in CG Power, closed nearly 7 per cent lower at Rs 71.25 per share. 
 
Hit by major corporate governance issues involving unauthorised transactions and understatement of liabilities, Gautam Thapar-led CG Power's shares plunged nearly 20 per cent on the BSE.
 
Asian markets rose on Tuesday as stimulus hopes in major economies tempered anxiety about a global recession, boosting riskier assets and drawing money from safe-havens such as bonds and gold. 
 
European markets followed their Asian counterparts higher as investors bet that possible monetary and fiscal stimulus measures would help stave off a major global economic downturn.
 
IANS
 

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Sensex slips by 100 points, Nifty holds 11,000

The Sensex and Nifty fell after initial gains on Tuesday awaiting a stimulus package from the government.
 
According to reports, the Union government is working on a stimulus package to revive economic growth.
 
At 10.18 a.m., the Sensex was down 104.36 points or 0.28 per cent to 37,298.13.
 
The benchmark index opened at 37,441.75, slightly higher from its previous close of 37,402.49.
 
The broader Nifty was trading 48.05 points lower at 11,005.85.
 
Asian markets however, gained over hopes of a stimulus by governments to temper anxiety about a global recession.
 
Meanwhile, Foreign Institutional Investors sold stocks worth Rs 305 crore while domestic investors bought scrips of Rs 386 crore value.
 
IANS
 

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ED summons Raj Thackeray, opposition slams move

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The Enforcement Directorate on Monday grilled the son of former Lok Sabha Speaker Manohar Joshi in an IL&FS related case and also summoned Maharashtra Navnirman Sena President Raj Thackeray for questioning.
 
While the opposition slammed the ED's move, Chief Minister Devendra Fadnavis denied any knowledge of the development, saying the ED functions independently.
 
"If they have not committed any wrong, why should they be worried about it?" he asked.
 
While Joshi's son Unmesh Joshi was summoned by the ED on Monday, Thackeray, his former business partner in realty firm Kohinoor CTNL, has been ordered to appear before it on August 22.
 
Joshi appeared before the ED on Monday morning and was grilled for over eight hours before he stepped out this evening. Shortly before entering the ED office, he commented: "I will fully cooperate with the ED. Let me understand the issue first."
 
Manohar Joshi, a senior leader of ruling NDA ally Shiv Sena and former Maharashtra Chief Minister, wondered if the ED notice arose out of some "confusion". He also hinted at meeting the CM over the issue.
 
State Congress President Balasaheb Thorat said: "This is nothing but bulldozing tactics by the Bharatiya Janata Party (BJP) government against the Opposition. Thackeray had raised several pertinent issues before the Lok Sabha elections and is now being targeted." 
 
Instead of tackling burning issues like inflation, unemployment, the economic crisis and farmers' problems, the government was adopting "dictatorial tactics" to silence its critics, he added.
 
Nationalist Congress Party (NCP)'s Leader of Opposition in the Legislative Council Dhananjay Munde said Thackeray had exposed the BJP-Sena during the election campaign and now he has been slapped with an ED notice.
 
"Speak out against us and you get an ED notice. What kind of dirty politics is being played?" asked Munde, vowing that the people of the state will make the BJP-Sena bite the dust in the upcoming Assembly elections.
 
"Narendra Modi is the new Hitler. Why are no BJP leaders being probed?" asked MNS spokesperson Sandeep Deshpande.
 
Swabhimani Shetkari Sangathan chief Raju Shetti termed the ED move against Thackeray a 'witchhunt' for criticising the Lok Sabha elections results and launching a campaign against Electronic Voting Machines (EVM).
 
"Anybody who attacks the government faces repercussions from the ED and the Income Tax Department. They are browbeaten but it will have no effect," he said.
 

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Markets end flat with no stimulus package in sight

The Sensex and Nifty on Monday gained in early trade on optimism over reports that the government will soon announce a stimulus package to revive growth in the economy. However, with no such announcement made till close, the markets finished with little gains.
 
The Sensex closed at 37,402.49, merely 52.16 points higher than Friday's close of 37,350.33, while the Nifty edged higher by 6.10 points, or 0.06 per cent, to 11,053.90.
 
"Hopes of an early round of stimulus seem to have faded resulting in profit-booking towards the end of the session," said Deepak Jasani of HDFC Securities.
 
Currently, sectors like automobile and manufacturing are experiencing a crippling slowdown.
 
Automobile sales saw the worst figures in 19 years due to lack of demand. This has caused huge job losses, while several auto companies like Maruti, Ashok Leyland and Hero MotoCorp have, in recent times, temporarily suspended production for varying durations to cut losses.
 
"Global trade optimism and rebound in IT and pharma stocks provided an initial push to the market but the bulls failed to maintain the momentum due to absence of earnings growth," said Vinod Nair, Head of Research, Geojit Financial Services.
 
Nair added that the market is expecting a solid intervention by government to revive the economy, and until such announcements are made, volatility may continue.
 
Globally, equity markets rose on Monday on signs that major economies would look to prop up stalling growth with fresh stimulus measures.
 
Hopes of government action to stave off fears of recession -- triggered by an inversion in the US bond yield curve -- grew as China's central bank unveiled interest rate reforms expected to lower corporate borrowing costs.
 
IANS
 

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Sensex up 73 pts, Nifty above 11,000

The Sensex on Monday opened slightly higher over gains by finance and banking stocks.
 
At 9.32 a.m., the benchmark Sensex was trading 73.45 points or 0.20 per cent higher at 37,423.78.
 
It opened at 37,485.92, higher from its Friday's close of 37,350.33.
 
The Nifty gained 46.35 points or 0.42 per cent to 11,094.15.
 
IANS
 
 
 
 
 

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Squash: Top seed Urwashi enters quarters; Baitha upsets Ranjit

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Top seed Urwashi Joshi of Maharashtra, playing her first game of the tournament, overcame a shaky start to defeat unseeded Amita Gondi of Telangana 9-11, 11-8, 11-8, 11-4 and advance to the quarter-finals of the 44th Maharashtra State Senior Open Squash Tournament at the Bombay Gymkhana Squash Courts here on Sunday.
 
Second seed Tanvi Khanna of Delhi outplayed unseeded Subhadra Sony 11-1, 11-0, 11-0 to advance to the quarter-finals. 
 
Meanwhile, Nikita Agarwal of Maharashtra, who is seeded in the [5/8] bracket was made to work hard for her win against unseeded state-mate Aakanksha Yadav. After losing the first two games tamely, Aakanksha raised her game to take the next two games and level the scores. Nikita managed to pull herself back to take the last game 11-5 and the match 11-7, 11-4, 5-11, 8-11, 11-5 to advance to the quarter-finals.
 
In the Men’s Open, junior Yash Fadte and Rahul Baitha soldiered on to make it to the quarter-finals. While Yash Fadte made short work of an unseeded Parth Bhatia, Rahul Baitha upset an higher-ranked Ranjit Singh of Services 11-1, 11-7, 8-11, 11-9 to advance to the quarters. Top seeds Mahesh Mangaonkar and Abhishek Pradhan remain strong contenders for the title as they notched straight games wins to blaze into the quarters.        
Results:
 
Women’s Open Pre-Quarters:               
           
Urwashi Joshi [1] bt Amita Gondi 9-11, 11-8, 11-8, 11-4; Yoshna Singh [5/8] bt Prapti Salunkhe 11-3, 11-7, 11-3; Aakanksha Rao [5/8] bt Sano Singhi 11-6, 11-6, 11-4 Sachika Balvani [3/4] bt Anannya Morey 11-5, 6-11, 11-9, 11-5; Radhika Rathore [5/8] bt Bijali Darvada 11-5, 11-3, 11-2; Nikita Agarwal [5/8] bt Aakanksha Yadav 11-7, 11-4, 5-11, 8-11, 11-5; Tanvi Khanna [2] bt Subhadra K Sony 11-1, 11-0, 11-0                                                    
 
Men’s Open Pre –Quarters:
 
Mahesh Mangaonkar [1] bt Anuj Unadkat [9/16] 11-5, 12-10, 11-2; Yash Fadte [5/8] bt Parth Bhatia 11-8,11-5, 11-4; Naveen Jangra [9/16] bt Abhinav Sinha [5/8] 11-6, 8-11 11-3, 11-8  ; Abhishek Agarwal [3/4] bt Aishwary Singh [9/16] 3-11, 11-4, 9-11, 11-7, 11-8; Rahul Baitha [9/16] bt Ranjit Singh [5/8]11-1, 11-7, 8-11, 11-9; Gaurav Nandrajog [5/8] bt Sandeep Jangra [9/16] 11-8, 11-3, 5-11, 11-9; Abhishek Pradhan [2] bt Vaibhav Chauhan [17/32] 12-10, 11-1, 11-3; Abhay Singh [3/4] bt Siddharth Phutela [9/16] 11-2, 11-7, 11-5
 
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India’s forex reserves rise by $ 1.62 billion to $ 430.572 billion

Reversing a two-week downtrend, India’s foreign exchange reserves rose by $ 1.620 billion to $ 430.572 billion during the week ended August 9, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had dipped by $ 697.2 million to $ 428.952 billion during the previous week.
 
In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had increased by $ 1.55 billion to $ 398.739 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 went up by $ 591 million to $ 26.754 billion, while its special drawing rights increased by $ 6.7 million to $ 1.441 billion.
 
India’s reserve position in the International Monetary Fund (IMF) increased by $ 7 million to $ 3.636 billion, the bulletin added.
 
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Indian Navy comes to aid of injured Japanese sailor

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The Indian Navy on Friday rushed to the help of an injured sailor on board a Japanese warship in the Indian Ocean, an official said here.
 
Responding to an SOS from the Japanese warship JMSDF Sazanami, the Indian Navy launched a Seaking helicopter from the INS Shikra along with a medical team.
 
The chopper landed on the warship, around 235 kms off Mumbai in the high seas and evacuated the injured crew member, flying him to the Naval Air Enclave in Santacruz.
 
Later, the Japanese consulate in Mumbai took charge and shifted him to a local hospital for further medical treatment, said the official.
 
IANS
 

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Sensex ends in green amid weak global cues

Buzz about a possible stimulus package by the Union government aided the Sensex and Nifty to finish in the green on Friday.
 
The Sensex closed at 37,350.33, higher by 38.80 points over its previous close of 37,311.53, while the Nifty closed 18.40 points higher at 11,047.80.
 
"Prospects of the government considering steps to revive the economy with stimulus measures and recovery in crude prices due to easing recession helped the market, " said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Until prompt and effective actions are announced by the government, the market will react to upcoming economic data which is weak, he added.
 
However a Kotak report has said that the government has limited scope to provide a fiscal stimulus given the fiscal constraints.
 
Besides, the just concluded corporate earning declarations easing failed to cheer investors.
 
"The just concluded earnings season was not encouraging either and brokerage houses will soon scale down their full year Nifty earnings. This will restrict upside for the Nifty in the near term," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
 
Global markets have witnessed a sell-off after the inversion in the bond yield curve stoked fears of a recession.
 
The top gainers among the 30 Sensex stocks were Yes Bank, Power Grid, Maruti Suzuki, IndusInd Bank and Axis Bank, advancing in the range of 1 to 4 per cent.
 
The top losers were TCS, Tata Motors, Vedanta, HCL Tech and HDFC. They declined up to 2 per cent.
 
IANS

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Sensex down 140 points amid poor global cues

The BSE Sensex fell by 140 points during the early trade on Friday, dragged by finance and banking stocks.
 
All the sectoral indices except pharma stocks traded lower. Metal and IT stocks came under heavy selling pressure during the early trade.
 
Besides, markets are awaiting a stimulus package and relief for foreign portfolio investors from the super-rich surcharge announced in the Budget.
 
At 9.56 a.m., the Sensex traded 140.29 points lower or 0.38 per cent at 37,171.24.
 
The broader Nifty also traded lower at 10,975.95, down 53.45 points or 0.48 per cent.
 
Prime Minister Narendra Modi met Finance Minister Nirmala Sitharaman and Finance Ministry officials on Thursday, which gave way to hopes of market-friendly announcements soon.
 
However, global markets are under tremendous pressure ever since the US treasury bond yield curve inverted for the first time since 2007, a sign of an imminent recession in the US.
 
Global growth concerns are already disturbing as the German and the UK economies have contracted and are on the brink of a technical recession. Also, trade data from China and the US is far from encouraging.
 
An economy is said to have fallen into a recession if it logs two consecutive quarters of negative growth.
 
Although the Indian economy is far from a recession, but some of the sectors like auto and manufacturing have seen negative growth.
 
Foreign Institutional Investors (FIIs), meanwhile, have turned buyers in a positive development.
 
FIIs bought Rs 1,614.63 crore worth of shares while Domestic Institutional Investors (DIIs) purchased scrips worth Rs 1,619.82 crore.
 
IANS

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Singer Mika Singh banned from Indian film industry for performing in Pakistan

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The All Indian Cine Workers Association (AICWA) has banned singer Mika Singh from the Indian film industry for performing at an event in Karachi, Pakistan.
 
The event in Pakistan was organised by former Pakistani President Pervez Musharraf's close relative. 
 
A 30-second video clip tweeted by a Pakistani journalist showed Mika performing at the event, despite India severing all artistic and social ties with Pakistan in the aftermath of the removal of Article 370.
 
A letter from AICWA President Suresh Shyamlal Gupta stated: "AICWA bans and boycott singer Mika Singh from the Indian film industry for performing at a high profile event at Karachi dated August 8, 2019."
 
"AICWA takes a tough stand of immediately boycotting all his association with movie production houses, music companies and online music content providers." 
 
The statement further read that "AICWA workers will make sure that no one in India works with Mika Singh and if anyone does, they will face legal consequences in the court of law".
 
"When the tension between the countries is at the peak, Mika Singh puts money above the nation's pride," the film association said.
 
The association also sought the intervention of Information and Broadcasting Ministry in the matter.
 
Mika performed with a 14-member troupe at the pre-wedding ceremony of of a girl who's father, Adnan Asad, is reportedly a cousin of former Pakistan President, General Pervez Musharraf. Mika and his crew have been given visas for 30 days to perform in three cities -- Karachi, Lahore, and Islamabad.
 
IANS
 

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Equity markets open on a positive note on Wednesday

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The 30-scrip Sensitive Index (Sensex) opened on a positive note on Wednesday.
 
The Sensex of the BSE opened at 37,233.50 and touched a high of 37,250.07 and a low of 36,043.73 after closing at 36,958.16 on Saturday. 
 
It was trading at 37,094.31 up by 136.15 points or 0.37 per cent.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 11,003.25 points after closing at 10,925.85 points. It is trading at 10,956.65 in the morning.
 
IANS
 
 
 
 

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ONGC's Q1 standalone net profit down 3.9%

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Diversified energy major ONGC on Tuesday reported a decline of 3.9 per cent in its standalone net profit for the quarter ended June 30, 2019.
 
According to the company, the standalone Q1 net profit fell to Rs 5,904 crore against Rs 6,144 crore reported during the corresponding period of previous fiscal.
 
However, gross revenues of the diversified energy major declined 2.4 per cent to Rs 26,555 crore against Rs 27,213 crore in the 2018-19.
 
On a consolidated basis, the company reported a decline 24.4 per cent in its Q1 net profit at Rs 7,043 crore from Rs 9,318 crore on a YoY basis. 
 
The company reported that its consolidated net profit attributable to owners was down 19.2 per cent to Rs 6,694 crore from Rs 8,287 crore reported for the corresponding period of the previous year.
 
IANS

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Sensex down 218 pts, RIL up 9%

The BSE Sensex fell by over 200 points during the early trade on Tuesday.
 
Index-heavyweight Reliance Industries Ltd. (RIL) jumped nearly 9 per cent after Saudi Aramco signed a letter of intent for a proposed investment in RIL's oil-to-chemical division. The deal is likely to fetch RIL $15 billion for a 20 per cent stake.
 
At 9.50 a.m., the Sensex traded 218.39 points, or 0.58 per cent, lower at 37,363.52. The Nifty slid by 57.20 points, or 0.51 per cent, to 11,052.45.
 
On Friday, the Foreign Portfolio Investors (FPIs) turned buyers. FPIs bought Rs 203.73 crore worth of stocks while Domestic Institutional Investors also purchased scrips worth Rs 606.92 crore.
 
Globally, financial markets dropped owing to massive protest in Hong Kong, which could effect business.
 
Besides, the US-China trade tension and the slump in Argentina's peso remained a cause of worry.
 
IANS
 

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Saudi Aramco to buy 20% stake in RIL's oil-to chemical business

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Reliance Industries (RIL) Chairman Mukesh Ambani on Monday said that Saudi Aramco will acquire 20 per cent stake in RIL's oil-to-chemical business.
 
Speaking to shareholders during the 42nd Annual General Meeting of the RIL, Ambani said that Saudi Aramco or the Saudi Arabian Oil Company would buy the stake for an enterprise value of $75 billion.
 
He described the deal as the largest foreign direct investment in India.
 
He, however, noted that the investment is subjected to due diligence and regulatory approvals.
 
Under the deal, Saudi Aramco will also supply 5,00,000 barrels per day of crude oil on a long-term basis to RIL's Jamnagar Refinery, he said.
 
Saudi Aramco is one of the largest companies in the world by revenue, and is said to be among the the most profitable companies in the world.
 
This comes as a major announcement days after RIL had said it has entered into a joint venture with the British petroleum major BP for the former's petroleum retail business, with BP having 49 per cent stake in the venture.
 
The RIL Chairman on Monday said that the deal with BP would fetch Rs 7,000 crore to RIL.
 
IANS

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Jio GigaFiber's commercial services to start on September 5

 File photo of Reliance Industries Limited Chairman and Managing Director Mukesh Ambani
File photo of Reliance Industries Limited Chairman and Managing Director Mukesh Ambani
Reliance Industries (RIL) Chairman Mukesh Ambani on Monday announced the launch of Jio GigaFiber and said that the services would be available commercially from September 5.
 
Speaking to shareholders at the 42nd Annual General Meeting (AGM), Ambani said that the tariff plans would be priced between Rs 700 and Rs 10,000 per month.
 
"We are pricing our plans at less than 1/10th the global rates, to make it accessible for all. JioFiber plans will be priced between Rs 700 to Rs 10,000 per month to suit every budget and every need," he said.
 
He further said that starting August 15, 2018, the company invited registrations of interest from across India so that it could prioritise Jio GigaFiber rollout into localities with the highest interest and the the response was "overwhelming".
 
"We received over 15 million registrations from nearly 1,600 towns. And based on these registrations, we have drawn up a plan to reach 20 million residences and 15 million business establishments in these 1,600 towns," he said.
 
The RIL Chairman noted that the subscribers of of Jio GigaFiber would get broadband speeds of up to 1 GBPS, along with a landline phone connection, at no additional cost. It also provides a digital set-top-box to the consumers.
 
"We have designed our Jio set-top-box to accept the broadcast cable TV signals from our LCO partners. So that with every JIOFIBER home all our LCO partners will continue to have a steady stream of revenue for their broadcast TV business. We look forward to extending this partnership to all LCOs across the country," he added.
 
He further announced that the Jio GigaFiber customers who opt for our annual plans -- "Jio-Forever plans", will get an HD (High Definition) or 4K LED television and a 4K set-top-box for free.
 
Further, for small and medium businesses Jio GigaFiber enables a combination of fixed-line connectivity and cloud applications and in terms of large enterprises Jio GigaFiber and Jio's cloud solutions level the playing field for Indian enterprises enabling them to accelerate their digital transformation and compete globally using the very same technologies that are used by global majors.
 
Ambani in his speech also said that customers should pay for only one service, either voice or data.
 
"With this, I am pleased to announce that voice calls from home (landline) to any Indian operator - mobile or fixed - will be absolutely free forever."
 
The company also announced Jio GigaFIber plans will come bundled with subscriptions to most leading premium OTT applications.
 
"Also, for the first time in India, we are introducing a disruptive concept for watching new movies. Premium JioFiber customers will be able to watch movies in their living rooms the same day these movies are released in theatres. We call this Jio first-day-first-show. We plan to launch this service in the middle of 2020," he said.
 
IANS
 

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Tax roll-back buzz: Sensex up nearly 900 pts

The BSE Sensex and NSE Nifty gained for the second straight day on Friday amid reports that the government could roll back or tweak the controversial tax on Foreign Portfolio Investors (FPIs).
 
Markets had bled heavily owing to the foreign fund outflow ever since the tax on FPIs was announced in the Union Budget last month.
 
Leading FPIs including J. P. Morgan, HSBC, Barclays, Standard Chartered, Deutsche Bank and prominent Indian company representatives met Finance Minister Nirmala Sitharaman on Friday to discuss the controversial tax. The FPIs are seeking a full roll-back or suitable tweaking to keep them out of the higher tax net.
 
The Sensex closed 254.55 points higher at 37,581.91. It closed on Thursday at 37,327.36. The Nifty closed at 11,109.65, higher by 77.20.
 
"Market gets a breather towards the close and reclaimed 11,000 level due to the expectation that the government is likely to be lenient on higher surcharge on FPIs which influenced bears to cover their short positions," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Additionally, prospects of lower interest rate going forward and strength in rupee will ease liquidity crunch situation."
 
IANS
 

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Speculation on FPI tax roll-back lifts Sensex over 600 pts

Speculation about the roll-back of the budgetary proposal of a taxation surcharge on the super-rich category triggered a buying spree which lifted the Indian equity markets on Thursday.
 
Additionally, attractive valuations buoyed the markets with the S&P BSE Sensex gaining 636.86 points, or 1.74 per cent, to close at 37,327.36.
 
Similarly, the NSE Nifty50 gained 176.95 points, or 1.63 per cent, to close at 11,032.45 points.
 
On a sector-specific basis, healthy buying was witnessed in the banking, auto and oil and gas stocks.
 
The key indices rose as intense speculation over the roll-back of the budgetary proposal of a taxation surcharge on the super-rich category caused massive outflows of foreign funds. 
 
Market participants fear that once implemented, the will adversely impact FPIs, which are set up as non-corporate vehicles.
 
Typically, FPIs are set up as trusts or limited partnerships in their home jurisdictions. The definition of a partnership firm under the Indian tax law refers to the Indian Partnership Act, which does not recognise foreign partnerships or limited partnerships.
 
"Markets today started to sense some relief coming in for the capital markets from a likely clarification on the roll-back of surcharge on FPIs (foreign portfolio investors)," said Devang Mehta, Head - Equity Advisory, Centrum Wealth Management.
 
"The recent round of market correction was led by FII (foreign institutional investors) sell-off post the Budget and the selling intensified in the last few days, where evidence of our economic slowdown, poor earnings in certain sectors and global volatility as well as rhetoric of trade wars came to haunt," he said. 
 
According to Geojit Financial Services Head of Research Vinod Nair, "market gets a breather towards the close and reclaimed the 11,000 level due to the expectation that the government is likely to be lenient on higher surcharge on FPIs, which influenced bears to cover their short positions."
 
"Additionally, prospects of lower interest rate going forward and strength in rupee will ease the liquidity crunch situation," he added. 
 
IANS
 

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Sensex slips 286 points after RBI cuts growth forecast

In a bid to strike a balance between the "inadequate" 25 basis points (bps) and "excessive" 50 bps, the RBI on Wednesday slashed key policy rates by an unconventional 35 bps, but markets slid as it revised down the economy's growth forecast.
 
Metal, PSU banks, auto and realty stocks contributed most to Sensex's 286-point  fall after the Monetary Policy Committee (MPC) lowered the economy's projection of real GDP growth from 7 to 6.9 per cent for 2019-20.
 
The Sensex closed 286.35 points or 0.77 per cent lower at 36,690.50, while the broader Nifty slipped by 92.75 points to 10,855.50.
 
RBI Governor Shaktikanta Das said the downward adjustment in the GDP growth projection was warranted by various high frequency indicators pointing to weakening of both domestic and external demand conditions.
 
"A downside risk to the lowered GDP forecast of 6.9 per cent in FY20 due to growth headwinds in global economy and slowdown in domestic consumption curtailed investors' sentiment," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
 
Nair however, added that the RBI's balancing act by adding liquidity to NBFCs, agri and MSMEs will set the wheels of economy on a revival path in H2FY20.
 
India Bulls Housing Finance was the biggest loser of day, as it shed over 13 per cent followed by Tata Steel, Tata Motors and Mahindra and Mahindra, which declined in the range of 4 to 6 per cent.
 
Growth slowdown is a major concern in the financial markets and central banks across the globe currently. Asia central banks signalled major concerns on Wednesday about the outlook for economic growth.
 
In reviewing the global developments, the MPC noted that global economic activity had slowed down since its meeting in June in an environment rendered hostile by elevated trade tensions and geo-political uncertainty.
 
New Zealand's central bank cut its official cash rate 50 basis points to a record low of 1 per cent. The Bank of Thailand followed suit, cutting its one-day repurchase rate by 25 basis points to 1.5 per cent.
 
IANS
 

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