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Rupsa Batabyal, 6, wins 'Super Dancer - Chapter 3'

Rupsa Batabyal and Nishant Bhatt
Rupsa Batabyal and Nishant Bhatt
Kolkata's Rupsa Batabyal, a six-year-old who wowed the audience with her moves and expressions, has won "Super Dancer - Chapter 3".
 
Rupsa charmed her way into the audiences' hearts with superlative performances week after week, and won the maximum votes in the finale episode of the contest, aired on Sony Entertainment Television on Sunday night.
 
"It feels really nice and I am very happy to have won the trophy of 'Super Dancer Chapter - 3'. I will continue dancing because I love it. I look forward to going home to Kolkata, and celebrating with my entire family," she said in a statement.
 
The young girl and her 'Super Guru' Nishant Bhatt were awarded a trophy and a cheque of Rs 15 lakh and Rs 5 lakh respectively from the channel.
 
Close on Rupsa's heels was contestant Tejas Verma from Mumbai who was declared the runner-up.
 
Each finalist was awarded with a certificate of appreciation along with a cheque of Rs 1 lakh each, and the Top 5 finalists, including Gourav Sarwan, Saksham Sharma and Jayshree Gogoi, were awarded a cheque of Rs 1 lakh each from Lotus Herbals.
 
The grand finale saw the contestants and their gurus perform for one last time on the platform.
 
Judges Anurag Basu, Shilpa Shetty Kundra and Geeta Kapoor along with the hosts Rithvik Dhanjani and Paritosh Tripathi also reminisced the show's journey.
 
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RBI Deputy Governor Viral Acharya resigns

Viral Acharya (File photo: IANS)
Viral Acharya (File photo: IANS)
Reserve Bank of India (RBI) Deputy Governor Viral Acharya has quit six months before the end of his term, sources said on Monday.
 
Acharya is the second top RBI official to quit after Governor Urijit Patel's exit last December. 
 
The sources said that Acharya, who joined as the RBI Deputy Governor in January 2017, was against the central bank's decision on repeated cuts of repo rates to support the government's public spending and consumption boost measures to tackle the slowing growth. 
 
Acharya viewed such steps as putting fiscal discipline into risk and he did not want to be part of "those decisions", sources said. 
 
The RBI, however, has not responded to queries on this regard, neither has Acharya made any statement as yet.
 
To spur the economy, the Rserve Bank of India (RBI) had cut repo rate by 25 bps to 5.75 per cent in June while switching to "accommodative" stance implying it was amenable to further cuts. 
 
This is the third time on the trot that the six-member Monetary Policy Committee (MPC) has decided on a 25-basis points rate cut, making it a hat-trick of repo rate cuts. 
 
The rate cut also comes in the backdrop of benign retail inflation. Following the MPC decision, the repo rate now stands at 5.75 per cent against 6 per cent earlier. 
 
Acharya will be now returning to the New York University's Stern School of Business in August instead of February 2020. 
 
The market was at 39,120, down 72.10 points as of 10.17 a.m. on Monday.
 
With Acharya's resignation, the RBI is now left with three Deputy Governors -- N. S. Vishwanathan, B. P. Kanungo and M. K. Jain. 
 
IANS
 

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Sensex in red, Nifty at 11,700

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The Sensex and the Nifty declined during the morning session of the trade on Monday over weak global cues.
 
Globally, investor sentiments were affected due to rising oil prices over tensions in the Middle East.
 
Investors were also cautious ahead of a crucial meet between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Japan on June 28-29
 
At 10.19 a.m., the S&P BSE Sensex traded 75.53 points lower or 0.19 per cent at 39,118.96.
 
The Sensex opened slightly lower from its previous close of 39,194.49.
 
The Nifty was 23.75 points or 0.20 per cent down at at 11,700.35.
 
Meanwhile in a major development, Deputy Reserve Bank of India Governor Viral Acharya has resigned six months before the scheduled end of his term, sources said on Monday.
 
IANS
 

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ED offers to provide air ambulance to bring Choksi back

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The Enforcement Directorate (ED) on Saturday rejected a plea by fugitive diamantaire Mehul Choksi that he should be questioned in Antigua because of his health condition and said it could arrange an air ambulance with medical experts to bring him back to India for interrogation in connection with the PNB fraud case.
 
Choksi, who is an accused in the case, has taken refuge in the Caribbean island nation of Antigua.
 
He has approached the Bombay High Court and said that he is willing to join investigation if his questioning was held in Antigua or through video conferencing in the light of his medical condition.
 
But the ED rejected his plea and said that he has to return to India for questioning.
 
"Taking a humanitarian approach, the ED is ready to provide an expert medical team along with an air ambulance to bring the petitioner (Choksi) from Antigua to India under proper medical supervision," the ED said in its counter-affidavit filed in the Bombay High Court.
 
Choksi has also said that he has left India for his medical treatment abroad and not to avoid prosecution in the case.
 
Countering his submission, the ED told the court that the best medical facilities are available in India and would be provided to Choksi if he returns to India.
 
The ED said that the agency's intention has never been to play with the health or life of any person.
 
IANS
 

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One killed in fire aboard under-construction warship in Mumbai

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A contract worker was killed in a fire that broke out on an under-construction warship 'Visakhapatnam' in the Mazagon Dock Shipbuilders Ltd here, officials said on Friday evening.
 
The fire was reportedly confined to the second and third decks of the ship during grinding operations in a tank around 4 pm.
 
Firefighting operations were taken up and the blaze was brought under control within three hours, though the extent of damage to the vessel is not known.
 
One contract worker, identified as Brajendra Kumar, 23, who was trapped in the blaze, succumbed to his burn injuries and possible asphyxia, and another worker suffered minor injuries.
 
Launched in April 2015, the 'Vishakhapatnam' is the first of the class of stealth guided missile destroyers under Project 15B, being constructed at the MDL, and scheduled to be commissioned to the Indian Navy in 2021.
 
The MDL has ordered a probe to ascertain the cause of the fire, sources said.
 
IANS
 

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India’s forex reserves dip by $ 1.353 billion to $ 422.2 billion

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Reversing a three-week uptrend, India’s foreign exchange reserves dipped by $ 1.353 billion to $ 422.2 billion during the week ended June 14, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had gone up by $ 1.686 billion to $ 423.554 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 gone down by $ 1.353 billion to $ 394.447 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 remained unchanged at $ 22.958 billion, while its special drawing rights (SDR) declined by $ 0.1 million to $ 1.449 billion.
 
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 0.2 million to $ 3.3452 billion, the bulletin added.
 
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Sensex ends 407 points lower, Brent crude up over 1.5%

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Delayed monsoon and a sharp surge in crude oil prices over two straight sessions pushed the Sensex to finish over 400 points lower on Friday. Index heavyweights like HDFC and Reliance Industries contributed most to the fall.
 
Crude oil rose another 1.5 per cent on fears of a US military attack on Iran that would disrupt flows from the Middle East, which accounts for over 20 per cent of the world's oil output.
 
Brent crude, the global oil benchmark, surged over 5 per cent on Thursday over renewed tensions in the Middle East after Iran shot down a US drone. 
 
US President Donald Trump warned that Iran had made "a very big mistake".
 
The Sensex declined by 407.14 points or 1.03 per cent lower to settle at 39,194.49. The Nifty fell by 107.65 points or 0.91 per cent to 11,724.10.
 
"Concern over shortfall in tax collection and RBI's indication of losing traction on growth impacted the sentiment," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Market seems to factor in some rationalization in GST rates in the upcoming meeting and more fiscal measures in the budget due next month. Delayed monsoon and a surge in oil prices due to US-Iran tensions further led the consolidation," Nair added.
 
Tata Motors shares recovered from early declines to close slightly lower after global rating agency Moody's downgraded its credit rating and that of Jaguar Land Rover.
 
Shares of aviation companies Interglobe Aviation and SpiceJet fell after a sharp surge in crude oil prices.
 
FII outflows totaled $65 mn for the past five days and DII inflows at $181 mn for the same period. 
 
Going ahead, the markets would continue to consolidate and may react to geopolitical tensions (in Iran), crude prices and monsoons, said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
 
IANS
 

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Thomas Cook (India) sees 22% growth as demand for family bonding trips, adventure experiences surges

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Cash-rich but time-poor Indians are increasingly embarking on family bonding trips while the millennial generation looks for varied experiences and work-weary corporate India wants getaways.
 
Thomas Cook (India) Ltd., an integrated travel and travel related financial services company, has said that it saw a vibrant 22% growth this summer with the emergence of such significant trends.
 
Releasing its Summer Report 2019, the company said India has grown into a spender’s economy and, with travel being leveraged as a clear status symbol, holidays are on the rise. With today’s cash-rich, but time-poor generation opting for travel to bond with their families, parent-child bonding tours are in high demand.
 
There is a surge in takers for Thomas Cook India’s Theme Park Holidays, outdoors-adventure, music and culture tourism and sports tourism being a significant driver, it said.
 
Demand has also been growing for trips to Singapore, Dubai-Abu Dhabi, France, Hong Kong, UK, Orlando (USA) and New Zealand as well as newer destinations like Seychelles, the company said in a press release, citing the findings of the report.
 
The demand among the millennial generation for adventure travel recorded a surge of approximately 28% for experiences like white/black water rafting (New Zealand), scuba diving (Andamans/Malaysia), fissure snorkelling (Iceland); alpine treks/glacier climbs (Switzerland/ Germany/ Canada/Scandinavia).
 
Additionally, adrenalin highs of sky diving/ bungee jumping/ zorbing/ abseiling (Australia-New Zealand and South Africa) are in demand for their brag worthiness, the report said.
 
Offbeat destinations and exclusive experiences are growing in popularity. The demand is rising for unique experiences like Vespa tours in Singapore or Segway rides in Spain, horseback trails and shark cage diving in South Africa, and more.
 
In fact, most millennials prioritise experiences over luxury and economise on transport and accommodation (hostels/apartments over hotels, trains and self-drives over flights), and splurge on local and interest/ passion-based experiences.
 
A report by the National Sample Survey Office (NSSO)'s first periodic labour force survey (PLFS) reveals that Indians spend the longest hours at work as compared to their global peers. Work-weary business travellers are increasingly opting for short travel breaks to relax and rejuvenate, leading to a strong 33% jump in such trips.
 
Destinations in demand include Goa, Kerala, Andamans, Himachal Pradesh, Sikkim, Meghalaya (domestic); Mauritius, Maldives, Singapore, Thailand, Dubai-Abu Dhabi, Turkey, Indonesia (international).
 
Indian travellers are also leapfrogging the transition from a single long annual vacation to multiple short recurring holidays or micro-breaks. Covering a gamut of destinations, each spanning 3-7 days, travellers are availing such frequent micro–itineraries to fuel their travel goals and tick off their bucket-lists, the report said.
 
The micro-break trend has also seen the rise in last-minute travellers (up by 30%). Indian travellers are gravitating towards on–the–go travel planning and seizing every opportunity to set off on a mini-break.
 
‘Smart weekend’ destinations on the Indian travellers’ radar are Goa, Pondicherry, Coorg, Alleppey, Hampi, Udaipur, Manali, Nainital and Dharmshala among others; equally short-haul or visa friendly international destinations such as Singapore, Dubai, Abu Dhabi, Malaysia, Thailand, Bhutan, Nepal, Indonesia, Maldives, Mauritius, Hong Kong-Macau.
 
Experiential luxury travel has also grown by 15-20% and has expanded to include exotic destinations like Iceland, Kenya, Tasmania, Korea and Japan and along with eclectic experiences.
 
These include a classic vintage car drive along the French Riviera or Ferrari self-drives in Maranello, Italy, private wine tasting experiences in South Africa, a private yachting/speedboat experience on Italy’s Lake Como, breakfast in a hot air balloon/private island dining in Australia.
 
Also on the agenda are volcano caving tours in Iceland, top-of-the-line spa experiences in Switzerland and an uber-luxe Michelin restaurant chase in Europe. Luxury backpacking also displayed a strong demand.
 
Such a growing appetite for travel is also seeing a 50-60% growth in travel loans; loans no longer being perceived as a taboo for travel. The data has further highlighted a surge, especially from young travellers between the age group of 25–35 years, who believe in instant gratification.
 
It indicates an average transaction of 20-25 loans per month for an average loan of Rs 1 lakh. Some of the factors driving the demand are diverse offerings, ease/ convenience and children-centricity, novelty and unique experiences along with social media, discounts and easy visa/visa-on-arrival facilities.
 
The traveller survey also detected a strong shift in source markets to regional Tier 2 and 3 cities/ towns. While metro/ mini-metro cities (such as Mumbai, New Delhi, Hyderabad, Bangalore, Ahmedabad and Chennai) continue to witness an increase in demand with 20% growth over last year, Tier 2 and 3 markets (Amritsar, Karnal, Guwahati, Ranchi, Aurangabad, Vishakapatnam, Hubli, Udaipur and Vijayawada) have showcased a high growth in demand upwards of 30%.
 
Speaking about the strong growth in summer holiday bookings, Rajeev Kale, President & Country Head – Holidays, MICE, Visa, Thomas Cook (India) Ltd., said, “While summer has always been a peak travel season, this year, we have noticed a significant growth in bookings of 22% as compared to the previous year.
 
“Among others, one of the key highlights of this season there has been a definitive increase in the range of traveller segments, each one unique and clear about what they seek from their holidays. Indians are no longer shying away from spending, with an increased demand observed for travel loans to fulfil their travel aspirations,” he added.
 
“A key highlight has been the shift from a saver’s economy to a spender’s economy with the rise in the number of vacations Indians take as a family each year. Combined with their willingness to explore unchartered territories, and demand for immersive experiences, travel brands and services are being pushed to reinvent the wheel even during the peak season to capture consumer attention. This is a positive development not just for consumers, but the industry as a whole,” he said.
 
“To help our customers plan a perfect summer holiday, this year Thomas Cook India launched over 100 road shows across metros and mini metros showcasing handpicked product offerings catering to the distinct audience in every source market,” he added.
 
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Sensex down 190 points, Nifty below 11,800

After opening on a flat note, the benchmark Sensex fell over 190 points during the early trade on Friday.
 
Investor sentiment took a hit after oil prices rose sharply.
 
Brent crude, the global oil benchmark, surged over 5 per cent on renewed tensions in the Middle East after Iran shot down a US military drone.
 
At 10 a.m., the Sensex traded 190.27 points or 0.48 per cent lower at 39,411.36.
 
The Nifty was 44.80 points or 0.38 per cent down to 11,786.95.
 
On Thursday, Indian shares rose sharply, taking cues from firm global markets after the US Federal Reserve hinted at a rate cut.
 
IANS
 

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RBI's MPC found clear signs of economy losing traction

RBI logo
RBI logo
At the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting earlier this month, RBI Governor Shaktikanta Das had pointed to clear evidence of economic activity losing traction while presenting the rationale for a rate cut, as per the minutes of the MPC meeting released by the central bank on Thursday.
 
In its second monetary policy review of the current fiscal earlier this month, the MPC had cut the RBI's repo, or short term lending rate for commercial banks, by 25 basis points to 5.75 per cent from 6 per cent.
 
Taking note of the significant weakness of growth impulses and expressing concern over the "sharp slowdown" in investment activity, all the six members of the MPC voted for the rate cut.
 
Chaired by the RBI Governor, the MPC includes Chetan Ghate, Pami Dua, Ravindra H. Dholakia, Michael Debabrata Patra and Viral V. Acharya as its members. While Patra is an Executive Director of the central bank and Acharya is an RBI Deputy Governor, the others are external members of the MPC. 
 
"All members of the MPC unanimously decided to reduce the policy repo rate by 25 basis points and change the stance of monetary policy from neutral to accommodative," the MPC minutes said.
 
"Overall, there is clear evidence of economic activity losing traction, with the GDP growth in Q4 (fourth quarter) 2018-19 slowing down to 5.8 per cent," Das said, as per the minutes of the MPC meeting.
 
Das also noted that "growth impulses have clearly weakened", while the headline inflation trajectory is projected to remain below 4 per cent throughout 2019-20 even after considering the expected transmission of the past two policy rate cuts.
 
Growth has seriously dipped and can recover relatively fast on policy support though it is likely to remain well below the potential at least for next three to four quarters, Dholakia said.
 
Patra said that India cannot afford to be complacent about the danger of a deepening of the global slowdown.
 
"Intensification of trade wars and geopolitical tensions amidst volatile crude prices and nervous financial markets render the outlook fraught with downside risks," Patra added.
 
IANS
 

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Attack on web series crew: 3 accused nabbed, remanded to custody

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A city court on Thursday remanded to police custody till June 24 three prime accused who were arrested for attacking the cast and crew of a web series being shot at an outdoor locale in Thane while Maharashtra Chief Minister Devendra Fadnavis ordered a probe into the incident, police said.
 
The accused Krishna Sonar, Sonu Das, and Suraj Sharma were nabbed from different parts of Thane district early on Thursday.
 
"We have charged them under Indian Penal Code sections 326, 143, 180 and others," Senior Police Inspector of Kasarvadawali Police Station Kishore Khairnar told IANS.
 
The trio was produced before the court this afternoon, and efforts are on to trace the other suspects involved in the incident which happened on the sets of the web series titled 'Fixer', he added.
 
Later this afternoon, a delegation of the series makers met Chief Minister Fadnavis in  Mumbai to apprise him of the brutal attacks and sought protection.
 
After listening to them, Fadnavis ordered Thane Police Commissioner and Konkan Range IGP to get the incident probed.
 
"Strict action will be taken if any police official is found responsible for delay in investigation or performing duty," Fadnavis warned.
 
Producer Sakett Saawhney thanked Fadnavis on social media for the action against the perpetrators.
 
At least four drunken miscreants allegedly barged onto the sets of 'Fixer' produced by ALTBalaji located in a factory premises on the picturesque Ghodbunder Road on Wednesday afternoon, creating a ruckus and vandalising the sets with sticks and rods.
 
In the attack, at least 10 members of the cast and crew of were injured, including the director of photography Santosh Tandyal, but lead actress Mahie Gill escaped unhurt as she ran and hid in her vehicle parked outside the venue.
 
The director Soham Shah also was hurt, while Tandyal later received half a dozen stitches for his injuries, according to filmmaker-actor Tigmanshu Dhulia who is also a part of the show.
 
Associate Producer Rajveer Ahuja said that the goons also damaged valuable shooting equipment, vanity vans, and lights before fleeing.
 
IANS
 

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Fed opens gate for rate cut, sends Sensex soaring

In line with Asian financial markets the Sensex and Nifty closed with significant gains on Thursday after the US Federal Reserve indicated rate cuts in future, considered positive for developing markets.
 
The US central bank left interest rates unchanged but opened the door for a possible rate cut in the future.
 
The S&P BSE Sensex jumped 488.89 points higher to finish at 39,601.63. The Nifty closed 140 points in the green, at 11,831.75.
 
"The status quo on rates ensures that the key rate remains in the range of 2.25-2.50 per cent range. Fed Chair, Jerome Powell's statements can be construed to mean that the Fed remains willing to cut rates in future," said Jaikishan Parmar, Senoir Equity Research Analyst, BFSI, Angel Broking.
 
"Wall Street was not too impressed by the shift in language and would have rather preferred an outright rate cut. While US markets were mildly in the positive, markets across Asia have certainly celebrated the decision," he added.
 
Jet Airways scrips advanced by a massive 93 per cent to close at Rs 64 a piece ahead of National Company Law Tribunal's (NCLT) order on whether the bankruptcy case will be admitted.
 
The SBI-led lenders' consortium earlier this week took the grounded airline to the NCLT for the speedy recovery of their dues.
 
The heavily beaten down Yes Bank counter reversed its negative trend to close over 10 per cent higher. 
 
The private lender was followed by healthcare major Sun Pharma, which surged over 4 per cent. 
 
IndusInd Bank, Larsen and Toubro, ICICI bank were the other top gainers.
 
IANS
 

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Sudden spike in Jet Airways stocks, gains 66%

Grounded Jet Airways stocks saw a sudden spike on Thursday as they advanced 66 per cent from their intra-day low to hit a high of Rs 44.70 per share during early trade on the BSE.
 
At 12.46 p.m., the Jet Airways stock was trading at Rs 41.75 a share, or at 26.13 per cent higher than its previous close on Wednesday. 
 
"A bounce back was due but since the on-ground condition of the airline is dull, the surge in the stock price is unlikely to stay for long," said Deepak Jasani of HDFC Securities. 
 
The state-run State Bank of India (SBI)-led consortium of lenders to Jet Airways said on Monday that it had decided to "seek resolution under the 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". 
 
The company also announced the resignation of two independent directors -- Ashok Chawla and Sharad Sharma -- on Tuesday, giving another signal that the chances of the airline's revival were remote. 
 
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. The government, subsequently, re-allocated the carrier's slots and foreign traffic rights to rival carriers.
 
IANS

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Key Indian equity market indices open in red

Despite a positive trend in Asian markets, the key Indian equity market indices on Thursday opened lower after the US Federal Reserve has left interest rates unchanged.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 39,112.74 points on Wednesday, opened lower at 39,042.96 points.
 
Minutes into trading, it was quoting at 39,012.73 points, down by 100.01 points, or 0.26 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,691.45 points on Wednesday, was quoting at 11,657.40 points, down by 34.05 points or 0.29 per cent.
 
As many as 23 stocks advanced in the Nifty 50 index while 27 stocks declined. In BSE Sensex 19 stocks including TCS, ITC were trading in red while 11 stocks including Coal India and Tata Steel were trading in the green at 9.19 a.m.
 
Domestic woes weighed on investor sentiments as the Sensex closed with minor gain and the Nify finished on a flat note on Wednesday, despite signs of easing in trade tension between the US and China.
 
The Sensex was up by 66.40 points or 0.17 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 39,435.80 points and a low of 38,881.05 points. The Nifty, too was marginally up by 0.05 points.
 
On Thursday, Asian indices were showing a positive trend. Japan's Nikkei 225 was quoting in green, up by 0.61 per cent, Hang Seng was also up by 0.98 per cent. South Korea's Kospi was quoting in green, up by 0.10 per cent. China's Shanghai Composite was also trading in green, up by 2.47 per cent.
 
Overnight, Nasdaq closed in green, up by 0.42 per cent while FTSE was down by 0.53 per cent at the closing on Wednesday.
 
IANS
 

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Sensex ends with mild gains despite firm global cues

Domestic woes weighed on investor sentiments as the Sensex closed with minor gain on Wednesday, despite signs of easing in trade tension between the US and China.
 
US President Donald Trump on Tuesday said he had a "very good telephone conversation" with President Xi Jinping of China, adding that they will be having an extended meeting next week at the G-20 in Japan.
 
The benchmark Sensex managed to gain 66.40 points, or 0.17 per cent, at 39,112.74, while the Nify finished on a flat note at 11,691.45.
 
"Despite global trade optimism, domestic market failed to hold the opening gains due to concern over weakening economic data, lack of liquidity and deficit in monsoon. The earnings growth is likely to be downgraded further given the deteriorating situation," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
 
"Seems that market will have to wait till the final Budget which could be the testimony of the new plan," Nair added.
 
Shares of Jet Airways extended further losses, declining over 18 per cent on Wednesday. It followed Tuesday's session which marked the worst day in Jet's trading history with a 41 per cent fall.
 
The State Bank of India (SBI)-led consortium of bankers has taken the grounded airline to the National Company Law Tribunal (NCLT) for resolution, which could force the banks to take huge haircuts on their exposures to Jet.
 
Deepak Jasani of HDFC Securities said that Jain Irrigation closed 28 per cent lower after India Ratings cut its long term issuer rating to BBB with its outlook at 'Watch Negative'.
 
The downgrade reflects deterioration in the liquidity profile on account of delay in realisation of receivables from its micro-irrigation systems (MIS) segment, Jasani added.
 
World stocks held near two-week highs on Wednesday as investors bet on a central bank stimulus, with expectations building that the Federal Reserve may go for a rate cut.
 
IANS
 

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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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