Page 322 - Business Finance
Market extends rally
Stocks extended rally in morning trade after an initial surge. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 916.17 points or 2.42% at 38,846.94. The Nifty 50 index was up 273.15 points or 2.39% at 11,680.30.
Bajaj Auto defies market sentiment; slips nearly 3 pc in early trade
Shares of Bajaj Auto defied the broader market sentiment Monday and fell nearly 3 per cent in morning trade on bourses. Market experts said, though the fourth quarter earnings for the auto major was a good show in a tough environment, the company is expected to face margin pressure. The shares of Bajaj Auto opened at Rs 3,071, but lost ground and touched Rs 2,953.95, down 2.88 per cent over its previous close of Rs 3,041.80. Shares of the company were later trading at Rs 2,992.10, down by Rs 49.70, or 1.63 per cent at 1021 hrs. Bajaj Auto was trading in the negative zone even as the broader market was trading with significant gains. The stock was the biggest loser in the Sensex pack. "While we believe that margin downgrade cycle (but for any change to product mix) is behind, focus on domestic market share and higher share of Africa in exports are likely to keep margin range bound," Edelweiss Research said in a note. Edelweiss Research further noted that, a subdued demand environment, .
Sensex climbs over 960 pts after exit polls
The Indian equity indices opened on a firm note on Monday after most exit polls showed a BJP-led NDA getting a comfortable majority in the now concluded general elections.
Stock markets cheerful after exit polls show second term for Modi
Equity benchmark indices surged nearly 2 per cent in the early morning trade on Monday, a day after exit polls of the general elections projected BJP-led National Democratic Alliance (NDA) to win with a comfortable majority.At 10:00 am, the BSE S & P Sensex was up 829 points at 38,760 while the Nifty 50 gained 251 points at 11,658. Except IT, all sectoral indices at the National Stock Exchange were in the green.After the seven-phase voting, exit polls showed Prime Minister Narendra Modi is set to form a government for the second term with the NDA projected to win between 339 and 365 seats in the 545-member Lok Sabha.Investors believe a stable government will lead to continuous reforms in the world's fastest-growing economy.Among the early gainers were Indiabulls Housing Finance, Larsen & Toubro, ICICI Bank and State Bank of India which gained more than 4 per cent.But Dr Reddy, Zee Entertainment, Bajaj Auto, Tech Mahindra and Infosys were in the red.The euphoria at Indian ...
Rupee rises 79 paise to 69.44 vs USD as mkt cheers exit poll results
The rupee appreciated 79 paise to 69.44 against the US dollar in opening trade Monday after exit poll results suggested another term for the ruling NDA government, even as crude oil prices firmed up. Forex traders said investors welcomed the exit poll results that predict a thumping majority for the current BJP-led government. Sentiments were also buoyed by positive opening in domestic equities. The rupee opened at 70.36 the interbank forex market, then gained further ground to touch 69.44 per dollar, displaying gains of 79 paise against the greenback. On Friday, the rupee had settled at 70.23 against the US dollar. Foreign funds pulled out Rs 1,057.82 crore in the capital markets on a net basis Thursday, provisional data showed. The benchmark BSE Sensex was trading with gains of 718.11 points, or 1.89 per cent, to quote at 38,657.65, while the NSE Nifty was trading at 11,615, up 207.85 points, or 1.82 per cent. Meanwhile, brent crude, the global benchmark, was trading at 73.28 per ...
Markets soar in early trade; Sensex zooms 942 points, rupee gains 79 paise
Domestic financial markets cheered exit poll results that showed ruling NDA is likely to win the general Lok Sabha elections on Monday, with the benchmark BSE Sensex skyrocketing over 900 points, and the rupee appreciating 79 paise against the US dollar. After soaring over 962 in early session, the 30-share index pared some gains and was trading 687.63 points, or 1.81 per cent, higher at 38,618.40. In similar movement, the broader NSE Nifty was trading 203.05 points, or 1.78 per cent, up at 11,610.20. Top gainers in the Sensex pack include Maruti, L&T, SBI, ICICI Bank, RIL, M&M, IndusInd Bank, Axis Bank, Yes Bank and Vedanta, rising up to 4 per cent. On the other hand, Bajaj Auto, Infosys and HCL Tech slipped up to 2 per cent. Most exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha. The results of the seven-phase polls
Genesys International Corporation Ltd Slips 3.36%
Genesys International Corporation Ltd has lost 20.23% over last one month compared to 1.54% fall in S&P BSE IT Sector index and 1.37% drop in the SENSEX
Engineers India gains after good Q4 outcome
Engineers India rose 3.6% to Rs 112.10 at 09:29 IST on BSE after net profit rose 37.7% to Rs 94.90 crore on 20.55% rise in total income to Rs 672.21 crore in Q4 March 2019 over Q4 March 2018.
Adani Gas Ltd Spurts 13.32%, S&P BSE Energy index Gains 3.69%
Adani Gas Ltd has lost 6.99% over last one month compared to 2.72% fall in S&P BSE Energy index and 1% drop in the SENSEX
Deutsche Bank staff saw suspicious activity by Trump, Kushner
Anti-money laundering specialists at Deutsche Bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Donald Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog.
ECL Finance mobilises over Rs 300 cr from NCD Tranche 1 issue
The Tranche I Issue was opened on 10 May and was scheduled to close on 07 June. The base size of the issue was Rs 150 crore with an option to retain over-subscription up to Rs 150 crore aggregating to a total of Rs 300 crore.
Shree Cement in focus after Q4 result
Shree Cement's net profit fell 19.61% to Rs 320.95 crore on 14.2% rise in total income to Rs 3329.96 crore in Q4 March 2019 over Q4 March 2018. The result was announced on Saturday, 18 May 2019.
Japan's economy grew 0.5 per cent in first quarter: data
Japanese GDP expanded 0.5 per cent in the first quarter of this year, official data showed Monday, in a better-than-expected result for the world's third-largest economy. It was the second successive expansion for the Japanese economy after growth of 0.4 per cent in the fourth quarter of last year and defied gloomy expectations by analysts who predicted a small decline at the start of 2019. The latest data was being closely watched amid speculation Prime Minister Shinzo Abe's government could postpone a planned sales tax hike for the third time if the GDP growth figure were very weak. Net exports contributed strongly to the latest growth figures but only because the fall in imports outweighed a decline in exports, the Cabinet Office said. Takeshi Minami, chief economist at Norinchukin Research Institute, said: "The headline figures were unexpectedly good but if you take a closer look, the data was not something we should be pleased about." "Rather, the data clearly showed weak points .
Orix Corp intends to buy out IL&FS Wind Energy's assets
Orix Corporation of Japan, owner of 49 per cent stake in the seven operating wind power plants (SPVs) of the IL&FS Group, has expressed its intent to buy out the remaining 51 per cent stake held by IL&FS Wind Energy Ltd.
Pak's hope for self-sufficiency fades away as no oil reserves found off shore
Pakistan's biggest hope of being self-sufficient in oil has faded away after no reserves were discovered in the Arabian Sea off the Karachi coast.Authorities officially announced on Saturday that the much-celebrated offshore drilling in Kekra-1 had been stopped because no reserves were found. The operators of the well have decided to fill in the hole in the coming days, Dawn reported.Around 17 attempts were made in the past, but all remained unsuccessful despite encouraging data from each drilling.Speaking to a private news channel, Special Assistant to the Prime Minister on Petroleum Nadeem Babar announced that the offshore drilling in Kekra-1 did not yield desired results.Pakistanis were hopeful about finding large oil and gas reserves in the country's territorial waters in the Arabian Sea. Kekra-1 well at Indus G-Block is located around 280 kilometres southwest of Karachi coast.A senior official of the petroleum division told Dawn that even after drilling more than 5,500 metres, ...
Exit polls, election outcome to set tone for markets
Equity markets will track election trends this week as the exit polls showed that the ruling NDA is likely to come back to power. The results of the seven-phase polls will come out Thursday and experts opined that markets have partly discounted exit poll outcome in the last few days. Most exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha. Regulator Sebi and stock exchanges have beefed up their surveillance mechanism to check any manipulative activities in the market this week in view of the high-octane election related events lined up. "Most exit polls have predicted NDA to win the Lok Sabha elections with a good margin. This was partly discounted in the markets over the last few days. The street would like it even more if the BJP on its own gets a majority in the Lok Sabha. "However, going by the way the exit polls in the ...
62 per cent turnout recorded till 7 pm in last phase, WB tops chart
An estimated voter turnout of 62 per cent was recorded till 7 pm in 59 constituencies in the last phase of the Lok Sabha elections on Sunday, the Election Commission said.The highest voter turnout of 73.46 per cent was registered in West Bengal while the lowest at 53.36 per cent was in Bihar, the EC data till 7 pm said.In Jharkhand, the polling percentage was 71.06 followed by Madhya Pradesh (70 per cent), Himachal Pradesh (66.58 per cent), Chandigarh (63.57 per cent), Punjab (60.60 per cent) and Uttar Pradesh (57.09 per cent).As many as 13 seats each in Uttar Pradesh and Punjab, nine in West Bengal, eight each in Bihar and Madhya Pradesh, all four co1nstituencies in Himachal Pradesh, three in Jharkhand and the lone seat of Union Territory Chandigarh went to polls in this phase.An estimated turnout of 69.61 per cent was recorded in the first phase of the elections, 69.44 per cent (second phase), 68.40 per cent (third phase), 65.50 per cent (fourth phase), 64.16 per cent (fifth phase) .
Defunct steelmaker's 21-story headquarters imploded
Sixteen thousand tons of Bethlehem Steel collapsed in a matter of seconds Sunday as a demolition crew imploded Martin Tower, the defunct steelmaker's former world headquarters. Crowds gathered to watch the demolition of the Pennsylvania area's tallest building, a 21-story monolith that opened at the height of Bethlehem Steel's power and profitability but had stood vacant for a dozen years after America's second-largest steelmaker went out of business. Explosives took out Martin Tower's steel supports and crumpled the 47-year-old building, which had earned a spot on the National Register of Historic Places despite its relatively young age. The implosion, which took 16 seconds, created a thick plume of dust that lingered for several minutes. Tyler Kent, whose father worked at Bethlehem Steel for 46 years and raised 11 children, said his "heart stopped" as he watched the building fall. His father and other relatives took pride in working at the industrial behemoth that armed the US ...
Huawei will not bow to US pressure: Founder
Chinese telecom giant Huawei is ready to deal with Washington's crackdown and will reduce its reliance on US components, its founder told Japanese media. President Donald Trump effectively barred Huawei from the US market on Wednesday and added it to a list which would restrict US sales to the firm amid an escalating trade war with Beijing. "We have already been preparing for this," Huawei founder and CEO Ren Zhengfei told a group of Japanese journalists Saturday in his first interview since Trump's move. Ren said Huawei would continue to develop its own components to reduce its dependence on outside suppliers. Huawei is a rapidly expanding leader in 5G technology but remains dependent on foreign suppliers. It buys about USD 67 billion worth of components each year, including about USD 11 billion from US suppliers, according to The Nikkei business daily. The usually elusive Ren, 74, has come out of the shadows in recent months in the face of increasing pressure on his company. Ren's ..