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Quick Wrap: Nifty Media Index falls 2.74%
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Sensex logs 5th straight loss, plummets 324 pts
Benchmark indices fell for the fifth session in a row on Tuesday, with the Sensex plunging 324 points and the Nifty diving over 100 points as investors continued to weigh US-China trade tiff and lukewarm corporate results. Indian bourses after starting the session on a high came under heavy selling pressure as domestic investors' sentiment took a beating after IMF chief Christine Lagarde said US-China tensions were a 'threat' to world economy. The Sensex was mainly dragged by Tata Motors, ICICI Bank, Bharti Airtel and Reliance Industries -- shedding as much as 4.60 per cent. The quarterly results of ICICI Bank and Bharti Airtel failed to attract investors and both the companies saw constant sell-offs during the session. The 30-share index ended 323.71 points, or 0.84 per cent, lower at 38,276.63. The BSE index hit an intra-day low of 38,236.18 and a high of 8,835.54. Similarly, the NSE Nifty dropped 100.35 points to settle below the 11,500 level at 11,497.90. During the day, the ...
Kaya reports consolidated net loss of Rs 13.02 crore in the March 2019 quarter
Sales rise 6.63% to Rs 103.84 crore
V I P Industries consolidated net profit declines 27.87% in the March 2019 quarter
Sales rise 19.97% to Rs 434.98 crore
Supreme Industries consolidated net profit declines 30.43% in the March 2019 quarter
Sales rise 4.05% to Rs 1530.91 crore
Intimation of appointment of Rishabh K. Desai as an Additional Director
W.e.f. 07 May 2019
Direct tax collections fall short of Rs 82,000 crore in FY 19
New Delhi [India], May 7 (ANI): Direct Tax collections fell short by Rs.82,000 crore crore at 11.18 crore during 2018-19 with lower corporate tax collections emerging as one of the reasons for the lower mop.The government had set a target of Rs 12 lakh crore. Total tax collection numbers indicate that it got 13.4 per cent more than the previous fiscal but fell short of the revised target of 18 per cent.A senior official told ANI that one of the reasons for the shortfall was lower corporate tax collections than anticipated. The collections from some regions were much below than those of last year.Besides, profits of micro, small and medium enterprises have been lower, which had a negative impact on tax collections.The Central Board of Direct Taxes (CBDT) has constituted a committee for a central action plan for 2019-20 which will suggest areas of improvement.On March 26, CBDT Member (Revenue) Neena Kumar sent a letter to all regional chiefs, saying that as against the budget ...
Amul to be principal sponsor of Afghanistan cricket team at ICC World Cup
Dairy major Amul will be the principal sponsor of the Afghanistan cricket team for the upcoming ICC World Cup hosted by England and Wales, its Managing Director R S Sodhi said Tuesday. Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets dairy products under Amul brand, exports around Rs 200 crore worth of products annually to the neighbouring country. "Amul will be the principal sponsor of Afghanistan cricket team in the coming ICC World Cup. We believe that Afghanistan will be a strong contender as it is fastest-growing team," Sodhi told reporters here. This is the third time that Amul is sponsoring a cricket team in the World Cup, he said adding that the company had associated with New Zealand and Holland teams in earlier World Cup tournaments. When asked about the sponsorship deal with the Afghanistan cricket team, he declined to comment. However, Sodhi said the company annually spends only 0.8 per cent of its annual turnover on advertisements. GCMMF posted a 13 ...
Marico shares jump nearly 6% post robust Q4 results
Shares of Marico gained nearly 6 per cent Tuesday after the company posted over two-fold increase in consolidated net profit for the fourth quarter of 2018-19. The scrip jumped 5.59 per cent to close at Rs 359 on the BSE. During the day, it advanced 8.17 per cent to Rs 367.80. At the NSE, shares climbed 5.75 per cent to close at Rs 359.15. On the traded volume front, 7.32 lakh shares were traded on the BSE and over one crore shares on the NSE during the day. Homegrown FMCG major Marico Monday posted over two-fold increase in consolidated net profit at Rs 405 crore for the fourth quarter of 2018-19, aided by one-time write-back of tax provisions amounting to Rs 188 crore. The company had reported a net profit of Rs 183 crore in the corresponding period of 2017-18. Revenue from operations rose to Rs 1,609 crore for the March quarter, as compared with Rs 1,503 crore in the same period of 2017-18, Marico said in a regulatory filing. For the 2018-19 fiscal, the company posted a net profit .
DLF bags top honours at Golden Globe Tigers Awards 2019
DLF Limited, was honoured with prestigious awards at The Golden Globe Tigers Awards 2019 (For Excellence and Leadership in Real Estate Management) held at Kuala Lumpur, Malaysia on 24th April.The speaker at the occasion was Tan Sri Dato Dr Abdul Aziz Bin Abdul Rahman, Chairman and Senior Independent Non-executive Director, BTM Resources Berhad, Malaysia.DLF Limited won awards in four categories. While DLF Limited backed the Developer of the year- Luxury and Developer of the year - Residential, two of its projects namely King's Court and The Crest won Luxury Project of the Year awards.The Golden Globe Tigers award is open to residential and commercial property professionals from around Asia and the Middle East. They celebrate the highest levels of achievements by companies operating in all sectors of property and real estate industry.The Golden Globe Tigers Award is a world-renowned mark of excellence. The awards are split into regions covering Asia regions and GCC. Participants enter .
Aluminium futures tad higher 0.07% on spot demand
Aluminium prices were marginally up by 0.07 per cent to Rs 145.30 per kg in futures trade Tuesday as speculators created fresh positions amid improved demand at the spot market. On the Multi Commodity Exchange, aluminium for delivery in May contracts inched up by 10 paise, or 0.07 per cent, to Rs 145.30 per kg in a business turnover of 1,551 lots. Analysts said fresh positions built up by participants following pick-up in demand from consuming industries in the physical market and metal's gain in the domestic market mainly influenced aluminium prices in futures trade here.
Castor seed prices up by Rs 48 on firm bets
Castor seed prices rose by Rs 48 to Rs 5,834 per quintal in futures trade Tuesday after investors widened their bets amid firm spot cues. Marketmen said, apart from rising demand from consuming industries, short position of stocks in the spot market mainly led to the rise in castor seed futures. At the National Commodity and Derivatives Exchange, castor seed for June contracts was trading higher by Rs 48, or 0.83 per cent, to Rs 5,834 per quintal clocking an open interest of 228,510 lots. Castor seed for July contracts rose by Rs 34, or 0.58 per cent, to Rs 5918 per quintal, having an open interest of 12,505 lots.
Nifty drops below 11,500 as pivotals slide
Domestic stocks dropped sharply as index pivotals dropped. The barometer index, the S&P BSE Sensex, lost 323.71 points or 0.84% at 38,276.63. The Nifty 50 index lost 100.35 points or 0.87% at 11,497.90. The Nifty dropped below 11,500 level. Shares of index heavyweight Reliance Industries dropped.
Thomson, Kodak TV maker to start production at new unit
Targeting sales of about four lakh units this fiscal, the maker of Thomson and Kodak brand televisions, Super Plastronics, will start rolling out TVs from its new facility this month end, a top company official said on Tuesday.
Marico spurts on robust Q4 results
Marico rose 5.56% to Rs 358.90 at 15:20 IST on BSE after consolidated net profit rose 121.31% to Rs 405 crore on 8.72% increase in net sales to Rs 1,609 crore in Q4 March 2019 over Q4 March 2018.
Piramal, CPPIB to sponsor renewable energy focussed InvIT
Piramal Enterprises on Tuesday signed a memorandum of understanding (MoU) with Canada Pension Plan Investment Board (CPPIB) to co-sponsor a renewable energy-focused infrastructure investment trust (InvIT).With an initial corpus of 600 million dollars and the option to scale further, InvIT will seek to acquire up to 1.5 to 2 gigawatt of stable and cash-generating renewables assets on a hold-to-maturity basis, with a firm focus on diversification of both asset type as well as off-taker profile."The foundation of this partnership is based on a shared ethos and values that leverage CPPIB's global track record of value creation in the infrastructure space with Piramal Enterprises Ltd's long term strategy and goodwill in India," said Piramal Group Chairman Ajay Piramal.Both Piramal Enterprises and CPPIB will act as co-sponsors of the proposed InvIT and hold up to 75 per cent of the units, with CPPIB committing 360 million dollars and holding up to 60 per cent, and Piramal Enterprises ...
China's top trade negotiator will go to US for talks
China on Tuesday said it will send its top trade negotiator Li Hu to the US for talks despite Washington's breaking the truce amid the ongoing trade war by deciding to increase tariffs on the Chinese imports worth $200 billion.
Guar seed prices gain Rs 19 on upbeat demand
Guar seed prices advanced by Rs 19 to Rs 4,510 per quintal in futures trade Tuesday on widening of bets by participants, buoyed by a firming trend at the physical market. Marketmen attributed the rise in guar seed prices to raising of positions by participants, triggered by a firm trend in the spot markets on thin supplies from growing belts amid strong demand from guar gum makers. On the National Commodity and Derivatives Exchange, guar seed for June contracts hardened by Rs 19, or 8.5 per cent, to Rs 4,510 per quintal, showing the business turnover of 90,770 open interest lots. In line with the general trend, delivery for guar seed in July contracts rose by Rs 14.5, or 0.32 per cent, to Rs 4,568 per quintal, in an open interest of 3,500 lots.