Page 704 - Business Finance

Turnover in F&O segment rises

Reliance Industries, Axis Bank, ICICI Bank March 2019 futures most active

Stocks log modest gains

Local stocks logged gains for sixth straight session on Monday amid positive global cues. Strong foreign portfolio inflows in the domestic market and firmness in the rupee against the dollar also boosted sentiment.

Maruti shares decline nearly 3 pc on production cut in Feb

Shares of Maruti Suzuki India (MSI) fell nearly three per cent Monday amid production cut in February on account of subdued demand. On BSE, the stock declined 2.56 per cent to close at Rs 6,910.35. Intra-day, it dropped 4.39 per cent to Rs 6,780.20. On NSE, the scrip declined 2.56 per cent to settle at Rs 6,902. The stock was the worst hit on Monday among the frontlines on both key indices. The country's largest carmaker cut production by over 8 per cent in February on account of subdued demand. The auto major produced a total of 1,48,959 units, including Super Carry LCV, across its factories last month, down 8.3 per cent from 1,62,524 units produced in the year-ago period, as per an analysis of the company's data on BSE. The production of passenger vehicles including Alto, Swift, Dzire and Vitara Brezza declined 8.4 per cent to 1,47,550 units as compared with 1,61,116 units in February 2018. MSI declined to comment on the reasons for taking this production cut.

MRF CMD K M Mammen elected as ATMA Chairman

Automotive Tyre Manufacturers' Association (ATMA) Monday said MRF Chairman & Managing Director K M Mammen has been unanimously elected as its chairman. The tyre industry also said JK Tyre & Industries Whole-time Director Anshuman Singhania has been elected as vice-chairman. The core group has also been reconstituted with Rajat Nangia, senior general manager Replacement Sales, MRF becoming the new convener of ATMA Industry, Public & Economic Affairs (IPEA) Group that looks at developing new markets and increasing export competitiveness of Indian tyre industry, ATMA said in a statement. Similarly, Ceat Vice President Procurement, Roopesh R will now head ATMA Supply Chain & Resources (SCR) group that works to ensure fair and sustainable supply of raw materials to the industry, it added. JK Tyre & Industries Technical Director V K Misra has taken over the reins of ATMA Technology, Environment, Safety & Standards (TESS) Group, it added. ATMA further said its ...

Counterfeit and pirated goods represent 3.3% of global trade: report

Global sales of counterfeit and pirated goods have soared to USD 522 billion a year, amounting to a whopping 3.3 per cent of world trade, according to a report published Monday. The latest assessment by the EU Intellectual Property Office (EUIPO) and the OECD found the share of counterfeit goods had seen a "considerable" rise since its previous 2016 estimate of 2.5 per cent of global trade. Such goods represented 121 billion euros worth of imports into the European Union alone - a massive 6.8 per cent of total imports into the bloc, up from five per cent in 2016, EUIPO said in a statement. "Counterfeiting and piracy pose a major threat to innovation and economic growth, at both EU and global level," EUIPO executive director Christian Archambeau said. He said that the "deeply concerning" rise "clearly calls for coordinated action, at all levels, to be fully tackled". The companies most affected by counterfeiting and piracy are mainly based in developed OECD nations like the United ...

Lupin shares fall 4% on USFDA action

Shares of Lupin Monday fell by 4 per cent after the company said it has been cautioned by the US health regulator that its Somerset (New Jersey) facility may be subject to regulatory or administrative action. The shares declined 3.92 per cent to close at Rs 754.50 on BSE. During the day, it plunged 5.59 per cent to Rs 741.35. At NSE, the shares dropped 3.98 per cent to close at Rs 753.90 . Lupin Saturday said it has been cautioned by the US Food and Drug Administration (USFDA) that its Somerset facility may be subject to regulatory or administrative action, and the regulator may withhold approval of any pending applications or supplements in which this facility is listed. The company's subsidiary Novel Laboratories Inc has received a letter from USFDA classifying the inspection conducted at its Somerset (New Jersey) facility in December 2018, as Official Action Indicated (OAI), Lupin said in a regulatory filing. 'Official Action Indicated', means approvals of pending applications or ..

Bharat Petroleum Corporation Ltd rises for third straight session

Bharat Petroleum Corporation Ltd is quoting at Rs 406.8, up 2.65% on the day as on 12:54 IST on the NSE. The stock is down 5.56% in last one year as compared to a 13.31% jump in NIFTY and a 21.67% jump in the Nifty Energy index.

IndusInd Bank Ltd up for fifth straight session

IndusInd Bank Ltd is quoting at Rs 1718.4, up 0.89% on the day as on 12:49 IST on the NSE. The stock is down 0.02% in last one year as compared to a 13.27% spurt in NIFTY and a 21.57% spurt in the Nifty Bank.

Quick Wrap: Nifty Realty Index records a surge of 2.82%

Powered by Capital Market - Live News

Central Bank to raise up to Rs 270 cr by issuing shares to employees

State-owned Central Bank of India will raise up to Rs 270 crore by issuing shares to its staff under the employee share purchase scheme (ESPS). The bank's board on Monday approved a proposal to raise equity capital by issuance and allotment of up to 10 crore shares at the issue price of Rs 27 per share, Central Bank of India said in a regulatory filing. The shares under the scheme will be allotted to eligible employees, it said. "The compensation committee of the board fixed issue opening date as March 19, 2019 and issue closing date as March 27, 2019 subject to provision that the issue closing date can be revised and preponed or postponed with approval of the Committee," the bank said. Stock of the bank closed 0.44 per cent down at Rs 33.85 on BSE.

Hong Kong Market extends gain ahead of Fed meeting

The Chinese government has additional monetary policy measures that it can take to support economic growth this year, and will even cut "its own flesh" to help finance large-scale tax cuts, Premier Li Keqiang said on Friday. Li's comments suggest Beijing is ready to roll out more stimulus measures to ensure the economy grows within a targeted range of 6-6.5%.

Maruti cuts vehicle production by over 8% in February

The country's largest car maker Maruti Suzuki India (MSI) cut production by over 8 per cent in February on account of subdued demand. The auto major produced a total of 1,48,959 units, including Super Carry LCV, across its factories last month, down 8.3 per cent from 1,62,524 units produced in the year-ago period, the company said in a regulatory filing. The production of passenger vehicles, including Alto, Swift, Dzire and Vitara Brezza, declined by 8.4 per cent to 1,47,550 units as compared with 1,61,116 units in February 2018. However, the production of vans -- Eeco, Omni -- was up by 22.1 per cent to 16,898 units last month as compared with 13,827 units in February 2018. Production of Super Carry LCV was up by just one unit last month. When contacted, MSI declined to comment on the reasons for taking this production cut. In January, MSI had reported a total production of 1,83,064 units, up 15.6 per cent from 1,58,396 units produced in January 2018. Production of passenger vehicles

Markets reverse early gains but close in the green

Share markets reversed early gains on Monday despite strong fund inflows and advances in Asian peers but ended higher after a volatile session.Traders booked profits as a majority of sectoral indices witnessed new highs in the morning session.The BSE S & P Sensex closed 71 points up to close at 38,095, while the NSE Nifty 50 was up 35 points at 11,462.Heavy selling was witnessed during the afternoon session in auto, pharma, and public sector bank stocks.However, markets regained momentum as the rally was led by Reliance Industries, HDFC Bank, Power Grid, Bajaj Finance, and HDFC Bank.Indian Oil was a prominent gainer and closed 3.5 per cent higher at Rs 162.90. Dewan Housing Finance closed 3.6 per cent higher at Rs 135.85 after Chief Financial Officer Santosh Sharma was redesignated to another role.But among the drags were Maruti, Hero MotorCorp, Eicher Motors, Grasim and Vedanta.Meanwhile, Asian stock markets also traded higher as investors awaited developments on the US-China ...

China Market extends gain

The Chinese government has additional monetary policy measures that it can take to support economic growth this year, and will even cut "its own flesh" to help finance large-scale tax cuts, Premier Li Keqiang said on Friday. Li's comments suggest Beijing is ready to roll out more stimulus measures to ensure the economy grows within a targeted range of 6-6.5%.

India, Africa should examine if they can forge free trade pact: Prabhu

India and Africa should examine if they can enter into a free trade agreement or preferential trade agreement, Commerce Minister Suresh Prabhu has said. Addressing a conference here, the minister said India's exports of services and merchandise together would touch a record USD 540 billion in the current financial year ending March 31, reflecting its robust economic fundamentals. "Please think about a free trade agreement between Africa and India. We can think about a preferential trade agreement....and the fundamental principle would be how Africa will benefit first and India later," he said, adding this could be another way of increasing Africa's share in the global marketplace. The India-Africa trade stands at USD 62 billion. India mainly exports pharmaceuticals, engineering and electronic products to Africa and imports natural resources and diamonds. According to the minister, India received record FDI inflows in the last fiscal, and the country's outbound investment flows are ...

Indices gain for sixth straight session

Key equity benchmarks rose for a sixth straight session on Monday amid positive global cues. The barometer index, the S&P BSE Sensex, rose 70.75 points or 0.19% to settle at 38,095.07. The Nifty 50 index rose 35.35 points or 0.31% to settle at 11,462.20. Strong foreign portfolio inflows in the domestic market and firmness in the rupee against the dollar also boosted sentiment.

Japan Nikkei rises 0.62%

Market participants commenced trading with firm footing on reports top officials from the world's biggest economies working on an agreement to end their long-running tariffs spat, which was a major drag on markets at the end of 2018. While there are few details on the talks as they stand - and a floated summit between Donald Trump and Xi Jinping looks to be later than expected - upbeat comments from both sides are keeping investors broadly happy for now.

Benchmarks rise for 6th straight session

Key equity benchmarks rose for a sixth straight session on Monday amid positive global cues. The barometer index, the S&P BSE Sensex, rose 70.75 points or 0.19% to 38,095.07, as per the provisional closing data. The Nifty 50 index rose 35.35 points or 0.31% to 11,462.20, as per the provisional closing data. Strong foreign portfolio inflows in the domestic market and firmness in the rupee against the dollar also boosted sentiment.

Australia Market ends 0.25% higher

Market participants commenced trading with firm footing on reports top officials from the world's biggest economies working on an agreement to end their long-running tariffs spat, which was a major drag on markets at the end of 2018. While there are few details on the talks as they stand - and a floated summit between Donald Trump and Xi Jinping looks to be later than expected - upbeat comments from both sides are keeping investors broadly happy for now.

MCCIL Becomes First Clearing Corporation in India to be Recognised as a Third-Country CCP by Bank of England

/ -- Recognition enables to offer clearing services to UK-based entities in case of Brexit The recognition comes additional to a recognition by ESMA, received in 2017 Metropolitan Clearing Corporation of India Ltd (MCCIL), an arm of Metropolitan Stock Exchange of India, has become the first SEBI recognised clearing corporation in the country to receive recognition as a Third-Country Central Counterparty (TC-CCP) by Bank of England. The recognition, granted under United Kingdom's Temporary Recognition Regime (TRR), enables MCCIL to offer clearing services to UK-based entities once Britain's exit from the European Union (BREXIT) comes into effect. So far, MCCIL is the only clearing corporation recognized by the Securities and Exchange Board of India (SEBI) to figure in the interim list of third-country CCPs issued vide a notification by Bank of England on February 28. There are currently seven clearing houses recognized by SEBI including BSE's Indian Clearing Corporation Ltd and ...