Page 728 - Business Finance
Sensex spurts over 481 pts; Nifty reclaims 11,300-level
Market benchmark Sensex Tuesday rallied over 481 points, riding on a host of positive factors like sustained foreign fund inflows, stronger rupee and chances of the incumbent NDA government coming for a second term. Besides, gains in global equity markets also had its impact on domestic bourses. The 30-share BSE gauge settled 481.56 points, or 1.30 per cent, higher at 37,535.66. The broader NSE Nifty reclaimed the psychological 11,300-level and closed with gains of 133.15 points, or 1.19 per cent, at 11,301.20. In the Sensex pack, Bharti Airtel was the top performer, surging 4.61 per cent. Other gainers included ICICI Bank, IndusInd Bank, L&T, Sun Pharma, RIL, HDFC duo, Tata Motors and M&M -- climbing up to 3.69 per cent. Bucking the overall trend, Bajaj Finance, ONGC, NTPC, Coal India, Yes Bank, Bajaj Auto, SBI and Hero MotoCorp fell as much as 1.13 per cent. IT stocks too came under pressure amid strengthening rupee, with Infosys, TCS, Tech Mahindra and MindTree falling up ..
Sensex shoots up 481 points; Nifty reclaims 11,300-level
The BSE benchmark Sensex Tuesday soared over 481 points on intense buying mainly in financial, energy and telecom stocks amid strong foreign fund inflows and positive global cues. The 30-share BSE gauge settled 481.56 points, or 1.30 per cent, higher at 37,535.66. The broader NSE Nifty reclaimed the psychological 11,300-level and closed with gains of 133.15 points, or 1.19 per cent, at 11,301.20. In the Sensex pack, Bharti Airtel was the top performer, surging 4.61 per cent. Other gainers included ICICI Bank, IndusInd Bank, L&T, Sun Pharma, RIL, HDFC duo, Tata Motors and M&M -- climbing up to 3.69 per cent. Bucking the overall trend, Bajaj Finance, Infosys, ONGC, NTPC, Coal India, Yes Bank, Bajaj Auto, SBI, Hero MotoCorp and TCS fell as much as 1.13 per cent. Sectorally, the BSE realty index topped the chart, surging 2.60 per cent, followed by telecom, bankex, healthcare and finance indices. "The market has been moving from strength to strength in the last couple of weeks with
Govt-owned firms, BFSI sector driving blockchain adoption in India: Nasscom
Public sector firms across half of the states along with the banking and financial sector are driving blockchain adoption in the country, a report by IT industry body Nasscom said Tuesday. "The public sector has driven blockchain-based projects with nearly half the Indian states involved to address different elements of citizen service delivery," Nasscom said in a statement. It said the state governments are also ensuring a progressive approach to impart a conducive framework for start-ups and niche service providers to participate in these initiatives. According to the report, more than 40 blockchain initiatives are currently being executed by public sector companies with 92 per cent projects in pilot phase and 8 per cent in production phase. "Further, enterprises across all key industries in India are also identifying different applications of blockchain. The BFSI (banking, financial services and insurance) sector has seen the highest adoption, but other industries such as ...
Taxpayers can compare tax liability declared in final, summary GST returns forms: GSTN
The GST Network Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms. The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the taxpayers to view and download a report on tax liability as declared in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return). While GSTR-1 for a month is filed by the 11th day of the succeeding month, GSTR-3B is filed and taxes paid by the 20th day of the succeeding month. GSTN, in a statement said, since GSTR-1 and GSTR-3B are filed independent of each other, a need was felt to provide facility to view liability declared in both the forms at one place. The new facility enables the taxpayers to view these two liabilities in one table for each return period at one place, which can be compared. This will enable taxpayers to ...
Hong Kong: Market surges 1.46%
Blue chips rose across the board. Tencent (00700) rose 1.8% to HK$361. HSBC (00005) nudged up 0.6% to HK$64.85. HKEX (00388) added 3.1% to HK$277.4 after the bourse said it plans to launch A-share index futures. AIA (01299) put on 1.8% to HK$78.15. China Mengniu Dairy (02319) bucked the uptrend, falling 1% to HK$24.7, turning the worst blue-chip loser.
China Market gains on trade deal hopes
On the trade front, Chinese Vice Premier Liu He held a telephone call with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer on key issues in their trade talks on Tuesday, and set the next steps in "working arrangements".
Railway revenue rises 6.7% in February 2019
Freight traffic rises 4.3% to 100 million tonnes in February 2019
Industrial production growth slows to 1.7% in January 2019
12 out of 23 industry groups in the manufacturing sector shows negative growth
CPI inflation rises to 2.57% in February 2019
Core CPI inflation eases to 5.29% in February 2019
Shares rally on broad-based buying support
Key equity indices reported sharp gains on strong buying demand in index pivotals. Overall risk appetite improved after foreign investors ramped up buying in domestic equity market. The sentiment also got a boost by a strong rupee and positive global stocks after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament.
Quick Wrap: Nifty Realty Index gains 2.62%, NIFTY climbs 1.19%
Powered by Capital Market - Live News
CMI executes its maiden order from Mauritius
Powered by Capital Market - Live News
Board of Housing & Urban Development Corporation approves fund raising up to Rs 30,000 cr
At meeting held on 12 March 2019
Nifty March futures at premium
Turnover in F&O segment spurts
Raghuram Rajan says capitalism is 'under serious threat'
Former RBI governor Raghuram Rajan Tuesday warned that capitalism is under "serious threat" of a "revolt" as the economic and political system has stopped providing for the people, especially after the 2008 global financial meltdown. Rajan, now a professor at the University of Chicago, told BBC Radio 4's Today Programme that governments across the world cannot afford to ignore social inequality when considering the economy. "I think capitalism is under serious threat because it's stopped providing for the many, and when that happens, the many revolt against capitalism," the former chief economist at the International Monetary Fund (IMF) said. Rajan said he believes that capitalism is breaking down because it is not providing equal opportunities. "It's not providing equal opportunity and in fact the people who are falling off are in a much worse situation," he said. He said authoritarian regimes arise "when you socialise all the means of production". "A balance is needed, you can't ...
HDFC Life shares plunge over 5% on stake sale announcement
Shares of HDFC Life Insurance Company Tuesday declined by over 5 per cent after the insurer said its promoter Standard Life will sell up to 4.93 per cent stake. On BSE, the scrip ended at Rs 371.45, down 4.71 per cent from the previous close. Intraday, it was trading 5.38 per cent lower at Rs 368.80. Similarly, on the NSE, the shares fell 5.12 per cent to settle at Rs 370.50. During the day, it touched a low of Rs 367.55. In terms of equity volume, more than 12 lakh shares were traded on BSE, while over 1.6 crore scrips changed hands on NSE. The insurer in a regulatory filing on Monday said that Standard Life (Mauritius Holdings) 2006 Ltd, one of its promoters, will sell stake through an offer for sale on March 12, and the floor price for the sale will be Rs 357.50 per share. Standard Life proposes to sell up to 7 crore shares representing 3.47 per cent stake, with an option to additionally sell up to 2.95 crore shares representing 1.46 per cent of the total issued and paid-up ...
Yatra to review take over proposal of Ebix
Yatra Online Inc, the parent company of Gurugram-based online travel firm Yatra.com, said Tuesday it has received a proposal from Ebix Inc to acquire all of its outstanding shares and will review the offer. US-based software firm Ebix Inc on Monday announced that it had offered to acquire Yatra Online Inc for USD 336 million (over Rs 2,345 crore). "Consistent with its fiduciary duties, and in consultation with its independent legal and financial advisors, the company's Board of Directors will review and consider the proposal to determine the course of action that it believes is in the best interest of the company and all of its shareholders," Yatra Online Inc said in a statement. Company shareholders do not need to take any action at this time, it added. "Citi Group Global Markets Inc is acting as financial advisor to the Company and Goodwin Procter LLP is acting as legal counsel," the statement said. Ebix Inc has sent a letter to the Board of Yatra Online, Inc outlining offer to ...
Blackstone-Embassy to launch India's first REIT on Mar 18 to raise up to Rs 4,750 cr
Global investment company Blackstone and realty firm Embassy will hit the capital market with the country's first real estate investment trust (REIT) to raise up to Rs 4,750 crore, while it has received Rs 876-crore commitment from strategic investors. Embassy Office Parks, joint venture of Blackstone and Embassy, has entered into unit subscription agreements with strategic investors to allot them 2,92,08,800 units for Rs 876.3 crore. These investors are American Funds Insurance Series, New World Fund INC and SMALLCAP World Fund Inc, according to a regulatory filing. The REIT issue will open on March 18 with a price band of Rs 299-300 per unit. The issue closes on March 20. The total issue size is 12,95,56,000 units. Embassy Office Parks had in September last year filed the draft red herring prospectus (DRHP) with market regulator Sebi to launch REIT, touted as Asia's largest in terms of portfolio size of 33 million sq ft. REIT is an investment tool that owns and operates ...
Cairn holding in Vedanta down to 0.1% after tax dept sells 99% shares
British oil firm Cairn Energy Plc Tuesday said its holding in Vedanta Ltd has dropped to just 0.1 per cent after the Income Tax Department sold most of its 4.9 per cent stake in the company to recover a retrospective tax demand. Besides realising about Rs 5,000 crore from selling the shares together with redemption proceeds on Vedanta Ltd preference shares, the Income Tax Department has also seized Rs 1,140 crore of dividend due to the British company as well as Rs 1,590 crore of tax refund in an unrelated case, Cairn said in its 2018 financial earnings statement. The company reported a net loss of USD 1.1 billion in the year ending December 31, 2018 "resulting principally from a write-down of Cairn's investments in India", it said. Cairn discovered India's biggest onland oilfield in Rajasthan in January 2004. It later sold the India business Cairn India to Vedanta in 2011 for USD for USD 8.67 billion. It, however, held a small stake of close to 10 per cent in the company. Cairn India
Industrial growth slows to 1.7 pc in January
Industrial output growth stood at 1.7 per cent in January on account of slowdown in the manufacturing sector. Factory output as measured in terms of the Index of Industrial Production (IIP) had grown by 7.5 per cent in January 2018. During April-January 2018-19, industrial output grew at 4.4 per cent as against 4.1 per cent in the same period previous fiscal, according to the data released by the Central Statistics Office (CSO) on Tuesday.