Page 754 - Business Finance
HCL Technologies Ltd drops for fifth straight session
HCL Technologies Ltd is quoting at Rs 1035.5, down 0.74% on the day as on 13:19 IST on the NSE. The stock jumped 8.93% in last one year as compared to a 7.8% rally in NIFTY and a 23.31% spurt in the Nifty IT index.
Zinc futures slip 0.03 pc on muted spot demand
Zinc prices fell 0.03 per cent to Rs 196.85 per kg in futures trading Thursday as traders trimmed their positions amid tepid demand at the domestic spot market. At the Multi Commodity exchange, zinc for delivery in current month fell by 6 paise, or 0.03 per cent, to Rs 196.85 per kg in a business turnover of 6,250 lots. Analysts attributed the slide in zinc futures to off-loading of positions by participants in line with a weak trend overseas and decline in demand from consuming industries in the domestic physical market.
Silver weakens in futures trade, down Rs 94
Silver prices fell by Rs 94 to Rs 38,071 per kg in futures trade Thursday as speculators cut down bets to book profit despite a firm trend overseas. Silver to be delivered in May was down by Rs 94, or 0.25 per cent, to Rs 38,071 per kg at the Multi Commodity Exchange. It clocked a business volume of 19,365 lots. Silver for delivery in July also traded lower by Rs 153, or 0.40 per cent, at Rs 38,575 per kg in a business turnover of 261 lots. Market analysts said profit-booking at current levels and fresh losses in the white metal in domestic markets, mainly led to the fall in silver prices in futures trade. In the international market, silver traded 0.19 per cent higher at USD 15.03 an ounce in Singapore.
Market breadth turns negative
A divergent trend was witnessed in afternoon trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with small losses. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 11.43 points or 0.03% at 36,647.53. The Nifty 50 index was down 10.80 points or 0.1% at 11,042.20.
Pb: Committee formed to frame policy for regularisation of 45,000 contractual employees
The Punjab government has formed a committee for framing a comprehensive policy for the regularisation of about 45,000 contractual employees in the state. Chief Minister Amarinder Singh Wednesday evening ordered the constitution of a committee headed by a retired officer Dilsher Kalha, said an official release here on Thursday. The committee will examine all the major aspects of such a policy, including its administrative, financial and legal implications, it said. Secretary Personnel and Secretary Finance, along with a nominee of the Advocate General's office, would be the other members of the committee, the release said. The committee will submit its report within 90 days to the cabinet sub-committee, headed by Health Minister Brahm Mahindra, for the final decision. The cabinet sub-committee also comprises finance minister and the minister of the concerned department to which the employees belong as members. Though the Punjab cabinet on Wednesday had approved the regularisation of ..
CCEA approves Rs 2,790 cr interest subvention on loans to sugar mills
The Cabinet Committee on Economic Affairs Thursday approved Rs 2,790 crore interest subvention for extending loans by banks to sugar mills, Finance Minister Arun Jaitley said. This is in addition to Rs 1,332 crore already approved by the Cabinet Committee on Economic Affairs (CCEA) in June 2018. The interest subvention is for extending loans of Rs 12,900 crore by banks to sugar mills under the scheme for extending financial assistance to sugar mills for enhancement and augmentation of ethanol production capacity, he said.
Aluminium futures slip 0.17% on muted demand
Aluminium prices softened 0.17 per cent to Rs 144.05 per kg in futures trading Thursday as speculators cut bets amid subdued demand at domestic spot market. At the Multi Commodity Exchange, aluminium for delivery in March eased by 25 paise, or 0.17 per cent, to Rs 144.05 per kg in a business turnover of 2,188 lots. Similarly, the metal for delivery in April contracts was trading lower by 65 paise, or 0.45 per cent, to Rs 144.70 per kg in 146 lots. Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in the physical market weighed on aluminium prices here.
ITC Ltd stays supported
ITC Ltd is quoting at Rs 287.3, up 0.54% on the day as on 12:44 IST on the NSE. The stock is up 10.99% in last one year as compared to a 7.71% gain in NIFTY and a 14.86% gain in the Nifty FMCG.
Bharat Petroleum Corporation Ltd extends gains
Bharat Petroleum Corporation Ltd is quoting at Rs 372.9, up 0.05% on the day as on 12:44 IST on the NSE. The stock is down 15.67% in last one year as compared to a 7.71% spurt in NIFTY and a 13.34% spurt in the Nifty Energy.
RBL Bank Ltd gains for fifth straight session
RBL Bank Ltd is quoting at Rs 627.65, up 0.02% on the day as on 12:44 IST on the NSE. The stock is up 37.81% in last one year as compared to a 7.71% jump in NIFTY and a 12.7% jump in the Nifty Bank.
IBBI Signs Agreement With IFC For effective implementation of Insolvency And Bankruptcy Code
The Insolvency and Bankruptcy Board of India (IBBI) signed a Cooperation Agreement with the International Finance Corporation (IFC), a Member of the World Bank Group (WBG). The Agreement was signed by K. R. Saji Kumar, Executive Director, IBBI and Jun Zhang, Country Manager, IFC India.The Insolvency and Bankruptcy Code, 2016 (Code) provides for re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders and, for this purpose, has established an institutional infrastructure comprising of Adjudicating Authorities, the IBBI, insolvency professionals, insolvency professional agencies and information utilities.
Copper futures slide 0.47 per cent on muted demand, global cues
Copper prices eased by 0.47 per cent to Rs 452.85 per kg in futures trade Thursday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Besides, a weak trend at the global market too weighed on the prices. At the Multi Commodity Exchange, copper for delivery in April shed Rs 2.15, or 0.47 per cent, to Rs 452.85 per kg. Marketmen said offloading of positions by traders due to a weak trend in the domestic spot market led to the fall in copper prices at futures trade here.
Crude oil futures up 0.18% on overseas cues
Crude oil prices hardened by 0.18 per cent to Rs 3,945 per barrel in futures trading Thursday as speculators created fresh bets, taking positive cues from global market. At the Multi Commodity Exchange, crude oil for delivery in March rose by Rs 7, or 0.18 per cent, to Rs 3,945 per barrel in a business turnover of 15,138 lots. The oil for delivery in April contracts, too, rose by Rs 6, or 0.15 per cent, to Rs 3,987 per barrel in 750 lots. Analysts said speculators built fresh positions after oil prices rose overseas on expectations of a tighter market due to ongoing production cut by OPEC members. Meanwhile, West Texas Intermediate gained 0.04 per cent to USD 56.24, while Brent crude rose 0.21 per cent to USD 63.13 per barrel.
Zee Media Corporation Ltd gains for third straight session
Zee Media Corporation Ltd is quoting at Rs 19.6, up 4.81% on the day as on 12:49 IST on the NSE. The stock is down 49.42% in last one year as compared to a 7.74% slide in NIFTY and a 22.7% slide in the Nifty Media index.
Tata Elxsi Ltd up for fifth session
Tata Elxsi Ltd is quoting at Rs 973.1, up 2.42% on the day as on 12:44 IST on the NSE. The stock is down 2.88% in last one year as compared to a 7.71% spurt in NIFTY and a 23.22% spurt in the Nifty IT.
Market turns range bound
Indices rose in early trade and advanced further to hit fresh intraday high in morning trade. Benchmarks reversed gains in mid-morning trade. Indices were trading near flat line in early afternoon trade.
Market trades with small gains
Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 64.33 points or 0.18% at 36,700.43. The Nifty 50 index was up 7.80 points or 0.07% at 11,060.80.
Japan Nikkei extends losses on global growth worries
Wall Street stocks closed lower on Wednesday on the dimming outlook for economic growth and questions over US-China trade talks. Sentiment was dented by the Organisation for Economic Cooperation and Development on Wednesday, which cut its global growth forecast for 2019 to 3.3% from the prior 3.5%.
Gold futures slide on weak domestic cues
Gold prices fell 0.26 per cent to Rs 31,865 per 10 gram in futures trade Thursday as participants cut down their bets amid a weak trend in the domestic markets. At the Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 83, or 0.26 per cent, at Rs 31,865 per 10 gram in a business turnover of 11,367 lots. The metal for delivery in June also declined by Rs 103, or 0.32 per cent, to Rs 32,093 per 10 gram in 8,507 lots. Analysts attributed the fall in gold prices to trimming of positions by participants. Meanwhile, gold fell 0.01 per cent to USD 1,284.80 an ounce in Singapore Thursday.
Tea exports fall in January this year
Tea exports fell marginally from 23.85 million kilograms in January 2018 to 22.27 million kilograms in the same month of 2019, according to Tea Board provisional data. Value of tea exports in January 2019, however, increased to Rs 480.77 crore as compared to Rs 470.83 crore owing to rise in unit price per kilogram to Rs 215.88 from Rs 197.42 in January 2018. Destination-wise, exports to CIS countries fell to 4.96 million kilograms in January 2019 as compared to 6.06 million kilograms in the same month of last year. Exports to UAE during January 2019 fell sharply to 1.51 million kilograms from 3.19 million kilograms in January 2018, the data said. Offtake by Iran saw a rise in January 2019 at 5.90 million kilograms from 2.82 million grams in the same period of 2018. Exports to Pakistan also saw a rise to 1.31 million kilograms from 1.14 million kilograms in January 2018, according to the Tea Board data.