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Sensex closes 379 points up, Nifty at 10,988

Attractive valuations and ease in Indo-Pak tensions as well as strong gains in the Indian rupee helped the benchmark Sensex gain 379 points, while the Nifty ended shy of the 11,000-mark amid strong gains in financial, oil and gas stocks.

Ker to avail Rs 3,500 cr WB loan to rebuild after August deluge

The Kerala cabinet Tuesday gave its nod to avail Rs 3,500 crore loan from the World Bank towards the state's rebuilding efforts after it was devastated last year by the worst deluge there in a century. A detailed UN report had earlier stated that Kerala would need Rs 31,000 crore for rebuilding, post the August floods. The Disaster Needs Assessment report, prepared by a UN team, was submitted to Chief Minister Pinarayi Vijayan in October last year. On the basis of the report, the state government had prepared a Rebuild Kerala initiative, as part of which the World Bank's first development loan of about Rs 3,500 crore received the cabinet nod Tuesday. The loan would be in the ratio of 70:30. When the World Bank provides the Rs 3500 crore loan, the state will be able to utilise projects worth over Rs 5,000 crore for its development, a government press release said. A high-power committee headed by the state chief secretary has been entrusted the task of coordinating the work to make ...

Kundan Gold Refinery forays into jewellery segment; invests Rs 60 cr

Kundan Gold Refinery Tuesday announced its foray into jewellery segment with an investment Rs 60 crore and launch of a new brand. The company launched its new brand 'Zeya by Kundan' in collaboration with Swarovski and the jewellery collection is priced from Rs 2,000 onwards. "The company has invested a sum of Rs 60 crore in its current expansion and plans to invest more in the same," Kundan Gold Refinery said in a statement. The new brand will be first of its kind hand-crafted gold jewellery adorned with cubic Zirconia from Swarovski. "We are glad to progress towards this major expansion in our business. This is a major milestone for us. ...With the launch of Zeya, we are aiming a newer segment of audience which is young and versatile," Kundan Group Director Vidit Garg said. He said the company will also launch a new refinery near Delhi with the latest well-equipped and advanced technology machines. The refinery will be in operation by the end of the year. Kundan Gold Refinery is one .

DBS Bank plans to add 1000 more techies at tech hub in Hy'bad

: DBS Bank Indiais looking to hire around 1,000 more technology engineers for its technology centre 'DBS Asia Hub 2' here over the next 24 months, a top official said here Tuesday. The DBS Group had established a technology hub DBS Asia Hub 2 in Hyderabad in 2016, the group's largest technology and operations hub outside of Singapore. The Singaporean lender is the largest foreign bank to become a fully-owned local subsidiary. "The hub has about 2,000 engineers building smartest solutions, 1,200 software engineers and developers work with DBS and about 800 who work with partners and build our technology products. We expect to grow it to 3,000 over the next 24 months," DBS Bank India chief executive Surojit Shome told reporters after launching its first branch in Hyderabad. He said they expect the bank's balance sheet to grow by three times in the next five years from the current Rs 50,000 crore. The bank invested (capital) Rs 7,700 crore for its banking business in India .

SC issues notice to Centre seeking response on implementation of EVP, FAME-India scheme

The Supreme Court on Tuesday sought a response from the Central government over a petition challenging the implementation of the Electric Vehicle Policy (EVP) and FAME India scheme.The petition in this regard was jointly filed by the Centre for Public Interest Litigation, Common Cause and Sitaram Jindal Foundation.The petitioners have sought directions to the central government to strictly mandate the creation of requisite charging infrastructure and cross-subsidization of Electric Vehicles by charging a marginal fee on fossil fuel based vehicles.Prashant Bhushan, who appeared on the behalf of the three petitioners, told the Court that a modest target of the sale of 7 million Electric Vehicles was set by the 2012 plan, under FAME-India scheme but only 0.263 million vehicles have been sold as of January 2019, showing a total failure of that scheme.He also brought to the attention of the Court that the 2012 plan had called for an investment of 14,500 crores from the government to kick ..

Govt fixes sugar sale quota at 24.5 lakh tonne for March

Sugar mills can sell 24.5 lakh tonne of the sweetener in the open market in the current month, the government said on Tuesday. The central government has allocated sugar quota for sale to each of the 524 mills in the country. "This increase (in quota for March) is attributable to various factors. There is a pattern of high sales/dispatches around this time of the year," the food ministry said in a statement. Mills are allowed to sell sugar at a minimum selling price of Rs 31 per kg. The rate was increased recently from Rs 29 per kg to help mills realise maximum revenue and clear cane price arrears of farmers, it said. Recently, mills were also advised to go for advance booking of sugar sales to bulk consumers. The government has been fixing sugar quota for mills since June 2018 and implementing the Sugar Price (Control) Order 2018 in order to manage surplus production in the country and to stabilise sugar prices with a view to clear cane price arrears of farmers. Sugarcane arrears to .

Sensex shoots up 379 pts; auto, energy stocks shine

Indian equities benchmark Sensex Tuesday surged by nearly 379 points to close at 36,442 on intense buying mainly in auto, financial and energy stocks amid easing geo-political tensions and positive macroeconomic outlook. The NSE Nifty too rose nearly 124 points to close a tad below the psychological 11,000-level. Among the Sensex constituents, 23 stocks rose and seven counters fell. Tata Motors led the Sensex chart with a rise of 7.72 per cent, followed by Heromoto Corp 5.28 per cent and Axis bank 4.12 per cent. The key BSE index was further lifted by ONGC, Coal India, Tata Steel, NTPC, Maruti and ICICI Bank -- rising as much as 3.96 per cent. Among the major Sensex laggards, Infosys slipped 1.15 per cent, HUL dropped 0.62 per cent and TCS fell 0.19 per cent. PowerGrid, LT, Yes Bank and HCL Tech were the other losers on the Sensex. Meanwhile, the country's services sector activity gathered momentum in February, driven by a quicker expansion in new work orders that supported a faster ..

India services PMI up in February

Higher work orders accelerated the growth of service sector activity in February, an key economic data showed, here on Tuesday.

Bank credit growth eases slightly to 14.35% as on 15 February 2019

Deposits rises 10.17% as on 15 February 2019

Bank of Baroda cuts lending rate by 10 basis points; loans to be cheaper

The new rates are effective from March 7

Bank of England warns of Europe-wide finance risks on Brexit

Europe's financial system faces "potential risks" to its stability arising from a no-deal Brexit, the Bank of England warned Tuesday, as it extended its weekly lending facilities to include euros. With just 24 days to go until Britain is set to leave the European Union, the BoE said businesses and households across Britain and the EU were vulnerable. The BoE said it had activated a swap line with the European Central Bank, which will provide euros in exchange for British pounds. Brussels and London are furiously trying to steer away from a dreaded "no-deal" divorce that could wreak havoc on global markets. The BoE warned Tuesday that "some disruption to cross-border services is possible and, in the absence of other actions by EU authorities, some potential risks to financial stability remain. "Although these would primarily affect EU households and businesses, they could also be expected to spill back to the UK in ways that cannot be fully anticipated and mitigated," it added in a ...

GSP duty benefit withdrawal by US to impact few sectors: FIEO

The US decision to withdraw duty benefits under its Generalized System of Preferences (GSP) programme will have a marginal impact on few domestic sectors such as processed food, leather, plastic, and engineering goods, exporters body FIEO said Tuesday. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said that as these sectors were availing higher GSP benefits, the government should look into providing fiscal support to these segments. "The government should look into providing fiscal support to such sectors so that exporters reduce their export prices factoring in the fiscal support with a view that the landed price of such products remain more or less what was under the GSP regime," he said in a statement. The other sectors that were enjoying the duty benefits include building material and tiles; hand tools (spanners, wrenches, drilling equipments); engineering goods such as spark ignition, turbines and pipes, parts of generators, cycles; made-ups ...

Bird Group to open 3 hotels in next 3-4 years; eyes expansion in Europe, Middle East

Bird Group Tuesday said it is looking to open three luxury hotels under its brand 'Roseate Hotels and Resorts' in India and Middle East in next 3 to 4 years and is considering acquisitions for future expansion. The group currently has six properties with three of them in India including the recently launched Roseate Ganges in Rishikesh and three in the United Kingdom. "We have a firm pipeline of three luxury and upscale properties in Jaipur, Goa and the middle east. The property in middle east is slated to open in 2019," Bird Group Executive Director Ankur Bhatia told PTI. Work on Goa and Jaipur properties will also begin this year and "we expect both properties to be operational in the next 3-4 years," he added. The company is also looking at organic as well as global acquisitions to expand its presence and portfolio, Bhatia said. "We are also exploring management prospects in India and international markets like Europe, Middle East besides the UK, where we already have an ...

India Nippon Electricals revises record date for 2nd interim dividend

Record date is 15 April 2019

Turnover in F&O segment jumps

Nifty March 2019 futures cross 11,000 mark

Sensex, Nifty rally as pivotals advance

Domestic stocks logged sharp gains on broad based buying support. The market breadth, indicating the overall health of the market, was strong.

Quick Wrap: Nifty Auto Index gains 3.13%, NIFTY jumps 1.14%

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After 9 deaths, Ker govt extends moratorium on repayment of farmer loans till Dec 31

With at least nine debt-ridden farmers committing suicide in the last two months in Kerala, Chief Minister Pinarayi Vijayan Tuesday announced a slew of relief measurers, including extending till December 31 the moratorium on repayment of all loans taken by them. The Left government has decided to extend the moratorium on recovery proceedings on all loans taken by farmers from public sector, commercial and cooperative banks till December 31 this year, Vijayan told reporters after a cabinet meeting. According to government sources, eight cases of farmer suicides were reported from high range Idukki district alone in the last two months. One death was reported from Thrissur district. Taking into consideration the serious situation of farmers in idukki and Wayanad, both devastated during the August floods, the farmers would get benefit on all loans taken till August 31, 2018. However, in other districts, loans taken by farmers till March 2014, will get the benefit of moratorium. This was

Sensex surges 378 pts tracking positive domestic cues

Market benchmark Sensex Tuesday surged by nearly 379 points to close at 36,442 on intense buying mainly in auto, financial and energy counters amid easing of geo-political tensions and positive macroeconomic outlook. Similarly, the broader NSE Nifty rose nearly 124 points to settle just below the psychological 11,000 level. Among the Sensex constituents, 23 stocks rose and seven counters declined. Tata Motors led the Sensex chart with a rise of 7.72 per cent, followed by Heromoto Corp 5.28 per cent and Axis bank 4.12 per cent. The key BSE index was further lifted by ONGC, Coal India, Tata Steel, NTPC, Maruti and ICICI Bank -- rising as much as 3.96 per cent. Among the major Sensex laggards, Infosys slips 1.15 per cent, HUL 0.62 per cent and TCS 0.19 per cent. Meanwhile, the country's services sector activity gathered momentum in February, driven by a quicker expansion in new work orders that supported a faster increase in output and job creation, a monthly survey showed Tuesday. The ..

E-commerce revolutionised retail sector in India: Kant

E-commerce has revolutionised the retail sector in India and will play a major role in the country's growth story going forward, Niti Aayog CEO Amitabh Kant said Tuesday. He further noted that driven by the growth in India's retail market, the country's GDP will also witness an increase and result in more job opportunities. "E-commerce market has brought a revolution in India's retail sector and nobody can stop it now," he said at an event here. According to Kant, India is currently growing at over 7 per cent and if the country has to grow at 9 per cent, then e-commerce market will have to play a major role. Recently, the Central Statistics Office (CSO), revised downwards country's growth estimate for the full fiscal (2018-19) to 7 per cent from 7.2 per cent. According to a report by Deloitte India and Retail Association of India, India's e-commerce market will touch USD 84 billion in 2021 from USD 24 billion in 2017 on account of a healthy growth in organised retail sector. Kant ...