The S&P BSE Auto Index has been one of the biggest outperformers among sectoral indices over the past year with returns of 26 per cent. By comparison, the benchmarks - the National Stock Exchange Nifty50 and the S&P BSE Sensex - managed about 6-8 per cent during this period. Improving demand, falling raw material costs, and rising product realisations, led by the premiumisation of portfolios, have led to a revision of growth estimates and upgrades by domestic brokerages.
Equity benchmarks ended over 1 per cent higher on Monday amid positive trends in global markets and buying in Reliance Industries and IT counters. The 30-share BSE Sensex zoomed 846.94 points or 1.41 per cent to settle at 60,747.31. During the day, it jumped 989.04 points or 1.65 per cent to 60,889.41.
The markets may be entering a consolidation phase and are expected to trade sideways for now after a good run in the last few weeks, suggest analysts. In this backdrop, they suggest investors can book profits at the current levels and enter the market again on a decline from a medium-to-long term perspective. Thus far in fiscal 2023-24 (FY24), the S&P BSE Sensex has moved up around 5 per cent to nearly 62,000 levels.
Telecom regulator Trai on Monday said that it is working on various technologies to detect pesky calls and messages along with a joint action plan with other regulators to curb financial frauds. The Telecom Regulatory Authority of India (Trai) said that Unsolicited Commercial Communication (UCC) or pesky communication is a major source of inconvenience to the public and impinges on the privacy of individuals. "Now complaints are reported against Unregistered Telemarketers (UTMs), where a surge has been seen in pushing various kinds of UCC SMSes. Additionally, UCC calls are also one of the concerns which need to be dealt with equally along with UCC SMSes," it said.
The early bird results for the January-March quarter of 2022-23 (Q4FY23) show a pick-up in earnings growth, despite a slowdown in revenue growth, thanks to a decline in input costs and lower provisioning for bad loans by banks. The combined net profit of 66 companies that have, so far, declared their quarterly results was up 15.2 per cent year-on-year (YoY) in Q4FY23, an improvement from 4.3 per cent YoY growth in Q3. Net sales growth of these companies, however, slowed down to 11.5 per cent YoY in January-March 2023, the slowest rate in eight quarters.
Mahindra & Mahindra (M&M) and the British International Investment (BII) have inked a pact to invest Rs 1,925 crore each in a wholly-owned subsidiary of the home-grown auto major to focus on four-wheel passenger electric vehicles. The Mumbai-based automaker and BII have executed a binding agreement to invest in the new entity -- "EV Co". According to the pact, BII will invest up to Rs 1,925 crore in the form of compulsory convertible instruments at a valuation of up to Rs 70,070 crore, resulting in 2.75 per cent to 4.76 per cent ownership in the EV Co, M&M said in a regulatory filing. EV Co will focus on four-wheel (4W) passenger electric vehicles, it added.
'Sector funds like IT funds should be included only in the satellite portfolio.' 'Limit your exposure to IT sector funds to around 5-10 per cent of your equity portfolio.'
A fag-end sell-off dragged down benchmark indices in a choppy session on Friday, with the Sensex settling 49 points lower. The 30-share BSE Sensex, which traded in the green for most part of the day, came under selling pressure towards the end to close 48.88 points or 0.09 per cent lower at 55,769.23. During the day, it hit a high of 56,432.65 and a low of 55,719.36.
The Nationalist Congress Party, the main opposition outfit, accused the neighbouring state, ruled by the Bharatiya Janata Party, of 'snatching morsel from Maharashtra's mouth.'
All employees should supplement the employer-sponsored health cover with a personal cover.
Ch Charan Singh University, Meerut announces its entrance test for its 5-year integrated programmes for 2008.
Senior Tesla executives including those from its supply chain are planning to come to India on Wednesday and Thursday for meetings with government officials, including those in the Prime Minister's Office, according to sources. Prashant R Menon, director of Tesla India, did not respond to a specific query on the meetings. Sources say that the executives are coming to see how they can expand and develop local sourcing of components from India for the Tesla car.
Among the Sensex firms, Bajaj Finance emerged as the biggest gainer by climbing 2.95 per cent. Tata Motors, Bajaj Finserv, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, State Bank of India, Larsen & Toubro, HDFC, HDFC Bank, Maruti, Reliance Industries and Bharti Airtel were the other major winners. HCL Technologies, Axis Bank, ICICI Bank, Tech Mahindra and Titan were among the laggards.
Benchmark indices fell sharply on Monday, with the Sensex and Nifty tumbling nearly 2 per cent each amid weak global market trends and foreign fund outflows. Falling for the fourth straight day, the 30-share BSE Sensex tanked 953.70 points or 1.64 per cent to settle at 57,145.22. During the day, it plummeted 1,060.68 points or 1.82 per cent to 57,038.24.
Tata Power on Saturday said it has inked a pact with IIT Delhi to work together on clean energy and other projects that can be transformed from research and development level to pilot stage. Tata Power, one of India's largest private sector integrated utilities, and the Indian Institute of Technology (IIT) Delhi have signed a Memorandum of Understanding (MoU) to collaborate in areas like smart grid technology, clean energy solutions, a company statement said. Considering the large number of experts with their excellence in different fields in IIT Delhi and Tata Power, there is an immense potential to collaborate between academia, research and domain experts from business with a high transformational impact, it added.
Tesla Inc, the world's largest electric car producer, is looking to make a significant investment in India, said its chief Elon Musk, who saw India as holding more promise than any other large country around the globe. Musk, after meeting Prime Minister Narendra Modi, said he plans to visit India in 2024. "I am confident that Tesla will be in India and we will do so as soon as humanly possible," Musk told reporters after the meeting.
L&T on Thursday said its construction arm has won a large contract for the bullet train project. L&T Construction has bagged the project from National High-Speed Rail Corporation Ltd (NHSRCL). "The railways business of L&T Construction has secured acontract from NHSRCL to construct 116 route km of High-Speed ballastless track works for Mumbai-Ahmedabad High-Speed Rail (MAHSR) project, popularly referred to as the bullet train project," the company said in a statement.
Equity benchmark indices Sensex and Nifty buckled under selling pressure after a nine-session rally on Monday, as massive sell-off in IT, tech and telecom counters unnerved investors.
Benchmark stock indices opened the week on a muted note on Monday, with the Sensex plunging nearly 483 points due to selling in IT, capital goods and banking shares amid losses in global equities. The Sensex tanked 482.61 points or 0.81 per cent to settle at 58,964.57. During the day, it tumbled 552.78 points or 0.92 per cent to 58,894.40. The 50-issue Nifty declined by 109.40 points or 0.62 per cent to finish at 17,674.95 as 29 of its stocks declined.
Benchmark equity index Sensex and Nifty gave up early gains and ended lower on Monday as investor sentiment was hit due to unabated foreign fund outflows and losses in index heavyweights Reliance Industries and HDFC Bank. The 30-share BSE Sensex declined 168.21 points or 0.28 per cent to settle at 60,092.97 as 15 of its constituents dropped. The barometer opened higher and touched a high of 60,586.77 in morning session. Later in the day, it fell 297.35 points or 0.49 per cent to 59,963.83.
The government has ordered the blocking of 45 videos from 10 YouTube channels that contained fake news and morphed content with the intent to spread hatred amongst religious communities, Information and Broadcasting Minister Anurag Thakur said on Monday.
Tulsi Tanti, the founder chairman and managing director of Suzlon Energy and a renowned expert on renewable energy, died due to cardiac arrest on Saturday evening. Tanti, 64, who was also the chairman of the Indian Wind Turbine Manufacturers Association, was on his way to Pune from Ahmedabad when he suffered a cardiac arrest, a company official said. He is survived by his daughter Nidhi and son Pranav.
'The aim is also to probe how the ministry and testing agencies made negligence in examining these OEMs, so that such negligence is avoided in the future.'
Friday will be a landmark day for domestic markets, with all the listed stocks entering the professed T+1 (trading plus one day) settlement cycle. About 200 stocks, which account for more than 80 per cent of India's market capitalisation, will be settled on a next-day basis, with effect from January 27. This will evidently complete the transition to the T+1 cycle that started in February 2022 with the bottom 500 stocks in terms of market value.
Benchmark equity indices Sensex and Nifty ticked higher for the ninth straight session on Thursday, buoyed by fag-end buying in banking, financial and realty stocks amid encouraging domestic retail inflation data. Weak trends in IT counters and fall in the overnight US equity markets triggered by fresh concerns over recession, however, put a check on market's uptrend. In a largely subdued session, the 30-share BSE Sensex went up marginally by 38.23 points or 0.06 per cent to settle at 60,431.
Nearly four decades ago, when Rakesh Jhunjhunwala was a young chartered accountant in training, he was paid a conveyance of Rs 60. Deductions would take away Rs 15 from this princely sum and he was left with Rs 45 by the time the allowance made its way to his hands. He would save as much as he could from this amount, so that he would have a small amount to spend when he met his friends on the weekend at Chicken Centre. This was an eatery popular with the young at the time, perhaps because food and drink were affordable even for those new to the workforce.
'Markets are not expensive; they are fairly priced.'
Asserting that India's dedication to climate commitments is evident from its performance, Prime Minister Narendra Modi on Monday hoped that rich countries of G-7 will support India's efforts in combating climate change and invited them to tap the huge market for clean energy technologies emerging in the country. In his remarks at the session on 'Investing in a better Future: Climate, Energy, Health' at G7 Summit, Modi highlighted India's track record and said it has achieved the target of 40 per cent energy-capacity from non-fossil sources nine years before time. "The target of 10 per cent ethanol-blending in petrol has been achieved 5 months before time.
Sebi has restructured its advisory committee on market data that recommends policy measures pertaining to areas like securities market data access and privacy. Rejigging its market data advisory committee, Sebi has said the panel will now have 21 members, as per the latest information with the regulator. Earlier the committee had 20 members. The committee is chaired by M S Sahoo, Professor at National Law University, Delhi and former chairperson, Insolvency and Bankruptcy Board of India (IBBI).
India on Thursday approved proposals for purchasing 26 Naval variant of Rafale jets from France and procuring three French-designed Scorpene class submarines, a day ahead of Prime Minister Narendra Modi's wide-ranging talks with French President Emmanuel Macron in Paris.
Modi accused previous governments of not providing people with facilities that were available to people elsewhere in the world even in the 20th century and in Gujarat a few years back.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has emerged as the Indian company having the most international exposure for the second consecutive year, says a survey.
Politicians and Twitter warriors around the globe have a new buzzword among them: Net zero. Everyone appears to be keen to state their commitment to net zero, with India providing an outlay of Rs 35,000 crore to achieve energy transition and net-zero objectives in its Budget for FY24, even as the latest and final report by the United Nations' Intergovernmental Panel on Climate Change (IPCC) warned that current efforts are not enough to curb global warming. A number of small factory owners and businesses, however, have pointed out that the transition to net-zero emissions will cost them hugely.
Benchmark BSE Sensex settled above the 63,000-level for the first time on Wednesday, extending its winning momentum to seventh day amid a largely positive trend in global markets and continuous foreign fund inflows.
Inaugurating the 'Janganana Bhawan', the office of the Registrar General and Census Commissioner of India, Shah said census is a process that may form the basis of development agenda.
'While we have done a few thousand kilometres in India, most of the testing and data collection and analysis has been done in the US, Japan and Europe.'
The Indian markets have seen a good run in the last three months with the S&P BSE Sensex rising around 7 per cent and the Nifty50 moving up 7.5 per cent. The next leg of the market rally from here on, analysts suggest, will be driven by a growth in corporate earnings over the next few quarters. That said, they do not expect material / sharp downgrades to India Inc's earnings estimates despite headwinds for the economy.
Tata Consultancy Services (TCS), the group's biggest cash generator, overtook Vedanta to become the highest dividend payer in India in FY23. The IT services major paid Rs 42,090 crore for FY23, up 167.4 per cent from Rs 15,738 crore for FY22. The 10 biggest payers together shelled out Rs 2.06 trillion for FY23, more than double the Rs 98,371 crore for FY22.
Over the past three trading sessions, the stock of Cummins India has gained about nine per cent on strong January-March quarter (Q4) results and good near-term prospects. Its Q4 performance was led by a healthy 29 per cent revenue growth over the year ago quarter. This was largely on the back of a 33 per cent jump in domestic revenues while exports witnessed a growth of 17 per cent.
India does not have the facilities needed for developing advanced aerospace products. There is only one wind tunnel in the country, the almost six decade old one in the National Aeronautics Laboratory.
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