Markets ended lower for the third straight day on Tuesday weighed down by profit taking in rate sensitives with bank shares leading the decline after hopes of rate cut by the central bank faded.
Debt-ridden telecom operator Vodafone Idea on Tuesday approved the allotment of equity shares worth Rs 16,133 crore to the government, which post-allocation has become the largest shareholder with a 33.44 per cent stake in the company. The shares have been allocated to the government in lieu of conversion of interest dues arising from deferment of adjusted gross revenue and spectrum auction payments, the company said in a regulatory filing. "...it is hereby informed that the board of directors of the company has, at its meeting held today approved the allotment of 16,133,198,899 equity shares of face value of Rs 10 each at an issue price of Rs 10 per equity share aggregating to Rs 161,331,848,990 to the Department of Investment and Public Asset Management, Government of India," the filing said.
The infrastructure spending target for 2020-25 was revised because of additional and amended data provided by central ministries, state governments since the release of the summary NIP Report in December 2019 when it was pegged at Rs 100 trillion.
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
ITC, Sun Pharma, Cipla and Tata Steel were top gainers on BSE Sensex
Markets ended higher for the second straight session mainly on the back of upbeat corporate earnings.
The cement industry continues to present a puzzle to investors.
Two out of three times, the market has delivered positive returns.
Banking on upturn in Indian economy, foreign brokerages upgrade Sensex targets.
Among key stocks, Tata Motors, Hero MotoCorp, L&T, Wipro, ICICI Bank, Dr Reddy's Labs and ICICI Bank, all up between 1%-3%
Tata Steel was the top gainer in the Sensex pack, jumping around 4 per cent, followed by NTPC, PowerGrid, Reliance Industries and Bajaj Finserv.
India and the US on Friday expressed concern over high inflation which is being driven by external factors and has become a challenge for both the nations. Speaking at the US-India Businesses and Investment Opportunities, Finance Minister Nirmala Sitharaman said in India the inflation challenges are prompted more by external factors. "So while the number today is in a manageable range, the challenges are largely due to the import of crude.
To set up a future-ready administration geared towards the target of $2 trillion exports by 2030, the Department of Commerce has decided to set up a dedicated trade promotion body to drive overall promotion strategy, export targets, and execution as part of a restructuring exercise. The trade promotion body will formulate and drive overall trade promotion strategy; create and drive India's branding across focus markets and sectors; drive coordinated action across missions, states and export promotion councils; strategic initiatives, including advisory and buyer-seller meet; and develop digital platforms for exporters and buyers. Based on a 14-volume 'restructuring dossier' by the Boston Consulting Group, the commerce department has already implemented some of the recommendations.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
The index gained 572 points, or 2.4 per cent, this week while the Nifty added 164 points, or 2.3 per cent
The 30-share Sensex ended down 261 points at 28,747 and the 50-share Nifty ended down 83 points at 8,684.
Telecom, metal and healthcare came as dampeners.
The broader markets, however, outperformed the benchmark indices -- BSE Midcap and Smallcap indices ended up 0.6%-1%.
Since infrastructure projects have long gestation periods, investors need to enter them with a long horizon of at least 10 years.
While the company insisted it had enough spectrum across circles, analysts said the company might soon need to acquire some spectrum to ensure uninterrupted service.
Market participants are now awaiting Thursday's meeting of the European Central Bank
Bad monsoon would be bad news for the market except tech.
Eight Sensex biggies such as Reliance, L&T, BHEL, SBI and ICICI Bank are among the worst hit.
As per reports, Rs. 50,000 crore worth of projects are held back. All these will have an impact on the CV sector.
Buy-back worth Rs. 1,000 crore will be funded from investments made by the company in liquid and marketable securities.
'Investors should be careful in getting carried away; although a reversal of IPO frenzy this time is taking longer than in the past.'
Chinese companies keen to invest in Mumbai projects
The 30-share Sensex closed down 114 points at 28,622 and the 50-share Nifty ended down 37 points at 8,686.
Finance minister Arun Jaitley has delivered a Arun Jaitley delivered a bold, far sighted budget
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players. Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.
Delhi Metro, Yamuna-expressway and Tata Power's Mundra ultra mega power project in Gujarat are among the six ventures that have figured in the list of world's most innovative, impactful infrastructure projects prepared by international accounting firm KPMG.
'If the Indian government actually delivers on the infrastructure plans, the hospitality sector would double itself by 2025.'
Aided by robust festive season offtake, automobile retail sales in India witnessed a 48 per cent annual jump in October, automotive dealers' body Federation of Automobile Dealers Associations said on Monday. The total retail sales last month stood at 20,94,378 units, up 48 per cent from 14,18,726 registrations in October 2021. The registrations last month were even better by 8 per cent as against October 2019, a pre-COVID month. The festive season this year turned out to be the best for the industry in the last four years.
The 2014 survey, which polled 502 global executives from companies with international presence, showed the majority of respondents were considering increasing their presence in India.
Sensex ended up 11 points at 25,561 and the 50-share Nifty gained 16 points to end at 7,640.
The Sensex ended above 27,000 for the first time while the Nifty topped 8,100.
Infrastructure Investment Trusts need to be listed on stock exchanges besides being subject to stringent disclosure norms including detailed provisions for related party transactions and valuation of assets.
According to data shared with the Lok Sabha, 19 road projects awarded after May 2014 were facing delays
Navi Mumbai is emerging as the next big real estate location.
