Launched this April, the FCG business will end the year with a turnover of Rs 500 crore
Bankers have been criticised for not passing the benefits of rate cuts
As the issue remained deadlocked with both sides sticking to their respective positions, Prime Minister Narendra Modi, while laying the foundation stone for a new Parliament building, invoked Guru Nanak to underscore the importance of dialogue and noted that the Sikh Guru had said that interaction should continue till eternity.
The Reserve Bank of India hiked key interest rates by 0.25 per cent each in the last two reviews to tame inflation.
Gains were led by index heavyweights with Reliance Industries contributing the most.
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
Brokerages have cut the company's FY16 earnings estimates between 16% and 29% with target prices too coming down to the Rs 700-800 band
'The belief that FDI will shift from China appears to be a strategy of politicians to keep the media busy, chasing irrelevant news to ward off pressure and questions about the government's plans to deal with COVID,' observes Debashis Basu.
The broader markets were marginally higher with mid-caps and small-caps gaining 0.1-0.4 per cent on the BSE.
US stocks rose more than 1% on Tuesday, with the S&P 500 coming less than 2% below its record peak set last month.
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
'If the almost literally heart-stopping Suez block has any positive outcome, it is to be hoped that it will accelerate the setting up of a fab (perhaps Taiwanese) in India,' asserts Rajeev Srinivasan.
Profit taking in index heavweights RIL and HDFC weighed on sentiment while ICICI Bank surged 7%.
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
Capital goods shares continued to trade firm in late noon despite weak market trend on the back of encouraging core sector growth in February.
With the stock markets scaling new heights, Finance Minister P Chidambaram on Friday sounded a note of caution and asked investors to guard against excessive exuberance.
Analysts are eyeing bigger launches that will positively impact company's fortunes.
In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
Metals bucked the trend and shone across the board.
The government's total debt increased by 2.6 per cent to over Rs 46 lakh crore in the third quarter ended December, compared to the previous three months of the current financial year.
RBI is expected to cut policy rates by 50 basis points by 2016.
According to the research arm of the country's largest lender State Bank of India, with stability in the currency, the RBI Governor is likely to lower the marginal standing facility rate, at which the RBI lends to the banks, once the lenders exhaust their overnight repo borrowing limits.
Market breadth depicted gains with 1,476 advances over 1,403 declines on the BSE. 140 stocks remained unchanged.
The 30-share Sensex dropped 298 points to end at 27,209 and the 50-share Nifty has lost 93 points to end at 8,174.
FPIs, which are holding large exposures in Indian debt, could also be expected to book some capital gains as yields slide down
Modi will also push for involvement of Indian companies in setting up of ports in that country.
Traders are closely watching the progress of the monsoon.
Demand to remain high with festive season ahead and ongoing price fall
The 5-nation BRICS group on signed an agreement to create a $100 billion pool of foreign-exchange reserves to help each other.
Worried over a spike in interest rates in the wake of steps to support the falling rupee, the RBI on Tuesday announced a slew of measures, including Rs 8,000 crore bond buyback, to ease liquidity and ensure adequate credit flow to the productive sectors of the economy.
Markets end higher ahead of Fed outcome, China stimulus
'This prime minister thinks he knows everything.' 'He has to consult, he has to talk and he has to mobilise the best people, but having seen him function, I have no expectations from him.'
With China and Bangladesh losing their edge, textile exports from Tirupur are rising once again, turning the city into a job magnet.
The transaction will lead to an open offer for minority holders.
The regulator is unhappy with the exchange in the market crash case that occurred in 2012.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
Top losers are Sun Pharma, Bajaj Auto, L&T, ITC, Hero Moto.
The progress on US debt ceiling talks, domestic inflation numbers and second quarter earnings of companies are expected to keep investors busy in the truncated trading week ahead.
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