The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola. The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources.
The rupee's stability in the last 12 to 18 months made corporates reduce hedging
Stating that COVID-19 has not yet been contained in India, the rating agency in a statement said the government stimulus package is low relative to countries with similar economic impacts from the pandemic. "The COVID-19 outbreak in India and two months of lockdown -- longer in some areas -- have led to a sudden stop in the economy. That means growth will contract sharply this fiscal year (April 2020 to March 2021)," it said. "Economic activity will face ongoing disruption over the next year as the country transitions to a post-COVID-19 world."
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
S&P Global Ratings has forecast India's economy to shrink by 5 per cent in the current fiscal. It, however, has projected GDP growth to be 8.5 per cent in 2021-22 and 6.5 per cent in 2022-23.
The prospect of further falls in remittances is a hindrance for the Reserve Bank of India, as it seeks to bullet-proof the economy against sudden capital outflows
Petrol and diesel prices on Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier
BSE Metal and Capital Goods indices plunged over 2% followed by counters like Consumer Durables, Auto, Banks and Realty, all falling down between 1-2%.
What could be more uncertain than Virat Kohli's agonising wait for a century for over two years? Perhaps it's what you will pay tomorrow morning to fill your vehicle's tank. Pump prices have joined cricket scores as the country's favourite discussion topic. Steep increases invite widespread protests, while moderate additions make the government anti-reformist. The ongoing fuel price conundrum is no different.
A bleak demand outlook for steel in the domestic as well as global market is also another reason Tata Steel may be looking to have additional liquidity as margins are expected to take a hit in the coming quarters.
TCS, Infosys do well but Wipro & HCL disappoint analysts; however, outlook for FY17 bullish in general.
Bajaj Finance was the top gainer in the Sensex pack, soaring over 8 per cent, followed by Kotak Bank, IndusInd Bank, HDFC, PowerGrid, Axis Bank, ICICI Bank and L&T. On the other hand, Maruti, ITC, NTPC and Nestle India were among the laggards.
The incoming government will have to encourage private investments, bring down cost of capital
Sensex closed the day 416 points higher.
India Inc on Wednesday said the Reserve Bank's move to cut interest rate by 0.50 per cent is "pro-growth" and exhorted banks to transmit the lower interest rate to borrowers to revive demand and kick-start the investment cycle.
The 30-share Sensex ended higher by 31 points at 26,591 and the 50-share Nifty gained 10 points at 8,061.
There are various estimates of India's debt to GDP ratio, but the consensus is that that it would be over 80 per cent at the end of the current fiscal year.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
A strong showing will be vital to Narendra Modi's chances of a second term.
'We expect a pick-up in the second half of the current fiscal. But before that, data is likely to show a further slowdown. The second quarter print is likely to be worse than the first quarter,' said a senior official.
Though the NDA government had been trying to privatise 20 companies, a decision for which was taken in 2017, and included national carrier Air India, the investor community evinced little enthusiasm for any of them. Now, with an in-principle approval for privatisation of BPCL, CCI and SCI, the government has taken the plunge again.
The reason for both the officials being sent on leave is the same - an anonymous complaint received by the market regulator against the agency.
The new series claims GDP grew at seven per cent between April and June 2015, while gross value added (GVA) grew at 7.1 per cent.
India said its economy grew 7.3 percent in the October-December quarter.
The 30-share Sensex closed down 115 points at 28,444 and the 50-share Nifty ended down 31 points at 8,524.
The BSE Mid-cap index gained 1.1% while the Small-cap index surged 1.3%, outperforming the benchmark indices
If the precautions are not taken and guidelines are not followed properly, there can be chances of spike in cases, the government said.
The growth in the PV segment was primarily led by car market leader, Maruti Suzuki India, which saw its dispatches to dealers grow 4.4 per cent YoY to 144,277 units after 10 months of drop. It was driven by new launches, such as the S-Presso, a mini sport UV.
Microsoft saw its shares fall 2.6% on Monday.
Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services, tells Puneet Wadhwa that with Moody's upgrading India's sovereign rating and earnings growth coming back, the country will remain a hot destination for foreign investors.
A'Market valuation is another concern.'
'India is trading at steep valuations and there have been a number of IPOs, especially in the insurance sector, that have had an impact on secondary market liquidity.'
Anaysts recommend a 'buy' on Icra due to its positive outlook.
Anaysts recommend a 'buy' on Icra due to its positive outlook.
With the world's worst outbreak of COVID pandemic stalling a nascent economic recovery, the government has begun assessing the impact of the second wave of infections on different sectors and may look at providing support at an appropriate time to segments requiring fiscal help. Some of the economic indicators, including the Goods and Services Tax (GST) collections, still provide confidence and incoming data will throw some more light on the state of the economy, sources said. Services sectors like hospitality, tourism and aviation which had just started recovering were hit hard by the second wave of COVID, the sources said, adding these segments might need some support on an urgent basis from the government.
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
If the new governor can think out of the box even as he signals that he can bat for the RBI cadre and respect its institutional memory, that will go a long way in getting out of the current impasse.
This move was triggered by a whistleblower complaint sent to Sebi against senior management interference in ensuring good ratings specifically in IL&FS and its subsidiaries.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
Finance ministry tells PM fiscal deficit target will be met, capex expenditure won't be cut and GDP growth will surpass 7.5%.
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