India is in a Chakravyuh, where with every passing day it is getting mired in one crisis after another.
At 15.05 PM, the 30-share Sensex was up 281 points at 28,238 and the 50-share Nifty gained 86 points at 8,577
The Sensex ended 290 points higher at 29,095 mark and the Nifty gained 94 points to close at 8,806 levels.
With the arrival of the second Covid wave in April, the numbers fell by almost 50 per cent.
The non-watchlist stress emanated from over five year-old loans in the iron and steel, infrastructure and construction sectors.
IT shares lost ground tracking a sell-off in tech stocks on Nasdaq on Friday
As infrastructure, power hardly deal in cash, its paucity has failed to affect their receivables
With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit. In a tweet, Vedanta chairman Anil Agarwal said, "Q2 #GDP numbers show that economy is recovering. Government's efforts on stimulus and reform are showing results. Hopefully, we will have positive growth in H2 FY21 and double digit growth in FY22."
Re-instatement of 5% custom duty on crude imports will help.
TCS, Infosys ramp up onshore hiring; Infosys committed to hire 25,000 over 5 years.
In the past one week alone, Rajasthan, Madhya Pradesh, Chhattisgarh, and Andhra Pradesh have issued orders to take over private hospitals in some districts. Sohini Das, Vinay Umarji and Gireesh Babu report.
In addition, he will have to move swiftly to control any damage that may have been caused to the bank's image and investor confidence due to the loan controversy
Despite a slowing economy, the Budget does not envisage any major stimulus through the budgeted fiscal deficit figures, said Goldman Sachs.
Whether it is DLF in the National Capital Region, or Godrej Properties and Oberoi Realty in Mumbai or Sunteck Realty, Prestige Estates and Sobha Realty in Bengaluru, most top players have launched or lined up a slew of new project launches during this season.
After consumer price index jumped the 6.3-per cent mark in May and wholesale inflation set a record of 12.94 per cent, house economists at Swiss brokerage UBS Securities have warned that the country is facing more upside risks on the inflation front that is set to averaging at 5 per cent for the year. Rising prices of edible oils and protein rich items pushed retail inflation to a six-month high of 6.3 per cent in May, breaching the comfort level of the Reserve Bank and thus rendering reduction in interest rates a difficult proposition in the near term. Led by petrol price, that has crossed the Rs 100-mark in many states, wholesale inflation too accelerated to a record 12.94 per cent in May. While crude oil has crossed $70 a barrel on account of rising prices of crude oil and manufactured goods due to spike in commodities, and the low base of last year due to the lockdown.
Bank shares were the top gainers led by ICICI Bank.
FPIs sold shares worth a net Rs 1236.95 crore on Friday.
'We tightened our risk frameworks once the Covid crisis started.' 'We are slowly lightening this as we see economic activity pick up, salaries getting restored, and people getting back into jobs.'
The broader market performance, however, is expected to be better by virtue of good performance of state-owned banks on a low base.
Indian markets ended on a lower note after the stimulus announced by the European Central Bank (ECB) failed to meet expectation.
Illustration: Uttam Ghosh/Rediff.com After a brief respite at the year's start, FPIs have dumped shares worth more than $5.7 billion (Rs 42,596 crore), taking the cumulative net outflows since October to $10.5 billion (Rs 78,466 crore), and adding to the volatility on the bourses. The figure would have been a lot worse had it not been for net purchases to the tune of $5.7 billion in the primary market from October to date.
'While intensification of fuel prices and broad-based domestic cost pass-through pressures is a downside risk, core inflation is expected to strengthen further as demand recovers to pre-Covid levels,' the ministry said on Friday.
The US and Europe are key markets for the over $ 140 billion Indian outsourcing sector.
Yash Papers Ltd has posted a net profit of Rs 4.69 million for the quarter ended December 31, 2002 as compared to a net loss of Rs 3.37 million for the quarter ended December 31, 2001.
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
Street may be ignoring TCS headwinds as the stock's peak valuation doesn't seem justified by BFSI weakness, likely higher US tax rates and stronger rupee, reports Ram Prasad Sahu.
Currently, the investor and his family's net worth in listed firms stands at Rs 8,517 crore, compared to Rs 8,388 crore as of March 31, 2020.
Morgan Stanley removed banking stocks from its model portfolio when it slashed its weighting on the sector by 500 basis points. Several foreign brokerages, such as UBS, JP Morgan, and Credit Suisse, of late, have also become less optimistic about banking stocks.
Investors turn their attention to export-driven sectors.
The Mumbai headquartered company also overtook Japanese carmaker Honda to occupy the fourth spot in domestic passenger vehicle market.
As India builds its data centre capabilities, it is imperative that it is supported by green energy. This is because data centres are guzzlers of energy.
From spending a little less than three hours on making voice calls, Indians are spending well over 5 hours. So, while people make more calls, they are spending less than ever, reports Romita Majumdar.
The unprecedented rise in Covid-19 infections in the country, which many are terming as the second wave, has also resulted in a rise in Covid-related claims for general and health insurance companies as hospitalisations have gone up. The insurers have received more than a million Covid-related claims as of April, 2021. According to the data compiled by General Insurance Council, the reported claims total 1.014 million, amounting to more than Rs 14,800 crore.
In a communique on the National Stock Exchange, Wipro said an agreement had been signed for the buyout which was expected to be completed by Q3 of FY 2006-07.\n\n
India showed revival signs in the March quarter.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
The good news for PepsiCo is that the foods segment has normalised much faster to pre-pandemic levels than beverages.
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent. This is the fifth straight month of uptick seen in the wholesale price index (WPI)-based inflation. In April, 2021, WPI inflation hit double digit at 10.49 per cent. "The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May, 2021 (over May, 2020) as compared to (-) 3.37 per cent in May 2020.
Infrastructure, stricter implementation boost commercial vehicle sales
The Sensex ended at at 27,676, lower by 210 points and the Nifty broke the psychological level of 8,400 to end at 83877 down 70 points.
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