There was no word on whether or when Patel would be talking to the media about his priorities and plan of action as head of Mint Street
On a weekly basis, the Sensex climbed 749.86 points or 2.69 per cent and the NSE Nifty soared 237.10 points or 2.76 per cent
Given the security dilemma prevailing between India and China, India should curb the operation of Chinese telecom companies in India, asserts Dr Rup Narayan Das.
Airtel's 4G service runs on 2,300 MHz long-term evolution (LTE) spectrum in all nine circles, which is difficult to access while indoors.
The upcoming Budget gives Finance Minister Arun Jaitley a chance to let states boost spending.
Licence winners are expected to be announced by the first quarter of 2014.
Benchmark indices failed to sustain gains and retreated from day's high dragged primarily by the losses in metals, information technology and bank shares as investors started to book profits in late noon deals. Earlier, markets had scaled fresh all-time highs on the surprise post-budget rate cut by Reserve Bank of India (RBI). The 30-share Sensex ended down 213 points at 29,380 and the 50-share Nifty closed down 74 points at 8,922. Intra-day, Sensex reached the all-time high mark of 30,024.74 while Nifty touched the life-time high level of 9,119.20. In the broader market, both the BSE Midcap index and Smallcap indices, down 1% and 1.2% each underperformed the front-liners. Market breadth in BSE ended negative with 1,882 declines against 1,010 advances. A day after signing an agreement with Finance Ministry on inflation targeting, RBI surprised the markets with an early post-budget repo rate cut of 25 bps (basis points) to 7.5% from 7.75% which was again outside of central bank's scheduled policy review meetings as the earlier rate cut effected on January 15. "RBI's latest rate cut of 25 basis points, while a surprise in its timing is in-line with our expectations of a sharp rate-cutting cycle over the coming quarters. With inflation sustainably lower by 500bps, the RBI has in recent months acknowledged the scope for rate cuts and was only waiting for additional comfort that the government's fiscal policy would not play spoil-sport," said Dinesh Thakkar, chairman and managing director at Angel Broking in a note. Analysts at Karvy believe that further monetary policy action will depend on number of factors including easing of supply constraints, improved availability of power, land, minerals and infrastructure, fiscal consolidation, the pass through of rate cuts by banks and the expected monsoon. Citing weakness in some sectors of the economy and the overall global trend towards monetary easing as rationale for the rate cut the central bank also exuded confidence in the road map for fiscal consolidation as laid out in the Union Budget, 2015. Commenting on how the markets reacted to RBI's surprise move, K Subramanyam assistant vice-president (institutional research), Asit C. Mehta Securities said, "The unexpected cut did take the market by surprise .However, credit off-take is not dependant only on interest rates. A gradual revival in the economy would be of more help which would trigger credit off-take. Hopefully this will follow and RBI's action would prove helpful. From market point of view this is bullish as equity becomes more attractive vis-a-vis falling interest rates." On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 773 crore on Tuesday, as per provisional data. Buzzing Stocks 9 out of the 12 sectoral indices of BSE ended in red. BSE Metal index, down 2.4% was the top loser followed by BSE Oil & Gas and Power indices, down 1.3% each. BSE Healthcare index, up 1.2% and BSE FMCG index, up 0.9% were the top losers. Bank stocks came under during late noon trades as traders booked profits at higher levels. However, RBI rate cut may encourage large lenders to cut their lending rates boosting demand for home and auto loans and provide funds for various stalled and new projects. Many stalled projects across the country are waiting for cash to restart work. The stock of stalled projects at the end of December 2014 stood at Rs 8.8 lakh crore or 7% of GDP. ICICI Bank ended down 0.1%, Axis Bank and SBI declined over 3% and HDFC Bank shed 1.5%. Sun Pharma gained over 6% on approval granted to Sun Pharma Advanced Research Company (SPARC) by US FDA for an antiepileptic drug. The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India. SPARC was formed in 2007 when Sun Pharma separated out its active projects in drug discovery and innovation into a new company. Dr Reddys Lab and Cipla have gained over 1% each. ITC gained over 1% after consecutive sessions of losses on the proposed larger-than-expected hike in excise duty on cigarettes in the Union Budget. The biggest ever auction of spectrum by the Department of Telecommunications (DoT) started on Wednesday in the morning where government expects to garner Rs 80,000-1lakh crore from the sale of spectrum. Idea Cellular gained over 2%, Reliance Communication gained around 1% and Bharti Airtel closed 0.5% higher. Metal stocks were under pressure in today's session. Hindalco declined over 3%, Sesa Sterliteended down over 4% and Tata Steel closed down 2%. Profit-taking in IT stocks led to Wipro losing around 1.8%, Infosys declining 0.7% and TCS losing 1.5%.
Decision to build or buy a platform is a function of price but buyouts are helping large investors create a medium and influence outcomes.
Bharti Airtel called the prices exorbitant while Vodafone Idea wants the auctions take place in 2020. The auctions need to happen when the infrastructure is ready for the roll out, be it in terms of fiberisation levels, or optimisation of equipment and software etc. Spending a hefty amount on a technology (airwaves) that at present offers limited returns is not going to be a priority for the incumbent telcos.
The state-of-the-art features of this Scorpene class submarine include superior stealth and the ability to launch a crippling attack on the enemy using precision guided weapon.
Need for much more investment; sector would like govt help
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
The ban has been in force since last Friday.
India Inc has few leaders who are likely to grab headlines in 2015.
Brokers like Vasudevan are struggling to keep themselves in tune with this super-informed, new-generation retail investor.
From India's fight against COVID-19 to China face-off, Kovind spoke on several issues during the televised address.
At the moment, data and broadband is small for BSNL: it contributes 10 per cent of the company's revenue, though its share is on the rise.
Market regulator also announces measures for mutual funds sector.
FIIs pump in Rs 2,075 crore in past three trading sessions.
PM app downloaded 2.5 million times, to see 20-fold growth in user base
Its 'failure not just affects the military's effectiveness but could also be politically vulnerable for the BJP,' observes Ajai Shukla.
'Ensuring through diplomatic means and in conjunction with strategic partners that India will not be required to fight a simultaneous two-front war with China and Pakistan.' Brigadier Gurmeet Kanwal (retd) lists what India must have in its national security strategy.
Custom duties, a major concern for the oil sector.
The 3,000-strong force, plus its highly trained dog squad, is responsible solely for the protection of one person: Prime Minister Narendra Damodardas Modi.
Presenting the Top 20 of 100 science colleges as per India Today's findings.
Presenting the Top 20 of 100 science colleges as per India Today's findings.
The two countries also asked all nations to stop cross-border movement of terrorists and asserted that a decisive collective response from the international community without 'double standards and selectivity' was required to combat the threat of terrorism.
The RBI governor-designate may be economical with spoken words, but is known for his sharp and critical writings
'No private project will take off at such high interest rates'
Will private firms really boost Make in India in the defence sector? Ajai Shukla seeks answers.
The New Year, like 2014, will see brisk hiring. But, specialisation and strong domain skills will decide who gets hired.
Can we make high speed 4G Internet available at 10 cents per GB, and make all voice calls free of cost -- that too in a large and diverse country like India? Can we make high-quality but simple breast cancer screening available to every woman, that too at the extremely affordable cost of $1 per scan? Can we make a portable, high-tech ECG machine which can provide reports immediately and that too at the cost of 8 cents a test? Can we make an eye imaging device that is portable, non-invasive and costs 3 times less that conventional devices? Can we make a robust test for mosquito-borne dengue, which can detect the disease on day 1, and that too at the cost of $2 per test? Amazingly, says Dr R A Mashelkar, the eminent scientist, all this has been achieved in India, not only by using technological innovation but also non-technological innovation.
'The finance minister and the government have met the immediate challenge. The wine this time is new and also in a new bottle, which, though not full, is less than half empty.'
'If the RSS should be saluted for choosing such a scholarly statesman to address its highly trained cadre, one must also praise Pranab Da's sagacity for having gracefully accepting the invitation, thus disapproving any ideological apartheid,' says former BJP MP Tarun Vijay.
Trade between India and Indonesia stands at $20 billion.
News media takes a beating from the economy, advertisers and the rupee. To stay afloat, publishers are reacting by folding up businesses and axing staff.
Meet Ankit Fadia, the ethical hacker who has been appointed as one of the brand ambassadors for Prime Minister Narendra Modi's Digital India programme.
A Texas company will submit a report by June on whether a company controlled by RIL 'stole' natural gas from the wells where ONGC is contracted to operate in the KG basin, as alleged by ONGC.
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