BSE benchmark Sensex plummeted over 388 points to close at 58,576.37 on Tuesday, tracking weakness in index majors Wipro, RIL and Bharti Airtel amid a weak trend in global markets. Investors also remained cautious ahead of crucial macroeconomic data announcements -- industrial production for February and inflation rate for March -- post trading hours. The Sensex declined 388.20 points or 0.66 per cent to settle at 58,576.37. During the day, the benchmark tanked 666 points or 1.12 per cent to 58,298.57.
M&M was the top loser in the Sensex pack, shedding around 3 per cent, followed by Tata Steel, Bajaj Finserv, TCS, HDFC and Infosys. NSE Nifty declined 55.95 points to 17,076.25.
Tata Motors is looking to ramp up the production of electric vehicles as demand continues to outpace the manufacturing activity by a huge margin, according to a top company official. The Mumbai-based automaker, which led the passenger electric vehicle space in the domestic market in last fiscal year, has been receiving an average of 5,500-6,000 bookings in the past two months for its EV range. The company sells three electric products -- Nexon EV, Tigor EV and XPRES-T -- in the domestic market.
Renowned social worker Sindhutai Sapkal, fondly known as 'orphan children's mother', died following a heart attack at a private hospital here, doctors said.
A Patna court has directed the police to lodge an FIR against RJD leader Tejashwi Yadav, his MP sister Misa Bharti and some other political figures on the complaint of a person who has alleged he was duped of Rs 5 crore with the promise of a Lok Sabha ticket in the 2019 general elections.
Tata Motors is actively considering tapping into some of the export markets beyond South Asia, for its range of electric vehicles (EVs) as it sees an opportunity of selling affordable EVs in markets outside India. The export plans will coincide with the commercial launch of the Curvve - an electric SUV concept that broke cover on Wednesday, in two years from now, Shailesh Chandra, MD, Tata Motors PVs and Electric Mobility, told Business Standard. "We are actively thinking of the international markets and we would like to go with a portfolio of products. "We have identified a few markets and in a couple of years, we should commence the same," said Chandra.
The production of eight infrastructure sectors rose by 7.5 per cent in October on healthy performance by the segments of coal, natural gas, refinery products and cement, official data released on Tuesday showed. The output of eight core sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 0.5 per cent in October 2020, according to the data released by the commerce and industry ministry. Core sectors' growth stood at 4.5 per cent in September this year.
Digital payments firm Paytm is expected to seek shareholders' approval to raise up to Rs 16,600 crore through an initial share sale, giving it a valuation of over Rs 1.78 lakh crore, according to a source. The extraordinary general meeting of Paytm is scheduled for July 12 in which the company may seek approval to raise up to Rs 12,000 crore through issuance of fresh equity. Another Rs 4,600 crore is expected to be raised from the sale of equity shares by existing and eligible shareholders, according to the source.
Kotak Bank rose the most among Sensex scrips, spurting 2.92 per cent amid reports that LIC will up its stake in the private lender to 10 per cent. Gains in HCL Tech, TCS, Infosys, HDFC Bank, Bajaj Finance and Titan helped Sensex close in the green. NSE Nifty edged higher by 27.50 points to end at 17,053.95.
Tata Motors is planning to invest Rs 15,000 crore in the EV segment in the next five years, a top company official has said. The company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment, president for Passenger Vehicles Business of Tata Motors Shailesh Chandra said. "As far as future is concerned, in next five (years) we will invest Rs 15,000 crore in electrification.
Reliance Industries was the top gainer in the Sensex pack, rising over 1 per cent, followed by ICICI Bank, SBI, HDFC, M&M, Axis Bank, Bajaj Finance, Titan and Infosys. NSE Nifty advanced 42.20 points at 15,722.20.
Benchmark indices bounced back on Wednesday after falling for five straight sessions, with investors snapping up the recently-mauled IT, finance and consumption stocks amid a supportive trend overseas. A rebounding rupee further bolstered sentiment, traders said. Halting its five-session slide, the BSE Sensex jumped 574.35 points or 1.02 per cent to finish at 57,037.50. Similarly, the NSE Nifty surged 177.90 points or 1.05 per cent to 17,136.55.
Bajaj Finserv was the top gainer in the Sensex pack, jumping nearly 5 per cent, followed by Bajaj Finance, Infosys, M&M, Maruti and HDFC. NSE Nifty surged 93 points to 15,301.45.
'Investors need to expect steady returns over the next one to two years with bouts of high volatility.'
ONGC was the top loser in the Sensex pack, shedding around 4 per cent, followed by NTPC, PowerGrid, M&M, Nestle India, SBI and HCL Tech. On the other hand, HUL, Bajaj Auto, Bharti Airtel, Bajaj Finserv were among the gainers.
The government on Tuesday extended till March 15 the deadline for corporate to file Income Tax returns for the fiscal ended March 2021. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15. This is the third extension given to corporate for filing the income tax return for 2020-21 fiscal.
Markets regulator Sebi has empanelled as many as 16 entities -- including BDO India, Ernst & Young and Deloitte Touche Tohmatsu India -- for conducting forensic audits of financial statements of listed companies as part of efforts to curb frauds. The other empanelled entities are -- Chaturvedi & Co, Chokshi & Chokshi LLP, Grant Thornton Bharat LLP, Haribhakti & Co. LLP, KPMG Assurance And Consulting Services LLP, Mukund M Chitale & Co and Protiviti India Member Pvt Ltd, according to a public notice. In addition, Rajvanshi & Associates, Ravi Rajan & Co LLP, SKVM & Company, Suresh K Jha & Co, T R Chadha & Co LLP and V Singhi & Associates have been selected to conduct the forensic audits, it added.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
There's just one word for her -- stunning!
Recently, TPEM's first born electric concept, Avinya broke cover. The model promises a minimum range of 500 kilometres and advanced technology features, aimed at buyers in India and outside. TPEM, the newly formed entity may also consider a separate dedicated sales channel for the EVs with a distinctive corporate identity once the volumes reach a critical mass and throughput is large enough for the dealers to be profitable, said Chandra. Elaborating further on the hiring strategy he said, "We will hire from everywhere-wherever the talent of the required competency is available."
The country's largest housing finance company HDFC Ltd will merge with the country's largest private sector lender HDFC Bank, according to a regulatory filing. The scheme of amalgamation will be subject to various regulatory approvals, including from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi), HDFC Bank said in the filing on Monday.
'The FY2023 inflation outcome is likely to exceed the RBI's current forecast by a wide margin.'
Engineering giant Larsen & Toubro (L&T) is looking to divest its exposure to road and power concessions and incubate digital and e-commerce businesses as part of its new five-year plan ending 2025-26 (FY26). The base year for the plan is 2020-21 (FY21). The blueprint, called Lakshya 2026, is intended to help the company exit sub-scale businesses, concentrate on high-technology (tech) manufacturing, construction and green energy projects, and increase its share from information technology (IT) and digital services. The lending operations of the financial services business, meanwhile, will be reorganised, with focus on retail lending.
To curb excessive volatility in mid and small cap counters, the BSE has introduced a new surveillance measure for certain stocks having a market capitalisation of less than Rs 1,000 crore. The new measure, add-on price band framework, will be applicable to companies with a market-capitalisation of less than Rs 1,000 crore and on securities in groups -- X, XT, Z, ZP, ZY, and Y, BSE said in a circular on Wednesday. Under the framework, the shortlisted securities will be subjected to additional periodic price limits of weekly, monthly and quarterly.
NTPC was the top gainer in the Sensex pack, rallying around 4 per cent, followed by Titan, SBI, HUL, IndusInd Bank and UltraTech Cement. NSE Nifty advanced 63.15 points to 15,746.50.
The Centre should privatise all public sector banks (PSBs), except the State Bank of India (SBI). This is because private banks have emerged as a credible alternative to PSBs with substantial market share. Also, government ownership hinders the ability of the Reserve Bank of India (RBI) to regulate the sector, according to a report by the National Council of Applied Economic Research (NCAER).
Quarterly earnings and global cues will be the major sentiment driver for the equity market this week, according to analysts. Of late, Benchmark indices have been on a record-breaking run. "Quarterly results will dictate market sentiment and will be the talk of this week as they pick up the pace. "D-Street will be all ears to any management insights to forecast the future earnings trajectory.
Shares of One97 Communications Ltd, Paytm's parent company, on Thursday made a tepid market debut, listing with a discount of over 9 per cent from the issue price of Rs 2,150.
Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd. The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added.
Stock markets will focus on global trends for further direction in this holiday-shortened week as the earnings season is largely over, analysts said. Trade experts expect the key benchmark indices to move sideways as investors are trying to decode the impact of rising inflation on foreign portfolio investments. Inflation data released by the US and China last week have fanned fears of earlier than expected rate hike and boosted US bond yields.
With the interconnect usage charges (IUC) regime for domestic voice calls coming to an end, Reliance Jio on Thursday said that all calls from its network to other networks anywhere in India will be free from January 1, 2021. As per the telecom regulator's directions, 'Bill and Keep' regime is being implemented in the country from January 1, 2021, thereby ending IUC charges for all domestic voice calls, it said in a statement.
From the 30-share pack, Sun Pharma, TCS, Tech Mahindra, NTPC, Wipro, UltraTech Cement, Dr Reddy's Laboratories and Infosys were the major gainers, jumping up to 3.99 per cent. In contrast, Tata Steel, Nestle, Titan Company, PowerGrid, Reliance Industries Limited and State Bank of India were among the laggards.
India's first auction of telecom spectrum in five years ended on Tuesday with Rs 77,814.80 crore of airwaves being bought, mostly by billionaire Mukesh Ambani's Reliance Jio. Over 2,250 MHz of spectrum, that carry telecom signals, in seven bands worth nearly Rs 4 lakh crore at the reserve or start price, was offered for bidding in the auction that began on Monday. Telecom secretary Anshu Prakash said 855.60 MHz of spectrum was bought for Rs 77,814.80 crore in the two-day auction.
The wholesale price-based inflation eased marginally to 12.07 per cent in June as crude oil and food items witnessed some softening in prices. However, WPI inflation remained in double digit for the third consecutive month in June, mainly due to a low base of last year. WPI inflation was (-) 1.81 per cent, in June 2020. Snapping the five straight months of uptick, the wholesale price index (WPI)-based inflation in June softened as prices of food articles and crude oil eased, even though manufactured products hardened.
The reason why Jamsetji Tata built the Taj Mahal Hotel was his love for Mumbai and India. For him, the 'why' was so powerful that it urged him to stake his reputation, withstand all scepticism, and invest a very large sum of resources to create the iconic hotel.
'It is going to be months, if nor years, before any film-maker can shoot large crowds. We might as well get used to making do with CGI.'
Barring coal, electricity and steel, all sectors -- crude oil, natural gas, refinery products, fertiliser and cement -- recorded negative growth in September 2020.
The Reserve Bank is likely to maintain status quo on interest rates in its forthcoming monetary policy review but may change the stance in view of retail inflation piercing its upper tolerance limit, global uncertainties created by the ongoing Russia-Ukraine war, and the urgency to protect and boost growth, feel experts. The RBI governor-headed rate setting panel -- Monetary Policy Committee (MPC) -- will be holding its first meeting of the 2022-23 fiscal from April 6 to 8. The outcome will be announced on April 8.
In a virtual address from his residence in Dharamshala, the Tibetan spiritual leader thanked people from across the globe who greeted him on his birthday and said he would continue to serve humanity and combat climate change.
'There is so much talk about Netflix and what they should be doing.' 'In two years, SonyLIV has done what Netflix should be doing.'
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