Benchmark BSE Sensex closed above the historic 66,000-mark for the first time while NSE Nifty hit a new all-time closing high driven by heavy buying in IT counters and fresh foreign fund inflows. Optimism in global equity markets also helped the local markets maintain their winning momentum for a second day. The 30-share BSE Sensex jumped 502.01 points or 0.77 per cent to settle at its new all-time closing high of 66,060.90.
Quarterly earnings from IT majors Tata Consultancy Services (TCS), Infosys, macroeconomic data announcements, global trends and trading activity of foreign investors would guide the movement in the equity market this week, analysts said. Movement of global oil benchmark Brent crude and the rupee will also influence trading in the markets. "All eyes will be on the beginning of corporate performance for the second quarter of the current fiscal year. TCS is slated to unveil its Q2 results on October 11, with HCL Technologies and Infosys following suit on October 12.
From the Sensex pack, Mahindra & Mahindra climbed 3.71 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and the highest-ever annual profit of Rs 10,282 crore in FY23. Titan, Tata Steel, HDFC, UltraTech Cement, State Bank of India, ITC, IndusInd Bank, NTPC, HDFC Bank and Bajaj Finserv were the other major gainers. HCL Technologies, Power Grid, Maruti, Wipro, Tata Consultancy Services, ICICI Bank, Infosys, Tech Mahindra and Hindustan Unilever were the laggards.
Tata group chief Ratan Tata has questioned allocation of spectrum based on subscriber and technology without having a defined policy.
The aim of the project is to produce power through clean environment technology.
The MP asked authorities to keep focus of investigation on scam to weed out the lobbyists from the telecom sector.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the ministry of road transport and highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
Tata Sons, holding company for the Tata group, is working on building a centralised rural business platform that could be leveraged for the entire group's benefit, instead of each company looking at it separately.
The Indian information technology (IT) industry will need to move up the value chain to tackle competition from countries like China, Philippines and Vietnam, said Ratan Tata. The Tata Consultancy Services (TCS) chairman was addressing the 15th annual general meeting (AGM) of the company.
A number of private companies have contributed to the development of ISRO's Chandrayaan-3 spacecraft which successfully landed near the south pole of the Moon on Wednesday evening.
Nifty50's earnings growth, estimated at 20 per cent by global research and brokerage firm Jefferies for financial year 2023-24 (FY24), will be amongst the top three in the Asian region, and is likely to outperform peers. Asean 40 index with 29.1 per cent estimated earnings growth and Straits Times Index (STI) with 29.1 per cent estimated earnings growth are the only two other indices in the Asian region that are likely to outperform India, suggests the recent Jefferies report, coauthored by Mahesh Nandurkar, their managing director along with Abhinav Sinha and Nishant Poddar.
Even with a brief look, one can notice that immense attention is paid to the meticulously crafted interior cabin and features
From the Sensex pack, State Bank of India, IndusInd Bank, Bajaj Finserv, Tata Steel, ITC, Axis Bank, HDFC Bank, UltraTech Cement, NTPC and Tata Motors were the major winners. Nestle, Kotak Mahindra Bank, Bharti Airtel, HCL Technologies and Hindustan Unilever were the laggards.
From the Sensex pack, ITC, Titan, Asian Paints, Reliance, Tata Steel, Bajaj Finserv, Axis Bank, Hindustan Unilever, Infosys, Bajaj Finance, Nestle and ICICI Bank were the major gainers. Kotak Mahindra Bank, Mahindra & Mahindra, HCL Technologies, State Bank of India, Bharti Airtel and Tata Motors were among the laggards.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
'We need to find out whether any structural element has got fatigue.' 'We want to increase the lifespan of the bridge.'
Dnyaneshwar Nivrutti Bodke is a farmer who hates subsidies and loan waivers. He also helps other farmers turn into businessmen and earn good income from their own farms.
Tata Teleservices on Wednesday became the second major CDMA operator, after Reliance Communications, to get GSM radio frequency under the dual technology along with other new telecom players.Tata Teleservices has been given start up 4.4 MHz GSM spectrum in Tamil Nadu along with five new telecom players, company officials said.
Continuing his investment spree in India's hot start-ups, Ratan Tata on Friday invested in Kyazoonga.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the Ministry of Road Transport and Highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
State Bank of India partnered GE Capital in 1998 for its credit card business.
Profit taking in Bajaj Finance, Nestle, Kotak Bank, SBI, Bharti Airtel L&T and Asian Paints also weighed on the benchmark index. Maruti bucked the trend by gaining 1.73 per cent after strong retails sales in September. Power Grid, M&M. JSW Steel and Tata Steel also advanced.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
On the other hand, the group's two traditional cash cows, TCS and Tata Motors' subsidiary Jaguar Land Rover, are slowing as other businesses pick up pace
Tata Motors Chairman Cyrus Mistry said the company was poised for an 'inflection', even as it revamped its entire product portfolio.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
From the Sensex pack, Sun Pharma, Maruti, Tata Motors, ITC, Nestle, Larsen & Toubro, Infosys, Asian Paints, Titan, Tech Mahindra, Power Grid and Reliance Industries were the major gainers. Bajaj Finance, Axis Bank, HCL Technologies, State Bank of India, HDFC, HDFC Bank, ICICI Bank and Bajaj Finserv were among the laggard from the 30-share pack.
It is believed that Tata Sons was unhappy with Mistry's approach of shedding non-profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows
'If after 3-9 weeks we don't have fresh content, then there is a problem.'
The joint venture will look at long-term, patient investments on solutions that don't lend to an IPO or exit on valuation basis.
If Tesla comes in, India's position as a manufacturing hub will rise many notches, as it will become only the second country, after China, to have both Apple as well as Tesla.
Firm makes Rs 4,858-crore loss on Rs 10,799-crore income.
"I do not want India to be an economic superpower. I want India to be a happy country." - JRD Tata
The service will initially offer digital content from, Hotstar, Sun NXT, Eros NOW, Hungama Play via a single subscription fee of Rs 249 a month
Perhaps, the group's leadership position and potential in the retail segment prompted Tata Sons Chairman Cyrus Mistry to identify retail as one of the group's four growth clusters in his recent Vision 2025 statement.
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
'A cutback in hiring and compensation growth by IT companies will have a significant impact on consumer demand, especially in the urban sector of the economy.'
Tata Group-owned Air India will buy 250 aircraft, including 40 wide-body planes, from Airbus as the airline expands its fleet and operations. This is the first time in more than 17 years that Air India has placed an aircraft order. It is also the first order placed by the carrier under the ownership of Tata Group. On Tuesday, Tata Sons chairman N Chandrasekaran said Air India has signed a letter of intent to acquire 250 aircraft from Airbus.
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