Companies and Markets

Companies & Markets

Silver imports from China soar 270% in 2017

Silver imports from China soared 270 per cent in 2017 with the vault facility becoming fully functional at Sri City Free Trade Warehousing Zone near Chennai. China accounted for 65 per cent of India’s silver imports in the year.

Retail investors get online access to gilts

More than two years after the government promised retail investors an avenue for owning government securities, leading bourses BSE and NSE have on Tuesday launched online platforms that allows retail investors to invest in such securities and hold them in their existing demat accounts.

The exchanges will act as facilitators for non-competitive bidding in government securities and treasury bills.

AAI to raise Rs 1,500 cr from debt market

Prodded by the prime minister’s office (PMO), state-run Airports Authority of India (AAI) has decided to raise about Rs 1,500 crore from the debt market, leveraging its balancesheet in the current financial year. Major portion of this fund would go for upgrading Kolkata and Chennai airports, which are facing capacity crunch in the wake of rising traffic.

Auditors raise doubts over Reliance Naval’s future

The company on Monday reported widening of its net loss to Rs 408.68 crore in the January-March quarter of 2017-18 fiscal year from Rs 139.92 crore net loss in the same period of previous financial year. For the full year 2017-18, it posted a net loss of Rs 956.09 crore as compared to a loss of Rs 523.43 crore the previous year. Revenue also fell to Rs 34.76 crore in fourth quarter of FY18 from Rs 250.84 crore in the same period of previous fiscal. For 2017-18, the total income was lower at Rs 413.84 crore when compared to Rs 564.14 crore revenue in 2016-17 financial year.

Knee-jerk reaction in market

The bullish IT stocks recorded losses on Tuesday, reacting to the US Administration’s repeat statement on visa issues. Infosys scrip lost 2.49 per cent to end the day at Rs 1,153.90 apiece. TCS, which has joined the $100 billion club, was down 0.87 per cent at Rs 3,385.65. Wipor lost 3.30 per cent to end at Rs 287.05. HCL Technologies also registered a loss of 1.75 per cent to close at Rs 1,063.70 on Tuesday.

Naidu rejects notice to impeach CJI; Cong to move SC

Rajya Sabha chairman M Venkaiah Naidu on Monday rejected the unprecedented notice by seven opposition parties led by the Congress to impeach CJI Dipak Misra on five grounds of “misbehaviour”, saying the allegations were neither “tenable nor admissible”.

Tata Sons appoints Jaishankar as global corp affairs head

Tata Group on Monday announced the appointment of former foreign secretary S Jaishankar (in pic) as its president, global corporate affairs, within three months of his retirement from the government service.

Jaishankar will report to Tata Sons chairman N Chandrasekaran, the co­m­pany said in a statem­ent. "In his new role, he will be responsible for th­e Tata Group's global corporate affairs and international strategy development and Tata So­n­s' international offices will report to him," it added.

Range-bound moves to continue

It has been a volatile day on the bourses as stocks failed to hold on to gains while the bears could not contain the positive sentiment in the market. Benchmark indices opened lower on negative global clues but recovered as the session progressed.

Finally, the Sensex ended 35.19 points, or 0.10 per cent, higher to settle at 34,450.77 and the Nifty-50 rose 20.65 points, or 0.20 per cent, to settle at 10,584.70. BSE Mid-Cap and Small-Cap indices outperformed the Sensex. The market breadth was positive with 1,399 shares closing higher and 1,284 falling.

Rupee seen hitting 13-month low of 66.80/$1

Rising worries over crude oil prices and outflows from emerging markets such as India on fears of aggressive Fed rate hikes will likely push the rupee down to a fresh 13-month low in the week to April 27, experts said. However, intervention by the Reserve Bank of India may limit the rupee's slide, dealers added.