Companies and Markets

Companies & Markets

Realty turns star performer in 2017

After several years of underperformance, realty sector stocks have given the highest return this year on an improvement in the outlook for the sector.

Among the sectoral indices on NSE and BSE, the realty indices have given the highest year-to-date return at 87.37 per cent and 84.27 per cent, respectively. This is far more than the 25.50 per cent return given by the Nifty-50 and 25.02 per cent by the Sensex in this calendar year.

Forex reserves jump by $1.2 bn to $401.94 bn

India's foreign exchange reserves increased by USD 1.2 billion to touch USD 401.942 billion in the week to December 1, according to the RBI data.

The surge in reserves was aided by an increase in foreign currency assets, a major component of the overall reserves.

The reserves once again crossed USD 400 billion mark in the previous week, after they rose by USD 1.208 billion to USD 400.741 billion.

The foreign currency reserves increased by USD 1.151 billion to USD 377.456 billion for the reporting week, the RBI said today.

GMR-Megawide short-listed for $250m Philippine airport finance bid

A GMR group company along with its partner, Manila-based Megawide, and four other firms were on Thursday shortlisted for submitting financial bid for the $250 million Clark International Airports new terminal building project in Philippines.

“Out of seven companies, five complied with the requirement of the government. This is according to the (technical bids) submission that were made last Tuesday,” an official of the Department of Transportation (DOTr) said in a live-streaming session.

Nilekani seeks to reclaim Infy’s glory with digital push

Infosys’ plan to turn disruption to its advantage by focusing on newer digital technologies will begin showing results in the coming financial year, according to billionaire co-founder and chairman Nandan Nilekani. Client offerings positioned around cutting edge technologies like artificial intelligence and the Internet of Things will help make Infosys much stronger, Nilekani said in his first interview since taking on the chairman’s role in August.

Bitcoin Soars Past $17,000 Mark

Bitcoin surged past $17,000 on Thursday as the frenzy  surrounding the virtual currency escalated just days before it starts trading on major US exchanges.

Bitcoin has gained more than $5,000 in just the past two days. At the same time, there are fresh concerns about the security of bitcoin and other virtual currencies after NiceHash, a company that mines bitcoins on behalf of customers, said it is investigating a breach that may have resulted in the theft of about $ 70 million worth of bitcoin.

IRDAI sets up group to study tech devices

The insurance regulator has set up a working committee on how the insurance sector can harness the potential and advantages of wearable and portable technology devices.  

Tata Steel fined for late disclosure

It is not often that India’s largest steel major Tata Steel gets into trouble with the market regulator Securities and Exchange Board of India (Sebi). It did so on Thursday.

Sebi on Thursday imposed a penalty of Rs 10 lakh on Tata Steel for delay in making necessary disclosure about its increased shareholding in a group firm, Tinplate Company of India.

Tata Steel currently holds nearly 75 per cent in Tinplate, a separately listed group firm, which is among the country's largest producer of tinplate.

Fortis faces ‘criminal negligence’ charges, may lose licence

Fortis Healthcare, a hospital chain operator, may lose its license as Haryana government fin­ds Gurugram unit guilty of 7-year-old dengue patients' death.

The family of deceased patient could not afford the hospital charges and had to shift her to another hospital. Health minister Anil Vij on Wednesdaysaid the inquiry conducted by the health department fo­u­nd serious irregularities, unethical pra­ctices and lapses in the diagnostic protocols on the part of the hospital in this case.

Fertiliser firms rally on hope of GST rate cut on raw materials

Madras Fe­rtilizers, Nati­o­nal Fertilizer, ot­her fertiliser makers on Wednesday gained 1 to 5 per cent on hopes over the government’s plan to cut duties on some fertiliser inputs. India fertilizers ministry is likely to seek a cut in goods and services tax (GST) on ammonia and phosphoric acid from the current 18 per cent.

The fertiliser industry has demanded reduction of tax on ammonia and phosphoric acid after GST on one of the fertiliser raw materials Sulphur was reduced to 5 per cent from 18 per cent.

Bitcoin surges above $12,000

Bitcoin extended its eye-popping rally on Wednesday, breaking above $12,000 to a record high despite questions about the cryptocurrency’s real value and worries about a dangerous bubble. Bitcoin received a boost after Friday’s announcement by the main U.S. derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts.