Companies and Markets

Companies & Markets

US stocks pare earlier losses on tech strength

US stocks fell for a sixth day, extending the longest losing streak of Donald Trump’s presidency, as energy and utility shares plunged, offsetting a rally in tech. The dollar fell with oil, Treasuries were flat and gold posted its biggest gain in more than two years.

US turmoil rubs 750 pts off Sensex in choppy trade

*Market opens at 9 am: Sensex crashes 1,000 points, slips below 34,000-mark; a whopping Rs 3 lakh crore washed away in a matter of seconds.

*11 am: Market remains panic-stricken; Sensex at 33, 922.92 pts.

*12 am: The barometer regains 34,000-mark, recovery gains momentum in late afternoon and index trades at 34,249.83.

*3 pm: As investor sentiment takes another hit, the benchmark index almost fell below key 34K mark at 34,027.32.

TCS sure of clocking double-digit growth in FY19 after stellar Q2

After delivering a “landmark quarter,” IT bellwether TCS is confident of ending the year with double-digit growth. The country’s largest software exporter posted a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in September quarter, compared with a net profit of Rs 6,446 crore in the year-ago period. Revenues grew 20.7 per cent at Rs 36,854 crore in the quarter, up from Rs 30,541 crore a year ago. Its earning per share was at Rs 20.66. In constant currency terms, revenues were up 11.50 per cent year-on-year.

Volatility to remain high

The market benchmarks Sensex and Nifty-50 rose sharply by 1.35 per cent and 1.5 per cent, respectively, on the back of rally in bank, NBFC stocks as the State Bank of India announced to buy NBFC loans in order to provide liquidity. Broader market outperformed the benc­hmarks as BSE Mid-cap Index registered highest gain of 4.23 per cent, while the Small-cap Index gained 3.67 per cent. Rupee also gained 20 paise to close at 74.20 as against previous close at 74.39.

Bandhan Bank Q2 net rises 47%

Private sector lender Bandhan Bank on Wednesday reported a 47.4 per cent growth in its net profit at Rs 488 crore in the quarter ended September, aided by higher growth in interest income. It's profit after tax stood at Rs 331 crore in the same quarter last year.

"During the quarter, our net interest income grew by 55.6 per cent, which helped in the profitability. Also, our loan growth was 51 per cent and NPA movement was restricted," the bank's managing director and chief executive officer, Chandra Shekhar Ghosh, said.

Zee Entertainment net slips 38% to Rs 386 cr

Zee Entertainment Enterprises (ZEEL) reported a 38.23 per cent decline in consolidated net profit at Rs 386.10 crore for the second quarter ended September 30, 2018.

The company had posted a net profit of Rs 625.09 crore in the July-September period a year ago, ZEEL said in a BSE filing.

However, its total consolidated income rose by 13.98 per cent to Rs 2,034.79 crore during the quarter under review as against Rs 1,785.18 crore of the corresponding quarter last fiscal. Its total expenses were up 20.8 per cent at Rs 1,386.45 crore as against Rs 1,147.05 crore.

Malabar Group to triple retail stores

Having completed 25 years of existence, Malabar Gold and Diamonds has set an ambitious global growth plan to triple its retail network from 250 showrooms this year to 750 outlets in the next five years. The annual turnover will exceed Rs 45,000 crores by then. Its massive expansion plan will see the company expand its footprint across all tier 1 and tier II cities in North and Central India—in order to cater to the growing jewellery market.

Essar Power completes Mahan project

Ruia family-promoted Essar Power on Wednesday announced the completion of its Rs 8,000-crore capex programme for its Mahan power plant project with commissioning of the plant's second 600 MW unit.

Both units of the project are operational and supported by an end-to-end raw material sourcing and evacuation infrastructure, a company statement said.

According to the statement, the second unit is supplied by Harbin Electric and is designed to perform at optimum efficiency with domestic coal from pithead mines in the region.

Indigo trades below IPO price

Rising crude oil prices have taken a toll on airline companies, and Indigo operator Interglobe Aviation, has suffered the most.

The shares of Interglobe Aviation now trades below its issue price of Rs 765 and on Wednesday the shares closed at Rs 745.75 on the BSE and at Rs 742 on the NSE.

Last week Interglobe Aviation’s share price had hit a 52-week low of Rs 697 on the BSE and Rs 691 on the NSE in tandem with the surge in Brent crude oil price to $86.74 per barrel.

Insurers told to cover HIV/AIDS patients

The regulator has warned insurance companies against discriminating HIV/AIDS patients while providing health cover. The companies have been asked to comply with the provisions of HIV and AIDS (Prevention and Control) Act 2017 with immediate effect.

Recently, the ministry of health and family welfare had issued a notification for bringing the Act that safeguards the rights of people living with HIV and affected by HIV from discrimination into force from September 10, 2018.