Companies and Markets

Companies & Markets

DeMo was not a good idea: Rajan

RBI’s former governor Raghuram Rajan has said that he had made it quite clear to the government that the demonetisation was “not a good idea” and that its implementation was “not well-planned” since 87.5 per cent of the currency was being demonetised.

On November 8, 2016, the Centre banned Rs 500 and Rs 1,000 currency notes to curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activities and terrorism.

IT firms may keep hedge book light as rupee remains weak

Indian software exporters will keep their hedge book light in view of weakening rupee. The domestic currency is expected to soften to 67 or even up to 70-level vis-à-vis dollar due to slew of factors, both domestic and external, say market observers. Not surprisingly, IT stocks outperformed the market and rallied on Thursday, a day ahead of Infosys’ Q4 numbers.

Vinod Rai replaced as BBB chief

The finance ministry on Thursday reconstituted the Banks Board Bureau (BBB) and appointed Bhanu Pratap Sharma as its new chairman, replacing former comptroller and auditor general Vinod Rai (in pic) while striking down any proposal on the expansion its mandate.

Amazon adds Australia to global selling programme for Indian sellers

Amazon today said Indian merchants who are part of its global selling programme can now sell products on its Australian marketplace.

With the addition of Australia, Indian sellers can now sell on 11 of Amazon's international marketplaces, including the US, the

UK, Japan, Canada and France.

"Our global selling Indian sellers can now sell on the Amazon Australia marketplace, expanding their international exposure and reach highly engaged online consumers from Australia," Amazon VP and Head (International Seller Services) Eric L Broussard told PTI.

Mahindra Powerol forays into gas genset segment

Mahindra Powerol, a unit of the $19 billion Mahindra Group, has forayed into the lucrative gas powered genset vertical with the launch of a CNG/NG powered product priced at Rs 9.5 lakh.

The company, which sells diesel-powered gensets, plans to sell the new range through its own channel of 200 dealers across the country.

Hemant Sikka, president at Mahindra Powerol and Spares Business, Mahindra & Mahindra said that it is a green genset as it emits zero smoke and particulate matter and has a significantly lower noise level.

A day of defence tie-ups for India Inc

India Inc has made a strong pitch for defence manufacturing under the government’s Make in India programme, signing up for collaborations at the Defence Expo that began in Chennai on Wednesday

Nifty may break near-term resistances

The market closed with gains in a day of high volatility. The Sensex notched up 60.19 points, or 0.18 per cent, at 33,940.44, while the Nifty-50 rose 14.90 points, or 0.14 per cent, to settle at 10,417.15 points.

The BSE Mid-Cap Index underperformed the Sensex by falling  0.19 per cent while the BSE Small-Cap ended marginally higher. Among the sectoral indices on the BSE, Consumer Durables (up 1.02 per cent), Metal (1.62 per cent) and Teck (1.19 per cent) outperformed the Sensex.

Technical view

Rupee hits 65.31 on Trump's missiles will be coming tweet

US president Donald Trump's comment that missiles ‘will be coming' to Syria pulled the rupee to a five-month low on Wednesday, foreign exchange dealers said.

Tension between US and Russia escalated after Trump warned the latter of imminent military action in Syria owing to suspected poison gas attack.

IHH preparing to rival TPG-backed firm’s Fortis bid

IHH Healthcare Bhd is preparing to formally approach Fortis Healthcare with an offer for the hospital operator that will put it in competition with a TPG-backed firm, people with knowledge of the matter said. IHH, Southeast Asia’s largest hospital operator, aims to send a letter to the Fortis board within the next couple of weeks about its plans to bid for the Indian company, according to the people.

Aramco picks up 50% stake in Maharashtra refinery

Saudi Aramco has finally decided to enter the Indian market with equity participation in India’s largest oil refinery in Maharashtra, proposed by a consortium of state-owned oil marketing companies. Saudi Aramco’s foray is expected to end a drought of foreign investment in the country’s growing oil and gas sector.