Companies and Markets

Companies & Markets

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.

TCS’ market cap briefly breaches $100b mark

Tata group cash cow Tata Consultancy Services (TCS) hit the $100 billion market capitalisation on Monday. The first Indian IT company to breach this milestone, TCS now joins the bandwagon of the world’s 100 most valued enterprises and is ranked 97th. TCS’ market value has surpassed global outsourcing and consultancy major Accenture whose market cap is $98.20 billion.

Debt market to remain volatile due to slew of factors

India’s sovereign bonds are expected to remain volatile this week, tracking the movement in global treasury yields, and rise in Brent prices. In addition, a slew of bond market participants anticipate the Reserve Bank of India to intervene in the market, a rarity as yields are set to inch to its highest level in almost three years.

Correction into expiry seems imminent

The market gained more ground and was up for the forrth week in a row. But the momentum seems to be petering out. The Sensex gained 222.93 points, or 0.65 per cent, to close at 34,415.58 points. The Nifty was up 83.45 points, or 0.79 per cent, to close at 10,564.05 points. The broader indices were up between 0.85 per cent to 0.90 per cent. The Dow Jones, though volatile, was marginally up, gaining 102.80 points, or 0.42 per cent, to close at 24,462.94 points.

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