Companies and Markets

Companies & Markets

Brokerages see consumption stocks doing well in new year

As Samvat 2073 winds to a close, brokerages see a variety of consumption-driven stocks doing well in Samvat 2074. But their outlook for the new year is mixed when it comes to the market’s overall performance till the next Diwali.

Auto, auto ancillaries, mid-sized banks, media and cement stocks crowd the list of Diwali top picks of brokerages.

Few brokerages have picked IT, infrastructure and pharma stocks given the sectors’ troubled past and mediocre to weaker outlook.

Post-Diwali, govt will seek ATRs on shell firms

The Centre is planning a major crackdown on shell companies after Diwali when it seeks action taken report (ATR) from the state governments on bogus businesses that have become breeders of black economy.

Mahindra Lifespace, HDFC Capital float JV for affordable homes

Mahindra Lifespaces Developers, the realty player from Mahindra Group and HDFC Capital on Wednesday announced a joint venture to develop affordable housing projects with an investment of Rs 500 crore over the next three years.

The Mahindra group’s realty firm will have 51 per cent stake in the JV Mahindra Happinest Developers, while HDFC Capital will have 49 per cent shareholding.

Robots are coming for these Wall Street jobs

Traders, prepare to adapt. Wall Street is entering a new era. The fraternity of bond jockeys, derivatives experts and stock pickers who've long personified the industry are giving way to algorithms, and soon, artificial intelligence.

Banks and investment funds have been tinkering for years, prompting anxiety for employees. Now, firms are rolling out machine-learning software to suggest bets, set prices and craft hedges. The tools will relieve staff of routine tasks and offer an edge to those who stay. But one day, machines may not need much help.

US dollar ends higher against rupee

The US dollar ended higher against the rupee at 65.04/05 per dollar but the pound sterling finished lower at Rs 85.69/71 at the close of the Interbank Foreign Exchange (forex) market here today.

Following are the interbank forex and RBI rates: 

(In Rs per unit) Unit Interbank RBI Reference US Dollar 65.04/05 US Dollar Rs 65.0649 Pound Sterling 85.69/71 Euro Rs 76.5423 Euro 76.43/45 Japanese Yen (100) 57.

Airbus rebuffs US threat, takes Bombardier C-Series in fold

In the face of a bitter trade dispute with Boeing, Airbus announced it would take a majority stake in Bombardier’s marquee C-Series airliner programme, as the Canadian firm battles a stiff tariff ruling in the US.

The landmark agreement comes after the US administration slapped a 220 per cent countervailing duty, as well as an 80 per cent anti-dumping tax, on Bombardier CS100 and CS300 aircraft imported into the United States. Boeing accuses Bombardier of manufacturing its 100-150 seat planes with public subsidies and selling them at a loss to Delta Air Lines.

US cleaning solutions firm Diversey gung-ho on India

American institutional cleaning solutions brand Diversey, which was recently acquired by private equity firm Bain Capital, expects to clock a turnover of Rs 1,500 crore in India in five years. The company has identified healthcare as a fast growing market for cleaning equipments and chemicals.

Bajaj net slips a tad; plans exports to Oz, Thailand in H2

Bajaj Auto, which on Tuesday reported a marginal dip in net profit at Rs 1,193.6 crore in the three months to September, said it will start exporting its premium bikes to Australia and Thailand this fiscal.

The Pune-based automaker also said it is “on track” to achieve the target of selling four million vehicles, including in the overseas markets, in the current fiscal. The company attributed the fall in net income to lower sales as well as a 13.3 per cent decline in other income quarter from Rs 297.2 crore due to lower investment income.

Wipro profit up 6% in Q2; BFSI, digital in focus

Beating market estimates, Bengalurur-based Wipro has posted a 5.8 per cent increase in profit during the second quarter of the current financial year.

The country’s third largest IT player said its revenue from IT services increased to Rs 13,169 crore from Rs 13,137 crore, slightly above its forecast range of $1.96 billion to $2 billion. Net profit for the September quarter rose to Rs 2,192 crore from Rs 2,067 crore a year earlier.

The growth was driven by a decline in total expenses, lower finance cost and higher other income.