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ITC q1 net up 7.3% YoY, but down 4% from Q4

ITC on Thursday registered a standalone net profit of Rs 2560.50 crore, up 7.3 per cent from Rs 2,384.67 crore earned during the same quarter last year, riding on a 9 per cent revenue growth in ‘FMCG-others’ segment. However, the company’s standalone net profit in Q1FY18 dropped by 4 per cent on a quarter-on-quarter basis. It had posted a net profit of Rs 2669.47 crore in Q4FY17.

The company’s total revenue from operation in Q1FY18 stood at Rs 13,800.42 crore against Rs 13253.06 crore in Q1FY17.

FPIs’ debt appetite revives clamour for higher limit

With India offering one of the highest yields in Asia, the local debt market has become a hot destination for foreign portfolio investors (FPIs). In the first quarter alone, FPIs pumped in $10.11 billion in the debt market, the highest in a decade.

$1 billion fund for stressed power assets on the anvil

The power ministry has stepped up the process to set up a fund with initial corpus of $1 billion to enable alternative financing options for stressed power assets.

The proposed fund will function under the ambit of the National Investment and Infrastructure Fund (NIIF) and offer equity support to power projects that are stalled due to shortage of capital, lack of fuel linkages and power purchase agreements (PPAs).

Nifty Bank scales new record high, breaches 25k mark

A strong rally in private banks helped NSE’s banking sector index Nifty Bank(earlier Bank Nifty) breach 25,000 mark for the first time ever coinciding with futures and options derivative contracts expiry.

After surging to 25,032.25 in the intra-day trade, the banking sector index finally closed at 24,992.40 with 1.02 per cent gain.

Lower gas price dents ONGC, profit slips 8% in June quarter

The country’s biggest oil and gas producer ONGC on Thursday reported a 8.2 per cent drop in its June quarter net profit after a sharp reduction in natural gas rates took away gains made from higher oil prices.

Oil and Natural Gas Corp (ONGC) reported a net profit of Rs 3,884.73 crore, or Rs 3.03 a share, in April-June compared to Rs 4,232.54 crore, or Rs 3.30 per share, in the same period of the previous fiscal, the company said in a statement.

Govt to sell up to 25% stake in Neepco, MSTC via IPOs

The government is planning to sell up to 25 per cent stake in two PSUs -- MSTC and NEEPCO through initial public offerings (IPOs).

The government currently holds 89.85 per cent stake in Metal Scrap Trading Corporation (MSTC) and the balance 10.15 per cent is held by the members of the Steel Furnace Association of India and Ispat Industries.

MSTC is a PSU trading firm like MMTC and STC.

Sensex hits new high, Nifty retreats from record level

The benchmark BSE Sensex today edged up to a new closing record at 32,383.30, but the Nifty was little changed with a negative bias.

The Sensex closed marginally higher by 0.84 point at 32,383.30. During the day, the barometer rallied over 290 points to touch fresh high of 32,672.66 following buying spree in financials, banks, realty, auto, IT, FMCG and oil and gas stocks.

The 50-share Nifty of NSE scaled all-time high of 10,114.85 in day trade, but closed flat at 10,020.55 as 33 index constituents ended with losses.

Sensex at new peak of 32,533.34 on fund inflow, F&O expiry

The benchmark BSE Sensex soared to a fresh life-time high of 32,533.34 and the NSE Nifty hit a new high of 10,068.40 in opening trade today on continued buying by investors driven by encouraging earnings by corporates amid positive global cues.

Short-covering of bets, today being the last session of July expiry in the derivatives segment, kept the sentiment upbeat.

Rising for the second day in a row, the 30-share index rose by 150.88 points, or 0.46 per cent, to hit a new peak of 32,533.34.

Lessons learnt from Ind AS Phase I Companies

The Indian Accounting Standards (Ind AS) is not alien to anyone in India anymore. 2016 has been a landmark year in making Phase I companies Ind AS complaint - i.e. shaping them into this new accounting framework converged with the IFRS. Through this, the journey towards global reporting standards has marked its foot in the country. It is a small step by regulators, but a giant leap for Indian corporates.

Domestic MF investors help Nifty scale Mount 10K

Domestic investors putting money through mutual funds (MF) have helped benchmark indices Nifty and Sensex scale new heights. An analysis of data provided by mutual funds industry body, Association of Mutual Funds in India (AMFI), shows that equity assets of mutual funds rose sharply by 47.80 per cent or Rs 2,26,686 crore in the last one-year period ending on June 30, 2017 compared to the previous year period.