The rupee appreciated after a two-day fall and ended at a fresh one-month high of 66.92, up by 23 paise against the US dollar, even as the RBI hiked repo rate by 25 basis points on Wednesday. Forex market sentiment was buoyed by the Reserve Bank retaining growth forecast for the current fiscal at 7.4 per cent on hopes of further boost to investment and higher consumption. A relief rally in local equities also supported the recovery momentum. However, bond markets reacted negatively, with the 10-year benchmark bond yield shooting to 7.92 per cent from 7.83 per cent.
Companies and Markets
Companies & Markets
The market ended lower in a volatile trading session. The S&P BSE Sensex fell 108 points or 0.31 per cent to settle at 34,903.21. The Nifty 50 index fell 35.35 points or 0.33 per cent to settle at 10,593.15. Selling continued as the BSE Mid-Cap index fell 1.20 per cent and Small-Cap index fell 2.43 per cent.
The market breadth was weak as 2,216 shares fell, while 483 shares rose on BSE.
Bad loans of banks have increased to Rs 10.3 lakh crore or 11.2 per cent of advances, as on March 31, 2018. They are expecting it to rise further to 11.5 per cent this year but would reduce after that.
Going digital is extremely critical for techies—both for basic survival and for annual salary increments.
This was the kind of caution sent out by Wipro CEO Abidali Neemuchwala in his latest internal message to over 1,60,000 people the company employees around the globe. And it clearly indicates a new HR trend among IT services providers that employees with understanding of deep technologies like machine learning, artificial intelligence and data analytics will receive better and bigger rewards while laggards may be left with no option but to buck up or quit.
Markets regulator Sebi on Tuesday put in place a detailed framework for listed Infrastructure Investment Trusts (InvITs) to make preferential issue of units to institutional investors.
Sebi said preferential issues need to be completed within 12 months from the date of passing of the resolution by InvIT's unit-holders.
The units in a preferential issue would be offered and allotted to minimum two investors and maximum 1,000 investors in a financial year.
The gap between preferential issues should be six months, and allotment needs to be made in 12 days.
Private insurer Bharti AXA Life Insurance on Tuesday said it has turned the corner by posting a maiden profit of Rs 5 crore for 2017-18.
This is Bharti AXA Life’s first profit since it started operations in 2006. The company attributed the achievement to better productivity and cost efficiency.
In a statement, the company, a joint venture between Bharti Enterprises and global insurance major AXA, said it registered a profit in FY18 against a loss of Rs 120 crore during 2016-17.
The automobile sector has witnessed another quarter of strong revenue growth during January-March, 2018: The sector reported robust revenue growth for the fourth quarter on the back of healthy rural demand, higher realisation and a low base.
Most automotive manufacturers reported double-digit revenue growth. Escorts and TVS Motor reported more than 40 per cent revenue growth year-on-year (YoY) while Bajaj Auto (+38 per cent), Eicher Motors (+34 per cent) and Ashok Leyland (+32 per cent) too showed accelerated YoY growth.
As part of its efforts to bring more transparency in MF investment cost, market regulator Sebi has asked fund houses to disclose on a daily basis total expenses charged to investors on all schemes on their websites. Mutual funds will have to simultaneously reveal the same details on industry body Amfi’s website as well.
The early onset of rains and the forecast of normal monsoon at 97-98 per cent of long period average have improved the prospects agrochemical companies, which have otherwise reported moderate numbers for the seasonally weak January-March quarter.
The companies are expected to report healthy volume growth in the first two quarters of FY19, given the low inventory of fertilisers and pesticides with dealers in key growing areas.
The Indian market ended in the red on first trading day of the week, led by fall in banking and realty stocks ahead of the RBI monetary policy review. The S&P BSE Sensex fell 215 points or 0.61 per cent to settle at 35,011.89, while the Nifty 50 index fell 67 points or 0.63 per cent to settle at 10,628.