IndUS Business Journal

Samvat 2074 begins on dull note for key equity indices

Oct 19, 2017 0

Mumbai– Samvat 2074, marking the start of the Hindu New Year, began on a dull note for the key Indian equity indices at a special trading session held on Thursday.

The hour-long session held every year on Diwali saw both the key indices slip during the initial phase of the trade.

The Nifty 50 of the National Stock Exchange (NSE) inched lower by 18.95 points or 0.19 per cent to 10,191.90 points.

Similarly, the 30-scrip sensitive index (Sensex) of the BSE slipped by 41 points during the initial trade period.

The S&P BSE Sensex, which opened at 32,656.75 points, traded at 32,542.53 points (at 6.35 p.m.) — down 41.82 points or 0.13 per cent from Wednesday’s close at 32,584.35 points.

The Sensex touched a high of 32,663.06 points and a low of 32,533.89 during the intra-session trade.

In Samvat 2073, the barometer index (BSE Sensex) gained 4,654 points or 16.6 per cent whereas the NSE Nifty rose by 1,585 points or 18.4 per cent. (IANS)

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India sales volume growth improved after GST: Unilever

Oct 19, 2017 0

Mumbai– Anglo-Dutch consumer goods multinational Unilever on Thursday said emerging markets sales drove the company’s growth in the third quarter of 2017, while it sees signs of improvement in India with higher demand-led growth helped by price cuts resulting from GST.

“While conditions in our developed markets remain challenging, we are starting to see signs of improvement in some of our biggest emerging markets including India and China,” Unilever Chief Executive Paul Polman said in a statement in London after the company posted a 2.6 per cent underlying growth in sales during third quarter ended September.

“Emerging markets underlying sales growth was 6.3 per cent in the third quarter, with volume up 1.8 per cent,” Unilever said.

During the previous quarter ended June, its Indian arm, Hindustan Unilever, posted a 6 per cent sales increase with flat volume growth, mainly due to the destocking provoked prior to the implementation of the pan-India Goods and Services Tax (GST) from July.

Unilever said volume growth improved in India after implementation of the new indirect tax regime.

“As expected, price growth lowered as the benefits of the tax change were passed on to consumers,” the statement said.

The company’s overall third quarter growth was adversely affected by “poorer weather in Europe compared with last year and natural disasters in the Americas”.

“For the full year, we continue to expect underlying sales growth within 3-5 per cent range, an improvement in underlying operating margin of at least 100 basis points and strong cash flow,” the statement added.(IANS)

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Snap, Discovery Eurosport collaborate for 2018 Winter Olympics content

Oct 19, 2017 0

Cannes– Snap Inc — the parent company of photo-sharing platform Snapchat — has signed a strategic advertising and content deal with Discovery Communications’ Eurosport to develop and deliver mobile content for Snapchat platform for 2018 Winter Olympics.

The 2018 games will be held in PyeongChang in South Korea.

The collaboration would be featured both on Snapchat’s “Our Stories”, curated features submitted by the platform’s users, and “Publisher Stories” that are magazine-like productions made by publishers.

Eurosport will curate “Publisher Stories”, the social media company was quoted as saying by Billboard late on Wednesday.

Discovery Communications President and CEO David Zaslav sees the Discovery-Snap Olympics Winter Games deal as a means to reach vital youth audiences, The Variety reported.

The deal marks the first time that Snap has committed to a European, multi-language deal covering the Olympics.

The coverage will feature behind-the-scenes action from Olympic like snowboarding, downhill and freestyle skiing and ice hockey, according to Discovery website.

Snapchat is expected to overtake Facebook for the first time in the US as the user growth of the latter is set to slow among teens and adults, a report by market research firm eMarketer earlier said.

The app currently has 166 million users globally. (IANS)

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XLRI highest summer internship stipend hits Rs 5 lakh

Oct 19, 2017 0

Kolkata– XLRI – Xavier School of Management, Jamshedpur, has completed its summer internship placement process (SIP) for 2017 in just two days, with top companies like PricewaterhouseCoopers, Coca Cola and Microsoft, roping in the students and the highest stipend touching Rs 5 lakh, a statement said.

“The batch of 2017-19 consisting of 364 students has achieved 100 per cent placement with the median and average stipend increasing by over 20 per cent, with a highest stipend of Rs 5 lakh for two months,” the statement issued on Wednesday said.

The placement process saw participation of 90-plus companies offering roles across domains including consulting, finance, sales and marketing, operations, business development (BM), human resources (HR) and industrial relations (IR).

This year multiple new companies were added to the recruiters’ list, besides the traditional recruiters hired a large number of students as well.

The top recruiters this year include BCG, PWC, Coca-Cola and HCCB, Mondelez, HUL, ITC, P&G, TAS, RB, RPG, Microsoft, Uber, GSK CH, and ABG, among others.

In sector-wise split, FMCG stayed at the top with a 27 per cent share. The participation of technology firms like Uber saw an increase, with 20 per cent roles in business management being offered in technology sector.

Other sectors in the process were, BFSI (13 per cent), consulting (11 per cent), conglomerates (16 per cent) and a 13 per cent share split between media, pharma, auto and telecom.

“There was also a significant increase in operations roles, with firms like Reckitt Benckiser and Colgate-Palmolive opening their operations roles for students. The sales and marketing roles topped the charts with 25 per cent share in the recruitments, followed by finance with 20 per cent.

“The performance in finance sector this year has been exceptionally good with many regular recruiters opening up multiple roles. Many offers were made by Kotak Wealth Management, Mondelez Corp Fin, Avendus capital, GoldmanSachs, JPMC Markets. With 17 per cent operations and 17 per cent general management, and 11 per cent consulting roles, the diversity was clearly evident,” the statement added. (IANS)

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China third quarter growth meets expectations at 6.8%

Oct 19, 2017 0

Beijing– China’s economy grew 6.8 per cent between July and September, according to official data released on Thursday, slowing slightly from the prior quarter.

The growth rate, which compares expansion with the same three months in the previous year, met forecasts, the BBC reported.

The result followed growth of 6.9 per cent in the first and second quarters of the year.

The latest GDP figures are still above Beijing’s annual growth target of 6.5 per cent for 2017.

The world’s second largest economy is trying to rein in debt and contain a housing bubble without hurting growth.

Those efforts are expected to have weighed on economic activity in some parts of China, but growth has been supported by higher-than-expected rise in trade and bank lending.

According to the data, retail sales rose 10.3 per cent in September from a year earlier, edging down slightly from analysts’ expectations for a 10.2 per cent rise, reports the BBC.

China’s factory output grew 6.6 per cent in September from a year earlier, beating expectations, while fixed investment disappointed with a 7.5 per cent expansion in the first nine months of the year. (IANS)

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‘Muhurat’ trading: Global cues, profit booking subdue markets

Oct 19, 2017 0

Mumbai– Geo-political tensions in the Korean peninsula along with fears of rising non-performing asset (NPA) levels of the domestic banking sector pulled the key Indian equity markets in the red during the special “Muhurat” trading session on Thursday.

The hour-long session is held every year on Diwali to mark the start of the Hindu New Year.

According to market observers, the special session to mark Samvat 2074 witnessed heavy selling pressure in the banking, metals and oil and gas stocks, along with profit bookings which eroded investors’ risk-taking appetite.

The Nifty 50 of the National Stock Exchange (NSE) receded by 74.95 points or 0.73 per cent to 10,135.90 points.

Similarly, the 30-scrip sensitive index (Sensex) of the BSE plunged during the intra-session trade.

The S&P BSE Sensex, which opened at 32,656.75 points, traded at 32,373.98 points (at 7.15 p.m) — down 210.37 points or 0.65 per cent from Wednesday’s close at 32,584.35 points.

The Sensex touched a high of 32,663.06 points and a low of 32,341.10 points during the intra-session trade.

In Samvat 2073, the barometer index (BSE Sensex) had gained 4,654 points or 16.6 per cent whereas the NSE Nifty 50 had risen by 1,585 points or 18.4 per cent.

“Samvat 2074 opened on a flat and then plunged into the red, following global trends, as tension have risen once again between North Korea and the US,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

The special trading session held every year on Diwali is considered to be auspicious for stock market trading. It is believed that the “Muhurat” trading on this day brings wealth and prosperity throughout the year.

This ritual has been observed for ages by the trading community. (IANS)

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Plan to give adequate coal to power plants executed: Ministry

Oct 19, 2017 0

New Delhi– On the eve of Diwali, the Union Power Ministry announced that a detailed plan has been put into action from Wednesday to ensure sufficient supply of coal to power plants.

An official statement here following a joint review of the fuel supply situation by Power Minister R.K. Singh and Railways and Coal Minister Piyush Goyal said the ministers had also spoken to states, which had requested for more supply of coal.

“A detailed plan has been agreed which would be implemented from October 18, 2017 (Wednesday) and would ensure sufficient supply of coal to power plants,” a Power Ministry statement said.

The ministers also noted that supply to states like Maharashtra had improved and efforts would be made to improve the coal supply at all the power stations with low stocks, the statement said.

The review follows complaints by some power producers about facing low coal stocks at their plants.

According to a Central Electricity Authority (CEA) daily report, as many as 22 plants had coal for less than four days, while four had stocks for less then a week, as on October 16.

The ministers also agreed that the issues with some Damodar Valley Corporation power plants, arising from closure of the Dhanbad-Chandrapura railway line, would be resolved expeditiously.

The statement said that press reports had highlighted the rise in price of power on the power exchange on October 16, to Rs 10.8 per unit.

It said that power prices on the Indian Energy Exchange on that day on an average was Rs 5.45 per unit, and maximum price were Rs 10.80 only for half an hour from 6.30 pm to 7.00 pm.

The prices on Wednesday dropped to average for the day of Rs 4.33 per unit, the statement added. (IANS)

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Apple, GE to bring ‘Predix’ industrial IoT apps to iPhones, iPads

Oct 18, 2017 0

San Francisco– Apple and GE on Wednesday joined hands to deliver industrial Internet of Things (IoT) apps designed to bring predictive data and analytics on iPhones and iPads.

The two companies unveiled a new Predix (GE’s industrial IoT platform) software development kit (SDK) for iOS, which gives developers the tools to make their own powerful industrial IoT apps.

The new Predix SDK for iOS will be available to download from October 26.

“GE is an ideal partner with a rich history of innovation across the industrial world in areas like aviation, manufacturing, healthcare and energy,” said Tim Cook, Apple’s CEO, in a statement.

“Together, Apple and GE are fundamentally changing how the industrial world works by combining GE’s Predix platform with the power and simplicity of iPhone and iPad,” Cook added.

The SDK gives developers the ability to make powerful, native apps that take full advantage of the industrial analytics from Predix and tap into the iOS platform.

The apps will give industrial operators more insight and visibility into the performance of their equipment and operations right from their iPhone or iPad.

For example, a Predix app can notify a worker on their iPhone of a potential issue with equipment such as a wind turbine and allow them to collaborate with remote teams when performing inspections and repairs, collecting relevant data instantly.

In collaboration with Apple, GE is also developing apps for both internal use and its customers, giving workers powerful tools to enhance their jobs and help operations run more efficiently.

“The partnership between Apple and GE is providing developers with the tools to make their own powerful industrial IoT apps,” said John Flannery, Chairman and CEO, GE.

GE will standardise on iPhone and iPad for mobile devices and also promote Mac as a choice for its global workforce of more than 330,000 employees.

Apple will promote GE’s Predix as the industrial IoT analytics platform of choice to its customers and developers. (IANS)

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Sell-off in banking stocks drag equity indices lower

Oct 18, 2017 0

Mumbai– A massive sell-off in banking sector stocks over fears of rising non-performing asset (NPA) levels pulled the key Indian equity indices lower on Wednesday.

According to market observers, heavy selling pressure in the banking, healthcare and consumer durables stocks, along with profit bookings eroded investors’ risk-taking appetite.

The 30-scrip Sensitive Index (Sensex) closed 24.81 points or 0.08 per cent lower during the day’s trade.

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed on a negative note. It inched down by 23.60 points or 0.23 per cent to close at 10,210.85 points.

The Sensex of the BSE, which opened at 32,518.56 points, closed at 32,584.35 points, lower by 24.81 points or 0.08 per cent from Tuesday’s close at 32,609.16 points.

The Sensex touched a high of 32,670.32 points and a low of 32,462.85 points during the intra-day trade.

“Markets ended with modest losses on Wednesday ahead of a long Diwali weekend though volumes were higher. A bounce from the lows of the day helped to curb the losses,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets have ended on a mixed note. European indices like FTSE 100, CAC 40 and DAX traded higher. Technically, while the Nifty has taken a breather, the underlying trend remains up. Further upsides are likely once the immediate resistance of 10,236 points is taken out. Weakness could emerge if the supports of 10,176 points is broken.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, investors’ fear of rising banking sector NPAs dragged the NSE Nifty lower on Wednesday.

“The NSE Nifty edged lower on Wednesday, retreating from record highs hit in the previous three sessions after a rise in bad loans at Axis Bank sparked concerns about the recovery of stressed assets in the country’s banking sector,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Axis Bank contributed to most of the losses on the NSE index, and also led the losers on the NSE Bank index, which shed about 1.4 per cent.”

In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,251.16 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 904.27 crore.

On the currency front, the rupee remained flat. It inched lower by 2 paise to close at 65.04 against the US dollar from its previous close at 65.02.

Sector-wise, the S&P BSE oil and gas index surged by 195.76 points, followed by energy index by 102.65 points and utilities index by 28.05 points.

On the other hand, the S&P BSE banking index fell by 494.76 points, healthcare index by 114.07 points and consumer durables index by 104.53 points.

Major Sensex gainers on Wednesday were: Reliance Industries, up 4.52 per cent at Rs 913.75; PowerGrid, up 4 per cent at Rs 213.10; Wipro, up 1.92 per cent at Rs 295.05; ONGC, up 1.75 per cent at Rs 174.20; and Kotak Bank, up 1.67 per cent at Rs 1,097.40.

Major Sensex losers were: Axis Bank, down 9.52 per cent at Rs 464.35; ICICI Bank, down 3.96 per cent at Rs 263.05; Cipla, down 3.26 per cent at Rs 610.70; State Bank of India (SBI), down 2.77 per cent at Rs 244.20; and Lupin, down 1.66 per cent at Rs 1,048.90.

The day’s trade was also the last session of Samvat 2073, the barometer index (BSE Sensex) gained 4,654 points or 16.6 per cent, whereas the NSE Nifty swelled by 1,585 points or 18.4 per cent.

“Equities have had a good run in Samwat 2073 with the Nifty rising –18 per cent — till Oct 17, 2017,” elaborated Jasani. (IANS)

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Lebanon, China to enhance bilateral ties: Envoy

Oct 18, 2017 0

Beirut– China’s Ambassador to Lebanon, Wang Kejian, has stressed that Beirut and Beijing could enhance bilateral ties by reviving the Silk Road and re-activating the trade and cultural exchanges between both sides.

According to the National News Agency (NNA), Wang was speaking to reporters on Tuesday after meeting with MP Bahia Hariri to discuss bilateral relations and opportunities for development, Xinhua reported.

Noting that “positive developments in the relations and stronger ties between the two nations began during late Prime Minister Rafik Hariri’s term in office”, the envoy stressed that “the ties have been further strengthened with the government of Prime Minister Saad Hariri”.

The meeting also focused on the situation in Sidon, the third largest city in Lebanon, and possible opening of the city to China.

“We will further cooperation between China and Sidon in order to benefit both sides,” Wang said.

The Chinese ambassador praised Lebanon’s openness to the world and the country’s interaction with different cultures.

The new Silk Road, also known as part of the Belt and Road Initiative, is a Chinese project conceived as a revival of the ancient Silk Road trade route with modern technology that aims to bolster China’s global role by building an infrastructure and trade network that links between Asia with Africa and Europe.

Wang later met with Sidon Municipal Council head Mohammad Saoudi and South Lebanon’s Governor Mansour Daou. (IANS)

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