India’s Forex reserves rise by $1.19 bn

Mar 30, 2018 0

Mumbai– India’s foreign exchange (Forex) reserves increased by $1.19 billion as on March 23, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves rose to $422.53 billion from $421.33 billion reported for the week ended March 16.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — increased by $1.13 billion to $397.29 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

In addition, the country’s gold reserves value rose by $52.7 million to $21.61 billion.

Similarly, the SDRs value increased. It inched up by $3 million to $1.54 billion, while the country’s reserve position with the IMF edged up by $4 million to $2.08 billion. (IANS)

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Telcos’ 2016-17 pre-tax losses broaden to Rs 38,153 cr

Mar 29, 2018 0

New Delhi–  Pre-tax losses of telecom companies have broadened to Rs 38,153 crore during financial year 2016-17 from Rs 1,699 crore in the previous fiscal, the Parliament was informed on Wednesday.

“Based on audited/unaudited information submitted by telecom service sector companies to TRAI (Telecom Regulatory Authority of India), the profit before tax (PBT) for the telecom service sector companies has decreased from Rs (-) 1,699 crore for the financial year 2015-16 to Rs (-) 38,153 crore for the financial year 2016-17,” Communications Minister Manoj Sinha said in a written reply to the Lok Sabha.

He said for the financial year 2016-17, 24 out of a total of 50 companies have shown losses before tax.

“Government ensures healthy competition in telecom sector. Recently, TRAI has reiterated the regulatory principles of non-predatory, non discrimination and transparency in tariff offers vide Telecommunication Tariff (63rd Amendment) Order, 2018 on February 16, 2018,” Sinha said.

According to data provided by Sinha, losses of MTNL for 2016-17 stood at Rs 2,941.08 crore and that of BSNL at Rs 4,793 crore. (IANS)

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HCAH looks at Rs 1,000 crore revenue by 2020

Mar 29, 2018 0

Kolkata–  HealthCare atHome (HCAH), backed by Dabur promoters Burman family, is looking at a Rs 1,000 crore revenue by 2020 with increasing demand for home healthcare services in India.

“Our revenue has grown by 70 times since 2014 till date. We started in NCR region and have now expanded our services in Punjab, Jaipur, Bengaluru, Hyderabad and many other cities and towns. We are targeting about Rs 1,000 revenue by 2020,” company’s co-founder and CEO Vivek Srivastava said.

The company has witnessed a significant growth in ICU space. Since inception in September 2012, it has done over 25,000 oncology or immunology procedures and more than 20,000 ICU days at home and served over 4 lakh patients across 40 cities.

“For our hospital at home services business, about 40 per cent of it comes from the ICU space and while in terms of total revenue, the ICU services contribute about 20 per cent. Our integrated pharma business which has also grown rapidly contributes a sizeable share in total revenue,” Srivastava said.

Currently, the company has been doing about 500 oncology procedures a month and it is expected to grow manifold, he said.

Depending on the services, the prices vary from as low as Rs 500 for injection administration, wound dressing and others to Rs 20,000-Rs 25,000 a day for high-end services including ICU care, he said.

Entering into the Kolkata market, the home healthcare service provided is looking to make the metropolis a base to cater to other eastern states like Bihar, Jharkhand and northeastern states, he added. (IANS)

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Positive global cues, banks stocks push equity indices higher

Mar 27, 2018 0

Mumbai– Extending gains for the second consecutive session, the key Indian equity indices on Tuesday closed in the green as positive global cues, along with healthy buying in banking and metals stocks, gave a boost to investors’ risk-taking appetite.

According to market observers, positive global markets on the back of easing trade war fears among major world economies, coupled with the Central government’s plan to reduce borrowing, uplifted investors’ sentiments.

However, caution ahead of March derivatives expiry on Wednesday added to the initial volatility in the key indices.

On a closing basis, the Nifty50 of the National Stock Exchange (NSE) edged higher by 53.50 points or 0.53 per cent to 10,184.15 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,174.39 points — up 107.98 points or 0.33 per cent from the previous session’s close.

The BSE market breadth was bullish with 1,852 advances and 806 declines.

In terms of the broader markets, the S&P BSE mid-cap index rose by 1.06 per cent and the small-cap index by 1.36 per cent.

“Markets ended with modest gains on Tuesday. The gains came on the back of positive Asian and European equity markets. Sentiments turned positive on easing trade war fears between the US and China,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Cut in government’s borrowing plan and ease in global trade tensions lifted the market to float above the 200 DMA. Banks led from the front while bond yield shred by 31 basis points to two months low at 7.31, supporting investors’ sentiment.”

“Mid and small-cap outperformed main indices while caution ahead of F&O (futures and options) expiry limited further upside,” he added.

On Monday, the Central government said it will borrow only Rs 2.88 lakh crore through its benchmark bond scheme in the first half of FY19 — 47.5 per cent of the total budgeted amount — as against 60-65 per cent share in this period in previous years.

The Indian rupee on Tuesday closed almost flat at 64.98 against the US dollar from its previous close at 64.87.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 1,063.12 crore and the domestic institutional investors worth Rs 2,172.91 crore.

All the sectors — barring the S&P BSE telecom index, which fell by 18.92 points — closed with gains.

The S&P BSE banking index surged by 253.46 points, followed by metal index by 224.73 points and capital goods index by 164.15 points.

Major Sensex gainers on Tuesday were: State Bank of India, up 3.04 per cent at Rs 253.85; IndusInd Bank, up 1.56 per cent at Rs 1,787.90; Tata Steel, up 1.30 per cent at Rs 590.05; Asian Paints, up 1.16 per cent at Rs 1,131.75; and Tata Consultancy Services, up 1.02 per cent at Rs 2,841.85.

The Sensex losers were: Bharti Airtel, down 2.42 per cent at Rs 411.45; Bajaj Auto, down 1.27 per cent at Rs 2,803.20; HDFC, down 0.58 per cent at Rs 1,821.95; Wipro, down 0.49 per cent at Rs 272.55; and Hero MotoCorp, down 0.44 per cent at Rs 3,465.85. (IANS)

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Banks stocks, positive European markets lift equities

Mar 26, 2018 0

Mumbai– Positive cues from the European markets, along with healthy buying in banking, consumer durables, auto and metal stocks, pushed the key Indian equity indices to provisionally close on a higher note on Monday.

The Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,100-mark. It edged higher by 132.60 points or 1.33 per cent to provisionally close at 10,130.65 points (at 3.30 p.m).

The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) reclaimed the 33,000-mark and closed at 33,066.41 points — up 469.87 points or 1.44 per cent from the previous session’s close.

The Sensex touched a high of 33,115.41 points and a low of 32,515.17 during the intra-day trade.

However, the BSE market breadth was bearish with 1,552 declines and 1,198 advances.

On Friday, the equity indices receded to their five-month low levels as investors got spooked after major world economies imposed new trade protectionist measures.

The Nifty50 closed below the 10,000 points level, declining by 116.70 points or 1.15 per cent at 9,998.05 points, while the Sensex closed at 32,596.54 points — down 409.73 points or 1.24 per cent. (IANS)

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Global cues, short-covering lift equities; Nifty50 reclaims 10k mark

Mar 26, 2018 0

Mumbai– Positive cues from the European markets, along with healthy buying in banking, consumer durables, auto and metal stocks, pushed the key Indian equity indices higher on Monday.

According to market observers, positive global cues on the prospects of easing trade war fears, along with short-covering ahead of March derivatives expiry, added to the upward trajectory of the key indices.

The Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,100 mark. On a closing basis, the index edged higher by 132.60 points or 1.33 per cent to 10,130.65 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed the 33,000 mark and closed at 33,066.41 points — up 469.87 points or 1.44 per cent from the previous session’s close.

However, the BSE market breadth was bearish with 1,573 declines and 1,184 advances.

“Markets ended sharply higher on Monday due to a late surge. The gains came on the back of positive Asian and European equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices,” he said.

In terms of the broader markets, the S&P BSE mid cap index rose by 1.19 per cent and the small cap index by 0.73 per cent.

According to Gaurav Jain, Director, Hem Securities, short-covering ahead of March derivatives expiry on Wednesday saw the Nifty50 reclaiming its crucial 10,000 mark on Monday.

“Sentiments changed after US stock futures led global shares higher on reports that the US and China have quietly started negotiations to improve US access to Chinese markets eased fears of a trade war between the two economic giants,” Jain told IANS.

“Today’s gains were led by buying witnessed in banking stocks, especially PSU banks and consumer durables,” he added.

Sector-wise, the S&P BSE banking index surged by 608.79 points, followed by consumer durables index by 485.67 points and metal index by 297.10 points.

On the other hand, the S&P BSE IT index declined by 82.24 points, oil and gas index by 45.54 points and Teck (technology, media and entertainment) index by 4.95 points.

On the currency front, the Indian rupee strengthened by 14 paise to 64.87 against the US dollar from its previous close at 65.01.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 741.19 crore, while the domestic institutional investors purchased stocks worth Rs 2,017.95 crore.

Major Sensex gainers on Monday were: Yes Bank, up 5.67 per cent at Rs 302.95; State Bank of India, up 5.01 per cent at Rs 246.35; HDFC Bank, up 2.91 per cent at Rs 1,893.15; Tata Steel, up 2.80 per cent at Rs 582.45; and HDFC, up 2.66 per cent at Rs 1,832.60.

The Sensex losers were: Wipro, down 3.96 per cent at Rs 273.90; Infosys, down 1.13 per cent at Rs 1,154.30; Tata Motors (DVR), down 0.48 per cent at Rs 185.75; Tata Consultancy Services, down 0.12 per cent at Rs 2,813.05; and NTPC, down 0.03 per cent at Rs 170.10. (IANS)

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India’s Forex reserves drop by over $152 mn

Mar 23, 2018 0

Mumbai– India’s foreign exchange (Forex) reserves dropped by $152.4 million as on March 16, official data showed on Friday.

The Reserve Bank of India’s (RBI) weekly statistical supplement showed that the overall Forex reserves dropped to $421.33 billion from $421.48 billion reported for the week ended March 9.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — decreased by $175.2 million to $396.15 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

However, the country’s gold reserves value rose by $13.2 million to $21.56 billion.

Similarly, the SDRs value increased. It inched up by $4.1 million to $1.53 billion, while the country’s reserve position with the IMF edged-up by $5.5 million to $2.07 billion. (IANS)

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Telecom subscribers base slips 1.32% to 117.50 cr in January

Mar 23, 2018 0

New Delhi– India’s telecom subscribers base receded by 1.32 per cent to 117.50 crore in end-January 2018.

According to the monthly data released by the Telecom Regulatory Authority of India (TRAI) on Friday, wireless and wireline subscribers base fell during the month under review.

The data showed that wireless subscriber base declined by 1.33 per cent to 115.19 crore, while the wireline subscriber base edged lower by 0.71 per cent to 2.30 crore.

“The number of telephone subscribers in India declined from 1,190.67 million at the end of December 2017 to 1,175.01 million at the end of January 2018, thereby showing a monthly decline rate of 1.32 per cent,” TRAI said in the telecom subscription data.

“The overall tele-density in India declined from 91.90 at the end of December 2017 to 90.61 at the end of January 2018.”  (IANS)

 

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Trade war: Equities plunge to 5-month low, Nifty50 below 10k

Mar 23, 2018 0

Mumbai– Key equity indices — NSE Nifty50 and BSE Sensex — receded to their 5-month low levels on Friday as investors got spooked after major world economies imposed new trade protectionist measures.

The global sell-off which impacted the Indian equity market was triggered after the US imposed new levies and tariffs on imports from China which in turn led to retaliatory actions by the Chinese government.

Besides fears over trade wars, a rise in crude oil prices pulled the the Nifty50 of the National Stock Exchange (NSE) below the 10,000-points-level. On a closing basis, the NSE Nifty50 declined by 116.70 points or 1.15 per cent to 9,998.05 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,596.54 points — down 409.73 points or 1.24 per cent from the previous session’s close.

During the intra-day trade, the Sensex fell over 500 points to touch a low of 32,483.84 points.

The BSE market breadth was tilted towards the bears with 2,149 declines and 558 advances.

“Markets ended sharply lower on Friday. The weakness came triggered by the latest escalation in trade war between the two large global economies,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“The Nifty closed at its lowest level since October 11, 2017, while the Sensex closed at its lowest since October 23, 2017. In its upmove, the Nifty had closed above 10,000 points on July 26, 2017 and now it has closed below that level,” he added.

In terms of the broader markets, the S&P BSE mid cap index dipped by 1.36 per cent and the small cap index by 1.54 per cent.

According to Prateek Jain, Director at Hem Securities: “Global trade war tensions spooked investors today after US President Donald Trump ordered at least $50 billion in tariffs on Chinese imports and China announced plans for reciprocal tariffs on $3 billion of imports from the US.”

“Sentiment remained weak following weak clues from the global market. Overnight, US stocks fell sharply on Thursday, with major indices suffering their worst day in weeks as the threat of a trade war with China sparked a widespread sell-off. The market breadth, indicating the overall health of the market, was quite weak,” said Jain.

On the currency front, the Indian rupee strengthened by 10 paise at 65.01 against the US dollar from its previous close at 65.11.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 1,628.19 crore, while the domestic institutional investors sold stocks worth Rs 935.41 crore.

“Volatility expanded and market is losing its grip due to escalating tensions of trade war and spike in oil prices,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Market corrected 10 per cent from its peak while metal and PSU banks continue to be the laggards. We expect domestic chaos to stabilise as pressure of redemption will be over by the end of FY18 but pre-election volatility may take some time,” Nair added.

Almost all the sub-indices of the BSE ended in the red, barring the IT index (up 23.62 points) and Teck (technology, media and entertainment) index (up 20.61 points).

The S&P BSE banking index plunged by 562.95 points, followed by metal index by 388.51 points, capital goods index by 286.20 points, auto index by 203.77 points and healthcare index by 196.43 points.

Major Sensex gainers on Friday were: Adani Ports, up 0.99 per cent at Rs 361.70; Infosys, up 0.75 per cent at Rs 1167.45; Power Grid, up 0.54 per cent at Rs 194.25; Mahindra and Mahindra, up 0.47 per cent at Rs 733.25; and Coal India, up 0.09 per cent at Rs 269.25.

The Sensex losers were: Yes Bank, down 3.87 per cent at Rs 286.70; Axis Bank, down 3.34 per cent at Rs 501; State Bank of India, down 2.90 per cent at Rs 234.60; ICICI Bank, down 2.73 per cent at Rs 275.80; and Tata Steel, down 2.40 per cent at Rs 566.60. (IANS)

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M&A deal volume highest in 2017 since 2010: EY report

Mar 22, 2018 0

Mumbai– Indian M&A (mergers and acquisitions) activity expanded exponentially in 2017 with 1,022 deals being signed — up from 895 deals in 2016, a report said on Thursday.

According to EY’s latest Transactions Annual report, primary deal drivers for the year were aimed at market expansion and entry into new markets, digital disruption and sector convergence.

The report pointed out that while the deal volume reached a record high since 2010, the deal value was lower by 12 per cent at $46.8 billion compared to $53.2 billion in 2016.

“India recorded a healthy M&A activity in calendar year 2017. While there was an increase in the number of deals, they were concentrated in the lower bands,” said Amit Khandelwal, Partner and National Leader, Transaction Advisory Services, EY.

“The big-ticket deals were fewer in number in 2017 when compared with 2016 as corporates held back from venturing into big-ticket acquisitions. In addition, the timeline of some of the big-ticket deals got stretched due to increased scrutiny by the regulators and complex deal structures.” (IANS)

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