Gold prices shoot up as dollar slides

Jan 25, 2018 0

New Delhi– Gold prices have gone up substantially in the last fortnight. Traders said it will keep spiralling in the next 15 days.

“In the last 15 days gold prices have gone up by 5 per cent and in the next 10-15 days it is expected to gain another 2-3 per cent,” Rahul Gupta, Chairman cum Managing Director, PP Jewellers and Diamonds, told IANS.

On Thursday, the price of the yellow metal was Rs 31,000 per 10 grams for 24 Karat in the national capital.

Explaining the reason behind this rise, Gupta said in the dollar was getting a beat up in the international market and this was pushing up gold prices to go up in rupee terms. (IANS)

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IndiGo’s Q3 net profit up more than 56%

Jan 24, 2018 0

Mumbai– Budget passenger carrier IndiGo on Wednesday reported a rise of 56.4 per cent in its net profit for the third quarter (Q3) of the current fiscal.

According to the airline, its net profit increased to Rs 762.03 crore from Rs 487.25 crore earned in the corresponding quarter of last fiscal.

The company’s “Revenue from Operations” increased by 23.9 per cent to Rs 6,177.88 crore in the quarter under review from Rs 4,986.49 crore reported during the like period of 2016-17.

The company’s President and Whole-time Director Aditya Ghosh said: “… I am happy to announce that we delivered on our promise of starting our regional operations with our ATR aircraft which will enable us to provide connectivity to many more cities in India.” (IANS)

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Equity indices close at record highs

Jan 23, 2018 0

Mumbai– Key Indian equity indices on Tuesday escalated to record highs supported by healthy buying in metals, banking and oil and gas stocks, with the BSE Sensex closing above the 36,000-mark and the NSE Nifty50 above the 11,000-mark for the first time.

Market observers said the sentiments were uplifted by healthy quarterly corporate earnings, along with International Monetary Fund’s projection of India’s healthy economic growth outlook and optimism over the Union Budget to be presented next week.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE surged over 300 points to a record intra-day high of 36,170.83 points.

At 3.30 p.m., the index closed at a new high of 36,139.98 points — up 341.97 points or 0.96 per cent — from its Monday’s close at 35,798.01 points.

However, the BSE market breadth was bearish as 1,545 stocks declined as against 1,380 advances.

At the National Stock Exchange (NSE), the broader Nifty50 provisionally closed above the 11,000-mark — up 117.50 points or 1.07 per cent at 11,083.70 points.

The NSE Nifty50 scaled a new intra-day high of 11,092.90 points — just a few points away from the 11,100-mark.

On Monday, the Nifty50 closed at 10,966.20 points, while the Sensex closed at 35,798.01 points. (IANS)

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Sensex crosses 36k, Nifty50 sweeps past 11k on IMF’s India growth outlook

Jan 23, 2018 0

Mumbai– Extending gains for the fifth consecutive session, the key Indian equity indices on Tuesday rode the bulls and escalated to record highs with the BSE Sensex closing above the 36,000-mark and the NSE Nifty50 above the 11,000-mark for the first time.

Market observers said sentiments were given a boost by the country’s healthy economic growth outlook projected by the International Monetary Fund (IMF) and optimism over the Union Budget to be presented next week.

Apart from positive global cues and influx of foreign funds, the bull run of the benchmark indices was also sustained by upbeat quarterly corporate earnings and healthy buying in metals, banking and oil and gas stocks.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE surged over 300 points to a record intra-day high of 36,170.83 points.

On a closing basis, the Sensex scaled a new high of 36,139.98 points — up 341.97 points or 0.96 per cent — from its Monday’s close at 35,798.01 points.

However, the BSE market breadth was bearish as 1,545 stocks declined as against 1,380 advances.

At the National Stock Exchange (NSE), the broader Nifty50 closed above the 11,000-mark — up 117.50 points or 1.07 per cent at a fresh high of 11,083.70 points.

The NSE Nifty50 scaled a new intra-day high of 11,092.90 points — just a few points away from the 11,100-mark.

“Indian equity markets broke records, closing at the highest point for both Sensex and Nifty,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Nifty traded and sailed past the 11,000 mark, while the BSE Sensex breached the 36,000 level for the first time after an IMF report showed India was set to regain the title as the world’s fastest growing major economy in 2018-19,” said Desai.

Deepak Jasani, Head – Retail Research, HDFC Securities, said: “Positive global cues also supported the Indian indices.”

“Broad market indices like the BSE mid-cap index gained more, thereby outperforming the main indices,” Jasani told IANS.

In the broader markets, the S&P BSE mid-cap index closed higher by 1.13 per cent and the small-cap index by 0.22 per cent.

On the global front, major Asian markets have closed on a positive note, while European indices like FTSE 100, DAX and CAC 40 traded in the green.

Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 1,229.35 crore and the domestic institutional investors worth Rs 169.03 crore.

The Indian rupee strengthened by 10 paise to close at 63.77 against the US dollar from its previous close at 63.87.

“All the sectoral indices ended in the green except the media sector. Bank Nifty ended 1.29 per cent up with the PSU Bank Nifty gaining 3.97 per cent,” said Anita Gandhi, Whole Time Director at Arihant Capital Markets.

“There was optimism across with the Prime Minister at Davos and IMF projecting India to grow at 7.4 per cent in 2018. In spite of nearing January derivatives expiry, markets did not experience any selling pressure,” she added.

All the 19 sub-indices of the BSE closed in the green, with the the S&P BSE metals index surging the most — up the 649.36 points — followed by banking index by 500.19 points and oil and gas index by 308.09 points.

Major Sensex gainers on Tuesday were: State Bank of India, up 3.84 per cent at Rs 318; Tata Steel, up 3.72 per cent at Rs 780.05; ONGC, up 3.60 per cent at Rs 207.15; ICICI Bank, up 3.06 per cent at Rs 362.05; and Coal India, up 3.04 per cent at Rs 293.

Major Sensex losers were: Wipro, down 1.78 per cent at Rs 315.10; Tata Motors, down 0.83 per cent at Rs 418.05; Asian Paints, down 0.76 per cent at Rs 1,167.70; HDFC Bank, down 0.64 per cent at Rs 1,951.30; and Tata Motors (DVR), down 0.33 per cent at Rs 238.15. (IANS)

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Equity indices close at record highs, IT stocks gain

Jan 22, 2018 0

Mumbai– Continuing with gains for the fourth consecutive trade session, the key Indian equity indices on Monday yet again surged to record high levels with healthy buying in consumer durables, IT and capital goods stocks.

Index heavyweights like Tata Consultancy Services, Reliance Industries, Axis Bank and ONGC among others added to the upward trajectory of the benchmark indices.

The wider Nifty50 of the National Stock Exchange (NSE) provisionally closed higher by 71.50 points or 0.66 per cent at a new level of 10,966.20 points during the intra-day trade.

The Nifty50 scaled a record intra-day high of 10,975.10 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE too touched a new level of 35,827.70 points during intra-day trade.

At 3.30 p.m., the Sensex closed at a fresh level of 35,798.01 points — up 286.43 points or 0.81 per cent — from its previous session’s close.

The BSE market breadth was bullish — 1,568 stocks advanced and 1,323 declined.

According to market observers, broadly positive global cues, coupled with upbeat quarterly corporate earnings along with continuous inflow of foreign funds lifted investors’ risk-taking appetite.

On Friday, positive global cues, coupled with upbeat quarterly corporate earnings and healthy buying in banking stocks, propelled the key indices to close at new record highs.

The Nifty50 closed at 10,894.70 points, while the Sensex closed at 35,511.58 points. (IANS)

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Asian Paints’ Q3 consolidated net profit up 21.6%

Jan 22, 2018 0

Mumbai– Asian Paints on Monday said its consolidated net profit after non-controlling interest (from continuing operations) rose by 21.6 per cent to Rs 554.64 crore during the third quarter (Q3) ended December 31, 2017, from Rs 456.18 crore reported during a year-ago period.

The company’s consolidated revenue from operations edged higher by 10.9 per cent to Rs 4,267.49 crore during the quarter under review from Rs 3,846.53 crore reported during the corresponding period of last fiscal.

“The decorative paint business in India registered single-digit volume growth in the current quarter,” K.B.S. Anand, Managing Director and CEO of Asian Paints, said in a statement.

“The automotive coatings JV (PPG-AP), witnessed good growth in the auto OEM, auto refurnish and general industrial business segment; whereas good growth in the powder coatings segment led to decent performance of the Industrial Coatings JV,” he added.

According to Anand, units in Bangladesh, Oman, Bahrain and Nepal witnessed good growth.

“However, the international group performance was impacted by adverse exchange fluctuations in some key markets,” he added.

On a standalone basis, the paint company’s Q3 net profit surged by 24.2 per cent to Rs 528.97 crore compared with Rs 425.83 crore reported during Q3 2016-17.

Revenue from operations for the reviewed quarter stood at Rs 3,587.43 crore — up 11.3 per cent — from Rs 3,222.32 crore during the like period of last fiscal.

On Monday, the company shares closed 1.40 per cent lower at Rs 1,176.70 on the BSE. (IANS)

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National Investment and Infrastructure Fund makes first investment

Jan 22, 2018 0

New Delhi– The National Investment and Infrastructure Fund (NIIF) made its first investment on Monday, an official statement said here.

The NIIF has partnered with DP World to create an investment platform for ports, terminals, transportation and logistics businesses in India.

“NIIF, set-up to function as a major platform in India for attracting foreign investments, has made good progress. We are pleased to learn of NIIF’s first investment to create an investment platform in the ports and logistics sector. Following its First Close in October 2017 on the fund-raising side, and now with its first investment, NIIF is making visible progress,” said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

The platform will invest in opportunities in the ports sector, and beyond sea ports into areas such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals and logistics infrastructure including cold storage, the statement said.

The NIIF is being operationalised by establishing three Alternative Investment Funds (AIFs) under the SEBI Regulations. The proposed corpus of NIIF is Rs 40,000 crore (around $6 billion).

The government’s contribution to the AIFs under the NIIF scheme shall be 49 per cent of the total commitment. NIIF has the mandate to solicit equity participation from strategic anchor partners, like overseas sovereign/quasi-sovereign/multilateral/bilateral investors.(IANS)

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NSE to auction investment limits of Rs 9,475 cr bonds

Jan 19, 2018 0

Mumbai– The National Stock Exchange (NSE) on Friday said it will auction debt investment limits to enable foreign investors to purchase corporate bonds worth Rs 9,475 crore.

The auction will be conducted on Monday (January 22) on its “nse-ebid” platform post-market hours from 3.30 p.m. to 5.30 p.m., the NSE said in a circular.

The leading bourse conducted a mock bidding session on Friday during market hours from 2.30 p.m. to post-closing at 4.30 p.m “to make members/custodians accustomed with bidding platform”.

The NSE said the total investment in corporate debt category reached Rs 215,848 crore on January 18 (Thursday) which is 95.79 per cent of total permitted limit of Rs 225,323 crore.

“Consequently, exchange shall conduct an auction for the allocation of unutilised debt limits on January 22, 2018,” it added.

The debt auction quota gives FPIs the right to invest in the debt up to the limit purchased. (IANS)

 

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Wipro net falls 11% quarterly, 8% yearly for Q3

Jan 19, 2018 0

Bengaluru– Global software major Wipro Ltd on Friday reported Rs 1,940 crore net profit for the third quarter of fiscal 2017-18, registering 11.4 per cent sequential decline from Rs 2,190 crore a quarter ago and 8.3 per cent annually from Rs 2,115 crore in the same period year ago.

In a regulatory filing on the BSE, the IT major said gross revenue for the quarter under review at Rs 13,670 crore was marginally up (1.9 per cent) sequentially from Rs 13,420 crore quarter ago and flat annually from Rs 13,689 crore in the like period year ago.

Under the International Financial Reporting Standard (IFRS), net income was $303 million and gross revenue $2,141 million.

Revenue from IT services at $2,013 million was flat sequentially from $2,014 million quarter ago but 5.8 per cent up annually from $1,903 million in like period year ago.

Digital business contributed 25 per cent to IT services revenue, marginally up one per cent from 24 per cent quarter ago.

The IT services revenue is, however, less than the guidance of $2,014-2,054 million the company gave on October 17 for the quarter under review.

“The operating margin was impacted by a provision of Rs 318 crore ($50 million) for the insolvency of a customer,” said the company in a statement but did not disclose the customer’s name.

As a result of the bankruptcy impact, the operating margin in the declined 2.4 per cent to 14.8 per cent from 17.2 per cent due to the provision and 17.3 per cent quarter ago and 18.3 per cent year ago.

The adjustment towards the customer insolvency also impacted the net profit for the quarter.

For the fourth quarter, the company has projected revenue from IT services business in the range of $2,033-2,073 million.

“We continued to improve our growth trajectory, driven by strong momentum in BFSI (banking, financial services and insurance) and uptick in healthcare,” said Wipro Chief Executive Abidali Z. Neemuchwala in a statement later.

Though the company acquired 79 new customers during the quarter as against 41 quarter ago and 108 year ago, the total number of active clients declined to 1,281 in Q3 from 1,323 year ago.

“We made a strong progress in our client mining, with the number of them contributing revenues over $50 million increasing to 41 from 33 to 41 in the last one year,” said Wipro Chief Financial Officer Jatin Dalal.

The company generated robust operating cash flow of Rs 7,700 crore during the nine months (April-December) of the fiscal, an annual increase of 14.2 per cent over the same period year ago.

The IT services headcount declined to 162,553 at the end of Q3 from 163,759 quarter ago and 164,176 year ago, with the exit of 1,206 techies during the quarter and 1,623 during the last 12 months.

The company also declared 50 per cent interim dividend of Re 1 per share with a face value of Rs 2.

The company’s blue-chip scrip of Rs 2 face value ended at Rs 328.45 per share on the BSE when trading ended on Friday, gaining Rs 2.40 from Thursday closing price of Rs 326.05 and after opening at Rs 327.20. The scrip touched a high of Rs 330.30 and a low of Rs 321 during the intra-day trading. (IANS)

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India’s Forex reserves rise by $2.7 bn

Jan 19, 2018 0

Mumbai– India’s foreign exchange (Forex) reserves rose by $2.70 billion as on January 12, 2018, official data showed on Friday.

The Reserve Bank of India’s (RBI) weekly statistical supplement showed that the overall Forex reserves rose to $413.82 billion from $411.12 billion reported for the week ended January 5.

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 $2.68 billion to $389.83 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.

The country’s gold reserves value remained stagnant at $20.42 billion.

However, SDRs inched up by $6.2 million to $1.52 billion. Similarly, the country’s reserve position with the IMF rose by $9.3 million to $2.04 billion. (IANS)

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