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Dec 11, 2018 3:34 PM

Closing Bell: Sensex, Nifty make sharp recovery ahead of assembly elections results##Closing Bell: Sensex, Nifty make sharp recovery ahead of assembly elections results

The Indian market made a sharp recovery ahead of the assembly elections outcome and after the recent developments in the central bank.

In a recent newsbreak, Finance Secretary Ajay Narayan Jha said the government will make an announcement on the country's central bank on Tuesday news company Cogencis reported. Last night, Urjit Patel resigned from the post of the RBI governor.

The BSE Sensex closed with a gain of 190 points, at 35,150 points and the NSE Nifty closed with a gain of 60 points, to trade at 10,549 points. In the opening, the BSE Sensex sunk 375 points, to open at 34,584 points and the NSE Nifty fell 142 points, to open at 10,345 points.

Dec 11, 2018 3:33 PM

Sebi board to discuss easier start-ups listing rules##Sebi board to discuss easier start-ups listing rules

Markets regulator Sebi will discuss a slew of measures at its board meeting on Wednesday for expanding its offer for sale framework to more companies, relax its norms for clubbing of investment limits by established foreign investors and tighten insider trading rules, officials said.

A number of other important matters will also be discussed such as relaxations for new-age ventures in sectors like e-commerce, data analytics and bio-technology to raise funds and get the shares of these new-age ventures traded on stock exchanges and creating a separate category of 'difficult to recover' cases for optimal utilisation of its resources, they added.

These proposals, along with several others, are likely to be discussed by Sebi's board at its meeting on Wednesday.

(From PTI)

Dec 11, 2018 3:18 PM

Sebi plans to allow custodial services in commodity derivatives market##Sebi plans to allow custodial services in commodityderivatives market

Markets regulator Sebi plans to allow custodial services in the commodity derivatives market to enable institutional participation.

The proposal is likely to be discussed at Securities and Exchange Board of India's (Sebi) board meeting on Wednesday, officials said.

Under the proposal, existing custodians will be permitted to add commodities as an asset class and provide physical delivery of both securities and commodities, they added.

Current regulation on custodian of securities provide for safekeeping of securities or gold or gold related instruments or title deeds of real estate and services incidental but do not provide for safekeeping of goods, which are underlying assets of commodity derivatives.

(From PTI)

Dec 11, 2018 2:57 PM

Market update: Sensex, Nifty make sharp recovery, Yes Bank gains 6%##Market update: Sensex, Nifty make sharprecovery, Yes Bank gains 6%

Indian markets clawed back from sharp falls early in the session on Tuesday, recovering from the shock of an abrupt departure of Reserve Bank of India Governor Urjit Patel, while results of crucial state elections pointed to a loss for the ruling party.

The BSE Sensex is gaining 183 points, to trade at 35,147 points and the NSE Nifty is gaining 62 points, to trade at 10,552 points. In the opening, the BSE Sensex sunk 375 points, to open at 34,584 points and the NSE Nifty fell 142 points, to open at 10,345 points.

Dec 11, 2018 2:48 PM

Iranian oil exports have improved since early November##Iranian oil exports have improved since early November

Exports of Iranian oil have improved since early November, Iran's president Hassan Rouhani said in a statement broadcast live on state TV on Tuesday.

The United States imposed sanctions on Iran's oil industry in early November and US officials have said they want to reduce Iran's oil exports to zero.

Tensions have spiked between Iran and the United States after US President Donald Trump pulled out of an international agreement on Iran's nuclear programme in May.

He said the deal was flawed because it did not include curbs on Iran's development of ballistic missiles or its support for proxies in Syria, Yemen, Lebanon and Iraq.

"The goal of the Americans was to block our oil exports. I want to say frankly to our people that our oil exports after (Nov. 4) have improved by degrees," Rouhani said. "So the Americans have been unsuccessful with regard to the oil issue."

(From Reuters)

Dec 11, 2018 2:29 PM

Jagdish Mitra to head Tech Mahindra's Enterprise Business##Jagdish Mitra to head Tech Mahindra's Enterprise Business

IT firm Tech Mahindra on Tuesday said its Chief Strategy and Marketing Officer Jagdish Mitra will now head the Enterprise Business with effect from January 1, 2019.

Mitra's appointment, along with a few others, is part of Tech Mahindra's efforts to drive growth and lead the digital transformation journey, the company said in a statement.

"With his rich experience in the digital space, he (Mitra) will drive growth across Enterprise Business Verticals and Strategic Business Units. He will also drive Strategic Partnerships and Alliances for Tech Mahindra," it added.

Besides, Manoj Chugh -- currently the Enterprise Business Head at Tech Mahindra -- will take over as President, Corporate Affairs at Mahindra & Mahindra Group.

(From PTI)

Dec 11, 2018 2:15 PM

Wipro takes over Australia's Syfte design consulting team##Wipro takes over Australia's Syfte design consulting team

IT firm Wipro Tuesday said it has taken over the strategic design consulting team at Syfte, an Australian agency that uses design thinking to solve client challenges.

Syfte's team of designers will be absorbed within Designit -- one of Wipro's strategic arms -- further strengthening its design and innovation capabilities, Wipro said in a statement.

The company, however, did not disclose the team size and financial details of the takeover.

The move will also help Wipro further expand its reach in Australia and Asia Pacific and enhance the transformation services offered by Wipro Digital, the statement said.

"Increasingly, global enterprise clients in Australia recognise that strategic design is a critical part of any digital or business transformation. By adding Syfte's skills and expertise to Designit, Wipro will be better positioned to support its clients' digital agenda," it said.

Shares of Wipro were gaining 2% in the NSE.

(From PTI)

Dec 11, 2018 2:11 PM

In brief: Assembly elections' result impact on markets##In brief: Assembly elections' result impact on markets

Despite the unreliability of exit polls, the suggestion that the BJP heading for defeat in Rajasthan while Chhattisgarh and Madhya Pradesh were too close to call has weakened markets. Note that the outlook for Indian stocks for 2019 has been downgraded for the first time this year, according to a Reuters poll of strategists who expect the market to recoup its recent losses only once uncertainty around next year’s elections fade. Investors and businessmen like stability and any result that throws up uncertainty is expected to have a bearing on how the markets will behave in the year-end and the new year.

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Dec 11, 2018 1:55 PM

Just in: United Bank of India considers raising funds up to Rs 3,000 crore via pref allotment on Dec 14.

Dec 11, 2018 1:47 PM

Market update: Sensex, Nifty recover ahead of assembly polls outcome##Market update: Sensex, Nifty recover ahead of assembly polls outcome

The Indian market recovered ahead of the assembly elections outcome and after the recent developments in the central bank.

In a recent newsbreak, Finance Secretary Ajay Narayan Jha said the government will make an announcement on the country's central bank on Tuesday news company Cogencis reported. Last night, Urjit Patel resigned from the post of the RBI governor.

The BSE Sensex is gaining 63 points, to trade at 35,018 points and the NSE Nifty gained 22 points, to trade at 10,510 points. In the opening, the BSE Sensex sunk 375 points, to open at 34,584 points and the NSE Nifty fell 142 points, to open at 10,345 points.

Dec 11, 2018 1:35 PM

Here's what Mahendra Kumar Jajoo has to say on the market##Here's what Mahendra Kumar Jajoo has to say on the market

MAHENDRA KUMAR JAJOO, HEAD OF FIXED INCOME, MIRAE GLOBAL ASSET MANAGEMENT, MUMBAI

"The market is a bit disappointed over the elections and the RBI governor's resignation.

"However, I think the resignation is something that the market has taken in its stride because the core issue was that the interest rates were getting too high and there was no urgency to address that. The collateral benefit is that the new governor may act on reducing the interest rate and that could be something of a relief for the bond market.

"As far as election results are concerned, I think economic fundamentals will remain, and if the fundamentals are good then the markets will eventually begin to price in the fact that the new government will also continue to focus on development."

(From Reuters)

Dec 11, 2018 1:33 PM

India's falling oil, gas production a concern: Dharmendra Pradhan##India's falling oil, gas production a concern: Dharmendra Pradhan

India's falling oil and gas production is a matter of concern, Oil Minister Dharmendra Pradhan said, adding the government will soon set up a gas trading hub.

India's crude oil production in October dropped 5 percent from a year earlier to about 2.89 million tonnes, while natural gas output was down 0.4 percent at 2.80 billion cubic metres, provisional data issued by the government showed last month.

The government also plans to invest $300 billion in the oil and gas sector in the coming decade, Pradhan added.

(From Reuters)

Dec 11, 2018 1:29 PM

Airtel: Nigerian arm asks Nigeria government to review tax issues for a mutually acceptable solution.

Dec 11, 2018 1:24 PM

RBI slaps Rs 1 crore fine on Indian Bank for violating cybersecurity norms##RBI slaps Rs 1 crore fine on Indian Bank for violating cybersecurity norms

The Reserve Bank of India Tuesday said it has imposed a fine of Rs 1 crore on Indian Bank for violating cyber security norms.

The RBI has imposed, by an order dated November 30, 2018, a monetary penalty of Rs 10 million on Indian Bank for contravention of Circular on Cyber Security Framework in banks, the central bank said in a release.

The contravention is with regard to RBI's directions on Frauds- Classification and Reporting by Commercial Banks.

"This penalty has been imposed in exercise of powers vested in RBI under the provisions of...the Banking Regulation Act, 1949 taking into account the failure of the bank to adhere to the aforesaid guidelines and directions issued by RBI," it said.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the release added.

(From PTI)

Dec 11, 2018 1:22 PM

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