Thank you for logging in. Stay tuned for news and updates.

Dec 12, 2018 3:35 PM

Closing Bell: Sensex, Nifty surge, Yes Bank gains 5%##Closing Bell: Sensex, Nifty surge, Yes Bank gains 5%

The Indian market on Wednesday closed on a positive note after the investors got clarity on the outcome of the assembly elections in the five states and the appointment of the new Reserve Bank of India (RBI) governor.

The BSE Sensex closed with a 629-point gain, at 35,779 points and the NSE Nifty closed with a 188-point gain, at 10,737 points.

Dec 12, 2018 3:34 PM

JSW Steel crude steel output grows 2% to 13.9 LT in November##JSW Steel crude steel output grows 2% to 13.9 LT in November

Sajjan Jindal-led JSW Steel Wednesday said its crude steel output grew 2 per cent to 13.90 lakh tonnes (LT) during November this year.

The company had produced 13.62 LT crude steel in November 2017, it said in a statement.

It has registered a fall of 5 per cent in production of flat rolled products to 9.15 LT as against 9.59 LT in the same month last year.

However, the company registered a 17 per cent growth in the output of its long rolled products at 3.48 LT in November as compared to 2.99 LT in the year-ago month, JSW Steel said.

(From PTI)

Dec 12, 2018 3:18 PM

Central bank autonomy "sacred": Arvind Subramanian##Central bank autonomy "sacred": Arvind Subramanian

With the reins of RBI (Reserve Bank of India) governorship passing to an ex-bureaucrat, former chief economic advisor Arvind Subramanian on Wednesday said central bank autonomy is "sacred", which should not be compromised.

Progress on the steps taken by Governor Shaktikanta Das' predecessor Urjit Patel to restore financial system integrity will be a key thing to assess any damage to the institution.

"What is going to be key is whether this (restoring financial system agenda) is maintained going forward. That is going to be the yardstick to measure what is happening on the bigger institutional front," he said, speaking at the Fifth India Economic Conclave here.

(From PTI)

Dec 12, 2018 3:13 PM

Just in: Bandhan Bank to open 5 new branches today & 40 before December 31.

Dec 12, 2018 2:40 PM

Foreigners bought Asian bonds in November as trade tensions fade##Foreigners bought Asian bonds in November as trade tensions fade

Foreigners were net buyers of Asian bonds in November as concerns over Sino-U.S. trade war and higher US yields abated, bolstering capital inflows into the region.

Data from central banks and bond market associations showed overseas investors bought a net $2.67 billion in Indonesian, Thai, South Korean, Indian and Malaysian bonds in the last month.

"Bond flows in the region are proving more resilient, thanks to the decline in U.S. 10-year bond yields which have fallen from their recent high of 3.26% in October to 2.84% currently," said Khoon Goh, head of Asia research for ANZ Banking Group in Singapore.

Signals from the Federal Reserve that it may be nearing an end to its three-year rate hike cycle have pushed the 10-year U.S. Treasury yield to more than three-month lows below 3 percent.

In November, Indonesian and Indian bonds led the regional inflows, attracting foreign money of $2.54 billion and $772 million respectively. Their asset prices were also benefited due to a sharp fall in crude oil prices last month, since the two countries are the biggest importers of oil in Asia.

(From Reuters)

Dec 12, 2018 2:29 PM

GST evasion worth Rs 12,000 crore detected between April-November##GST evasion worth Rs 12,000 crore detected between April-November

The government has detected GST evasion worth Rs 12,000 crore in 8 months till November, a senior tax official said on Wednesday.

Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.

"We started anti-evasion measures from April onwards, and from April-November we have detected Rs 12,000 crore of GST evasion. This is huge compared to what happened in central excise or service tax side. There is huge evasion. There are smarter guys outside who knows how to pocket the money," Joseph said addressing an Assocham event.

Get the details here

Dec 12, 2018 2:27 PM

Car makers cut production sharply to adjust to slowing demand##Car makers cut production sharply to adjust to slowing demand

Car manufacturers across the board have cut production sharply due to a tepid festive season demand.

As per the Society of Indian Automobile Manufacturers (SIAM) data, car makers cut output by 20 percent in November.

Maruti Suzuki has cut production by almost 12 percent. Mahindra & Mahindra has cut production by almost 26 percent and Tata Motors reduced production by 22 percent.

Get the details here

Dec 12, 2018 2:17 PM

Market update: Sensex, Nifty remain upbeat, Yes Bank gains 4%##Market update: Sensex, Nifty remain upbeat, Yes Bank gains 4%

The Indian market continued its positive trend on Wednesday after the investors got clarity on the outcome of the assembly elections in the five states and the appointment of the new Reserve Bank of India (RBI) governor.

At 1:50 pm, the BSE Sensex was gaining 425 points, to trade at 35,575 points and the NSE Nifty was gaining 127 points, to trade at 10,676 points.

Yes Bank continues to gain in trade, more than four percent, ahead of the key bank board meeting while Dr Reddy's Labs continues to lose in trade, more than five percent, after the US court reject its plea on the immediate launch of Suboxone.

Dec 12, 2018 1:55 PM

Meghalaya HC wants IndiGo, SpiceJet to fly to Shillong. Airlines petition Supreme Court against order##Meghalaya HC wants IndiGo, SpiceJet to fly to Shillong. Airlines petition Supreme Court against order

Low-cost airlines IndiGo and SpiceJet have petitioned the Supreme Court, challenging an ultimatum by the Meghalya High Court directing them and authorities to launch flights from Shillong by December 15.

The High Court had ordered the aviation regulator DGCA, aviation ministry and the airlines to finalise plans to begin operations. The Supreme Court has agreed to hear the petition by the airlines on Thursday.

The Meghalaya High Court took up the matter suo moto; there was no petition filed to this effect. The case has been taken up by a two-judge bench led by Chief Justice of the Meghalaya High Court Mohammad Yaqoob Mir.

Get the details here

Dec 12, 2018 1:49 PM

Just in: Ambuja Cement's MD & CEO Ajay Kapur steps down with effect from March 1.

Dec 12, 2018 1:34 PM

Significant upside for market is limited due to political risks of 2019 LS polls##Significant upside for marketis limited due to political risks of 2019 LS polls

The market is unlikely to see much significant upside due to the political risks related to the upcoming Lok Sabha elections, said Pratik Gupta, head of equities at Deutsche Bank India.

"Some of the risks like that of a coalition government, unlikelihood of major economic reforms going forward, etc., to some extent are also priced in. Global investors are used to political risks," he said.

Talking about the big call for 2019, he said, “At Deutsche our view is emerging market equities will do relatively better. Our view is still overall more bullish on equities versus debt from a fixed income from a global perspective."

Get the details here

Dec 12, 2018 1:19 PM

Gold update: Gold futures slide on weak domestic demand##Gold update: Gold futures slide on weak domestic demand

Gold prices fell 0.45 per cent to Rs 31,790 per 10 gram in futures trade Wednesday as speculators cut down their bets amid weak demand cues.

At the Multi Commodity Exchange, gold prices for delivery in February next year fell sharply by Rs 145, or 0.45 per cent, to Rs 31,790 per 10 gram in a business turnover of 15,285 lots.

The gold for delivery in far-month April, too, was quoting lower by Rs 119, or 0.37 per cent, at Rs 31,970 per 10 gram in 1,875 lots.

Analysts attributed the fall in prices to trimming of positions by participants, tracking a weak trend in domestic market.

(From PTI)

Dec 12, 2018 1:06 PM

Market expecting easier fiscal, pro-growth policy from Shaktikanta Das: expert##Market expecting easier fiscal, pro-growth policy from Shaktikanta Das: expert

The market is expecting easier fiscal and pro-growth policy from the new RBI governor Shaktikanta Das, said Tanvee Gupta Jain, chief India economist at UBS Securities India, adding that it's too early to expect anything from him on prompt corrective action (PCA).

“I am not a banking sector expert but a general sense we are getting on ground is that there could be some relaxation on lending curbs in the offing which would help support growth which is expected to slow down sharply in the December and March quarter as per our estimates,” she said.

The government on Tuesday appointed former finance secretary Shaktikanta Das as the new governor of the Reserve Bank of India (RBI).

Get the details here

Dec 12, 2018 12:58 PM

Zydus Wellness rises over 4% as CCI clears deal with Heinz India##Zydus Wellness rises over 4% as CCI clears deal with Heinz India

Shares of Zydus Wellness surged over 4 per cent Wednesday as the CCI approved Zydus Cadila's deal to acquire Heinz India's consumer wellness business.

The stock gained 4.36 per cent in early trade to Rs 1,360.9. At noon, the scrip was trading at Rs 1,359, up 4.22 per cent from the previous close.

On NSE, the stock increased 4.45 per cent to touch a high of Rs 1,363.9.

Zydus Wellness jointly with Cadila Healthcare signed definitive pacts to acquire Heinz India for Rs 4,595 crore that includes net working capital of Rs 40 crore, cash worth Rs 15 crore and assumes no debt.

The Competition Commission of India (CCI) in a tweet Tuesday said it "approves acquisition of businesses of Heinz related to four brands namely Glucon-D, Nycil, Sampriti Ghee and Complan by Zydus/Cadila".

Heinz India is a subsidiary of the US-based Kraft Heinz. Cadila Healthcare holds majority stake in Zydus Wellness.

(From PTI)

Dec 12, 2018 12:41 PM

Load more