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Sensex Edges Lower, Nifty Around 10,950; Kotak Mahindra Bank Dips 4%

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The equity markets on Thursday swung between gains and losses. After gaining over 100 points in early trade, the S&P BSE Sensex turned negative in the afternoon session. At 1:36 pm, the Sensex traded at 36,319.88, down 53.56 points or 0.15 per cent while the broader Nifty50 was at 10,954.80, with a loss of 25.65 points or 0.23 per cent. Twenty seven out of  50 Nifty stocks traded in the red.  Kotak Mahindra Bank was among the top laggards on both Sensex and Nifty.

Kotak Mahindra Bank traded over 4 per cent lower on both the indices after it reported a decline of 8.8 per cent in first quarter consolidated profit after tax at Rs. 1,025 against Rs. 1,124 crore in March quarter.

Experts had already expected Dalal Street to remain volatile through the day. “Uncertainty in trade would be observed today as well because a no-confidence motion against the Narendra Modi government was moved in the Lok Sabha. We may expect volatile market ahead of expiry because of the monsoon session, which kicked off yesterday. Momentum can be expected in real estate and NBFC sector as Piyush Goyal will hold meeting to accelerate the growth of the real estate sector,” Dyaneshwar Padwal, AVP, Technical Analysis, KIFS TradeCapital, told NDTV earlier.

 

According to provisional data from the NSE, on Wednesday, foreign portfolio investors (FPIs) bought net equities of Rs. 95.68 crore and domestic institutional investors purchased net shares worth Rs. 111.01 crore. Sensex had last closed 146 points lower at 36,373 and the Nifty50 at 10,980.

In global markets, Asian shares made early gains as upbeat Wall Street earnings supported global investor sentiment, although trade war jitters pushed China’s offshore yuan to a fresh one-year low. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.53 per cent, while Japan’s Nikkei and the Australian benchmark advanced 0.42 per cent and 0.38 per cent, respectively, according to a report by news agency Reuters.

In overnight trade on Wall Street, the Dow Jones Industrial Average rose 0.32 per cent and the S&P 500 gained 0.22 per cent to hit a more than five-month high, while the Nasdaq Composite declined marginally by 0.01 per cent. (With Reuters inputs)


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Business

Cabinet clears setting up of centralised GST appellate authority

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New Delhi: The Union Cabinet on Wednesday approved setting up of a centralised Appellate Authority for Advance Ruling (AAAR) under the goods and services tax that would decide on cases where there are divergent orders at the state level.

The setting up of a centralised AAAR would require amendments to the GST Acts. The centralised authority as an appellate body will only take up cases wherein the Authority for Advance Ruling (AAR) of two states have passed divergent orders.

The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, and comprising state counterparts, in December decided to establish the centralised AAAR.

 

“The Cabinet has cleared the GST appellate authority,” a source said after the meeting of the Cabinet headed by Prime Minister Narendra Modi.

In view of the confusion created by contradictory rulings given by different AARs on the same or similar issues, the industry had been demanding a centralised appellate authority that could reconcile the contradictory verdicts of different AARs.

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Urbanisation to be big driver of Indian economic growth: Kant

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Davos: Urbanisation will be a big driver of economic growth in India going forward, supported by favourable macroeconomic factors, accelerated infrastructure building and continuing reforms, NITI Aayog CEO Amitabh Kant said.

Speaking here at an event on sidelines of the World Economic Forum Annual Meeting, he also said the Indian economy may even exceed the IMF growth forecast of 7.5 per cent for the country.

Kant said IMF has forecast 7.5 per cent growth for India despite a gloomy outlook for the global economy and this itself is good, though there are expectations that this estimate would be surpassed. He said India is giving a big push to urbanisation with more than 100 smart cities being developed.

 

The country is also using technology in a big way to change the way business and governance is done, he added. Besides a massive infrastructure building is happening, bank credit flow has rebounded and macroeconomic factors like inflation and fiscal deficit are also being supportive, Kant said.

DIPP Secretary Ramesh Abhishek noted that states are competing with each other to attract investments and all political parties have adopted the economic reform process. He listed various reform initiatives undertaken in India, including on areas like ease of doing business, FDI, manufacturing and taxation.

They were speaking at Institutional investors’ breakfast roundtable, organised by the industry chamber CII and Kotak Mahindra Bank. Other participants included CII Director General Chandrajit Banerjee and leaders from Indian and foreign companies.

On questions about some persisting issues in doing business including on tax and insolvency related issues, Abhishek said a lot of efforts have been put in to remove all bottlenecks and starting a business doesn’t take more than a day. Besides, special provisions have been made for startups and angel investors, he added.

Kant said efforts are also being made to remove all physical intervention and digitise the entire process of inter-ministerial and inter-department consultations to fast-track the decisions.

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India will surpass China, says Raghuram Rajan

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Davos: India will eventually surpass China in economic size and will be in a better position to create the infrastructure being promised by the Chinese side in South Asian countries, former RBI Governor Raghuram Rajan said.

Addressing a session on Strategic Outlook for South Asia, Dr Rajan said that the Indian economy would continue to grow while growth rate is slowing down in China.

“Historically, India had a bigger role in the region but China has now grown much bigger than India and has presented itself as a counter-balance to India in the region,” Dr Rajan said at the WEF Annual Meeting 2019.

 

“India will become bigger than China eventually as China would slow down and India would continue to grow. So India will be in a better position to create the infrastructure in the region which China is promising today. But this competition is good for the region and it will benefit for sure,” he said.

The comments assume significance with China working on a lot of infrastructure projects across the region. In 2017, India became the sixth largest economy with a GDP of $2.59 trillion while China was the second large with a GDP of $12.23 trillion.

At the same session, Nepal PM K.P. Sharma Oli cited collaboration with China as well as India as reasons for the economic growth.

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