Mumbai

Sensex surges over 200 points; Nifty reclaims 8,900 mark

Sensex surges over 200 points; Nifty reclaims 8,900 mark

Mumbai: A benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), Saturday surged 213.71 points or 0.73 percent in the early session ahead of the Union Budget.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 56.85 points or 0.64 percent up at 8,901.45 points.

The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 29,411.33 points, was trading at 29,433.83 points (at 9.15 a. m.) in the early session, up 213.71 points or 0.73 percent from the previous day`s close at
29,220.12 points.

The Sensex touched a high of 29,437.59 points and a low of 29,406.10 points in the trade so far.

All the sectors were trading in green. The rally was led by banking, capital goods and consumer durables sectors.--PTI

'India has great chance to become a manufacturing hub': BSE CEO

Ashish Chauhan

Mumbai, Feb. 27 - The Managing Director and Chief Executive Officer ( CEO) of the Bombay Stock Exchange ( BSE), Ashish Chauhan , on Friday said India has a great chance of becoming a manufacturing hub.

'Make in India' is the main plank and somewhere on the line we have lost the bus. Over the last thirty five years when China started coming up, we lost the bus on the manufacturing side and we made up partially through the services framework that we created. Without too much of thinking the services sector came into India, BPOs and other, which were the newer world and the older manufacturing came to China," Chauhan told ANI here.

SBI arm for higher fiscal deficit target to boost investment

SBI arm for higher fiscal deficit target to boost investment

Mumbai: Analysts and economists at the nation's largest lender SBI today joined the call for stretching the fiscal deficit target by a few notches so that the government can boost capex without impacting the fiscal consolidation process.

"We believe, the government must step up capital expenditure meaningfully to stimulate investment. We firmly believe fiscal deficit for 2015-16 should be set higher at 3.8 per cent of GDP, up from 3.6 per cent envisaged in the current Budget. This is unlikely to impact fiscal consolidation," the economic research arm of SBI said in a note.

Rupee gains 15 paise to 62.05 against dollar

Rupee gains 15 paise to 62.05 against dollar

Mumbai: The rupee strengthened by 15 paise to 62.05 against the US dollar in early trade Wednesday at the Interbank Foreign Exchange on increased foreign capital inflows.

Forex dealers said besides the dollar's weakness against other currencies overseas, a higher opening in domestic stock market, supported the rupee.

The rupee had ended 11 paise higher at 62.20 against the US currency in yesterday's trade on increased selling of the American unit.

Meanwhile, the benchmark BSE Sensex rose 228.67 points, or 0.79 percent, at 29,233.33 in early trade.--PTI

Sensex rises 228 points on global cues, Budget hopes

Sensex rises 228 points on global cues, Budget hopes

Mumbai: The benchmark BSE Sensex rose over 228 points in early trade today amid a firming global trend and hopes of a growth-oriented Budget.

Further, covering-up of short positions by speculators ahead of tomorrow's monthly expiry in the derivatives segment, supported the upside.

Rising for the second straight session, the 30-share barometer spurted by 228.67 points, or 0.79 percent, to 29,233.33.

The index had gained 29.55 points in yesterday's session.

All sectoral indices, led by oil & gas, metal, realty and banking were trading in positive zone with gains up to 1.03 percent.

Similarly, the National Stock Exchange index Nifty was trading above the 8,800-mark by gaining 60.10 points, or 0.69 percent, to 8,822.20.

Sensex trading over 29,000-mark ahead of monthly derivatives expiry

Sensex trading over 29,000-mark ahead of monthly derivatives expiry

Mumbai: The benchmark BSE Sensex was trading above the 29,000-mark by rising over 79 points in early trade on Tuesday as participants made selective buying ahead of monthly expiry in the derivatives segment on Thursday and the Union Budget on Saturday.

The 30-share barometer gained 79.71 points, or 0.27 percent, to 29,054.82. The index had lost 487.16 points in the previous two sessions.

Sectoral indices led by realty, FMCG, consumer durables, capital goods and healthcare were trading in positive zone with gains up to 1.06 percent.

Similarly, the wide-based National Stock Exchange Nifty index edged higher by 13.10 points, or 0.15 percent, to 8,768.05.

No swine flu death reported in Maharashtra on Monday

No swine flu death reported in Maharashtra on Monday

Mumbai: No death due to swine flu was reported in Maharashtra Monday, a health official said.

The number of swine flu related deaths in the state stands at 99, the official said.

The number of cases is 1,013 and 589 patients were discharged, while 325 patients are still in hospitals, he said.

"Seven deaths were reported yesterday, one each from Thane, Raigad, Pune, Nashik districts and three from Nagpur," Public Health Minister Deepak Sawant, had told PTI.

As many as 39 people infected by the H1N1 virus are on ventilator, the official said.

On Saturday, Commissioner of the Food and Drug Administration Harshadeep Kamble had said that both government and semi-government hospitals in Maharashtra have sufficient stock of swine flu drugs which are available free of cost.--PTI

Disinvestment in LIC, Air India, BSNL will unlock lakhs of crores of rupees: Deepak Parekh

Deepak Parekh

Mumbai - Pitching for disinvestment in public sector behemoths like LIC, Air India and BSNL, top industry leader Deepak Parekh has said it can unlock huge funds worth "lakhs of crores of rupees" and shares should be given to retail investors without depending on the overseas entities.

However, one of the major requirements for such large- scale disinvestments is a government thinking on those lines, as lack of political will and union pressure have been halting such proposals for a long time including during the tenure of the previous UPA government, he said.

Giving examples from during the UPA regime, Parekh said 'he has been part of many important government panels,' including those on BSNL and Indian Railways, but nothing moved on the suggestions made by those committees.

IBA agrees to meet bank unions today to avert strike

All-India Bank Employees Union vice-president Vishwas Utagi

Mumbai - The Indian Banks Association has decided to hold further talks with leaders of public sector bank unions who have given a call for four-day nation-wide strike from February 25.

"The IBA has invited us for talks on Monday in Mumbai and we have agreed to participate in the talks," United Forum of Bank Unions (Maharashtra) and All-India Bank Employees Union vice-president Vishwas Utagi said.

The unions have threatened the strike to press wage-hike demand. This will be their fifth strike this fiscal.

IBA has offered a 13 percent hike which will put a burden of Rs 4,095 crore on the banks, against the unions' demand of 19.5 percent hike which would increase the salary bill by Rs 10,000 crore per annum.

SpiceJet shares soar 17% on CCI nod for capital infusion plan

SpiceJet shares soar 17% on CCI nod for capital infusion plan

Mumbai: Shares of SpiceJet surged more than 17 percent in morning trade today after fair trade watchdog CCI approved original promoter Ajay Singh's plan to acquire controlling stake in the carrier.

Under the revival plan, Singh would infuse Rs 1,500 crore into the carrier after acquiring over 58 per cent stake from outgoing promoters, Marans.

The scrip, listed on the BSE, jumped 17.79 per cent to Rs 23.50. It had opened at Rs 22.80 and touched an intra-day high of Rs 23.50.

At the current price, the carrier has a market valuation of more than Rs 1,400 crore.

Shares of the company had closed at Rs 19.95 on Thursday.

In a regulatory filing today, SpiceJet said Competition Commission of India (CCI) has approved Singh's proposal to acquire majority stake in the carrier.

Rupee gains 14 paise against dollar in early trade

Rupee gains 14 paise against dollar in early trade

Mumbai: The rupee recovered by 14 paise at 62.20 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters.

Forex dealers said though selling of the US currency by exporters and banks supported the rupee but the dollar's strength against other currencies overseas and a lower opening in domestic equity markets, limited the rise.

The rupee had lost 18 paise against the American currency on Wednesday due to fresh dollar demand from banks and importers.

Forex markets remained closed yesterday on account of 'Chatrapathi Shivaji Maharaj Jayanti'. Meanwhile, the benchmark BSE Sensex fell by 267.52 points, or 0.91 per cent, to 29,194.75 in early trade.--PTI

Sensex rises 114 points; Nifty regains 8,900-mark

Sensex rises 114 points; Nifty regains 8,900-mark

Mumbai: Continuing its rising streak for the seventh straight session, the BSE Sensex rose 114 points and the NSE Nifty regained the 8,900-level in early trade Thursday as participants indulged in enlarging positions ahead of Budget.

The 30-share barometer spurted by 114.65 points, or 0.39 percent, to trade at 29,434.91 with consumer durables, realty, auto, oil & gas and banking sector stocks, leading the rise.

The gauge had rallied by 1,092.84 points in previous six sessions.

Similarly, the National Stock Exchange index Nifty regained the 8,900-mark after three weeks by rising 32.60 points, or 0.36 percent, to 8,901.70.

Reliance MF gets regulatory approvals for Nippon deal

Reliance MF gets regulatory approvals for Nippon deal

Mumbai - Leading mutual fund house Reliance Capital Asset Management (RCAM) today said it has completed the regulatory clearance process for sale of additional stake to Japan's Nippon Life, following approvals of CCI and EPFO.

The deal is now expected to close by next week.

Nippon Life Insurance, which manages USD 500 billion in assets and is among the largest in the world, agreed in November 2014 to increase its stake in RCAM from existing 26 per cent to 49 per cent in multiple tranches, subject to regulatory approvals.

The company has now received approvals from Competition Commission of India (CCI) and Employee's Provident Fund Organisation (EPFO), thus completing the regulatory approval process for this transaction.

Sensex up over 105 points on hopes of quick economic reforms

Sensex up over 105 points on hopes of quick economic reforms

Mumbai: Extending gains for the sixth straight session, the benchmark BSE Sensex rose over 105 points in early trade Wednesday as participants indulged in enlarging positions on hopes of faster economic reforms by the government and optimism over the forthcoming Budget.

The 30-share index was trading higher by 105.68 points, or 0.36 percent, at 29,241.56 with stocks of FMCG, realty, capital goods, consumer durables, power, bank and healthcare sectors, leading the rise.

The Sensex had gained 908.46 points in the previous five sessions.

Also, the National Stock Exchange index Nifty edged higher by 31.60 points, or 0.35 percent, at 8,840.95.

Brokers said optimistic buying by participants ahead of the Budget and acceleration in economic reforms by the government, led to the rise.

Rupee down 10 paise at Rs 62.26 against dollar

Rupee down 10 paise at Rs 62.26 against dollar

Mumbai: The rupee depreciated by 10 paise to 62.26 against the dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the US currency overseas.

Increased demand for the dollar from importers also put pressure on the rupee.

Forex dealers attributed the rupee's fall to the dollar's gains against other currencies overseas but a higher opening of the domestic equity market, capped the losses.

The rupee had gained three paise to close at 62.16 against the dollar on Monday following continued selling of the US currency by banks and exporters.

Forex market remained closed yesterday on account of 'Mahashivratri'.

Meanwhile, the benchmark BSE Sensex rose by 105.68 points, or 0.36 percent, at 29,241.56 in early trade today.--PTI

Govt likely to raise Rs 90,000 cr from telecom auction: Crisil

Govt likely to raise Rs 90,000 cr from telecom auction: Crisil

Mumbai: Telecom players will bid aggressively in the forthcoming spectrum auction and the government may be able to raise Rs 90,000 crore through the sale of radiowaves, credit rating agency Crisil said Monday.

"With nearly half of Rs 1,200 billion annual revenues at stake for large operators, the importance of the forthcoming spectrum auction can't be overstated. Telecom operators will shell out more than Rs 900 billion to bag airwaves
(radiowaves) in the upcoming telecom auction," it said in a note.

The government has set a very high base price for the auction, which is slated to help public finances in a big way, given the slow revenue growth during the current fiscal.

Katrina Kaif not replaced as Veet brand ambassador

Katrina Kaif not replaced as Veet brand ambassador

Mumbai: Katrina Kaif has not been replaced by young actress Shraddha Kapoor as the brand ambassador for Veet hair remover, according to the company spokesperson.

Shraddha has been roped in to be part of an advertisement campaign but Katrina remains as the product's face.

"Our association with Katrina is the most vital one as she leads innovation and equity on the brand. As per the current plan in April we release a big news on celebration 10 years. The media is very well aware that she (Shraddha) is the addition to the roaster for the brand and is in not a replacement," a spokesperson for Veet said.

Katrina, 31, has been endorsing the product for seven years now.--PTI

Rupee rises 7 paise to 62.12 against dollar in early trade

Rupee rises 7 paise to 62.12 against dollar in early trade

Mumbai: The rupee strengthened by seven paise to 62.12 against the US dollar in early trade on Monday at the Interbank Foreign Exchange market on selling of the American currency by exporters.

Forex dealers said gains made by other currencies against the US dollar overseas and a higher opening in the domestic equity markets also supported the rupee.

The rupee had ended 12 paise higher at 62.19 against the dollar in the previous session on Friday on the back of selling of the US currency by banks and exporters.

Meanwhile, the benchmark BSE Sensex rose by 131.93 points, or 0.45 percent, to 29,226.86 in early opening trade.--PTI

Sensex surges 132 points on buying by funds, better earnings

Sensex surges 132 points on buying by funds, better earnings

Mumbai: Continuing its upward journey for the fifth consecutive session, the benchmark BSE Sensex gained 132 points in early trade on Monday as funds and retail investors enlarged positions on hopes of pro-growth Budget and better third quarterly earnings by some bluechip companies.

Besides, a firming trend at other Asian markets buoyed trading sentiments here.

The 30-share index was trading higher by 131.93 points, or 0.45 percent, at 29,226.86 with all the sectoral indices, led by realty, metal, oil & gas and banking, leading the rise.

The gauge had gained 867.54 points in the previous four sessions.

Also, the National Stock Exchange index Nifty shot up by 34.90 points, or 0.40 percent, at 8,840.40.

Mumbai civic body demolishes ramp outside actor Shah Rukh Khan's house

Mumbai civic body demolishes ramp outside actor Shah Rukh Khan's house

Mumbai, Feb 14 : Residents living near Bollywood star Shah Rukh Khan's residence in Mumbai rejoiced after the city's main civic body demolished an illegal ramp outside his house, which was causing inconvenience to commuters.

As per reports, Brihanmumbai Municipal Corporation (BMC) workers and police reached Khan's residence, known as 'Mannat', in Bandra early on Saturday morning to raze the ramp.

The illegal ramp was constructed by Khan and closed off access to the lane adjoining the house, causing hindrance to residents.

Residents were perturbed as they were not being allowed to use that lane to go to Mount Mary's Church.




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