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Closing Bell: Market slightly recovers in close ahead of RBI policy meet outcome, Idea Cellular slips 10%

Closing Bell: Market slightly recovers in close ahead of RBI policy meet outcome, Idea Cellular slips 10%

Closing Bell: Market slightly recovers in close ahead of RBI policy meet outcome, Idea Cellular slips 10%
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Market recovers slightly in close, Idea tanks 10%.


The market has recovered slightly in the close with the BSE Sensex closing at 34,903 points and the NSE Nifty closing at 10,593 points ahead of the RBI policy meet. The investors were trading cautiously as the expectation of a rate hike or the unchanged repo rate tomorrow has hurt the investors' sentiment. Idea Cellular, after being the top index gainer in the opening trade, sunk 10% to be the top index loser. The sugar stocks surged in trade as the government is speculating the idea to bailout the sugar mills. 

Market remains weak, Idea tanks 10%.
 

The market continues to trade weak with the BSE Sensex trading at 34,897 points and the NSE Nifty trading at 10,585 points. The market is trading weak ahead of the RBI policy meet outcome tomorrow. Idea Cellular is sinking in trade, losing more than 10% towards the close.

India may install 225 GW renewable power by 2022: power minister##India may install 225 GW renewable power by 2022: power minister

India hopes to touch renewable power capacity of 225 gigawatts (GW) by March 2022, the country's power minister said on Tuesday, likely breaching the 175 GW target set in 2015.

"We will cross the target of 175 GW of renewable energy before 2022," R. K. Singh said, adding bids for the entire 175 GW will be out by March 2020.

India, which is a signatory to the Paris accord for cutting greenhouse gas emissions, has an installed capacity of over 70 GW, up from 34 GW in December 2014.

The ministry has not revised the target but is hopeful 225 GW will be possible at the current pace of growth, Singh said.

The country is also planning to electrify all village households by December this year, he said.

The majority of India's renewable energy comes from wind at over 34 GW, followed by solar at 21 GW. In the last four years, India's solar capacity has risen substantially from 3 GW in December 2014.

(From Reuters)

Italy's 'government for change' seeking parliament's backing.##Italy's 'government for change' seeking parliament's backing.

Italy's anti-establishment government will seek backing in the Senate on Tuesday, one of the final hurdles before it can begin implementing its plans to challenge European Union rules on budgets and immigration.

Prime Minister Giuseppe Conte on Tuesday will ask the upper house to vote confidence in his "government for change", as it has been dubbed by the two parties backing him.

Conte speaks at 1000 GMT in the Senate, which votes later on Tuesday, while the lower house confidence vote is scheduled for Wednesday. The coalition has about a 10-vote majority in the Senate and a wider margin in the lower house.

Conte, a little-known 53-year-old law professor, is backed by the 5-Star Movement which grew out of a grassroots protest network, and the right-wing League. Together the parties have issued a budget-busting agenda of tax cuts and higher welfare spending.

The League in particular is seeking to clamp down on irregular migration, with party leader Matteo Salvini on Monday pledging that Italy will no longer be "Europe's refugee camp".

PC Jeweller remains volatile, stock is now down 15% from the day's high.

Closing Bell: Market slightly recovers in close ahead of RBI policy meet outcome, Idea Cellular slips 10%

The market has reached the day's low towards the close. 

Ant Financial shifts focus from finance to tech services: Reuters##Ant Financial shifts focus from finance to tech services: Reuters

Ant Financial Services Group, the dominant Chinese fintech company, is shifting its main focus to technology services and away from payments and consumer finance as Beijing's crackdown on financial risk deepens, four sources with knowledge of the matter said.

The company, which is controlled by the Chinese billionaire Jack Ma, plans to accelerate the shift within the next few years, the sources said. They said the move was propelled, in part, by growing regulatory pressure on Ant's core financial businesses, including payments, micro lending, credit rating and wealth management.

Ant Financial was spun off from Alibaba Group Co Ltd,, which went public in 2014, and has played a major role in shaping the financial technology landscape in China. Its Alipay online payment app is one of the biggest players in an increasingly cashless society.

GoAir appoints ex-EasyJet executive Cornelis Vrieswijk as CEO.##GoAir appoints ex-EasyJet executive Cornelis Vrieswijk as CEO.
 

Wadia group-promoted budget carrier GoAir today announced the appointment of former EasyJet executive Cornelis Vrieswijk as its new chief executive officer.

The appointment is effective from yesterday, GoAir said in a release.

He will be reporting to the airline's chairman, managing director and the board of directors, it added. Vrieswijik, with over 25 years of experience in aviation and travel industry, comes at the helm following the resignation of Wolfgang Prock-Schauer last December.

(From PTI)

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The market is near the day's low. 

The market is near the day's low. 

Market remains in the red, Idea Cellular tanks 8%.
 

The market is trading in the red with the BSE Sensex trading at 34,910 points and the NSE Nifty trading at 10,586 points ahead of the RBI policy meet tomorrow. Idea Cellular is now losing more than 8% in trade and is currently the top index loser while Cipla gains 3% and is the top index gainer.

Just in: Finance ministry to meet the power department on the Allahabad HC order. 

Wipro announces salary hike for eligible employees, effective June 1.

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