Closing Bell: Sensex, Nifty end higher led by RIL, ITC, HDFC Bank##Closing Bell: Sensex, Nifty end higher led by RIL, ITC, HDFC Bank
The Sensex jumped 318 points, or 0.90 percent, to settled at 35,775, while the Nifty closed at 10,763, rising by 81 points, or 0.76 percent. Midcaps underperformed with the Nifty MidCap settling higher by nearly half a percent, while the BSE MidCap higher by 0.35 percent. Among top percentage gainers, Yes Bank surged over 7 percent, while ITC nearly 3 percent high. Tata Motors, IndusInd Bank, Sun Pharma, rose by up to 2.61 percent. Indiabulls Housing Finance ended up being the top loser, dipping by more than 4 percent. Gail, Bajaj Finance, ICICI Bank, ONGC, SBI, NTPC and Axis Bank dipped by up to 2.19 percent.
DLF up; JV eyes Rs 3.5 billion rental from project##DLF up; JV eyes Rs 3.5 billion rental from project
Shares of DLF rose 4 percent on reports that DLF Cyber City Developers, a joint venture between DLF and Singapore sovereign wealth fund GIC, expects about Rs 3.5 billion in annual rental income from upcoming commercial project at Gurugram. Reports said that the Gurugram project will be completed by March next year. DLF owns 66.66 percent stake in DLF Cyber City Developers, while Singapore's GIC owns 33.34 percent.
Market update: Sensex, Nifty surge higher led by RIL, ITC, HDFC Bank##Market update: Sensex, Nifty surge higher led by RIL, ITC, HDFC Bank
Indian shares expanded gains in the last hour of trade led largely by index heavyweight stocks of Reliance Industries, FMCG major ITC and HDFC Bank. Yes bank, L&T, TCS, IndusInd Bank, M&M, Sun Pharma and HDFC also supported the indexes. ICICI Bank, SBI, Axis Bank, ONGC and Asian Paints dragged indexes. The Sensex traded 35,757, jumping 300 points, or 0.85 percent at 3.05 pm. The Nifty was trading at 10,759, higher by 77.45 points, or 0.73 percent.
RIL gains on news company to add capacity at Jamnagar unit##RIL gains on news company to add capacity at Jamnagar unit
Shares of Reliance Industries rose nearly 2 percent after Bloomberg reported that the company was planning to add 600,000 barrels per day of refining capacity at the world's largest refining complex at Jamnagar, Gujarat. The additional capacity is nearly half the 1.2 million barrels per day capacity already existing at the facility. The cost of the capacity addition could be nearly $10 billion, the Bloomberg report said. At 2.40 pm, shares of Reliance Industries were up 1.6 percent at Rs 1,145.75. (Cogencis)
RBI board must play like Rahul Dravid, not Navjot Sidhu, says Raghuram Rajan##RBI board must play like Rahul Dravid, not Navjot Sidhu, says Raghuram Rajan
Raghuram Govind Rajan, economist and 23rd governor of the Reserve Bank of India (RBI), is one of the few economists who predicated central bankers about the 2008 financial crisis. Rajan, 55, was the chief economist and director of research at the International Monetary Fund, is also a distinguished service professor of finance at the University of Chicago's Booth School. Read more
Market update: Sensex, Nifty advance higher led by RIL, ITC, HDFC Bank, Yes Bank##Market update: Sensex, Nifty advance higher led by RIL, ITC, HDFC Bank, Yes Bank
Indian shares expanded gains on Monday afternoon led by sustained buying in Reliance Industries, ITC, HDFC Bank, Yes Bank, L&T, Kotak Bank, IndusInd Bank, HDFC, M&M, Sun Pharma. ICICI Bank and Axis Bank dragged indexes. The Sensex traded at 35,669.85, up by 212.69 points, or 0.60 percent, while the Nifty traded at 10,729, higher by 47 points, 0.44 percent. The Nifty MidCap also rose by 0.61 percent, while the BSE MidCap was higher by 0.38 percent.
RBI vs government: Nowhere in the world is a central bank run by a board, says Chidambaram##RBI vs government: Nowhere in the world is a central bank run by a board, says Chidambaram
Congress leader P Chidambaram, a former finance minister, has been widely credited with implementing a series of reforms, along with Prime Minister Manmohan Singh, in the Indian economy. As an opposition leader, Chidambaram, who holds degrees from Madras University in Chennai and a Masters of Business Administration from Harvard University, has been a trenchant critic of the Narendra Modi government’s economic policies. In an interview with CNBC-TV18, Chidambaram, 73, weighed in on Monday’s RBI board meeting that comes in the backdrop of the ongoing tussle between the central government and the regulator. He spoke at length about the controversial Section 7, the role of the government-appointed board members, and the options before the central bank. Here is the full transcript of the interview.
Why today's RBI board meeting could be a make or break event for India's financial sector##Why today's RBI board meeting could be a make or break event for India's financial sector
Monday, November 19 may be a day of reckoning for the Indian financial sector. The sector's backbone, its regulator, the Reserve Bank of India (RBI) may face its most difficult test ever. If news reports are to be believed, the government may want to make the RBI a board-run central bank. Section 7 of the RBI uses identical words to describe the powers of the RBI governor and deputy governors on the one hand and the RBI board on the other. Section 7(3) which governs the powers of the governor has one additional phrase. Read more
Supreme Court upholds UltraTech's bid for Binani Cement##Supreme Court upholds UltraTech's bid for Binani Cement
The Supreme Court on Monday upheld UltraTech's bid for Binani Cement, dismissing Dalmia Bharat's plea seeking stay on the former's bid. The apex court said that it found no infirmities with the National Company Law Appellate Tribunal's (NCLAT) order. The NCLAT last week held UltraTech's offer for Binani Cement as valid, stating that Dalmia Bharat's offer was discriminatory against few financial creditors. Read more
Seamec gains 10% on order to lease vessel for $171,500, Sensex, Nifty edge up##Seamec gains 10% on order to lease vessel for $171,500, Sensex, Nifty edge up
Shares of Seamec rose as much as 10 percent on Monday as the company has got a contract worth $171,500 to lease its vessel "Seamec Princess" to Aqua Omega Services Pvt. Ltd. for seven days. The vessel has been deployed for a job at Mumbai Offshore, started Saturday. Shares traded at Rs 222, up by nearly a percent on the NSE at 1.05 pm. The benchmark Nifty edged up by 27 points, or 0.25 percent, to 10,709. The Sensex traded at 35,589, higher by 134 points, or 0.37 percent.
Aurobindo Pharma up on US FDA tentative nod for drug##Aurobindo Pharma up on US FDA tentative nod for drug
Shares of Aurobindo Pharma gained nearly 2 percent as the company has received the US Food and Drug Administration's tentative approval for combination drug - abacavir sulfate and lamivudine. The combination drug is used to treat human immunodeficiency virus that can cause acquired immunodeficiency syndrome. Sentiment was also boosted by news that the company is looking to launch first set of oncology, respiratory and complex injectables in the US in the next three years.
Mindtree up as Northern Trust buys 1.03% stake in company##Mindtree up as Northern Trust buys 1.03% stake in company
Shares of Mindtree gained 2 percent as Northern Multi-Manager Emerging Markets Equity Fund bought 1.03 percent stake in the company at Rs 840.01 apiece in a bulk deal on the BSE on Friday, according to data available with the exchange. In a separate deal, Copthall Mauritius Investment Ltd sold 1.69 million shares or 1.03 percent stake in the company at Rs 840 a share. At 11.35 am, shares of the company traded 1 percent higher at Rs 844.65. So far in 2018, the stock gained 38 percent.