Sensex, Nifty clock fresh closing highs on fund inflows
Mumbai: Continuing their record-setting spree for a third day in a row, domestic equity benchmarks Sensex and Nifty Tuesday hit fresh closing highs on sustained foreign fund inflows coupled with positive domestic cues.
After swinging over 300 points in a highly volatile session, the 30-share index ended 66.44 points, or 0.17 pc, higher at 39,749.73 — its all-time closing high. The gauge hit an intra-day high of 39,828.65 and a low of 39,498.65. Likewise, the broader NSE Nifty inched 4 points, or 0.03 pc, higher to 11,928.75 — another closing peak for the index.
India can attract 1.5-2 pc FDI to GDP ratio: Nomura
New Delhi: India can attract FDI to a ratio of 1.5 pc to 2 pc of its Gross Domestic Product (GDP) by further improving on ease of doing business and building infrastructure, Japanese financial services major Nomura said Tuesday.
The group’s Chief India Economist Sonal Varma said the country is in favourable position to attract foreign firms planning to relocate their manufacturing bases due to trade tension between the US and China.
“We can easily see a ratio of FDI to GDP at 1.5 er cent to 2 pc,” Sonal Varma, Chief India Economist at Nomura, said on Tuesday. India gets between 1 pc and 1.5 pc FDI to GDP ratio.She said the conditions such as a large domestic market to attract higher FDI level is in place in India
“Given India’s big domestic market, I think India has the pull factor. But the government should focus on two things: first get the infrastructure in place, and second improve on ease of doing business,” Varma said.
She pointed out that China, in the initial phases of its economic take off, between 1990s and early 2000s, used to attract FDI in excess of 2 pc in ratio to its GDP.
State Bank of India invites bids to sell 4 NPAs worth Rs 2.3 bn
Mumbai: State Bank of India has invited bids from asset reconstruction companies, banks, non-banking finance companies and financial institutions for proposed sale of four non-performing loan accounts worth 2.3 bln rupees, the lender said in a newspaper notice today.
Bidders have to submit expression of interest by Thursday and have to complete due diligence process by Jun 19. The e-bidding for the proposed sale will be held on Jun 20.
The four accounts put up for sale were loans extended to Lovely International Pvt Ltd and Lovely Enterprises Pvt Ltd with an outstanding of 946.3 mln rupees, Abhijeet Ferrotech Ltd with an outstanding of 887.2 mln rupees, Madurai Tuticorin Expressway Ltd with an outstanding of 221.7 mln rupees and Trichy Tanjavur Expressway Ltd with outstanding worth 243.6 mln rupees.
Most state-owned banks have been looking to sell bad loans to trim their outstanding exposure to non-performing assets and shore up their capital.
As of Mar 31, the bank’s gross non-performing asset ratio was 7.53%, compared with 8.71% a quarter ago and 10.91% a year ago. The net non-performing asset ratio was 3.01%, against 3.95% a quarter ago and 5.73% year ago.
At 1403 IST, shares of State Bank of India were down 0.8% at Rs 358.90.
Over 400 marketers take pledge to scale their content marketing efforts at CMS Asia 2019 in Mumbai
Mumbai, May 14, 2019 : Content Marketing Summit Asia – 9th edition of the largest ‘not-for-profit’ content marketing conference across JAPAC driven by the marketing community was held on 8th May 2019 in Mumbai.
In it’s recently concluded edition, CMS Asia witnessed over 400 brand marketers trying to understand the content marketing dynamics and they emphasized the need to do more of content based marketing. The leading brand leaders from IBM, Citibank, Kotak Mahindra Bank, HDFC Life, Sony Pictures, Mattel, Microsoft, MasterCard, VodafoneIdea, Future Group, AON, Trent, Unisys among others, shared their experience & learning with a housefull of fellow marketers.
Speaking about the event, RP Singh, Curator – CMS Asia, “With every edition, CMS Asia is redefining how marketing events should be done. We have changed rules of the game for the entire ecosystem. With no sponsored agendas, we have successfully delivered yet another housefull edition. We are overwhelmed with the response that we are getting from the marketing fraternity especially when we are a completely ‘no-frills’ event focused only on learning”
Winners in 11 content marketing categories were also felicitated at this edition of CMS Asia for their great work in this field in the last year. Tata Power clinched South Asia Content Marketing Company of the Year 2019 award at the summit.
CMS Asia 2019 was Powered by JioSaavn and Techmagnate was the Digital Marketing Partner for this event.
CMS Asia launched its 3rd State of Content Marketing in India 2019 report at Mumbai edition in association with Agency Reporter, which is the largest survey of CMOs in India on how they are using Content Marketing.
CMS Asia is the first Indian conference to launch in other Asia Pacific countries including Singapore, Australia, Japan, Indonesia, Malaysia and is completely knowledge-oriented with no Sponsored Agendas.
10th Edition of the event is scheduled for 28th August in Singapore.
Media Contact – Aditi Dhill, firstname.lastname@example.org
Jet Airways’ deputy CEO and CFO Amit Agarwal resigns
Mumbai: Grounded carrier Jet Airways’ deputy chief executive and chief financial officer (CFO) Amit Agarwal has resigned, the airline said on Tuesday. Agarwal’s resignation is effective from May 13, it said.
“We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13,” Jet Airways said in a regulatory filing. The airline seized operations temporarily around mid- April due to acute liquidity crisis. Most of the airline’s board members have also quit in the last one month.
Cyclone Fani: GoAir waives cancellations/change fee
Budget carrier GoAir Thursday said it will not charge any fee for a rescheduling or cancellations for its flights to and from Bhubaneswar, Kolkata and Ranchi between May 2 and May 5, due to the cyclone Fani, which is likely to hit Odisha coast Friday. The operations of various domestic airlines have already been affected due to the oncoming cyclone.
"GoAir is waiving cancellation and change fees for Bhubaneswar, Kolkata and Ranchi flights for travel between May 2 and May 5," the airline said in a statement. It also said the passengers can re-book their flights within seven days of scheduled departure of the flight.
The extremely severe cyclonic storm is expected to hit the Odisha coast on Friday. Other states on the eastern coast, such as West Bengal, Andhra Pradesh and Tamil Nadu are also expected to be affected by the cyclone. Two other carriers-full service Vistara and budget carrier IndiGo-have already issued travel advisories to their respective customers on Twitter.
US dollar rises amid declining euro
New York: The US dollar increased amid a weaker euro, as latest data showed the euro zone suffered sharp contraction in manufacturing sector, raising concerns over a slowdown in the region’s economy. In late New York trading on Tuesday, the euro decreased to $1.1198 from $1.1211 in the previous session, and the British pound was down to $1.3114 from $1.3125 in the previous session, Xinhua news agency reported.
The Australian dollar decreased to $0.7063 from $0.7112.The US dollar bought 111.38 Japanese yen, higher than 111.36 Japanese yen of the previous session. The US dollar fell to 0.9984 Swiss franc from 0.9989 Swiss franc, and it was up to 1.3346 Canadian dollars from 1.3310 Canadian dollars.
The IHS Markit Eurozone Manufacturing Purchasing Managers’ Index (PMI) posted a level of 47.5 in March, down from 49.3 in February, marking its lowest level since April 2013, according to the PMI data released Monday by IHS Markit, a London-based global information provider.
The grim data indicated that manufacturing operating conditions in the euro zone deteriorated last month to the greatest degree for nearly six years. The dollar index, which measures the greenback against six major peers, increased 0.12 per cent at 97.3597 in late trading.
Sensex rises over 150 points, Nifty above 11,750
Mumbai: The BSE benchmark Sensex rose over 150 points in early trade led by gains in banking and auto stocks amid positive cues from other Asian markets. The BSE gauge Sensex was trading above the psychological 39,000-level in early deals up 176.95 points, or 0.45 per cent, at 39,233.60. The 30-share BSE index Tuesday settled at 39,056.65, 184.78 points or 0.48 per cent higher, marking its highest ever closing.
Similarly, the NSE benchmark Nifty was trading 39.05 points, or 0.33 per cent, higher at 11,752.25 in early session. Top gainers on Sensex include Tata Motors, IndusInd Bank, HDFC twins, PowerGrid, Kotak Bank, Tata Steel, Bharti Airtel, Yes Bank, M&M, Maruti, Bajaj Finance, SBI and RIL, rising up to 2.05 per cent.
On the other hand, Infosys, HUL, Coal India, L&T and Sun Pharma were the top losers, falling up to 0.68 per cent. According to experts, inflow of foreign liquidity in expectation of rate cut from the Reserve Bank of India (RBI) and revival in earnings will provide some stability in the market.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 437.70 crore, provisional data available with stock exchanges showed.
The Monetary Policy Committee (MPC) is holding a two-day meeting between April 2 and April 4 for the first bi-monthly policy statement for 2019-20. The RBI will unveil its first bi-monthly monetary policy decision of this new fiscal on Thursday.
Meanwhile, the rupee appreciated by 9 paise to trade at 68.65 to the US dollar in early trade on Wednesday. Brent crude futures, the global oil benchmark, rose 0.52 per cent to trade at USD 69.73 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.
Marquee British Automaker MG Motor unveils India’s first Internet Car
New Delhi: Marquee British Automaker MG Motor (Morris Garages) showcased new car technology in India with the launch of the iSMART Next Gen. This car has been developed in partnership with global technology players and will be available by June this year. iSMART Next Gen will be the first internet car in India that will redefine connected mobility. Along with its strong consortium of global tech partners that includes Microsoft, Adobe, Unlimit, SAP, Cisco, Gaana, TomTom and Nuance, the carmaker unveiled several industry-first features of Internet-enabled cars that will be available in the MG Hector.
The brain of the iSMART Next Gen will be housed in a 10.4” Head Unit. The screen is designed with a vertical interface that allows the driver to control the entire car system with just a touch or voice command. The Head Unit is built to withstand extreme climatic conditions of India. It comes pre-loaded with entertainment content. MG Hector iSMART Next Gen comes with embedded M2M sim.
The customized solution has been developed by Unlimit in partnership with Cisco and Airtel who have collaborated with their Jasper platform and telecommunication network respectively. The connected mobility solution on the MG Hector is Internet Protocol Version 6 (IPV6) ready for 5G. This seamless connectivity enables the users to receive real-time software, entertainment content and application updates. Customers will be able to download the software updates immediately or schedule them for later, as in smartphones.
Ola expands UK operation to three new cities
London: Taxi-hailing app Ola Friday said it has expanded its service footprint to three more cities Liverpool, Reading, and Birmingham in the United Kingdom.
“We are delighted to launch our services in Birmingham, Liverpool and Reading, thus solidifying Ola’s presence across 7 large metropolitans in the UK,” Ben Legg, Managing Director of Ola UK, said in a statement. In Birmingham and Reading, the platform is set to go live on April 1, and driver onboarding is already underway, the company said.
Ola started Liverpool operation by offering free rides on green tuk-tuks last week for a limited time period, as a part of the promotional campaign. “We received requests from users across the UK to introduce the Ola platform in their cities,” Legg said.
The company started service in the UK from Cardiff in August 2018. It then started operations in Bristol in October 2018, followed by Bath and Exeter in November 2018. Ola is planning to expand operation across northern England and the Midlands in the coming months. Ola claimed to be the only app in the UK that offers black cabs and Private Hire