businessfortnight

Telecom major Bharti Airtel on Tuesday reported a revenue of ₹ 25,785 crore in the July-September period, its highest ever in a quarter, boosted by higher tariffs and a rise in data usage from a coronavirus-fuelled shift to remote working. The jump in revenue for Bharti Airtel comes at a time when the country’s telecom sector is grappling with low tariffs due to a price war that ensued after billionaire Mukesh Ambani’s Reliance Jio entered the space. In a regulatory filing after market hours, the private sector company said its net loss narrowed to ₹ 763.2 crore in the second quarter of current financial year, compared to ₹ 23,044.9 crore in the corresponding quarter a year ago. Its revenue jumped 22.02 per cent in the September quarter compared to the year-ago period.  Bharti Airtel said its ARPU or average revenue per user – a measure of profitability – improved to Rs 162 per month in the July-September period, from ₹ 157 in the previous quarter and ₹ 128 in the three-month period en

Industry body PHDCCI expects India’s GDP to contract by 7.9 per cent in the current financial year and grow by 7.7 per cent in 2021-22, assessing that the worst is over and the economy is on the verge of a slow recovery. The chamber, however, stated that unemployment remains a key challenge to be addressed by the government. The PHDCCI drew the conclusions based on its analysis of 25 high-frequency economic indicators which point out that there has been a pickup in business normalization. However, the unemployment rate still remains a worry as it worsened to 8.3 per cent in August from 7.4 per cent in July, it said in a report. “Going ahead, India should focus on moving away from imports from China, divert trade towards friendly economies, build domestic capacities and significantly scale-up indigenous production with a thrust to become self-reliant,” PHD Chamber of Commerce and Industry (PHDCCI) said. It said also that efforts should be made to diversify the portfolio of export produc

Domestic stock markets registered sharp gains after a gap-up opening on Monday tracking gains across Asian equities as investors were optimistic around a fast recovery from the coronavirus pandemic though Chinese data dampened sentiment. The S&P BSE Sensex index jumped 396.75 points – or 0.99 per cent – to touch 40,379.73 at the strongest level in morning deals, having started the day up 335.59 points (0.84 per cent) at 40,318.57. The broader NSE Nifty 50 benchmark climbed to as high as 11,879.30, up 116.85 points from its previous close.   At 9:27 am, the Sensex traded 341.47 points – or 0.85 per cent – higher at 40,324.45 while the Nifty was up 71.95 points – or 0.61 per cent – at 11,834.40. Top percentage gainers in the 50-scrip Nifty basket at the time were ONGC, NTPC, GAIL, HDFC and Axis Bank, trading between 2.18 per cent and 3.72 per cent higher. On the other hand, UPL, TCS, Hero MotoCorp, Cipla and Divi’s Lab – down 0.65-1.79 per cent each – were the worst hit among 12 lagg

Shares of the Bengaluru-based information technology major – Wipro Ltd. – rose as much as 5.89 per cent to hit an intraday high of ₹ 355 on the BSE after the company after market hours on Wednesday informed exchanges that its board will discuss proposal to buyback equity shares at a meeting scheduled on October 13. There was usual than higher volumes in Wipro shares in trade today as a total of 10.45 lakh shares changed hands on the BSE compared with an average of 6.70 lakh shares traded daily in the past two weeks. Since the start of this year, Wipro has given strong returns to the investors as the stock has rallied 44 per cent from its close of ₹ 245 on December 31 despite the markets facing heightened volatility due to Covid-19 pandemic, data from BSE showed.

The S&P BSE Sensex and NSE Nifty 50 indexes rose for third session in a row led by rally in Tata Consultancy Services which rose after it informed exchanges that its board will consider share buyback proposal on October 7, the day it will declare its second quarter earnings. The Sensex rallied as much as 567 points to briefly move above 39,000-mark and Nifty 50 index reclaimed its important psychological level of 11,500. TCS was top mover in the Sensex and it alone contributed 184 points towards the Sensex. The Sensex ended 277 points or 0.71 per cent to close at 38,974 and Nifty 50 index climbed 0.76 per cent or 86 points to close at 11,503. Eight of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Information Technology index’s 3.5 per cent gain. Metal, pharma and private banking shares also witnessed buying interest. On the other hand, energy, media, state-run lenders and select auto stocks faced selling pressure. Mid- and small-cap shares e

The Finance Ministry said on Saturday that credible signs of economic growth emerged in September as the government took various measures, amid the raging coronavirus and resultant lockdowns in the past six months, to bring the economy back on track. The government’s initiatives on both, demand and supply side led to the emergence of green shoots in the economy, the finance ministry said, and asserted that the government is open towards taking measures to further minimise the impact of Covid-19 on the economy. There has been a rise in business activities in the month of September as the lockdown has been relaxed in a phased manner. The GST collection rose 4 per cent in the month (year-on-year) to ₹ 95,480 crore. Rail freight revenue earnings rose 13.5 per cent and power consumption increased by 4.2 per cent during the month. Other growth indicators such as PMI manufacturing, the index of eight core industries, E-way bills, cargo traffic and passenger vehicle sales also showed upward mo

Domestic financial markets will remain shut on Friday, October 2, for Mahatma Gandhi Jayanti holiday. Trading in the markets will resume on Monday, October 5. In the four-day, holiday-truncated trading week, on account of the Mahatma Gandhi Jayanti holiday on Friday, the S&P BSE Sensex index climbed up 1,308.39 points – or 3.50 per cent – whereas the broader NSE Nifty 50 benchmark added 366.7 points (3.32 per cent). The rupee gained by 47 paise – or 0.64 per cent – during this period.  The recent recovery was led by optimism around easing of COVID-19-related restrictions by the government, in tandem with global markets, where investors remained hopeful about recovery from the damage caused by the pandemic.  “October has brought with it some encouraging auto sales numbers and stellar IPO listings… But investors should not read too much into these numbers yet, because on the face of it, these growth numbers might seem positive,” said Nirali Shah, senior research analyst at Samco Secu

Equity benchmark Sensex opened on a strong note and surged nearly 400 points in early trade on Friday as investor sentiments improved amid positive leads from Asian markets and overnight gains on the Wall Street. The 30-share index was trading 395.08 points or 1.08 per cent higher at 36,948.68, and the NSE Nifty climbed 121.50 points or 1.12 per cent to 10,927.05. All Sensex components were trading higher with IndusInd Bank, M&M, TCS, Bajaj Finance, Bharti Airtel, Sun Pharma, Maruti, Tata Steel and Axis Bank gaining up to 3.22 per cent. In the previous session, the BSE index plummeted 1,114.82 points or 2.96 per cent to finish at 36,553.60, and the NSE Nifty tanked 326.30 points or 2.93 per cent to close at 10,805.55. Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,885.69 crore on Thursday, exchange data showed. Brokers said a firming trend in Asia accelerated buying activity in the domestic market. Asian markets were mostl

Equity benchmark Sensex plunged over 600 points in early trade on Thursday, tracking massive sell-off in global stocks amid heavy foreign fund outflow. After sinking 609.63 points, the 30-share index was trading 571.26 points or 1.52 per cent lower at 37,097.16, and the NSE Nifty cracked 169.40 points or 1.52 per cent to 10,962.45. All Sensex components were in the red with M&M, Bajaj Finance, IndusInd Bank, Maruti, Axis Bank, Bajaj Finserv and ICICI Bank shedding up to 3 per cent. In the previous session, Sensex settled 65.66 points or 0.17 per cent lower at 37,668.42, while Nifty shed 21.80 points or 0.20 per cent to close at 11,131.85. Exchange data showed that foreign institutional investors sold equities worth Rs 3,912.44 crore on a net basis on Wednesday. According to traders, heavy sell-off in US equities in overnight session, negative cues from Asian peers and foreign fund outflow hit investor sentiment here. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with

Billionaire Mukesh Ambani-led Reliance Industries said on Wednesday that the US-based investment firm KKR will buy a 1.28 per cent stake in its retail arm, Reliance Retail Ventures, for ₹ 5,550 crore. The transaction gave Reliance Retail an equity value of ₹ 4.21 lakh crore, Reliance Industries said in a regulatory filing before market hours on Wednesday. The deal is likely to bolster oil-to-telecom conglomerate Reliance Industries’ retail presence in the domestic market. Here are 10 things to know: KKR will make its investment from its Asia private equity funds, and the transaction is subject to regulatory and other customary approvals, Reliance Industries said. This marks the second investment by KKR in a subsidiary of Reliance Industries, following a ₹ 11,367 crore investment in Jio Platforms announced earlier this year. KKR follows the US-based private equity firm Silver Lake, which agreed to take a 1.75 per cent  stake in Reliance Retail Ventures for ₹ 7,500 crore earlier this mon

Extending its losses for the fifth straight session, equity benchmark Sensex ended 66 points lower on Wednesday, tracking weakness in Bharti Airtel, TCS and Bajaj Finance despite largely positive cues from global markets. After opening on a positive note, the 30-share BSE index pared all intra-day gains to settle 65.66 points or 0.17 per cent down at 37,668.42. Similarly, the NSE Nifty fell 21.80 points or 0.20 per cent to close at 11,131.85. Bharti Airtel was the top laggard in the Sensex pack, tanking around 8 per cent, followed by Tata Steel, IndusInd Bank, NTPC, PowerGrid, ONGC and TCS. On the other hand, Axis Bank, HUL, Infosys, Nestle India and HDFC Bank were among the gainers. According to traders, despite positive global cues, domestic benchmarks were dragged lower by stock-specific selling in index majors. Bourses in Shanghai, Hong Kong and Seoul ended with gains, while Tokyo closed in the red. Stock exchanges in Europe were trading significantly higher in early deals. Meanwhi

Gold refiner Rajesh Exports has reported 49.61 per cent fall in consolidated net profit at Rs 152.13 crore for the quarter ended June 30, 2020. The company had posted net profit of Rs 301.94 crore in the corresponding period a year ago. Its total income from operations in the quarter under review stood at Rs 46,054.55 crore, up 13.37 per cent, against Rs 40,622.52 crore in the first quarter of the previous fiscal year, the company said in a regulatory filing. Total expenses during the quarter were at Rs 45,886.96 crore, up 13.84 per cent, against Rs 40,306.60 crore reported in the corresponding period a year ago. Shares of Rajesh Exports were trading 0.01 per cent lower at Rs 459.90 apiece on BSE.

Domestic equity benchmark Sensex jumped over 250 points in early trade on Thursday led by gains in index majors Reliance Industries, ICICI Bank and SBI amid positive cues from global markets. The 30-share BSE index was trading 269.92 points or 0.71 per cent higher at 38,463.84; while the NSE Nifty rose 73.05 points or 0.65 per cent to 11,351.05. IndusInd Bank was the top gainer in the Sensex pack, surging around 3 per cent, followed by Bajaj Finserv, SBI, Reliance Industries, Bajaj Finance, Axis Bank and UltraTech Cement. On the other hand, Bajaj Auto, Titan, Tech Mahindra and HUL were among the laggards. In the previous session, Sensex ended 171.43 points or 0.45 per cent lower at 38,193.92, while Nifty settled 39.35 points or 0.35 per cent down at 11,278. Exchange data showed that foreign institutional investors sold equities worth Rs 959.09 crore on a net basis on Wednesday. Domestic equities opened on a positive note tracking strong gains in global markets, traders said. Stoc

Asian stock markets rose on Thursday after Wall Street turned in its biggest daily gain since July despite uncertainty about the global outlook. Benchmarks in Shanghai, Tokyo, Seoul and Sydney all advanced. Wall Street's benchmark S&P 500 index gained 1.5% on Wednesday after a report on hiring that some analyst said might indicate the US job market recovery could be fading. Investors have been encouraged by central bank infusions of credit into struggling economies and hopes for a vaccine to end the coronavirus pandemic that has plunged the world into its deepest slump since the 1930s. Forecasters warn the stock market recovery might be running too far ahead of economic activity as the United States and some other countries reimpose anti-virus controls that hamper business. The irony of market exuberance is rich, said Mizuho Bank in a report. Record highs on Wall St make a mockery of policymakers grasping for recourse to the worst downturn in decades. The Shanghai Composi

Equity benchmarks notched up gains for the second straight session on Wednesday, propelled by market heavyweight Reliance Industries amid upbeat global cues. However, border tensions with China and a weakening rupee capped the upside, traders said. After starting on a choppy note, the BSE Sensex gained momentum in late-afternoon trade, before finally closing at 39,086.03, up 185.23 points or 0.48 per cent. On similar lines, the broader NSE Nifty climbed 64.75 points or 0.56 per cent to close at 11,535. Mahindra and Mahindra (M&M) was the top gainer in the Sensex pack, rallying 5.77 per cent, followed by PowerGrid, Tata Steel, IndusInd Bank, Reliance Industries, HCL Tech, ONGC and Infosys. Reliance Industries jumped 1.97 per cent, accounting for over half of the index's gains. On the other hand, Bajaj Auto, Asian Paints, Sun Pharma, HDFC, Nestle India and HUL were among the laggards, shedding up to 2.62 per cent. “After initially trading with uncertainty, the markets gained

An 8,764 per cent surge in the shares of a company with a minuscule public shareholding has prompted the Securities and Exchange Board of India to consider changing its rules for firms emerging from the nation's bankruptcy process. The regulator has sought comments on a proposal to cut the time given to companies that re-list after bankruptcy resolution to boost the free float to at least 10 per cent within six months from 18 months currently. The rule mandating such companies to eventually get to the minimum shareholding of 25 per cent within three years of re-listing remains. “In one recent case it was observed that post insolvency resolution process, the public shareholding decreased to 0.97 per cent, and showed 8,764 per cent increase in its share price,” SEBI's consultation paper said, listing Ruchi Soya Industries Ltd. and four other companies that re-listed between September 2018 and February. Ruchi Soya was acquired by a Yoga guru Baba Ramdev's Patanjali Ayurveda-le

Markets regulator Sebi on Wednesday proposed relaxation in norms pertaining to 25 per cent minimum public shareholding for companies which undergo corporate insolvency resolution and seek relisting following the process. Besides, it proposed enhanced disclosure for such companies. Sebi said it is possible that pursuant to implementation of the resolution plan, the public shareholding in such companies may drop to abysmally low levels. In fact, in one recent case it was observed that post corporate insolvency resolution process (CIRP), the public holding decreased to 0.97 per cent, and it showed 8,764 per cent jump in share price in spite of additional preventive surveillance actions, including reduction in price band and moving the scrip into trade for trade segment. According to Sebi, such low public shareholding raises multiple concerns like failure of fair discovery of price of the scrip and need for increased surveillance measures and may therefore be a red flag for future case

National Stock Exchange of India Ltd (NSE), the leading stock exchange in India, today announced the launch of NSE Refiner Standards (NRS) for BIS – Standard Gold. The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform. The NSE Refiner Standards for BIS – Standard Gold shall be effective from Friday, July 10, 2020. Until yesterday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of NSE. However, taking into account the fact that there are several Indian refiners having capabilities of producing the gold bars as per Bureau of Indian standard (BIS) notified standards – IS 17278: 2019, it has been decided by the exchange to accept gold bars produced by specified Indian refiners adhering to the ab

Nifty started the June month with an upside gap of 150 points and continued its positive momentum towards 10300 mark in the first week. It witnessed a swift profit booking decline of around 800 points in second week of June after a sharp rally of 1500 points in previous 14 sessions. However, bulls took the corrective move as buying opportunity and again pulled the index above 10500 mark. Eventually, Nifty concluded the month a tad above 10300 levels, with the gains of 7.5%. At the same time, index ended the quarter with massive gains of 19.82%, which is biggest quarterly gain in last 11 years. It had given a narrow range breakout on monthly scale and formed a bullish candle on monthly as well as on quarterly chart with positive price setup. Index has been forming Higher top – Higher bottom on daily and weekly scale, which is a positive sign as per ‘Dow Theory’. It is also sustaining well above its rising support trend line on daily scale by connecting all the recent swing low of 7511,

Kolkata, June 30, 2020: Dollar Industries Limited, leading among the top hosiery and garment manufacturing giants in India, covering entire range of knitted garments, from basic wear to outer wear has announced their audited financial results for the quarter and year ended March 31, 2020. Q4FY20 performance overview compared with Q4FY19 Revenues from operations at Rs. 237.66cr, Q-o-Qde-growth of 20.19% EBITDA of Rs. 24.21crores; Q-o-Q de-growth of 31.01 % EBITDA margins at 10.19% PAT stood at Rs. 13.32 crores; Q-o-Qdecrease by 40.96% EPS for Q4FY20 stood at Rs. 2.35, as compared to Rs. 3.98for Q4FY19 Annual performance overview of FY 19-20 as compared with FY 18-19 Revenues from operations stood at Rs 969.32crores, a fall of 5.78% EBITDA at Rs.109.29 crores from Rs.137.87crores, de-growth by 20.73% EBITDA margin stood at11.28% PAT stood at Rs.59.45crores, down by 21% EPS at Rs. 10.48