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Coca-Cola India rejigs leadership team

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Coca-Cola India

Mumbai  |  Coca-Cola India today said it has rejigged its leadership team to enable India and South West Asia business to be a growth engine for the Atlanta-based beverage giant.

While Sundeep Bajoria, a 14-year veteran of the Coca-Cola system, has been promoted as vice-president South West Asia operations, from his earlier role of vice-president – strategy and insights; Chandrasekar Radhakrishnan has been appointed as the new vice-president – strategy and insights, Coca-Cola India and South West Asia, it said in a release.

“The new structure is designed to enable the India and South West Asia business to be a growth engine for the Coca-Cola Company by capitalising on emerging opportunities while continuing to build on talent development,” it added.

Coca-Cola India and South West Asia president T Krishnakumar said there are significant opportunities that lie ahead to grow the company’s portfolio and meaningfully penetrate the market.

“These changes will address developing business needs and pave the way to develop a stronger portfolio for the future. It also reinforces our commitment towards investing in talent development,” he added

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Sensex drops over 200 points; Nifty below 11,100

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Mumbai | The BSE Sensex dropped over 200 points in early trade Monday on increased selling of realty, consumer durables, auto and banking stocks, amid weak Asian cues and surging global crude oil prices. The depreciating rupee also dampened investor sentiment.

The 30-share index, after opening positive at 36,924.72, quickly succumbed to selling pressure and fell by 210.22 points, or 0.57 percent, to 36,631.38 in early trade. The gauge has lost 1,249.04 points in the previous four sessions.

Similarly, the NSE Nifty declined by 65.50 points, or 0.59 percent, to 11,077.60 after a touching a high of 11,170.15. Sectoral indices led by realty, consumer durables, auto, banking and healthcare were trading in the negative zone, falling up to 1.66 percent.

Major losers were Bharti Airtel, Maruti Suzuki, Hero MotoCorp, M&M, Kotak Bank, Adani Ports, HDFC, ICICI Bank, Yes Bank, Axis Bank, PowerGrid and IndusInd Bank, shedding up to 2.32 percent.

Shares of Dewan Housing Finance Corporation rebounded nearly 25 percent to Rs 438.75 after the company stated that it had not defaulted on any bonds or repayment nor had there been any single instance of delay on any of its repayment of any liability. The company’s shares had tumbled 42.43 percent in the previous session on Friday following massive selling over fears of a liquidity crisis.

Brokers said market sentiment remained weak in the absence of any encouraging factor and fresh weakness in the rupee, coupled with rising global crude oil prices, which again went past the USD 79 per barrel mark. The rupee depreciated 29 paise to 72.49 against the US dollar at the interbank forex market.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 760.70 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 497.03 crore on Friday, provisional data showed. Elsewhere in Asia, while Japan and Chinese markets were shut Monday on account of a public holiday, Hong Kong’s Hang Seng fell 1.29 percent. The Dow Jones Industrial Average, however, gained 0.32 percent to end at record high Friday.

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Gold slumps Rs 250 on weak global cues, low demand

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New Delhi| Gold prices plunged by Rs 250 to Rs 31,450 per 10 grams at the bullion market here on Saturday, tracking a weak trend overseas amid easing demand from local jewellers.

However, silver hardened by Rs 70 to Rs 38,150 per kg on scattered enquiries from industrial units and coin makers.

Marketmen said sentiment turned bearish after gold prices fell in global markets as the dollar firmed on persistent concerns about an escalating trade war between the US and China.

Globally, gold fell 0.68 per cent to USD 1,198.70 an ounce and silver 0.38 per cent to USD 14.25 an ounce in New York in Friday’s trade.

Fall in demand from local jewellers and retailers at the domestic spot markets too put pressure on gold prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted down by Rs 250 each to Rs 31,450 and Rs 31,300 per 10 grams, respectively. The precious metal had gained Rs 50 yesterday.

Sovereign, however, remained flat at Rs 24,500 per piece of eight grams.

On the other hand, silver ready advanced by Rs 70 to Rs 38,150 per kg and week-based delivery by Rs 15 to Rs 37,590 per kg.

Silver coins, however, were unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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Sensex rallies over 300 pts, Nifty reclaims 11,300-mark

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Mumbai | The BSE Sensex rebounded over 300 points in opening trade Friday on value-buying in select bluechip stocks amid a firm trend in the global market on easing trade war concerns.

Sustained buying by domestic institutional investors and a strengthening rupee also supported the recovery. The 30-share BSE index recovered by 305.88 points, or 0.82 percent, to 37,427.10 in early trade. The stock market was shut Thursday on account of Muharram.

The Sensex had lost 969.42 points in the previous three sessions. The NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 percent.

Sectoral indices, including metal, oil and gas, PSU, power, infrastructure, healthcare, consumer durables, FMCG, capital goods, auto and banking stocks, rose up to 1.62 percent.

Major gainers were Tata Steel, ICICI Bank, Axis Bank, Asian Paints, M&M, NTPC, Tata Motors, HDFC, ITC, Coal India, Bajaj Auto, SBI, RIL, HDFC Bank and Kotak Bank, rising up to 3.76 percent.

While, Yes Bank was the top the losers in the Sensex pack by plunging 19 percent after the RBI asked its managing director and CEO Rana Kapoor to step down after an extended term till January 31, 2019. Other losers were Infosys, HUL and TCS, falling up to 0.46 percent.

Meanwhile, domestic institutional investors (DIIs) made purchases worth a net of Rs 1,201.30 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 2,184.55 crore Wednesday, provisional data showed. Overseas, most Asian shares were trading higher, tracking positive closing in the US market overnight.

Shanghai Composite Index was up by 0.90 percent, Hong Kong’s Hang Seng rose 1 percent. Japan’s Nikkei too inched 0.50 percent higher after a data release earlier showed that the country’s nationwide core consumer price index for the month of August rose 0.90 percent compared to a year ago. The US Dow Jones Industrial Average ended 0.97 per cent higher Thursday.

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