Connect with us

Business

Sensex below 35,400-mark as markets stay under pressure

News Desk

Published

on

sensex

The benchmark BSE Sensex started with a slow start today, after tracing a sell-off in global markets between the constantly rising trade war worries.

The BSE index had lost about 114.94 points in the last session and was down 53 points at 35,379.65 at 10.07 am. Capital goods, realty, infrastructure, power, healthcare and metal stocks showed immense weakness, falling by up to 0.35 per cent.

The NSE Nifty was also pacing slowly by 20 points at 10,721.30.

Major losers yesterday included Coal India, Reliance Industries, Asian Paints, SBI, Adani Ports, Sun Pharma, IndusInd Bank, Yes Bank, PowerGrid, Bajaj Auto, Maruti Suzuki and HDFC Bank, declining up to 1.40 per cent.

According to the traders, sustained selling by participants in line with a weak trend at other Asian markets following overnight losses at the Wall Street amid investor concerns about the trade dispute between the US and China dampened trading sentiments here.

Meanwhile, India will raise customs duty on 29 products, including almond, walnut and pulses, imported from the US as a retaliatory action against the tariff hike by Washington.

The duty hike would come into effect from August 4, the Finance Ministry said in a notification.

In Asia, Hong Kong’s Hang Seng was down 0.15 per cent and Shanghai Composite shed 0.70 per cent in early trade today. Japan’s Nikkei too fell 0.74 per cent. The US Dow Jones Industrial Average ended 0.80 per cent lower yesterday.

Business

Banks’ consortium considering Rs 500 cr interim funding to Jet Airways, says PNB chief

Published

on

By

New Delhi | A consortium of banks is considering an interim funding of Rs 500 crore for debt-laden Jet Airways but a final decision is yet to be taken, Punjab National Bank Managing Director Sunil Mehta said on Friday.

PNB is part of the lenders’ consortium, led by State Bank of India (SBI), that has extended loans to the airline.

The full service carrier is looking to raise funds and restructure its debt.

Regarding Jet Airways, Mehta said the consortium is looking at the entire process and something is being worked out.

“Of course, (the) consortium is in favour (of interim funding). It is a going concern and we would like to preserve its (airline’s) value,” he said.

About interim funding for the carrier, Mehta said, “it is too premature to tell you about that plan” and the bankers are already working on it.

The SBI has taken a lead on it, and let the entire plan be worked out, he said, adding that it would be too early to announce the timings.

“Rs 500 crore that you are talking about is the interim funding but banks are looking at the long term resolution of the issues for which the plan is already in place for discussions,” he noted.

He was responding to a query about the banks’ extending interim funding to Jet Airways.

On February 14, the board of Jet Airways approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in the airline.

Lenders are to convert part of the airline’s debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.

Later, appropriate interim credit facilities by domestic lenders would be sanctioned to the airline, as per a regulatory filing made on February 14.

The extraordinary meeting of Jet Airways shareholders was held on February 21 where various proposals were discussed. The results of the voting on the proposals would be released on Saturday.

Continue Reading

Business

Rupee gains 2 paise to 71.22 vs US Dollar

Published

on

By

trade

Mumbai | The rupee inched up 2 paise to 71.22 against the US dollar in early trade Friday amid a dip in crude oil prices and fresh foreign fund inflows.

At the Interbank Foreign Exchange (forex) market, the local unit opened almost flat at 71.23 and stayed in a narrow range. The rupee had skidded by 13 paise to close at 71.24 against the US dollar Thursday.

Foreign institutional investors (FIIs) net bought equities worth Rs 55 crore Thursday while domestic institutional investors bought shares to the tune of Rs 202 crore, provisional data showed.

Brent crude futures, the global oil benchmark, was trading 0.25 percent lower at USD 66.90 per barrel. The dollar index, which gauges the greenback’s strength against a basket of six currencies, traded flat at 96.60.

Meanwhile, the benchmark BSE Sensex fell 56.40 points, or 0.16 percent, to 35,841.95 in opening trade Friday.

Continue Reading

Business

Rupee rises 9 paise to 71.02 vs US dollar

Published

on

By

Rupee; paise

Mumbai | The rupee darted up 9 paise to 71.02 against the US dollar in early trade on Thursday amid a reversal in foreign fund outflows even as oil prices hardened.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly higher at 71.06 and built on the gains to reach 71.02.  Snapping a four-session downturn, the rupee had appreciated by 23 paise to end at 71.11 against the US dollar Wednesday.

Foreign institutional investors (FIIs), who had been heavy sellers over the past few sessions, net bought equities worth Rs 713.47 crore on Wednesday, provisional data showed.  Brent crude futures, the global oil benchmark, was trading 0.24 percent higher at USD 67.24 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 percent to 96.52. Meanwhile, the benchmark BSE Sensex climbed 19.16 points, or 0.05 percent, to trade at 35,775.42 in early trade Thursday.

Continue Reading
Advertisement

Popular Stories

Copyright © 2018 Theo Connect Pvt. Ltd. info@hwnews.in