Connect with us


Sensex Closes Above 35,700 Level while Nifty At 10,858

News Desk




The market index Sensex closed 47 points, at 35,739 points. NSE’s Nifty50 edged up by 14 points, to close at 10,856.7 points on Wednesday. This session became the third straight winning session as Tata Consultancy Services (TCS) shares gained hopes that the IT major would buy back shares. Among the maximum gainers were Dr Reddy (up by 2.77 per cent), TCS (up by 2.43 per cent), SBI (higher by 1.7 per cent), PowerGrid (1.43 per cent) and Infosys (1.41 per cent).

The markets traded over 100 points in the morning hours.

The biggest laggers for Sensex, however, were Tata Steel (2.12 per cent), Adani Ports (1.48 per cent), Hindustan Unilever (1.31 per cent), Bharti Airtel (1.3 per cent) and ITC (0.7 per cent).

For Nifty stocks, the biggest gainers were Dr Reddy (2.89 per cent), Cipla (2.62 per cent) and TCS (2.41 per cent).

“There is still an undercurrent of optimism. Impact of inflation may not be so much but industrial output figures were decent, which is supportive for the markets,” said Jayant Manglik, president, Religare Broking.

Tata Consultancy Services rose as much as 2.3 per cent after the company said it would consider a share buyback proposal on Friday.

Shares of Sun Pharmaceutical Industries also gained as much as 3.8 per cent after the drugmaker said on Tuesday that supply restrictions imposed on its Halol plant by the U.S. Food and Drug Administration have been lifted.

KEC International Ltd climbed as much as 3.9 per cent after brokerage Macquarie Research initiated coverage on the stock with “outperform” rating.

Meanwhile, Bharti Airtel Ltd dropped as much as 1.9 per cent and  the Idea Cellular Ltd fell over 5 per cent after the rival Reliance Jio, the telecoms arm of Reliance Industries Ltd, responded to Airtel’s latest plan by offering more


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




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


Rupee gains 2 paise to 71.22 vs US Dollar





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


Rupee rises 9 paise to 71.02 vs US dollar




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

Popular Stories

Copyright © 2018 Theo Connect Pvt. Ltd.