Mumbai

TCS logs marginal dip in December quarter net profit at Rs 5,328 crore

N ChandrasekaranMumbai: Country's largest software exporter TCS on Thursday reported a marginal dip in net profit at Rs 5,328 crore in December quarter due to lower margins, a tepid performance compared to rival Infosys that beat market expectations to log 13 per cent jump in profits.

The Tata group firm had posted a post-tax profit of Rs 5,333 crore under the IGAAP system of accounting in the December quarter last year, while its profit in the preceding September quarter stood at Rs 5,244 crore.

TCS' operating margin dipped by 2.88 percent as compared to last year, to 26.9 percent, but was up 0.21 percent over the preceding September quarter.

RBI cuts interest rate by 0.25% to 7.75%

RBIMumbai: Encouraged by softening inflation, the RBI on Thursday decided to cut the benchmark interest rate by 0.25 percent to 7.75 percent with a view to boost growth.

The decision to reduce repo rate comes a fortnight ahead of the scheduled date of monetary policy announcement on February 3.

"It has been decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 percent to 7.75 percent with immediate effect," Reserve Bank said in a statement today.

The RBI has been keeping the benchmark interest rate at elevated level at 8 percent since January 2014.

Sensex zooms 600 points, Nifty above 8,400 on RBI rate cut

Mumbai - The benchmark BSE Sensex climbed over 600 points and the NSE Nifty regained the 8,400-mark in opening trade on Thursday as rate-sensitive stocks led rally after the RBI in a surprise move cut repo rate by 0.25 percent.

The 30-share index, which shed 238.45 points in the previous two sessions, rebounded by 600.77 points, or 2.19 percent, to trade at 27,947.59.

All the sectoral indices, led by banking and realty were trading in the positive terrain with gains up to 3.01 percent.

On similar lines, the National Stock Exchange index Nifty regained the psychological 8,400-mark by surging 176.05 points, or 2.12 percent to, 8,453.60.

15 GMs short-listed for appointment as 14 EDs in banks

Raghuram RajanMumbai: A government-appointed selection panel has short-listed 15 general managers for appointment as 14 executive directors in various public sector banks, sources said on Wednesday.

The names of the GMs whose names have been short-listed include Harideesh Kumar of Vijaya Bank, Pawan Kumar Bajaj, RA Sankara Narayanan, NK Sahoo, Raj Kamal Verma and Charan Singh of BoI, Arvind Kumar Jain of OBC, Rishabh Lodha, Ravi Shankar Pandey and Ajit Kumar Rath of Union Bank, Ravindra P Marathe, KVR Moorthy and Kharat Kishor Piraji (BoB), Umesh Kuamr Singh of Central Bank and VK Shukla of Canara Bank.

Sensex up 85 pts in trade on encouraging IIP data

Mumbai - Rising for the fourth consecutive session, the benchmark BSE Sensex rose nearly 85 points in morning trade Tuesday, tracking improved industrial production figure at 3.8 percent for November amid mixed global cues.

However, the retail inflation moved up marginally to 5 percent in December.

The 30-share barometer moved up by 84.92 points, or 0.30 percent, to 27,670.19 with FMCG, healthcare, banking, capital goods, power and metal sector stocks leading the rally.

On similar lines, the National Stock Exchange index Nifty rose by 33.30 points, or 0.40 percent, to 8,356.30.

Sensex surges 226 points; Nifty regains 8,300-mark

Mumbai - The benchmark BSE Sensex spurted by over 226 points to 27,501.51 and the NSE Nifty regained the 8,300-mark in early trade on Friday on the back of gains in metal, healthcare and IT stocks amid a firming trend at other Asian markets.

The 30-share index, which had gained 365.89 points in the previous session, rallied by 226.80 points, or 0.83 percent, to 27,501.51.

All sectoral indices were trading in positive zone with gains up to 1.10 percent.

Also, the National Stock Exchange index Nifty reclaimed the 8,300-mark by jumping 68.70 points, or 0.83 percent, to 8,303.30.

Rupee at four-week high of 62.35 against dollar

Mumbai - The rupee strengthened by 32 paise at over four-week high of 62.35 against the dollar in early trade today at the Interbank Foreign Exchange on sustained selling of the US currency by exporters and banks amid higher opening in the domestic equity market.

Forex dealers said besides increased selling of the American currency by exporters and banks and a higher opening of the domestic equity market, the dollar's weakness against other currencies overseas, supported the rupee.

Yesterday, the rupee jumped 50 paise to close at 62.67 against the Greenback on persistent selling of dollars by banks and hopes of capital inflows in view of a strong equity market.

India's sovereign rating upgrade likely in 2015: Report

Deutsche BankMumbai : Improving external balances and government actions may drive a sovereign rating upgrade for the country during the current calendar year, according to a report by Deutsche Bank (DB).

It was despite the fact that market was not yet factoring in a rating upgrade, the report said.

"We assign a high likelihood of a sovereign ratings upgrade for India as most macro indicators have exhibited improvements in past two years," DB Group managing director, head of research, Abhay Laijawala said while unveiling 'India equity strategy: 2015 outlook' here Thursday.

The rating upgrade for the country will happen shortly, however, it will depend on the forthcoming annual Budget, he said.

Rupee up 10 paise to 63.47 against dollar in early trade

Mumbai - The rupee gained 10 paise to 63.47 against the dollar in early trade on Wednesday at the Interbank Foreign Exchange on fresh selling of the US currency by exporters.

Forex dealers said besides selling of the American currency by exporters and banks, a higher opening in the domestic stock market supported the rupee but the dollar's strength against other currencies overseas, limited the gains.

The rupee had ended with a fall of 16 paise at over one week low of 63.57 against the Greenback in yesterday's trade.

Meanwhile, the benchmark BSE Sensex today rose by 50.05 points, or 0.19 percent, to trade at 27,037.51 in early trade. PTI

Stability is returning back in stock market, say expert

Mumbai, Jan. 7 - The Market Expert Sunil Shah on Wednesday said that after a huge cut in the stock market yesterday, it seems like stability is returning back.

"After a huge cut yesterday, what we saw on capital stock markets of our country, today it seems like stability is returning back. As I am talking to you the BSE is in green, it is up by 45 points," Shah said.

"What we saw in the market is that even the Asian markets are also stable. There is no deep cut in any of the markets. I would say that stability is coming back to the global capital markets," he added.

Shah also said that the European market opening later in the day will also have a bearing on our markets.

Vikram took five hours a day for his 'Ogre' look in 'I'

VikramMumbai: Tamil star Vikram took almost five hours everyday to transform himself into a man-like monster in his upcoming film 'I'.

Vikram, 48, plays two characters in the film-- one of a normal man and other of a creature, which closely looks like an Ogre. His makeup was done by Hollywood's Weta workshop, who have done make up for films 'The Hobbit' and 'Lord of the Rings'.

'I', also starring Amy Jackson, is being dubbed in Telugu, Hindi and many other foreign languages.

The movie has been shot mainly in China. Further schedules were filmed in locations in Chennai, Bangkok, Jodhpur, Bangalore and Mysore.

Sensex regains 28,000-mark; Nifty above 8,400 level

Mumbai - The benchmark BSE Sensex reclaimed 28,000-level for the first time since December 9 and the NSE Nifty shot up by 22 points to trade above 8,400-mark in trade Monday on sustained fund inflows.

Rising for the seventh straight session, the 30-share index went past 28,000 mark after over three weeks by rising 122.45 points, or 0.44 percent, to 28,010.35.

The gauge had gained almost 680 points in the past six sessions.

All the sectoral indices, led by capital goods, metal and auto, were trading in positive zone with gains up to 1.18 percent.

On similar lines, the 50-share NSE Nifty gained 22.00 points, or 0.26 percent, to trade above the 8,400-level at 8,417.45.

Rupee down 21 paise to 63.50 against dollar

Mumbai - The rupee lost 21 paise to Rs 63.50 against the US dollar in early trade Monday at the Interbank Foreign Exchange due to rise in the greenback's value against other currencies overseas.

Dealers attributed the fall in rupee to dollar's gains against the euro which fell to a nine-year low; but a higher opening in the domestic stock market limited the fall of the domestic currency.

The Indian rupee had ended 6 paise higher at 63.29 against the greenback on Friday, helped by selling of dollars by banks and exporters amid hopes of more foreign capital inflows into the equity market.

Stock markets gain over 2% this week on hopes of more reforms

Mumbai - The benchmark BSE Sensex settled at a four-week high while NSE Nifty surged to near 8,400 levels this week on hopes of much-awaited sectoral reforms and encouraging manufacturing output data for December.

Only two-days of the week witnessed a tepid trading hindered by weak-sentiment over political uncertainty in Greece as well as liquidity drench following lack of major foreign funds inflow due to New Year holidays in most of the global market.

However, investors sentiments underpinned by optimism over the government growth oriented economic reforms, which was safeguarded by cabinet approval of taking ordinance route to acquire land in key sectors.

RBI directs payment firms to display company name in products

RBIMumbai: Reserve Bank has directed entities offering services such as e-wallets, smart cards and White Label ATMs to prominently display their company name in products to ensure transparency.

"All the information available to the public regarding the product, whether as advertisements, on website, application form, etc. Should prominently carry the name of the entity/company authorised by RBI," Reserve Bank said in a notification.

RBI said it came to its notice that many authorised entities using specific brand names for their products like e-wallets, smart cards, WLAs were not disclosing their own company name in the information available to the users.

Sensex rallies over 325 points, Nifty reclaims 8,350 level

Mumbai - The benchmark BSE Sensex rallied over 325 points and Nifty reclaimed the 8,350 level in morning trade on across the board buying, led by banking, oil, metal and auto stocks.

Positive economic data amid hopes of more reforms fueled the buying by funds and retail investors, brokers said.

Stocks from midcap and smallcap companies also joined the rally along with key private financials like HDFC bank, ICICI and Axis Banks.

The Sensex resumed higher at 27,521.28 and surged to 27,832.60 points at 1100 hrs, a gain of 325.06 points or 1.18 percent over the previous close.

The 50-issue Nifty of NSE crossed the 8,300 level by rising over 95 points in morning trade.

Sensex begins New Year on a weak note

Mumbai - Stock markets opened on a subdued note on the first trading day of 2015 with the benchmark BSE Sensex falling by over 83 points in early trade on profit booking after recent gains.

The 30-share index which had gained 290.81 points in previous four straight sessions, fell 83.84 points, or 0.30 percent, to 27,415.58 in early trade Thursday.

Stocks of banking, oil & gas, metal, FMCG and power sector led the fall.

HDFC, HDFC Bank, ICICI Bank, Infosys, NTPC and Coal India fell up to 1.03 percent in early trade.

Reliance, Sesa Sterlite, Gail, Hindalco, Dr Reddy's were also among major losers.

Rupee down 21 paise at 63.24 Vs USD

Mumbai - The rupee fell by 21 paise to trade at 63.24 against the US dollar on the first trading day of the New Year due to buying of American currency by banks and importers.

At the Interbank Foreign Exchange, the rupee opened lower by 21 paise against previous close of 63.03.

Dealers said increased demand for the American unit from importers and a lower opening in the doemstic equity market weighed on the rupee.

Dollar's gain against major world currencies also influenced the rupee movement, they added.

The rupee had appreciated by 35 paise to end at two-week high of 63.03 against the greenback yesterday.

Sensex gains 82 points to 27,478 in early trade

Mumbai - The benchmark BSE Sensex rose over 82 points in early trade on Tuesday on increased buying by funds and retail investors amid acceleration in economic reforms after the government recommended promulgation of an ordinance making significant changes in the Land Acquisition Act.

Rising for the third straight session, the BSE 30-share barometer rose by 82.57 points, or 0.30 percent, to 27,478.30.

The National Stock Exchange index Nifty also edged higher by 21.95 points, or 0.26 percent, to 8,268.25.

Brokers said sentiments remained firm over optimism on the growth front and the government's resolve to use the ordinance route to push more economic reforms.

Rupee at over 13-month low of 63.77

Mumbai - Continuing its slide for the fifth consecutive day, the rupee lost 10 paise to over 13-month low of 63.77 against the US dollar in early trade today at the Interbank Foreign Exchange market due to sustained year-end demand for the American currency from importers.

Forex dealers said the dollar's strength against other currencies in the global market also put pressure on the rupee but sustained rise in domestic equities capped the fall.

The domestic currency had closed lower by 10 paise to 63.67 against the Greenback following sustained dollar demand from importers.




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