Financials

A foreign portfolio investor will be allowed to buy additional shares in a company only if its holding is less than 10 per cent, according to norms for the new overseas investment regime that starts in June.

Market regulator Sebi has said one FPI can hold a maximum of 10 per cent of a company’s equity shares, while existing overseas investor classes such as FIIs, sub-accounts and qualified foreign investors (QFIs) need to convert to the new FPI regime eventually.

The benchmark BSE Sensex recovered 76 points in early trade today on emergence of buying by funds and retail investors on the back of encouraging corporate earnings.

Besides, a firming trend in the global markets also buoyed the trading sentiments here.

The 30-share index, which had lost over 410 points in the previous three sessions, rose by 76.45 points, or 0.34 per cent, to 22,542.64, with stocks of oil & gas, auto, consumer durables, power and FMCG sectors leading the rise.

Panasonic has reported its first annual profit in three years, with improved operating profit and higher sales. The maker of the Lumix camera posted profits of 120.4 billion yen for the year to March, compared with a 754 billion yen loss a year earlier. The Japanese consumer electronics giant also said cost cutting had boosted its profitability, the BBC reports. Panasonic is forecasting a 16 percent jump in net profit to 140 billion yen for the current financial year. This increase is based on the economic recovery in the US and Europe, the report added. (ANI)

The benchmark S&P BSE Sensex pared initial gains to drop 130.97 points on sustained selling pressure in metal, banking, capital goods, FMCG and auto sectors amid cautiousness following slowdown in foreign institutional inflows.

The Sensex opened higher at 22,654.28 and advanced further to 22,681.89 before declining to 22,470.43.

It was quoting at 22,500.64 at 1005 hrs, showing a loss of 130.97 points, or 0.58 percent, from its last close.

The NSE 50-share Nifty also fell 38.15 points, or 0.56 percent, to 6,723.15 at 1005 hrs in early trade.

The benchmark BSE Sensex recovered over 45 points in early trade today on emergence of buying by funds and retail investors in select stocks on encouraging earnings amid a firming trend overseas.

The 30-share barometer, which had lost almost 245 points in the previous two sessions, rose 45.03 points, or 0.20 per cent, to 22,676.64 on the back of recovery in healthcare, tech, consumer durables and oil & gas sector stocks.

Similarly, the broad-based National Stock Exchange index Nifty, gained 13.40 points, or 0.20 per cent, to 6,774.65.

The Chinese yuan strengthened 9 basis points to 6.1556 against the US dollar Tuesday, according to the China Foreign Exchange Trading System.

In China’s foreign exchange spot market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, reported Xinhua.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

————IANS

The BSE benchmark Sensex today fell over 56 points at close today on sustained FII selling, chiefly in auto and heavy machinery sectors amid weak global trends due to new tension over Ukraine.

The 30-share index fell by 56.46 points, or 0.25 per cent, to 22,631.61. It had surged to an all-time intraday high of 22,939.31 in its previous trade on Friday.

The broad-based National Stock Exchange index Nifty lost 21.50 points, or 0.32 per cent, to end the day 6,761.25.

A benchmark index of Indian equities markets ended Monday’s trade flat – 60 points down, as automobile, capital goods and fast moving consumer goods (FMCG) stocks dipped.

Markets retreated after touching record highs last week.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,717.59 points, closed trading at 22,628.89 points (provisional), down 56.46 points or 0.25 percent from the previous day’s close at 22,688.07 points.

The Sensex touched a high of 22,721.36 points and a low of 22,597.19 points in trade.

A benchmark index of Indian equities markets was trading 54.28 points or 0.24 percent down during the pre-noon session Monday.

Good buying was observed in healthcare sector, while selling pressure was seen in capital goods, banking and auto sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,717.59 points, was trading at 22,633.79 points in the pre-noon session, down 54.28 points or 0.24 percent from the previous day’s close at 22,688.07 points.

The Sensex touched a high of 22,721.36 points and a low of 22,597.19 points in trade.

The Indian rupee lost 12 paise to 60.72 against the US dollar in early trade today at the Interbank Foreign Exchange market due to month-end demand for the American currency from importers.

Besides, a mixed trend in other Asian currencies against the dollar overseas and a lower opening of the domestic equity market also put pressure on the local unit, forex dealers said.

The domestic currency had gained a massive 47 paise to close at 60.60 on Friday amid heavy selling of the US currency by corporates, exporters and banks.

The benchmark BSE Sensex fell over 27 points in early trade today as funds and retail investors indulged in booking profits at prevailing levels amid forecast of below normal monsoon this year.

The 30-share barometer declined by 27.44 points, or 0.12 per cent, to 22,660.63. The index had lost 188.47 points on Friday.

Stocks of auto, PSUs, banking, FMCG and power sectors were the major losers.
Similarly, the NSE Nifty also fell by 15.35 points, or 0.23 per, to 6,767.40.

Chinese industrial businesses saw their profits rise by 10.1 percent year-on-year in the first quarter of 2014, official data showed Sunday.

Total profits of industrial companies with annual business revenue of more than 20 million yuan ($3.25 million) reached 1.3 trillion yuan from January to March, Xinhua reported citing the National Bureau of Statistics.

The profits growth accelerated compared with a 9.4-percent increase recorded in the first two months.

Outgoing Reserve Bank Deputy Governor K C Chakrabarty on Friday termed his stint at the central bank as “very satisfactory,” but said there are certain things which still remain unaccomplished, especially on the financial inclusion front.

The commercial banker-turn-central banker, who announced his decision to quit last month – two months before his second term was to end on June 30 – citing personal commitment, is stepping down today.

State-run United India Insurance Company has set a target of reaching Rs 11,000 crore premium during the current financial year, a top official said today.

“We will keep the momentum with the industry growth. We are looking at completing premium of Rs 11,000 crore this financial year, 2014-15…”, United India Insurance Chairman and Managing Director Milind Kharat told reporters here while declaring the company’s annual results.

Multinational GE Energy Financial Services Friday announced its investment funding of Welspun Renewables Energy’s 151 MW solar photovoltaic power project in India.

“GE Energy Financial Services is making its investment in a solar power project in India, funding $24 million for a 151 MW solar photovoltaic power project at Neemuch in Madhya Pradesh,” a statement here said.

The 151 MW project was put in operation in August 2013 by Welspun Renewables Energy (WREPL).

The benchmark Sensex index of the Indian stock markets fell 29 points Friday due to selling pressure in oil and gas and FMCG stocks on disappointing earnings of some companies.

The 30-scrip S&P Sensex (sensitive index) of the Bombay Stock Exchange (BSE) opened in the negative at 22,892.50 points and was trading at 22,847.77 points at 12.44 p.m., down 0.13 percent or 28.77 points from its previous day close at 22,876.54 points.

The Sensex was trading in a narrow range with a negative bias. It touched a low of 22,806.54 points and high of 22,939.31 points in the intra-day trade.

The benchmark BSE Sensex fell from record high by losing over 35 points in morning trade today as participants booked profits amid a weak trend in other Asian markets.

Stocks of oil & gas, FMCG, capital goods, auto and metal sectors led the fall.

The 30-share index Sensex, which had gained 118.17 points in the previous session, lost 35.58 points, or 0.16 per cent, to 22,840.96 in early trade today.

Similarly, the National Stock Exchange Nifty declined by 4.20 points, or 0.06 per cent, to Rs 6,836.60.

The stock market was closed yesterday for Lok Sabha polls in Mumbai.

Infotech enterprises, a Hyderabad-based engineering solutions provider, Thursday said its net profit during 2013-14 stood at Rs.266 crore, an increase of 15 percent over last fiscal.

The annual revenue of the company was Rs.2,206 crore, a jump of 17.8 percent over the previous year.

Infotech chairman B.V.R. Mohan Reddy told reporters that the firm registered a revenue of Rs.595 crore in the quarter ended March 31, a growth of 28 percent year-on-year. The net profit during the fourth quarter was at Rs.70 crore, up 28 percent.

Market regulator Sebi on Wednesday limited the period of liquidity enhancement schemes of stock exchanges to a maximum of three years.

The Securities and Exchange Board of India (Sebi) in February last year had allowed stock exchanges to introduce incentive schemes for brokers and intermediaries to enhance liquidity in illiquid securities in the equity cash and derivative segments.

Under the scheme, brokers and other market intermediaries are given incentives for a specified period of time to bring in liquidity and generate investor interest in securities with limited trading activity.

Continuing its record-breaking spree, the benchmark BSE Sensex hit another lifetime high of 22,869.85 today as stocks of capital goods, IT, healthcare and auto sectors led the rally on capital inflows amid a firming trend overseas.

The NSE Nifty also maintained its rising trend by gaining 46.25 points, or 0.67 per cent, to hit a new all-time high of 6,861.60 points, surpassing its previous intra-day high of 6,838.00 touched in yesterday’s trade.

The rupee declined by 17 paise to close the day at nearly one-month low of 60.76 against the dollar due to sustained demand for the US currency from importers amid some weakness in local stocks.

“The supply of dollar was also less as FIIs are awaiting election results,” said a dealer with a foreign bank.

Persistent capital inflows and a sluggish dollar overseas capped the rupee fall to certain extent, said another dealer.

The dollar index was down by 0.14 pct against its six major global rivals.

The Indian rupee fell to 60.88 against a dollar Tuesday, on continued demand for the greenback from oil importers.

The partially convertible rupee closed at 60.76 against a dollar after slumping to a low of 60.88 in the intra-day, the lowest level since March 21.

The Indian currency weakened by 17 paise Tuesday. The rupee closed at 60.59 against a dollar Monday.

A benchmark index of Indian equities markets touched a record high of 22,853.03 points Tuesday for the second straight day, surpassing Monday’s high of 22,795.58 points.

Healthy buying was observed in capital goods, oil and gas, consumer durables, healthcare and bank sectors, while selling pressure was seen in metal, automobile, information technology (IT), fast moving consumer goods (FMCG) and technology, entertainment and media (TECK) sectors.

A benchmark index of Indian equities markets touched a record high of 22,853.03 points Tuesday for the second straight day, surpassing new high of 22,795.58 points it touched Monday.

Good buying was observed in capital goods and oil and gas sectors, while selling pressure was seen in metal and auto sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,771.24 points, was trading at 22,795.23 points in the pre-noon session, up 30.40 points or 0.13 percent from the previous day’s close at 22,764.83 points.

The benchmark BSE Sensex today soared to a new record high of 22,812.36 in opening trade on sustained foreign capital inflows and tracking positive domestic cues including robust corporate earnings.

The NSE index Nifty also rose 9.55 points, or 0.14 per cent, to trade at a fresh high of 6,827.20, surpassing the previous intra-day high of 6,825.45 reached yesterday.

The 30-share index, which had gained over 487 points in the previous two sessions, climbed to another record of 22.812.36 by rising 47.53 points, or 0.20 per cent.