Friday, 16 March 2018

The Midcaps Also Erased Early Gains To Trade Flat

Benchmark indices fell further amid political upheaval after the Telugu Desam Party formally decided to quit the NDA government.

The 30-share BSE Sensex was down 192.96 points at 33,492.58 and the 50-share NSE Nifty declined 57.90 points to 10,302.30.

The midcaps also erased early gains to trade flat.

Nifty Metal was the biggest loser among sectoral indices, falling over 1 percent followed by FMCG, Auto, Bank and IT.

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The Rupee Reversed Opening Losses To Gain 2 Paise At 64.91 Against The US Dollar

The rupee reversed opening losses to gain 2 paise at 64.91 against the US dollar.

The rupee was down 3 paise in opening on strength in dollar against other currencies overseas as traders eye next week's US Federal Reserve meeting, and a lower opening in domestic equities kept pressure on the domestic unit, dealers said.

Meanwhile, data released by the commerce ministry showed, exports grew by 4.5 per cent in February, the lowest expansion in the last four months, to USD 25.8 billion as shipments of engineering, textiles and gems and jewellery declined, while trade deficit narrowed to a five-month low of USD 12 billion.

Yesterday, the rupee fell by 10 paise to end at 64.93 against the American currency due to sustained foreign fund outflows amid growing prospects of rate hike by the US Fed next week.

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Thursday, 15 March 2018

MMTC Shares Rallied Nearly 19 Percent Intraday Ahead Of Board Meeting

MMTC shares rallied nearly 19 percent intraday ahead of board meeting to consider bonus share issue next week

The state-owned trading company informed exchanges that the board of directors will consider and approve the proposal for issue of bonus shares subject to consent of the President of India, in its meeting to be held on March 19, 2018.

The company said the competent authority has approved for closure of the trading window for the above purpose with immediate effect i.e. from March 14 to March 21, 2018.

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Benchmark Indices Traded Lower Amid Tepid Global Cues

Benchmark indices traded lower amid tepid global cues, with the Nifty struggling below the 10,400 levels.

IOC, Reliance Industries, ICICI Bank, Yes Bank, HDFC, ITC, TCS and SBI were leading contributors to the Nifty fall whereas HDFC Bank continued to support the market.

The 30-share BSE Sensex was down 83.61 points at 33,752.13 and the 50-share NSE Nifty fell 30.60 points to 10,380.30 while the Nifty Midcap index gained half a percent.

About two shares advanced for every share falling on the BSE.

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Wednesday, 14 March 2018

Punjab National Bank Has Told The Police That It Has Uncovered Additional

Punjab National Bank has told the police that it has uncovered additional exposure of about Rs 942.18 crore to Asmi Jewellery of Gitanjali Group in connection with a massive alleged fraud, according to a court filing by the Central Bureau of Investigation.

This takes the Delhi-based lender’s total exposure to one of country’s biggest banking frauds up to Rs 13,640 crore from the earlier estimate of Rs 12,700 crore.

As investigations widen and unauthorized loans are uncovered, the bank has said that the total amount allegedly defrauded by the accused till date is about Rs 7,080.86 crore during the period 2013-17, according to the CBI filing.
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Asian Markets Tracked Losses Seen On Wall Street, Following The Sacking

Asian markets tracked losses seen on Wall Street, following the sacking of US Secretary of State Rex Tillerson, and amid talk of potential US tariffs against China.

The Nikkei 225, Kospi, Shanghai Composite, Hang Seng and ASX 200 were down between 0.4 percent and 1.2 percent.

Meanwhile at Wall Street, Dow Jones and S&P 500 closed down 0.6 percent while Nasdaq lost 1 percent on Tuesday.

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Tuesday, 13 March 2018

TCS Shares Fell More Than 5 Percent In Morning After The Large Block

TCS shares fell more than 5 percent in morning after the large block deal trade.

Tata Sons, the promoter of major operating companies of the Tata group, was planning to raise around Rs 8,200 crore by selling stake in the IT major, according to investment banking sources.

Tata Sons was looking to sell around 2.83 crore shares amounting to about 1.48 percent stake in TCS, the sources added.

After the proposed share sale, Tata Sons' holding in Tata Consultancy Services would come down to around 72 percent from 73.52 percent as on December, 2017.

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