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Equities close in red, Sensex recovers over 700 points

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Mumbai, Feb 6: The key Indian equity indices provisionally closed Tuesday’s trade in the negative territory, paring some losses to recover from their day’s lows.

A massive downturn in the global stock markets unleashed a selling frenzy on the domestic bourses during the day’s trade.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE recovered over 700 points from its day’s low at 33,482.81 points.

The Sensex provisionally closed (at 3.30 p.m.) at 34,195.94 points — down 561.22 points or 1.61 per cent — from its previous close at 34,757.16 points.

Similarly, the wider Nifty50 of the National Stock Exchange bounced back over 200 points to close trade at 10,498.25 points — down 168.30 points or 1.58 per cent from its previous close.

According to market observers, all the major Asian as well as European stock markets, edged lower following an overnight downward correction in Dow Jones by over 1,100 points.

Just after the pre-open session, the Sensex of the BSE traded more than 1,000 points or 2.90 per cent lower from Monday’s close.

Tata Steel and Bharti Airtel were the gainers on the BSE, while the top losers were Tata Motors, Tata Motors (DVR), Tata Consultancy Services, Hero MotoCorp and Kotak Bank.

IANS

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Who is Murari Lal Jalan, the ‘mysterious’ buyer of Jet Airways?

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New Delhi: The consortium of Kalrock Capital and Murari Lal Jalan won the bid to revive Jet Airways but not much is known about how Jalan made his riches and how he plans to revive the airline.

According to a report in Marketfeed: “According to many in the business world, Murari Lal Jalan is a very mysterious man. There is not much information about how he was able to create all his wealth.”

“He has always kept a very low profile, and is not popular among the business communities in India or abroad. Totally inexperienced in the field, he has confused a lot of people as to how he was able to enter into the airline industry,” it said.

In the 1980s, Jalan started working at his family’s paper trading business in Kolkata. He also worked as a trader for JK Paper and Ballarpur Industries, which were once big paper manufacturing companies.

In 2003, he wanted to expand his paper business, and acquired Kolkata-based Kanoi Paper and Industries. He renamed it Agio Paper, and it currently has a manufacturing facility in Bilaspur (Chattisgarh).

However, in 2010, the paper company faced a lawsuit from government agencies, for pollution-related issues, and its production activities have been suspended since then, as per the report. “So almost his whole career, his focus was on the paper industry and even that did not end well either,” it said.

Jalan then began plans to enter the real estate and healthcare sector.

“In 2015, he approached Dr. Naresh Trehan and Associates Health Services. He went on to acquire a stake in the company for Rs 75 crore, through a secondary share sale transaction. A secondary sale means that Jalan bought-out the shares from an existing stockholder. Around the same time as the acquisition, Dr. Trehan’s Medanta Hospital had plans to establish a hospital in Dubai, with the help of Jalan. Unfortunately, this plan was not implemented,” Marketfeed reported.

Once Jalan moved his base to the UAE, he quickly expanded to sectors such as real estate, mining, fast-moving consumer goods, and construction. He was chairman of the Agio Image group, which sold and distributed photographic and consumer products of well-known companies such as Sony, Panasonic, and Konica.

He also established a real estate development company, MJ Developers. The firm has its headquarters in Dubai, but its main businesses span over countries such as Russia, Brazil, and India. MJ Developers is currently engaged in developing residential and commercial properties in Uzbekistan.

Jalan had partnered with his own family relatives to set up Patanjali India Distribution Ltd. The report says that documents from the Ministry of Corporate Affairs state that this company would be involved in trading, export, distribution, and marketing of milk products and health foods. The list of products also included herbal medicines and ayurvedic cosmetic items.

“Regardless of these claims, the company never opened, and the founders never looked back on it. We do know that Patanjali Ayurved is owned by the yoga guru, Baba Ramdev. However, it is not clear whether the two companies are linked in some way,” the report said.

Some may question as to why there was a sudden need for Jalan to enter into the airline field. Many have suspicions whether this deal would really help the airline to bring back its former glory, the report said.

Jalan, however, said: “Jet Airways is a renowned Indian aviation company with a strong legacy. The aviation sector underwent substantial correction on account of Covid-19 and created an opportune time to enter the sector. Our vision for Jet Airways is to operate the carrier as a full-service airline, both domestic and international.”

But, as per the report: “The point to be noted here is that Jalan has no expertise in this particular sector. However, the management team of Kalrock does have the essential experience from cargo and logistics management through past deals.”

“But now, a major doubt remains to be answered – how was Jalan able to create all this wealth and expand his business to such a large magnitude? We have seen that his initial business in the paper manufacturing industry had failed. Also, when Jalan moved to the UAE, he was not able to contribute effectively towards the implementation of projects in the healthcare sector. He created a company in India that was never launched. Moreover, the fact that most business people don’t know about him, makes everything all the more suspicious. All these facts make us feel very unsure and doubtful about his new deal with Jet Airways,” it said.

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Will work with JPC to set record straight on data privacy: Amazon

Google and Paytm too have been asked to appear before the committee on October 29.

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New Delhi: Amazon, which has refused to appear before a joint parliamentary committee (JPC) next week, said on Friday that its position on the Personal Data Protection Bill 2019 has been “misconstrued” and the e-commerce giant would work with “the JPC to set the record straight”.

The online retail giant is scheduled to appear before the committee on October 28.

In a statement shared with IANS, an Amazon spokesperson said that they have the utmost respect and regard for the important work being done by the JPC on the PDP Bill.

“We have already offered our written submissions for consideration of this august committee. We will continue to engage in any way the JPC considers fit,” the spokesperson said.

“The inability of our experts to travel from overseas due to travel restrictions and depose before the JPC during the ongoing pandemic may have been misconstrued and led to a misunderstanding,” the spokesperson added.

Sources suggest that the committee, which has 20 members from the Lok Sabha and 10 from the Rajya Sabha, is of the unanimous opinion that if Amazon representatives indeed fail to show up on October 28, “appropriate actions” can be initiated against the US business giant.

However, there is no clarity so far, as far as the nature of “appropriate actions” is concerned.

Apart from Amazon, companies such as Twitter and Facebook have also been summoned.

Google and Paytm too have been asked to appear before the committee on October 29.

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Nestle India’s Jul-Sep net profit falls 1.4%, revenue rises

Nestle India Chairman and Managing Director, Suresh Narayanan, said that the quarter witnessed growth driven by an improved supply situation, as the factories returned to normal output.

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Mumbai: Nestle India on Friday reported 1.37 per cent decline in its net profit, on a year-on-year basis, for the July-September quarter, at Rs 587.09 crore.

During the corresponding period of the last financial year, it had reported a net profit of Rs 595.27 crore.

Nestle India’s revenue from operations during the period under review rose 10.13 per cent to Rs 3,541.7 crore.

The company plans to invest Rs 2,600 crore over the next three-four years to augment the existing manufacturing capacities, as well as towards the new under-construction factory in Gujarat’s Sanand.

Nestle India Chairman and Managing Director, Suresh Narayanan, said that the quarter witnessed growth driven by an improved supply situation, as the factories returned to normal output.

“Boosted by an increase in in-home consumption, our key brands like MAGGI Noodles, MAGGI Sauces, KITKAT, Nestle MUNCH, NESCAFE CLASSIC & NESCAFE SUNRISE witnessed double digit growth,” he said.

“Demand in ‘Out of Home’ channels improved during the quarter but continues to be impacted due to the overall environment. We continued our strong performance in the e-commerce channels, which grew by 97 per cent and now contributes about 4 per cent of domestic sales,” he added.

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