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Sensex, Nifty end flat; rupee gains

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Mumbai, Dec 31: The last session of 2018’s trade ended on a flat note with the Sensex declining 8 points and the Nifty adding just 2 points to its previous close.

The indices however were in the green for the most part of Monday’s trade session but were dragged by weakness in key stocks of sectors like realty, oil and gas and energy.

Earlier, domestic stocks, in line with global stocks, edged up after US President Donald Trump tweeted: “Just had a long and very good call with President Xi of China.

“Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!” he added.

The S&P BSE Sensex settled 8.39 points or 0.02 per cent lower at 36,068.33 after touching an intra-day high of 36,285.46 and a low of 36,033.95.

The Nifty 50 ended at 10,862.55 up 2.65 points or 0.02 per cent.

The benchmark Brent Crude price was also flat at $54.10 per barrel ahead of the production cut by OPEC and other oil producers which will take affect from January 1.

“OPEC had earlier said that they consider the $50-60 per barrel range as stable. Now that Brent crude price slid below 50 earlier in December. We expect further production cut,” Anuj Gupta of Angel Broking told IANS.

The Indian currency traded at 69.76 per dollar around closing bell. It had closed at Rs 69.94 last week.

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V-shaped recovery unlikely for Indian economy: Survey

The package focussed broadly on saving lives and on undertaking deep structural reforms, the report said.

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New Delhi, July 12 : India is unlikely to witness a sharp turnaround in its economic growth amid the pandemic as there has been limited fiscal support from the government so far, according to a survey of economists by FICCI.

FICCI”s recent Economic Outlook Survey has shown that economists feel majority of the steps taken by the Centre and the Reserve Bank of India (RBI) address only the supply side constraints, while there have been no major moves to boost demand, which is the need of the hour.

The current round of the survey was conducted in the month of June 2020 and drew responses from leading economists representing industry, banking, and the financial services sector.

“Economists also stressed that India was unlikely to witness a sharp turnaround in economic growth given the limited fiscal support extended till now,” said the FICCI report.

The opinion of economists gain significance as many people including from the government and industry have time and again raised hope that India will see a “V-shaped” recovery.

The survey predicts a 4.5 per cent contraction in India’s GDP in the ongoing financial year.

The survey showed that participating economists were of the view that government measures in the stimulus 2.0, which is popularly called the ”Aatmanirbhar Bharat” economic package would take a long time for on-ground implementation and tangible results to be witnessed.

The package focussed broadly on saving lives and on undertaking deep structural reforms, the report said.

“They strongly felt that the package could provide more measures to boost demand conditions in the economy as reviving demand should currently hold greater importance. Therefore, a need for undertaking direct income transfers to the most vulnerable section of the population and unemployed poor was felt by a majority of the participants,” it said.

Economists were of the view that apart from pure cash transfers, the government could also consider GST reductions especially in the non essential goods segment which has the potential to drive demand. Furthermore, some sort of tax waivers could also be undertaken for low income groups.

Alongside, sector specific measures could also support recovery in a big way, the FICCI report said.

Sectors with high backward and forward linkages such as automobile, construction among others could be revived without incurring much fiscal strain, it said among other suggestions.

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77% companies face revenue drop amid Covid pandemic: Report

Businesses see challenges with regards to demand, liquidity and availability of finance with MSMEs being the hardest hit amongst all, the survey found.

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New Delhi, July 12 : Around 77 per cent business organisations have witnessed a drop in their revenue as a result of the ongoing COVID-19 crisis, according to a recent global survey.

As per a joint survey by 720 Transform of Dubai, Prophecy FZLLC-Middle East and India-based Insights3D, around 7 per cent firms in India and the Middle East have registered an upward revenue growth, while about 16 per cent of the companies remained unaffected.

Around 282 executives, including CEOs and MDs from across industry segments were interviewed for the survey.

Out of the negatively impacted companies which recorded fall in revenue, 30 per cent companies logged an over 50 per cent drop while another 30 per cent firms recorded 30-50 per cent decline.

The report said that around 30 per cent of the companies surveyed will need to undertake drastic measures such as higher levels of rationalisation, sale or merger.

Commenting on the report, Raja Marur of Prophecy FZLLC said: “Our belief that a new normal is being envisaged has been validated by the survey. Further, the impact to organizations varies by scale and level of global integration of their supply chains.”

Most leaders foresee a new normal in terms of remote working and decentralization, coupled with process automations and an increased reliance on artificial intelligence and analytics, the survey showed. However, these changes are likely to pose challenges in governance structures as also in communication lines and objective performance management.

Businesses see challenges with regards to demand, liquidity and availability of finance with MSMEs being the hardest hit amongst all, the survey found.

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Walmart to launch Amazon Prime like subscription service: Report

As per report, Amazon is valued at $1.5 trillion, while Walmart is worth $337 billion. And Amazon Prime is a big reason why.

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San Francisco, July 12 : The retail giant Walmart is reportedly planning to unveil a new subscription service called Walmart+ that will offer similar benefits to Amazon Prime.

Walmart was expected to unveil Walmart+ earlier this year before the pandemic derailed those initial plans. But now, the largest retailer in the US is set to launch the service this summer for $98 per year, news website Vox reported.

Walmart+ will include same-day grocery delivery, discounts on fuel purchases and more.

Meanwhile, Amazon Prime, which costs $119 annually, includes free two-day delivery on a huge number of items – with some products even available on the same day or next day.

Both companies struggled with soaring demand for groceries during the pandemic as people began panic shopping.

While Covid-19 panic-buying helped boost Walmart sales to record highs earlier this year, its US e-commerce presence is still only around an eighth the size of Amazon’s.

As per report, Amazon is valued at $1.5 trillion, while Walmart is worth $337 billion. And Amazon Prime is a big reason why.

Walmart is also going to unveil an online family entertainment program called CAMP by Walmart, in partnership with the retail startup CAMP and the online video technology firm Eko.

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