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Firm global cues lift equity indices; Sensex ends over 300 points up

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Sensex

Mumbai, July 10: Broadly positive global cues boosted the key Indian equity indices on Tuesday with the BSE Sensex gaining over 300 points higher.

According to market observers, optimism over the quarterly earnings for the April-June period starting later in the day also strengthened investor sentiments.

Healthy buying activity was witnessed in the auto, metal and banking stocks, they said.

At 3.30 p.m., the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,947.25 points — higher by 94.35 points or 0.87 per cent — from its previous close of 10,852.90 points.

The barometer 30-scrip Sensitive Index (Sensex), which had opened at 36,068.27 points, closed at 36,239.62 points (3.30 p.m.) – up by 304.90 points or 0.85 per cent — from its previous session’s close of 35,934.72 points.

The Sensex touched a high of 36,274.33 points and a low of 36,019.63 points during the intra-day trade. The BSE market breadth was bullish with 1,677 advances and 957 declines.

The top gainers on the Sensex were Reliance Industries, Wipro, Yes Bank, Bajaj Auto and Coal India whereas IndusInd Bank, Kotak Mahindra Bank, Sun Pharma, Hero MotoCorp and Tata Consultancy Services (TCS) were the losers.

On the NSE, Gail, Hindalco Industries and Reliance Industries were the highest gainers while Hindustan Petroleum, Indian Oil Corp and Indiabulls Housing Finance lost the most.

IANS

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FIIs to stage a strong comeback, says Assocham

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ASSOCHAM

Mumbai, Nov 16 :The Associated Chambers of Commerce and Industry of India (Assocham) on Friday said it expects foreign institutional investors (FIIs) to “stage a strong comeback” owing to the strengthening rupee, low inflation along with weakening oil prices.

“We expect foreign institutional investors to stage a strong comeback into India sooner than later with the rupee improving and getting stable,” Assocham said in a statement.

A sharp rally by the rupee was buoyed by big drop in global oil prices, the top industry body said.

The benchmark Brent Crude had touched $86 a barrel in early October and in sharp contrast was trading at $67.74 on Friday.

India is the third largest importer of crude oil, and a steep fall in global prices eases concerns about inflation, fiscal and current account deficit.

Signs of reversal in trend came on Thursday when provisional data with the exchanges showed that foreign funds inflow touched a three-month high of Rs 2,043.06 crore.

The rupee and the US dollar equation along with an uncertain domestic and global economic growth outlook had triggered a massive foreign fund outflow from the country’s capital markets in October.

According to analysts, investors pulled out from emerging markets to redeploy their capital into safe-havens such as the US securities.

According to data provided by the National Securities Depository (NSDL), this year outflow of foreign funds stands at Rs 39,209 crore from the equity segment, highest since 2008 when they had withdrawn Rs 51,252 crore in the wake of global crisis.

However, another major reason for the funds outflow was the US Federal Reserve’s decision to raise its key interest rate in the month of September. A rate hike by the US Fed generally drives away foreign funds from major emerging markets like India.

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Zomato appoints Chaitanya Mathur as Global Head for its new event-driven vertical

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Zomato

New Delhi, Nov 16: Food ordering app Zomato on Friday appointed Chaitanya Mathur as the Global Head for Zomato Live — latest event-driven vertical of the firm. 

“We connected on the idea of organising engagement driven, large-scale events for all the users around the world and we are thrilled to have him on board to build Zomato Live and expand it globally,” said Deepinder Goyal, Founder and CEO, Zomato.

According to the company statement, Mathur has previously worked in various positions ranging from a financial analyst to an event manager and restaurateur, along with co-founding “The Grub Fest”.

“Zomato’s journey has really inspired me over the years and I am excited to be strengthening its future by leading the company into new domains and territories. I look forward to building Zomato Live together with the incredible team here,” said Mathur.

In the recent few months, Zomato has hired several senior people including former-MakeMyTrip COO Mohit Gupta as the CEO for the food delivery business; Sameer Maheshwary as the CFO; Rohithari Rajan as the Global Head for its ad sales business; and Thomas Phillippe as the General Counsel.

WeForNews 

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India Inc investment in foreign ventures falls 10% in Oct: RBI

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Reserve Bank of India RBI

Mumbai, Nov 16: Indian companies’ investment in their overseas ventures continued to be less than the year-ago period for the 19th month in a row as it fell 10.5 per cent to $1.76 billion in October, Reserve Bank data showed.

Indian companies had invested $1.96 billion in their overseas ventures during October 2017, as per the monthly summary on Outward Foreign Direct Investment (OFDI) by the Reserve Bank of India (RBI).

A review of the monthly data on overseas direct investment reflects a continuous decline of year-on-year figures since April 2017 when it had fallen about 44 per cent to $3.15 billion in April 2017 from $5.61 billion in April 2016.

In September, the investment by local companies in overseas firms was $1.58 billion.

Of the total $1.76 billion investment in October, $535.86 million was in the form of loans, $653.45 million was infused as equity capital and $567.57 million was through issuance of guarantee.

Six companies were among the major investors in October with an investment of more than $100 million, as per the RBI data.

Global Ivy Ventures made an equity infusion of $200.3 million in its wholly-owned subsidiary in the UK, Tata Communications Ltd issued a guarantee of $199.5 million to its unit in Singapore and GMR Airports Ltd lent $152.71 million to its unit in the Netherlands.

Reliance Energy Generation and Distribution Ltd issued a guarantee of $140 million to its unit in the US, Glenmark Pharmaceuticals lent $128.75 million to its unit in Switzerland, Mahindra CIE Automotive invested $116.37 million and $32.8 million in its units in Germany and Mauritius, respectively.

IANS

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