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IATA revises 2017 industry profitability outlook upwards

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iata

Cancun, June 6 : The International Air Transport Association (IATA) on Tuesday revised its 2017 industry profitability outlook upwards to $31.4 billion.

According to IATA, airlines are expected to report a $31.4 billion profit up from the previous forecast of $29.8 billion.

“This will be another solid year of performance for the airline industry. Demand for both the cargo and passenger business is stronger than expected,” said Alexandre de Juniac, Director General and CEO of IATA at the 73rd annual general meeting of the global airlines association being organised in Cancun, Mexico.

“While revenues are increasing, earnings are being squeezed by rising fuel, labour and maintenance expenses. Airlines are still well in the black and delivering earnings above their cost of capital. But, compared to last year, there is a dip in profitability.”

IATA had revised downwards its estimation for 2016 profits to $34.8 billion from $35.6 billion.

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Value buying lifts equity indices; banking, IT stocks surge

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SENSEX NIFTY MARKET

Mumbai, May 24: Value buying lifted the key equity indices on Thursday, after they slumped around one per cent in the previous session.

According to market observers, healthy buying was witnessed in banking, IT and Teck (technology, entertainment and media) stocks. IT stocks surged due to a depreciating rupee, they said.

At 3.30 p.m, the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,513.85 points — up 83.50 points or 0.80 per cent from its previous close of 10,430.35 points.

The barometer 30-scrip Sensitive Index (Sensex) also jumped nearly one per cent. It had opened at 34,404.14 points and closed at 34,663.11 points (3.30 p.m) — higher by 318.20 points or 0.93 per cent from its previous session’s close of 34,344.91 points.

On intra-day basis, the Sensex touched a high of 34,741.46 points and a low of 34,367.83 points. The BSE market breadth was, however, slightly tilted towards the bears with 1,355 declines and 1,284 advances.

The major gainers on the BSE were Bharti Airtel, Tata Consultancy Services (TCS), Infosys, Axis Bank and Tata Steel, while Tata Motors, ONGC, Tata Motors (DVR), Bajaj Auto and Maruti Suzuki were the major losers.

On the NSE, the top gainers were Infosys, Bharti Airtel and TCS. The major losers were ONGC, Tata Motors and Grasim Industries.

IANS

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Fund outflows, rupee depreciation dent equity indices

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SENSEX-

Mumbai, May 23: Persistent outflow of foreign funds along with weak global cues and a depreciation in the rupee plunged the key Indian equity indices on Wednesday.

According to market observers, heavy selling pressure was witnessed in metal, oil and gas and auto stocks.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,430.35 points, down 106.35 points or 1.01 per cent from the previous close of 10,536.70 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE tumbled nearly 1 per cent as trade closed for the day. It had opened at 34,656.63 points, closed at 34,344.91 points (3.30 p.m.) — down 306.33 points or 0.88 per cent — from its previous session’s close of 34,651.24 points.

The Sensex touched a high of 34,668.47 points and a low of 34,302.89 points. The BSE market breadth was bearish with 1,540 declines and 1,115 advances.

The major gainers on the BSE were State Bank of India (SBI), Larsen and Toubro, NTPC, Tata Motors and Sun Pharma while Tata Steel, ONGC, IndusInd Bank, Dr Reddy’s Lab, Adani Ports and ITC were the major losers.

On the NSE, the top gainers were SBI, Cipla and Tech Mahindra. The major losers were Hindustan Petroleum, Vedanta and Tata Steel.

IANS

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Hike in petrol, diesel prices continues

Petroleum Minister Dharmendra Pradhan on Monday said that the government was looking at ways to keep rising fuel prices in check.

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Petrol

New Delhi, May 22 : The hike in Petrol and diesel prices continued for the ninth day on Tuesday amidst reports that the government was mulling steps to check it.

Petrol prices were hiked in the range of 29-32 paise per litre across Delhi, Kolkata, Mumbai and Chennai, while diesel prices were lifted by 26-28 paise per litre, compared to the previous day.

On Tuesday, a litre of petrol was sold at Rs 76.87 in Delhi, Rs 79.53 in Kolkata, Rs 84.7 in Mumbai and Rs 79.79 in Chennai, according to Indian Oil.

Diesel was sold at Rs 68.08 per litre in Delhi, Rs 70.63 per litre in Kolkata, Rs 72.48 per litre in Mumbai and Rs 71.87 per litre in Chennai.

Petroleum Minister Dharmendra Pradhan on Monday said that the government was looking at ways to keep rising fuel prices in check.

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