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Indian equities slip on profit booking, weak rupee

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Mumbai, January 2: Indian equities markets slipped during the mid-afternoon trade session on Monday, as profit booking and rupee depreciation subdued investors’ sentiments.

The key indices traded in the red — on a flat-to-negative note, as heavy selling pressure was witnessed in banking, finance and FMCG stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 8.10 points or 0.10 per cent to 8,177.70 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,711.15 points, traded at 26,600.43 points (at 1.45 p.m.) — down 26.03 points or 0.10 per cent from the previous day’s close at 26,626.46 points.

The Sensex has touched a high of 26,720.98 points and a low of 26,447.06 points during the intra-day trade so far.

However, the BSE market breadth was tilted in favour of the bulls — with 1,696 advances and 819 declines.

Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS that the CNX Nifty witnessed some recovery from lower levels due to short covering and traded flat.

“IT stocks faced resistance at higher levels mainly due to profit booking,” Desai added.

“FMCG and power stocks traded with volatile sentiments due to selling pressure at higher levels.”

According to Astha Jain, Senior Research Analyst at Hem Securities, the markets are trading on their own fundamentals taking cues from domestic events in the absence of strong global cues due to the ongoing holiday season.

“Broad-based selling pressure led the markets to trade in the negative. Besides, the rupee is weak as the overseas dollar traded on a stronger note,” Jain added.

On Friday last week, the equity markets had closed on a pleasant note on the back of rupee appreciation, firm global cues and value buying.

The barometer index was up 260.31 points or 0.99 per cent to close at 26,626.46 points, whereas the NSE Nifty gained 82.20 points or 1.01 per cent to 8,185.80 points.

IANS

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Cabinet nod to amend Specific Relief Act for ease of business

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Ravi Shankar Prasad( Law Minister)

New Delhi, Dec 15: In a move to further ease procedures for doing business in the country, the cabinet on Friday approved a bill proposing to amend the Specific Relief Act, 1963, Law Minister Ravi Shankar Prasad announced here.

Briefing reporters here after a cabinet meeting, the Minister said that with the concerned bill slated to be tabled in the winter session of Parliament, he was unable to elaborate any further on the proposed legislation apart that it was for “ease of doing business.”

“Among the significant decisions, the cabinet approved the proposal to introduce amendments to the Specific Relief Act, 1963, as part of ease of doing business,” Prasad said.

“The Specific Relief Act, 1963, is being changed substantially..being modernised for promoting growth and investment,” he added.

The government has been contemplating amendments to the Specific Relief Act to limit the compensation and relief that courts can give in cases involving execution of infrastructure and development projects.

According to official sources here, the proposed changes seek to introduce guidelines for reducing the discretion granted to courts and tribunals while granting performance and injunctive relief.

The government constituted a five-member expert committee last year, to review the Act and suggest changes needed to remove bottlenecks in execution of contract-based infrastructure development, public private partnerships and other public projects.

In its report, the committee recommended changes in the law to limit the powers of courts to award relief.
“Any publi” work must progress without interruption. This requires consideration whether a court’s intervent’on in public works should be minimal. The role of courts in this exercise is to interfere to the minimum extent so that public works projects will not be impeded or stalled,” the committee “aid in its report.

IANS

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CBEC hikes customs duty on mobile phones, TVs and other electronic items

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New Delhi, Dec 15: The Ministry of Finance on Friday increased customs duty on import of mobile phones and other electronic devices such as televisions, mobile projectors, microwave and water heaters.

In a notification issued by Central Board of Excise and Customs (CBEC), the customs duty on certain sections of mobile phones has been raised from 10% to 15%.

While customs duty on television sets has been scaled up to 15 per cent from the existing 10 per cent.

Similarly, the customs duty on monitors, microwave ovens, projectors has been doubled to 20 per cent, as per the notification.

The Custom duty on push button telephones or mobile phones has been raised to 15 per cent from nil.

The changes will impact tech and electronic titans such as Apple, Sony which have been planing to set up manufacturing units in India.

WeForNews 

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Manish Dawar to become Vodafone India CFO

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New Delhi, Dec 15: Vodafone India on Friday announced that Manish Dawar will take over as its Chief Financial Officer (CFO) with effect from January 1, 2018.

Based in Mumbai, he will report to Sunil Sood, Managing Director & CEO, Vodafone India.

Dawar will take over from Thomas Reisten.

Manish joins Vodafone from Den Networks Limited where he was Group CFO.

IANS

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