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Muhurat session: Indices gain; auto, capital goods stocks rise

“Markets ended the ‘Muhurat’ session with healthy gains. Nifty (Nifty50) and Sensex closed higher by 0.65 and 0.70 percentage (respectively),” Deepak Jasani, Head of Retail Research with HDFC Securities, told IANS.

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Muhurat trading on Diwali at BSE

Mumbai, Nov 7 : Broadly positive global markets along with lower crude oil prices pushed the key Indian equity indices higher during the special “Muhurat” trade session on Wednesday.

The special hour-long session held every year on Diwali day to mark the start of the Hindu New Year saw the key equity indices — S&P BSE Sensex and NSE Nifty50 — make gains.

According to market observers, the special session to mark Samvat 2075 witnessed healthy buying in automobile, capital goods, oil and gas, banking and IT stocks.

The Nifty50 of the National Stock Exchange (NSE) gained 68.40 points or 0.65 per cent to close at 10,598.40 points.

Similarly, the 30-scrip sensitive index (Sensex) made gains during the trade session.

The S&P BSE Sensex, which opened at 35,301.88 points, closed at 35,237.68 points — up 245.77 points or 0.70 per cent from Tuesday’s close at 34,991.91 points.

“Markets ended the ‘Muhurat’ session with healthy gains. Nifty (Nifty50) and Sensex closed higher by 0.65 and 0.70 percentage (respectively),” Deepak Jasani, Head of Retail Research with HDFC Securities, told IANS.

“Auto stocks like Mahindra and Mahindra, Hero MotorCorp; Tech stocks like Infosys and those of OMC’s (oil marketing company’s) rose as crude prices fell,” Jasani said. “Gains in the markets seem to usher in better times for the coming year.”

In Samvat 2074, the S&P BSE Sensex gained 8 per cent on a year-on-year basis while the NSE Nifty50 rose 3.8 per cent.

The special trading session held every year on Diwali is considered to be auspicious for stock market trading.

It is believed that the “Muhurat” trading on this day brings wealth and prosperity throughout the year.

This ritual has been observed for ages by the trading community.

The Indian equity market will be closed on Thursday, November 8, to mark Diwali Balipratipada.

IANS

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India’s WPI inflation rises to 5.28% in Oct

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Inflation

New Delhi, Nov 14: India’s annual rate of inflation based on wholesale prices increased to 5.28 per cent in October from 5.13 per cent in September, according to official data. 

Even, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry was higher than 3.68 per cent reported for the corresponding period of 2017.

“The annual rate of inflation, based on monthly WPI, stood at 5.28 per cent (provisional) for the month of October (over October, 2017) as compared to 5.13 per cent (provisional) for the previous month and 3.68 per cent during the corresponding month of the previous year,” the data showed.

“Build up inflation rate in the financial year so far was 4.64 per cent compared to a build up rate of 2.12 per cent in the corresponding period of the previous year,” the Commerce Ministry official statement said.

On a sequential basis, the expenses on primary articles, which constitute 22.62 per cent of the WPI’s total weightage eased to 1.79 per cent, from a rise of 2.97 per cent in September.

Similarly, the prices of food articles declined. The category has a weightage of 15.26 per cent in the WPI index.

However, the cost of fuel and power segment, which commands a 13.15 per cent weightage, edged higher by 18.44 per cent from a growth of 16.65 per cent.

The expenses on manufactured products registered a rise of 4.49 per cent from 4.22 per cent.

On a YoY basis, onion prices declined by 31.69 per cent, whereas potatoes became dearer by 93.65 per cent.

In contrast, the overall vegetable prices in the month under review declined by 18.65 per cent, against a rise of 36.67 per cent in the same month a year ago.

Among the non-food items, the price of high-speed diesel rose by 19.85 per cent on a YoY basis, petrol by 31.39 per cent and LPG by 18.44 per cent.

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Chinese investors to invest $30 Million in 8 Indian start-ups

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India China

New Delhi, Nov 13 :Chinese venture capital (VC) funds are likely to invest around $30 million in eight Indian start-ups, the Ministry of Commerce and Industry said after the 2nd Startup India Investment Seminar held in Beijing on Tuesday.

“In the 1st Startup India Investment seminar, 12 Indian start-ups participated, of which 4 secured a funding of $15 million from Chinese VCs. In the current round, 8 start-ups out of 20 participants are set to get commitment of around $30 million,” it said.

The Ministry said the seminar was organised by the Embassy of India in China in partnership with Startup India Association and Venture Gurukool to foster innovation and entrepreneurship among the Indian youth. The first seminar was held in November 2017.

“The event was planned to expose Chinese VCs and investors to the promising Indian start-ups and also help Indian start-ups to reach out to the large Chinese investors for receiving investment for their companies,” the Ministry said in a statement.

42 Indian entrepreneurs representing 20 Indian start-ups participated in the event and pitched before Chinese investors. More than 350 Chinese VC funds and angel investors participated in the day-long seminar, it said.

Industrial and Commercial Bank of China (ICBC) CEO Zheng Bin shared ICBC’s experience in India and gave an overview of the Indian start-up ecosystem and explained the process of investment.

ICBC India has established a $200 million fund for investing in promising Indian MSMEs and ventures, he said.

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Swiggy to engage 2,000 women for food delivery

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swiggy

Bengaluru, Nov 13: Leading food ordering and delivery start-up Swiggy on Tuesday said it would engage about 2,000 women as delivery personnel by March 2019.

“About 2,000 women will join our delivery team by March next year. Over the last few months, we have been working on training women for opportunities in this growing food delivery sector,” the city-based online food delivery platform said in a statement here.

By deploying more women as delivery personnel across the country, the company said it aimed to create an inclusive workforce.

The company engages around a lakh personnel daily to deliver food across 45 Indian cities it operates in.

Currently, about 60 women are tied up with Swiggy across 10 cities, including Ahmedabad, Kochi, Kolkata, Mumbai, Nagpur and Pune, to deliver food.

World over, the employment of women as delivery personnel has been meagre.

“We are creating a women-friendly work environment with a dedicated helpline for any concern, as well as appointing more women in managerial roles,” the company said.

Swiggy is identifying ‘safe zones’ for women delivery personnel to operate in and will allow them to complete their deliveries by 6 p.m., it added.

“Since inception, we have seen the potential in investing in logistical prowess, which has helped us in having end-to-end control over the food delivery experience,” Swiggy Vice President (Operations) Sachin Kotangale said in the statement.

Set up in 2014, the food delivery platform claims to receive about 20 million orders a month across 45,000 restaurants in 45 cities, including New Delhi, Hyderabad, Mumbai, Bengaluru, Chennai, Kolkata, Gurugram and Pune.

It raised $210 million (around Rs 1,500 crore) from multiple investment firms, and has so far raised over $460 million (around Rs 3,350 crore).

The company, which has over 4,000 employees, reported an operating revenue of Rs 442-crore for the fiscal 2017-18.

IANS

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