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Paytm to continue free uploading of money

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New Delhi, March 10: Keeping upbeat the current spirit of going digital, Mobile wallet company PayTM has made a quick U-turn in about 24 hours and suspended 2 percent charge it had announced on adding money to the wallet using credit cards.

On Friday, PayTM said in its blog: We are suspending the two per cent charge on credit cards for adding money to wallet, keeping users’ convenience in mind. We will introduce new features to prevent credit card misuse in adding money.

Earlier the mobile wallet major had announced, a refundable fee of two per cent on add-money through credit cards from March 8 on its wallets. The move was meant to prevent the misuse of transfer to bank facility at 0 per cent.

At the same time, we are conscious that this move caused inconvenience to a large segment of our users, including those who are using their credit card for genuine transactions,” the company blog read.

However the withdrawal has apparently come in view of losing out to competition after mobile wallet major MobiKwik on Thursday announced that it would continue to offer free uploading of money.

In order to popularise the government’s vision of a cashless society, we at MobiKwik have decided not to charge two per cent on credit card recharges so that more people can transact online without having to worry about additional charges,” MobiKwik founder and CEO Bipin Preet Singh said on Thursday.

For those who were charged, the amount was to be refundable in the form of a gift voucher to be used for recharging phones, paying bills, etc. through the Paytm wallet, it also said earlier.

Reportedly several users had started funding their wallet with their credit cards and transferring it to the bank all for free. And to prevent the misuse the mobile wallet had announced the move.

Wefornews Bureau

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Oil drops after OPEC+ output deal, but markets to stay tight

Prices initially jumped after an OPEC deal to increase output was announced late last week, as it was not seen boosting supply by as much as some had expected.

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Despite the increase, which is intended to stop the gap between global supply and demand from becoming too wide, analysts said global oil markets would likely remain relatively tight this year.

Brent crude futures were down 78 cents at $74.78 a barrel at 0917 GMT, while U.S. light crude was up 25 cents at $68.83 a barrel, supported in part by a Canadian supply outage.

Prices initially jumped after an OPEC deal to increase output was announced late last week, as it was not seen boosting supply by as much as some had expected.

OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million bpd to tighten the market and prop up prices.

“As yet there is no plan as to how the limits will be reallocated. One simple approach would be to reduce the limits of those not producing enough by 600,000 bpd and increase the limits of members with spare capacity by 600,000 bpd – this would enable 100 percent compliance,” said Callum MacPherson, Investec head of commodities.

“However, it seems unlikely members like Venezuela would give up unused limits in this way. Instead those unused limits might be left in place, so 100 percent compliance would in theory mean an additional 1.2 million bpd hitting the market, even though this would not be achievable in practice.”

Largely because of unplanned disruptions in places like Venezuela and Angola, the group’s output has been below the targeted cuts, which it now says will be reversed by supply increases, especially from OPEC leader Saudi Arabia. Analysts warn however there is little spare capacity for large-scale output increases.

After officially meeting on Friday, OPEC gave a press conference on Saturday that implied a bigger increase in supply.

“Saturday’s OPEC+ press conference provided more clarity on the decision to increase production, with guidance for a full 1 million bpd ramp-up in 2H18,” Goldman Sachs said in a note on Sunday.

“This is a larger increase than presented Friday although the goal remains to stabilize inventories, not generate a surplus,” the U.S. bank added.

Edward Bell, commodity analyst at Dubai’s Emirates NBD bank, said when the Vienna agreement was priced into the market, he expected prices “in a range between $65-$70 per barrel for Brent for the remainder of the year”.

Goldman Sachs also warned that an “outage at Syncrude Canada’s oil sands facility could leave North America short of 360,000 bpd of supply for all of July”.

It added that this “will exacerbate the current global deficit, making the increase in OPEC production all the more required”.

Source : Reuters

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Weak global cues drag Sensex 219 points, Nifty below 10,800-mark

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SENSEX NIFTY MARKET

Mumbai, June 25: Weak global cues dragged the Sensex 219 points lower at 35,470 and Nifty below 10,800-mark on Monday.

Earlier, In the afternoon session, Decline in international markets and rising global trade tensions subdued the key Indian equity indices.

According to analysts, heavy selling pressure was witnessed in the auto, oil and gas and banking stocks.

At 12.46 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,799.80 points, down 22.05 points or 0.20 per cent from the previous close of 10,821.85 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,783.75 points, traded at 35,607.21 points (12.48 p.m.) — down 82.39 points or 0.23 per cent from its previous session’s close of 35,689.60 points.

The Sensex has so far touched an intra-day high of 35,806.97 points and a low of 35,584.24. The BSE market breadth was tilted towards the bears with 1,333 declines and 1,013 advances so far.

The top gainers on the Sensex were Vedanta, Sun Pharma, Infosys, Hindustan Unilever and IndusInd bank whereas Tata Motors (DVR), Tata Motors, ICICI Bank, Coal India and Power Grid were the major losers.

On the NSE, Vedanta, Sun Pharma and Ultratech Cement were the highest gainers while Tata Motors, BPCL and Hindustan Petroleum lost the most.

IANS

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Market Review: Amid volatility equity indices rise for 5th straight week

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SENSEX NIFTY MARKET

Mumbai, June 23: Despite volatility and a broadly bearish momentum, the key Indian equity indices rose for the fifth consecutive week, although with marginal gains.

Value buying by investors, primarily in banking, healthcare and auto stocks on Friday helped the indices end higher than the previous week’s levels.

The gains in the week ended Friday, were limited by global trade war concerns due to imposition of tariffs and counter-tariffs internationally.

Index-wise, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 67.46 points or 0.19 per cent to close at 35,689.60 points on a weekly basis.

The wider Nifty50 of the NSE closed the week’s trade at 10,821.85 points — up 4.15 points or 0.04 per cent — from its previous close.

According to analysts, market breadth was negative in all the five trading sessions of the week.

“Markets ended the week with marginal gains after trading in a rangebound manner for a major part of the week. It was nevertheless the fifth consecutive week of gains for the Nifty50,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Shibani Kurian, Senior Vice President and Head of Equity Research at Kotak Mutual Fund told IANS: “Volatility in the market continued during the week ended June 22, 2018 amidst rhetoric of intensifying trade wars between the US and China and the possibility of imposition of further tariffs against imports from China.”

According to Equity99’s Senior Research Analyst, Rahul Sharma, stock specific actions were the flavor of the week, “wherein HDFC twins (HDFC, HDFC Bank) shimmered, gaining more than 2 per cent”.

Further, during the week all eyes were on the outcome of the Organisation of Petroleum Exporting Countries’ (OPEC) meet, said Prateek Jain, Director of Hem Securities. OPEC, was expected to decide on raising its oil production to cool down oil prices and eventually on Friday it announced an agreement to raise oil output by nearly one million barrels per day.

On the currency front, the rupee closed at 67.84 against the US dollar appreciating by 18 paise from its previous week’s close of 68.02 per greenback.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,088.81 crore, while the domestic institutional investors purchased stocks worth Rs 4,720.76 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 4,528.63 crore, or $665.71 million, in the week ended on June 22.

Sectorally, the top gainers were the Bank Nifty, pharma and energy indices, while the top losers were metal, public sector banks and IT indices, Jasani told IANS.

The top weekly Sensex gainers were ICICI Bank (up 6.57 per cent at Rs 300.85); HDFC (up 3.86 per cent at Rs 1,902.40); HDFC Bank (up 2.52 per cent at Rs 2,081.80); Tata Motors (up 1.63 per cent at Rs 308.15); and Yes Bank (up 1.41 per cent at Rs 335.20 per share).

The major losers were Coal India (down 5 per cent at Rs 265.10); Vedanta (down 4.23 per cent at Rs 228.65); ONGC (down 3.63 per cent at Rs 159.45); Wipro (down 3.34 per cent at Rs 257.95); and Infosys (down 2.66 per cent at Rs 1,246.45 per share).

IANS

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