Business Live: Benchmark indices end inconsistently

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Segway-like vehicles were also used by the police to keep an eye on the large crowd on Marina Beach.

5 p.m.

The reference indices are inconsistent

The market benchmarks Sensex and Nifty ended inconsistently after a volatile session on Friday. Profits at Reliance Industries offset the losses at other heavyweights such as HDFC, ICICI Bank and TCS.

After reaching a record daily high of 42,063.93, the 30-share share of BSE Sensex was 12.81 points or 0.03% higher at 41,945.37.

However, the broader NSE Nifty closed at 3.15 points, or 0.03%, at 12,352.35.

16:45

TCS Q3 net profit rose slightly to £ 8,118 cr.

The country's largest software service provider, Tata Consultancy Services (TCS), reported subdued earnings growth of 0.2% to 8,118 crore for the third quarter to December 2019 on Friday.

This contrasts with a net profit of 8,105 crore in the same period last year, TCS said in a BSE announcement.

The city-based company's revenue rose 6.7% to £ 39,854 million in the quarter under review from £ 37,338 million in the corresponding period last year.

“We saw that industry trends in the first half of the year continued in the third quarter. Our solid order backlog during the quarter reflects our ability to deliver innovative technology solutions to meet the business needs of various corporate stakeholders and participate in our customers' enterprise-wide transformation initiatives, ”said TCS CEO and CEO Rajesh Gopinathan in a statement.

This helps deepen and expand the company's customer relationships and make the business more resilient, he added.

The TCS board has set a third interim dividend of £ 5 per Re 1 share per company. PTI

2.30

The Great Wall of China agrees to purchase General Motors' plant in India

Business Live: Benchmark indices end inconsistently

Chinese automaker Great Wall Motor has agreed to buy General Motors (GM )’s auto plant in the west Indian state of Maharashtra.

The Great Wall of China, one of the largest SUV vendors in China, is expected to pay $ 250-300 million to purchase the plant, one source said.

The deal, which sources say could be released on Friday, will fuel the Great Wall's plans to build and sell cars in India, and will likely pave the way for GM to exit automotive manufacturing in India. Reuters

14:00 clock

Renault reports a 3.4% decline in 2019 as China weighs

French automaker Renault reported a worldwide 3.4% drop in sales to 3.75 million vehicles in 2019, despite growth in Europe.

Sales grew by 1.3% in Europe to 1.94 million units, but declined by 17.2% in China, the automaker said.

In Africa, the Middle East, India and the Pacific, sales decreased by 19.3%.

French competitor PSA reported a 10% drop in global sales in 2019 to 3.49 million units in 2019 (after a record of 3.88 million), which was impacted by declines in China, the Middle East and Africa. Reuters

1.30 p.m.

Piramal Enterprises sells its Healthcare Analytics business

Piramal Enterprises' Dutch entity has agreed to divest its Healthcare Insights and Analytics investment in the Decision Resources Group for $ 950 million to United States-based Clarivate Analytics plc.

The deal is expected to close next month. Revenue from the Healthcare Insights and Analytics business was Rs. 1,330.74 crores for the fiscal year ended March 31, 2019, it said.

1:00 PM

Adani, Azure's top bidder for manufacturing-related solar tenders

Adani Green Energy and Azure Power proved successful bidders on Friday at the Solar Energy Corporation of India's first solar offering for the production of solar energy, a leading government official said.

Adani has applied for 1.5 GW of solar cell production capacity and 6 GW of generation capacity, said MNRE Secretary Anand Kumar on the sidelines of the India Energy Forum Renewable Energy Summit.

He also said Azure Power offers for a production capacity of 500 MW solar cells and a production capacity of 2 GW. PTI

12:30 PM

Amazon promises 1 million new jobs in India amid tensions with the government

Amazon.com Inc announced on Friday that it plans to create one million jobs in India by 2025, a day after the country's trade minister announced that the e-commerce giant's recently announced 1 billion investment Is not a big favor.

Amazon announced plans to create new jobs in India through investments in infrastructure, technology and logistics.

"We are investing over the next five years to create a million new jobs here in India," said Jeff Bezos, Amazon's chief executive officer. Reuters

12:00

Alphabet is the fourth US company with sales of $ 1 trillion

Sundar Pichai-led Alphabet, Google's parent company, has joined the $ 1 trillion elite club of American companies, including Apple, Microsoft and Amazon.

The company's stock closed Thursday at $ 1,451.70 and rose to $ 1 trillion.

IPhone maker Apple was the first U.S. company to exceed $ 1 trillion in 2018.

According to CNBC, analysts are optimistic about the company's newly appointed CEO, Pichai. IANS

11:30 AM

Moody's placed Yes, the bank's ratings are being reviewed; Direction uncertain

Moody's investment service has reviewed Yes Bank's long-term foreign currency issuer rating of B2 as the bank's profitability is increasingly challenged by its slowness in raising capital.

The rating agency also reviewed the bank's long-term bank deposit ratings in foreign and local currency of B2 and the bank's senior unsecured MTN program rating in foreign currency of (P) B2, although the direction is uncertain.

Yes. The bank is in talks with a number of investors to raise new equity that would have positive creditworthiness if successfully executed. If the bank successfully recapitalizes and repairs and cleans its balance sheet, its ratings may stabilize or face upward pressure, a statement said.

11:00 O'CLOCK

Vodafone Idea is up 39%, Bharti Airtel wins 4% as investors anticipate the two player market

Vodafone Idea shares fell Friday over 39% to 3.66 rupees, while Sunil Bharti Mittal shares rose over 4% to hit the 52-week high of 498.65 rupees in a fixed market in Mumbai To be reached on Friday as investors expect a two player market in the Indian telecommunications market.

This happened after the Indian Supreme Court on Thursday rejected the telecommunications review request to rethink its decision on Adjusted Gross Income (AGR), which could force telecommunications to cough up to 1.3 billion rupees.

Vodafone Idea has EGR fees of 44,000 rupees, while Bharti Airtel has EGR fees of 34,000 rupees.

Telecommunications companies can still file a healing request with the Apex Court, although this is only to cure serious judicial errors and analysts see very little chance of success.

Jefferies Equity Research believes that neither the SC nor the government will provide relief on payment options as the SC fees are not relieved.

"We expect a moratorium on EGR fees for two years and a staggered payment that will support cash flow over a period of time. This will be similar to spectrum fees. We are building this up in our base case," said Jefferies in a research -Note.

AGR fees, according to Jeffries, burden Vodafone despite the relief and affect business operations.

"The price increases are positive, but given the high leverage effect, we expect the 4G rollout to be lower than that of comparable vendors, with VodaIdea losing market share. We are maintaining U / P," said the Jefferies report.

– Piyush Pandey

10:45

Jet Airways sells Netherlands Biz to KLM

Jet Airways plans to sell its Dutch business to KLM Royal Dutch Airlines following regulatory filing.

The bankrupt airline that ceased operations in April last year is currently in bankruptcy.

The insolvency administrator, who oversees the airline's operations, said: "On January 13, 2020, the Company and the Dutch trustee entered into a conditional purchase agreement (" Conditional Agreement ") with Koninklijke Luchtvaart Maatschappij NV regarding the proposed dissolution of the company's activities in the Netherlands as approved by the Creditors' Committee. "

"The proposed resolution is subject to the completion of several conditions, including legal and regulatory approvals, under both Indian and Dutch law," the filing said.

10:00 A.M

Sensex, quick start; RIL up 2 percentage points ahead of second quarter results

Market benchmarks Sensex and Nifty started on Friday with a mild note ahead of the quarterly results of the index heavyweights Reliance Industries, TCS and HCL Tech.

The 30-share BSE index stood at 41,928.88, down 3.68 points or 0.01 percent. Similarly, the broader NSE Nifty slipped 1.85 points or 0.01% to 12,353.65.

The IndusInd Bank, SBI, HDFC twins, the Kotak Bank, Power Grid and Ultratech Cement were among the top losers in the Sensex package and lost up to 2.5%.

Bharti Airtel was the leader in the Sensex package and grew by up to 4%. PTI