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Markets post third straight weekly gain; YES Bank stock declines 7%
Posted on 17th November 2018
The benchmark indices posted their third straight weekly gains, after investor sentiment improved following a sharp drop in crude oil prices.

Stability in the rupee saw foreign institutional investors (FIIs) turn net buyers on all five trading sessions of the week.

The Sensex gained 0.6 per cent or 197 points to 35,457, while the Nifty rose 0.6 per cent or 65.5 points to 10,682, led by gains in index heavyweight Reliance Industries (RIL) and HDFC.

Meanwhile, YES Bank dropped 7 per cent after analysts raised concerns on the stock, following the resignation of O P Bhatt from the search panel to find a new chief executive officer.

Analysts say the latest surge in the markets has been triggered by a slide in the price of crude. Brent crude oil has tumbled 22 per cent from to $66 a barrel from $86 a barrel at the start of October.

Experts said the drop in oil prices has significantly eased the macroeconomic headwinds for India.

"India's macroeconomic position appears to have stabilised with crude prices slipping to below $70 per barrel. We see stable rupee and interest rates and a manageable fiscal position over the next few months if crude oil prices were to remain below $75 per barrel," said Sanjeev Prasad, managing director and co-head, Kotak Institutional Equities.

The rupee on Friday ended at 71.92 against the dollar, gaining over 3 per cent from its all-time low of 74.4. The yield for the 10-year benchmark government security softened to 7.81 per cent from a high of 8.18 per cent on September 11.

After sharp sell-off in the past two months, overseas investors were once again seen turning bullish on Indian equities. Foreign institutional investors (FIIs) bought shares worth Rs63.5 billion in the past five sessions, their highest weekly investment tally in many months.

"Stability in rupee and oil prices will provide direction to the market despite election led uncertainty," said Vinod Nair, head of research, Geojit Financial Services.

Eleven out of the 19 sectoral indices of the BSE gained on Friday.

"Macroeconomic factors have started to turn in favour of corporates. Massive fall in crude oil and the rise in rupee will have a double impact on the cost structures, it will boost companies such as OMCs, aviation and paints. Indian indices have quickly adjusted themselves to such macro dynamics and have been rising since the past three weeks, Jimeet Modi, Founder & CEO at SAMCO Securities

Shares of companies for whom crude oil is a key raw material have gained in recent weeks.

Prasad said the Indian market valuations are still on the higher side despite.

"Also, the valuations already factor in 15 per cent and 26 per cent growth in net profits of the Nifty-50 Index for FY2019 and FY2020. We find decent value in a few sectors and stocks in financials, energy, metals & mining and power utilities but do not find value in the 'quality' stocks. Also, it remains to be seen the high multiples will hold up in the event of tighter global monetary condition and higher bond yields," Prasad said.

The Nifty currently trades at nearly 17 times its one-year forward earnings estimate compared to historical average of about 15.5 times.

Related Companies: Yes Bank   

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RBI Governance: Under discussion – Board for further examination of framework
Posted on 15th December 2018
The central board of the Reserve Bank of India (RBI) on Friday discussed its governance framework and decided the matter required further examination, the central bank said in a statement on its website.

According to sources privy to the deliberations, Subhash Chandra Garg, economic affairs secretary, made a presentation at the meeting about how the governance structure for the RBI should be examined.

Microsoft’s bug bounty: How this Kerala-based security engineer won an undisclosed amount
Posted on 15th December 2018
In a huge achievement, a Kerala-based application security engineer has won bug bounty from global tech-giant Microsoft for discovering a series of vulnerabilities that left over 400 million Microsoft users’ accounts open to hacking. Reportedly, these accounts were from Office 365 to Outlook emails.

Sahad NK, who works as a security researcher with cyber security portal, came across multiple vulnerabilities and reported to Microsoft. Sahad, with the help of fellow security researcher Paulos Yibelo, reported the bug to the company in June and were fixed by November end.

ONGC board to consider share buyback on Dec 20
Posted on 15th December 2018
State-owned Oil and Natural Gas Corp (ONGC) Friday said its board will consider buyback of company shares at a meeting on December 20.

This follows Government pushing cash-rich PSUs to use their funds to buy back shares or pay a higher dividend. The Government is looking to bridge budgetary deficit through higher receipts of dividend as well as selling its shares in PSUs in the buyback programmes.

Indian Oil shares rise 3.10% on share buyback
Posted on 15th December 2018
Mumbai: Shares of Indian Oil Corp. Ltd rose over 3% Friday after India’s largest oil firm on Thursday said its board of directors approved the buyback of 29.76 crore equity shares of the company for ₹4,435 crore. The share buyback price represents a 8.6% premium to Indian Oil’s Thursday closing price of ₹137.20 on BSE. On Friday, Indian Oil shares rose 3.10%, or ₹4.25, to ₹141.45 apiece on the BSE while the benchmark Sensex closed flat at 35,962.93 points.

Relief to RCom: Supreme Court tells govt to let it sell spectrum to Reliance Jio, but with a condition
Posted on 15th December 2018
The Supreme Court on Friday asked the department of telecommunications (DoT) to grant a no objection certificate (NoC) to Reliance Communications to trade its spectrum with Reliance Jio Infocomm by Monday on the condition that its subsidiary, Reliance Realty, does not redeem the preferential shares without DoT’s nod.

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