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Sensex cracks nearly 180 points following surge in the global crude prices
Posted on 16th September 2019
A surge in the global crude prices on account of drone attacks on oil facilities at Saudi Arabia made investors in the equity market jittery on Monday with the benchmark Sensex shedding 900 points during the pre-open session.

Just minutes into the pre-open session, the index fell to 36,485, which was 900 points lower than Friday's close of 37,384.99.

The index, however, managed to recoup most of the losses and opened at 37,204.56, around 180 points lower than Friday's close.

At 10.15 a.m., the Sensex was trading at 37,227.48, down 157.51 points or 0.42%. The broader Nifty was at 11,031, down 44.65 points or 0.40%

"The early morning sentiments for global equity markets are negative due to the attack on one of the Saudi crude facilities," said Arun Kumar, Market Strategist, Reliance Securities.

"Indian equities is particularly sensitive to changes in crude prices and USD-INR & these have adversely opened. We do expect incremental pain as the day progresses. Any selling pressure on Nifty 50 index below 10,950 is likely to lead to panic selling," he added.

Among the oil stocks, HPCL was the first hit, shedding over 6%, while shares of BPCL and IOC were down 5.69% and 2.65%, respectively.

Among the Sensex pack, Tata Steel, State Bank of India, Reliance Industries, Yes Bank, HDFC, Tata Motors and Asian Paints were all trading lower by over 1% during the morning session.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

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Bajaj Auto net profit surges to ₹1,402 crore, shares rise
Posted on 23rd October 2019
Bajaj Auto today reported better-than-expected earnings for the quarter ended September 30, pushing its shares 2% higher in afternoon trade. Bajaj Auto shares were up 2% at ₹3,186 as compared to a 0.44% rise in Sensex. The automaker's profit rose 22% to ₹1,402 crore, aided by a tax expense reversal of ₹182 crore due to the recent lowering of corporate tax rate.

Amazon’s new move to boost customer connect: Publishes success of small business sellers on boxes
Posted on 23rd October 2019
In a first-of-its-kind move by an e-commerce company, Amazon optimising its delivery boxes to increase customer engagement has announced Storyboxes — a packaging initiative where Amazon shares the growth journey of its sellers on the boxes. The company started the initiative during its annual Great Indian Festival sale (September 29 – October 4) to print the stories of its six sellers as of now. The company is looking to increase the number of such sellers’ stories ahead.

American firm readies class action suit against Infosys on whistleblower allegations
Posted on 23rd October 2019
Even as Infosys battles whistleblower allegations of using aggressive accounting methods to boost its revenues and margin, a US-based law firm, Rosen Law Firm, which specialises in securities class actions, said it was preparing such a suit to recover losses suffered by the investors. “Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Infosys investors,” it said in a statement.

DoT seeks relief for BSNL, MTNL once again, but with fewer demands
Posted on 23rd October 2019
Department of Telecommunications has again sought relief for the beleaguered Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd with fewer demands, essentially translating into lesser cash outgo by the Centre.

It is learnt that DoT has sought funds for the voluntary retirement schemes of the two sick units and allotment of 4G spectrum, besides proposing to raise finances by monetising assets.


SBI Life Insurance joins Rs 1-trillion m- cap club, stock hits record high
Posted on 23rd October 2019
SBI Life Insurance Company today entered the coveted Rs 1 trillion market capitalisation (market-cap) club after its share price hit a fresh all-time high on the National Stock Exchange (NSE). The stock of the life insurance company hit a new high of Rs 1,012 on Wednesday in the intra-day deal.

Following the uptick in the counter, SBI Life’s market cap crossed Rs 1-trillion mark or Rs 1,01,200 crore in intra-day trade today.


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