Page 8 - Companies

Rs 10,000 crore scheme for formalisation of Micro Food Enterprises: FM Sitharaman

New Delhi, May 15 (ANI): Finance Minister Nirmala Sitharaman on May 15 announced Rs 10,000 crore scheme for the formalisation of Micro Food Enterprises (MFE). "The scheme promotes PM's vision of 'Vocal for Local with global outreach'," she further added. Finance Minister unveiled the third tranche of the Rs 20 lakh crore COVID-19 economic package announced by Prime Minister Narendra Modi on May12.

Essential Commodities Act will be amended to de-regulate agri products: FM Sitharaman

New Delhi, May 15 (ANI): Union Finance Minister Nirmala Sitharaman on May 15 announced that the central government will amend the Essential Commodities Act to enable better price realization for farmers. In a press conference, Sitharaman said, "Government to amend the Essential Commodities Act to enable better price realization for farmers; agriculture products including cereals, edible oils, oilseeds, pulses, onions and potatoes to be de-regulated."

Equity indices slip amid weak global cues, Tata Motors drops 4 pc

Mumbai, May 14 (ANI):Equity benchmark indices traded nearly 1.5 per cent lower during early hours on Thursday amid weak global cues after US Federal Reserve Chairman Jerome Powell warned of extended economic weakness due to the coronavirus pandemic. Besides, a top World Health Organisation official said the virus may never go away. A day earlier, Finance Minister Nirmala Sitharaman gave out break-up for a part of the Rs 20 lakh crore economic stimulus announced by Prime Minister Narendra Modi. But that did not seem to cheer investors. At 10:15 am, the BSE S and P Sensex was down by 497 points or 1.55 per cent at 31,512 while the Nifty 50 edged lower by 136 points or 1.45 per cent at 9,248. Except for Nifty FMCG and pharma, all sectoral indices at the National Stock Exchange were in the negative zone with Nifty IT down by 2.3 per cent, auto by 1.6 per cent and financial service by 1.4 per cent. Among stocks, Tata Motors lost by 4 per cent to Rs 83.70 per share and Mahindra and Mahindra

Equity indices gain after PM Modi announces Rs 20 lakh crore stimulus

Mumbai, May 13 (ANI): Equity benchmark indices traded higher during early hours on Wednesday, a day after Prime Minister Narendra Modi announced an economic stimulus package worth Rs 20 lakh crore amounting to 10 per cent of the GDP to alleviate the pain caused by COVID-19. In an evening address to the nation, the Prime Minister has also said that the countrywide lockdown will extend post-May 17 with new rules to allow more industrial and business activities. At 10:15 am, the BSE S and P Sensex was up by 697 points or 2.22 per cent at 32,068 while the Nifty 50 edged higher by 196 points or 2.13 per cent at 9,393. Except for Nifty pharma, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty private bank up by 3.5 per cent, financial service by 3.1 per cent and auto by 2.8 per cent. Among stocks, private lenders gained the most with ICICI Bank advancing by 5.53 per cent to Rs 338.95 per share, HDFC Bank by 4.1 per cent and Axis Bank by 3.4 per cent. La

Stock indices in the green, Reliance jumps after Vista Equity Partners invests in Jio

Mumbai, May 08 (ANI): Equity benchmark indices traded higher during early hours on Friday in line with positive global cues and expectations of an economic stimulus to cushion the impact of COVID-19 pandemic. At 10:15 am, the BSE S and P Sensex was up by 396 points or 1.26 per cent at 31,839 while the Nifty 50 edged higher by 114 points or 1.24 per cent at 9,313. All sectoral indices at the National Stock Exchange were in the positive terrain Nifty private bank up by 1.8 per cent, financial service by 1.4 per cent and FMCG by 1.5 per cent. Shares of Reliance Industries climbed 2.4 per cent to Rs 1,543.55 per share after Vista Equity Partners announced an investment of Rs 11,367 crore in its Jio Platforms for a 2.32 per cent stake. This is Jio Platforms' third deal after Facebook and Silver Lake's share acquisition plans over the last two weeks. Dr Reddy's gained by 4.4 per cent, Hindustan Lever by 3.3 per cent and Hindalco by 2.5 per cent. Private sector lenders IndusInd Bank, ICICI Ba

Lockdown 3.0: Samsung resumes phone manufacturing in Noida

Noida (Uttar Pradesh), May 08 (ANI): Samsung has resumed its functioning amid lockdown 3.0 in Uttar Pradesh's Noida. Samsung plant has got permission from Noida administration. Around 3000 workers were brought to factory by buses. Samsung was issued fresh guidelines from Uttar Pradesh Government for its functioning. Certain relaxations have been announced in third phase of lockdown for economic activities. Lockdown was extended till May 17 in view of coronavirus situation.

Equity indices witness lacklustre trading, FMCG stocks tumble

New Delhi, May 7 (ANI): Equity benchmark indices traded lower during early hours on Thursday tracking weak global cues as investors globally pondered over the economic impact of coronavirus pandemic. At 10:15 am, the BSE S-P Sensex was down by 108 points or 0.34 per cent at 31,578 while the Nifty 50 edged lower by 39 points or 0.42 per cent at 9,232. Except for Nifty FMCG and financial services, all sectoral indices at the National Stock Exchange were in the positive terrain with thin margins. Hindustan Unilever slipped by 2.8 per cent after the company's 4.23 per cent equity changed hands in a block deal. Reports said Britain-based GlaxoSmithKline was to offload shares worth Rs 26,000 crore in the FMGC major. Britannia slipped by 2.7 per cent while Nestle India lost by 1.6 per cent. The other prominent losers were Bharat Petroleum Corporation, ONGC, Kotak Mahindra Bank, Bharti Airtel and Wipro. However, Adani Ports gained by 3.2 per cent to Rs 279 per share. Private lenders IndusInd B

Equity indices in green but oil marketing firms lose in opening bell

New Delhi, May 06 (ANI): Equity benchmark indices wobbled during early hours on May 06 amid mixed global cues but profit booking was seen in stocks of oil marketing and FMCG companies. At 10:45 am, the BSE S-P Sensex was up by 321 points or 1.02 per cent at 31,774 while the Nifty 50 edged higher by 81 points or 0.88 per cent at 9,287. Except for Nifty FMCG and PSU bank, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty financial service up by 2.4 per cent, private bank by 2.2 per cent and metal by 1.3 per cent. The shares of oil marketing companies declined after the Centre hiked excise duty on petrol and diesel and asked them to absorb the price hike.

Petrol, diesel prices hiked in Delhi as govt raises VAT

New Delhi, May 05 (ANI): The Delhi government has increased the Value Added Tax on petrol and diesel to 30% each leading to an increase in the price of Rs 1.67, and Rs 7.10 in both the commodities, respectively. According to a notification issued by the Deputy Secretary VI, Finance, on Monday, the VAT on petrol has been increased from 27% to 30%, and that on diesel from 16.75 to 30%, by the order of the Lt Governor of Delhi. Earlier last month, the Assam government had also increased the VAT on diesel, petrol and other motor spirits.

Equities under bear grip, Tata Motors top loser

Mumbai, Apr 04 (ANI): Equity benchmark indices were down by over 5 per cent during early hours on April 04 tracking weak global cues after the latest flare-up in US-China tensions. Besides, rising coronavirus cases in the country and the extension of nationwide lockdown for two more weeks also weighed on the sentiment. At 10:15 am, the BSE S and P Sensex was down by 1,698 points or 5.04 per cent at 32,019 while the Nifty 50 edged lower by 494 points or 5.01 per cent at 9,366. Except for Nifty pharma, all sectoral indices at the National Stock Exchange were in the red with Nifty metal down by 7.5 per cent, private bank by 6.9 per cent and auto by 6.1 per cent. Among stocks, Tata Motors was the top loser after skidding by 12.33 per cent to Rs 81.75 per share. Hindalco saw a dip of 10.6 per cent to Rs 116.35 per share. Vedanta lost by 10 per cent, JSW Steel by 8.5 per cent and Tata Steel by 8.2 per cent.

Equity indices flat on global cues, Reliance gains 5.6% as Facebook picks stake in Jio

Mumbai, Apr 22 (ANI): Equity benchmark indices were flat during early hours on Wednesday as Asian shares slipped and Brent oil futures plunged to a two-decade low amid damage done by the coronavirus pandemic. At 10:15 am, the BSE S and P Sensex was up by 60 points or 0.19% at 30,696 while the Nifty 50 edged lower by 7 points or 0.07% at 8,975. Except for Nifty pharma and media, all sectoral indices at the National Stock Exchange were in the red with Nifty metal down by 2.4%, PSU bank by 1.9% and financial service by 1.26%. Among stocks, index heavyweight Reliance Industries jumped by 5.65% to Rs 1,307.20 per share after Facebook bought stake in the company's digital business for 5.7 billion dollars (about Rs 43,574 crore) to expand its presence in India.

Facebook to invest Rs 43,574 crore in Reliance Jio, largest FDI in India's tech sector

New Delhi, Apr 22(ANI): Reliance Industries, Jio Platforms and Facebook, on April 21 announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms. The investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise values ($65.95 billion, assuming a conversion rate of 70 to a US Dollar). Facebook's investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis. The announcement was made after market hours on April 21. The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.

COVID-19: Necessary precautions taken at Daffi Toll Plaza in Varanasi

Varanasi (Uttar Pradesh), Apr 20 (ANI): Vehicular movement began at Daffi Toll Plaza on National Highway-2 in Varanasi on April 20. Precautions were taken by toll plaza workers amid coronavirus outbreak such as masks and sanitizers. Deputy Manager of Daffi Toll Plaza, Atul Sharma, said, "We have reduced our staff. We are operating only two lanes (cash and tag lanes).The toll booth operators are using masks and sanitizers. Distancing is also being observed." National Highways Authority of India (NHAI) resumed toll collection on national highways from today onwards.

Equity indices flat in volatile trade, Tata Motors jumps 7 percent

New Delhi, Apr 20 (ANI): Equity benchmark indices were largely flat during early hours on Monday as Asian markets remained cautious ahead of the economic data that will mirror damage done by global coronavirus lockdown so far. At 10:15 am, the BSE S-P Sensex was up by 71 points or 0.22 per cent at 31,660 while the Nifty 50 edged higher by 24 points or 0.26 per cent at 9,291. Sectoral indices at the National Stock Exchange were mixed with Nifty FMCG, metal and pharma in the read while realty gained by 2.3 per cent. Among stocks, Tata Motors was up by 7.1 per cent at Rs 82.35 per share while private lenders HDFC Bank and Kotak Mahindra Bank moved up by 3.7 per cent and 1.4 per cent respectively.

Sensex jumps 986 points as RBI unveils steps to ease liquidity

New Delhi, Apr 17 (ANI): Equity benchmark indices jumped over 3 per cent on Friday as the Reserve Bank of India unveiled measures to ease liquidity and bank credit as part of economic relief to offset the fallout of coronavirus lockdown. The BSE S-P Sensex closed 986 points or 3.22 per cent higher at 31,589 while the Nifty 50 moved up by 274 points or 3.05 per cent at 9,267. Except for Nifty FMCG and pharma, all sectoral indices at the National Stock Exchange were in the green. Nifty private bank up 7.7 per cent, financial service by 5.7 per cent each, auto by 5.4 per cent and realty by 3.8 per cent.

Equity gauges in the red, IT stocks drag

Mumbai, Apr 16 (ANI): Equity benchmark indices oscillated between losses and gains during early hours on Thursday as investor sentiments remained fragile amid concerns over the impact of coronavirus outbreak on the domestic and global economy. At 10:15 am, the BSE S-P Sensex was down by 135 points or 0.44 per cent at 30,245 while the Nifty 50 edged lower by 20 points or 0.22 per cent at 8,905. Sectoral indices at the National Stock Exchange were mixed with Nifty IT down by 2.96 per cent but realty up by 2 per cent. Among stocks, IT major Infosys dropped by 4.5 per cent to Rs 610.10 per share while Tech Mahindra slipped by 4.4 per cent and Tata Consultancy Services by 3 per cent. Private lenders Kotak Mahindra Bank and Axis Bank dipped by 3.6 per cent and 1.8 per cent respectively.

Equities buoyant ahead of RBI briefing, banking stocks surge

Mumbai, Mar 27 (ANI): Equity benchmark indices were buoyant during early hours on Friday ahead of a media briefing by Reserve Bank of India (RBI) Governor Shaktikanta Das, raising hopes of liquidity-infusing steps to absorb the economic impact of coronavirus amid a countrywide lockdown. A day earlier, Finance Minister Nirmala Sitharaman unveiled a Rs 1.7 lakh crore economic package and announced various welfare measures to tide through the rising pandemic. At 10 am, the BSE S and P Sensex was up by 940 points or 3.14 per cent to 30,887 while the Nifty 50 edged higher by 341 points or 3.95 per cent to 8,983. All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty private bank up by 8.4 per cent, PSU bank by 8.1 per cent, financial service by 6.8 per cent and realty by 6.2 per cent. Among stocks, IndusInd Bank continued its yesterday's upward glide and clocked a gain of 20 per cent to Rs 523.05 per share while Axis Bank was up by 15 per cent.

COVID-19 outbreak: Repo rate cut by 75 basis points to 4.4%, says RBI Governor

Mumbai, Mar 27 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das said that Repo rate has been reduced by 75 basis points to 4.4%. Reverse repo-rate reduced by 90 basis points to 4%. "Repo rate has been reduced by 75 basis points to 4.4%. Reverse repo-rate reduced by 90 basis points to 4%," said Das while addressing press conference.

COVID-19 outbreak: RBI reduces Cash Reserve Ratio of all banks by 100 bps for 1 year

Mumbai, Mar 27 (ANI): The Reserve Bank of India on March 27 reduced the Cash Reserve Ratio (CRR) of all banks by 100 basis points to 3 percent of Net Demand and Time Liabilities with effect from the fortnight beginning March 28 for a period of one year. The decision was announced by RBI Governor in view of coronavirus pandemic which has put the Indian economy to a standstill.

COVID-19 outbreak: Probably large parts of world will slip into recession, says RBI Governor

Mumbai, Mar 27 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das said that there is a probability that large parts of the world will slip into recession. "MPC (Monetary Policy Committee) noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns and social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed. The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," said Das while addressing press conference.