The weakness which was witnessed last week is likely to continue at least at start. Top seven Sensex companies lost Rs. 1 lakh crore in the past week, with TCS, ONGC and RIL taking the steepest hit. While TCS remains the top in market cap, it has warned of a weak revenue growth for the December quarter though it maintained its operating margin guidance of 26-28% at an analyst call. The company said it was more positive at the beginning of the year than it was now.
The outlook is a weak start. Oil prices fell over 2% on concerns about a supply glut and slower global growth. Weak oil prices could eventually affect even countries like India, says a report. The Nifty will look at taking support around the 8177 levels. Macro data released after market hours on Friday will have some impact. Retail inflation fell to 4.4% in November while Industrial production surprised negatively in October as it fell by 4.2%. These numbers may not be taken very seriously given some less relevant components.
Finance Minister Arun Jaitley will hold discussions with state finance ministers over the next two days in a determined bid to seal a deal on goods & services tax (GST) that his ministry officials said is as close as it has ever been, says a report.
The foreign investors have pumped in over Rs. one-lakh crore of so-called ‘hot money’ into stocks during 2014 — taking their cumulative net investments here beyond Rs. 10 lakh crore, says a report.
Former Finance and External Affairs Minister Yashwant Sinha on Saturday hoped the 2015 Union Budget would be “transformational” and set off a series of second-generation reforms to lift the country’s GDP growth rate on to a higher trajectory, a report stated.
The gap between large-cap and mid-cap valuations is the widest in at least five years and it has consistently increased over the past five years.
The Indian rupee is poised to end the year as the best-performing major emerging market currency versus the US dollar as hopes of economic and political stability drew funds despite a slide in peer currencies such as Russia's rouble and Brazil's real on fund flow back to the US expecting higher interest rates, a report stated.
RBI Governor Raghuram Rajan said that the global economy is still weak, despite a strengthening recovery in the United States. The Euro area is veering close to recession, Japan has already experienced two quarters of negative growth after a tax hike, and many emerging markets are rethinking their export-led growth models as the industrial world stagnates. In the last couple of years, the IMF has repeatedly reduced its growth forecasts. After 6 years of a tepid post-crisis recovery, the IMF titled its most recent World Economic Outlook “Legacies, Clouds, Uncertainties”.
The market capitalisation of the companies listed on the BSE SME platform today crossed the landmark figure of Rs 10,000 cr. BSE SME platform has been able to achieve this milestone within 2 years of its launch. BSE SME platform currently has 82 companies listed on its platform. Additionally, 16 more companies are in various stages of listing.
India can achieve 8-9% growth rate, says Former PM Manmohan Singh."I think that even though many other emerging economies are not doing too well, India has an opportunity to move towards a growth rate of 6-7% and thereafter to 8% ," Singh added
Shares of JBM Auto has hit 5% upper circuit at Rs181 on reports that the company plans to raise Rs250 cr via QIP.
Government has capped the prices of 52 more drugs, including painkillers and antibiotics, the pricing authority reportedly said. Report said that the new drugs to come under price control include commonly-used antibiotics and painkillers as well as medicines used for treating cancer and skin disorders.
Finance Ministry has reportedly said that they will meet ministries next week to chalk out FY16 divestment roadmap. Ministry also said it may look at selling stake in BHEL, NTPC, MOIL in next fiscal, says report.
The government reportedly said it is not considering any proposal to ban Participatory Notes as part of efforts to check black money. "There is no proposal at present to remove participatory notes," Minister of State for Finance Jayant Sinha reportedly said in a written reply in the Lok Sabha.
Finance Minister Arun Jaitley will hold discussions with state finance ministers over the next two days in a determined bid to seal a deal on goods & services tax ( GST) that his ministry officials said is as close as it has ever been. The Modi government wants to ensure this key element of its economic reforms agenda can be put in place by April 1, 2016, as part of efforts to speed up growth.
Congratulations IIFL: The curtains for India's Best Market Analyst Awards 2014 were finally drawn at a grand gala with the guest of Honour Amit Shah, president of the Bharatiya Janata Party, giving away awards to 24 recipients for their contribution to industry, trade and broking research. Recognising the need for retail participation in investment, BJP president Amit Shah said his party was of the view that every single Indian should reap the benefit of India's growth
In the special category Nirmal Jain (for contribution to equity markets) of India Infoline and Chanda Kochhar (best banker) of ICICI Bank won the awards. (DNA)
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