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Sensex logs biggest drop in 4 months; loses 322 points
corporate results
Airtel, Voda, Idea launch 3G services in parts of Punjab
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AirAsia India to begin flights from June 12
RIL to acquire Network 18 for Rs 4,000 cr
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Sensex logs biggest drop in 4 months; loses 322 points
New Delhi, May 29 Another asset class, gold also had a bad day as prices fell below the Rs 27,000 per 10 gram mark. Gold prices have been falling regularly and broke the psychologically-significant Rs 27,000 per 10 grams mark at the domestic bullion market here today on consistent selling by stockists and traders. The Sensex closed at 24,234 points, down 322 points or 1.31% - its biggest fall since the 426 points crash on January 27. Shrikant Chouhan, Head of Technical Research, Kotak Securities, said the market opened lower on the back of weak global cues and remained lacklustre in the first half. However, in the second half, it went down badly on the back of weakness into top front line stocks like Infosys, ICICI bank, RIL, HDFC and SBI. Auto stocks remained weak on the back of profit taking. He said broadly the Nifty remained sideways since the announcement of the election results, it remained in the range of 7,500 and 7,200. Infosys ended 7.81% lower to end below the crucial Rs 3,000 mark for the first time since mid-September 2013 after Board member and president BG Srinivas, who was considered among the top contenders for the first non-founder CEO post, resigned from the company. Wipro fell by 2.63% and HCL Tech, which is not a Sensex entity, slid 2.5%. However, TCS rose. Besides, expiry of May month series in the derivative contracts and persistent foreign capital outflows coupled with mixed global cues also affected the market sentiment, pulling down the benchmark indices. Out of the 30-share Sensex, 22 stocks closed with losses led by Infosys, the third most influential on the barometer. Oil refinery major Reliance Industries fell 1.42% after CAG pulled up the firm for charging a rate in excess of the government-approved price for its KG-D6 gas field.
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Indian Oil Corporation’s Q4 profit drops 35%
New Delhi, May 29 It reported a 35% drop in Q4 profit today as refining margins shrank and the government did not fully compensate it for losses on fuel sales. Net profit declined to Rs 9,389.85 crore in the January-March quarter from Rs 14,512 crore in the same period a year ago, it said. IOC, which owns eight refineries, earned $2.17 on every barrel of crude oil turned into fuel as against a gross refining margin (GRM) of $3.33 per barrel in Q4 of 2012-13. IOC said it got Rs 37,182.77 crore from the government as cash subsidy and Rs 34,673.59 crore from upstream firms, which were not sufficient to cover Rs 72,938.45 crore of losses on fuel sales. It reported an annual net profit of Rs 7,019.09 crore for 2013-14, up from Rs 5,005.17 crore in 2012-13. ONGC posts 44% rise
in Q4 profit
ONGC on Thursday reported a 44% jump in its fourth quarter as foreign exchange gains and lesser write off on drilling of unsuccessful wells made up for a steep rise in subsidy outgo. Net profit in January-March 2014 rose to Rs 4,889 crore from Rs 3,387 crore a year ago, ONGC Chairman and Managing Director Dinesh K Sarraf said. Tata Motors Q4 net declines marginally
Tata Motors today registered a marginal decline in consolidated net profit to Rs 3,918.29 crore in the fourth quarter ended March 31. Net sales rose to Rs 64,715.81 crore from Rs 55,841.70 crore, Tata Motors said. Net sales rose to Rs 2,30,677.10 crore for the year ended March 31, as against Rs 1,87,627.90 crore. — TNS/PTI |
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Airtel, Voda, Idea launch 3G services in parts of Punjab
Chandigarh, May 29
Vodafone is also offering multiple packages to suit customer requirements. Vodafone 3G services will be available in Chandigarh, Ludhiana, Jagraon, Kharar, Malerkotla, Nabha, Nawanshahr, Panchkula, Mohali and Zirakpur. Idea will offer 3G services in Chandigarh, Nawanshahr, Jagraon, Malerkotla, Nabha and Ludhiana. Asit Shekhar, business head, Punjab, HP and J&K, Vodafone, said, “We are confident that this move will facilitate in quicker adoption, better usage and a high-speed internet experience on the go.” P Lakshminarayana, COO, Idea, said, “Our recent spectrum win has given us the ability to further expand our 3G network, and launch 4G services in key revenue markets, including Punjab.”
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AirAsia India to begin flights from June 12
New Delhi, May 29 AirAsia India, a joint venture between AirAsia, Tata Sons and Arun Bhatia's Telestra Tradeplace, was granted flying licence by aviation regulator DGCA earlier this month after 9-month-long wait and various legal hurdles. Fernandes announced the launch of flights on micro blogging platform Twitter, saying that the "first flight (will be on) June 12" and ticket sales will open tomorrow. It could not be immediately ascertained as to what will be the route of the first flights for AirAsia India, which has made Chennai its hub. There are conjectures that the first flight could be from or to this southern city. AirAsia has been preparing its ground-work for launch of flights since a long time, including by putting in place the required manpower including Mittu Chandilya as its CEO. AirAsia India, whose top officials have promised to offer low and competitive airfares, will focus on connecting tier-II cities to begin with. The start-up carrier recently completed inspections, including the Airbus A-320 craft, monitored by the DGCA. These test flights went on for over 10 hours across five sectors as per the DGCA regulations. — PTI
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RIL to acquire Network 18 for Rs 4,000 cr
New Delhi, May 29 The Board of RIL today approved funding of up to Rs 4,000 crore to Independent Media Trust (IMT), of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Ltd (NW18), including its subsidiary TV18 Broadcast Ltd (TV18), the company said in a statement. The funding includes open offers to be made consequent to the acquisition, it added. "IMT would use the funds to acquire control over NW18 and TV18 resulting in ownership of about 78% in NW18 and 9% in TV18 and to acquire shares tendered in the open offers," it added. — PTI
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Infosys slumps nearly 8% as CEO contender quits Coal India's Q4 profit drops 18% to Rs 4,434 cr Gold at 11-month low of
Rs 27,500 on weak cues
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Indian Oil Corporation has become India’s largest company by turnover with record sales of Rs 4.73 lakh crore in 2013-14. In 2012-13, the company had a turnover of Rs 4.47 lakh crore.
The BSE Sensex today fell 322 points, its biggest single-day drop in four months weighed down by a sharp 8% sell-off in index heavyweight, Infosys shares after a key executive quit and expiry of monthly equity derivative contracts.
Airtel 3G services will be available to customers in Chandigarh, Mohali, Panchkula, Ludhiana, Jagraon, Malerkotla, Nabha and Nawanshahr.
