Mumbai, September 18
Indian markets today logged their best daily gain since May 12 with Sensex jumping 481 points to 27,112.21 and Nifty soaring over 139 points to 8,114.75 bolstered by Fed's continued pledge to retain rates at low levels and rising optimism over trade ties with China.

Fuelled by foreign funds buying, all 12 sectoral indices closed with gains between 0.58% and 4.65%. Realty, consumer durable, capital goods, auto, power and banking were the pacesetters in the surge.

The benchmark S&P BSE 30-share Sensex resumed lower and touched a low of 26,503.08. It, however, quickly rebounded in line with positive Asian trends to cross 27K-mark and hit high of 27,132.20, before settling at 1-1/2-week high of 27,112.21 — a rise of 480.92 points or 1.81%. Previously, it had zoomed 556.77 points or 2.42% on May 12.

Similarly, the 50-share NSE Nifty regained 8,100-level and touched the day's high of 8,120.85 before settling 139.25 points higher at 8,114.75. Previously, it had zoomed 155.45 points on May 12.

In a statement, the US Federal Reserve chairwoman Janet Yellen yesterday in its policy setting meeting promised to keep the interest rates near zero for a "considerable time after its bonds buying programme comes to an end in October, giving immediate relief to the emerging markets, including India, as fears of immediate capital outflows have subsided.

Meanwhile, India today signed a 5-year trade and economic cooperation agreement with China with a view to improve the trade balance and obtain $20 billion Chinese investments.

"With US rate rise possibilities becoming a more distant reality, emerging economies, including India, can expect to keep their hot monies 'hot' for some more time," said Debopam Chaudhuri, chief economist, ZyFin Research.

Major Sensex gainers were Hero Motocorp (5.67%), HDFC (3.73%), Tata Motors (3.70%), L&T (3.57%), BHEL (3.51%) and Bajaj Auto (3.47%).

Key benchmark indices in China, Singapore, Taiwan and Japan rose by 0.02% to 1.13%, while indices in Hong Kong and South Korea fell 0.72% to 0.85%.

In the 30-share Sensex pack, 28 scrips ended higher while only two finished lower. — PTI

Best daily gain since May 12 Fuelled by foreign funds buying, all 12 sectoral indices closed with gains between 0.58% and 4.65% Rising optimism over trade ties with China also boosted market In the 30-share Sensex pack, 28 scrips ended higher while only two finished lower

New Delhi, September 18
Country’s largest car-maker Maruti Suzuki India today appointed RS Kalsi head of domestic marketing and sales following the resignation of Mayank Pareek from the company.

Kalsi, who is currently executive director heading the parts, accessories and outbound logistics divisions of the company, will report to the managing director Kenichi Ayukawa, Maruti Suzuki India (MSI) said.

Shashank Srivastava, executive director, will continue to head international marketing for the company, it added. Srivastava will also report to Ayukawa.

These changes follow the resignation of Mayank Pareek, senior executive officer (marketing and sales) from Maruti Suzuki, the company said.

Commenting on the development, Ayukawa said: “Having worked in close partnership with the company’s domestic dealer network, Kalsi has a sound understanding of customer needs and preferences.”

New Delhi, September 18
In line with the government’s focus on job creation by boosting manufacturing, Prime Minister Narendra Modi will launch the ‘Make in India’ campaign in the presence of over 600 global and domestic CEOs on September 25.

Like the Pradhan Mantri Jan Dhan Yojana, which was launched on a massive scale, the ‘Make in India’ campaign will also be launched across several cities and in embassies. While the specifics are not clear yet, it may take the form of a promotional campaign to promote manufacturing of goods within India rather than importing them.

This follows from the announcement made by the Prime Minister in his maiden Independence Day address. Modi had invited the global business to set up manufacturing facilities in India, giving the slogan “Come, Make in India”.

To make it more effective, the campaign would be simultaneously launched in different state capitals, including Mumbai, Chennai and Bangalore. The campaign will also be launched in countries having similar time zone as that of India.

The move is aimed at generating huge employment opportunities in the country besides boosting trade and economic growth.

“I call upon the world and the Indians spread world over that if we have to provide more and more employment to the youth, we will have to promote manufacturing sector. If we have to develop a balance between imports and exports, we will have to strengthen manufacturing sector. If we have to put in use the education, the capability of the youth, we will have to go for manufacturing sector”, Modi had said in his Independence Day address.

Modi had also called for zero-defect products with zero-effect on environment. “I tell the world, ‘Make in India’,” Modi had said in his maiden address from the Red Fort. “Sell anywhere but manufacture here. We have the skill and talent for it.”

Modi had said that Indian enterprise and youth must come together to think of ways by which the country does not have to import goods, but export to the world.

At the same time, he said manufacturing industry must also be responsible. “Let us think about zero defect — our products are not defective and our products have zero effect on the environment.”

“We are forced to import even the smallest of things. My country’s youth can resolve it, they should conduct research, try to find out as to what type of items are imported by India and then each one should resolve that he would manufacture at least one such item so that we need not import the same in future,” Modi had said.

About the initiative The campaign will be launched in the presence of over 600 global and domestic CEOs It will also be launched across several cities and in embassies The campaign is aimed at promoting manufacturing of goods within India rather than importing them It would be simultaneously launched in different state capitals, including Mumbai, Chennai and Bangalore

New Delhi, September 18
In a bid to take on competition from Tata-SIA’s Vistara airline which is yet to start operations, Jet Airways today announced launch of full services even on its all-economy subsidiary JetKonnect from December and plans to consolidate into a single brand.

Full service product with complementary meal service would be provided on all domestic flights from December 1.The announcement was in line with its recent announcement of a uniform ‘single brand’, with Jet Airways commencing streamlining and aligning its domestic operations. — PTI

BRIEFLY

Datawind to launch Rs 2,000 smartphone with free internet
New Delhi: Low-cost mobile devices maker Datawind on Thursday said it will launch a Rs 2,000 smartphone before Diwali that will come bundled with free internet for life. The company said the device will be based on Android operating system and have a 3.5 inch size. — PTI

India’s M&A deals stand at $32.6 bn during Jan-Aug
New Delhi: The month of August saw overall private equity deal activity worth $1.6 billion, taking the year-to-date value of transactions in the country to $32.6 billion, indicating this year will end with much better number in terms of mergers and acquisitions. The figures were released by advisory firm Grant Thornton. — PTI

BSE, NSE to shift 2 UB firms to restricted trade segment
Mumbai: The BSE and NSE have taken action against Vijay Mallya-led UB group firms Kingfisher Airlines and UB Engineering for non-compliance to timely reporting of financial results for two consecutive quarters. The exchanges will shift these companies to restricted trade category or 'Z' segment from September 24. — PTI

BA offers Mumbai-London return ticket at Rs 40,252
New Delhi: British Airways announced a flash one-day sale on Thursday, offering massive discount of up to 90% on return tickets between Mumbai and London to commemorate nine decades of its India operations. Under the offer, the lowest-priced Mumbai-London return ticket would start at Rs 40,252 for economy travel from October 1-31, this year. — PTI

Sun shares end nearly 2% up on Merck licensing pact
Mumbai: Shares of Sun Pharmaceutical Industries on Thursday ended nearly 2% higher after the company entered into a licensing agreement with Merck & Co Inc for using investigational therapeutic antibody candidate, Tildrakizumab for treatment of plaque psoriasis. Stock of the firm settled with a gain of 1.63% at Rs 805.20 on the BSE. — PTI