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Sensex at 2-month low as global growth fears spook markets
India emerges fastest growing e-commerce market: Gartner
India has weakest retirement system globally: Report
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Rs 3.56/litre cut in diesel price likely
TCS profit jumps 13.2% to Rs 5,244 cr
HMSI begins work at its Rs 1,100-cr Gujarat plant
India, Switzerland discuss multilateral tax issues
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Sensex at 2-month low as global growth fears spook markets
Sustained capital outflows amid weak Asian closing and lower European opening on the back of overnight fall on Wall Street on concerns over global economic growth scenario weighed negatively on sentiment. Besides, Indian rupee depreciated to 61.9 levels against US dollar on risk-aversion. Selling was so strong across Indian stocks that all 12 sectoral indices closed with losses of up to 4.25% with consumer durables, power, metal, auto, capital goods, oil & gas and IT sectors taking the lead in the downslide. Overall, 26 out of 30 Sensex-based scrips closed in the red while ITC, Coal India, Gail and Cipla ended in the green. The 30-share BSE Sensex resumed lower but tried to recover as it logged a high of 26,462.08. However, it soon fell in last one-and-half-hour of trade and ended at 25,999.34, a fall of 349.99 points or 1.33%. This is its weakest closing since 25,918.95 on August 13, 2014. Overall, more than 2,100 stocks closed down while about 750 shares ended higher on BSE, wiping out a chunk of investor wealth. The 50-issue CNX Nifty of the NSE also dipped by 115.80 points, or 1.47 per cent to end at 2-month low of 7,748.20. “It was a scary day for Indian markets which decisively broke the important zone of 7800 on Nifty...Now actual outcome of state polls will decide the fate of Indian markets going ahead,” said Rajshekar Gowda, senior analyst, HBJ Capital. Fall in the global crude oil prices with European benchmark Brent North Sea crude shedding $1.22 to close at $83.78 a barrel in London, would have a sentimental impact, brokers said.
— PTI BSE barometer plunges 350 points
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India emerges fastest growing e-commerce market: Gartner
New Delhi, October 16 According to research firm Gartner, digital commerce facilitates a purchasing transaction over the web and supports the creation and continuing development of an online relationship with a consumer or business customer across multiple retail, wholesale, mobile, direct and indirect sales, call centre and digital sales channels. “Digital commerce is at a nascent stage in India. However, India is one of the fastest-growing e-commerce markets in Asia/Pacific,” said Praveen Sengar, research director at Gartner. “India represents a $3.5 billion market, growing at approximately 60-70% every year. It represents less than 4% of the total retail market. B2C e-commerce leads the market in India, while B2B is limited to organisations that drive online channels to integrate with their partners and distributors,” Sengar said. |
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India has weakest retirement system globally: Report
Mumbai, October 16 The country’s score largely remained unchanged at a grade of ‘D’, which is between 35 and 50, indicating that it has some sound features but there are major omissions or weaknesses, according to 2014 Melbourne Mercer Global Pension Index (MMGPI). The report also pointed out that the D-grade classification may also occur in the relatively early stages of the development of a particular country’s retirement income system, like India, China, Indonesia and Korea. The public sector in India has adequate retirement benefits through other additional retirement benefits provided, but they represent only a small fraction of the entire population of India, it explained. Economic and regulatory changes have put a lot of pressure on the pension mechanism with less than 6% of the working population in India covered under private pension plans (including pension plans for public sector employees and the military), while more than 75% of the working age population in Chile, Denmark, the Netherlands and Sweden are covered under the private pension plans, it said.
— PTI Global pension index
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Rs 3.56/litre cut in diesel price likely
New Delhi, October 16 With crude prices dipping to four-year low, the over-recovery or profit on diesel sales, which was Rs 1.90 a litre in first half of October, has now climbed to Rs 3.56 per litre, an official statement said. State-owned fuel retailers made their maiden profit on diesel in the second half of September with a modest over-recovery of 35 paise. This swelled to Rs 1.90 in the first half of October and stands at Rs 3.56 per litre now. Over-recovery or profit should have translated into a price reduction to bring retail selling price at par with cost. However, rates have not been cut due to election code being in force for the Assembly polls. The model code of conduct will be lifted with the announcement of results of elections to Maharashtra and Haryana Assembly on Sunday. According to reports, since reduction in rates of a commodity controlled by the government could have been seen as a move to lure voters, the Election Commission did not give permission to reduce rates. |
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TCS profit jumps 13.2% to Rs 5,244 cr
Mumbai, October 16 The Tata Group company, which has the largest market capitalisation in the country, saw its margins slip by 0.07% or 7 basis points to 22% on an annual basis. The fall is 3.16 per cent sequentially. The city-headquartered company also announced the merger of its subsidiary CMC Ltd with itself. The merger ratio is 1:1.26 or 79 TCS shares for 100 CMC shares. TCS had bought CMC from the government in the 1990s through a divestment process. “Driven by strong volumes and robust utilisation rates, this has been a quarter of steady, consistent performance. Our well-rounded showing has been highlighted by broad-based growth in our key markets, industries and services as we continued to deepen our engagement with customers,” TCS CEO N Chandrasekaran said.
— PTI |
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HMSI begins work at its Rs 1,100-cr Gujarat plant
New Delhi, October 16 The facility, which will be the company’s fourth manufacturing plant in the country, is scheduled to start production by 2015-end. The manufacturing plant, with an annual production capacity of 1.2 million units, is slated to come up at Vithalapur in Ahmedabad district of Gujarat. “The latent demand of automatic scooter is so strong that with improving infrastructure in rural India, we foresee that this segment sale can go up to 35% of overall two-wheeler sales in 5-10 years horizon,” HMSI president and CEO Keita Muramatsu said. As the company gears up to take up this challenge of meeting customer demand, Gujarat will be an ideal home and a springboard to achieve greater heights, he added. Honda Motor Company COO Noriaki Abe said India is already a priority market for Honda. “In the current fiscal 2014-15, Honda aims to sell 18.2 million two-wheelers worldwide and for the first time, India will contribute almost 25% to global Honda sales,” he added. Honda Motor Company Managing Officer Yoshiyuki Matsumoto said with the fourth plant, the company aims to reach closer to the vast market in West which contributes over 25% to Honda’s business.
— PTI |
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India, Switzerland discuss multilateral tax issues
New Delhi, October 16 Various bilateral and multilateral tax and financial issues were discussed in the meeting. On the occasion, the two heads of delegation signed a joint statement on the topics discussed. The two heads of delegation agreed to continue the dialogue between the two countries.
— TNS |
Axis Bank cuts lending rate by 0.1% to 10.15% DLF shares rebound from record lows; gain over 5% OPPO Mobile India rolls
out Diwali contest HUDCO pays dividend of
Rs 100 cr to govt for FY13 Huawei launches Honor series smartphone, tablet
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Mumbai, October 16
“Growth fears, falling inflation and disappointing US economic data has sent shares falling across Europe. Indian markets are afraid about the withdrawal of stimulus by US Fed,” said Rakesh Goyal, senior VP, Bonanza Portfolio.
