The Lok Sabha on Thursday approved the demand for additional expenditure of Rs 80,000 crore through a third tranche of supplementary demand for grants in 2017-18. The funds have been earmarked for issuing the first batch of recap bonds to public sector banks hit by bad loans.
Companies and Markets
Companies & Markets
Mustard seed acreage declined 8 per cent to 6.35 million hectare until Dec 29 as warm weather hit sowing operations in Rajasthan. In 2016-17, farmers planted mustard seed on 6.89 million hectares till Dec 29 while total acreages was at 7.05 m hectare, agriculture ministry data showed.
"Warm weather in Rajasthan adversely impacted the overall sowing of mustard seed and acreage fell nearly 26 per cent to 2.05 million hectare and any improvement is unlikely now," a senior official of agriculture ministry said.
Volatility continues to reign Dalal Street as profit booking emerged after the market opened higher on Wednesday. The Sensex shed 18.88 points, or 0.06%, to settle at 33,793.38, while the Nifty 50 rose 1 point or 0.01% to settle at 10,443.20. The broader market ended with decent gains, as the BSE Mid-Cap and Small-Cap indices rose 0.53% and 0.98%, respectively.
Outlook for today
The rupee bond issuance frenzy that saw volumes in the corporate market nearly double in five years is poised to fade in 2018, after a government plan for additional borrowing sent company yields to 16-month highs.
Bond traders and investors expect the Reserve Bank of India to announce purchase of securities under its open market operation (OMO) next week to provide some respite to the yields amid weak appetite.
"Liquidity is drying up and one segment of participants is speculating that RBI may announce OMO purchase in three tranches," said a bond trader with a foreign bank.
The pace and timing of OMO purchases will be reliant upon how the weekly auction pans out given the weak investor appetite, the trader said.
The merger of Hindustan Petroleum Corporation (HPCL), the state-run refiner, and Oil & Natural Gas Corporation (ONGC), the state-run largest explorer, is delayed for a year at least on concerns over right valuation and escalating fiscal deficit.
It was his first day at Infosys. Salil Parekh, the new CEO & MD of the company reported for work at 9.15 AM on Tuesday, according to a source.
Some thought the new leader would address employees in a town hall, while others expected an email blast with a message from the new CEO.
But what came from Parekh was a video, to all employees, in which he emphasised the importance of the company chasing digital business and all employees embracing reskilling.
Reliance Industries (RIL), on Tuesday successfully commissioned the world's largest refinery off-gas cracker at Jamnagar, as the largest-ever expansion of its petrochemicals portfolio comes to a flawless completion.
This is one of the largest capital expenditure programmes globally in the sector in recent times that epitomises RIL's core strategy of continuously pursuing opportunities for cost optimisation and efficiency enhancement through vertical integration across the value chain.
Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “Monday’s tail end sell off was followed by a gap up opening on Tuesday, mainly on the back of strong favourable cues from the Hang Seng (Hong Kong) Index. However, the entire lead got sold into in first 10 minutes of trade. In fact, the selling pressure aggravated to breach previous day’s low as well. However, a smart recovery in the penultimate hour pushed the index higher to conclude with negligible gains.
Rajendra Jadhav Mumbai India’s gold imports surged 67 per cent in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, the world’s second-biggest consumer of gold after China, could support global prices, which are already near their highest levels in three months. Spot gold values gained more than 13 per cent last year, their best annual performance since 2010.