Private sector bank stocks rallied for the second consecutive session on Thursday amid news reports that the government is planning to raise the foreign direct investment (FDI) limits in both public and private sector banks. State-owned lenders, however, came under some selling pressure at the fag end of the day.
The labour ministry is likely to recommend cutting the interest rate on employee provident fund (FPF) by 20-25 basis points in line with falling interest rates, a top ministry official said.
Hindustan Unilever on Wednesday reported a 27.7 per cent rise in net profit for the October-December quarter, beating Street expectations, led by higher volumes on strong sale across sectors. Net profit stood at Rs 1,326 crore for the quarter as compared to Rs 1,036 crore posted a year ago.
The company's revenue grew by 14.1 per cent to Rs 8,590 crore against Rs 7,515 crore a year ago, on higher sales volume.
The massive surge that took Sensex over the 35,000 mark on Wednesday was driven by banking, healthcare and IT stocks and also some of the market heavyweights like TCS, HDFC and SBI. The Bank Nifty have been gaining sharply for the past one month and it hit a new intra-day high of 26,335.
IT majors Infosys, TCS, HCL Tech and Tech Mahindra hit 52-week highs.
There is strong value-buying in IT stocks as the third-quarter earnings of India Inc have also got off to a good start with IT majors TCS and Infosys meeting market expectations, analysts said.
The gravity defying move in the Indian equity market continued as the Sensex crossed the 35,000 mark on Wednesday just three weeks after it crossed the 34,000 mark on December 26, 2017.
The immediate trigger for the bullish sentiment in the market was government scaling down its earlier planned Rs 50,000 crore additional borrowing to Rs 20,000 crore in January-March period of the fiscal year 2017-18.
Contrary to market expectations, HDFC Securities believes there will be limited populist expenditure in the Union Budget, which will be a positive surprise for the market. “The Budget will not be a very big event, and may end up being a non-event,” HDFC Securities said in the run-up to the union budget and in its market outlook till the next general elections.
“Contrary to market expectations, we believe there will be limited populist expenditure in the Budget, it will be a positive surprise for the market,” said Dipen Sheth, head-institutional research, HDFC Securities.
Actor Kareena Kapoor Khan will be the showstopper for fashion designer Anamika Khanna at Lakme Fashion Week Summer-Resort 2018. Khanna will bring down the curtains to the upcoming fashion week with her collection Reinventing Nudes. The designer, who has often dressed Bollywood celebrities, said choosing the actor was an easy choice. “For this one it’s simple, it’s Kareena Kapoor. She’s the face of Lakme,” says Khanna.
With stocks scaling dizzy heights, the total market capitalisation has now exceeded the country’s gross domestic product (GDP).
An 11-year-old Israeli boy who survived the Mumbai terror attacks almost a decade ago returned for the first time on Tuesday to the house where his parents were killed.
Moshe Holtzberg was two-years-old when Pakistani militants stormed Chabad House on 26 November 2008, killing six people, including Gavriel and Rivka Holtzberg, who ran the Jewish centre. The assault was part of a series of co-ordinated attacks across the Indian city, including on its main train station, that lasted three days and left 166 people dead.
Rani Mukerji went through the usual anxiety of a mother when she started Hichki after Adira’s birth, but the actor is confident that her daughter will one day be proud of her working parents. The actor said more than her, it was her husband Aditya Chopra who wanted her to get back to the sets.