Five of the top-10 most valued firms together added Rs 43,689.89 crore in market valuation for the week ended Friday. The gainers were ITC, HDFC, Infosys, SBI and ICICI Bank, while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market cap. ITC gained Rs 17,94173 crore followed by ICICI Bank with Rs 8,378.07 crore and HDFC Rs 2,837.12 crore. TCS lost Rs 12,007.63 crore. RIL was India’s most valued company followed by TCS, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank.
Niti Ayog Principal Advisor Anil Srivastava said the Chinese electric vehicle (EV) players may play a pivotal role to help India achieve its goal of electric mobility by 2030. Srivastava led an industry delegation from India to address ‘Global Zero Emission and All Electric Vehicle’ summit held in Beijing. Prime Minister Narendra Modi in 2016 had announced the government’s aim to switch to 100% EVs by 2030 to lower oil imports and pollution. However, in March 2018, the government revised it to a more realistic target of 30% electrification.
Shares of Netflix Inc, online streaming platform, has added $45 billion to its market value post-Christmas trading after analysts expect the company to report robust financial results for the fourth quarter. The announcements are due on January 2017. With its rapid growth and big spending on movies and TV shows, Netflix has outperformed all the large-cap tech stocks last year. Yet the company has analysts the investors’ interest divided. Bullish investors expect the company to post 25% revenue growth in 2019, while the bears mock at the company’s low profitability and triple digit price-to-earnings (P/E) ratio.
Industry chamber, Federation of Indian Chambers of Commerce and Industry (FICCI) recommended the government to cut corporate tax rate across the board to 25% irrespective of turnover in the forthcoming Budget to spur economic growth and increase overall tax collections. The chamber has also suggested revision in the tax slabs for the individual taxpayers with the top 30% rate to be applied beyond Rs 20 lakh annual income. As other countries are also resorting to reduction in tax rates, it is imperative for India to think about further rate cuts.
General elections are due to be held in India between April and May 2019 to constitute the 17th Lok Sabha. Social media players have been facing a challenge to stop the spread of fake news on their platofrms. During general elections, it becomes more critical to curb the spread of misinformation and fake news. The onus as per Indian law on the social media firms to sanitise their platforms. Pavan Duggal, cyber law expert said that India is a huge market for Social media players but they have failed to stop the spread of fake news and propaganda.
On the basis of total premium income, the market shares of LIC decreased from 71.81 per cent in 2016-17 to 69.36 per cent in 2017-18 as per the annual report of the Insurance Regulatory and Development Authority of India (IRDAI). The market share of private insurers increased to 30.64 per cent in 2017-18, from 28.19 per cent in 2016-17. At the end of March 2018, there are 68 insurers operating in India, of which 24 are life insurers, 27 are general insurers, 6 are standalone health insurers exclusively doing health insurance business and 11 are re-insurers including foreign re-insurer branches.
Chennai based Ashok Leyland, India’s second-largest commercial vehicle maker, expects a surge in demand on account of pre-buying before the Bharat Stage VI norms set in April next year. He drew references from a similar hike in pre-buying demand during the Euro-VI (European equivalent of Bharat Stage VI norms) implementation. Company’s MD and CEO Vinod Dasari also dismissed the concerns over slowdown in sales during the festive October and November period as a temporary blip.
Italy’s top oil producer Eni SpA and Oman’s energy minister predict the latest oil price rebound is sustainable in the near future. Prices have surged by more than 20% since dipping below $50 per barrel a few weeks ago. Oman oil minister Mohammed Al-Rumhi told Bloomberg TV that the agreement between the Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia and Oman to cut supplies will help sustain the prices at $60 a barrel. He expects crude price trading in the range of $60-$70 per barrel this year.
Telecom companies Vodafone Idea, Bharti Airtel and Reliance Jio Infocomm will vye to offer special services and plans to the estimated 130 million pilgrims at Kumbh Mela. Telecos would offer special services which includes radio-frequency identification (RFID) tags to locate those who might get lost, apps that offer real-time travel information, emergency helplines and area routes. Special services will also include live streaming of all Kumbh proceedings such as religious discourses, virtual tours of pilgrim sites and devotional songs. The Kumbh Mela will be held between January 15 and March 4.
Yes Bank, India’s fourth largest private sector bank, Saturday said it has appointed Brahm Dutt as non-executive part-time chairman to the board. His appointment as part-time chairman is valid up till July 4, 2020 when he would attain the age of 70 years. He is currently also the Chair of the Nomination and Remuneration Committee. During his career in the IAS for 37 years, he held several posts in Karnataka government as well as in the Central Government.
Industry lobby Assocham on Friday met RBI governor Shaktikanta Das and discussed the liquidity issues being faced by NBFCs and housing finance companies (HFC) and suggested some steps to ease the current crisis. The industry body said that the NBFCs want RBI to play the role of facilitator and requested the governor to maintain the existing asset-liability mismatch (ALM) norms till the normalcy is restored. The players have demanded that sectoral cap on mutual funds investing in NBFCs be enhanced to 35%, and an additional 15% in case of HFCs.
In a boost to the Make in India initiative, state-run BEML has bagged contracts worth Rs 3,015 crore for supply of 378 coaches for ADB-funded Mumbai Metro lines, the Department of Industrial Policy and Promotion (DIPP) said Friday. The contract was awarded under the Public Procurement (Preference to Make in India) Order which emphasizes on procurement from domestic sources only irrespective of the value of the purchase. DIPP had reviewed the eligibility criteria after receiving complaints from BEML about being technically disqualified.
Prime Minister Narendra Modi will inaugurate the ninth edition of the Vibrant Gujarat Global Summit here on January 18. The summit will be held at the Mahatma Mandir here from January 18 to 20. Modi will be on a two-day visit to the state on January 17 and 18, said Gujarat Chief Secretary J N Singh on Friday. The summit was conceptualized by Modi in 2003 when he was the Gujarat chief minister, to attract investors to the state.
India’s demand for oil rebounded in 2018 as the country recovered from the shock of demonetization and GST roll out. The country’s consumption of petroleum products rose 4.1% to about 210 million tons, the Oil Ministry said on Friday. The consumption growth in 2017 was 2.7%, the slowest since 2013. A spike in fuel and LPG prices, the liquidity crisis in the NBFC sector, subdued vehicle sales and weak industrial activity affected oil consumption in the last six month of 2018. Diesel consumption, which accounts for 40% of fuel demand in India, increased by 4.3% to 82.7 million tons.
Michael Dell, founder, and CEO of Dell Technologies grew his fortune by over $12 billion when his company re-listed on the New York stock exchange last month. Michael Dell owned a 15% stake, worth about $3.8 billion, in 2013 when he delisted the company. He transformed the company from just a maker of inexpensive PCs into a diversified technology company offering end-to-end technology solutions including servers and security software. Dell now owns about half of the equity and about three-quarters of the voting rights in the company.