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Clues by NC Team • 17 Apr 2019, Wednesday

BlackRock Inc, the world's largest asset manager, reported first-quarter profit beating street expectations. Total assets under management (AUM) grew 3% year-on-year to $6.52 trillion in the quarter through March 31. Total quarterly net inflows across all product types jumped 13.6% to $64.67 billion from a year earlier. BlackRock lost more than $26 billion in its equity portfolio during the first quarter, but this was more than offset by a jump in fixed income of nearly $80 billion. Long-term investments rose by $59 billion. 

Read More at The Economic Times
Clues by NC Team • 17 Apr 2019, Wednesday

Chinese shares traded higher on Tuesday, pushing the benchmark Shanghai Composite index to its highest close in nearly 13 months. At the close, the Shanghai Composite index was up 2.39 percent at 3,253.60. It was the strongest daily gain for the index in more than two weeks, and its highest close since March 22, 2018. The gains have been led by a 0.6% increase in average new home prices in China's 70 major cities in March.

Read More at The Economic Times
Clues by NC Team • 17 Apr 2019, Wednesday

Wipro, India’s fourth largest software exporter said it had hired a forensic firm to investigate the cyber attack on its systems, which was first reported by an industry website on Tuesday. The company could be liable for damages if client information is found to be compromised. Cyber security investigation website KrebsOnSecurity had reported on Tuesday morning that hackers had compromised Wipro’s IT systems and launched attacks on the firm’s clients. 

Read More at The Economic Times
Clues by NC Team • 17 Apr 2019, Wednesday

The momentum in banking stocks has helped the Nifty touch a new high, given the 36 per cent weight these stocks have on the NSE’s benchmark index. HDFC Bank, ICICI Bank, SBI, and IndusInd Bank have gained 10-21% since the NSE Nifty hit its recent low in February 2019. Out of the top 10 stocks that pushed the index to a new high, seven are from the banking space and these have contributed 40% of the index’s last 1,000-point gain. 

Read More at The Economic Times
Clues by NC Team • 17 Apr 2019, Wednesday

The market, which on Tuesday closed at a fresh high on the back of robust foreign fund inflows, is poised to test the psychological 12,000-mark in the current series expiring on April 25. Index options traders sold a huge number of Nifty puts at 11,800, which is almost at-the money. Significant put writing was also witnessed at 11,700 strike. The put writing reflects huge bullish sentiment in the short term. All the options expire on April 25 and data is provisional. The call side shows 11,800 to be the first hurdle followed by 12,000. 

Read More at The Economic Times
Clues by NC Team • 17 Apr 2019, Wednesday

The State of Working India (SWI) 2019 report, released on Tuesday by the Azim Premji University said that five million men lost their jobs between 2016 and 2018. The loss of jobs coincided with the announcement of demonetisation in November 2016, although no direct causal relationship could be established. Besides rising unemployment among the higher educated, less educated workers have also seen job losses and reduced work opportunities since 2016, the report said. It added that unemployment has risen steadily post 2011. 

Read More at The Economic Times
Clues by NC Team • 17 Apr 2019, Wednesday

The CBDT has notified on April 12 a new format for salary TDS certificate Form 16. The new format will require a detailed break-up of the nature and amount of tax exempt allowances paid to employees and details of all tax breaks claimed by him/her. The earlier format allowed companies to give consolidated figures. It did not require providing break-up of the tax exempt allowances paid. Corresponding changes have been made n the format of the TDS return also. Last year the tax officials had detected several cases of false claims of large income tax refunds made by some employees.

Read More at The Economic Times
Clues by NC Team • 16 Apr 2019, Tuesday

The country's largest carmaker Maruti Suzuki India (MSI) on Tuesday said it will continue to manufacture diesel cars that customers can afford, thus ruling out stopping the production of diesel cars completely. The cars are set to get costlier with the upcoming BS-VI emission norms from April next year. The auto major currently sells various diesel-powered cars, including S-Cross, Ciaz, Vitara Brezza, Dzire, Baleno, and Swift. However, the carmaker is expected to discontinue small diesel cars in its portfolio. 

Read More at The Economic Times
Clues by NC Team • 16 Apr 2019, Tuesday

The NSE will conduct a mock trading session in various segments on April 27, 2019. The segments include capital market, futures and options, commodity derivatives, currency derivatives and securities lending, and borrowing market. The mock will be followed by a re-log in session from primary site in order to avoid login problems on Tuesday, April 30, 2019. Mock trading sessions are generally conducted by stock exchanges to test their system performance.

Read More at The Economic Times
Clues by NC Team • 16 Apr 2019, Tuesday

Footwear maker Bata has been fined Rs 9,000 by a Chandigarh based consumer forum for asking a customer to pay Rs 3 for a paper bag. However, the customer refused to pay the extra charges for the bag and sought compensation for the deficiency in its services. The regulator said that it is the company’s duty to provide a free paper bag to its customer. The fine includes Rs 1,000 as litigation charges, and Rs 3,000 as compensation for the mental disturbance caused.

Read More at CNBC TV18
Clues by NC Team • 16 Apr 2019, Tuesday

FMCG major Nestle will now seek shareholders' approval every five years for royalty payment to its Swiss parent Societe des Produits Nestle SA. Nestle India had earlier proposed royalty payment of 4.5% of the net sales to its licensor. The decision was opposed by several minority shareholders contending that the move was against good corporate governance norms. Nestle India, which follows January-December fiscal calender, had reported a revenue of Rs 11,292.27 crore in 2018.

Read More at CNBC TV18
Clues by NC Team • 16 Apr 2019, Tuesday

After reporting a 17.7% growth in consolidated net profit at Rs 8,126 crore for the March 2019 quarter, Rajesh Gopinathan, MD and CEO, Tata Consultancy Services (TCS) on Friday said the company is entering FY20 on a strong wicket. TCS delivered a net income of Rs 31,472 crore for fiscal 2019, up 21.9% over the previous year. N Ganapathy Subramaniam, COO, said, "TCS hopes to sustain the double-digit growth performance in FY20 as well.

Read More at CNBC TV18
Clues by NC Team • 16 Apr 2019, Tuesday

IT major Wipro on Tuesday reported a 38.4% year-on-year (YoY) jump in net profit at Rs 2,493.9 crore for the fourth quarter ended March 2019 as against a net profit of Rs 1,803 crore in the corresponding quarter last year. Revenue from operations in the March quarter increased 8.9% to Rs 15,006.3 crore from Rs 13,768.6 crore in the year-ago period. The Wipro board has approved Rs 10,500 crore buyback of 32.31 crore shares at Rs 325 per share.

Read More at CNBC TV18
Clues by NC Team • 16 Apr 2019, Tuesday

The Ministry of Corporate Affairs is reportedly setting up a committee to review the Limited Liability Partnership (LLP) framework. The review of LLPs, considered as the lowest compliance hybrid between companies and partnerships, comes following representations about Rs 100 per day penalty for delayed filing and difficulties faced in dissolution. The ministry is likely to ask the Registrar of Companies to consider the office memorandum, which barred LLPs from any manufacturing activity

Read More at CNBC TV18
Clues by NC Team • 16 Apr 2019, Tuesday

Brokerage firm CLSA believes that despite the pre-election rally, more market upside is likely if the ruling NDA government returns to power. The brokerage's top picks are ICICI Bank, Axis Bank, IndusInd Bank, HDFC, Godrej Properties, Ramco, ITC, Reliance Industries, ONGC, and NTPC. According to the brokerage, markets have already factored in the BJP-win partially. In the past five years, IndusInd Bank has gained 268% followed by RIL up 187%, Axis Bank rising 169% and HDFC zooming 132%.

Read More at CNBC TV18
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