5 Minutes Read

Indian IPOs fall to four-year low as economy falters

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Funds raised by Indian IPOs fell to just $2.8 billion this year, the lowest in four years.

Indian initial public offerings (IPO) tumbled to a 4-year low by value in 2019 as the economy slowed, but some analysts are hoping for better in 2020 on the back of potential government reforms likely to boost stock markets.

Funds raised by Indian IPOs fell to just $2.8 billion this year, the lowest in four years, according to data from Refinitiv. In 2017, the proceeds hit a record $11.7 billion before falling to $5.5 billion in 2018.

“2019 has been the worst year from an IPO market perspective,” said Sandip Khetan, a partner at consultancy EY.

“Because of different types of disruptions, such as corporate failures and bankruptcies, things have slowed down considerably,” he said.

Financials and industrial sectors led the declines in IPO issues, with proceeds more than halving.

India’s NSE Nifty 50 index was down about 1.4 percent for the year on September 19, a day before the announcement of a cut in the corporate tax rate boosted markets and raised hopes of more reforms to help the economy.

The NSE index was up 12.4 percent in 2019 as of Tuesday’s close.

“The government has addressed a lot of economic reform requirements in the last three months,” said EY’s Khetan.

At the same time, many of this year’s IPOs have performed well, boosting the outlook for more issues next year.

Shares of Indian Railway Catering and Tourism Corp Ltd, marketing and advertising firm Affle (India), and e-commerce company Indiamart Intermesh have doubled in value from their issues prices.

The S&P BSE IPO index, which measures the performance of companies listed at the Bombay Stock Exchange after the completion of their IPOs, has surged 34 percent this year, outperforming broader indexes such as NSE Nifty 50 and BSE Sensex.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Emerging market stocks were laggards in the past decade

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

MSCI’s index of emerging market stocks has risen just 15 percent since the start of 2010, while the MSCI World index delivered a massive 104 percent return in that period.

Despite a strong start to this decade in 2010, emerging market stocks under-performed developed market peers and were weighed down by events such as the Chinese market sell-off, debt crises in Turkey and Argentina and the Sino-US trade war.

MSCI’s index of emerging market stocks has risen just 15 percent since the start of 2010, while the MSCI World index delivered a massive 104 percent return in that period.

Thailand, Philippines and Taiwan led emerging markets, with gains of more than 50 percent each over the past decade, while Greece, Turkey and Czech Republic bottomed the list with negative returns.

The period from 2010 to this December also saw turbulent foreign portfolio flows into emerging markets as overseas investors balked during periodic swings in risk appetite, including a period of rising US interest rates as major central banks began to unwind their crisis-era stimulus.

Despite the volatility, share prices broadly kept pace with earnings growth.

The MSCI EM index’s forward 12-month price-to-earnings (P/E) ratio was at 11.8 at the end of November, compared with its 10-year average of 10.9. Its lowest was 8.5 in October 2011, and the high was 13.09 in January 2018.

China and Poland saw the biggest drop in their P/E ratios in the past decade, making them cheaper. Thailand saw the biggest rise in the valuation ratio.

Russia and Czech Republic lead the dividend yields league table, while India had the lowest yield. Russia’s dividend yield rose to 6.8 percent at the end of November, compared with 1.6 percent at the start of 2010.

Chile’s dividend yield also rose to 3.6 percent from 1.3 percent in that period.

EM firms’ profits slowed after they posted solid growth of 40 percent in 2010, according to a Reuters analysis of 4402 firms, due to a combination of factors such as a fall in commodity prices, slowing demand for tech products and the US-China trade dispute.

The analysis showed that EM firms’ profit growth lagged those of developed market firms for most part of the decade

China, Mexico and Thai firms had the highest median profit growth of 10% or more for the past 10 years, while Hungary, Egypt and Turkey had negative median growth.

Yet, emerging market firms also cut down their debt levels and slowed their expansion plans due to falling demand for their exports.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Cold wave continues in Delhi, mercury drops to 5.8 degree Celsius

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Delhi on Thursday witnessed a foggy morning with the mercury dipping to 5.8 degree Celsius, two notches below the season’s average.

Extreme cold conditions continued in the national capital on Thursday as it witnessed a foggy morning with the mercury dipping to 5.8 degree Celsius, two notches below the season’s average, the weather office said, adding that the city so far has recorded the longest and the extreme cold spell in December month, since 1997.

“Delhi so far has recorded the longest and extremely cold spell in December month, since 1997,” the India Meteorological Department said.

The Met Department said Thursday will remain cold and the conditions will further deteriorate to “severe cold” later in the day. The maximum temperature for Thursday was likely to hover around 15 degree Celsius, the IMD said.

On Wednesday, the maximum temperature was recorded at 14 degree Celsius, seven notches below the season’s average, while the minimum was 5.5 degrees Celsius, three notches below the season’s average.

Not just Delhi, but neighbouring Noida, Ghaziabad, Faridabad and Gurugram were also under the grip of severe cold wave.

The weather office said the cold day to severe cold day conditions will continue in the city till December 28, along with dense to very dense fog at night and morning hours.

On Thursday the visibility at 8.30 am was 700 meters in the national capital.

About 25 trains were delayed due to dense fog in several parts of the northern India.

The air quality of the national capital was recorded under ‘poor’ category. According to the Centre-run System of Air Quality and Weather Forecasting (SAFAR), the overall air quality index (AQI) of Delhi was recorded at 258 on Thursday morning.

“From Friday onwards winds are forecast to slow down for three days. On Friday the AQI is forecast to deteriorate towards the higher end of the very poor category. The dense fog in the morning hours is likely to continue for the next two days under favourable meteorological conditions,” the SAFAR said.

It also predicts that low surface wind speed and low ventilation are forecast for an extended period from Friday and likely to lead to the accumulation of pollutants. By December 29, the AQI is likely to touch higher levels, it said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Blindspot to backlash: PM Modi and BJP misread the mood

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

In Modi’s biggest challenge since taking office in 2014, hundreds of thousands have rallied against the Citizenship Amendment Act and at least 21 people have died in clashes with police. BJP leaders were taken aback by the backlash, some party members told Reuters. Now they are reaching out for help in defusing the crisis to allies and opponents sidelined when the bill passed earlier this month.

Huge protests in India against a citizenship law seen by many as anti-Muslim have wrong-footed Prime Minister Narendra Modi and sent his Hindu nationalist party scrambling to douse the anger.

In Modi’s biggest challenge since taking office in 2014, hundreds of thousands have rallied against the law offering citizenship to immigrants from non-Muslim minorities who have fled Afghanistan, Bangladesh and Pakistan.

At least 21 people have died in clashes with police.

Ruling Bharatiya Janata Party (BJP) leaders were taken aback by the backlash, some party members told Reuters.

Now they are reaching out for help in defusing the crisis to allies and opponents sidelined when the bill passed earlier this month, the sources said.

“I really did not see the protests coming … not just me, other BJP lawmakers were also unable to predict this kind of anger,” Sanjeev Balyan, a ruling party legislator and junior federal minister, told Reuters.

While there is no threat to his big parliamentary majority, the 69-year-old Modi’s image as a master strategist with his finger on the pulse of the people has taken a hit.

Publicly, his government has prioritised development, seeking to make India a $5 trillion economy by 2025.

But Modi’s muscular pro-Hindu platform has also gone down well in a nation that is over 80 percent Hindu: he won back-to-back national elections with thumping majorities.

Outrage at the citizenship law has been fanned by resentment against the government for following a majoritarian agenda instead of addressing an economic slowdown and loss of jobs.

Cities convulsed

Three other BJP lawmakers and two central ministers, who spoke on condition of anonymity, told Reuters they were mobilising party supporters from all walks of life to start community dialogues and dispel discontent over the law.

They said they had been prepared for some anger from Muslims, but not the widespread protests that have convulsed most major cities for nearly two weeks.

“I believe that the political math behind the clearance of this law was not taken into account,” said one of the federal ministers, an apparent reference to lack of consultation with allies and opposition parties.

In a nation with a history of sectarian bloodshed, the minority Muslims fear the new law — and a planned register for people to prove lineage — could make them second-class citizens.

Across both religious groups, students, politicians and rights activists have also taken to the streets, saying Modi is jeopardising India’s secular constitution.

The government denies the citizenship register is imminent and says none of the changes will affect existing citizens.

Home minister Amit Shah, widely seen as the second most powerful man in the country, repeated in a television interview on Tuesday that Muslims had no cause for worry.

“We are all in damage control mode,” said the other federal minister, adding that the BJP and hardline Hindu allies have launched a campaign to explain that the law is not discriminatory.

The Rashtriya Swayamsevak Sangh (RSS), which is the ideological parent of the BJP, has also launched a movement across urban slums to counter opposition to the bill.

“The violent protests are not because the people were not properly informed about the new law, but because they were intentionally wrongly informed by forces with vested interests,” Manmohan Vaidya, a senior RSS leader, told Reuters.

“Autocratic style”

Analysts say various reasons for discontent were coalescing.

“It’s evident that people are protesting against the law and also venting against Modi’s autocratic style of leadership,” said Sanjay Kumar, director of research institute the Centre for the Study of Developing Societies.

“The economic crisis gives further incentive … I don’t see these protests fading very soon.”

When Modi, a veteran politician and son of a tea seller, came to power five-and-a-half years ago, he promised growth, jobs and development. But he was criticised for haphazard tax reform and shock demonetisation of high value currency notes in his first term — which contributed to an economic slowdown — as well as intolerance for dissent and ignoring anti-Muslim hate crimes.

Nevertheless, he was re-elected with an even stronger majority earlier this year after a strong response to a security standoff with old foe Pakistan.

In August, Modi’s government withdrew semi-autonomous privileges for Jammu and Kashmir, India’s only Muslim-majority state, and downgraded it to a centrally-ruled territory.

In November, the Supreme Court ruled that a Hindu temple could be built at Ayodhya where a right-wing mob tore down a 16th-century mosque in 1992, one of India’s most divisive disputes. The government welcomed the decision.

Then came the citizenship law.

“I feel they can’t create jobs and hence they are passing such a disturbing law,” said Ghanshyam Tiwari, a student protesting in the city of Lucknow last week.

The protests are backed by the opposition Congress party, which has dominated Indian politics for most of the 72 years since independence but was soundly beaten in the last two national elections. It said the gloves were off between secular India and Modi’s hardline Hindu agenda.

“For the first time in India’s history a law has been framed on the basis of religion,” Prithviraj Chavan, a senior Congress leader, told Reuters. “The ruling party’s strategy to make India a Hindu-first nation has backfired.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Jharkhand election results 2019: Here are some key trends

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

A bigger fallout of the Jharkhand election results could be that the BJP may not have a Rajya Sabha seat from the state.

The Jharkhand Mukti Morcha (JMM)-led three-party alliance stormed to power in Jharkhand, ousting the Bharatiya Janata Party (BJP) in yet another state in the Hindi heartland after the saffron party’s stupendous performance in the Lok Sabha elections. The JMM-led alliance, which also has the Congress and the RJD allies, secured 47 seats, comfortably above the majority mark of 41. Of the 47 Assembly seats won by the alliance, the JMM bagged 30 seats, the Congress 16 and the RJD 1. On the other hand ruling BJP managed to win only 25 seats, the AJSU Party two, the JVM (P) three and others four.

Here are some key trends from the Jharkhand Assembly election results:

BJP’s vote share slumps

Only six months after BJP had swept the Lok Sabha polls in the state, cornering 11 of the state’s 14 seats at stake with a 51 percent vote share, its vote share in Monday’s Jharkhand assembly polls dwindled by 17 percentage points to 33 percent. However compared to 2014 assembly polls, the party has increased its vote share by 2.1 percentage points.

At 32 percent, BJP’s strike rate was also the lowest among three major parties, while the JMM had the highest strike rate of 70 percent. The Congress’ strike rate was 52 percent.

Among reserved constituencies, BJP could win only two out of 28 seats reserved for the Scheduled Tribes. JMM and Congress bagged 19 and 6, respectively, while JVM-P’s Babulal Marandi bagged one seat.

But, the party can take solace from the fact that it won 6 out of 9 Scheduled Caste  seats at stake, while RJD won one and JMM picked two.

Regional gainers and losers

Until Monday’s results, Jharkhand’s electoral history was replete with examples of fragmented mandate and smaller parties playing a crucial role in government formation. While with the latest mandate, JMM has emerged as the single largest party with 30 seats, Babulal Marandi’s JVP-P and Sudeh Mahto’s All Jharkhand Students Union failed to lift their performances. The JVM-P was able to win just three seats, down from eight in 2014. AJSU tally also dropped to two from the five seats it had won in 2014.

Rajya Sabha dynamics

A bigger fallout of the Jharkhand election results could be that the BJP may not have a Rajya Sabha seat from the state, thereby reducing its numbers in the Congress-led upper house. Jharkhand has six Rajya Sabha seats with BJP having three and the Congress and the RJD have one each. The sixth seat is held by an independent MP, industrialist Parimal Nathwani. The state will face biennial elections on two seats each in 2020, 2022 and 2024.  Any Rajya Sabha contestant will require at least or 28 MLAs to win a seat. BJP’s tally of 25 wouldn’t be enough without support from JVM-P, which so far has maintained distance from the saffron outfit.

No CM for consecutive terms

No chief minister in Jharkhand has managed to get a second consecutive term. However, Das earned the distinction of becoming the first Chief Minister of the tribal state, carved out of Bihar in 2000, to complete a full term in power.

Since its inception, Jharkhand has seen 10 chief ministers and three terms of President’s rule. So far, BJP’s Babulal Marandi (now chief of JVM-P); Arun Munda and Raghubar Das have served as CMs. JMM’s Shibu Soren and Heman Soren have also served as CMs in the state as well as independent MLA Madhu Koda.

Raghubar Das loses bastion

Outgoing Jharkhand Chief Minister Raghubar Das was on Monday defeated in his bastion, Jamshedpur East, by his Independent rival and former cabinet colleague Saryu Roy by a margin of 15,833 votes. Das, who had held the seat since 1995 when it was in undivided Bihar, secured 58,112 votes while Roy got 73,945 of the total 173,618 votes.

Women’s seats

Ten out of 81 seats in the Jharkhand Assembly elections were won by women candidates, improving by a seat from the 2014 Assembly elections when Nine women MLAs were elected.

-with inputs from agencies

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Markets at close: How the major indices and stocks fared on Tuesday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Sensex settled 181 points lower, or 0.44 percent, to close Tuesday’s trade at 41,461.

Indian shares ended near day’s low on Tuesday dragged by index heavyweights like Reliance Industries, HDFC Bank, TCS, and HDFC. Major selling was seen in IT, auto and financial indices during the day.

Here’s a quick recap of how top market indices and stocks fared on Tuesday:

Frontline indices

Sensex: The Sensex settled 181 points lower, or 0.44 percent, to close Tuesday’s trade at 41,461. So far this year, the 30-share benchmark BSE index has surged 15 percent, adding 5,393 points.

Nifty50: The Nifty50 corrected 48 points, or 0.39 percent, to settle at 12,214.55. So far this year, the broader NSE index has been positive by 1,352 points, or 12.5 percent.

Key stocks

Tata Consultancy Services: The IT major settled lower, down 0.78 percent, closing at Rs 2,215 per share on NSE.

Reliance Industries: The oil-telecom-retail conglomerates’ shares ended 1.59 percent lower, quoting at Rs 1,545.95 on NSE.

HDFC Bank: The private sector lenders’ shares settled 1 percent lower in trade today, quoting at Rs 1,289.30 on NSE.

Hindustan Unilever: The FMCG major’s stock closed flat at Rs 1,947 per share, down 0.12 percent at close on NSE.

HDFC: The NBFC stock settled at Rs 2,411.20, down 0.81 percent.

Major sectors

Nifty Bank: The banking gauge settled lower at 32,280, down 0.18 percent at close. So far this year, Nifty Bank has gained almost 19 percent.

Nifty IT: The IT index lost 0.55 percent to settle at 15,778. So far this year, it has gained 9.2 percent.

Nifty FMCG: The consumer goods gauge settled 0.07 percent lower at 30,197. So far this year, Nifty FMCG has lost a little over a percent.

Nifty Auto: The index ended 0.34 percent lower to settle at 8,152. So far this year, it has corrected by almost 12 percent.

Nifty Metal: The metal index gained 0.62 percent to settle at 2,723. So far this year, the index has lost almost 14 percent.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Jamshedpur East: BJP rebel Saryu Roy on verge of defeating Jharkhand CM Das

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Saryu Roy, who contested as an Independent, is giving a tough fight to Das, securing 41, 214 votes against Das (32,796) — as at 5 pm — in an unprecedented trend.

Rebel BJP leader and former Jharkhand Minister Saryu Roy, whose efforts put two former Chief Ministers Lalu Prasad and Madhu Koda in jail for corruption, is leading by with nearly 9,000 votes against incumbent Chief Minister Raghubar Das in his bastion Jamshedpur East seat.

Roy, who contested as an Independent, is giving a tough fight to Das, securing 41, 214 votes against Das (32,796) — as at 5 pm — in an unprecedented trend which was not expected by the Bharatiya Janata Party (BJP) that had put on hold Roy’s ticket from Jamshedpur West, leading him to resign from the Ministry and Assembly and confront Das.

A two-time legislator from Jamshedpur West, Roy had, on November 17, quit the Cabinet in which he had held the Food, Public Distribution and Consumer Affairs portfolios and announced his separation from the BJP.

The next day, he filed his nomination as an Independent candidate from Jamshedpur East seat which Das has held from 1995 — even before since the state’s first election in 2005 after it was carved out of Bihar in 2000.

Expelled from the BJP for six years for contesting as an Independent, Roy had alleged that he was denied ticket at the behest of Das and had decided to fight from Jamshedpur East in retaliation.

The Jamshedpur East constituency covers one of the two parts of the ‘Steel City’, a planned industrial town established by Tata Group’s founder Jamsetji Tata. The town’s economy largely runs on the steel plant and allied activities.

Roy, one of the petitioners demanding a Central Bureau of Investigation (CBI) inquiry into the fodder scam in Bihar in the 1990s, had also filed cases in the court against Jharkhand government decisions and was vocal about corruption in the state, which has been ruled by the BJP for 14 of its 19 years of existence.

Associated with the Rashtriya Swayamsevak Sangh (RSS) since 1962 when he was Class 8 student and was known to be close to former RSS Pracharak Govindacharya, he has friends across party lines.

While his “friendship” with Bihar Chief Minister Nitish Kumar is well known, less known is the role he had played in making Lalu Prasad the Chief Minister in 1989-90 when they were all on the same side.

Roy is also known to be close to West Bengal Finance Minister Amit Mitra.

Das had won Jamshedpur East in the 2014 Assembly elections by nearly 70,000 votes, with a JMM candidate finishing up as the runner-up in 2014. There were a a total of 20 candidates, including nine Independents, in the fray.

The first Jharkhand Chief Minister to complete five years in office, Das faced anti-incumbency, rural distress, resentment over lack of jobs and even a divide within the party over the choice of poll candidates, but was since morning expressing confidence that the BJP would return to power.

Elections to the 81-member Jharkhand Assembly were held in five phases from November 30 to December 20. The counting of votes began at 8 a.m. on Monday.

Also, track CNBCTV18.com’s blog for all the latest trends and results on Jharkhand assembly polls 2019.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Markets at close: How the major indices and stocks fared on Monday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The Sensex settled 39 points lower, or 0.09 percent, to close Monday’s trade at 41,642.

Indian shares ended nearly unchanged on Monday, tracking subdued global markets ahead of year-end holidays, while gains in local auto stocks were offset by losses in public sector banks.

Here’s a quick recap of how top market indices and stocks fared on Monday:

Frontline indices

Sensex: The Sensex settled 39 points lower, or 0.09 percent, to close Monday’s trade at 41,642. So far this year, the 30-share benchmark BSE index has surged 15.5 percent, adding 5,574 points.

Nifty50: The Nifty50 lost 9 points, or 0.07 percent, to settle at 12,262. So far this year, the broader NSE index has been positive by 1,400 points, or almost 13 percent.

Key stocks

Tata Consultancy Services: The IT major settled higher, up 0.54 percent, closing at Rs 2,234.50 per share on NSE.

Reliance Industries: The oil-telecom-retail conglomerates’ shares ended 1.88 percent lower, quoting at Rs 1,569.30 on NSE.

HDFC Bank: The private sector lenders’ shares settled 0.37 percent higher in trade today, quoting at Rs 1,300.95 on NSE.

Hindustan Unilever: The FMCG major’s stock closed flat at Rs 1,949.25 per share, up 0.11 percent at close on NSE.

HDFC: The NBFC stock settled at Rs 2,430.95, up 1.09 percent.

Major sectors

Nifty Bank: The banking gauge settled lower at 32,339, down 45.50 percent at close. So far this year, Nifty Bank has gained over 19 percent.

Nifty IT: The IT index gained 0.13 percent to settle at 15,865. So far this year, it has gained 10 percent.

Nifty FMCG: The consumer goods gauge settled 0.46 percent lower at 30,218. So far this year, Nifty FMCG has lost almost a percent.

Nifty Auto: The index ended 0.58 percent lower to settle at 8,180.50. So far this year, it has corrected by 11.5 percent.

Nifty Metal: The metal index gended flat to settle at 2,706.35. So far this year, the index has lost over 14.2 percent.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Jharkhand polls: AJSU chief Sudesh Mahto leading by over 6,000 votes in Silli

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

AJSU President Sudesh Kumar Mahto is leading by over 6,000 votes over JMM’s Seema Devi in Silli constituency in Jharkhand poll results.

Former Deputy Chief Minister and All Jharkhand Students Union (AJSU) President Sudesh Kumar Mahto is leading by over 6,000 votes over Seema Devi of Jharkhand Mukti Morcha (JMM) in Silli constituency in the Jharkhand Assembly polls on Monday.

Mahto has garnered 23,264 votes, with an over 53 percent of votes, as per data available on the Election Commission website. Mahto’s nearest rival Seema Devi managed to secure 17,232 votes.

Incumbent Seema Devi had won Silli seat in 2018 after her husband and then sitting legislator Amit Mahto faced disqualification from the Jharkhand Assembly in the light of his conviction in a criminal case by a Ranchi court.

The 40-year-old MLA was awarded two years’ imprisonment in the case. Amit was held guilty under various sections of the Indian Penal Code in a 12-year-old case pertaining to the assault of former Sonahatu circle officer Alok Kumar.

Sudesh Mahto had lost the seat to Amit in 2014 Assembly polls and the subsequent bypoll to JMM candidates Amit Mahto and his wife Seema Devi Mahto, respectively. Sudesh Mahto was holding the fort from 2000 but lost to Amit Mahto in 2014 Assembly polls by 29,740 votes.

Both BJP and Congress have not fielded any candidate on the seat.

The BJP has not fielded any candidate in Silli as AJSU is their alliance partner. But this time, both the parties are fighting on their own due to differences. Congress too has not fielded any candidate from the constituency as they have alliance with JMM.

A total of 15 candidates, including four independents, contested elections from the seat.

In this election, there are a total of 2,05,648 eligible voters, of which 1,04,271 were male, 1,01,375 female and two voters of the third gender.

Silli is part of Ranchi Lok Sabha constituency.

In 2019 election, the voter turnout is 76.98 per cent. In 2014, this seat registered a turnout of 77.66 percent, while it was 69.8 percent in 2009. The seat went to the polls on December 12 in phase 3 of the election.

There are a total of 278 polling stations in Silli constituency while in the 2014 election there were 247.

Also, track CNBCTV18.com’s blog for all the latest trends and results on Jharkhand assembly polls 2019.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Jharkhand election results 2019: JMM-Congress-RJD CM face Hemant Soren leads from Dumka, Barhait

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The Chief Ministerial candidate of Jharkhand Mukti Morcha, Congress and Rashtriya Janata Dal, Hemant Soren, is leading leading from Barhait, trailing in Dumka.

The chief ministerial candidate of the Jharkhand Mukti Morcha, the Congress and the Rashtriya Janata Dal alliance, Hemant Soren, is leading from both Dumka and Barhait assembly seats from his nearest rivals of the BJP by comfortable margins.

Soren is leading by over 3,000 votes from Dumka assembly seat. He secured 32,682 votes in Dumka against his nearest rival BJP candidate Lois Marandi who secured 29,494 votes.

JMM’s executive president and former chief minister, Soren, is also leading by over 9,000 votes from the Barhait assembly seat.

He secured 26,862 votes and his rival BJP candidate Simon Malto secured 17,211 votes.

Earlier, Congress leader RPN Singh said that his party will back JMM working president Hemant Soren as the alliance’s chief ministerial candidate. RJD leader Tejashwi Yadav also echoed similar views.

“There is going to be a clean sweep for Mahagathbandhan (grand alliance) in this election. We have fought elections under leadership of Hemant Soren. He is going to be the Chief Minister,” news agency ANI quoted Yadav as saying.

Meanwhile, the Opposition alliance led in 40 seats, as per trends on News18, with Congress leading in 23 seats, JMM in 12 and RJD in five. BJP led in 30 seats, AJSU in four constituencies and JVM in three.

Also, track CNBCTV18.com’s blog for all the latest trends and results on Jharkhand assembly polls 2019.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?