Authorities imposes restrictions on public procurement from China, neighbouring nations
Amid the border row with China, the federal government on Thursday imposed restrictions on public procurement from China and different nations with widespread border. The Authorities of India amended the Normal Monetary Guidelines 2017 to allow imposition of restrictions on bidders from nations which share a land border with India on grounds of defence of India, or issues straight or not directly associated thereto together with nationwide safety, an official assertion stated. The Division of Expenditure has, underneath the stated Guidelines, issued an in depth order on public procurement to strengthen the defence of India and nationwide safety, it stated. Extra right here
Opening Bell: Sensex, Nifty open decrease dragged by banks, IT stocks
The Indian market opened decrease on Friday following weak spot in Asian friends amid tensions between the US and China. The indices had been dragged minly by financials and IT stocks. Index heavyweights HDFC Bank, ICICI Bank, Kotak, Infosys, and HCL Tech contributed essentially the most to the losses. At 9:18 am, the Sensex was buying and selling 260 factors decrease at 37,880 whereas the Nifty misplaced 65 factors at 11,149. All sectors besides Nifty Pharma had been within the pink at opening. Nifty Bank and Nifty Fin companies fell essentially the most, down 1.5 % every. The steel and auto indices had been additionally down round 1 % every and Nifty IT misplaced 0.four %. Nevertheless, Nifty Pharma rose over 1 % capping the losses.
Oil rises on weaker greenback, however virus woes and US-China tensions weigh
Oil edged up on Friday because the greenback fell to an nearly two-year low, though demand considerations stemming from rising coronavirus circumstances and US-China tensions stored a lid on costs. The greenback slid to 22-month lows in opposition to a basket of currencies. A weaker greenback often spurs shopping for of commodities priced within the buck, like oil, as a result of they grow to be cheaper for holders of different currencies.
Ashwani Lohani joins GMR Group as CEO, Providers Enterprise
Former Air India CMD Ashwani Lohani has joined GMR Group as CEO, Providers Enterprise, sources knowledgeable CNBCTV-18. “Ashwani Lohani is becoming a member of GMR group and he will likely be spearheading the expansion of our companies enterprise within the capability of CEO, reporting to the undersigned” GBS Raju, Chairman — Airports, GMR Group was quoted as saying in an inner firm communication. Lohani was appointed as Air India CMD on Feb 13, 2019, on a contract foundation for a one-year tenure.
Jio tops Trai’s 4G chart with 16.5 mbps obtain velocity in June; Vodafone Thought leads in add velocity
Reliance Jio has topped 4G velocity chart with a mean obtain velocity of 16.5 megabits per second (mbps) in June, in accordance with the information launched by the Telecom Regulatory Authority Of India on its MySpeed portal. Nevertheless, Vodafone and Thought led when it comes to add velocity. Thought adopted Jio in obtain velocity chart with eight mbps velocity. Obtain velocity helps in accessing messages, photos, movies, and many others., despatched by others, whereas add velocity helps subscribers in sending messages, photos, and many others., to their contacts. Extra right here
PNB Housing Finance Q1FY21: Internet revenue down 9.5%; AUM underneath moratorium declines to 39%
PNB Housing Finance reported 9.5 % fall in consolidated internet revenue to Rs 257.18 crore for the quarter ended June 2020as in opposition to Rs 284.47 crore within the year-ago quarter. The corporate’s Internet Curiosity Earnings (NII) throughout Q1FY21 registered a decline of 22 % to Rs 487.eight crore from Rs 625.5 crore within the year-ago interval. The Internet Curiosity Margin additionally declined to 2.66 % in comparison with 3.14 % as a result of nil securitization throughout Q1FY21 as in opposition to Rs 2,318 crore throughout Q1FY20. Pre-provision working revenue decreased by 30 % to Rs 404.6 crore from Rs 578.2 crore. loan belongings de-grew by 10 % to Rs 68,009 crore as on June 30, 2020, from Rs 75,933 crore as on June 30, 2019.
First up, right here is fast catchup of what occurred within the markets on Thursday
Indian indices ended greater on Thursday led by positive aspects in financials and index heavyweight Reliance Industries, which turned the primary Indian firm to cross market capitalisation of Rs 13 lakh crore. The Sensex ended 269 factors greater at 38,140 whereas the Nifty rose 83 factors to settle at 11,215. Broader markets had been additionally constructive for the day with the Nifty Midcap and Nifty Smallcap indices including 1 % every. Reliance Industries rose 3.5 % for the day to finish at Rs 2,075. It took the stock eight periods to cross mcap of Rs 13 lakh crore from Rs 12 lakh crore. At closing its mcap stood at Rs 13.15 lakh crore.
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