Contact Your Financial Adviser Money Making MC
4
January 2018
 |
BSE (The Total Investment & Insurance Solutions)
I had
mentioned in Wednesday’s closing report that Nifty, Sensex were looking weak.
The major indices of the Indian stock markets were range-bound on Thursday and
closed with gains over Wednesday’s close. On the NSE, there were 999 advances,
520 declines and 26 unchanged.
Positive
global cues, coupled with buying in consumer durables, capital goods and metal
stocks, lifted the key Indian equity indices during the mid-afternoon trade
session on Thursday. Index heavyweights like Tata Steel, Larsen and Toubro, Dr
Reddy's Lab, Coal India and State Bank of India were the top gainers on the
BSE. The Total
Investment & Insurance Solutions
New
orders and easing of inflationary pressures pushed the output of the Indian
service sector higher during December, key macro-economic data showed on
Thursday. According to the seasonally adjusted Nikkei India Services PMI
Business Activity Index, the service sector's output returned to marginal
growth during December due to growth in "Information & Communications
and Finance & Insurance". Subsequently, the seasonally adjusted index
registered an overall increase from 48.5 in November to 50.9 in December. An
index reading of above 50 indicates an overall increase in economic activity
and below 50 an overall decrease. The impact of higher Services PMI accelerated
the overall private sector's output during December -- the highest since
October 2016 -- and greater than the average recorded in 2017. Consequently,
the seasonally adjusted Nikkei India Composite PMI Output Index rose to 53 in
December from 50.3 in November. This is likely to lead to a long term bullish
trend in the Indian stock markets.
Global
software major Infosys will pay its new Chief Executive Officer and Managing
Director (CEO & MD) Salil S. Parekh a whopping Rs16.25 crore salary per
annum, the IT (information technology) major said on Thursday. In a regulatory
filing on the BSE, the company said in addition to Rs6.5 crore fixed pay and
Rs9.75 crore variable pay, Parekh would get its restricted stock units (RSUs)
or shares (Rs5 face value) equivalent to Rs3.25 crore as annual equity grant
and annual performance equity grant worth Rs13 crore, taking the total package
to Rs32.5 crore ($5 million) per annum for five years. Parekh's overall annual
compensation ($5 million) is, however, 45% less than the $11.26 million (Rs73
crore) the company paid to Vishal Sikka per annum during his three-year tenure
from August 1, 2014 to August 24, 2017. Infosys shares closed at Rs1,015.00,
down 0.62% on the NSE.
The Total Investment & Insurance Solutions
Airline
major Jet Airways has grounded two pilots who allegedly indulged in physical
altercation on-board a London-Mumbai flight which was operated on January 1,
2018. The incident involved the male pilot slapping his female counterpart
inside the cockpit of the aircraft which was ferrying 324 passengers, including
two infants and 14 crew. Subsequently, the incident has been reported to the
aviation regulator Directorate General of Civil Aviation (DGCA). "A
misunderstanding occurred between the cockpit crew of Jet Airways flight 9W
119, London-Mumbai of January 1, 2018. However, the same was quickly resolved
amicably and the flight with 324 guests, including 2 infants and 14 crew,
continued its journey to Mumbai, landing safely," a Jet Airways'
spokesperson said. "The airline has reported the matter to the DGCA and
the concerned crew have been taken off flying duties pending investigation,
that has since been initiated." Jet Airways shares closed at Rs865.20,
down 0.62% on the NSE.
The
government on Thursday sought Parliament's approval for additional expenditure
of Rs80,000 crore for recapitalisation of public sector banks. Minister of
State for Finance P.P. Chaudhary tabled the third batch of supplementary
demands for grants for 2017-18 in Lok Sabha on behalf of Finance Minister Arun
Jaitley. The supplementary grants were later tabled in the Rajya Sabha. The
additional expenditure was being sought for meeting "additional
expenditure towards recapitalisation of public sector banks through issue of
government securities". The Union Cabinet had in October approved a Rs2.11
lakh crore recapitalisation plan for state-run banks in a stimulus package
aimed at boosting economic growth. The government had moved the second batch of
Supplementary Demands for Grants of Rs66,113 for 2017-18 in December. The
S & P BSE Bankex closed at 28,777.47, up 0.51% on the BSE.The Total Investment & Insurance Solutions
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