India, Japan Start Work On High-Speed Train During Abe Visit-The Total Investment & Insurance Solutions

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14 September  2017

India & Japan (The Total Investment & Insurance Solutions) 

 India and Japan launched work on a high-speed train line in the western Indian state of Gujarat on Thursday during a visit by Japanese Prime Minister Shinzo Abe. The Total Investment & Insurance Solutions

The "bullet train" will link Ahmadabad, the main commercial city in Indian Prime Minister Narendra Modi's native state, to India's financial capital of Mumbai.

The 500-kilometer (310-mile) project will be financed by a Japanese credit of $17 billion and is expected to be completed by 2022. The loan carries a nominal interest rate of 0.1 percent to be paid over the next 50 years.

Abe and Modi also laid the foundation stone for an institute that will be set up in Gujarat's Vadodara city to train around 4,000 people to run the high-speed train system. The Total Investment & Insurance Solutions

Analysts say building the train line will give a boost to infrastructure development in India's fast-growing western industrial region, contribute to economic growth and decongest crowded cities.

"A strong India is in Japan's interest and a strong Japan is in India's interest," Abe said after he and Modi pressed a button at the foundation laying ceremony for the train line. The Total Investment & Insurance Solutions

Talks between Modi and Abe focused on security at a time when both countries share concerns about a rising China, an Indian official said.

The two countries made progress on an Asia-Africa growth initiative to pool Indian and Japanese efforts to strengthen infrastructure in African countries, Indian Foreign Secretary S. Jaishankar told reporters.

Following the talks, officials from India and Japan signed 15 agreements aimed at widening and deepening their partnership, including an "open skies" policy to promote more flights between the two countries, an acceleration of Japanese investments in India and a policy of enhancing connectivity in India's remote northeastern states that border China.

Jaishankar said Japan raised concerns about North Korea following its recent nuclear test. The Total Investment & Insurance Solutions

"There was a lot of discussion understandably on North Korea. Japan underlined its concerns in strong terms and it was an issue where there was a complete meeting of minds," Jaishankar said. India will fully observe a U.N. Security Council resolution on tightening sanctions again North Korea, he said.

The two countries also stressed the importance of holding accountable all countries that have supported North Korea's nuclear and missile programs, a reference to China. The Total Investment & Insurance Solutions

Trade between Japan and India at $15 billion is only a quarter of India's trade with China. Japan is currently India's third largest investor.

The countries are almost polar opposites. India's chaotic cities and its youthful population contrast starkly with Japan's orderly society, immaculate streets and mature economy. But those differences complement each other, and Abe and Modi repeatedly emphasized shared interests and values.The Total Investment & Insurance Solutions

Global Stocks Fall After China Data, UK Central Bank Warning-The Total Investment & Insurance Solutions

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14 September  2017

South Korea financial markets (The Total Investment & Insurance Solutions)

Global stocks mostly fell on Thursday after Britain's central bank signaled it could consider raising interest rates in coming months and data showed retail sales and industrial output slowing in China.

KEEPING SCORE: Britain's FTSE 100 fell 0.7 percent to 7,328 while France's CAC was flat at 5,219. Germany's DAX fell 0.3 percent to 12,522. Futures augured a tepid start on Wall Street. S&P Futures lost almost 0.1 percent while Dow futures were flat. The Total Investment & Insurance Solutions

UK DILEMMA: The Bank of England kept its key interest rate at a record low of 0.25 percent but signaled that it was uncomfortable with the current high inflation and said rates could rise earlier than markets expect. That pushed the pound up 1 percent on the day, to $1.3336, which in turned weighed on the FTSE 100, as it reduces the overseas earnings of the many multinationals listed on the index. The British central bank is in a dilemma as the high inflation would warrant higher rates, but the weaker economy and slow wage growth suggests it should hold off doing so. The Total Investment & Insurance Solutions

ANALYST TAKE: "We continue to think that GDP growth and domestically-generated inflation will be too weak for the (Bank of England) to raise rates over the next year, but it's clear now that it would not take much of an improvement in either to spark the (bank) into action," said Samuel Tombs, of Pantheon Macroeconomics in London. The Total Investment & Insurance Solutions

CHINA: Earlier, China's National Bureau of Statistics said the world's second-largest economy saw 6 percent annual growth in its industrial output in August, slower than 6.4 percent growth in July. Retail sales expanded 10.1 percent on year in August, compared with 10.4 percent in July, it said. The figures missed expectations and suggested that China's economy continued to cool.

ASIA'S DAY: Japan's Nikkei 225 fell 0.3 percent to 19,807.44. China's Shanghai Composite Index lost 0.4 percent to 3,371.43, while Hong Kong's Hang Seng index fell 0.4 percent to 27,777.20. But South Korea's Kospi gained 0.7 percent to 2,377.66. Australia's S&P/ASX 200 was down 0.1 percent at 5,738.70. Stocks in Southeast Asia were mixed. The Total Investment & Insurance Solutions

DATA WATCH: Investors are also waiting for the latest updates on the U.S. economy before the Federal Reserve meeting due next week. The U.S. Labor Department is scheduled to release reports on consumer prices for August and the number of people who applied for unemployment benefits last week.

OIL: Benchmark U.S. crude added 54 cents to $49.84 per barrel in New York. The contract rose $1.07, or 2.2 percent, to close at $49.30 a barrel on Wednesday. Brent crude, used to price international oils, gained 46 cents to $55.62 per barrel in London. It added 89 cents, or 1.6 percent, to finish at $55.16 a barrel in the previous session. The Total Investment & Insurance Solutions

CURRENCIES: The dollar rose to 110.71 yen from 110.49 yen. The euro rose to $1.1890 from $1.1884.The Total Investment & Insurance Solutions

Nifty, Sensex Still on Uptrend – Wednesday closing report-The Total Investment & Insurance Solutions

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13 September  2017

I had mentioned in Tuesday’s closing report that Nifty, Sensex were on an uptrend. The major indices of the Indian stock markets were range-bound on Wednesday and the CNX Nifty closed with small losses over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

The BSE Sensex and the broader NSE Nifty were trading higher on the back of positive Asian markets and slight improvement in industrial production as shown by the IIP data which was released on Tuesday, pointed out market analysts. On the NSE, there were 614 advances, 1,037 declines and 309 unchanged.

Bharti Airtel and Korea's telecommunications company SK Telecom on Wednesday announced a strategic partnership to build advanced telecom network in India. The partnership will work across several areas, including developing software to dramatically improve network experience, leveraging advanced digital tools including machine learning, big data and building customized tools, to improve network planning based on every customer's device experience, a company statement said here. Bharti Airtel shares closed at Rs401.00, down 0.96% on the BSE. The Total Investment & Insurance Solutions

Global software major Infosys said it is opening a new technology and innovation hub at Raleigh in North Carolina, US, state to hire 2,000 Americans in the next four years. "The new hub, which will open in early 2018, will have an initial capacity to house 500 American workers, who will be hired over the next two years and the reminder by 2021," said the company in a statement here. The hiring in North Carolina is part of the company's May 2 announcement to recruit 10,000 Americans by setting up four such hubs across the US by 2021 to focus on new technologies, including artificial intelligence (AI), machine learning, user experience, emerging digital technologies, cloud and big data. The company’s shares closed at Rs883.55, down 0.03% on the BSE.

Aimed at implementing a strategic skill-based programme in the country, Adobe Systems on Wednesday announced a partnership with IT-ITeS Sector Skills Council Nasscom (SSC NASSCOM). As part of a Memorandum of Understanding (MoU), the two would jointly develop and implement a sustainable as well as scalable skill-based programme for schools and higher education institutions in the country.  The pilot phase will benefit minimum of 5,000 students across 100 public and private institutions from 10 states.  

Tata Motors launched its limited-edition "Tiago Wizz" hatchback. According to the company, the new edition is priced at Rs4.52 lakh for the petrol version and Rs5.30 lakh for the diesel variant (ex-showroom Delhi), inclusive of the accessory kit. Mayank Pareek, President, Passenger Vehicle Business Unit, Tata Motors, said: "With nine exciting new features, the Tiago Wizz is yet another step towards making the brand more aspirational." The company’s shares closed at Rs389.80, up 0.67% on the BSE. The Total Investment & Insurance Solutions

Bandhan Bank said it has appointed five lead managers, including Goldman Sachs Group and JPMorgan Chase, to manage its proposed initial public offer (IPO). "The bank's board has decided to appoint Goldman Sachs Group Inc., JPMorgan Chase and Co, Axis Bank, JM Financial, and Kotak Mahindra Bank as lead managers to manage its proposed IPO. Kotak Mahindra Bank will act as the left lead in the issue," a bank statement said. Bandhan completed two years as a universal bank and as per the Reserve Bank of India's guidelines, it has to go for an IPO in next year. The Total Investment & Insurance Solutions

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions

 

Asian Indices (The Total Investment & Insurance Solutions)

India at 103 rank on Global Human Capital Index; Norway on top-The Total Investment & Insurance Solutions

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13 September  2017

The global economic (The Total Investment & Insurance Solutions) 

India has been placed at a low 103 rank, the lowest among BRICS economies, on the WEF's Global Human Capital Index, which has been topped by Norway.

India also ranks "among the lowest in the world" when it comes to the employment gender gap, but has fared well when it comes to development of skills needed for the future with a rank of 65 out of total 130 countries surveyed.

The list compiled by Geneva-based World Economic Forum (WEF) takes into account "the knowledge and skills people possess that enable them to create value in the global economic system" to measure the 'human capital' rank of a country. The Total Investment & Insurance Solutions

India was ranked 105th on this list last year, while Finland was on the top which has pushed by Norway to second place this year.

The WEF said India is ranked lower than its BRICS peers, with Russian Federation placed as high as 16th place, followed by China at 34th, Brazil at 77th and South Africa at 87th place. The Total Investment & Insurance Solutions

Among the South Asian countries also, India was ranked lower than Sri Lanka and Nepal, although higher than neighbouring Bangladesh and Pakistan.

"India is held back by a number of factors, including low educational attainment (primary education attainment among 25 -54 year olds is 110th for example) and low deployment of its human capital, meaning the skills available are not getting put to good use", WEF said. The Total Investment & Insurance Solutions

Giving examples, WEF said India ranks 118 for labour force participation among the key 35-54 year old demographic, suggesting far too many Indians are engaged in informal or subsistent employment.

"However there is a modern India rising. When it comes to development of skills needed for the future, the country fares strongly, ranking 65 out of 130," it said adding the country also performed well in the know-how parameter that measures the use of specialised skills at work. The Total Investment & Insurance Solutions

"India faces a number of challenges but looks to be moving in the right direction," WEF noted. The Total Investment & Insurance Solutions

The overall list was topped by Norway, followed by Finland and Switzerland in the second and third place respectively. The Total Investment & Insurance Solutions

Other countries in the top 10 include, the United States (4th), Denmark (5th), Germany (6th), New Zealand (7th), Sweden (8th), Slovenia (9th) and Austria (10th).

The report measures 130 countries against four key areas of human capital development; Capacity (determined by past investment in formal education), Deployment (accumulation of skills through work), Development (continued upskilling and reskilling of existing workers) and Know-how (specialised skills-use at work). The Total Investment & Insurance Solutions

According to the report, 62 percent of human capital has now been developed globally. The Total Investment & Insurance Solutions

"The Fourth Industrial Revolution does not just disrupt employment, it creates a shortfall of newly required skills. Therefore, we are facing a global talent crisis," said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.

Schwab further noted that "we need a new mind-set and a true revolution to adapt our educational systems to the education needed for the future work force".The Total Investment & Insurance Solutions

Oil Minister rules out intervention on daily fuel price revision, says reform will continue-The Total Investment & Insurance Solutions

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13 September  2017

Oil Minister Dharmendra Pradhan (The Total Investment & Insurance Solutions)

Oil Minister Dharmendra Pradhan on Wednesday ruled out government intervention to disrupt the daily revision in petrol and diesel prices despite Rs 7.3 per litre spike in rates since July, saying the reform will continue.

He however remained non-committal on cutting taxes to soften the blow of relentless rise in prices since July 3, the government need to finance huge infrastructure and social projects has to be balanced with consumer needs.

Terming the criticism of spike in rates as unfair, he said the drop in prices for over a fortnight after the daily price revision was introduced on June 16 has been ignored and only "temporary" phenomenon of rising trend is being highlighted.

India relies on imports to meet 80 per cent of its needs and so domestic fuel rates have been aligned to movement of equivalent product prices in the international market since April 2002. The Total Investment & Insurance Solutions

Previously the rates were changed every fortnight but since June 16 they are revised daily, Pradhan said, adding that the daily revision immediately passes on the benefit of any reduction in international oil prices to consumers and avoids sharp spikes by spreading them in small doses.

"The government has no business to interfere in day to day operations of oil companies. If at all, efficiency is only areas government will interfere to improve operational efficiency of oil companies," he after meeting heads of state- run firms.

He was replying to questions from reporters if the government plans to stall the daily price revision in view of the spike in rates.

Pradhan said the global prices have risen due to factors like hurricane in the US and there already are indications of "softening in the rates".

"As a result of these hurricanes, 13 per cent of US refinery capacity was shutdown," he said. The Total Investment & Insurance Solutions

Asked if the government will cut excise duty to soften the blow, he said: "That is a call the finance ministry has to take but one thing is very clear - we have to balance the developmental needs with consumer aspirations."

"We have to fund massive highways and road development plans, railway modernisation and expansion, rural sanitation, drinking water, primary healthcare and education. Allocations on all these heads has gone up significantly. Where do we get resources for these," he said.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting international oil prices. In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre.

The duty hike resulted in government's excise mop-up more than doubling to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

The windfall from the excise duty hikes helped the government bridge its budgetary deficit. The Total Investment & Insurance Solutions

He said 42 per cent of excise collections are transferred to state government for infrastructure and welfare programmes. Also, many state governments have drastically increased VAT. The Total Investment & Insurance Solutions

"It is high time GST Council should consider bringing the petroleum products in the ambit of GST," he said. The Total Investment & Insurance Solutions

While petrol prices have increased by Rs 7.32 to reach Rs 70.38 a litre in Delhi, the highest since August 2014, diesel rates have risen by Rs 5.36 to Rs 58.72.

Pradhan said it is the prices now are not the highest. "The all time high retail selling price at Delhi of petrol was Rs 76.06 per litre on September 14, 2013," he said. The Total Investment & Insurance Solutions

The daily price revision, he said, is in the interest of consumers.

State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight dropped but have been on the rise since July 3.

"Daily revision in prices is good. When we started daily revisions on June 16, rates dropped in the first fortnight. Thereafter it has increased mainly because of rise in global oil prices," he said. The Total Investment & Insurance Solutions

Daily revision, he said, results in any drop in international oil rates being passed on to consumers immediately rather than having to wait for 15 days. In the reverse scenario when international oil rates rise, pump prices are hiked by few paise per day. The Total Investment & Insurance Solutions

The rate changes are being done on a transparent basis and city-wise prices are available through SMS, he said, adding that the daily price change model best reflects the happenings in the market. The Total Investment & Insurance Solutions

British inflation jumps, pushing pound to one-year dollar high-The Total Investment & Insurance Solutions

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13 September  2017

Britain`s annual inflation (The Total Investment & Insurance Solutions)

Britain`s annual inflation rate accelerated in August, mainly on rising prices for motor fuels and clothing, official data showed on Tuesday, sending the pound to a year-high versus the dollar. The Total Investment & Insurance Solutions

The Consumer Prices Index (CPI) 12-month rate jumped to 2.9 percent in August compared to 2.6 percent in July, the Office for National Statistics said in a statement. The Total Investment & Insurance Solutions

"Rising prices for clothing and motor fuels were the main contributors to the increase in the rate between July and August," the ONS said.

The latest data beat expectations of a gain to 2.8 percent, according to analysts` consensus forecast. The Total Investment & Insurance Solutions

The higher-than-predicted figure could meanwhile put pressure on the Bank of England to raise its key interest rate from a record-low level sooner than expected, although it is not forecast to make any change at Thursday`s regular policy meeting. The Total Investment & Insurance Solutions

"With the Bank of England meeting this week the hawks may well be emboldened by today`s price growth, but with the pay squeeze entrenching itself more deeply month by month the policy hawks (wanting a rate hike) will find their room for manoeuvre sorely limited," said Chris Beauchamp, chief market analyst at IG trading group, said following Tuesday`s data.

British inflation has risen sharply in recent months as a Brexit-hit pound raises import costs. The Total Investment & Insurance Solutions

However sterling hit a year-high at $1.3282 in the wake of Tuesday`s data, as traders bet on the timing of rate tightening from the Bank of England.

"The inflation data builds a stronger case for the Bank of England to look at hiking rates but it is not yet strong enough for the monetary policy committee to act this week," noted Neil Wilson, senior market analyst at ETX Capital.

While overall inflation is on the rise, wage growth in Britain has stalled, with some analysts putting the blame partly on Brexit uncertainty, which has seen companies hold back from hiring.The Total Investment & Insurance Solutions

Global Markets Mixed After Wall Street Gains-The Total Investment & Insurance Solutions

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13 September  2017

Japan financial markets (The Total Investment & Insurance Solutions)

Global stock markets were mixed Wednesday after U.S. shares rose on encouraging jobs data while worries about North Korea and twin hurricane disasters eased. The Total Investment & Insurance Solutions

KEEPING SCORE: In early trading, London's FTSE 100 declined 0.5 percent to 7,361.08 points and France's CAC 40 was off just under 0.1 percent at 5,205.08. German's DAX lost just under 0.1 percent to 12,517.85. On Tuesday, the CAC 40 rose 0.6 percent and the DAX gained 0.4 percent while the FTSE 100 slipped 0.2 percent. On Wall Street, futures for the Dow Jones industrial average and the Standard & Poor's 500 index were down 0.1 percent.

ASIA'S DAY: Tokyo's Nikkei 225 rose 0.4 percent to 19,865.82 and the Shanghai Composite Index advanced 0.1 percent to 3,384.15. Hong Kong's Hang Seng declined 0.3 percent to 27,894.08 and Seoul's Kospi shed 0.2 percent to 2,360.18. Sydney's S&P-ASX 200 was little-changed at 5,744.30. India's Sensex gained 0.3 percent to 32,363.73. Malaysia and Manila advanced while New Zealand and Taiwan retreated. The Total Investment & Insurance Solutions

WALL STREET: Banks rose for a second day and retailers gained after the Labor Department said numbers of job openings and new hires both grew in July. That left investors hopeful people will shop and spend more. The Standard & Poor's 500 index rose 0.3 percent to a record 2,496.48. The Dow Jones industrial average gained 0.3 percent to 22,118.86, a fraction of a point higher than its previous record. The Nasdaq composite picked up 0.3 percent, to 6,454.28.

NORTH KOREA: President Donald Trump said Tuesday new U.N. sanctions "are nothing compared to what ultimately will have to happen" to stop North Korea's nuclear program. U.S. officials showed Congress satellite images of illicit trade to highlight the challenge of getting China and Russia to cut off commerce. The measures fell short of Washington's goals: a potentially crippling ban on oil imports and freezing the international assets of Kim Jong Un and his government. The Total Investment & Insurance Solutions

ANALYST'S TAKE: "Financial markets seem to have abruptly stopped worrying about the end of the world, with stocks soaring again, bond yields pushing higher, and safe haven currencies such as the JPY selling off," said Rob Carnell of ING in a report. "It won't last. But until the next risk off event appears, we might as well enjoy it and can focus back on the underlying macro story." A potential trigger is U.S. threats to restrict Chinese access to the American financial system, said Carnell. "Were this U.S. threat to be carried out, we are fairly sure that China would retaliate in ways that would also hurt the U.S. economically." 

STORM DAMAGE: Americans counted the cost of hurricanes Harvey and Irma but worries about further economic disruption eased. Estimates of damage from each storm topped $100 billion in wrecked houses, petrochemical plants and crops of citrus and vegetables. The Total Investment & Insurance Solutions    

APPLE: Apple announced its newest iPhones. The iPhone 8, out Sept. 22, will be able to shoot pictures with better colors and less distortion. The iPhone X has an edge-to-edge screen and can be unlocked with facial recognition. The iPhone is the source of most of Apple's revenue, and some investors worry supply constraints will slow down sales. Apple closed down 64 cents at $160.86.

ENERGY: Benchmark U.S. crude rose 29 cents to $48.52 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 16 cents on Tuesday to close at $48.23. Brent crude, used to price international oils, added 27 cents to $54.54 in London. It rose 43 cents the previous session to $53.84.

CURRENCY: The dollar declined to 110.07 yen from Tuesday's 110.15 yen. The euro gained to $1.1980 from $1.1966.The Total Investment & Insurance Solutions

Nifty, Sensex on an uptrend – Tuesday closing report-The Total Investment & Insurance Solutions

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12 September  2017

I had mentioned in Monday’s closing report that the benchmarks Nifty and Sensex would turn up. On Tuesday, major indices on the Indian stock markets rallied and closed with significant gains over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below: The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)

The key Indian equity indices were trading higher on Tuesday afternoon ahead of the macro-data scheduled later in the day. Investors’ hope for healthy macro-economic numbers, along with positive global cues on the back of easing geo-political tensions, lifted the key Indian equity indices -- the BSE Sensex and the NSE Nifty50 -- on Tuesday. On the NSE, there were 1,009 advances, 688 declines and 75 unchanged. The Total Investment & Insurance Solutions

State-run power producer NTPC Ltd is expecting to complete the acquisition of the Chhabra Thermal Power Plant from the Rajasthan government in a month or two, an official said on Tuesday. "We are taking over Chhabra power plant and going by regulated depreciated book value subject to approval of Central Electricity Regulatory Commission. The running plant is of 1,000 MW and 1,320 MW capacity is under construction. The cost of the running plant comes to around Rs4,000 crore," company Director (Finance) K Biswal said. 

"The deal is expected to be over in a month or two," he said on the sidelines of the Indian Coal Markets Conference. In January, a tripartite Memorandum of Understanding (MoU) was signed between NTPC, Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUN) and Rajasthan Urja Vikas Nigam Ltd. (RUVNL) for the transfer.  Under the MoU, four units of 250 MW each of the Chhabra Thermal Power Plant will be transferred to NTPC in the first phase while two units of 660 MW each will be transferred after commissioning. The company’s shares closed at Rs170.35, down 0.32% on the NSE. The Total Investment & Insurance Solutions

According to a study, if India has to maintain a sustained gross domestic product (GDP) growth of 9%-10% per annum, it is crucial that the manufacturing sector grows steadily at 14%-15% per annum over the next three decades. The joint report by ASSOCHAM-EY stated that while the Goods and Services Tax (GST) has to a large extent addressed prevailing regulatory issues, states across India must individually look into bureaucratic obstacles along with other obstructive regulations and policies on priority, based on their own manufacturing goals. "Manufacturing sector in each Indian state and union territory (UT) has the potential to grow either directly - by setting up new industries - or by creating ancillary facilities, infrastructure and necessary forward-backward linkages to existing ones," the study said. The S&P BSE India Manufacturing Index closed at 442.84, up 1.37% on the BSE. The Total Investment & Insurance Solutions

Airline major Jet Airways on Monday said that it plans to induct Harsh Mohan in its board as a nominee of its partner Etihad Airways. "Harsh has gained wide aviation experience and financial acumen from his past associations in the aviation field and is currently the Chief Group Support Services Officer at Etihad Aviation Group," said Naresh Goyal, Chairman Jet Airways at the company's annual general meeting held. The Total Investment & Insurance Solutions

Goyal said that three-year "young strategic partnership" with Etihad Airways continues to deliver synergies across all areas, including network growth, revenue enhancement, operational efficiencies and cost improvement.  "The resultant synergies enabled 1 million passengers to connect between India and North America, Europe, Africa and the Middle East over Abu Dhabi. Connections from 15 points in India have been possible as a result of this cooperation," he said. The airline’s shares closed at Rs581.80, up 1.70% on the BSE.

India's annual retail inflation for August shot-up a full 1% to 3.36%, official data showed on Tuesday. According to the data from Ministry of Statistics & Programme Implementation, the August's consumer price index (CPI) inflation rose to 3.36% from 2.36% in July. Rising inflation could lead to an increase in interest rates through RBI (Reserve Bank of India) decision-making and the market could turn a little bearish on this count.

Tata Steel UK on Monday said it has separated itself and a number of affiliated companied from the British Steel Pension Scheme (BSPS), following the regulator's confirmation on its pensions deal. "Tata Steel UK has received confirmation from the Pensions Regulator that it has approved a Regulated Apportionment Arrangement (RAA) in respect of the British Steel Pension Scheme (BSPS). The BSPS has now been separated from the steel producer and a number of affiliated companies," the company said in a statement.  As part of the RAA, a payment of 550 million pounds from the company has been made to the BSPS and shares in Tata Steel UK, equivalent to a 33% economic equity stake in the company, have been issued to the BSPS Trustee under the terms of a shareholders' agreement, the company said in a statement. The steel producer has also agreed to sponsor a proposed new pension scheme, subject to certain qualifying conditions being met. Now that the RAA has completed, all members of the BSPS will be invited to transfer to the new scheme. The shares of the company in India closed at Rs683.15, up 3.30% on the BSE.

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)