Benchmark indices surged to new life time high following the news that govt will lower its additional borrowing plan to Rs. 20,000 crore for the fiscal from the earlier proposal of raising an extra Rs. 50,000 crore from the market. The reduced borrowing would help contain fiscal deficit within the target. Nifty ended at 10791.80. Banking stocks were the major gainers of the day while Media shares were the losers of the day.
Global Markets Update
Industrial conglomerate General Electric has appointed Peter Stracar chief executive and president of its European region, the company said in a statement.
World shares pulled back from record highs set for only their second day of losses in the new year as lower commodity prices and a string of downbeat updates from companies dampened the mood in global markets.
Bharat Forge, India’s largest exporter of auto components, has opened a Research & Development facility in UK, in MIRA Technology Park, the UK’s leading automotive technology park and Enterprise Zone, where it will be developing components & sub-systems focused on Electric Vehicles.
Cadila Healthcare gains as company’s personal care arm, Zydus Wellness, plans acquisitions to grow its skincare and functional foods category business.
TCS said it has signed an over GBP 500 million (USD 690 million) deal with M&G Prudential, the UK and European savings and investments business of Prudential plc. The value of this agreement exceeds GBP 500 million (USD 690 million) over 10 years and covers the support of over 4 million customer policies.
MCX shares tanks on the back of poor December quarter numbers. The company’s Q3 (Oct-Dec) net profit was down 45 percent to Rs 18.7 crore against net profit of Rs 34.04 crore in the same quarter last year. The consolidated revenue declined 11.1 percent to Rs 60.9 crore from Rs 68.6 crore in Q3FY17. Operating profit (EBITDA) was down 35.30 percent to Rs 29.07 crore and EBITDA margin was at 37.99 percent.
Asian equities stepped back from a record high as the region’s resource shares were knocked by falling oil and commodity prices while digital currencies tumbled on worries about tighter regulations.
Japan’s Nikkei share average dropped as mining, oil and shipping stocks lost ground, while bitcoin-related stocks tumbled after the crypto currency’s value extended its sharp decline on worries over tighter regulation.
Indonesia stocks were higher as gains in the Basic Industry, Infrastructure and Mining sectors led shares higher.
Taiwan stocks were higher after the close on Wednesday, as gains in the Information Services, Construction and Auto sectors led shares higher.
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