Update 2
Sensex buoyant on sustained buying
The market is trading on a firm note on the back of buying interest index heavyweights. Sectors like steel, auto, pharma, IT and engineering are trading in positive. Meanwhile, Asian stocks are trading in the negative after the Japanese government lowered its evaluation of the economy for the first time in almost two years.
The BSE Sensex is currently trading at 13,745.81, up 64.98 points (10.50 AM).Out of the total 2019 stocks traded so far, 1276 have moved up, 681 have dropped while 62 remained unchanged.
Stocks who led the advances were NTPC, which gained 4.16% to Rs 147.85, Tata Steel, which inched up 1.89% to Rs 480.35 and HLL, which gained 1.68% to Rs 244.70. Bajaj Auto, Hindalco and ACC were included in the gainers` list.
Laggards on the BSE Sensex were Wipro, that declined 0.91% to Rs 576.65, Reliance Comm, that slipped 0.18% to Rs 425.25 and HDFC Bank, that slid 0.16% to Rs 1106.20. The other losers were HDFC, Gujarat Ambuja and Reliance Industries.
ICICI Bank inks MoU with EDC for trade financing
ICICI Bank has inked a memorandum of understanding (MoU) with Export Development Canada (EDC), a Canadian export credit agency, reports Financial Express.
The MoU was signed to co-operate on financing support to Indian buyers of capital goods and professional services from Canada.
This initiative of the bank will help support the customers interested in procuring capital goods and services from Canadian sources and will facilitate projects between Canadian and Indian companies.
Moreover, the MoU would also be of great significance to Canadian success in a number of priority sectors, such as telecommunications, power, advanced technology and manufacturing, agriculture, environmental technology, aerospace, transportation, airports, plastics, biotech, and services.
The collaboration of ICICI Bank and EDC will help speed the entry of Canadian companies in a rapid-growth market, creating a new demand for Canada`s technology and know-how.ICICI Bank already has a subsidiary in Canada (ICICI Bank Canada), which was set in December 2003, and has five branches located in Toronto, Scarborough, Brampton and Vancouver.
Sahara files Rs 20 bn claim against Jet
Air Sahara has filed a Rs 2,000-crore claim against Jet Airways for non-completion of the agreement entered into by the two in January, reports Economic Times
The claim was filed by the company in London on Monday, with a three-member arbitration panel. The panel, headed by British judge, Lord Stein is expected to come out with an order binding on both the parties by March next year.
The Air Sahara claim is based on the cash loss it has incurred and the depreciation in its value because of the USD 200 million buyout deal falling through.
Air Sahara lawyers will argue that Jet Airways can either complete the transaction or pay the damages stating that they would even request for a specific performance by Jet Airways.
The Air Sahara line is that the transaction should have been completed because the conditions precedent were either fulfilled or capable of being fulfilled by Air Sahara.
To Read MoreClick Here
The market is trading on a firm note on the back of buying interest index heavyweights. Sectors like steel, auto, pharma, IT and engineering are trading in positive. Meanwhile, Asian stocks are trading in the negative after the Japanese government lowered its evaluation of the economy for the first time in almost two years.
The BSE Sensex is currently trading at 13,745.81, up 64.98 points (10.50 AM).Out of the total 2019 stocks traded so far, 1276 have moved up, 681 have dropped while 62 remained unchanged.
Stocks who led the advances were NTPC, which gained 4.16% to Rs 147.85, Tata Steel, which inched up 1.89% to Rs 480.35 and HLL, which gained 1.68% to Rs 244.70. Bajaj Auto, Hindalco and ACC were included in the gainers` list.
Laggards on the BSE Sensex were Wipro, that declined 0.91% to Rs 576.65, Reliance Comm, that slipped 0.18% to Rs 425.25 and HDFC Bank, that slid 0.16% to Rs 1106.20. The other losers were HDFC, Gujarat Ambuja and Reliance Industries.
ICICI Bank inks MoU with EDC for trade financing
ICICI Bank has inked a memorandum of understanding (MoU) with Export Development Canada (EDC), a Canadian export credit agency, reports Financial Express.
The MoU was signed to co-operate on financing support to Indian buyers of capital goods and professional services from Canada.
This initiative of the bank will help support the customers interested in procuring capital goods and services from Canadian sources and will facilitate projects between Canadian and Indian companies.
Moreover, the MoU would also be of great significance to Canadian success in a number of priority sectors, such as telecommunications, power, advanced technology and manufacturing, agriculture, environmental technology, aerospace, transportation, airports, plastics, biotech, and services.
The collaboration of ICICI Bank and EDC will help speed the entry of Canadian companies in a rapid-growth market, creating a new demand for Canada`s technology and know-how.ICICI Bank already has a subsidiary in Canada (ICICI Bank Canada), which was set in December 2003, and has five branches located in Toronto, Scarborough, Brampton and Vancouver.
Sahara files Rs 20 bn claim against Jet
Air Sahara has filed a Rs 2,000-crore claim against Jet Airways for non-completion of the agreement entered into by the two in January, reports Economic Times
The claim was filed by the company in London on Monday, with a three-member arbitration panel. The panel, headed by British judge, Lord Stein is expected to come out with an order binding on both the parties by March next year.
The Air Sahara claim is based on the cash loss it has incurred and the depreciation in its value because of the USD 200 million buyout deal falling through.
Air Sahara lawyers will argue that Jet Airways can either complete the transaction or pay the damages stating that they would even request for a specific performance by Jet Airways.
The Air Sahara line is that the transaction should have been completed because the conditions precedent were either fulfilled or capable of being fulfilled by Air Sahara.
To Read MoreClick Here
posted by SY at 11:32 AM
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