BSNL, MTNL Revenue Growth lesser Than Private Telcos

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Rise in revenues of BSNL and MTNL lag those of private players because of less aggressive market skills, legacy manpower and delay in augmentation of mobile network, Telecom Minister Ravi Shankar Prasad said. 

The minister said both the state-run firms are taking several steps to enhance revenues. 

BSNL revenue increased by 2.32 percent in 2014-15 to Rs 28,645 crore whereas MTNL witnessed an increase of 0.90 percent to Rs 3,821 crore for the same period. 

The revenue of BSNL stood at Rs 27,996 crore in 2013-14 while that of MTNL was Rs 3,787 crore.

Wall Street rises late

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Energy and bank stocks led Wall Street higher on Wednesday, adding to a rally in the previous session, after strong jobs data dispelled concerns over the health of the US economy. Concern lingered that the US economy was on a weaker footing than thought, but recent data including a better-than-expected reading on private sector job creation last month has helped dispel those worries and given equities support. 

The improvement in US economic data, including manufacturing, construction spending and auto sales earlier this week, rekindled expectations that the Federal Reserve could raise rates at least once later this year, giving a boost to bank shares.

Today Indian Stock Market Update--Nifty opens above 7400

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 The market extended rally on Thursday with 

 

 

 The Sensex rising 183.31 points or 0.76 percent to 24426.29 

 

 

 and The Nifty climbing 52.40 points or 0.71 percent to 7421.25.

Indian Rupee Opens 67.40 Rs per Dollar

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The Indian rupee has climbed further as it opened with a gain of 14 paise on Thursday at 67.40 per dollar. It closed at 67.54 on Wednesday.

"Improved oil and commodity prices and pick-up in US economic data has changed the sentiment to risk-on."

Nifty opens near 7350

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The Sensex is up 397.05 points or 1.7 percent at 24176.40, 

 

and the Nifty up 116.25 points or 1.6 percent at 7338.55. 

 

About 753 shares have advanced, 69 shares declined, and 23 shares are unchanged.

Asia Higher With Nikkei Up 2.6%

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Asia markets were higher in morning trade on Wednesday, taking early cues from overnight gains in Europe and US.

 

The Japanese benchmark index, Nikkei 225, traded up 2.58 percent, with the yen hovering at the 113 handle against the dollar, after falling overnight. 

 

The dollar/yen pair traded at 113.90 as of 8.49 a.m. HK/SIN time. Across the Korean Strait, the Kospi, which was off Tuesday for a public holiday, traded up 1.45 percent.

Indian ADRs: HDFC Bank Gains 3%, Tata Motors Rises

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 Indian ADRs ended higher on Tuesday. In the IT space, Infosys was up 0.60 percent at USD 17.42 and Wipro added 0.37 percent at USD 11.55.

 

 In the banking space, ICICI Bank added 0.45 percent at USD 6.12 and HDFC Bank gained 2.88 percent at USD 55.70. 

In the other sectors, Tata Motors was up 1.50 percent at USD 23.73 and Dr Reddy's Laboratories rose 0.67 percent at USD 44.65.

Indian Rupees Opens 12 Paise Higher at 67.74 per Dollar

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The Indian rupee extended upmove on Wednesday by opening at 67.74 a dollar, up 12 paise compared to 67.86 in previous session.

 

 This consistent recovery is led by rally in equity markets on hopes of rate cut post pricing in Union Budget.

MM CLOSING BUZZ

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NIFTY FUTURE UP 227.35@7236.30 

 

BANKNIFTY FUTURE UP 486.10@14475.45

 

SENSEX UP 777.35@23779.35

INR 68.03

Live Market Updates: Sensex surges over 400 pts

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The Sensex is up 415.64 points or 1.8 percent at 23417.64 

and the Nifty is up 125.65 points or 1.8 percent at 7112.70.

 About 1035 shares have advanced, 259 shares declined, and 44 shares are unchanged.

Rupee gains 17 paise

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The Indian rupee gained 17 paise in the early trade on Tuesday. It has opened at 68.26 per dollar versus 68.43 Monday. 


"The fiscally prudent Budget and expectations of further monetary easing by Reserve Bank of India (RBI) helped both currency and bond markets."

Asia markets mixed, with Shanghai up 0.3%, Nikkei off 1%

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Asia markets were mixed Tuesday morning, with eyes on China after the central bank's surprise reserve requirement ratio (RRR) cut to free up liquidity. Japan's benchmark Nikkei 225 shed 1.05 percent. 

 

 The South Korean market is closed for a public holiday. 

Chinese markets wavered between positive and negative after the RRR cut and worse-than-expected manufacturing data, with the Shanghai composite up by 0.31 percent, while the Shenzhen composite gained 0.7 percent. Hong Kong's Hang Seng Index added 0.28 percent.

Stocks That Market will Focus as Jaitley Makes Budget Speech

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 As Finance Minister Arun Jaitley presents Union Budget today, the market will focus on credibility of numbers. Investors will be keen to know if the govt deviates from the fiscal consolidation roadmap in order to boost growth. 

 

The other big fear the market has is the possible extension of the long term capital gains tax tenure from 1 to 3 years or the possibility of reintroduction of a tax itself. 

 

This month, Indian market is among worst performing big markets this month. In dollar terms, India is worst performing market this month.

Budget 2016: Rupee opens lower by 9 paise at 68.69 per dollar

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The Indian rupee opened lower by 9 paise at 68.69 per dollar on Monday versus 68.60 Friday.  

 

 Today said there is more scope for lowering of interest rates by the RBI as inflation is under control.

Asia trades mixed; China shares tumble

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Chinese markets tumbled at the open Monday, but other markets in Asia were mixed by mid-morning, with Japan extending its gains from the previous week. 

 

Analysts expect some rocky trading this week amid a deluge of economic data in the region. Chinese markets opened in negative territory, with the main Shanghai composite down 4.07 percent while the Shenzhen composite slipped 5.7 percent. 

"Markets look set for a volatile week as a raft of data releases globally set markets up for a dramatic reweighting of growth expectations," wrote Angus Nicholson, a market analyst at IG, in his morning note.

Wall Street ends lower in feeble end to strong week

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Wall Street ended lower on Friday in a feeble end to another week of strong gains after concerns about the timing of future interest rate hikes offset gains in materials and energy stocks.

 

 The S&P utility sector led declines, down 2.73 percent. The materials index was the biggest winner and was up for the third straight day with a 1.35 percent rise. 

 

In a break from a trend seen for much of this year, energy shares clung to gains even after a rally in crude oil prices faded, with ConocoPhillips up 3.21 percent.

Indian ADRs: HDFC Bank, Tata Motors gain; Dr Reddy's Labs slips

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Indian ADRs ended mostly higher on Friday. In the banking space, ICICI Bank was up 0.13 percent at USD 5.31 and HDFC Bank added 0.8 percent at USD 52.58.

 In the IT space, Infosys was   marginally up 0.02 percent at USD 16.89 and Wipro was down 0.04 percent at USD 11.30. 

 

In the other sectors, Tata Motors gained 0.06 percent at USD 22.35 and Dr Reddy's Laboratories fell 0.34 percent at USD 43.25.

Railway Budget Key Updates

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· Railway Minister : Rs.50 crore to be provided for start-ups by railway employees

· No mention of passenger fares, freight rates

· Railway Minister : Will evolve models to determine revenue potential of at least 20 stations in next 3 months

· Railway Minister : Circuit trains to connect important pilgrim centres

· Railway Minister : First phase of new Kolkata Metro to be completed by 2018

· Railway Minister : To install Hi-tech centralised Network Of 20,000 screens On 2000 stations

· Railway Minister : Mumbai needs a robust transport system - two elevated suburban corridors between Churchgate and Virar, CSTM and Panvel

· Railway Minister : Introduce Antyodaya Express, superfast train for long routes

· Railway Minister : 17,000 Bio-toilets in Trains and additional toilets at 475 stations by FY16-end

· Railway Minister : We will introduce sub quota of 33% to women in ticket reservation

· Railway Minister : A new train between Varanasi and Delhi, Mahamana Express with modern refurbished coaches

· Railway Minister : To commission wifi service at 100 stations this year. 400 stations to get wifi facility in the next two years

· Railway Minister : 50 percent more outlay for railway electricificaiton

· Railway Minister : Expect commissioning of 2500 km of broadguage line, 30% higher than last year

· Railway Minister : This is the Budget that reflects aspiration of common citizens

· Railway Minister : Expect to generate revenue of Rs 1,84,820 crore

Today Indian Market Open Flat

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The market is still struggling as the 50-share index breached 7000 intraday. 

The Nifty is down 5.80 points at 7012.90

 and the Sensex is down 8.75 points at 23080.18.

China shares stumble, as Asia markets trade mixed

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Some Asian markets rebounded Thursday following Wall Street's reversal of sharp intraday losses overnight on the back of higher oil prices, but it wasn't enough to support the Chinese, Australian and Hong Kong markets. China's Shanghai composite was lower by 1.22 percent, while the Shenzhen composite dropped 1.4 percent. 

Concerns were raised over China this week after the People's Bank of China set the yuan mid-point rate notably lower at 6.5273 to the dollar on Tuesday, down 0.17 percent from Monday's fix. Today's mid-point was set at 6.5318.