Indian markets at 6-week high, Wipro net tops estimates
.jpg)
Indian stocks rose for a third day after Wipro, the third-biggest software exporter, reported profit that beat estimates and as crude oil traded in New York had its first weekly gain since November.
Wipro rallied the most in 18 months. Reliance Industries, owner of the world's largest refining complex, rose for a third day. Axis Bank jumped to a record. Hindustan Unilever tumbled the most since January 2011, after reporting the slowest sales growth in three quarters.
The benchmark BSE Sensex gained 0.5 per cent to 28,262.01, the highest close since December 5. European Central Bank (ECB) President Mario Draghi may announce a ^550 billion ($635 billion) bond-purchase programme on January 22, according to a Bloomberg survey. The Sensex last week had its biggest weekly jump in more than two months, after Reserve Bank of India Governor Raghuram Rajan cut borrowing costs in an unscheduled move.
'Markets have stabilised globally, and we should have the ECB quantitative' this week, Ajay Srivastava, managing director of Dimensions Consulting, told Bloomberg TV India on Monday.
"A benign international environment and a very aggressive local environment is a potent combination. We should get at least a one to two per cent rate cut in 2015."
Wipro jumped 5.3 per cent, the most since July 2013. The company reported quarterly net income of Rs 2,190 crore ($355 million) after the market had closed on January 16. That exceeded the Rs 2,160 crore estimate of 35 analysts compiled by Bloomberg.
Other Latest News
.webp)
For Samsung Group, this has been a year of milestones. First, a rare public apology from its flagship Samsung Electronics Co., followed by a bumper share buyback. And now, South Korea’s biggest conglomerate has named a woman that’s not member of its founding family as chief executive officer of a group company for the first time in its 86 years.
In a country where women business leaders have long struggled to make inroads into corporate boards and C-suites, the appointment of Kim Kyung-Ah as president and CEO of Samsung Bioepis Co. is a story likely to inspire the next generation of executives.
.webp)
As cyclone 'Fengal' approaches Tamil Nadu, several parts of the capital Chennai will face a five-our power cut on Wednesday and Thursday, i.e., November 27 and 28 due to the maintenance work.
The power cut in Chennai will take place between 9 a.m. to 2 p.m., said a report by dtnext.in, adding that it may be restored if the maintenance work is completed.
.webp)
Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the US oil industry has warned the policy could hurt consumers, industry and national security.
.webp)
Congress leaders from Wayanad handed over the election certificate of the parliamentary by-election to party general secretary Priyanka Gandhi Vadra in the presence of Rahul Gandhi here on Wednesday.
Sources said Priyanka Gandhi is likely to take oath in the Lok Sabha on Thursday.
Leaders from Wayanad handed over the election certificate of the Wayanad parliamentary by-election to Priyanka Gandhi and conveyed their best wishes.
.webp)
The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.
About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
.webp)
.webp)
.webp)
.webp)
.webp)
