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Friday, January 11, 2019

In December, road construction hit a record 31.87km a day

Construction of highways gathered pace to touch a record average of 31.87km per day in Dec, but was still far from Nitin Gadkari’s target of building 41km per day
Source: LM

Sheila Dikshit appointed Congress’s Delhi unit chief ahead of Lok Sabha polls

Sheila Dikshit would be assisted by three working presidents —Devender Yadav, Haroon Yusuf and Rajesh Lilotia
Source: LM

Farm loan waiver is not as silly a policy as you might think: Amartya Sen

Loan waiver is not a completely wrong thing. It has an incentive problem, but many equality policies have incentive problem, says Amartya Sen.
Source: LM

Advance authorisation scheme: Govt extends exemption to imports till 31 March

A clause in the foreign trade policy was amended “to remove pre-import condition to avail exemption from integrated tax and compensation cess” and the tax and cess is also “extended to deemed supplies,” the directorate general of foreign trade (DGFT) said in a notification
Source: LM

Mallikarjuna Kharge gives dissent note on Alok Verma’s removal as CBI chief

Kharge said during the meeting that Verma, who was sent on a forced leave, should not be penalised and be given an extension of 77 days
Source: LM

All spectrum allocated through auction, but will look into CAG observation: Ravi Shankar Prasad

Microwave access (MWA) spectrum is allocated to telecom operators for short distances to provide mobile services.
Source: LM

Bengaluru airport readies new terminal as Indian air travel explodes

Airport authorities laid out plans on Thursday for a nearly $2 billion investment that will add a new terminal and a second runway
Source: LM

National highway construction hits record 31.87 km per day in December

The road ministry had fixed a construction target of around 16,420 kilometres for 2018-19
Source: LM

India to work with Iran without violating any international laws: Suresh Prabhu

In May last year, US President Donald Trump withdrew from the 2015 nuclear accord with Iran, reimposing economic sanctions against the Persian Gulf nation.
Source: LM

India on cusp of waterways revolution, 4% cut in logistics cost to lift exports by 30%: Gadkari

Nitin Gadkari says massive works were underway on projects for turning 11 rivers into waterways
Source: LM

Govt panel meets again to decide fate of CBI director Alok Verma

Apart from PM Narendra Modi The other members of the committee are Congress leader Mallikarjun Kharge and Justice A K Sikri, who was nominated by Chief Justice of India Ranjan Gogoi to represent him.
Source: LM

Official challenges reversal of transfers by CBI chief Alok Verma

CBI chief Alok Verma today reversed the transfer orders, the move means that several officers who were earlier probing graft, bribery charges against special director Rakesh Asthana will now be back to the headquarters
Source: LM

Mumbai BEST bus strike: On 3rd day, not a single bus on roads

Not a single bus of the Brihanmumbai Electricity Supply and Transport (BEST) plied on Mumbai roads since morning.
Source: LM

100-Word Take| The government may have finally struck gold with the Gold Monetisation Scheme

100-Word Take| The government may have finally struck gold with the Gold Monetisation Scheme
100-Word Take| The government may have finally struck gold with the Gold Monetisation Scheme The changes are a win-win for both as temples will earn a tax-free dividend on their hoard while the government gets the gold it needs.

Source: MC

May move into a more positive period for global markets: HSBC#39;s Bill Maldonado

May move into a more positive period for global markets: HSBC#39;s Bill Maldonado
May move into a more positive period for global markets: HSBC#39;s Bill Maldonado I think for international investors, the message is that one needs to be much more selective in India, Maldonado said.

Source: MC

Growth acceleration will continue in Q4, says TCS

Growth acceleration will continue in Q4, says TCS
Growth acceleration will continue in Q4, says TCS TCS posted a 24 percent YoY rise in profit at Rs 8,105 crore for the third quarter.

Source: MC

P Chidambaram credits Congress state finance ministers for sorting out GST mess

P Chidambaram credits Congress state finance ministers for sorting out GST mess
P Chidambaram credits Congress state finance ministers for sorting out GST mess Taking to Twitter, he lauded the efforts of the six Congress finance ministers who were actively helping the GST Council.

Source: MC

Quick Take | GST tweaks highlight that complicated structure needs to go

Quick Take | GST tweaks highlight that complicated structure needs to go
Quick Take | GST tweaks highlight that complicated structure needs to go Current move may be good politics, but it also shows up shoddy implementation

Source: MC

#39;Q3 earnings expected to be a mixed bag; could be company-specific#39;

#39;Q3 earnings expected to be a mixed bag; could be company-specific#39;
Dheeraj Singh The predominant threats would be sharp rise in crude prices, trade war and retaliatory tariffs amongst the leading economies of the world, and a sharp rise in interest rates across the world

Source: MC

In pics | 10 memorable knocks of Rahul Dravid

In pics | 10 memorable knocks of Rahul Dravid
In pics | 10 memorable knocks of Rahul Dravid As Rahul #39;The Wall#39; Dravid celebrates his 46th birthday, here#39;s a look at 10 memorable knocks that earned him the tag of India#39;s Mr. Dependable.

Source: MC

RLD#39;s participation in UP #39;mahagathbandhan#39; presser remains unclear

RLD#39;s participation in UP #39;mahagathbandhan#39; presser remains unclear
RLD#39;s participation in UP #39;mahagathbandhan#39; presser remains unclear On January 9, Jayant Chaudhary had met Akhilesh in Lucknow and held political discussions for over an hour, but both sides had declined to share details.

Source: MC

MG Hector SUV: Top five things that you should know

MG Hector SUV: Top five things that you should know
MG Hector SUV: Top five things that you should know MG Hector SUV: Top five things that you should know

Source: MC

D-Street Buzz: Infra, realty stocks fall led by Bharti Airtel, Unitech; Tata Motors sheds 2%

D-Street Buzz: Infra, realty stocks fall led by Bharti Airtel, Unitech; Tata Motors sheds 2%
D-Street Buzz: Infra, realty stocks fall led by Bharti Airtel, Unitech; Tata Motors sheds 2% The breadth of the market favoured the declines with 647 stocks advancing and 973 declining while 440 remained unchanged. On the BSE, 965 stocks advanced, 1291 declined and 168 remained unchanged.

Source: MC

India takes EU to WTO#39;s safeguard committee over duty on steel products

India takes EU to WTO#39;s safeguard committee over duty on steel products
India takes EU to WTO#39;s safeguard committee over duty on steel products Against the US move to impose high customs duties on certain steel and aluminium products, the EU in July last year proposed imposition of definitive safeguard duties to protect their industry against a surge of imports.

Source: MC

Chandrayaan-2 mission planned for middle of April: ISRO

Chandrayaan-2 mission planned for middle of April: ISRO
Chandrayaan-2 mission planned for middle of April: ISRO ISRO had earlier said Chandrayaan-2 will be launched in a window between January-February 16 this year.

Source: MC

China to set lower GDP growth target of 6-6.5% in 2019: Sources

China to set lower GDP growth target of 6-6.5% in 2019: Sources
China to set lower GDP growth target of 6-6.5% in 2019: Sources The proposed target, to be unveiled at the annual parliamentary session in March, was endorsed by top leaders at the annual closed-door Central Economic Work Conference in mid-December, according to four sources with knowledge of the meeting#39;s outcome.

Source: MC

Weekly Tactical Pick: Yes Bank

Weekly Tactical Pick: Yes Bank
Weekly Tactical Pick: Yes Bank Even if one fully provides for ILFS and all other exposure that are under various dispensations, the historic price-to-adjusted book still looks reasonable (at 2.5 times), especially if there is visibility after the top management rejig

Source: MC

TCS appoints Daniel Hughes Callahan as Independent Director

TCS appoints Daniel Hughes Callahan as Independent Director
TCS appoints Daniel Hughes Callahan as Independent Director Callahan has been appointed as an Additional and Independent Director for a period of five years with effect from January 10, 2019, TCS said in a statement.

Source: MC

IT would lead the market - e paper - english news paper today - news headlines today

IT would lead the market

The Sensex shed 106.41 points or 0.29 per cent to settle at 36,106.50, while the Nifty fell 33.55 points or 0.31 per cent to close at 10,821.60. Both mid-cap and Small-cap indexes ended marginally higher.

Among the sectoral indices, the Oil & Gas (-0.81 per cent), the Bankex (-0.75 per cent), the Finance (-0.44 per cent) underperformed the Sensex, while Consumer Durables (+0.71 per cent), Capital Goods (+0.38 per cent), the Power (+0.31 per cent) outperformed the Sensex. IndusInd Bank (-2.36 per cent), Kotak Mahindra Bank (-1.42 per cent), ONGC (-1.37 per cent), Axis Bank (-1.05 per cent), HDFC (-0.89 per cent) and Hero MotoCorp (-0.86 per cent) were the major losers.

Tata Motors (+1.34 per cent), NTPC (+1.13 per cent), Mahindra & Mahindra (+0.99 per cent), Bajaj Auto (+0.86 per cent) and Bharti Airtel (+0.63 per cent) were the major gainers. Crude oil prices jum-ped about 5 per cent after US-China trade talks rai-sed hopes of easing tensions. Production cuts led by the Organisation of the Petroleum Exporting Countries was also a positive sign.

Technical view

Sameet Chavan, chief analyst-technical and derivatives at Angel Broking, “Today was a day of boredom or in technical terms we can call it as a consolidation. The intraday price action does not give any indication as the day turned out to be the lackluster one after Wednesday’s massive swings. It seems that markets are awaiting some triggers to confirm these patterns. At upward side, a move beyond 10,870 would unfold the rally towards 10,940 and above.”

“The recent driver ‘banking’ saw some profit booking after ‘Indusind Bank’ spoiling the mood post its quarterly numbers. Also, there was no major action seen in other heavyweight peer counters and hence, markets were unable to cross hurdles. Going ahead, aggressive bets can be taken only after a breakout from the above levels,” he added.

Market view

Jayant Manglik, president of Religare Broking said that the mrkets remained sideways for yet another session and lost nearly half a per cent. Participants preferred to sit on sidelines in absence of fresh trigger. Mostly sectoral indices traded in tandem with the benchmark index and settled marginally lower.

Markets will react to the TCS results in early trades on Friday and then anxiety of another IT major, Infosys results would take over. In short, IT pack would lead the market in the next session.

—Ashwin Punnen

IT would lead the market

Source: EP

TCS net profit rises 24%; UK tops revenue growth - e paper - english news paper today - news headlines today

TCS net profit rises 24%; UK tops revenue growth
City: 

India’s tech flagship, Tata Consultancy Services, has opened the third earning quarter season for the industry on Thursday posting numbers that met analysts’ and market expectations.

TCS reported a 24 per cent year-on-year growth in its third quarter (October-December) net profit at Rs 8,105 crore, against Rs 6,531 crore in the corresponding quarter last year. On a quarter-on-quarter comparison, its net profit grew 2.58 per cent. During the period, the company raked in total revenues of Rs 37,338 crore, an annual increase of 20.8 per cent and a QoQ increase of 1.3 per cent.

Rajesh Gopinathan, chief executive officer and managing director of TCS, said, “We are wrapping up 2018 with a strong revenue growth of 12.1 per cent in the December quarter, which is the highest in 14 quarters, with continued growth acceleration in key verticals and across all geographies. The strong client metrics, industry leading growth in digital services, a very strong order book and deal pipeline are all validations that customers recognise our differentiated capabilities and are picking us for their growth and transformation programmes.”

The company’s revenue in constant currency terms increased 12.1 per cent YoY, the highest in 14 quarters while the constant currency revenue growth was 1.8 per cent QoQ. The bottomline growth was driven by other income (up 59 per cent QoQ) but limited by weak operational performance.

Revenue in dollar terms was higher by 0.67 per cent QoQ at $5,250 million in Q3FY19 and constant currency growth stood at 1.8 per cent against 3.7 percent in the previous quarter.

Also, TCS board has declared an interim dividend of Rs 4 per equity share.

Offering a commentary on performances of various verticals the company said, revenues from BFSI (Banking, Financial Services and Insurance) 0.5 per cent QoQ to Rs 14,722 crore, while its Ebit fell 4 per cent to Rs 4,021 crore. Manufacturing revenue grew 1 per cent to Rs 3,958 crore against Rs 3,919 crore during the previous quarter. Manufacturing Ebit grew 6.6 per cent at Rs 1,162 crore. Revenue from retail vertical has grown 1.6 per cent at Rs 6,994 crore against Rs 6,348 crore quarter-on-quarter. Retail Ebit fell 4 per cent at Rs 1,726 crore quarter-on-quarter. The communication and media vertical brought in revenue of Rs 6,090 crore, a 1 per cent increase over Rs 6,009 crore QoQ.

The company’s key growth was led by UK (+25.1 per cent), Europe (+17.6 per cent), and Asia Pacific (+12.6 per cent). North America grew 8.2 per cent, India grew 9.7 per cent and Latin America grew 7.6 per cent.

When the industry is generally following a

job-less growth regime, TCS has reported an impressive net addition 6,827 people during Q3, taking the total employee strength to 417,929.

TCS net profit rises 24%; UK tops revenue growth

Source: EP