Stock market touches two year high, NSE closes at 9000

The more extensive NSE record on Thursday hit its most astounding in almost two years and moved near rupturing a key mental level of 9,000 on proceeded with trusts about the residential economy after vehicle makers revealed higher deals. The benchmark BSE list picked up as much as 0.56 percent to 29,145.62, its most elevated since March 13, 2015.

Estimation was additionally helped as Asian stocks crept to a 19-month high, a day after Wall Street hit record highs as speculators were energized by President Donald Trump’s less-aggressive tone in his first discourse to the US Congress.

The worldwide rally is coming during an era of developing trusts about India’s own particular economy.Tata Motors Ltd increased in the wake of revealing higher month to month deals, additionally raising trusts about the economy.Tirthankar Patnaik, India strategist, Mizuho Bank, said ,”There is a positive underlining slant in the Indian market”

Starting at 0600 GMT, the NSE record was up 0.4 percent, in the wake of moving as much as 0.52 percent to 8,992.50, its most noteworthy since March 4, 2015.The Nifty Auto record was the best performing part, with Tata Motors rising 3 for each penny in the wake of posting a two for every penny hop in February add up to deals.

Shares of Wockhardt Ltd declined after the US Food and Drug Administration (FDA) issued a notice letter to the organization’s Morton Grove plant, which will withhold all FDA endorsements until a determination is made.

News Source: Business Line, Times Of India

Image Source: Business Line

Chitra Ramakrishna quits as CEO and MD of N.S.E

Chitra Ramakrishna who is working with N.S.E (National Stock Exchange) since its inception has announced her retirement today due to personal reasons despite N.S.E asking her repeatedly to stay. The N.S.E also released a statement stating that J.Ravichandran who is now holding the post of Group President would replace Ramakrishna immediately.

Ramakrishna retirement comes just months before a planned initial public offer(IPO) was going to hit the market. NSE has recently hired four additional investment banks to handle the issue.

Chitra Ramakrishna has been the first woman head of N.S.E. and has also been elected as the first woman chair of the World Federation of Exchanges (WFE). She played a major role in the establishment of National Stock Exchange in the 1990s. She became MD and CEO of N.S.E on April 1,2013 for a period of 5 years. She succeeded Ravi Narain as the head of NSE.

According to data from WSE, NSE is one of the top bourses in the world as far as equity trades and market capitalization is concerned.

SOURCE : Economic Times, The Financial Express

IMAGE : Arabian Business

L&T Infotech makes stock market debut today

Larsen & Toubro Infotech Ltd (L&T), which made a Rs 1,243-crore Initial Public Offering recently, made its stock market debut today. The listing took place at the National Stock Exchange in presence of L&T Group executive chairman A M Naik and other officials and merchant bankers. The company’s shares will get listed on the leading stock exchanges NSE and BSE, reported Livemint.
L&T Infotech’s IPO attracted over one million applications in the last five years from retail investors. Since the major IT companies have cut their earnings guidance for the coming quarter, investors believe that L&T Infotech too would see subdued listing keeping in mind the poor show by IT biggies like InfosysBSE -0.25 % and WiproBSE 0.58 % in June quarter results, as reported in the Economic Times.
Also, the Grey market activity in Gujarat and Mumbai picked up as many of the traders dumped L&T Infotech shares ahead of its listing today. The grey market premium for L&T Infotech fell significantly below Rs 100 from last week’s quoted price of Rs 120, reported the Economic Times.
L&T Infotech is the sixth largest Indian IT services player currently with a revenue of $887 million and an employee base of over 20,000. The company, which is part of the diversified Larsen & Toubro group, has joined the list of about a dozen other companies which have come out with their IPOs so far this year.

BSE shuts down due to technical glitch, resumes operations

Picture Courtesy – www.amazedost.com
Picture Courtesy – www.amazedost.com
Mumbai: Bombay stock exchange (BSE) halted trading on Thursday morning across all its markets due to network outage. After BSE failed to update the share prices, it closed down all the indices while National stock exchange (NSE) remained operational.

A BSE spokesperson was quoted saying that a connectivity issue was preventing share prices from updating and they would issue a statement soon.

However, it resumed operation after being shut for about three hours. According to reports, Dipen Mehta, a member of BSE has said that it was the right decision to halt trading otherwise it would have created disruptions at the broker end.

The network service vendor HCL Technologies Ltd (HCLT.NS) for BSE was working on the issue as the BSE later remarked that the orders placed before the outage would be cancelled.

Read more at: http://www.bbc.com/news/business-28139931

Ratan Tata retires as Chairman of Tata Global Beverages

Ratan Tata stepped down as the chairman of Tata Global Beverages on Tuesday making way for his successor, Cyrus Mistry. Mistry, who is the director of Tata Sons and the deputy chairman of Tata Steel and Tata Chemicals, has also been inducted in the board of Indian Hotels Company.

Image of Cyrus Mistry and Ratan Tata
Talking business: Cyrus Mistry and Ratan Tata share a light moment at a session in Jampshedpur

Read the full story on Economic Times.