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Tuesday,18-January-2022

Business

Sell-off: Sensex trims losses, rupee hits 75/$

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Stock-Market

As coronavirus fears refuse to end in the markets, Indian indices ended in the red on Thursday, although with sharp recovery from the initial losses.

Pressure also continued in the currency market as rupee breached the 75 per dollar level for the first time.

In the stock market, Sensex lost over 1,900 points earlier in the day, to fall below the psychological level of 27,000 and Nifty50 on the National Stock Exchange breached the landmark 8,000-point level.

Both Sensex and Nifty hit their fresh three year low levels of 26,714.46 and 7,832.55 points, respectively, during the initial trade.

BSE Sensex pared major losses to settle at 28,288.23, lower by 581.28 points or 2.01 per cent from the previous close of 28,869.51. It had a gap-down opening at 27,773.36 and touched a high of 29,370.53.

Nifty50 ended 205.35 points or 2.42 per cent lower at 8,263.45.

The sell-off was witnessed across sectors during the day, with metal, energy and oil and gas stocks among the major losers.

On the Sensex, ITC, Bharti Airtel and Kotak Mahindra Bank led the few stocks which gained while Bajaj Finance, Maruti Suzuki and Axis Bank lost the most.

As the Indian rupee also continued to weaken against the dollar, it touched a new low of 75.31, before ending at 74.98 per greenback.

The rupee depreciated by 1 per cent to close at 74.98 on Thursday. Sell-off in the financial markets globally and the recent slump in oil prices weighed on the rupee.

Crude oil prices, on the other hand, recovered after the plunge on Wednesday. Brent crude is currently around $25.97 per barrel, 4.4 per cent higher than its previous close and the WTI is at $22.58 per barrel, over 10 per cent higher.

Business

Coffee Day Enterprises stock up by 70% in 7 days

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 The stock of Coffee Day Enterprises is up 70 per cent in the last 7-days. On Monday, the stock began the week with robust gains of 6 per cent during the course of trading day, following from the previous week’s gains, Good Returns reported.

The company’s shares are now at Rs 72.35, very close to its 52-week high. The stock gained on Monday by a whopping 6 per cent and was up another 3 per cent on Tuesday morning.

The shares had plunged to a 52-week low of Rs 20 and has now more tripled in value since then. Cafe Coffee Day is a very popular Indian multinational chain of coffeehouses. It is a subsidiary of Coffee Day Enterprises.

“We hereby inform/confirm you that to the best of our knowledge that we do not have any events, information, etc., that have a bearing on the operation/performance of the company or any other price sensitive information. Therefore, the movement in price of shares of the Company is purely due to market conditions and absolutely market driven and the Management of the Company is in no way connected with any such movement in price of share,” the management said recently in a clarification to the BSE.

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Business

Sadhana Nitro Chem, Choice International, Vishal Fabrics up sharply last week

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Stocks like Sadhana Nitro Chem, Choice International, Vishal Fabrics and Gujarat Mineral Development have gone up by 47-60 per cent in the last week, Good Returns reported.

Riding on the bandwagon can prove dangerous. Take the case of Sadhana Nitro Chem. The first quarter EPS was just Rs 0.17. For the last 2-years the company has not paid any dividends. Now to pay Rs 111 for a company, where we are not so sure that profitability would sustain, is not a good idea, the report said.

We could not see dividends for Choice International either for the last few days.

By and large it seems that there has been speculative interest in some of these stocks, the report said.

“Avoid over exuberance and hearsay. In general even some of the fundamentally sound companies have become increasingly expensive. Our general take on the market is that they have become horribly expensive and investors need to be careful. Finding value in this market has become difficult, given that liquidity continues to drive the markets”, the report said.

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Business

World’s top ten saw wealth double to $ 1.5 trillion during pandemic

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 The 10 richest men in the world have seen their global wealth double to $1.5 trillion since the start of the global pandemic following a surge in share and property prices that has widened the gap between rich and poor, according to a report from Oxfam, The Guardian reported.

Urging governments to impose a one-off 99 per cent wealth tax on Covid-19 windfall gains, the charity said World Bank figures showed 163 million more people had been driven below the poverty line while the super rich were benefiting from the stimulus provided by governments around the world to mitigate the impact of the virus, the report said.

Oxfam projects that by 2030, 3.3 billion people will be living on less than $5.50 per day.

The charity said the incomes of 99 per cent of the world’s population had reduced from March 2020 to October 2021, when Elon Musk, the founder of the electric car company Tesla, and the other nine richest billionaires had been collectively growing wealthier by $1.3 billion a day.

Musk, according to figures taken from Forbes magazine’s billionaires list, saw his wealth increase 10-fold to $294 billion in the first 20 months of the pandemic, catapulting him above Jeff Bezos, the founder of Amazon, to be the world’s richest person, the report said.

During a period when technology stocks were soaring on Wall Street, Bezos’s net wealth rose 67 per cent to $203 billion, Facebook’s Mark Zuckerberg’s wealth doubled to $118 billion, while the wealth of the founder of Microsoft, Bill Gates, increased by 31 per cent to $137 billion.

While people on more modest incomes have also seen their assets rise in value during the pandemic, Oxfam said the 10 richest men own six times as much wealth as the bottom 40 per cent (3.1 billion people). It would take the 10 billionaires 414 years to spend their combined wealth at a rate of a million dollars each per day, the charity added, the report said.

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