Sensex closes 1,030 points higher, trading at NSE resumes after glitch

Agencies
February 24, 2021

Sensex zooms 1,030 points, Nifty tops 14,950 at closing | Deccan Herald

Mumbai, Feb 24: Equity benchmark indices jumped by nearly 2 per cent on Wednesday with banking and financial stocks gaining substantial ground.

The BSE S&P Sensex closed 1,030 points or 2.07 per cent higher at 50,782 while the Nifty 50 advanced by 274 points or 1.86 per cent to 14,982.

At the National Stock Exchange (NSE), trading in all segments remained halted for several hours due to a technical problem. As a result, trading at both the stock exchanges was extended.

Except for Nifty IT, which slipped marginally, all sectoral indices were in the green zone with Nifty private bank gaining by 3.8 per cent, financial services by 3.4 per cent and PSU bank by 2.8 per cent.

Private banks gained substantially after the Finance Ministry allowed private sector banks for government related transactions.

Among stocks, HDFC Bank advanced by 5.3 per cent to Rs 1,611.05 per share. Axis Bank was up by 5.1 per cent, ICICI Bank by 3.8 per cent and Kotak Mahindra Bank by 2.4 per cent.

State Bank of India ticked up by 3 per cent and Bajaj Finance by 3.3 per cent. Coal India gained by 5.2 per cent to Rs 144.10 per share while infrastructure major Larsen & Toubro gained by 2.5 per cent.

The other major gainers were HDFC and UltraTech Cement. However, those which lost were UPL, Dr Reddy's, Sun Pharma, Cipla, JSW Steel, Tata Motors and Asian Paints.

Meanwhile, Asian equities opened lower on concerns about rising interest rates and rich equity valuations.

South Korea's Kospi shed 2.45 per cent on valuation nerves while Japan's Nikkei 225 was down by 1.61 per cent on profit booking in tech shares.

Hong Kong shares slumped by 2.99 per cent, the most in nine months, on stamp duty hike.

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News Network
April 12,2021

Hassan/ Bengaluru, Apr 12: With the KSRTC workers intensifying the protest seeking implementation of 6th Pay Commission recommendations, an employee attempted suicide by consuming poison at the bus depot in Hassan, on Monday.

The person was Palaksha, 40, vice president of Hassan-Chikkamagaluru KSRTC Employees Cooperative Society.

Seeking justice for the protesting KSRTC employees, Palaksha alleged that the government is harassing them by issuing transfers and also by filing FIR against the protesters. The government has turned blind over the issue, he alleged.

He has been admitted to the district hospital in Hassan for treatment.

Strike enters 6th day

Bus services were hampered for the sixth consecutive day in Karnataka, as the strike by the employees of the road transport corporations on wage related issues continued on Monday.

With a stalemate between the government and employees of the four transport corporations in the state, over their demand for wages as per the 6th Pay Commission continuing, majority of the workers did not turn up for work, resulting in buses remaining off road, affecting commuters.

Amid threats of tough action, "no work no pay", few RTC employees have returned to work and are operating buses on some routes in the city and different parts of the state.

People wanting to travel to their native for celebrating Ugadi on Tuesday and office-goers were the most affected.

Private buses, mini buses, maxi cabs and other passenger transport vehicles, whom authorities have roped in to manage the crisis and help commuters, were seen providing services to passengers in different parts of the city and the state.

Metro trains, autos and cabs were also being largely used for commuting within the city.

Meanwhile, intensifying their protest, employees along with their family members have decided to stage demonstrations at district and taluk centres, in front of Deputy Commissioner or Tahsildar offices Monday against the government's stand.

Accusing the government of not paying their March salary, thereby affecting their family's Ugadi celebrations, they said, employees who have returned to work are being paid.

RTCs that have been warning employees against continuing with the strike, have started taking action against trainee and probationary employees by dismissing them for absence from work and not responding to notices.

Karnataka State Road Transport Corporation (KSRTC) on Sunday had said it has decided not to consider requests for inter-corporation transfers of employees who are instigating, threatening colleagues for strike and are hindering bus services, thereby causing inconvenience to the public.

It had also said that employees who have been given such transfers, have been warned that it will be cancelled and that they will be posted to their original place on failing to attend on duty immediately.

Citing inconvenience caused to the public and that the strike was against provisions of the Industrial Disputes Act, the Labour department on Friday had issued an order banning the strike, and had referred the dispute to the industrial tribunal, Bengaluru for adjudication.

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Agencies
April 4,2021

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Dubai, Apr 4: People flying into the UAE have been advised not to receive luggage from unknown people without knowing the content in the bags as this could land them in trouble.

The UAE’s Federal Customs Authority (FCA) has advised travellers not to exchange luggage with friends under good faith without confirming the content of the goods.

This was announced by the FCA recently in an elaborate advisory and tips for travellers to ensure a safe and risk-free journey.

It urged the UAE-bound passengers to refrain “from receiving luggage or bags from unknown persons in the country of departure without knowing their contents, not to exchange luggage with friends under good faith without verifying their contents.”

Like all countries across the globe, the customs authorities have also banned many items that passengers cannot carry when flying into the UAE. Items that are prohibited to carry can put travellers in jeopardy.

Some of the prohibited and restricted items include narcotics, gambling tools/machines, nylon fishing nets, live animals of pig species, raw ivory, laser pens with the red-light package, fake and counterfeited currency, substances contaminated nuclear rays and dust, publications, pictures, religiously offensive or immoral drawings and stone sculptures, as well as chewing substances, including betel leaves.

While a number of restricted commodities may be allowed following competent authorities’ consent including live animals, plants, fertilisers and pesticides, weapons, ammunition, explosives and fireworks, medicines, drugs and medical equipment and instruments, media publications and products, new vehicle tyres, transmission and wireless devices, alcoholic drinks, cosmetics and personal care products, raw diamonds and cigarettes manufactured and processed from tobacco.

The FCA emphasised that travellers, who are caught smuggling, would be subject to a fine, imprisonment or both penalties could run concurrently.

It also asked travellers to declare cash sums and precious items upon arrival in the UAE.

Passengers who are bringing their medicines into the UAE have been asked to carry a certified prescription for medications, follow the guidelines and instructions issued by airlines and forwarding companies.

Travellers have been urged not to conceal information on prohibited or restricted substances and articles. 

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Agencies
April 3,2021

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Back in October, Harold Hamm predicted a win by Joe Biden in the US election would “strange and starve oil and gas.” Instead, he’s made a killing.

With shares of his Continental Resources Inc. more than doubling in the past six months, Hamm’s personal fortune has jumped this year by $3.3 billion to $8.4 billion, according to the Bloomberg Billionaires Index.

Sure, Biden won in November and is now promoting policies to reduce greenhouse gas emissions. But crude prices have surged in recent months amid supply cuts and increased demand for natural gas to renewables as economies emerge from the Covid-19 crisis. Hamm, 75, who supported Donald Trump in the election, is one of the biggest gainers among energy billionaires.

Energy tycoons from the US to Russia and India have also boosted their fortunes. Their combined net worth climbed about $51 billion in the first quarter — or roughly 10 per cent — the fastest rate of any group in the Bloomberg index.

Positive Outlook

Leonid Mikhelson, 65, co-owner of the largest non-state-owned natural-gas provider in Russia, has added $3.8 billion in 2021, threatening to take over the top spot among the nation’s richest. India’s Gautam Adani has gained $23.3 billion this year — the most of anyone in the world.

The outlook for energy companies like Continental Resources -- which struggled last year -- has turned more positive, with Hamm’s shale-oil producer even expected to return to profitability.

At their meeting this week, OPEC+ members expressed confidence about the economic recovery and agreed to gradually increase oil production in the coming months. In February, JPMorgan Chase & Co. talked about a new supercycle for commodities, echoing similar comments from banks including Goldman Sachs Group Inc. Oil has climbed 66 per cent in the past six months, and some bulls predict prices could once again top $100 a barrel by the end of next year.

“Higher oil prices translate directly into higher profits and increase these companies’ returns to their shareholders,” said Ryan Dusek, director at Opportune, a commodity risk-advisory group in Houston.

Still, the increasing focus on eco-friendly measures is threatening oil producers in the longer term. Biden wants to make the US electricity grid carbon-free by 2035, while China and the European Union aim to be carbon neutral by 2060 and 2050, respectively.

Green Ambitions

That’s why some companies have been boosting their green ambitions. Adani, who spent two decades building an empire centered around coal, has plans to increase his firm’s renewable-energy capacity almost eightfold by 2025 and has gotten backing from big players including French oil giant Total SE. Mikhelson’s Novatek PJSC, whose Yamal LNG plant in Russia’s Arctic has been operating above capacity, wants to clean up its output even as it more than triples production by the end of the decade.

Even with the recent energy gains, technology remains the main creator of wealth globally, with the wealthiest entrepreneurs in that industry adding $87.6 billion so far this year. Larry Page and Sergey Brin, co-founders of Google parent Alphabet Inc., and Su Hua of Chinese video service Kuaishou Technology are among the top gainers after Adani.

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