by Editor | Sep 3, 2024 | Business, Economy, News
Mumbai: Indian equity indices were trading flat on Tuesday following mixed sentiments in the markets.
At 9:51 a.m., Sensex was down 76 points or 0.09 per cent at 82,483 and Nifty was down 17 points or 0.07 per cent at 25,261.
The broader market trend remains positive. On the Bombay Stock Exchange (BSE), 2039 shares were trading in the green, 829 shares in the red, while 128 shares did not see any change.
Midcap and smallcap stocks were performing better compared to largecaps. The Nifty Midcap 100 index was at 59,382, up 229 points or 0.39 per cent, and the Nifty Smallcap 100 index was at 19,359, up 116 points or 0.60 per cent.
Among the sectoral indices, Realty, FMCG, metal, PSU bank, media, energy and auto are major gainers. Fin service, IT and service sector are major losers.
In the Sensex pack, Sun Pharma, ITC, M&M, Power Grid, HDFC Bank, Tata Steel, Nestle, Wipro, NTPC, Axis Bank and Tata Motors are the top gainers. Bajaj Finance, Bajaj Finserv, Infosys, Maruti Suzuki, ICICI Bank, Tech Mahindra, Maruti Suzuki, Titan and TCS are the top losers.
According to market analysts, “There are two distinct trends in the market now which can be observed in the secondary and primary markets. In the secondary market, recently, there has been a positive trend with high-quality stocks being accumulated and moving up. Bajaj Finance, ITC, Bajaj Auto and Maruti are examples of this healthy trend. At the same time, there is froth in segments of mid and small caps where valuations are hard to justify.”
“The other trend is the irrational moves in the SME IPO market where many SMEs of doubtful credentials are getting their IPOs oversubscribed many times and the stocks on listing are manipulated and driven to upper circuits for days,” they added.
Most Asian markets are trading in the red. The markets of Tokyo, Shanghai, Hong Kong, Seoul and Jakarta are bullish. At the same time, the Bangkok market is in the green. US markets were closed on Monday due to Labor Day.
by Editor | Sep 3, 2024 | Business, Economy, Technology
New Delhi: With disposable incomes rising amid the premiumisation trend, the sales of luxury smartphones have surged in India in recent quarters, industry experts said on Tuesday.
The smartphone shipments of Rs 1 lakh and above increased by 20 per cent (year-on-year) and 10 per cent (YoY) for Q1 2024 and Q2 2024, respectively, according to Counterpoint Research.
The shipments in the Rs 1 lakh and above segment accounted for just over 1 per cent of the market in the first half this year.
“This share is expected to increase slightly in the second half of the year with the arrival of Samsung Galaxy Foldables and the new Apple iPhone series,” Tarun Pathak, Director, Counterpoint Research, told IANS.
In 2021, luxury or super-premium smartphones saw 14 per cent growth (YoY) in the country. In 2022, this growth surged to 96 per cent and in 2023, it was 53 per cent.
Samsung led the super-premium smartphone market with 52 per cent share in 2023, followed by Apple at 46 per cent.
According to Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR), the premiumisation wave in Indian smartphone market continues to gain momentum.
“Consumers are increasingly prioritising smartphones devices that not only offer superior specifications and features, but also serve as lifestyle statements,” he told IANS.
According to him, the market insights point to uber-premium smartphones (Rs 1 lakh and above) enjoying a remarkable 80 per cent year-on-year growth in the country in the first half this year.
by Editor | Sep 2, 2024 | News, Politics
Guwahati: Assam Chief Minister Himanta Biswa Sarma on Monday said there is no restriction on selling or buying land by any individual in the state amid the ongoing controversy over putting a bar on land transfer.
Sarma told reporters here, “We have brought a bill to protect the iconic structures in the state which are 250 years old by making ‘heritage belt and block’. This a bid by the state government to protect the culture of Assam by giving protection to indigenous people. However, barring those places, there are no restrictions in selling or buying land in any place in Assam.”
He said, “Any person who has white money can buy land anywhere in Assam. There is absolutely no problem in that matter.”
The Assam Land and Revenue Regulation (Second Amendment) Bill, 2024 was passed in the state Assembly last week. This bill introduced Chapter 12 into the Assam Land and Revenue Regulation Act, 1886, allowing the government to designate a ‘Heritage Belt and Block’ around iconic structures over 250 years old.
The legislation restricted the selling or buying of land within a 5 km radius of these heritage sites other than the residents who have lived there for at least three generations.
CM Sarma said, “No outsider may buy land within five kilometres of iconic structures that are at least 250 years old. Persons are allowed to purchase and sell land in the protected area if they have lived there for three generations. The bill is secular and apolitical. A 250-year-old, renowned building could be a church, masjid, temple, or satra.”
by Editor | Sep 2, 2024 | Business, News, Politics
New Delhi: The country’s manufacturing activity eased to three-month low at 57.5 in the month of August, which is below July’s reading of 58.1 but above the long-run average of 54, the HSBC India survey showed on Monday.
The ‘India Manufacturing Purchasing Managers’ Index (PMI) compiled by S&P Global, stood at 57.5 in August, and the figure signalled a substantial improvement in operating conditions.
The index has been above the 50-mark separating growth from contraction since July 2021 which is the longest expansionary phase in the last 11 years.
According to the report, Indian manufacturers registered softer increases in new business and output during August, albeit with rates of expansion remaining elevated by historical standards. Business confidence retreated, but firms scaled up buying levels in a bid to safeguard against input shortages.
“The latest upturn in pre-production inventories was one of the strongest seen in 19-and-a-half years of data collection. One factor that supported the rise in purchasing activity was a moderation in cost pressures,” the report stated.
The rate of input price inflation softened to the slowest in five months.
by Editor | Sep 2, 2024 | Business, Economy, News
New Delhi: Oil marketing companies have increased the rate of 19 kg commercial LPG gas cylinders by Rs 39, effective from Sunday.
After the hike, the retail sales price of a 19 kg commercial LPG cylinder in Delhi is Rs 1,691.50.
Earlier on July 1, in a move to offer relief to businesses and commercial enterprises, oil marketing companies had announced a reduction in the prices of commercial LPG gas cylinders.
The price of the commercial LPG cylinder of 19 Kg was slashed by Rs 30. Consequently, the new retail sales price of a 19 kg commercial LPG cylinder in Delhi was Rs 1646.
On June 1st, the rate of 19 kg commercial LPG cylinders was reduced by Rs 69.50 in Delhi, bringing the retail sales price down to Rs 1676.
Prior to that, on May 1, 2024, there was a reduction of Rs 19 per cylinder
The frequent adjustments in LPG cylinder prices at the start of each month reflect the dynamic nature of the market.
Various factors, such as international oil prices, taxation policies, and supply-demand dynamics, play a significant role in these pricing decisions.
Although the exact reasons behind the recent price changes have not been disclosed, it is evident that the oil marketing companies are responsive to the broader economic conditions and markets.
