17

Market Sentiment Remains Bullish Despite Government Overshot The Fiscal Deficit Target And Announces Populist Measures

New Delhi: The BSE benchmark Sensex rallied over 500 points in afternoon trade, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim budget.

Overall, the market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase fiscal burden on the exchequer.

The 30-share Sensex was trading 506.21 points, or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 mark rallying 143.30 points, or 1.32 per cent, to 10,974.25.

4

Airtel Reports A 72 Per Cent Drop In Consolidated Net Income For The Three Months Ended December 2018

New Delhi: Telecom operator Bharti Airtel reported a 72 per cent drop in consolidated net income for the three months ended December 2018 at about Rs 86 crore, amid market turbulence triggered by cut-throat competition in India business.

Change in accounting structure with respect to Airtel Payments Bank brought an exceptional gain of Rs 1,017 crore for Bharti Airtel and bolstered the company’s financials.

“After accounting for gain of Rs 1,017 crore towards exceptional items (net of tax), the resultant net income for the quarter ended December 31, 2018 came in at Rs 86.2 crore,” Airtel said in a statement.

933

Kochhar Says, She Is Disappointed, Hurt And Shocked By ICICI Bank’s Decision To Treat Her Resignation As Termination

New Delhi:  Chanda Kochhar said she is “disappointed, hurt and shocked” by ICICI Bank’s decision evening to treat her resignation as a “termination for cause” after an independent probe indicted her.

Kochhar, the first woman CEO of a bank in the country, also said she served the ICICI group for 34 long years “with all my dedication and hard work” and the bank’s latest decision has caused her “immense hurt and pain”.

An independent enquiry conducted by retired Supreme Court judge BN Srikrishna has indicted Kochhar, who had led the bank for nearly a decade, for violating various regulations, following which the lender decided to stop all unpaid retirement benefits and also recover bonuses paid to her since 2009.

903

Flipkart Tells Government, It Faces Risk Of Customer Disruption If New Curbs For E-Commerce Is Not Delayed

New Delhi: Walmart Inc’s online retailer Flipkart has told the government the company faces the risk of “significant customer disruption” if the implementation of new curbs for e-commerce is not delayed by six months.

India’s new foreign investment restrictions will, from February 1, bar e-commerce companies from selling products from firms in which they have an equity interest and also ban them from reaching deals with sellers to only sell on one platform.

He also said the regulations could cause “significant customer disruption” if the deadline for compliance wasn’t extended. He asked for a six-month delay.

853

Jet Airways India Ltd Seeks Approval Of Its Shareholders To Convert Loans Into Equity

New Delhi: Jet Airways India Ltd. is seeking approval of its shareholders to convert loans into equity as the ailing carrier saddled with $1.1 billion of debt negotiates a rescue deal with its lenders and partner Etihad Airways PJSC.

India’s biggest full-service carrier has called an extraordinary general meeting on February 21 in Mumbai, during which it will also seek consent for lenders to appoint company directors and boost its capital, according to a filing Monday. The airline, 24 percent owned by Etihad, didn’t say whether the three sides have reached an agreement over the terms of the rescue.