SENSEX GAINS 196 PTS, NIFTY ABOVE 11,000 ON CRUDE BREATHER
MUMBAI: Benchmark BSE Sensex on Tuesday rebounded by over 196 points to close at 36,519.96 while NSE Nifty settled above the 11,000 level as oil, metal and PSU stocks rallied after a sharp drop in global crude oil prices. Sentiment got a boost after global crude oil prices dropped by over 4% on Monday owing to oversupply fears, helping the rupee to strengthen against the dollar, brokers said. After a positive opening, the 30-share Sensex advanced to a high of 36,549.55, but profit booking in heavyweight HUL, ITC and Infosys trimmed its gains. The barometer touched a low of 36,261.78 before settling at 36,519.96, a gain of 196.19 points, or 0.54%. T
Ashok Leyland Q1 profit jumps to ₹370.1 crore
NEW DELHI: Hinduja flagship firm Ashok Leyland on Tuesday reported over three-fold jump in standalone net profit at ₹370.1 crore in the first quarter ended June 30, riding on robust sales. The company had posted standalone net profit of ₹111.23 crore in the same quarter last fiscal, Ashok Leyland said in a BSE filing. The company said revenue from operations during the period under review was at ₹6,250.12 crore. It was at ₹4,534.46 crore in the same quarter last fiscal. The two figures are not comparable as after GST implementation on July 1, 2017, revenue from operation is shown as net of GST.
Hyundai to hike prices of Grand i10 from August
NEW DELHI: Hyundai Motor India (HMIL) on Tuesday said it will increase the price of its hatchback Grand i10 by up to 3% from August. The company, which has not changed prices of its other models, said the price hike is due to increase in input and material costs. “The revised prices will be implemented from August 2018,” HMIL said in a statement. Currently, the Grand i10 is priced between ₹4.74 lakh and ₹7.51 lakh (ex-showroom Delhi).
Trade barriers threaten wages, growth: Powell
WASHINGTON: Federal Reserve chairman Jerome Powell said protectionism can hurt economic growth and potentially undermine wages, just as the US ratchets up trade tensions with commercial rivals as well as longstanding allies. Testifying Tuesday before the Senate Banking Committee, Powell was responding to lawmaker questions about the economic impact of President Donald Trump’s tariffs. “In general, countries that have remained open to trade, that haven’t erected barriers including tariffs, have grown faster. They’ve had higher incomes, higher productivity,” he said. “
Warren Buffett donates $3.4 billion to charities
NEW YORK: Warren Buffett contributed $3.4 billion to five charities as the investor continues making good on a pledge to give away all of his Berkshire Hathaway Inc. shares. Buffett, 87, has donated a total of about $31 billion to the foundations, according to a statement from Berkshire, where he is chief executive officer and chairman. The latest gift, comprised of about 17.7 million Class B shares, went to charities including the Bill and Melinda Gates Foundation, one named after his first wife who died in 2004, and each of his children’s foundations.
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