SENSEX, NIFTY MAINTAIN RECORD RUN AS RIL, HUL SHARES REBOUND

MUMBAI : Market benchmark BSE Sensex rebounded from early lows to close at a new life-time high of 37,606.58 on late buying in Reliance Industries, HUL, Infosys and Hero Motocorp, extending its record run for the seventh day in a row. The broad-based NSE Nifty too closed at fresh record high of 11,356.50, up by 36.95 points or 0.33%. The 50-share index extended its record breaking run for the fourth day. A recovery in rupee, unabated buying by domestic institutional investors (DIIS) and encouraging earnings by blue-chips contributed to the uptrend, brokers said.

RIL reclaims most valued firm status, replaces TCS

NEW DELHI: Reliance Industries Ltd (RIL) on Tuesday regained its status as the country’s most valued firm by market capitalisation (m-cap), replacing Tata Group’s TCS from the top slot. During afternoon trade on BSE, the market valuation of RIL stood at ₹7,47,676.35 crore, which is ₹8,378.48 crore more than that of TCS’S ₹7,39,297.87 crore m-cap. Shares of RIL surged 2.75% to ₹1,181.35—its lifetime high on BSE on Tuesday. On the other hand, shares of TCS fell by 0.79% to ₹1,929.55. TCS had first replaced RIL as the most valued firm more than five years ago. So far this year, RIL shares have surged over 28 per cent, while those of TCS slumped 28.5%.

Bank of India Q1 profit up 8% at ₹95 crore

NEW DELHI: Bank of India has reported over 8% rise in net profit to ₹95.11 crore in the first quarter ended June 30, 2018-19. The bank had registered net profit of ₹87.71 crore in the April-june period of 2017-18. The lender returned to black after registering a massive loss of ₹3,969.27 crore in the preceding and the concluding quarter of 2017-18. Bank of India said in a regulatory filing that overall, there was a net loss of ₹6,043.71 crore last fiscal due to higher bad loans which required increased provisioning. Its total income for the first quarter of 2018-19 fell however to ₹10,842.96 crore, down 2.4%, from ₹11,106.61 crore in the year ago period mainly due to a decline in income from ‘other sources’ and lower interest from balances with RBI and other inter bank funds.

Core sector growth jumps to 7month high of 6.7%

NEW DELHI: Growth of eight core sectors expanded to 7-month high of 6.7% in June due to better performance by cement, refinery and coal segments, as per official data released on Tuesday. The eight sectors, which also include fertilisers, steel, natural gas, electricity and crude oil, had expanded by 1% in June last year. The previous high rate of growth was recorded in November 2017 at 6.9%. The growth rate in May was 4.3%. As per the data released by the commerce and industry ministry, the expansion in cement, refinery products and coal was 13.2%, 12% and 11.5% respectively, year-on-year basis.

Sony profit tops estimates on Playstation, Spotify

NEW DELHI: Shares of IT services firm Tech Mahindra on Tuesday surged 4% after the company reported 12.4% rise in consolidated net profit for the first quarter ended June 2018. The company’s scrip gained 3.93% to close at ₹680.30 on the BSE. Intra-day, it jumped 4.52% to ₹684.20. On the NSE, shares of the firm rose by 3.74% to end at ₹680. COMPILED FROM AGENCIES