SENSEX SURGES 391 POINTS, NIFTY HITS NEW HIGH OF 11,360.80
MUMBAI: Benchmark Sensex rebounded by 391 points to close at 37,556.16 on Friday, while the NSE Nifty finished at a fresh lifetime high as investors accumulated the recently-battered banking, auto and realty counters. The 30-share Sensex stayed in the green throughout the session and hit the day’s high of 37,582.27 on a flurry of buying. It finally ended at 37,556.16, up 391 points, or 1.05%. This is its biggest single-session gain since May 31, when it had surged 416.27 points. The gauge had lost 441.42 points in the previous two sessions after the RBI hiked the policy rate, making loans costlier for consumers, amid an escalation in the Sino-us trade conflict. The NSE Nifty spurted 116.10 points, or 1.03%, to end at a new record of 11,360.80. It surpassed its previous closing high of 11,356.50 hit on July 31.
Nestle India Q2 net profit jumps 50% to ₹395 crore
NEW DELHI : FMCG major Nestle India today reported 49.95% jump in net profit at ₹395.03 crore for the second quarter ended June
30, helped by lower expenses. The company, which follows Januarydecember financial year, had posted a net profit of ₹263.43 crore for the April-june quarter of 2017-18. Total income during the quarter stood at ₹2,758.63 crore. It was ₹2,525.96 crore in April-june, 2017-18, Nestle said in a BSE filing. The company said financial results for the reported quarter are not comparable as sales for the June quarter 2017 were reported gross of Excise Duty and net of Value Added Tax (VAT)/ Sales Tax. Excise duty was reported as a separate expense line item.
China announces tariffs on $60 bn worth of US goods
BEIJING/WASHINGTON: China on Friday announced retaliatory tariffs on $60 billion worth of US goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signalling that it won’t back down in a protracted trade war with Washington. China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25%. Timing will depend on the actions of the US, the Chinese commerce ministry said. The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25% tariff on $200 billion worth of Chinese imports. China immediately vowed to retaliate though at the same time urged the US to act rationally and return to talks.
BOM Q1 loss nearly trebles to ₹1,119 cr as NPAS spike
NEW DELHI: Bank of Maharashtra’s (Bom’s) June quarter net loss nearly trebled to ₹1,119 crore as bad loans spiked, resulting into higher provisioning coverage. The bank had reported a net loss of ₹412.20 crore in the April-june period of 2017-18. Total income during the reported quarter fell to ₹2,987.10 crore as against ₹3,209.84 crore in the year-ago period, the bank said in a BSE filing. The interest income was down 4% to ₹2,640.55 crore from ₹2,744.89 crore in the year-ago period. The bank’s gross non-performing assets (NPAS) worsened to 21.18% of the gross advances by June-end 2018 against 18.59% by June last year. In value terms, gross bad loans or NPAS were at ₹17,800.30 crore by the end of the quarter as compared to ₹18,049.23 crore by June 2017.
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