SENSEX DROPS OVER 150 POINTS ON HEAVY SELLOFF IN AUTO STOCKS
MUMBAI: Indian equities extended their fall for yet another session on Monday, with the BSE Sensex falling over 150 points and the NSE Nifty slipping below the 10,900 mark, as selling pressure continued in the market despite a rebound in global stocks. Brokers said auto sector stocks were the centre of nervous selling, triggered by dismal quarterly earnings posted by leading auto makers. The 30-share barometer after shuttling between 36,588.41 and 36,300.48 points, ended at 36,395.03, down 151.45 points, or 0.41%. The gauge had lost nearly 429 points in the previous two sessions. The 50-scrip NSE Nifty finished 49.80 points, or 0.50%, down at 10,888.80, after touching a low of 10,857.10 and a high of 10,930.90 during the session. “Selling pressure continued in the market despite a rebound in global market as investors turned risk averse due to upcoming election,” said Vinod Nair, head of research, Geojit Financial Services.
MTNL seeks claims of up to ₹500 crore from DOT
NEW DELHI: Cash-strapped Mahanagar Telephone Nigam Ltd (MTNL) has approached the telecom department seeking claims of about ₹500 crore, under multiple heads, including rendering of communications services and reimbursement of employees-related payments made, according to a person familiar with the matter. A source in department of telecom (DOT) said that the claims are spread over the last many years and that the request is currently under examination. “MTNL has raised claims dating back to the year 2000-01 onwards. In all, it has sought about ₹500 crore on various grounds,” the official with knowledge of the matter said.
Facebook says expanding fact-checking before polls
MUMBAI : Facebook Inc is expanding its fact-checking network in India to curb the spread of misinformation as the world’s largest democracy prepares for a general election that must be held by May, the Us.-based social media giant said on Monday. “We are committed to fighting the spread of false news on Facebook, especially ahead of the 2019 general election campaign season,” Manish Khanduri, Facebook India’s news partnership head, said in the statement. Five new partners, including a local media house, have been added to Facebook’s fact-checker network, taking the total number to seven, the statement said. And the programme has been broadened to cover services in more Indian languages, so that it will now cover English and five local languages, the statement added.
Max Financial Q3 profit soars 41% to ₹140 crore
NEW DELHI: Max Financial Services on Monday reported a rise of 41% in stand-alone net profit at ₹139.89 crore for the third quarter ended December 31, 2018. The company’s net profit stood at ₹99.45 crore in the year-ago quarter. During September quarter 2018-19, the company reported a net loss of ₹56.33 crore. Total income during the latest quarter rose to ₹176.57 crore as against ₹131.43 crore in the same period of the preceding fiscal, the company said in a regulatory filing. Consolidated figures were not given by the company. Stock of the company closed 4.38% down at ₹378.40 on the BSE on Monday.
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