The indices ended higher on Thursday after the market heavyweights such as Infosys gained over 2%. The S&P BSE Sensex gained over 500 points to 34634 levels before trimming gains. In broader markets, Nifty50 index hit an intra-day high of 10,637 levels.The indices ended higher on Thursday after the market heavyweights such as Infosys gained over 2%. The S&P BSE Sensex gained over 500 points to 34634 levels before trimming gains. In broader markets, Nifty50 index hit an intra-day high of 10,637 levels.
The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points.
Among other index stocks, Sun Pharma, Dr. Reddy's, State Bank of India, Axis Bank and HDFC gained between 1.5% to 6.1%. Shares of Cipla surged as much as 6.85% after the country’s fourth-largest drugmaker by revenue reported a 7% jump in quarterly profit on Wednesday.
The day's gains came even as Asian shares flirted with six-week lows. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed as U.S. bond yields crept up towards four-year highs. Among regional indices, Nikkei 225, Straits Times, KOSPI and Hang Seng moved up between 0.4% to 1.2%.
(with Reuters inputs)CATCH ALL THE LIVE UPDATES03:42 PMNifty top gainer: Nifty Pharma Index
03:38 PMMarkets Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,413.16 +330.45 +0.97 S&P BSE SENSEX 50 11,026.92 +108.24 +0.99 S&P BSE SENSEX Next 50 34,632.14 +596.51 +1.75 S&P BSE 100 10,958.39 +120.39 +1.11 S&P BSE Bharat 22 Index 3,712.43 +12.53 +0.34(Source: BSE)03:37 PMSectoral Trend
03:35 PMSensex heatmap
03:33 PMMarkets at close Benchmark indices rose more than 1 per cent on Thursday after seven consecutive sessions of declines, as market heavyweights such as Infosys recovered and as drug maker Cipla gained on solid earnings. The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points. 03:21 PMPharma shares in focus; Cipla, Sun Pharma surge over 5% Shares of pharmaceutical companies were in focus with the Nifty Pharma index gaining nearly 4% on back of strong rally in Cipla and Cadila Healthcare post their December quarter results. Among the pharma index, Cipla and Sun Pharmaceutical Industries have rallied more than 5% each, while Cadila Healthcare, Dr Reddy’s Laboratories and Divi’s Laboratories up in the range of 2% to 4% on the National Stock Exchange (NSE). READ MORE
03:13 PMEarnings impact
Balrampur Chini shares declined 3 per cent as profit in quarter ended December 2017 fell sharply by 65 per cent to Rs 61.4 crore from Rs 175.2 crore in year-ago, impacted by disappointing operational performance. Revenue from operations increased 6.9 per cent to Rs 1,001.9 crore in Q3FY18, compared to Rs 937 crore in same period last year.03:00 PMHeidelbergCement India surges 12% on strong Q3 results HeidelbergCement India surged 12% to Rs 168 on BSE in afternoon deals after the company reported net profit of Rs 318 million for the quarter ended December 2017 (Q3FY18), on back of higher sales. It had posted a net loss of Rs 36 million in the same quarter last fiscal. Net sales during the quarter rose 24.8% to Rs 4,839 million against Rs 3,878 million in the corresponding quarter of previous year. READ MORE02:46 PMMarket Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,399.70 +316.99 +0.93 S&P BSE SENSEX 50 11,017.53 +98.85 +0.91 S&P BSE SENSEX Next 50 34,523.25 +487.62 +1.43 S&P BSE 100 10,945.09 +107.09 +0.99 S&P BSE Bharat 22 Index 3,712.15 +12.25 +0.33(Source: BSE)02:29 PMPrestige, HDFC Capital to invest Rs 25 bn for affordable housing projects
Realty firm Prestige Estates Projects has partnered HDFC's arm HDFC Capital Advisors to set up Rs 25 billion (Rs 2,500 crore) fund to develop affordable and mid-income housing projects across the country. This platform would enable Prestige group to develop projects worth Rs 100 billion (Rs 10,000 crore). READ MORE02:13 PMSectoral Trend
02:09 PMHow you can smartly use the systematic exit route to avoid LTCG tax The finance minister has in the Finance Bill, 2018 proposed to tax certain long-term capital gains that have so far been exempt from tax. Currently, capital gains from transfer of equity shares in a company and a units of equity-oriented mutual fund schemes are exempt from tax, provided they have been held for more than one year prior to transfer. Equity shares should also have been subject to Security Transaction Tax (STT) in order to avail this exemption. In other words, long-term capital gains from the transfer of listed shares and units of an equity-oriented scheme are not subject to tax. CLICK HERE FOR FULL STORY01:40 PMHEG erases three-week loss in two days by surging 37% ahead of board meet HEG has surged an over 10% to Rs 3,045 on BSE in intra-day trade, extending its Wednesday’s 20% rally ahead of board meeting today to consider either the interim dividend or proposal for buy back of equity shares of the Company. The stock of the leading graphite electrode manufacturer has rallied 37% in past two trading sessions from Rs 2,215 on BSE. The BSE & NSE have revised the circuit filter of the stock from 5% to 20% with effect from Wednesday, February 7, 2018. HEG erased its entire 30% decline recorded during three weeks in past two days. The stock hit an all-time high of Rs 3,147 on January 16, 2018 in intra-day trade. READ MORE01:14 PMBank of England to send new rates message in last year before Brexit The Bank of England is expected to say on Thursday that another interest rate increase could be nearing as Britain's economy grows faster than expected ahead of its departure from the European Union in just over a year's time READ MORE HERE
01:00 PMMarket Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,539.46 +456.75 +1.34 S&P BSE SENSEX 50 11,061.15 +142.47 +1.30 S&P BSE SENSEX Next 50 34,580.13 +544.50 +1.60 S&P BSE 100 10,984.39 +146.39 +1.35 S&P BSE Bharat 22 Index 3,727.89 +27.99 +0.7612:41 PMBuying bitcoins? Cryptocurrencies are like ponzi schemes: World Bank chief The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin. “In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.” READ MORE12:23 PMNew Sebi norms to bar MFs from dumping investors with 'NAV management' fee The chief of a large fund house sits late afternoon every day and dutifully pours over the net asset values (NAVs) of his schemes. After scrutinising the returns for the day, he decides on the expense ratios that need to be charged and deducted for each category. The executive is not alone. In fact, many fund houses, especially those that handle significant institutional money, dabble in what some call "NAV management", which involves adjusting the expenses based on the returns made on the particular day. The Securities and Exchange Board of India's (Sebi's) diktat asking fund houses to disclose the total expense ratio (TER) of their schemes daily, however, may put an end to this practice. READ MORE12:06 PMMarket rout weighs on net asset values of most mutual fund schemes The top 10 holdings of equity MFs were not spared in the ongoing market carnage. Barring ITC, all other stocks with highest exposure have seen a drop in their stock prices between 4% and 9% this month. The top 10 stocks account for nearly a fifth of the total equity assets under management (AUM). The correction has weighed on the net asset values (NAVs) of most MF schemes. Mortgage firm HDFC has declined the most this month, followed by Reliance Industries. These two accounted for Rs 255 billion of equity MF AUM as of December 2017. Kotak Mahindra Bank and HDFC Bank, too, have seen their stock prices erode by nearly 7% each. In comparison, the Sensex is down 5.2% this month. ITC and Infosys are the only two stocks in the top 10 that have managed to outperform the market this month. READ MORE11:51 AMAshok Leyland, Shakti Pumps, Zydus Wellness, Jubilant Life hit 52-week high Ashok Leyland, Shakti Pumps, Zyndus Wellness, Excel Industries, FDC, Jubilant Life Sciences, Polaris Consulting & Services, Hinduja Global Solutions and Inox Leisure have hit their respective 52-week highs on BSE on Thursday. These stocks have trading higher by up to 19% today, extending their gain after reported a strong set of numbers for the quarter ended December 2017 (Q3FY18). READ MORE11:36 AMStock market correction: Investors should opt for large-cap and debt funds We were in the midst of a global bull market wherein some indices, such as the Dow Jones, gained nearly 1,000 points in about ten to fifteen days. Indian markets, too, saw the best rally one month prior to the budget presentation in over a decade with the indices gaining around 6% in January 2018. Clearly, global markets have been overbought as of January. The current correction seen in Indian equities is largely owing to the correction in global markets. That said, India remains a great structural story for the next 10 years. READ MORE11:22 AMMarket check
S&P BSE Sensex 34,536.69 Up 1.33% Nifty 50 10,591.40 Up 1.09% S&P BSE 200 4,627.30 Up 1.35% Nifty 500 9,318.75 Up 1.22% S&P BSE Mid-Cap 16,589.41 Up 1.46% S&P BSE Small-Cap 18,114.59 Up 2.16%11:17 AMBS Insurance Round Table 2018: Are IPOs the new game-changer for insurance industry? Watch Live
insurance11:13 AMFDC hits 52-week high as board approves buyback; strong Q3 results FDC hits a 52-week high of Rs 280, up 10% on BSE in early morning trade, extending its previous days 6% surge, after the company said that its board has approved the buyback proposal at a price of Rs 350 per equity share through tender offer. “The board approved the buyback of 3.43 million equity shares of the Company at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 1,200 million from the equity shareholders of the Company on a proportionate basis through the "Tender Offer" route,” FDC said in a regulatory filing. READ MORE10:54 AMSensex losers and gainers
10:42 AMBudget 2018 to aid growth, but with higher inflation, weaker fiscal balance With eight state elections in 2018 and the national election to follow by spring 2019, Finance Minister Arun Jaitley’s fifth Budget had to balance economic priorities against political imperatives. As a result (as Amartya Sen once commented on a paper decades ago), it has some good points and some not-so-good points. READ MORE10:33 AMGalaxy Surfactants gains 13% against issue price after quiet debut Galaxy Surfactants has moved higher to Rs 1,674, up 10% against its issue price of Rs 1,480 after making a quiet debut on the bourses. The stock opened 3% higher at Rs 1,520 on BSE and at Rs 1,525 on the National Stock Exchange (NSE). The Rs 9,370 million initial public offer (IPO) of speciality chemicals manufacturer Galaxy Surfactants received strong response and subscribed 20 times, the BSE data shows. READ MORE10:16 AMInsolvency rules tweaked to maximise bid value, period of restructuring cut The insolvency regulator has amended rules to prevent low bidding for stressed assets being restructured through the National Company Law Tribunal (NCLT). Through a notification, the Insolvency and Bankruptcy Board of India also virtually shortened the period for resolution professionals to present a resolution plan to NCLT from the present 270 days to 255 days. To prevent low bids, the regulator said two valuers will determine the liquidation value and the fair value of a company being restructured. Earlier, in one of the resolution cases, it was found that the valuation done by the valuer was incorrect. As a result, the resolution professional was changed and he appointed a new valuer. READ MORE10:01 AMCipla gains 7% on healthy operational performance in Q3 Cipla has surged 7% to Rs 608 on BSE in early morning trade after the company reported a healthy performance in December quarter (Q3FY18) with EBITDA (earnings before interest, tax, depreciation and amortization) margins improved 230 bps to 20.9% from 18.6% in year ago quarter and 19.7% in previous quarter. EBITDA margins have been improving continuously driven by cost optimization across all spend lines despite R&D getting stepped up to 7.6% of sales during the quarter, Cipla said in a press release. READ MORE09:45 AMGet ready for most cryptocurrencies to hit zero, says Goldman Sachs The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc’s global head of investment research. Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Goldman’s Steve Strongin said in a report dated February 5. While he didn’t posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn’t rational for a “few-winners-take-most” market. CLICK HERE FOR FULL STORY09:34 AMSebi permission for mutual funds, PMS in commodity derivatives soon The new managing director and chief executive officer of the National Commodity and Derivatives Exchange (NCDEX), Vijay Kumar, has assumed office at a time when the commodities market is set to enter a phase of heightened activity. Two weeks after his taking over, Finance Minister Arun Jaitley presented the Budget, in which he stressed the importance of commodity futures and options and developing an institutional mechanism for farmers to benefit from them and warehousing. READ MORE
The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points.
Among other index stocks, Sun Pharma, Dr. Reddy's, State Bank of India, Axis Bank and HDFC gained between 1.5% to 6.1%. Shares of Cipla surged as much as 6.85% after the country’s fourth-largest drugmaker by revenue reported a 7% jump in quarterly profit on Wednesday.
The day's gains came even as Asian shares flirted with six-week lows. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed as U.S. bond yields crept up towards four-year highs. Among regional indices, Nikkei 225, Straits Times, KOSPI and Hang Seng moved up between 0.4% to 1.2%.
(with Reuters inputs)CATCH ALL THE LIVE UPDATES03:42 PMNifty top gainer: Nifty Pharma Index
03:38 PMMarkets Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,413.16 +330.45 +0.97 S&P BSE SENSEX 50 11,026.92 +108.24 +0.99 S&P BSE SENSEX Next 50 34,632.14 +596.51 +1.75 S&P BSE 100 10,958.39 +120.39 +1.11 S&P BSE Bharat 22 Index 3,712.43 +12.53 +0.34(Source: BSE)03:37 PMSectoral Trend
03:35 PMSensex heatmap
03:33 PMMarkets at close Benchmark indices rose more than 1 per cent on Thursday after seven consecutive sessions of declines, as market heavyweights such as Infosys recovered and as drug maker Cipla gained on solid earnings. The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points. 03:21 PMPharma shares in focus; Cipla, Sun Pharma surge over 5% Shares of pharmaceutical companies were in focus with the Nifty Pharma index gaining nearly 4% on back of strong rally in Cipla and Cadila Healthcare post their December quarter results. Among the pharma index, Cipla and Sun Pharmaceutical Industries have rallied more than 5% each, while Cadila Healthcare, Dr Reddy’s Laboratories and Divi’s Laboratories up in the range of 2% to 4% on the National Stock Exchange (NSE). READ MORE
03:13 PMEarnings impact
Balrampur Chini shares declined 3 per cent as profit in quarter ended December 2017 fell sharply by 65 per cent to Rs 61.4 crore from Rs 175.2 crore in year-ago, impacted by disappointing operational performance. Revenue from operations increased 6.9 per cent to Rs 1,001.9 crore in Q3FY18, compared to Rs 937 crore in same period last year.03:00 PMHeidelbergCement India surges 12% on strong Q3 results HeidelbergCement India surged 12% to Rs 168 on BSE in afternoon deals after the company reported net profit of Rs 318 million for the quarter ended December 2017 (Q3FY18), on back of higher sales. It had posted a net loss of Rs 36 million in the same quarter last fiscal. Net sales during the quarter rose 24.8% to Rs 4,839 million against Rs 3,878 million in the corresponding quarter of previous year. READ MORE02:46 PMMarket Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,399.70 +316.99 +0.93 S&P BSE SENSEX 50 11,017.53 +98.85 +0.91 S&P BSE SENSEX Next 50 34,523.25 +487.62 +1.43 S&P BSE 100 10,945.09 +107.09 +0.99 S&P BSE Bharat 22 Index 3,712.15 +12.25 +0.33(Source: BSE)02:29 PMPrestige, HDFC Capital to invest Rs 25 bn for affordable housing projects
Realty firm Prestige Estates Projects has partnered HDFC's arm HDFC Capital Advisors to set up Rs 25 billion (Rs 2,500 crore) fund to develop affordable and mid-income housing projects across the country. This platform would enable Prestige group to develop projects worth Rs 100 billion (Rs 10,000 crore). READ MORE02:13 PMSectoral Trend
02:09 PMHow you can smartly use the systematic exit route to avoid LTCG tax The finance minister has in the Finance Bill, 2018 proposed to tax certain long-term capital gains that have so far been exempt from tax. Currently, capital gains from transfer of equity shares in a company and a units of equity-oriented mutual fund schemes are exempt from tax, provided they have been held for more than one year prior to transfer. Equity shares should also have been subject to Security Transaction Tax (STT) in order to avail this exemption. In other words, long-term capital gains from the transfer of listed shares and units of an equity-oriented scheme are not subject to tax. CLICK HERE FOR FULL STORY01:40 PMHEG erases three-week loss in two days by surging 37% ahead of board meet HEG has surged an over 10% to Rs 3,045 on BSE in intra-day trade, extending its Wednesday’s 20% rally ahead of board meeting today to consider either the interim dividend or proposal for buy back of equity shares of the Company. The stock of the leading graphite electrode manufacturer has rallied 37% in past two trading sessions from Rs 2,215 on BSE. The BSE & NSE have revised the circuit filter of the stock from 5% to 20% with effect from Wednesday, February 7, 2018. HEG erased its entire 30% decline recorded during three weeks in past two days. The stock hit an all-time high of Rs 3,147 on January 16, 2018 in intra-day trade. READ MORE01:14 PMBank of England to send new rates message in last year before Brexit The Bank of England is expected to say on Thursday that another interest rate increase could be nearing as Britain's economy grows faster than expected ahead of its departure from the European Union in just over a year's time READ MORE HERE
01:00 PMMarket Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,539.46 +456.75 +1.34 S&P BSE SENSEX 50 11,061.15 +142.47 +1.30 S&P BSE SENSEX Next 50 34,580.13 +544.50 +1.60 S&P BSE 100 10,984.39 +146.39 +1.35 S&P BSE Bharat 22 Index 3,727.89 +27.99 +0.7612:41 PMBuying bitcoins? Cryptocurrencies are like ponzi schemes: World Bank chief The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin. “In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.” READ MORE12:23 PMNew Sebi norms to bar MFs from dumping investors with 'NAV management' fee The chief of a large fund house sits late afternoon every day and dutifully pours over the net asset values (NAVs) of his schemes. After scrutinising the returns for the day, he decides on the expense ratios that need to be charged and deducted for each category. The executive is not alone. In fact, many fund houses, especially those that handle significant institutional money, dabble in what some call "NAV management", which involves adjusting the expenses based on the returns made on the particular day. The Securities and Exchange Board of India's (Sebi's) diktat asking fund houses to disclose the total expense ratio (TER) of their schemes daily, however, may put an end to this practice. READ MORE12:06 PMMarket rout weighs on net asset values of most mutual fund schemes The top 10 holdings of equity MFs were not spared in the ongoing market carnage. Barring ITC, all other stocks with highest exposure have seen a drop in their stock prices between 4% and 9% this month. The top 10 stocks account for nearly a fifth of the total equity assets under management (AUM). The correction has weighed on the net asset values (NAVs) of most MF schemes. Mortgage firm HDFC has declined the most this month, followed by Reliance Industries. These two accounted for Rs 255 billion of equity MF AUM as of December 2017. Kotak Mahindra Bank and HDFC Bank, too, have seen their stock prices erode by nearly 7% each. In comparison, the Sensex is down 5.2% this month. ITC and Infosys are the only two stocks in the top 10 that have managed to outperform the market this month. READ MORE11:51 AMAshok Leyland, Shakti Pumps, Zydus Wellness, Jubilant Life hit 52-week high Ashok Leyland, Shakti Pumps, Zyndus Wellness, Excel Industries, FDC, Jubilant Life Sciences, Polaris Consulting & Services, Hinduja Global Solutions and Inox Leisure have hit their respective 52-week highs on BSE on Thursday. These stocks have trading higher by up to 19% today, extending their gain after reported a strong set of numbers for the quarter ended December 2017 (Q3FY18). READ MORE11:36 AMStock market correction: Investors should opt for large-cap and debt funds We were in the midst of a global bull market wherein some indices, such as the Dow Jones, gained nearly 1,000 points in about ten to fifteen days. Indian markets, too, saw the best rally one month prior to the budget presentation in over a decade with the indices gaining around 6% in January 2018. Clearly, global markets have been overbought as of January. The current correction seen in Indian equities is largely owing to the correction in global markets. That said, India remains a great structural story for the next 10 years. READ MORE11:22 AMMarket check
S&P BSE Sensex 34,536.69 Up 1.33% Nifty 50 10,591.40 Up 1.09% S&P BSE 200 4,627.30 Up 1.35% Nifty 500 9,318.75 Up 1.22% S&P BSE Mid-Cap 16,589.41 Up 1.46% S&P BSE Small-Cap 18,114.59 Up 2.16%11:17 AMBS Insurance Round Table 2018: Are IPOs the new game-changer for insurance industry? Watch Live
insurance11:13 AMFDC hits 52-week high as board approves buyback; strong Q3 results FDC hits a 52-week high of Rs 280, up 10% on BSE in early morning trade, extending its previous days 6% surge, after the company said that its board has approved the buyback proposal at a price of Rs 350 per equity share through tender offer. “The board approved the buyback of 3.43 million equity shares of the Company at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 1,200 million from the equity shareholders of the Company on a proportionate basis through the "Tender Offer" route,” FDC said in a regulatory filing. READ MORE10:54 AMSensex losers and gainers
10:42 AMBudget 2018 to aid growth, but with higher inflation, weaker fiscal balance With eight state elections in 2018 and the national election to follow by spring 2019, Finance Minister Arun Jaitley’s fifth Budget had to balance economic priorities against political imperatives. As a result (as Amartya Sen once commented on a paper decades ago), it has some good points and some not-so-good points. READ MORE10:33 AMGalaxy Surfactants gains 13% against issue price after quiet debut Galaxy Surfactants has moved higher to Rs 1,674, up 10% against its issue price of Rs 1,480 after making a quiet debut on the bourses. The stock opened 3% higher at Rs 1,520 on BSE and at Rs 1,525 on the National Stock Exchange (NSE). The Rs 9,370 million initial public offer (IPO) of speciality chemicals manufacturer Galaxy Surfactants received strong response and subscribed 20 times, the BSE data shows. READ MORE10:16 AMInsolvency rules tweaked to maximise bid value, period of restructuring cut The insolvency regulator has amended rules to prevent low bidding for stressed assets being restructured through the National Company Law Tribunal (NCLT). Through a notification, the Insolvency and Bankruptcy Board of India also virtually shortened the period for resolution professionals to present a resolution plan to NCLT from the present 270 days to 255 days. To prevent low bids, the regulator said two valuers will determine the liquidation value and the fair value of a company being restructured. Earlier, in one of the resolution cases, it was found that the valuation done by the valuer was incorrect. As a result, the resolution professional was changed and he appointed a new valuer. READ MORE10:01 AMCipla gains 7% on healthy operational performance in Q3 Cipla has surged 7% to Rs 608 on BSE in early morning trade after the company reported a healthy performance in December quarter (Q3FY18) with EBITDA (earnings before interest, tax, depreciation and amortization) margins improved 230 bps to 20.9% from 18.6% in year ago quarter and 19.7% in previous quarter. EBITDA margins have been improving continuously driven by cost optimization across all spend lines despite R&D getting stepped up to 7.6% of sales during the quarter, Cipla said in a press release. READ MORE09:45 AMGet ready for most cryptocurrencies to hit zero, says Goldman Sachs The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc’s global head of investment research. Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Goldman’s Steve Strongin said in a report dated February 5. While he didn’t posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn’t rational for a “few-winners-take-most” market. CLICK HERE FOR FULL STORY09:34 AMSebi permission for mutual funds, PMS in commodity derivatives soon The new managing director and chief executive officer of the National Commodity and Derivatives Exchange (NCDEX), Vijay Kumar, has assumed office at a time when the commodities market is set to enter a phase of heightened activity. Two weeks after his taking over, Finance Minister Arun Jaitley presented the Budget, in which he stressed the importance of commodity futures and options and developing an institutional mechanism for farmers to benefit from them and warehousing. READ MORE
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