Stocks
Nifty, Sensex to head higher – Friday closing report
Strong stimulus by Japan today has fuelled a global rise in stocks, which should continue
 
We had mentioned in Thursday's closing report that the indices may try to push further higher. Today the benchmark opened higher and then continued moving higher for the entire session today.
 
Sensex opened at 27,439 while Nifty opened at 8,201. Hitting the intra-day low at almost the same level, the benchmark began its onward journey. At the close of the session the benchmarks hit their intra-day high at 27,894 and 8,331. Sensex closed at 27,866 (up 520 points or 1.90%), while Nifty closed at 8,322 (up 153 points or 1.87%). NSE recorded a volume of 107.74 crore shares. India VIX rose 0.22% to close at 13.2950.
 
The Finance Minister pointed out among other things that the senior officers of the Central Board of Direct Taxes (CBDT) should not lose sight of domestic black money keeping in view of its much higher magnitude, while speaking at a Review Meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners and Directors General of Income Tax in order to assess and analyse the achievements of the Budget Targets for Revenue Collections for the Financial Year 2014-15. He asked the senior officers of the income tax department to make their best efforts to chase those sectors where the domestic black money is most prevalent. He said that the recovery of black money and taxes due thereon will also help the department in achieving its tax collection targets.
 
Favourable steps taken by the government for property development and the construction sector helped the market move higher.
 
Fiscal deficit touched 82.6% of the budget estimates for 2014-15 to cross Rs 4.38 lakh crore at the end of September. During the same period of the 2013-14 fiscal, the deficit was at 76% of the budget estimates.
 
Hindustan Construction (11.64%) was among the top two gainers in ‘A’ group on the BSE. The company could stand to gain on the exchange in spite of posting poor net profit performance in its September 2014 quarter over the year ago period.
 
Titan (6.39%) was the top loser in ‘A’ group on the BSE. The stock hit its 52-week low on Thursday. It posted a net profit of Rs 239.98 crore for the September 2014 quarter as compared to Rs 186.65 crore in the September 2013 quarter. Revenue increased from Rs 2,328.97 crore to Rs 3,593.07 crore for the relevant period.
 
GAIL (3.83%) was among the top two gainers in the Sensex 30 pack. The stock hit its 52-week high today. It posted a net profit of Rs 1,302.90 crore for September 2014 quarter as compared to Rs 915.67 crore for September 2013 quarter. Revenue has increased from Rs 14,002.45 crore to Rs 14,129.72 crore for the relevant period.
 
Bharti Airtel (2.26%) was the lone loser in the Sensex 30 stock. The company has posted good net profit performance in its September 2014 quarter over the year ago period.
 
US indices closed in the positive on Thursday.
 
Among economic data in US, US GDP rose an annualized 3.5% in the three months ended September, after a 4.6% gain in the second quarter, a Commerce Department report showed yesterday. Separate data yesterday showed fewer Americans filed applications for unemployment benefits over the past month than at any time in more than 14 years.
 
All the Asian indices closed in the green. Nikkei 225 (4.83%) was the top gainer.
Bank of Japan (BOJ), after a monetary policy review today, unexpectedly boosted its unprecedented monetary easing.
 

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Devendra Fadnavis sworn in as the first BJP CM of Maharashtra

Governor Vidyasagar Rao administered the oath to Devendra Fadnavis in the presence of PM Modi, Amit Shah, L K Advani and senior leaders of the BJP and Congress Party in Maharashtra.

 

Devendra Fadnavis was officially sworn in as the Chief Minister of Maharashtra, at the Wankhede Stadium today. In a grand ceremony designed and executed by Nitin Desai, Fadnavis became the first BJP leader to become the CM of Maharashtra.

 

The elaborate ceremony included entertainment as the guests walked in, stories of leaders such as Shivaji and other Maratha warriors told by Marathi Baana performers.

 

Uddhav Thackeray was present on stage as Fadnavis took oath; Thackeray agreed to attend the ceremony only at the last minute, at the personal invitation of Amit Shah and Fadnavis.

 

Of the over 5,000 VIPs in attendance, there were statutory dignitaries, MLAs, MLCs, MPs, Consul Generals etc. A separate section housed Bollywood celebrities, sports stars and businessmen.

 

The BJP also had 25 lotuses in fishing boats off Marine Drive. The concept was based on former PM Atal Behari Vajpayee’s 1980 poem, in which he said that, he would like to see the lotus blooming in the field of politics one day.

 

Other than the CM, 7 other Cabinet Ministers and 2 Ministers of State were also sworn in. Following the swearing-in of the ministers, the new CM took a victory lap of the stadium along with his senior ministers.

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Axis Bank partners with NHAI for e-Toll project

A dedicated ‘FasTag Lane’ at all toll plazas across national highways in the country will be enabled to accept cashless toll payment through RFID tags on the windshield of vehicles, said Axis Bank in a press release after the  inauguration of the facility

 

Axis Bank, India’s third largest private sector Bank, has partnered with IHMCL (Indian Highways Management Company Limited), a subsidiary of NHAI (National Highways Authority of India) to launch Electronic Toll Collection (ETC) facility. A dedicated ‘FasTag Lane’ at all toll plazas across national highways in the country will be enabled to accept cashless toll payment through RFID tags on the windshield of vehicles, said Axis Bank in a press release after the inauguration of the facility.

 

Toll plaza operators will also stand to benefit as they would not be required to handle cash and will have less stress of handling peak hour traffic congestions. Axis Bank’s interoperable clearing system will allow users to use the same FasTag at all 350 toll plazas on national highways.

 

Users can buy and recharge FasTags online or at Axis Bank’s network. Users will also be receiving value added services and a dedicated 24x7 call centre to make road journeys convenient.

 

Users, with FasTag will now be able to cruise through the toll plazas without the hassle of stopping and paying cash. It will improve the average time of travel and will make the journey smoother.

 

V Srinivasan, Executive Director – Corporate Banking, Axis Bank said, “National highways in the country have seen substantial improvement in terms of the quality of roads and the overall road network. With the objective of providing an efficient and speedy customer experience, highway users will now be able to drive through the toll plazas without the hassle of stopping for paying cash using the FasTag. FasTag uses state of the art technology to identify, collect and manage toll collections at plazas through the country. We believe that Axis Bank's partnership with IHMCL in offering this facility will help redefine process of toll collections in the country and make the collection infrastructure at par with the best in the world.”

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COMMENTS

malavsheth

3 years ago

this is an very good move.I am been using the ETC from ICIC Bank at valid from Ahmedabad to mumbai. Technologically it is a superb tool , but we as commuters need a strong support from NHAI staff and the toll booth staff.As of now any vehicle can enter this lane and the whole objective of speed cruising comes down to zero.Only experience which we feel is that i need not to give cash and wait for exchange. Staffs need to stand in front of the lane to stop untagged vehicles entering the tag lane. This is my humble request to NHAI to take care of this. Malav Sheth, Mobile : 9825875099

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