L&T Finance Holdings: Uniquely Placed
Among the largest value creators of the past few years have been non-banking finance companies (NBFCs). By focusing on the demand for retail finance, these companies are gaining market share rapidly mainly from public sector banks (PSBs) which are hobbled by bad business loans and, hence, lack the capital to pursue retail finance business. In that context, L&T Finance Holdings (L&TFH) is...
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  • General Electric dropped from Dow after over 100 years
    New York, General Electric (G.E.), the last original member of the Dow Jones Industrial Average, was dropped from the blue-chip index for the first time in 110 years and replaced by the Walgreens Boots Alliance drugstore chain.
     
    The Tuesday night decision was a fresh blow to General Electric, the iconic maker of light bulbs and jet engines, which has stumbled badly in recent years, reports The New York Times. 
     
    Last year, John L. Flannery, the company's new chief executive, warned that the power-generation unit was reeling. 
     
    G.E. cut its dividend for only the second time since the Great Depression. 
     
    In January, G.E. surprised investors by taking a big charge and setting aside $15 billion over seven years to pay for obligations held by GE Capital, the company's financial services unit, mainly on long-term care insurance policies.
     
    Over the last year, G.E.'s shares have fallen 55 per cent, compared with a 15 per cent gain for the Dow. 
     
    G.E., which closed on Tuesday at $12.95, has the lowest share price of any of the index's 30 components.
     
    S.&P. Dow Jones Indices - which owns the Dow - suggested that the slide in G.E.'s stock price contributed to the decision to remove the company from the index, where it had been a member continuously since November 7, 1907. 
     
    The Dow is a price-weighted index, which means higher priced stocks have a greater influence on its direction.
     
    "The low price of G.E. shares means the company has a weight in the index of less than one-half of one percentage point," The New York Times quoted David Blitzer, chairman of the index committee at S.&P. Dow Jones Indices, as saying. 
     
    "Walgreens Boots Alliance's share price is higher, and it will contribute more meaningfully to the index."
     
    The move also is freighted with economic symbolism, according to Blitzer. 
     
    With the inclusion of Walgreens Boots, the index "will be more representative of the consumer and health care sectors of the US economy", he added.
     
    Following G.E.'s departure from the index, the company with the longest presence in the Dow will be Exxon Mobil, whose corporate predecessor, Standard Oil of New Jersey, joined the Dow in 1928, according to S.&P. Dow Jones Indices.
     
    Alphabet, Amazon, Apple, Facebook and Microsoft are the five most valuable companies in the US today.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User

    Nifty, Sensex Continue to be Under Pressure – Tuesday closing report

    We had mentioned in Monday’s closing report that Nifty, Sensex were looking weak. The major indices of the Indian stock market suffered a correction on Tuesday and closed with losses over Monday’s close, as weak global markets suppressed the key Indian equity indices. Globally, key markets were weighed down by signs of a resurgent trade war after reports said that US President Donald Trump might consider imposing tariffs on additional $200 billion worth of Chinese goods. According to analysts, selling pressure was witnessed in auto, metal and banking stocks. On the NSE, there were 446 advances, 1,280 declines and 333 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

     

     
    US President Donald Trump has threatened to impose tariffs on an additional $200 billion worth of Chinese goods shipped to Washington unless Beijing agrees to a host of sweeping trade concessions, media reports said. In a statement on Monday, Trump said he had US Trade Representative Robert E. Lighthizer, to draw up a list of $200 billion in Chinese products that will be hit with tariffs of 10 per cent if China refuses his demands to narrow the yawning American trade deficit and change its industrial policies, reports The Washington Post. "The trade relationship between the US and China must be much more equitable. The US will no longer be taken advantage of on trade by China and other countries in the world," Trump said.  "Further action must be taken to encourage China to change its unfair practices, open its market to US goods, and accept a more balanced trade relationship with the US," he added. In a statement published shortly after Trump's announcement, China's Ministry of Commerce called the move "blackmail" and accused the US of "extreme pressure and extortionist behaviour". "If the US loses its senses and comes up with a new list, China will be forced to strike back hard and launch comprehensive measures that match the US move in quantity and quality," it said. The tariffs, which the US government says are punishment for intellectual property theft, will be enacted in two phases, reports CNN.
     
    A majority of government-owned banks and financial institutions continued to fund coal projects in India in 2017, an analysis of energy project lending said on Tuesday. It also reveals that comparatively, private financial companies are investing more in renewable energy projects compared to coal. The report 'Coal vs Renewables Finance Analysis' by the Delhi-based Centre for Financial Accountability (CFA) finds that coal received Rs60,767 crore ($9.35 billion) in lending whereas renewable energy received Rs22,913 crore ($3.50 billion). "It seems like the government and public financial institutions are living in a bubble devoid of market forces," CFA Executive Director Joe Athialy said in a statement. "The shift against coal and towards solar and wind is quite well established in the financial markets now and investing in coal has will expose public banks to further bad loans." The report identifies and reviews project finance lending to 72 energy projects, comprising of coal-fired power stations and renewable energy generation facilities in India that reached financial close in 2017.
     
    These projects attracted total lending of Rs83,680 crore ($12.85 billion). Of the top 10 lenders to coal power projects, eight were majority government-owned banks that collectively gave close to Rs30,337 crore ($4.5 billion) in new and re-financed lending towards 12 coal power projects. These were Rural Electrification Corporation, the State Bank of India, India Infrastructure Finance Company, Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank and Power Finance Corporation. 
     
    Nirav Modi, the prime accused in a Rs13,500 crore fraud at the Punjab National Bank (PNB), travelled multiple times to Britain, US, China, Cuba and France on a revoked Indian passport with additional booklets, despite his details shared on the "central database of Interpol internationally", according to inputs given by Britain to Indian agencies. PNB shares closed at Rs86.75, down 1.98% on the NSE.
    Truck owners and operators in different parts of the country launched an indefinite nationwide strike against high diesel prices, high toll rates and a sharp hike of third party insurance premium.
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
     
     
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