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By DK AggarwalMaster The International Monetary Fund (IMF) recently downgraded growth projection for the world economy on trade war fears and as Brexit uncertainty weighed in on Europe. It has downgraded global growth by 0.2 per cent for this year. Now, the global economy is set to expand 3.7 per cent in 2018.

Undoubtedly, the ongoing Brexit

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Godrej Consumer Products Q2 net up 60% at Rs 578 crore
Mumbai: Homegrown FMCG major Godrej Consumer Products (GCPL) Friday reported a 59.61 per cent year-on-year jump in consolidated net profit at Rs 577.73 crore in the second quarter ended September.

The company had posted a profit of Rs 361.95 crore in the corresponding period last fiscal, it said in a statement.

Consolidated total revenue from

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Airlines may post sharpest loss in a decade: Crisil
Mumbai: Indian airlines may post a decade-highest combined loss before interest and tax of Rs 9,300 crore in the ongoing financial year, according to estimates from ratings agency Crisil. “Higher fuel costs and currency losses are expected to push airlines deep into the red this fiscal, reversing a three-year joyride.

At an estimated Rs 9,300

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Wall Street snaps three-day rally as Apple falls, trade optimism fades
NEW YORK: U.S. stocks snapped a three-day rally on Friday as Apple shares dropped following a disappointing forecast and the White House dampened optimism over U.S.-China trade talks.

Apple Inc tumbled 6.6 percent, sending its market value below $1 trillion at the close, a day after the iPhone maker warned that sales for the crucial holiday

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SBI to raise Rs 4,116 crore via Basel III bonds
New Delhi: The country's largest lender SBI will raise Rs 4,116 crore by issuing Basel III compliant bonds to add up to its tier 2 capital, the bank said Friday.

The committee of the directors for capital raising has accorded approval to allot Basel III compliant debt instruments qualifying as tier 2 capital of the bank, SBI said in a regulatory

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NEW DELHI: Domestic equity indices ended almost flat on Thursday as gains in bank, metal and auto stocks were offset by losses in select IT, technology, pharma and FMCG heavyweights.

Profit-booking at higher levels kept the equity benchmarks choppy throughout the day, causing them to end flat with a negative bias.

Positive global cues and

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PNB posts Q2 loss of Rs 4,532 crore as provisions rise
Scam-hit Punjab National Bank posted a ₹4,532 crore loss for the quarter to September due to a sharp increase in provisioning. The Delhi-based lender had reported a profit of ₹560 crore in the year-ago quarter.

Bank’s share closed 7% down at ₹69.05 on the Bombay Stock Exchange (BSE) on Friday, a day when the banking sector barometer, the Bankex,

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Hindalco Q2 profit drops 21% to Rs 309 crore
New Delhi: Aditya Birla Group company Hindalco Industries Friday posted 21.4 per cent decline in standalone profit to Rs 308.6 crore for the quarter ended September 2018.

The company had posted a profit of Rs 392.8 crore in the year-ago period, Hindalco Industries said in a filing to the BSE.

However, total income during the quarter increased to

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Market turns choppy, but closes on a flat note
The market surrendered its early gains in a choppy session on Thursday as it ended flat.

The BSE Sensex closed at 34,431.97, down 10.08 points, or 0.03 per cent. The NSE Nifty shut shop at 10,380.45, down 6.15 points, or 0.06 per cent.

Concerns about a rift between the government and the RBI eased. Profit-booking at every rise pulled back the

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Mumbai: Axis Bank’s net profit rose 83% in the second quarter on strong growth in loans to individuals and small and medium enterprises (SMEs), buttressed by a fall in provisions as additions to bad loans slowed to a three-year low.

Net profit rose to Rs 790 crore, or Rs 3.07 per share, from Rs 432 crore, or Rs 1.80 per share, beating a Bloomberg

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IIFL Holdings Q2 net up 29% at Rs 304 crore
IIFL Holdings Thursday registered an increase of 28.81 per cent in its consolidated net profit at Rs 303.95 crore during the second quarter ended September.

Its net profit in the corresponding quarter of last year was at Rs 234.15 crore.

Total income stood at Rs 1,868.51 crore during the quarter, against Rs 1,630.70 crore in the same period of the

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F O: India VIX finally slips to 19, suggests a bullish price setup
By Chandan Taparia

The Nifty50 index opened positive and consolidated for most part of Thursday’s session. It formed a small-bodied candle on the daily scale and has been making higher highs from last four sessions, which indicates buying interest at lower levels.

Now, it has to hold above 10,333 to extend its upward move towards the 10,450-10,480

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Microfinance companies plan to create common pool of assets for securitisation
MUMBAI: In an anxious bid to improve cash flows, microfinance firms which are in stress have come into a huddle and are planning to create a common pool of assets for doing securitization deals with banks.

The common pool, essentially by smaller MFIs, is aimed at creating economies of scale and making it easier for banks to buy it. Bigger MFIs

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Wall Street gains ground after selloff, but tech falters as Apple slips
U.S. stocks rose on Thursday, as robust earnings reports supported a third day of recovery from a bruising selloff in October, but a drop in Apple's shares ahead of results kept technology stocks under pressure.

Chemicals producer DowDuPont Inc rose 6.6 percent after quarterly profit topped estimates and the company announced a $3 billion share

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Tech view: Nifty forms Bearish Belt Hold pattern; seeks to consolidate
NEW DELHI: After a day of strong gains, the Nifty50 witnessed strong resistance around 10,440 level on Thursday, but eventually erased entire gains to settle flat. In the process, the index ended up forming a small bearish candle at the upper end of last session’s trading range, which resembled a Bearish Belt Hold pattern.

Analysts noted that the

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Existing Equitas Holdings shareholders to get 60% ownership in Equitas Small Finance Bank
MUMBAI: Equitas Holdings, is planning to offer 60% ownership of Equitas Small Finance Bank to its existing shareholders so that there would be no dilution in shareholders value.

"That's the intent," said PN Vasudevan, managing director of the bank. "We have created a committee to work out a Scheme of Arrangement and Reconstruction," he said.

The

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Indian stock market in a muted session on Thursday remained in a defined range and ended flat. The NSE benchmark Nifty settled with a negligible loss of 6.15 points or 0.06 per cent.

Despite witnessing a capped and rangebound moves, the session remained technically important. On the expected lines, Nifty resisted the 10,400-10,420 zone and never

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HPCL Q2 profit slumps 37% YoY to Rs 1,092 crore on higher costs
Oil marketing company Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a 37.05 per cent year-on-year fall in profit at Rs 1,091.98 crore for quarter ended September 30. The retailer had posted a profit of Rs 1,734.74 crore in the corresponding quarter last year.

Analysts in an ET NOW poll had estimated the profit figure at Rs 1,290

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India's Petronet, ONGC Videsh eye stake in Tellurian project
NEW DELHI: India's Petronet LNG and ONGC Videsh are jointly in talks about buying a stake in Tellurian Inc's proposed Driftwood project in Louisiana, Petronet's managing director said on Friday.

"We have moved slightly forward (from the preliminary discussion stage) we are evaluating it seriously and we are in serious discussion with them,"

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Bank of England hints at faster rates hikes, but post-Brexit options open
LONDON: The Bank of England hinted at slightly faster future rises in interest rates if Brexit goes smoothly, but warned all bets were off if next March brought a "disruptive" departure from the EU.

The BoE's nine rate-setters voted unanimously to hold rates at 0.75 percent on Thursday, as expected by economists in a Reuters poll, after raising

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Airlines may post steepest losses in a decade in FY19: Crisil
Mumbai: Domestic airlines are projected to post the steepest losses in a decade in the current fiscal year owing to higher aviation fuel costs and falling rupee, rating agency Crisil said in a report Thursday.

Pitching for a 12 per cent hike in airfares to offset the increased costs, the report also forecast debt liability of three listed airlines

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Equitas Holdings shareholders to get 60% ownership in Equitas Small Finance Bank
Mumbai: Equitas Holdings, is planning to offer 60% ownership of Equitas Small Finance Bank to its existing shareholders so that there would be no dilution in shareholders value.

"That's the intent," said PN Vasudevan, managing director of the bank. "We have created a committee to work out a Scheme of Arrangement and Reconstruction," he said.

The

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Working to set up domestic gold council: Prabhu
New Delhi: The government is working to set up a Domestic Gold Council to promote the growth of the sector and boost exports of jewellery, Commerce and Industry Minister Suresh Prabhu said Thursday.

He said India is the largest consumer of gold and also one of the main importers. There are huge opportunities in the global market to push exports of

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Sebi fines two entities for 'non-genuine trades' in illiquid stock options
New Delhi: Markets regulator Sebi has slapped a penalty of Rs 5 lakh each on two entities for engaging in non-genuine transactions, which created a misleading impression of trading in illiquid stock options segment.

Those facing penalties are -- Kalpesh Vinubhai Gajjar and Ketan Ramanlal Shah HUF.

The Securities and Exchange Board of India (Sebi)

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Puravankara Q2 profit rises 7% to Rs 22 crore
Realty firm Puravankara reported a 7.79 per cent rise in consolidated net profit at Rs 21.58 crore for the second quarter of 2018-19.

Its net profit stood at Rs 20.02 crore in the year-ago period.

Revenues grew by 34 per cent to Rs 500crore during July-Sep period of the current fiscal as against the corresponding period of the previous year.

Purava

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Mahindra Logistics Q2 net up 38% at Rs 19 crore
Mumbai: Mahindra Logistics Thursday posted a 38.2 per cent rise in September quarter net to Rs 19.1 crore on margin expansion.

The Mahindra group's logistics arm had posted a net profit of Rs 13.8 crore in the year-ago period.

Its overall revenues grew by 10.9 per cent to Rs 927.4 crore for the reporting period, against Rs 835.9 crore in the

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Arvind Q2 profit rises 16% to Rs 75 crore
New Delhi: Textile and apparel player Arvind Ltd on Thursday reported a 16.38 per cent increase in its consolidated net profit to Rs 75.08 crore for the second quarter ended September 2018.

The company had posted a net profit of Rs 64.51 crore in the July-September period a year-ago, Arvind Ltd said in a BSE filing.

Total income during the quarter

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Apple Inc.’s disappointing earnings report sent the company’s market value tumbling below $1 trillion on Friday.

Shares of the world’s most valuable public company fell 7.1 per cent on Friday after revealing stagnant iPhone sales and forecasting revenue for the holiday quarter that fell short of Wall Street expectations at the midpoint. That

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Govt may invoke Section 7 of RBI Act for Governor to follow boardmajority view
The Centre is unlikely to issue any direction under Section 7 to the RBI that goes against the majority decision of the board of the banking regulator, ET Now learns from senior officials of the Narendra Modi government. In fact, sources add, if any instructions are issued at all, it maybe to ensure the RBI Governor accepts and implements the
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Reliance Capital garners long-term financing of Rs 4,000 crore
New Delhi: Anil Ambani-led Reliance Capital has raised long-term financing of Rs 4,000 crore, investment banking sources said.

The funds have been raised through securitisation of asset pool of the group's two firms -- Reliance Home Finance and Reliance Commercial Finance, they added.

When contacted, a Reliance Capital spokesperson declined to

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