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Sensex falls over 100 pts on fear of weak Q4 results


The News International Team

11:50am US CEOs pay hikes: The median pay of top 100 CEOs in America has risen by 5 percent to USD 14.3 million in 2014, a study has found. Besides this, the base salary ranged from USD 7.1 million for Rupert Murdoch at 21st Century Fox to nil for Richard Fairbank at Capital One, said Equilar 100 CEO Pay Study.

The study, which is an analysis of CEO salaries at the 100 largest public US companies as measured by revenue, puts Microsoft’s Indian-origin chief Satya Nadella on the top with a pay package of USD 84.3 million (Rs 525 crore) a year.

The list was topped by Oracle’s Larry Ellison last year, who has been now pushed by Nadella to the second spot. Microsoft, however, said that Nadella’s pay for 2014 totals to USD 22.75 million only after taking into account the annualised value of special and one time equity awards.

11:30am Coal India Production: Eastern Coalfields has topped among the eight subsidiaries of Coal India in terms of production and offtake targets for the year 2014-15.

According to provisional data released by Coal India, Eastern Coalfields (ECL) has achieved a production of 40 million tonnes (MT) or 105 percent of the target of 38 MT set for the fiscal 2015, registering a growth of 11 percent over the previous year.

Two more subsidiaries, Bharat Coking Coal (BCCL) and Central Coalfields (CCl), had surpassed their respective production targets for the year.

Production at BCCL was at 34.51 MT or 102 percent of the target, while CCL touched 101 per cent of its targeted production to 55.64 MT. Rest of the subsidiaries failed to meet the target and remained short by 2 to 6 percent except North Eastern Coalfields, which had less than 1 MT production.

The cumulative Coal India production for FY15 was 494.23 MT, a growth of 6.9 percent over the last year, but 97 per cent of its target of 507 MT.

11:00am Market Check

The market has taken a steep fall ahead of March quarter earnings. The Sensex is down 125.68 points at 28674.01 and the Nifty is down 48.05 points at 8702.15.About 817 shares have advanced, 1405 shares declined, and 132 shares are unchanged.

ONGC, Bharti Airtel, Tata Motors, Hindalco and M&M are top gainers in the Sensex. Among the losers are Wipro, Cipla, Infosys, Sesa Sterlite and TCS.

The rupee edged higher by one paisa at 62.35 against the dollar in early trade today at the Interbank Foreign Exchange after the American currency weakened overseas amid a higher opening in the domestic equity market.

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies on worse-than-expected US industrial production data, supported the rupee. The US dollar lurched lower against the euro and yen after dropping the previous day on weak US industrial output and New York state manufacturing activity data. The soft indicators fed uncertainty over the timing of the Federal Reserve’s interest rate hike.

Most Asian share markets took cues from a global surge in equities, while weak US economic data sent the dollar lower.

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