2:58 pm Buzzing:
Shares of NIIT gained more than 4 percent intraday on strengthening operations by opening third office in Europe.
“NIIT announced establishment of a new facility in Bergen, Norway to expand near-shore multi-lingual delivery capability and further invest in rapid growth of business in Europe,” says the skills and talent development company.
With establishment of this office, the company will be able to work more closely with its Scandinavian customers with onsite administrative support and real time delivery.
NIIT’s corporate learning group offers managed training services to companies in North America, Europe, Asia and Oceania. It services over 30 clients in Europe.
2:40 pm Havells in News: Electrical goods makers Havells would start manufacturing small domestic appliances from January 2016. The firm will make appliances like mixer grinder, juicer mixer grinder, electric iron, induction cook top, among others.
“The company is venturing into manufacturing of small domestic appliances, a category wherein it has been trading into till now,” Havells said in a BSE filing.
It added that Havells would take necessary approvals from the government regarding it. “In this regard, the company is going to file the necessary application with the SIA (Secretariat for Industrial Assistance), Department of Industrial Policy and Promotion, Ministry of Commerce and Industry,” Havells said.
2:20 pm CEA on inflation: The government suggested whether the country needed a more flexible timeline for its inflation targets given the need to help indebted companies lower their debt levels, according to its mid-year economic report out on Friday.
“How can borrowing costs be lowered without jeopardising the medium term inflation objective?” the government said in the report, authored by Chief Economic Adviser Arvind Subramanian.
“Is there a case for a more gradual glide path or greater flexibility in interpreting the inflation objective?”
The Reserve Bank of India Governor Raghuram Rajan has set a target for consumer inflation of 5 percent by March 2017 and 4 percent in the medium term, as part of his “glided path” approach to monetary policy.
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2:00 pm Market Check
Equity benchmarks remained under selling pressure with the Sensex down 168.62 points to 25635.16 and the Nifty down 50.50 points to 7793.85. Banking & financials, healthcare and technology stocks pulled the market lower.
The broader markets outperformed benchmarks, rising marginally. The market breadth was positive as about 1311 shares advanced against 1254 declining shares on the BSE.
Infosys, Reliance Industries, TCS, Lupin, Bajaj Auto, Bharti Airtel and Vedanta were down 1-2 percent while NTPC gained 1.5 percent.
European markets traded lower following a sharp rally the day before as a further drop in commodity prices remains in focus for investors. The pan-European STOXX 600 was down over 0.3 percent with all major indices trading lower.
Major markets in Asia were mixed after wavering between positive and negative territory as investors focused on economic data, central bank decisions and commodity prices.
The Japanese market took a wild ride, erasing early losses and spiking higher briefly after the Bank of Japan said it will increase purchases of exchange-traded funds (ETFs), before retreating back into negative territory.