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Benchmark BSE Sensex rebounded over 57 points in early trade today on sustained buying by domestic institutional investors amid a mixed trend in other Asian bourses.

Short-covering of bets today being the last session of April expiry in the derivatives segment supported the recovery.

Asian markets were mixed as robust corporate earnings helped Wall Street calm concerns over the surge in US bond yields.

The 30-share Sensex recovered 57.35 points, or 0.16 per cent, to trade 34,558.62 in the opening session. It had lost 115.37 points in the previous session.&nbsp;

Realty, metal, healthcare, infrastructure, auto, FMCG and power sectors led the recovery.

The NSE Nifty was also trading higher by 32.70 points, or 0.30 per cent, at 10,586.90.

Brokers said sustained buying by domestic institutional investors and a mixed trend at other Asian bourses, tracking overnight gains at Wall Street, mainly influenced sentiment here.

Major gainers were M&M, TCS, Tata Steel, Sun Pharma, Yes Bank, RIL, HUL, Infosys, HDFC Bank, SBI, Asian Paints, Maruti Suzuki, IndusInd Bank, Bajaj Auto, Power Grids and Dr Reddy's, with gains of up to 0.98 per cent.

However, Wipro, tumbled 3.62 per cent to Rs 276.80 after the company yesterday reported over 20 per cent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18.

The country's third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 435.98 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 304.79 crore yesterday, provisional data showed.

In the Asian region, Japan's Nikkei was up 0.59 per cent but Hong Kong's Hang Seng shed 0.77 per cent and China's Shanghai Composite index too was down 0.98 per cent in their early deals.

The Dow Jones Industrial Average ended 0.25 per cent higher in yesterday's trade.

The Dow Jones Industrial Average ended 0.25 per cent higher in yesterday's trade

Benchmark BSE Sensex rebounded over 57 points in early trade today on sustained buying by domestic institutional investors amid a mixed trend in other Asian bourses. Short-covering of bets today being the last session of April expiry in the derivatives segment supported the recovery. Asian markets were mixed as robust corporate earnings helped Wall Street calm concerns over the surge in US bond yields. The 30-share Sensex recovered 57.35 points, or 0.16 per cent, to trade 34,558.62 in the opening session. It had lost 115.37 points in the previous session. Realty, metal, healthcare, infrastructure, auto, FMCG and power sectors led the recovery. The NSE Nifty was also trading higher by 32.70 points, or 0.30 per cent, at 10,586.90. Brokers said sustained buying by domestic institutional investors and a mixed trend at other Asian bourses, tracking overnight gains at Wall Street, mainly influenced sentiment here. Major gainers were M&M, TCS, Tata Steel, Sun Pharma, Yes Bank, RIL, HUL, Infosys, HDFC Bank, SBI, Asian Paints, Maruti Suzuki, IndusInd Bank, Bajaj Auto, Power Grids and Dr Reddy's, with gains of up to 0.98 per cent. However, Wipro, tumbled 3.62 per cent to Rs 276.80 after the company yesterday reported over 20 per cent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18. The country's third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 435.98 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 304.79 crore yesterday, provisional data showed. In the Asian region, Japan's Nikkei was up 0.59 per cent but Hong Kong's Hang Seng shed 0.77 per cent and China's Shanghai Composite index too was down 0.98 per cent in their early deals. The Dow Jones Industrial Average ended 0.25 per cent higher in yesterday's trade.

Sensex recovers 57 points, Nifty up by 32

Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand.

Brent crude oil futures were last up 90 cents at $74.90 a barrel at 1204 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 66 cents to $68.71 per barrel.

The oil price has risen by 15 percent in the last four weeks thanks to expectations that the United States will reimpose sanctions on Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC).

French President Emmanuel Macron said on Wednesday he expected U.S. President Donald Trump to pull out of a deal with Iran reached in 2015 in which the Islamic Republic suspended its nuclear programme in return for Western powers lifting crippling sanctions.

Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would probably result in a reduction of Iranian oil exports.

"Geopolitical concerns in the Middle East, together with Venezuela’s deteriorating macroeconomic situation, are supporting oil prices. It is widely anticipated that President Trump will pull the U.S. out of the Iran nuclear deal, which is bullish for prices, said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics.

"However, (the) full impact of the move will not materialise unless it is supported by European allies of the U.S."

Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis.

Plunging Venezuelan output and looming U.S. sanctions against Iran come against a backdrop of strong demand, above all in Asia, the world's biggest oil-consuming region.

However, not all market indicators point towards tighter supplies.

US&nbspcrude oil inventories rose by 2.2 million barrels in the week to April 20 to 429.74 million barrels.

US&nbspcrude production rose by 46,000 bpd on the previous week, to 10.59 bpd.

Soaring U.S. output has made WTI crude around $6 per barrel cheaper than Brent and drawn exports to record highs.

Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33 million bpd."

With U.S. output and exports surging, some analysts warn that the 20 percent climb in Brent prices since February is starting to look overdone.

"The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis.

Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand. Brent crude oil futures were last up 90 cents at $74.90 a barrel at 1204 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 66 cents to $68.71 per barrel. The oil price has risen by 15 percent in the last four weeks thanks to expectations that the United States will reimpose sanctions on Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC). French President Emmanuel Macron said on Wednesday he expected U.S. President Donald Trump to pull out of a deal with Iran reached in 2015 in which the Islamic Republic suspended its nuclear programme in return for Western powers lifting crippling sanctions. Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would probably result in a reduction of Iranian oil exports. "Geopolitical concerns in the Middle East, together with Venezuela’s deteriorating macroeconomic situation, are supporting oil prices. It is widely anticipated that President Trump will pull the U.S. out of the Iran nuclear deal, which is bullish for prices, said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics. "However, (the) full impact of the move will not materialise unless it is supported by European allies of the U.S." Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis. Plunging Venezuelan output and looming U.S. sanctions against Iran come against a backdrop of strong demand, above all in Asia, the world's biggest oil-consuming region. However, not all market indicators point towards tighter supplies. US&nbspcrude oil inventories rose by 2.2 million barrels in the week to April 20 to 429.74 million barrels. US&nbspcrude production rose by 46,000 bpd on the previous week, to 10.59 bpd. Soaring U.S. output has made WTI crude around $6 per barrel cheaper than Brent and drawn exports to record highs. Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33 million bpd." With U.S. output and exports surging, some analysts warn that the 20 percent climb in Brent prices since February is starting to look overdone. "The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Oil rises as concern heats up over Iran sanctions, Venezuelan output

Gold prices hovered near five-week lows on Thursday as higher US&nbsp;bond yields and a stronger dollar dampened interest in bullion.

Worries about growing supply of U.S. government debt and inflationary pressures from rising oil prices this week pushed U.S. 10-year bond yields above 3 percent for the first time in four years.

That has reduced the attraction of non-yielding gold and helped to thrust the dollar to its strongest since January, making bullion more expensive for users of other currencies.

Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51.

U.S. gold futures were up 0.2 percent at $1,325.10.

Interest from physical buyers and technical support at gold's 100-day moving average of $1,319.55 was helping to prevent further falls.

"At these low (price) levels, the market could now attract some physical buying interest," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

"The market has a very good (physical) support at around $1,310-$1,315."

Gold has been stuck in a trading range between about $1,360 and $1,310 since hitting a 1-1/2 year high of $1,366.07 in January.

It is supported by geopolitical uncertainty, which has fuelled demand for gold as a safe haven, but prevented from moving higher by fears of rising U.S. interest rates that would push up bond yields and strengthen the dollar.

U.S. GDP and inflation data on Friday could give new direction to prices, said Mitsubishi analyst Jonathan Butler.

Stronger than expected economic growth or inflation would hurt gold by bolstering expectations of more rapid increases to interest rates.

Investors were also watching the European Central Bank on Thursday for clues on when it will signal an end-date for its 2.55 trillion euro ($3.2 trillion) asset-buying programme.

Analysts and traders polled by Reuters this month said that gold would average $1,334 an ounce this year and $1,352 an ounce next year, barely shifting from its current price.

They expected silver, which was up 0.2 percent at $16.55 an ounce on Thursday, to fare better, averaging $17.28 an ounce this year and $18 next year.

In other precious metals, platinum was up 0.3 percent at $906.30 and palladium slipped 0.3 percent to $973.97.

Analysts and traders polled by Reuters expected average prices of both metals to be higher this year and next.

Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51.

Gold prices hovered near five-week lows on Thursday as higher US bond yields and a stronger dollar dampened interest in bullion. Worries about growing supply of U.S. government debt and inflationary pressures from rising oil prices this week pushed U.S. 10-year bond yields above 3 percent for the first time in four years. That has reduced the attraction of non-yielding gold and helped to thrust the dollar to its strongest since January, making bullion more expensive for users of other currencies. Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51. U.S. gold futures were up 0.2 percent at $1,325.10. Interest from physical buyers and technical support at gold's 100-day moving average of $1,319.55 was helping to prevent further falls. "At these low (price) levels, the market could now attract some physical buying interest," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "The market has a very good (physical) support at around $1,310-$1,315." Gold has been stuck in a trading range between about $1,360 and $1,310 since hitting a 1-1/2 year high of $1,366.07 in January. It is supported by geopolitical uncertainty, which has fuelled demand for gold as a safe haven, but prevented from moving higher by fears of rising U.S. interest rates that would push up bond yields and strengthen the dollar. U.S. GDP and inflation data on Friday could give new direction to prices, said Mitsubishi analyst Jonathan Butler. Stronger than expected economic growth or inflation would hurt gold by bolstering expectations of more rapid increases to interest rates. Investors were also watching the European Central Bank on Thursday for clues on when it will signal an end-date for its 2.55 trillion euro ($3.2 trillion) asset-buying programme. Analysts and traders polled by Reuters this month said that gold would average $1,334 an ounce this year and $1,352 an ounce next year, barely shifting from its current price. They expected silver, which was up 0.2 percent at $16.55 an ounce on Thursday, to fare better, averaging $17.28 an ounce this year and $18 next year. In other precious metals, platinum was up 0.3 percent at $906.30 and palladium slipped 0.3 percent to $973.97. Analysts and traders polled by Reuters expected average prices of both metals to be higher this year and next.

Stronger dollar traps gold near five-week lows

Having speeded up printing presses to refill banks' empty ATMs in some parts of the country, the Reserve Bank of India released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending.

Typically, economists say, cash withdrawn from banks takes a few months to re-enter circulation as people spend. Because of these lags, the weekly reserve money figures don't tell exactly how much people have hoarded, but the data does give a strong sense of the trend.

The incremental increase in currency in circulation, a component of the data, shows how much people are withdrawing every week and the amount of new money the RBI is supplying to banks.

During the week to April 20, they took 163.4 billion rupees ($2.44 billion) out of the banks, bringing the total for the first three weeks of the month to 595.2 billion rupees, the RBI data showed. In the previous three weeks, withdrawals totalled 164.7 billion rupees.

Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 per cent more than in the same quarter of 2016.

Overall, the currency in circulation stood at 18.9 trillion rupees as of April 20, 18.9 per cent up since the beginning of last October when withdrawals began to gather pace.

Alarm bells only rang this month when cash dispensers began running dry in several states, including Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar.

Neither the central bank nor commercial bankers appear to have a clear idea about this sudden pick up in withdrawals.

The RBI did not elaborate on Wednesday's reserve money data but in a circular last week it had said the shortage could be due to a delay in getting cash to the ATMs and that it has ramped up note printing.

But there is concern that Modi's audacious decision to take high-value banknotes out of circulation in late 2016 may be suffering a blowback, as Indians revert to old habits of keeping cash out of the banks, and out of sight of the taxman.

Rupa Rege Nitsure, a group chief economist at L&T Finance Holdings, suspected the spike in withdrawals could be a belated reaction after the government's so-called "demonetisation" move.

"Post demonetisation, there is a fear among people over the availability of cash and there could be a tendency of small businesses withdrawing money and hoarding cash given that bank credit is not easily available to them," she said.

Returning to normal

The government had wanted to push people toward making more transactions electronically, rather than rely on cash.

But the recent shortages of the new 2000 rupee bank notes has left analysts wondering if mattresses are being re-stuffed.

Analysts reckon a number of factors are behind the hoarding, including concerns over the health of Indian banks, avoidance of a new goods and services tax, preparations for campaign spending ahead of an election in the southern state Karnataka, and farmers withdrawing money during the harvest season of January to March.

Some analysts also say that, as economic growth managed to outpace the recovery in money supply after the 'demonetisation', there was always going to be a squeeze on demand for cash.

Afterall, it took until March for currency in circulation to rise above 17.98 trillion rupees level posted before the 2016 demonetisation.

"The currency supply by RBI has not kept pace with the growth in the economy and that is the reason the demand for cash has increased," said State Bank of India's chief economist Soumya Kanti Ghosh.

According to a note from SBI issued on April 18 the RBI still had to print an additional 700 billion rupees ($10.54 billion) to bridge the gap between demand and supply.

Neeraj Vyas, SBI's chief operating officer, told Reuters, that the downtime for ATMs out of money had reduced, but the situation should return to normal in "maybe another 5-7 days".

Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 percent more than in the same quarter of 2016

Having speeded up printing presses to refill banks' empty ATMs in some parts of the country, the Reserve Bank of India released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending. Typically, economists say, cash withdrawn from banks takes a few months to re-enter circulation as people spend. Because of these lags, the weekly reserve money figures don't tell exactly how much people have hoarded, but the data does give a strong sense of the trend. The incremental increase in currency in circulation, a component of the data, shows how much people are withdrawing every week and the amount of new money the RBI is supplying to banks. During the week to April 20, they took 163.4 billion rupees ($2.44 billion) out of the banks, bringing the total for the first three weeks of the month to 595.2 billion rupees, the RBI data showed. In the previous three weeks, withdrawals totalled 164.7 billion rupees. Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 per cent more than in the same quarter of 2016. Overall, the currency in circulation stood at 18.9 trillion rupees as of April 20, 18.9 per cent up since the beginning of last October when withdrawals began to gather pace. Alarm bells only rang this month when cash dispensers began running dry in several states, including Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar. Neither the central bank nor commercial bankers appear to have a clear idea about this sudden pick up in withdrawals. The RBI did not elaborate on Wednesday's reserve money data but in a circular last week it had said the shortage could be due to a delay in getting cash to the ATMs and that it has ramped up note printing. But there is concern that Modi's audacious decision to take high-value banknotes out of circulation in late 2016 may be suffering a blowback, as Indians revert to old habits of keeping cash out of the banks, and out of sight of the taxman. Rupa Rege Nitsure, a group chief economist at L&T Finance Holdings, suspected the spike in withdrawals could be a belated reaction after the government's so-called "demonetisation" move. "Post demonetisation, there is a fear among people over the availability of cash and there could be a tendency of small businesses withdrawing money and hoarding cash given that bank credit is not easily available to them," she said. Returning to normal The government had wanted to push people toward making more transactions electronically, rather than rely on cash. But the recent shortages of the new 2000 rupee bank notes has left analysts wondering if mattresses are being re-stuffed. Analysts reckon a number of factors are behind the hoarding, including concerns over the health of Indian banks, avoidance of a new goods and services tax, preparations for campaign spending ahead of an election in the southern state Karnataka, and farmers withdrawing money during the harvest season of January to March. Some analysts also say that, as economic growth managed to outpace the recovery in money supply after the 'demonetisation', there was always going to be a squeeze on demand for cash. Afterall, it took until March for currency in circulation to rise above 17.98 trillion rupees level posted before the 2016 demonetisation. "The currency supply by RBI has not kept pace with the growth in the economy and that is the reason the demand for cash has increased," said State Bank of India's chief economist Soumya Kanti Ghosh. According to a note from SBI issued on April 18 the RBI still had to print an additional 700 billion rupees ($10.54 billion) to bridge the gap between demand and supply. Neeraj Vyas, SBI's chief operating officer, told Reuters, that the downtime for ATMs out of money had reduced, but the situation should return to normal in "maybe another 5-7 days".

RBI data suggests Indians may have gone back to hoarding cash

The benchmark BSE Sensex started on a negative note, shedding over 100 points today, on weak global cues and rupee depreciation against the US dollar.

Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields and crude oil prices too worried investors.

Market sentiment also turned cautious ahead of April derivatives expiry due tomorrow.

The 30-share index dropped 105.53 points, or 0.30 per cent, to 34,511.11. The gauge had gained 201.06 points in the previous two sessions.

Similarly, the NSE Nifty fell below the 10,600 mark, shedding 25.85 points, or 0.24 per cent, to 10,588.50.

Major losers were NTPC, Dr Reddy's, ONGC, Tata Steel, Asian Paint and Sun Pharma, falling up to 1.29 per cent.

Sectoral indices led by power, banking, capital goods, realty, IT, PSU and metal stocks were trading in the negative zone, falling up to 0.82 per cent.

On the other hand, Bharti Airtel was the biggest Sensex gainer, rising nearly 3 per cent.&nbsp;

The company, along with Idea Cellular and Vodafone Group, today announced an agreement for the merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China with over 163,000 towers across 22 telecom service areas.&nbsp;&nbsp; &nbsp;&nbsp;

Airtel, however, reported its lowest quarterly net profit in at least 14 years yesterday.

Other gainers were Wipro, TCS, Adani Ports, Infosys and RIL, rising up to 1.90 per cent.

Brokers said sentiment turned weak on sustained capital outflows by foreign funds amid a weak trend in other Asian markets following overnight weakness at Wall Street after the 10-year treasury yield briefly touched the 3 per cent level for the first time in four years.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 680.99 crore, while domestic institutional investors (DIIs) bought shares worth Rs 508.55 crore yesterday, provisional data showed.

In the Asian region, Japan's Nikkei fell 0.65 per cent, Hong Kong's Hang Seng shed 1.07 per cent in early trade. China's Shanghai Composite index too was down 0.59 per cent.

The Dow Jones Industrial Average ended 1.74 per cent lower in yesterday's trade.&nbsp;

Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields and crude oil prices too worried investors.

The benchmark BSE Sensex started on a negative note, shedding over 100 points today, on weak global cues and rupee depreciation against the US dollar. Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields and crude oil prices too worried investors. Market sentiment also turned cautious ahead of April derivatives expiry due tomorrow. The 30-share index dropped 105.53 points, or 0.30 per cent, to 34,511.11. The gauge had gained 201.06 points in the previous two sessions. Similarly, the NSE Nifty fell below the 10,600 mark, shedding 25.85 points, or 0.24 per cent, to 10,588.50. Major losers were NTPC, Dr Reddy's, ONGC, Tata Steel, Asian Paint and Sun Pharma, falling up to 1.29 per cent. Sectoral indices led by power, banking, capital goods, realty, IT, PSU and metal stocks were trading in the negative zone, falling up to 0.82 per cent. On the other hand, Bharti Airtel was the biggest Sensex gainer, rising nearly 3 per cent. The company, along with Idea Cellular and Vodafone Group, today announced an agreement for the merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China with over 163,000 towers across 22 telecom service areas. Airtel, however, reported its lowest quarterly net profit in at least 14 years yesterday. Other gainers were Wipro, TCS, Adani Ports, Infosys and RIL, rising up to 1.90 per cent. Brokers said sentiment turned weak on sustained capital outflows by foreign funds amid a weak trend in other Asian markets following overnight weakness at Wall Street after the 10-year treasury yield briefly touched the 3 per cent level for the first time in four years. Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 680.99 crore, while domestic institutional investors (DIIs) bought shares worth Rs 508.55 crore yesterday, provisional data showed. In the Asian region, Japan's Nikkei fell 0.65 per cent, Hong Kong's Hang Seng shed 1.07 per cent in early trade. China's Shanghai Composite index too was down 0.59 per cent. The Dow Jones Industrial Average ended 1.74 per cent lower in yesterday's trade.

Sensex, Nifty drop on weak global cues

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Tata Consultancy Services Ltd, India's biggest software services exporter, breached the 3,500 rupee ($52.87) per share mark on Monday for the first time, reaching $100 billion in market capitalisation.

Shares of the Mumbai-based company rose as much as 4.4 percent to a record high of 3,553 rupees, extending gains for a third straight session after the company posted its biggest-ever profit last week on new deals in the March quarter.

Net profit touched 69.04 billion rupees, beating analysts' average estimate of 67.98 billion rupees, according to Thomson Reuters data.

The Nifty IT index hit an all-time high on Monday.

($1 = 66.1950 Indian rupees)

Shares of the Mumbai-based company rose as much as 4.4 percent to a record high of 3,553 rupees, extending gains for a third straight session after the company posted its biggest-ever profit last week on new deals in the March quarter

Tata Consultancy Services Ltd, India's biggest software services exporter, breached the 3,500 rupee ($52.87) per share mark on Monday for the first time, reaching $100 billion in market capitalisation. Shares of the Mumbai-based company rose as much as 4.4 percent to a record high of 3,553 rupees, extending gains for a third straight session after the company posted its biggest-ever profit last week on new deals in the March quarter. Net profit touched 69.04 billion rupees, beating analysts' average estimate of 67.98 billion rupees, according to Thomson Reuters data. The Nifty IT index hit an all-time high on Monday. ($1 = 66.1950 Indian rupees)

TCS becomes first Indian company to hit market capitalisation of $100 billion

Domestic equities opened on a choppy note today tracking mixed cues from other Asian markets, ahead of F&O expiry later this week.

The benchmark BSE Sensex, which had lost 11.71 points in the previous session on Friday, rose 78.11 points, only to turn negative within minutes of session opening.&nbsp

The 30-share index was trading 15.24 points, or 0.04 per cent, lower at 34,400.34, with metals and banking stocks leading the losses.

The NSE Nifty opened 28.75 points, or 0.27 per cent, higher at 10,592.80.

Brokers said weakness in rupee and other Asian markets weighed on domestic equities, ahead of April futures and options (F&O) series this week.

ICICI Bank, Bajaj Auto, Hero MotoCorp, Coal India and Tata Steel were among the top losers, falling up to 2 per cent.

While, gainers included IndusInd Bank, Yes Bank, TCS, Bharti Airtel, L&T, M&M, Kotak Bank, Sun Pharma, HDFC, RIL, ONGC, NTPC, Bajaj Auto and Maruti Suzuki, rising up to 2 per cent.

HDFC shares climbed 1.17 per cent, to Rs 1,984, in early trade after it posted 20.3 per cent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to a year ago period.

Standalone total income for the quarter ended March 31, 2018 was Rs 25,549.7 crore, up from Rs 21 ,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement Saturday.

On a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 111.01 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 21.02 crore on Friday, per provisional data showed.

Globally, Hong Kong's Hang Seng fell 0.23 per cent, Japan's Nikkei was down 0.34 per cent, while Shanghai Composite Index gained 0.14 per cent.

The US Dow Jones Industrial Average had ended 0.82 per cent lower in Friday's trade.&nbsp

Domestic equities opened on a choppy note today tracking mixed cues from other Asian markets, ahead of F&O expiry later this week

Domestic equities opened on a choppy note today tracking mixed cues from other Asian markets, ahead of F&O expiry later this week. The benchmark BSE Sensex, which had lost 11.71 points in the previous session on Friday, rose 78.11 points, only to turn negative within minutes of session opening. The 30-share index was trading 15.24 points, or 0.04 per cent, lower at 34,400.34, with metals and banking stocks leading the losses. The NSE Nifty opened 28.75 points, or 0.27 per cent, higher at 10,592.80. Brokers said weakness in rupee and other Asian markets weighed on domestic equities, ahead of April futures and options (F&O) series this week. ICICI Bank, Bajaj Auto, Hero MotoCorp, Coal India and Tata Steel were among the top losers, falling up to 2 per cent. While, gainers included IndusInd Bank, Yes Bank, TCS, Bharti Airtel, L&T, M&M, Kotak Bank, Sun Pharma, HDFC, RIL, ONGC, NTPC, Bajaj Auto and Maruti Suzuki, rising up to 2 per cent. HDFC shares climbed 1.17 per cent, to Rs 1,984, in early trade after it posted 20.3 per cent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to a year ago period. Standalone total income for the quarter ended March 31, 2018 was Rs 25,549.7 crore, up from Rs 21 ,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement Saturday. On a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 111.01 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 21.02 crore on Friday, per provisional data showed. Globally, Hong Kong's Hang Seng fell 0.23 per cent, Japan's Nikkei was down 0.34 per cent, while Shanghai Composite Index gained 0.14 per cent. The US Dow Jones Industrial Average had ended 0.82 per cent lower in Friday's trade.

Sensex, Nifty turn choppy on mixed global cues

Benchmark Nifty rose 20.65 points to end at 10,584.70 today, driven by buying in realty, pharma, IT, media, PSU bank and auto sectors.

Metal, FMCG, infrastructure and finance service counters witnessed hectic profit-booking.

The rupee falling to its weakest level since March, continued FII outflows and April derivative expiry day this week influenced trading sentiment, brokers said.&nbsp;

Overseas, European shares fell early today as results from Switzerland's biggest bank, UBS, disappointed investors. Asian stocks closed lower as investors kept an eye on rising US Treasury yields.

The Nifty 50 index rose 20.65 points or 0.20 per cent to close at 10,584.70, after moving in a range of 10,638.35 and 10,514.95. It witnessed an intra-day movement of about 123.40 points.

Sector-wise, Realty rose by 1.61 per cent, Pharma 1.48 per cent, IT 0.74 per cent, Media 0.71 per cent, PSU Bank 0.68 percent, Energy 0.61 per cent, Auto 0.50 per cent, Private Bank 0.25 per cent and Bank 0.07 per cent.

On the other hand, Metal fell by 0.77 per cent, FMCG 0.32 per cent, Finance Service 0.21 per cent and Infra 0.11 per cent.

Major gainers were IndusInd Bank, M&M, BPCL, HCL Tech, Cipla, Sun Pharma, HPCL, Yes Bank and UltraTech Cement.

The losers were Hindalco, Indiabulls Housing Finance, UPL, Grasim, Vedanta, Bharti Infratel, Wipro, ICICI Bank, HUL and HDFC Bank.

A total of 922 scrips advanced, 884 declined, while 77 remained unchanged. Total securities that hit their price bands were 191.

Turnover in the cash segment fell to Rs 32,294.16 crore, from Rs 34,021.46 crore last Friday.

A total of 11,906.35 lakh shares changed hands in 10,393,120 trades. The market capitalisation of listed firms stood at Rs 14,914,986.95 crore.&nbsp;

Turnover in the cash segment fell to Rs 32,294.16 crore, from Rs 34,021.46 crore last Friday

Benchmark Nifty rose 20.65 points to end at 10,584.70 today, driven by buying in realty, pharma, IT, media, PSU bank and auto sectors. Metal, FMCG, infrastructure and finance service counters witnessed hectic profit-booking. The rupee falling to its weakest level since March, continued FII outflows and April derivative expiry day this week influenced trading sentiment, brokers said. Overseas, European shares fell early today as results from Switzerland's biggest bank, UBS, disappointed investors. Asian stocks closed lower as investors kept an eye on rising US Treasury yields. The Nifty 50 index rose 20.65 points or 0.20 per cent to close at 10,584.70, after moving in a range of 10,638.35 and 10,514.95. It witnessed an intra-day movement of about 123.40 points. Sector-wise, Realty rose by 1.61 per cent, Pharma 1.48 per cent, IT 0.74 per cent, Media 0.71 per cent, PSU Bank 0.68 percent, Energy 0.61 per cent, Auto 0.50 per cent, Private Bank 0.25 per cent and Bank 0.07 per cent. On the other hand, Metal fell by 0.77 per cent, FMCG 0.32 per cent, Finance Service 0.21 per cent and Infra 0.11 per cent. Major gainers were IndusInd Bank, M&M, BPCL, HCL Tech, Cipla, Sun Pharma, HPCL, Yes Bank and UltraTech Cement. The losers were Hindalco, Indiabulls Housing Finance, UPL, Grasim, Vedanta, Bharti Infratel, Wipro, ICICI Bank, HUL and HDFC Bank. A total of 922 scrips advanced, 884 declined, while 77 remained unchanged. Total securities that hit their price bands were 191. Turnover in the cash segment fell to Rs 32,294.16 crore, from Rs 34,021.46 crore last Friday. A total of 11,906.35 lakh shares changed hands in 10,393,120 trades. The market capitalisation of listed firms stood at Rs 14,914,986.95 crore.

Nifty ends above 10,550, up 20 points

Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday.&nbsp;

The US retail giant has been in talks with Flipkart for months to acquire controlling stake as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade.&nbsp;

SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, it was reported.&nbsp;

But that stalemate between SoftBank and Walmart has ended, one of the sources said on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some shares in Flipkart.&nbsp;

Walmart's purchase of new equity is likely to value Flipkart at least $18 billion.&nbsp;

It was earlier reported that Walmart completed due diligence on Flipkart and had made a proposal to buy 51% or more for between $10 billion to $12billion.&nbsp;

A third source said a deal was close, but things could still drag into the first week of May.&nbsp;

Some of Flipkart's main investors - US hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to take a full exit as Walmart purchases their shares, as per sources.&nbsp;

Sachin and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India's tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said.&nbsp;

All sources declined to be named as the talks are not public. Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined to comment.

Walmart has been in talks with Flipkart for months to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc head-on in India.

Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday. The US retail giant has been in talks with Flipkart for months to acquire controlling stake as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade. SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, it was reported. But that stalemate between SoftBank and Walmart has ended, one of the sources said on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some shares in Flipkart. Walmart's purchase of new equity is likely to value Flipkart at least $18 billion. It was earlier reported that Walmart completed due diligence on Flipkart and had made a proposal to buy 51% or more for between $10 billion to $12billion. A third source said a deal was close, but things could still drag into the first week of May. Some of Flipkart's main investors - US hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to take a full exit as Walmart purchases their shares, as per sources. Sachin and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India's tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said. All sources declined to be named as the talks are not public. Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined to comment.

Walmart could buy controlling stake in Flipkart by next week

The Delhi High Court Friday sought the response of Essar Group promoters Ravi Kant Ruia and Anshuman Ruia on a CBI plea challenging their acquittal in a case arising out of the probe in the 2G scam case.&nbsp

Justice S P Garg issued notice to the Ruias and six others and sought their replies by May 25 to the CBI’s appeal against the trial court decision of December 21, 2017.

Besides Ruias, the CBI has also appealed against the acquittal of promoters of Loop Telecom Ltd I P Khaitan and Kiran Khaitan, Essar Group Director (Strategy and Planning) Vikash Saraf and three telecom firms – Loop Telecom, Loop Mobile India and Essar Tele Holding.

The probe agency has said in its appeal that the special judge failed to appreciate the evidence and the law in proper perspective and the evidence on record clearly establishes the offence committed by the accused.

On December 21, last year, a special court had acquitted Essar Group promoters, Loop Telecom Promoters and others in a case arising out of the 2G scam probe. The court had charged them with the offence under section 120 B (criminal conspiracy) read with section 420 (cheating) of IPC, substantial charge of cheating was made out against Saraf.

The CBI had named them in its chargesheet on December 12, 2011, alleging they had cheated the Department of Telecommunication by using Loop Telecom as a “front” to secure 2G licences in 2008 in violation of Clause 8 of the Unified Access Service License Guidelines.

The probe agency has said in its appeal that the special judge failed to appreciate the evidence and the law in proper perspective and the evidence on record clearly establishes the offence committed by the accused.

The Delhi High Court Friday sought the response of Essar Group promoters Ravi Kant Ruia and Anshuman Ruia on a CBI plea challenging their acquittal in a case arising out of the probe in the 2G scam case. Justice S P Garg issued notice to the Ruias and six others and sought their replies by May 25 to the CBI’s appeal against the trial court decision of December 21, 2017. Besides Ruias, the CBI has also appealed against the acquittal of promoters of Loop Telecom Ltd I P Khaitan and Kiran Khaitan, Essar Group Director (Strategy and Planning) Vikash Saraf and three telecom firms – Loop Telecom, Loop Mobile India and Essar Tele Holding. The probe agency has said in its appeal that the special judge failed to appreciate the evidence and the law in proper perspective and the evidence on record clearly establishes the offence committed by the accused. On December 21, last year, a special court had acquitted Essar Group promoters, Loop Telecom Promoters and others in a case arising out of the 2G scam probe. The court had charged them with the offence under section 120 B (criminal conspiracy) read with section 420 (cheating) of IPC, substantial charge of cheating was made out against Saraf. The CBI had named them in its chargesheet on December 12, 2011, alleging they had cheated the Department of Telecommunication by using Loop Telecom as a “front” to secure 2G licences in 2008 in violation of Clause 8 of the Unified Access Service License Guidelines.

2G scam case: Delhi HC seeks response of Essar promoters on plea against their acquittal

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.&nbspBrent crude oil futures were at $73.79 per barrel at 0028 GMT, up 31 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.4 percent, at $68.76 a barrel.&nbspBrent on Wednesday marked its highest level since November, 2014 at $73.93 per barrel. WTI hit its strongest since December, 2014 at $68.91 a barrel.

Reuters reported on Wednesday that top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, which was seen as a sign that Riyadh will seek no changes to an OPEC supply-cutting deal that was introduced in 2017 to boost prices.

“The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform programme. So they might continue to squeeze the lemon while they have the chance,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers that includes Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014.

Since the start of the voluntary restraint, crude inventories have been gradually declining from record levels towards long-term average levels.&nbspFurther supporting oil prices is an expectation that the United States will re-introduce sanctions against OPEC-member Iran, which could result in further supply reductions from the Middle East.

In the United States, the Energy Information Administration (EIA) said on Wednesday that commercial crude stocks fell by 1.1 million barrels in the week to April 13, to 427.57 million barrels, which is close to the five-year average level around 420 million barrels.

With crude prices on the rise, those producers not participating in voluntary restraint are ramping up output.&nbspU.S. crude production &ltC-OUT-T-EIA&gt has jumped by a quarter since mid-2016, to a record 10.54 million barrels per day (bpd).&nbspThat’s more than Saudi Arabia produces. Only Russia churns out more oil, at almost 11 million bpd.

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.&nbspBrent crude oil futures were at $73.79 per barrel at 0028 GMT, up 31 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.4 percent, at $68.76 a barrel.&nbspBrent on Wednesday marked its highest level since November, 2014 at $73.93 per barrel. WTI hit its strongest since December, 2014 at $68.91 a barrel. Reuters reported on Wednesday that top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, which was seen as a sign that Riyadh will seek no changes to an OPEC supply-cutting deal that was introduced in 2017 to boost prices. “The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform programme. So they might continue to squeeze the lemon while they have the chance,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers that includes Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014. Since the start of the voluntary restraint, crude inventories have been gradually declining from record levels towards long-term average levels.&nbspFurther supporting oil prices is an expectation that the United States will re-introduce sanctions against OPEC-member Iran, which could result in further supply reductions from the Middle East. In the United States, the Energy Information Administration (EIA) said on Wednesday that commercial crude stocks fell by 1.1 million barrels in the week to April 13, to 427.57 million barrels, which is close to the five-year average level around 420 million barrels. With crude prices on the rise, those producers not participating in voluntary restraint are ramping up output.&nbspU.S. crude production &ltC-OUT-T-EIA> has jumped by a quarter since mid-2016, to a record 10.54 million barrels per day (bpd).&nbspThat’s more than Saudi Arabia produces. Only Russia churns out more oil, at almost 11 million bpd.

Oil near late-2014 highs as Saudi pushes for higher prices, US crude stocks decline

Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014, though the potential boost to inflation globally also pressured fixed-income assets. Brent crude futures climbed another 34 cents in early trade to $73.82 a barrel, adding to a 2.7 percent jump overnight. U.S. crude gained 30 cents to $68.77.

The surge came on a Reuters report that OPEC’s new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement’s original target is within sight.

“The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform program,” said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader. “So, they might continue to squeeze the lemon while they have the chance and the hand.”

The leap in oil combined with fears that sanctions on Russia could hit supplies of other commodities to light a fire under the entire sector. Aluminium prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in 6-1/2 years. Such increases, if sustained, could fuel inflationary pressures and investors hedged by selling sovereign bonds.

Yields on U.S. two-year Treasuries climbed to levels last visited in 2008 at 2.43 percent while 10-year yields jumped 6 basis points to 2.87 percent. Resource stocks were the big winners driving Australia’s main index up 0.6 percent. Japan’s Nikkei gained 0.4 percent, led by a 1.8 percent rise in basic material stocks.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.15 percent, while E-Mini futures for the S&P 500 edged up 0.1 percent. Wall Street had also seen hefty gains in the energy and industrial indexes, though that was offset by softness in sectors such as consumer staples and financials.

IBM’s 7.5 percent drop was the biggest drag on the S&P after the technology company’s quarterly profit margins missed Wall Street targets. The Dow ended down 0.16 percent, while the S&P 500 gained 0.08 percent and the Nasdaq 0.19 percent.

In currency markets, the U.S. dollar remained very much range bound with its index flat at 89.623. It was a fraction firmer on the yen at 107.33 yen, but still short of recent peaks at 107.78. The euro hovered at $1.2379, after easing from the week’s top of $1.2413.

The Canadian dollar hit a one-week low after the Bank of Canada sounded more dovish than expected, saying it did not know when or how aggressive it would need to be on tightening in order to keep inflation in check.

Sterling was softer at $1.4205 after a surprisingly tame reading on inflation led the market to reconsider the likely pace of future rate rises from the Bank of England. Data out on New Zealand on Thursday showed annual inflation there had slowed to just 1.1 percent in the first quarter, underlining expectations that interest rates would remain at record lows for many more months to come.

Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014, though the potential boost to inflation globally also pressured fixed-income assets.

Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014, though the potential boost to inflation globally also pressured fixed-income assets. Brent crude futures climbed another 34 cents in early trade to $73.82 a barrel, adding to a 2.7 percent jump overnight. U.S. crude gained 30 cents to $68.77. The surge came on a Reuters report that OPEC’s new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement’s original target is within sight. “The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform program,” said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader. “So, they might continue to squeeze the lemon while they have the chance and the hand.” The leap in oil combined with fears that sanctions on Russia could hit supplies of other commodities to light a fire under the entire sector. Aluminium prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in 6-1/2 years. Such increases, if sustained, could fuel inflationary pressures and investors hedged by selling sovereign bonds. Yields on U.S. two-year Treasuries climbed to levels last visited in 2008 at 2.43 percent while 10-year yields jumped 6 basis points to 2.87 percent. Resource stocks were the big winners driving Australia’s main index up 0.6 percent. Japan’s Nikkei gained 0.4 percent, led by a 1.8 percent rise in basic material stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.15 percent, while E-Mini futures for the S&P 500 edged up 0.1 percent. Wall Street had also seen hefty gains in the energy and industrial indexes, though that was offset by softness in sectors such as consumer staples and financials. IBM’s 7.5 percent drop was the biggest drag on the S&P after the technology company’s quarterly profit margins missed Wall Street targets. The Dow ended down 0.16 percent, while the S&P 500 gained 0.08 percent and the Nasdaq 0.19 percent. In currency markets, the U.S. dollar remained very much range bound with its index flat at 89.623. It was a fraction firmer on the yen at 107.33 yen, but still short of recent peaks at 107.78. The euro hovered at $1.2379, after easing from the week’s top of $1.2413. The Canadian dollar hit a one-week low after the Bank of Canada sounded more dovish than expected, saying it did not know when or how aggressive it would need to be on tightening in order to keep inflation in check. Sterling was softer at $1.4205 after a surprisingly tame reading on inflation led the market to reconsider the likely pace of future rate rises from the Bank of England. Data out on New Zealand on Thursday showed annual inflation there had slowed to just 1.1 percent in the first quarter, underlining expectations that interest rates would remain at record lows for many more months to come.

Global stocks: Resource stocks rally as oil surges, bonds suffer

Tesla Inc is being probed by a California agency for occupational safety after a report that the electric carmaker failed to disclose serious injuries at a Fremont factory.

The state’s Occupational Safety and Health Administration (Cal-OSHA) disclosed the inspection on Wednesday, two days after news website Reveal said that Tesla’s omissions in legally mandated reports made its safety record appear better than it was.

The probe began on Tuesday, Erika Monterroza, spokesperson for Cal/OSHA, said. The agency typically reviews an employer’s log of work-related injuries and illnesses to make sure that serious injuries are reported directly to the administration within eight hours, she added.

A Tesla spokesman said Cal-OSHA is required to investigate any claims, whether they have merit or are baseless.

“We have never in the entire history of our company received a violation for inaccurate or incomplete injury record-keeping,” he said in an emailed statement.

The injury rate at the Fremont factory, which it had taken over from General Motors Co and Toyota Motor Corp , is half what it was in its final years under the previous owners, the spokesman added.

Tesla Inc is being probed by a California agency for occupational safety after a report that the electric carmaker failed to disclose serious injuries at a Fremont factory.

Tesla Inc is being probed by a California agency for occupational safety after a report that the electric carmaker failed to disclose serious injuries at a Fremont factory. The state’s Occupational Safety and Health Administration (Cal-OSHA) disclosed the inspection on Wednesday, two days after news website Reveal said that Tesla’s omissions in legally mandated reports made its safety record appear better than it was. The probe began on Tuesday, Erika Monterroza, spokesperson for Cal/OSHA, said. The agency typically reviews an employer’s log of work-related injuries and illnesses to make sure that serious injuries are reported directly to the administration within eight hours, she added. A Tesla spokesman said Cal-OSHA is required to investigate any claims, whether they have merit or are baseless. “We have never in the entire history of our company received a violation for inaccurate or incomplete injury record-keeping,” he said in an emailed statement. The injury rate at the Fremont factory, which it had taken over from General Motors Co and Toyota Motor Corp , is half what it was in its final years under the previous owners, the spokesman added.

California agency probing Tesla on occupational safety

An Indian push to connect more cities via airports as an expanding middle class increasingly takes to the skies is set to help propel the country`s demand for jet fuel to record highs this year.

The rapid growth in appetite for aviation fuel means the country`s refiners are far less likely to send cargoes abroad, tightening markets from Asia to Europe. 
&nbsp; 
Years of breakneck economic expansion have helped India become the world`s fastest growing major domestic aviation market, according to the International Air Transport Association.

That has been underpinned by ambitious government plans to overhaul the nation`s infrastructure, including a push to build airports and offer airlines incentives to fly to smaller cities.

"The country`s air transport sector has huge potential to grow in the long-term given its large geographical expanse and growing consumer affluence," said Sri Paravaikkarasu, a Singapore-based analyst at energy consultancy FGE.

Average monthly demand for jet fuel could break through 700,000 tonnes this year, up from 2017`s record 623,000 tonnes and from 566,000 tonnes in 2016, several industry analysts estimated.

That would be an annual growth rate of around 12 percent, comparable to what China achieved during its main boom years in the early 2000s. 
India used 2.02 million tonnes of aviation fuel from January-March this year, up 9.4 percent from a year earlier, the latest government data showed.&nbsp;

FGE forecasts a 10.5-percent year-on-year increase in Indian demand for jet fuel in 2018, while energy consultancy Trifecta expects growth of 12-15 percent.&nbsp;

Under a flagship government scheme, the Airports Authority of India (AAI) is set to invest 175 billion rupees ($2.7 billion) in upgrading airport infrastructure over 2019-20.

"Both passenger and freight miles should benefit from the state-led build out in related infrastructure and improving domestic interconnectivity," said Emma Richards, a senior oil and gas analyst in London at BMI Research.

In a round of bidding for air routes concluded earlier this year, the AAI awarded over 400,000 kilometres per week to connect smaller cities, known as `Tier 2` destinations.

Top Indian carrier Interglobe Aviation, which operates as IndiGo and won most of the tenders, said new routes would include flying from Bhopal in central India to Nashik in the west.&nbsp;

India`s domestic air traffic for the first two months of 2018 jumped nearly 22 percent from the year before to 22.2 million passengers, according to data from the Directorate General of Civil Aviation.

The country`s top five busiest airports - Delhi, Mumbai, Bengaluru, Chennai and Kolkata - handled 31.9 million passengers this January and February, up 15.3 percent from the same period last year.

Indian oil refineries such as Reliance Industries and Essar Oil are significant exporters of petroleum products including jet fuel. Thomson Reuters data shows India is one of the top three Asian suppliers of jet fuel.

But exports are set to slow as local demand surges. "Domestic demand growth will certainly limit its ability to service other markets in the region," said Richards at BMI.

Already, India`s monthly exports dropped by more than 7 percent year-on-year in 2017.

To deal with rising consumption, India`s refineries are expanding. 
India`s Ratnagiri Refinery & Petrochemicals - a joint venture between Indian Oil, Hindustan Petroleum and Bharat Petroleum - in April signed an initial deal with Saudi Aramco to build a huge refinery in the western state of Maharashtra.

Reliance Industries, operator of the world`s largest refinery, plans to expand its oil processing capacity by over 40 percent by 2030.

The rapid growth in appetite for aviation fuel means the country`s refiners are far less likely to send cargoes abroad, tightening markets from Asia to Europe

An Indian push to connect more cities via airports as an expanding middle class increasingly takes to the skies is set to help propel the country`s demand for jet fuel to record highs this year. The rapid growth in appetite for aviation fuel means the country`s refiners are far less likely to send cargoes abroad, tightening markets from Asia to Europe. Years of breakneck economic expansion have helped India become the world`s fastest growing major domestic aviation market, according to the International Air Transport Association. That has been underpinned by ambitious government plans to overhaul the nation`s infrastructure, including a push to build airports and offer airlines incentives to fly to smaller cities. "The country`s air transport sector has huge potential to grow in the long-term given its large geographical expanse and growing consumer affluence," said Sri Paravaikkarasu, a Singapore-based analyst at energy consultancy FGE. Average monthly demand for jet fuel could break through 700,000 tonnes this year, up from 2017`s record 623,000 tonnes and from 566,000 tonnes in 2016, several industry analysts estimated. That would be an annual growth rate of around 12 percent, comparable to what China achieved during its main boom years in the early 2000s. India used 2.02 million tonnes of aviation fuel from January-March this year, up 9.4 percent from a year earlier, the latest government data showed. FGE forecasts a 10.5-percent year-on-year increase in Indian demand for jet fuel in 2018, while energy consultancy Trifecta expects growth of 12-15 percent. Under a flagship government scheme, the Airports Authority of India (AAI) is set to invest 175 billion rupees ($2.7 billion) in upgrading airport infrastructure over 2019-20. "Both passenger and freight miles should benefit from the state-led build out in related infrastructure and improving domestic interconnectivity," said Emma Richards, a senior oil and gas analyst in London at BMI Research. In a round of bidding for air routes concluded earlier this year, the AAI awarded over 400,000 kilometres per week to connect smaller cities, known as `Tier 2` destinations. Top Indian carrier Interglobe Aviation, which operates as IndiGo and won most of the tenders, said new routes would include flying from Bhopal in central India to Nashik in the west. India`s domestic air traffic for the first two months of 2018 jumped nearly 22 percent from the year before to 22.2 million passengers, according to data from the Directorate General of Civil Aviation. The country`s top five busiest airports - Delhi, Mumbai, Bengaluru, Chennai and Kolkata - handled 31.9 million passengers this January and February, up 15.3 percent from the same period last year. Indian oil refineries such as Reliance Industries and Essar Oil are significant exporters of petroleum products including jet fuel. Thomson Reuters data shows India is one of the top three Asian suppliers of jet fuel. But exports are set to slow as local demand surges. "Domestic demand growth will certainly limit its ability to service other markets in the region," said Richards at BMI. Already, India`s monthly exports dropped by more than 7 percent year-on-year in 2017. To deal with rising consumption, India`s refineries are expanding. India`s Ratnagiri Refinery & Petrochemicals - a joint venture between Indian Oil, Hindustan Petroleum and Bharat Petroleum - in April signed an initial deal with Saudi Aramco to build a huge refinery in the western state of Maharashtra. Reliance Industries, operator of the world`s largest refinery, plans to expand its oil processing capacity by over 40 percent by 2030.

India jet fuel demand to soar as domestic air travel takes off

Amazon.com Inc has launched an international shopping feature that will enable customers across the world to shop more than 45 million items that can be shipped to their country from the United States.

The international shopping feature, which is available on a mobile browser and the mobile app for both iOS and Android devices, has been extended to users to purchase products outside their home markets and is available in five languages, including Spanish, English, simplified Chinese, Brazilian Portuguese and German, Amazon said on Tuesday.

It will allow customers to shop in 25 currencies, with more languages and currencies to be added in 2018.

Customers can also choose from different shipping options and delivery speeds.

The international shopping feature will display pricing, shipping costs and import duty estimates, with Amazon managing courier service and customs clearance in case of potential surprises at the time of purchase or delivery.

Amazon.com Inc has launched an international shopping feature that will enable customers across the world to shop more than 45 million items that can be shipped to their country from the United States

Amazon.com Inc has launched an international shopping feature that will enable customers across the world to shop more than 45 million items that can be shipped to their country from the United States. The international shopping feature, which is available on a mobile browser and the mobile app for both iOS and Android devices, has been extended to users to purchase products outside their home markets and is available in five languages, including Spanish, English, simplified Chinese, Brazilian Portuguese and German, Amazon said on Tuesday. It will allow customers to shop in 25 currencies, with more languages and currencies to be added in 2018. Customers can also choose from different shipping options and delivery speeds. The international shopping feature will display pricing, shipping costs and import duty estimates, with Amazon managing courier service and customs clearance in case of potential surprises at the time of purchase or delivery.

Amazon launches international shopping from United States

You must have heard what Donald Trump has been doing over the past few weeks or from the time he became US President i.e. taking crazy decisions in the name of 'Let's make America great again'. We understand that he wants to help the steel and aluminum industry, and therefore he's announced plans for protective tariffs, claiming that "Trade wars are good and easy to win". He is also correct when he says that this has been a problem for decades.

However, while he has the right intentions and he took the decision which also looks right as well, yet he made the mistake which most of us do by 'thinking only at the first level'.

First level thinking talks about not diving deeper into the issues and not understanding the implications of our actions but taking the decisions on their face value. We will talk more about first order thinking, but let's first talk about 'US's tryst with Protectionism'.

Let's go back to the Second World War. During that era the US used to produce three-fourth of the steel worldwide and it was felt that the same situation will continue for a long time. However, after the World War, the US kept working with its old technologies and Europe & other countries moved to newer technologies which were 50 per cent cheaper than that employed by the US.

In 1959, the Congress felt that the US is losing its dominance and called for a meeting of all the big steel barons who said, "We have examined the production capabilities of other countries though they don't match up with the capabilities of the US firm."

In 1960s they finally realised their mistake, but were too late as the countries from Europe and other parts of the world had started dominating the steel space. But, there is a twist in the story. In the 1960s, a man named Ken Iverson started a steel business that became Nucor. Iverson started making steel using the electric arc process, building the first American facility in 1969. It began growing at an exponential rate, competing rather effectively with foreign producers, to say nothing of other American producers.

As other steel producers begged for protectionist policy, Iverson mocked the idea. In an interview in 1986, Iverson noted that protectionist measures already instituted hadn't had the desired effect. "As soon as prices began to rise and the steel companies began to be profitable, they stopped modernising," he said. "It's only under intense competitive pressure - both internally from the mini-mills, and externally from the Japanese and the Koreans - that the big steel companies have been forced to modernise."

Nucor has since become the nation's largest domestic steel producer. Yet, it has started to act like the Big Old Steel boys of US. After Trump announced the tariff, Nucor's CEO vigorously applauded the move, claiming it was long overdue.

But before Nucor joins the protectionist parade, it might want to recall the words of Iverson, who died in 2002, when his company was on the way to the top: "Unless you're under intense competitive pressure and it becomes a question of the survival of the business to do it, you're just going to lapse back into your old ways. There's no other answer."

The moral of the story is that if Trump had gone a bit deeper into the issue and looked at the trade restrictions imposed by his predecessors George W Bush and Barack Obama, he would have realised that trade restrictions end up doing more harm than good. Lightly informed economic adventurism by the US President is not good for the US and it is not good for the world.

Coming back to the second-order thinking, Howard Marks explains the concept as "First-level thinking is simplistic and superficial, and just about everyone can do it (a bad sign for anything involving an attempt at superiority). All the first-level thinker needs is an opinion about the future, as in 'The outlook for the company is favourable, meaning the stock will go up'. Second-level thinking is deep, complex and convoluted."

Second-order thinkers take into account a lot of what we put into our decision journals. Things like what are the key variables and how do they interact? Where is the leverage? And if I take this action, what happens next?

First-order thinkers look for things that are simple, easy, and defendable. They fail to realise that they are dealing with complex systems, or if they do realise it, they mistake cause-and-effect relationships. They are incapable of thinking in terms of second and subsequent steps. And, more fundamentally, they are generally unaware of the need to think in terms of second steps.

Second-order thinkers, on the other hand, think in terms of interactions, time, and system dynamics. They are aware of iatrogenics (when a treatment causes more harm than benefit) and our bias toward intervention.

First-level thinkers all look alike. They think the same way other first-level thinkers do, and they usually reach the same conclusions. This is where things get interesting. Extraordinary performance comes from being different. It must be that way. Of course, below average performance comes from being different, too - on the downside. But the road to out-thinking people can't come from first-order thinking. It must come from second-order thinking.

So next time you need to think about something, do one of two things: First, start digging below the surface of people's opinions and ask them why they think what they think. And second, ask them to take the other side of the argument.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

First-level thinkers all look alike. They think the same way other first-level thinkers do, and they usually reach the same conclusions.

You must have heard what Donald Trump has been doing over the past few weeks or from the time he became US President i.e. taking crazy decisions in the name of 'Let's make America great again'. We understand that he wants to help the steel and aluminum industry, and therefore he's announced plans for protective tariffs, claiming that "Trade wars are good and easy to win". He is also correct when he says that this has been a problem for decades. However, while he has the right intentions and he took the decision which also looks right as well, yet he made the mistake which most of us do by 'thinking only at the first level'. First level thinking talks about not diving deeper into the issues and not understanding the implications of our actions but taking the decisions on their face value. We will talk more about first order thinking, but let's first talk about 'US's tryst with Protectionism'. Let's go back to the Second World War. During that era the US used to produce three-fourth of the steel worldwide and it was felt that the same situation will continue for a long time. However, after the World War, the US kept working with its old technologies and Europe & other countries moved to newer technologies which were 50 per cent cheaper than that employed by the US. In 1959, the Congress felt that the US is losing its dominance and called for a meeting of all the big steel barons who said, "We have examined the production capabilities of other countries though they don't match up with the capabilities of the US firm." In 1960s they finally realised their mistake, but were too late as the countries from Europe and other parts of the world had started dominating the steel space. But, there is a twist in the story. In the 1960s, a man named Ken Iverson started a steel business that became Nucor. Iverson started making steel using the electric arc process, building the first American facility in 1969. It began growing at an exponential rate, competing rather effectively with foreign producers, to say nothing of other American producers. As other steel producers begged for protectionist policy, Iverson mocked the idea. In an interview in 1986, Iverson noted that protectionist measures already instituted hadn't had the desired effect. "As soon as prices began to rise and the steel companies began to be profitable, they stopped modernising," he said. "It's only under intense competitive pressure - both internally from the mini-mills, and externally from the Japanese and the Koreans - that the big steel companies have been forced to modernise." Nucor has since become the nation's largest domestic steel producer. Yet, it has started to act like the Big Old Steel boys of US. After Trump announced the tariff, Nucor's CEO vigorously applauded the move, claiming it was long overdue. But before Nucor joins the protectionist parade, it might want to recall the words of Iverson, who died in 2002, when his company was on the way to the top: "Unless you're under intense competitive pressure and it becomes a question of the survival of the business to do it, you're just going to lapse back into your old ways. There's no other answer." The moral of the story is that if Trump had gone a bit deeper into the issue and looked at the trade restrictions imposed by his predecessors George W Bush and Barack Obama, he would have realised that trade restrictions end up doing more harm than good. Lightly informed economic adventurism by the US President is not good for the US and it is not good for the world. Coming back to the second-order thinking, Howard Marks explains the concept as "First-level thinking is simplistic and superficial, and just about everyone can do it (a bad sign for anything involving an attempt at superiority). All the first-level thinker needs is an opinion about the future, as in 'The outlook for the company is favourable, meaning the stock will go up'. Second-level thinking is deep, complex and convoluted." Second-order thinkers take into account a lot of what we put into our decision journals. Things like what are the key variables and how do they interact? Where is the leverage? And if I take this action, what happens next? First-order thinkers look for things that are simple, easy, and defendable. They fail to realise that they are dealing with complex systems, or if they do realise it, they mistake cause-and-effect relationships. They are incapable of thinking in terms of second and subsequent steps. And, more fundamentally, they are generally unaware of the need to think in terms of second steps. Second-order thinkers, on the other hand, think in terms of interactions, time, and system dynamics. They are aware of iatrogenics (when a treatment causes more harm than benefit) and our bias toward intervention. First-level thinkers all look alike. They think the same way other first-level thinkers do, and they usually reach the same conclusions. This is where things get interesting. Extraordinary performance comes from being different. It must be that way. Of course, below average performance comes from being different, too - on the downside. But the road to out-thinking people can't come from first-order thinking. It must come from second-order thinking. So next time you need to think about something, do one of two things: First, start digging below the surface of people's opinions and ask them why they think what they think. And second, ask them to take the other side of the argument. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Donald Trump and the second order thinking

The World Bank on Monday noted that the Indian economy has recovered from the effects of demonetisation and the Goods and Services Tax (GST) and predicted a growth rate of 7.3 per cent for the country in 2018.

Further, the apex international financial institution forecast a rate of growth of 7.5 per cent for 2019 and 2020.

The World Bank in its twice-a-year South Asia Economic Focus report said that the growth is expected to accelerate from 6.7 per cent in 2017 to 7.3 per cent in 2018, and will subsequently stabilise, supported by a sustained recovery in private investment and private consumption.

The report also noted that India should strive to accelerate investments and exports to take advantage of the recovery in global growth.

Meanwhile, the bank also acknowledged that disruptions from demonetisation and the implementation of GST led to a setback in the economic activity, and a potentially larger negative effect on the poor and vulnerable.&nbsp;

The bank added that India would grow at 7.5% in 2019 and 2020

The World Bank on Monday noted that the Indian economy has recovered from the effects of demonetisation and the Goods and Services Tax (GST) and predicted a growth rate of 7.3 per cent for the country in 2018. Further, the apex international financial institution forecast a rate of growth of 7.5 per cent for 2019 and 2020. The World Bank in its twice-a-year South Asia Economic Focus report said that the growth is expected to accelerate from 6.7 per cent in 2017 to 7.3 per cent in 2018, and will subsequently stabilise, supported by a sustained recovery in private investment and private consumption. The report also noted that India should strive to accelerate investments and exports to take advantage of the recovery in global growth. Meanwhile, the bank also acknowledged that disruptions from demonetisation and the implementation of GST led to a setback in the economic activity, and a potentially larger negative effect on the poor and vulnerable.

Indian economy has recovered from demonetisation, GST: World Bank

Indian ride-hailing firm Ola, backed by Japan's SoftBank Group will launch 10,000 electric three-wheelers in the country over the next 12 months as part of a broader electrification plan, the company said in a statement on Monday.

The move is part of a broader push by Ola to launch 1 million electric vehicles on its platform by 2021, it said in the statement, adding that it will work with various state governments, vehicle manufacturers and battery companies to meet its target.

The company will develop "Mission: Electric" as a platform to bring one million electric vehicles (EVs) on the road by 2021.

"Three-wheelers are a vital means of transportation and a source of livelihood for millions of people every day. It also represents an immediate opportunity to improve outcomes for all stakeholders while reducing pollution across towns and cities," said Bhavish Aggarwal, co-founder, and CEO of Ola.

"Less than a year ago, we launched India's first multi-modal electric pilot in Nagpur. After more than four million electric kilometers traveled and many lessons learned, we are significantly expanding our commitment to electrify mobility in India. Ola leads by example, and we look forward to working with state governments and other partners to introduce accessible, affordable, and sustainable mobility solutions at scale," he added.

It is looking to work with driver-partners, cities, vehicle manufacturers, and battery companies to make sustainable technologies that are cost-effective and viable in daily mobility.

Ola launched its first electric vehicle project in Nagpur on May 26, 2017.

This was inaugurated by Devendra Fadnavis, Chief Minister of Maharashtra and Nitin Gadkari, Union Minister of Road Transport, Highways & Shipping, in the presence of key dignitaries and thousands of citizens in Nagpur.

The project includes electric cabs, electric auto rickshaws, electric buses, rooftop solar installations, charging stations, and battery swapping experiments.

The electric vehicle program in Nagpur has provided Ola with significant insights into effectively managing vehicles, batteries, and operations.

Ola plans to continue its experimentation with ways to optimise batteries and charging, to develop a strong business model for electric vehicle deployment in the country.

The company is also in discussion with several state governments to create an appropriate policy environment to deploy electric three-wheelers. It is also talking to original equipment manufacturer (OEM) partners and electric vehicle innovators globally to bring vehicles on the road in a planned and phased manner.

With the addition of 10,000 vehicles across three cities this year, Ola is quickly set to become one of the largest electronic vehicle fleet operators in the world.

(With inputs from ANI)

The move is part of a broader push by Ola to launch 1 million electric vehicles on its platform by 2021

Indian ride-hailing firm Ola, backed by Japan's SoftBank Group will launch 10,000 electric three-wheelers in the country over the next 12 months as part of a broader electrification plan, the company said in a statement on Monday. The move is part of a broader push by Ola to launch 1 million electric vehicles on its platform by 2021, it said in the statement, adding that it will work with various state governments, vehicle manufacturers and battery companies to meet its target. The company will develop "Mission: Electric" as a platform to bring one million electric vehicles (EVs) on the road by 2021. "Three-wheelers are a vital means of transportation and a source of livelihood for millions of people every day. It also represents an immediate opportunity to improve outcomes for all stakeholders while reducing pollution across towns and cities," said Bhavish Aggarwal, co-founder, and CEO of Ola. "Less than a year ago, we launched India's first multi-modal electric pilot in Nagpur. After more than four million electric kilometers traveled and many lessons learned, we are significantly expanding our commitment to electrify mobility in India. Ola leads by example, and we look forward to working with state governments and other partners to introduce accessible, affordable, and sustainable mobility solutions at scale," he added. It is looking to work with driver-partners, cities, vehicle manufacturers, and battery companies to make sustainable technologies that are cost-effective and viable in daily mobility. Ola launched its first electric vehicle project in Nagpur on May 26, 2017. This was inaugurated by Devendra Fadnavis, Chief Minister of Maharashtra and Nitin Gadkari, Union Minister of Road Transport, Highways & Shipping, in the presence of key dignitaries and thousands of citizens in Nagpur. The project includes electric cabs, electric auto rickshaws, electric buses, rooftop solar installations, charging stations, and battery swapping experiments. The electric vehicle program in Nagpur has provided Ola with significant insights into effectively managing vehicles, batteries, and operations. Ola plans to continue its experimentation with ways to optimise batteries and charging, to develop a strong business model for electric vehicle deployment in the country. The company is also in discussion with several state governments to create an appropriate policy environment to deploy electric three-wheelers. It is also talking to original equipment manufacturer (OEM) partners and electric vehicle innovators globally to bring vehicles on the road in a planned and phased manner. With the addition of 10,000 vehicles across three cities this year, Ola is quickly set to become one of the largest electronic vehicle fleet operators in the world. (With inputs from ANI)

Ola to launch 10,000 electric vehicles over 12 months

China`s Belt and Road Initiative (BRI), which aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road, has hit a roadblock in seven countries, according to a recent report. The Gwadar Port in Pakistan`s Balochistan province is the venue of the USD 63 billion China-Pakistan Economic Corridor (CPEC).

China is developing Pakistan`s power plants, airports, highways and other infrastructure under the project. Also, Beijing aims to link its landlocked western region to Gwadar. Despite this, some analysts have expressed concerns such as rising trade deficit of Pakistan with China.

There are also doubts on how Islamabad will repay off its debt to Beijing if the former is unable to do so. Also, there are worries that the price of such investment can be a huge debt burden, according to the report by Nikkei Asian Review. "The China-Pakistan corridor will no doubt be a game changer for Pakistan, but we need to be careful.

Ten years` tax concessions, 90-year leases for Chinese companies and cheap imports will impact the competitiveness of existing domestic industries," Nikkei Asian Review quoted Ehsan Malik, the CEO of Pakistan Business Council, a business policy advocacy forum, as saying. Nikkei Asian Review and The Banker magazine have published a detailed report on the status of the BRI projects in seven countries - Indonesia, Sri Lanka, Kazakhstan, Bangladesh, Poland, Laos and Pakistan.

The report also deduces the concerns of these countries ranging from a lack of participation by local workers and banks to unmanageable debts.In Indonesia, the BRI project has been experiencing serious delays. Construction on a USD 6 billion railway line is running behind schedule, coupled with rising costs.

This has been the same scenario in Kazakhstan and Bangladesh.In terms of deficits, concerns have been raised about owing unmanageable debts to China in Sri Lanka, the Maldives and Laos, along with Pakistan.As per the report, Beijing`s massive economic project is also plagued with sovereignty concerns.

In Sri Lanka, China`s takeover of the Hambantota Port has raised eyebrows over the "loss of sovereignty. "In 2008, former Sri Lankan president Mahinda Rajapaksa had ordered the construction of the USD 1.5 billion Hambantota Port.Colombo has granted a 99-year lease on the port to China Merchants Port Holdings in a bid to eliminate its debts.

The first phase of the project, which ended in 2010, costs USD 361 million. The Export-Import Bank of China financed 85 percent of the work during the first phase. The Sri Lankan Government found itself unable to repay its debts as the port`s losses started piling up. The country had an external debt of USD 48.3 billion in 2017-end, and its annual external financing needs are USD 11 billion.

Colombo owes a debt of USD 8 billion to Beijing and is said to carry an interest rate of 6 per cent, according to the report.In 2009, Rajapaksa flagged off the construction of Sri Lanka`s second international airport in Mattala, situated 20km from the port. Of the USD 209 million construction cost, the Exim Bank of China put up USD 190 million with a concessionary loan.

The Mattala airport is now known as "the world`s emptiest international airport" since it has only four regular flights arriving and departing per week. The Sri Lankan government has plans to sell off the airport as it is mounting losses. China is also constructing a USD 15 billion project to build "Port City Colombo" on reclaimed land in the Sri Lankan capital.

The first phase of the project, costing around USD 1.4 billion is being undertaken by a subsidiary of China Communications and Construction Co, which is also bearing the total cost of reclaiming 269 hectares of land.In Indonesia`s Bandung city, a 142 km-railway line connecting the city with the capital Jakarta, which was supposed to open next year, has experienced delays, the report notes.

According to local officials, in February, only 10 per cent of the work has been completed so far. Also, a funding crunch is also starting to raise concerns over the financial health of Indonesian companies involved in the construction of the railway line.Adding to the problems are paperwork and permit issues, which halted the project in its first several months.

Land acquisition has been painfully slow, as half of the total land has been taken so far. Rising land prices during delays have also led to the further hampering of the progress of the railway line. The country`s second BRI project is the Morowali Industrial Park on Sulawesi island, which already hosts Chinese nickel smelters and a stainless steel factory.

According to the report, an agreement totalling USD 1.6 billion was signed in Beijing last year that includes the construction of a carbon steel factory and a power plant. Furthermore, Indonesia`s Investment Coordinating Board has designated three provinces for investment purposes - North Sulawesi, North Kalimantan and North Sumatra respectively. Other future plans include - development of new industrial parks, ports, airports and tourism industry.

In Bangladesh, the CSIS Reconnecting Asia Project has identified three key BRI projects - the Dhaka-Jessore rail line, the Payra power plant and the Karnaphuli Tunnel, which is the country`s first-ever underwater tunnel. Construction has already begun for the USD 1.65 billion coal-fired power plant by the port of Payra.

The plant is a joint venture involving Chinese power company, CMC and Bangladesh`s state-owned North-West Power Generation Co. The financing of the plant is fully provided by Beijing and is scheduled to be operational by December 2019.The USD 4.4 billion Dhaka-Jessore rail line is currently under preparatory phase.

Announced in 2016, the line is expected to be operational by 2022. State-owned China Railway Construction is the project`s contractor. For the construction of Karnaphuli Tunnel, China Communications Construction Co. signed a USD 705 million contract with the Bangladesh Bridge Authority (BBA) in 2015. However, Bangladeshi newspaper The Financial Express reported last year that construction work on the tunnel had not started because the BBA was waiting for the Exim Bank of China to release funds for the project.In Laos, a brand new railway line, spanning 414 km, connecting its capital, Vientiane to the China-Laos border is scheduled to be completed in December 2021, as per the report. Talks of a rail project in the country began long ago.

After numerous delays, a groundbreaking ceremony was held in December 2016 at Luang Prabang, Laos` ancient royal capital, marking the official start of the construction of the railway line. However, there are complaints among Laotians that the labour on the construction of the railway line is dominated by the Chinese.

Development banks have also expressed concerns that the USD 6 billion rail project will further worsen Laos` already precarious debt levels, which reached 68 per cent of GDP in 2016, increasing the debt distress level from "moderate" to "high" in the recent World Bank/IMF Debt Sustainability Analysis, according to the report.

Both China and Laos have set up a 70-30 joint venture to finance the railway project. Each side needs to contribute 40 per cent of their investment commitment in cash. This means that Laos, with 30 per cent of the joint venture, needs to contribute USD 715 million for the construction of the railway line.

China is developing Pakistan`s power plants, airports, highways and other infrastructure under the project. Also, Beijing aims to link its landlocked western region to Gwadar. Despite this, some analysts have expressed concerns such as rising trade deficit of Pakistan with China

China`s Belt and Road Initiative (BRI), which aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road, has hit a roadblock in seven countries, according to a recent report. The Gwadar Port in Pakistan`s Balochistan province is the venue of the USD 63 billion China-Pakistan Economic Corridor (CPEC). China is developing Pakistan`s power plants, airports, highways and other infrastructure under the project. Also, Beijing aims to link its landlocked western region to Gwadar. Despite this, some analysts have expressed concerns such as rising trade deficit of Pakistan with China. There are also doubts on how Islamabad will repay off its debt to Beijing if the former is unable to do so. Also, there are worries that the price of such investment can be a huge debt burden, according to the report by Nikkei Asian Review. "The China-Pakistan corridor will no doubt be a game changer for Pakistan, but we need to be careful. Ten years` tax concessions, 90-year leases for Chinese companies and cheap imports will impact the competitiveness of existing domestic industries," Nikkei Asian Review quoted Ehsan Malik, the CEO of Pakistan Business Council, a business policy advocacy forum, as saying. Nikkei Asian Review and The Banker magazine have published a detailed report on the status of the BRI projects in seven countries - Indonesia, Sri Lanka, Kazakhstan, Bangladesh, Poland, Laos and Pakistan. The report also deduces the concerns of these countries ranging from a lack of participation by local workers and banks to unmanageable debts.In Indonesia, the BRI project has been experiencing serious delays. Construction on a USD 6 billion railway line is running behind schedule, coupled with rising costs. This has been the same scenario in Kazakhstan and Bangladesh.In terms of deficits, concerns have been raised about owing unmanageable debts to China in Sri Lanka, the Maldives and Laos, along with Pakistan.As per the report, Beijing`s massive economic project is also plagued with sovereignty concerns. In Sri Lanka, China`s takeover of the Hambantota Port has raised eyebrows over the "loss of sovereignty. "In 2008, former Sri Lankan president Mahinda Rajapaksa had ordered the construction of the USD 1.5 billion Hambantota Port.Colombo has granted a 99-year lease on the port to China Merchants Port Holdings in a bid to eliminate its debts. The first phase of the project, which ended in 2010, costs USD 361 million. The Export-Import Bank of China financed 85 percent of the work during the first phase. The Sri Lankan Government found itself unable to repay its debts as the port`s losses started piling up. The country had an external debt of USD 48.3 billion in 2017-end, and its annual external financing needs are USD 11 billion. Colombo owes a debt of USD 8 billion to Beijing and is said to carry an interest rate of 6 per cent, according to the report.In 2009, Rajapaksa flagged off the construction of Sri Lanka`s second international airport in Mattala, situated 20km from the port. Of the USD 209 million construction cost, the Exim Bank of China put up USD 190 million with a concessionary loan. The Mattala airport is now known as "the world`s emptiest international airport" since it has only four regular flights arriving and departing per week. The Sri Lankan government has plans to sell off the airport as it is mounting losses. China is also constructing a USD 15 billion project to build "Port City Colombo" on reclaimed land in the Sri Lankan capital. The first phase of the project, costing around USD 1.4 billion is being undertaken by a subsidiary of China Communications and Construction Co, which is also bearing the total cost of reclaiming 269 hectares of land.In Indonesia`s Bandung city, a 142 km-railway line connecting the city with the capital Jakarta, which was supposed to open next year, has experienced delays, the report notes. According to local officials, in February, only 10 per cent of the work has been completed so far. Also, a funding crunch is also starting to raise concerns over the financial health of Indonesian companies involved in the construction of the railway line.Adding to the problems are paperwork and permit issues, which halted the project in its first several months. Land acquisition has been painfully slow, as half of the total land has been taken so far. Rising land prices during delays have also led to the further hampering of the progress of the railway line. The country`s second BRI project is the Morowali Industrial Park on Sulawesi island, which already hosts Chinese nickel smelters and a stainless steel factory. According to the report, an agreement totalling USD 1.6 billion was signed in Beijing last year that includes the construction of a carbon steel factory and a power plant. Furthermore, Indonesia`s Investment Coordinating Board has designated three provinces for investment purposes - North Sulawesi, North Kalimantan and North Sumatra respectively. Other future plans include - development of new industrial parks, ports, airports and tourism industry. In Bangladesh, the CSIS Reconnecting Asia Project has identified three key BRI projects - the Dhaka-Jessore rail line, the Payra power plant and the Karnaphuli Tunnel, which is the country`s first-ever underwater tunnel. Construction has already begun for the USD 1.65 billion coal-fired power plant by the port of Payra. The plant is a joint venture involving Chinese power company, CMC and Bangladesh`s state-owned North-West Power Generation Co. The financing of the plant is fully provided by Beijing and is scheduled to be operational by December 2019.The USD 4.4 billion Dhaka-Jessore rail line is currently under preparatory phase. Announced in 2016, the line is expected to be operational by 2022. State-owned China Railway Construction is the project`s contractor. For the construction of Karnaphuli Tunnel, China Communications Construction Co. signed a USD 705 million contract with the Bangladesh Bridge Authority (BBA) in 2015. However, Bangladeshi newspaper The Financial Express reported last year that construction work on the tunnel had not started because the BBA was waiting for the Exim Bank of China to release funds for the project.In Laos, a brand new railway line, spanning 414 km, connecting its capital, Vientiane to the China-Laos border is scheduled to be completed in December 2021, as per the report. Talks of a rail project in the country began long ago. After numerous delays, a groundbreaking ceremony was held in December 2016 at Luang Prabang, Laos` ancient royal capital, marking the official start of the construction of the railway line. However, there are complaints among Laotians that the labour on the construction of the railway line is dominated by the Chinese. Development banks have also expressed concerns that the USD 6 billion rail project will further worsen Laos` already precarious debt levels, which reached 68 per cent of GDP in 2016, increasing the debt distress level from "moderate" to "high" in the recent World Bank/IMF Debt Sustainability Analysis, according to the report. Both China and Laos have set up a 70-30 joint venture to finance the railway project. Each side needs to contribute 40 per cent of their investment commitment in cash. This means that Laos, with 30 per cent of the joint venture, needs to contribute USD 715 million for the construction of the railway line.

China's BRI initiative hits roadblock in 7 nations

Shares of Infosys ended 3 per cent lower on bourses Monday, following which the market capitalisation of the company fell by nearly Rs 8,000 crore.

The stock fell after the company reported less-than-expected margin guidance for fiscal year 2018-19.

During the day, the stock of the company fell to an intra-day low of Rs 1,099, down 5.98 per cent over its previous closing price. At the end of today's trading session the stock was quoted at Rs 1,132.80, down 3.10 per cent.

On NSE, the stock fell to an intra-day low of Rs 1,102 and finally settled for the day at Rs 1,134.50, down 3.15 per cent over its last close.

Following the decline in the counter, the market capitalisation of the company declined by Rs 7,887.28 crore to Rs 2,47,416.46 crore.&nbsp

The stock was the second largest loser in the 30-share index.&nbsp

Global brokerage Nomura in a research note said, "growth weakness in developed markets, BFSI and retail is a negative. We expect the stock to react negative to the margin guidance cut".

The report further noted that "guidance for FY19 growth is in line with consensus, though a cut in EBI margin guidance to 22-24 per cent (as against 23-25 per cent earlier) was a disappointment".

Infosys, on April 13, reported a consolidated net profit of Rs 3,690 crore, or Rs 16.98 per share, in January-March 2018 quarter as compared to Rs 3,603 crore, or Rs 15.77 a share in the same period a year back.&nbsp

For 2018-19, Infosys expects its revenue to grow in the range of 6-8 per cent in constant currency terms and 7-9 per cent in the US dollar terms. For financial year 2018-19 Infosys expects operating margin range at 22 per cent to 24 per cent.&nbsp

The stock fell after the company reported less-than-expected margin guidance for fiscal year 2018-19

Shares of Infosys ended 3 per cent lower on bourses Monday, following which the market capitalisation of the company fell by nearly Rs 8,000 crore. The stock fell after the company reported less-than-expected margin guidance for fiscal year 2018-19. During the day, the stock of the company fell to an intra-day low of Rs 1,099, down 5.98 per cent over its previous closing price. At the end of today's trading session the stock was quoted at Rs 1,132.80, down 3.10 per cent. On NSE, the stock fell to an intra-day low of Rs 1,102 and finally settled for the day at Rs 1,134.50, down 3.15 per cent over its last close. Following the decline in the counter, the market capitalisation of the company declined by Rs 7,887.28 crore to Rs 2,47,416.46 crore. The stock was the second largest loser in the 30-share index. Global brokerage Nomura in a research note said, "growth weakness in developed markets, BFSI and retail is a negative. We expect the stock to react negative to the margin guidance cut". The report further noted that "guidance for FY19 growth is in line with consensus, though a cut in EBI margin guidance to 22-24 per cent (as against 23-25 per cent earlier) was a disappointment". Infosys, on April 13, reported a consolidated net profit of Rs 3,690 crore, or Rs 16.98 per share, in January-March 2018 quarter as compared to Rs 3,603 crore, or Rs 15.77 a share in the same period a year back. For 2018-19, Infosys expects its revenue to grow in the range of 6-8 per cent in constant currency terms and 7-9 per cent in the US dollar terms. For financial year 2018-19 Infosys expects operating margin range at 22 per cent to 24 per cent.

Infosys stock falls 3%; m-cap erodes by Rs 8,000 crore

The Sensex opened Monday morning at 33,944.73 but climbed back over the 34,000 mark in volatile early-morning trade.&nbsp;

The Sensex was at 34,134.28, down 58.37 points or 0.17% in early trade.&nbsp;

The Nifty meanwhile was at 10,469.10, down 11.50 points or 0.11%.&nbsp;

Analysts said the ups and downs in trade were caused by geopolitical tensions over Syria and trade war concerns.&nbsp;

 
&nbsp;

The Sensex was at 34,134.28, down 58.37 points or 0.17% in early trade

The Sensex opened Monday morning at 33,944.73 but climbed back over the 34,000 mark in volatile early-morning trade. The Sensex was at 34,134.28, down 58.37 points or 0.17% in early trade. The Nifty meanwhile was at 10,469.10, down 11.50 points or 0.11%. Analysts said the ups and downs in trade were caused by geopolitical tensions over Syria and trade war concerns.

Sensex opens below 34,000, then climbs back over in volatile early trade

India's annual wholesale price inflation slightly eased in March, helped by a fall in food prices, government data showed on Monday.

Annual wholesale price inflation last month eased to 2.47 percent from a year earlier, a shade lower than a provisional 2.48 percent rise in February, and below a 2.58 percent increase forecast by economists in a Reuters poll.

Wholesale food prices in March fell 0.07 percent year-on-year, compared with a 0.07 percent rise a month earlier, data showed.

Wholesale inflation was at 2.48 per cent in February

India's annual wholesale price inflation slightly eased in March, helped by a fall in food prices, government data showed on Monday. Annual wholesale price inflation last month eased to 2.47 percent from a year earlier, a shade lower than a provisional 2.48 percent rise in February, and below a 2.58 percent increase forecast by economists in a Reuters poll. Wholesale food prices in March fell 0.07 percent year-on-year, compared with a 0.07 percent rise a month earlier, data showed.

WPI inflation down slightly to 2.47% in March

Mining mogul Anil Agarwal-led Vedanta Resources plc today announced the appointment of Srinivasan Venkatakrishnan as the new chief executive of the company, replacing interim CEO Kuldip Kaura.

Venkatakrishnan, or Venkat as he is known, is currently the CEO of Johannesburg-based AngloGold Ashanti Ltd, the world's largest emerging market gold producer.

Venkat, 53, will assume the new role effective August 31, the company said in a statement.

Vedanta had in August last year appointed an interim chief executive, Kaura, to replace Tom Albanese. Albanese, a former chief executive of rival Rio Tinto, returned to the US after his three-year contract, which was extended by five months, expired at the end of August.

Kaura was made interim CEO from September 1 but he did not serve as a director on the board. He will continue in the role till Venkat joins.

Venkat would be a member of the board of directors effective August 31, the statement said.

Since 2013, Venkat has been CEO of AngloGold Ashanti Ltd. Between 2005 and 2013, he was AngloGold Ashanti's Chief Financial Officer and prior to this, he was CFO of London-listed Ashanti Goldfields Ltd.

Agarwal, Chairman of Vedanta, said, "We have gone through a very thorough search process and are delighted to invite Venkat to join Vedanta in the position of CEO. Venkat is a widely respected business leader in the global resources space, who brings to Vedanta an impressive set of values and a wealth of experience in corporate and other roles in the UK, Africa, Australia, South America and India."

He also has a strong track record of managing a complex portfolio of operating assets and projects across Africa, he said. "He has proved his ability to deliver significant operating and financial improvements, while also ensuring important advances in sustainability."

Venkat said Vedanta has an outstanding reputation as a global, diversified resources business with world-class assets and an exceptional team.

"My initial focus will be to ensure continued operational excellence, efficient cost management and capital discipline across the portfolio, while continuing to drive improvements to the overall sustainability performance of the business, thereby creating long-term value for all stakeholders," he said.

Kaura, who started off working for ABB India, was chief executive of Vedanta between 2005 and 2008. He has since worked as president of the chairman's office at the company.

Venkat is a qualified Chartered Accountant who holds a Bachelor's degree from the University of Madras.&nbsp

Venkat as he is known, is currently the CEO of Johannesburg-based AngloGold Ashanti Ltd, the world's largest emerging market gold producer.

Mining mogul Anil Agarwal-led Vedanta Resources plc today announced the appointment of Srinivasan Venkatakrishnan as the new chief executive of the company, replacing interim CEO Kuldip Kaura. Venkatakrishnan, or Venkat as he is known, is currently the CEO of Johannesburg-based AngloGold Ashanti Ltd, the world's largest emerging market gold producer. Venkat, 53, will assume the new role effective August 31, the company said in a statement. Vedanta had in August last year appointed an interim chief executive, Kaura, to replace Tom Albanese. Albanese, a former chief executive of rival Rio Tinto, returned to the US after his three-year contract, which was extended by five months, expired at the end of August. Kaura was made interim CEO from September 1 but he did not serve as a director on the board. He will continue in the role till Venkat joins. Venkat would be a member of the board of directors effective August 31, the statement said. Since 2013, Venkat has been CEO of AngloGold Ashanti Ltd. Between 2005 and 2013, he was AngloGold Ashanti's Chief Financial Officer and prior to this, he was CFO of London-listed Ashanti Goldfields Ltd. Agarwal, Chairman of Vedanta, said, "We have gone through a very thorough search process and are delighted to invite Venkat to join Vedanta in the position of CEO. Venkat is a widely respected business leader in the global resources space, who brings to Vedanta an impressive set of values and a wealth of experience in corporate and other roles in the UK, Africa, Australia, South America and India." He also has a strong track record of managing a complex portfolio of operating assets and projects across Africa, he said. "He has proved his ability to deliver significant operating and financial improvements, while also ensuring important advances in sustainability." Venkat said Vedanta has an outstanding reputation as a global, diversified resources business with world-class assets and an exceptional team. "My initial focus will be to ensure continued operational excellence, efficient cost management and capital discipline across the portfolio, while continuing to drive improvements to the overall sustainability performance of the business, thereby creating long-term value for all stakeholders," he said. Kaura, who started off working for ABB India, was chief executive of Vedanta between 2005 and 2008. He has since worked as president of the chairman's office at the company. Venkat is a qualified Chartered Accountant who holds a Bachelor's degree from the University of Madras.

Srinivasan Venkatakrishnan appointed CEO of Vedanta Resources