Shares ended lower on Tuesday, snapping three sessions of gains, with lenders such as ICICI Bank Ltd and State Bank of India weighing on the indexes.

BSE Sensex closed 216.24 points lower at 34,949.24, while the Nifty 50 ended 55.35 points down at 10,633.30.&nbsp

Nifty bank index ended 1.4 percent lower and the Nifty PSU bank index dropped 2.95 percent.

Among the sectoral indices on BSE, oil and gas, IT, auto and telecom gained, while bankex, finance, realty and consumer durables declined most. On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

Shares ended lower on Tuesday, snapping three sessions of gains, with lenders such as ICICI Bank Ltd and State Bank of India weighing on the indexes. BSE Sensex closed 216.24 points lower at 34,949.24, while the Nifty 50 ended 55.35 points down at 10,633.30. Nifty bank index ended 1.4 percent lower and the Nifty PSU bank index dropped 2.95 percent. Among the sectoral indices on BSE, oil and gas, IT, auto and telecom gained, while bankex, finance, realty and consumer durables declined most. On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

Sensex slips below 35,000, Nifty settles at 10,633 due to banking stocks

The BSE Sensex slipped almost 61 points in opening trade today on heavy selling in metals, realty, energy and auto stocks amid sustained capital outflows by foreign funds.

Asian shares drifted lower after US President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week.&nbsp

Meanwhile, China announced on Tuesday that it would reduce tariffs on some vehicles to 15 per cent from as much as 25 per cent. Tariffs on certain automotive parts would also be cut.

The rupee deprecating against the dollar also dampened sentiment.

The 30-share index dropped 60.79 points or 0.17 per cent to 34,590.45. The gauge had gained 35.11 points in the previous session.

In similar fashion, the NSE Nifty fell 19.80 points, or 0.18 per cent to 10,516.90.

Sectoral indices led by metal, realty, oil and gas and auto were trading in the negative zone, falling up to 1.29 per cent.

Major losers were Tata Steel, IndusInd Bank, Dr Reddy's, Hero Motocorp, M&M, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Asian Paints, Adani Ports, Bharti Airtel, Kotak Bank, HDFC Bank, Wipro, ONGC and RIL, falling up to 2.45 per cent.

Brokers said sentiment remained weak in the absence of any positive trigger amid sustained capital outflows.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,651.63 crore while domestic institutional investors (DIIs) bought shares worth Rs 1,496.83 crore yesterday, as per provisional data.

In the Asian region, Japan's Nikkei fell 1.08 per cent and Hong Kong's Hang Seng shed 1.08 per cent in early trade. China's Shanghai Composite index too was down 0.89 per cent.

The Dow Jones Industrial Average ended 0.72 per cent lower in yesterday's trade as uncertainty over trade policy and other geopolitical issues weighed on sentiment.&nbsp

There was heavy selling in metals, realty, energy and auto stocks

The BSE Sensex slipped almost 61 points in opening trade today on heavy selling in metals, realty, energy and auto stocks amid sustained capital outflows by foreign funds. Asian shares drifted lower after US President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week. Meanwhile, China announced on Tuesday that it would reduce tariffs on some vehicles to 15 per cent from as much as 25 per cent. Tariffs on certain automotive parts would also be cut. The rupee deprecating against the dollar also dampened sentiment. The 30-share index dropped 60.79 points or 0.17 per cent to 34,590.45. The gauge had gained 35.11 points in the previous session. In similar fashion, the NSE Nifty fell 19.80 points, or 0.18 per cent to 10,516.90. Sectoral indices led by metal, realty, oil and gas and auto were trading in the negative zone, falling up to 1.29 per cent. Major losers were Tata Steel, IndusInd Bank, Dr Reddy's, Hero Motocorp, M&M, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Asian Paints, Adani Ports, Bharti Airtel, Kotak Bank, HDFC Bank, Wipro, ONGC and RIL, falling up to 2.45 per cent. Brokers said sentiment remained weak in the absence of any positive trigger amid sustained capital outflows. Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,651.63 crore while domestic institutional investors (DIIs) bought shares worth Rs 1,496.83 crore yesterday, as per provisional data. In the Asian region, Japan's Nikkei fell 1.08 per cent and Hong Kong's Hang Seng shed 1.08 per cent in early trade. China's Shanghai Composite index too was down 0.89 per cent. The Dow Jones Industrial Average ended 0.72 per cent lower in yesterday's trade as uncertainty over trade policy and other geopolitical issues weighed on sentiment.

Sensex slips 61 points in opening trade

Snapping a two-day falling streak, benchmark stock indices opened on a positive note today after BJP's BS Yeddyurappa was <a href="http://www.wionews.com/india-news/live-natak-in-karnataka-continues-both-sides-to-meet-governor-mlas-report-poaching-attempts-137278">sworn in</a> as the chief minister of Karnataka.

Unabated buying by domestic institutional investors set the tone, brokers said.

BJP legislature party leader B S Yeddyurappa was today sworn in as the chief minister of Karnataka for the second time, after an overnight high-voltage legal battle in the Supreme Court.

The 30-share Sensex bounced 122.13 points, or 0.34 per cent, to 35,510.01. It had lost 168.83 points in the previous two sessions.

All the sectoral indices, led by consumer durables, realty, metal, power and banking, were in the green.

The NSE Nifty also jumped 36.15 points, or 0.33 per cent, to 10,777.25.

Major movers in the Sensex kitty included Coal India, Power Grid, Wipro, SBI, Kotak Bank, Sun Pharma, ICICI Bank, TCS, Infosys, M&M, L&T and Maruti Suzuki, rising up to 1.79 per cent.

Tata Steel, however, fell 0.83 per cent despite the company yesterday reporting a consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March, 2018.

Domestic institutional investors (DIIs) bought shares worth a net Rs 229.06 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 699.22 crore yesterday, as per provisional data.

In the rest of Asia, Japan's Nikkei rose 0.44 per cent, Hong Kong's Hang Seng inched up 0.01 per cent, while Shanghai Composite Index shed 0.35 per cent in early deals.

The US Dow Jones Industrial Average ended 0.25 per cent higher yesterday as retailers results and solid economic data boosted confidence in the American economy.&nbsp

Snapping a two-day falling streak, benchmark stock indices opened on a positive note today after BJP's BS Yeddyurappa was sworn in as the chief minister of Karnataka

Snapping a two-day falling streak, benchmark stock indices opened on a positive note today after BJP's BS Yeddyurappa was sworn in as the chief minister of Karnataka. Unabated buying by domestic institutional investors set the tone, brokers said. BJP legislature party leader B S Yeddyurappa was today sworn in as the chief minister of Karnataka for the second time, after an overnight high-voltage legal battle in the Supreme Court. The 30-share Sensex bounced 122.13 points, or 0.34 per cent, to 35,510.01. It had lost 168.83 points in the previous two sessions. All the sectoral indices, led by consumer durables, realty, metal, power and banking, were in the green. The NSE Nifty also jumped 36.15 points, or 0.33 per cent, to 10,777.25. Major movers in the Sensex kitty included Coal India, Power Grid, Wipro, SBI, Kotak Bank, Sun Pharma, ICICI Bank, TCS, Infosys, M&M, L&T and Maruti Suzuki, rising up to 1.79 per cent. Tata Steel, however, fell 0.83 per cent despite the company yesterday reporting a consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March, 2018. Domestic institutional investors (DIIs) bought shares worth a net Rs 229.06 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 699.22 crore yesterday, as per provisional data. In the rest of Asia, Japan's Nikkei rose 0.44 per cent, Hong Kong's Hang Seng inched up 0.01 per cent, while Shanghai Composite Index shed 0.35 per cent in early deals. The US Dow Jones Industrial Average ended 0.25 per cent higher yesterday as retailers results and solid economic data boosted confidence in the American economy.

Sensex climbs 122 points after Yeddyurappa is sworn in

The BSE Sensex rebounded by about 290 points today, while the Nifty retook the 10,800-mark on robust buying in metal, banking, capital goods and energy stocks.

A firm trend at other Asian markets and positive opening of European shares, tracking overnight gains at the Wall Street, also bolstered sentiments, brokers said.

The BSE Sensex stayed in the positive terrain throughout the session and hit a high of 35,596.15 before finishing at 35,535.79 -- a rise of 289.52 points, or 0.82 per cent.

The broader NSE Nifty scaled a high of 10,812.05 before closing 89.95 points, or 0.84 per cent, higher at 10,806.50.

On a weekly basis, the Sensex gained 620.41 points, or 1.78 per cent, while the Nifty advanced 188.25 points, or 1.77 per cent.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 900.69 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 364.88 crore yesterday, as per provisional data. PTI&nbsp

The rise was pushed by robust buying in metal, banking, capital goods and energy stocks

The BSE Sensex rebounded by about 290 points today, while the Nifty retook the 10,800-mark on robust buying in metal, banking, capital goods and energy stocks. A firm trend at other Asian markets and positive opening of European shares, tracking overnight gains at the Wall Street, also bolstered sentiments, brokers said. The BSE Sensex stayed in the positive terrain throughout the session and hit a high of 35,596.15 before finishing at 35,535.79 -- a rise of 289.52 points, or 0.82 per cent. The broader NSE Nifty scaled a high of 10,812.05 before closing 89.95 points, or 0.84 per cent, higher at 10,806.50. On a weekly basis, the Sensex gained 620.41 points, or 1.78 per cent, while the Nifty advanced 188.25 points, or 1.77 per cent. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 900.69 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 364.88 crore yesterday, as per provisional data. PTI

Sensex surges 290 pts, Nifty tops 10,800-mark

Rising for the third straight session, the BSE Sensex advanced by 103 points to end at 35,319.35 today as healthy buying in frontline stocks offset lacklustre global cues.

IT counters spurted after the rupee hit fresh 15-month lows against the US dollar.&nbsp

The 30-share barometer opened weak and hit a low of 35,134.20 on profit-booking in recent gainers amid sustained outflows by foreign funds.

However, it soon recovered to touch the day's high of 35,404.83, before finally ending at 35,319.35 -- up 103.03 points, or 0.29 per cent.

The index had risen 300.94 points in the past two sessions.

The 50-share NSE Nifty too moved in a wide range on hectic selling and buying and finally closed 23.90 points, or 0.22 per cent, higher at 10,741.70. Intra-day, it hovered between 10,689.85 and 10,766.25.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 923.25 crore while foreign institutional investors (FIIs) sold shares to the tune of Rs 97.15 crore in yesterday's trade, provisional data showed.&nbsp

Crude oil climbed to the highest level since late 2014 at USD 77.07 a barrel after US President Donald Trump abandoned an international nuclear deal with Iran, likely curbing the OPEC member's crude exports in an already tight market.&nbsp

The Sensex ended at 35,319.35 as healthy buying in frontline stocks offset lacklustre global cues

Rising for the third straight session, the BSE Sensex advanced by 103 points to end at 35,319.35 today as healthy buying in frontline stocks offset lacklustre global cues. IT counters spurted after the rupee hit fresh 15-month lows against the US dollar. The 30-share barometer opened weak and hit a low of 35,134.20 on profit-booking in recent gainers amid sustained outflows by foreign funds. However, it soon recovered to touch the day's high of 35,404.83, before finally ending at 35,319.35 -- up 103.03 points, or 0.29 per cent. The index had risen 300.94 points in the past two sessions. The 50-share NSE Nifty too moved in a wide range on hectic selling and buying and finally closed 23.90 points, or 0.22 per cent, higher at 10,741.70. Intra-day, it hovered between 10,689.85 and 10,766.25. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 923.25 crore while foreign institutional investors (FIIs) sold shares to the tune of Rs 97.15 crore in yesterday's trade, provisional data showed. Crude oil climbed to the highest level since late 2014 at USD 77.07 a barrel after US President Donald Trump abandoned an international nuclear deal with Iran, likely curbing the OPEC member's crude exports in an already tight market.

Sensex ends higher for third day, up 103 points

After being vehemently open about Tesla's recent stocks, the CEO of the company, Elon Musk, has bought around $10 million worth of Tesla's stocks on Tuesday, reports said.&nbsp;

He has been quite vocal about the fact that people who had been betting against the company on the stock market will soon 'burn' - meaning that he predicts short sellers will rush to exit their position as Tesla’s stock price increases.&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Oh and uh short burn of the century comin soon. Flamethrowers should arrive just in time.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/992388944774938626?ref_src=twsrc%5Etfw">May 4, 2018</a></blockquote>
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This has been Musk's biggest purchase since March 2017. Musk, 46, already was Tesla’s largest shareholder, and his stake is now approaching 20 per cent, as per reports.

The purchases were made indirectly via a trust. He now owns 33,665,421 shares.&nbsp;

The last time Musk purchased shares in March 2017, he bought $25 million in Tesla stock for $262 a share.&nbsp;

The company has been having a hard time and hasn’t earned an annual profit in its 15-year history and has blazed through more than $1 billion in cash during three of the last four quarters.

Tesla shares closed up 3% to $302.77 yesterday, although the stock is still down 2.8% for the year.

The purchases were made indirectly via a trust. He now owns 33,665,421 shares

After being vehemently open about Tesla's recent stocks, the CEO of the company, Elon Musk, has bought around $10 million worth of Tesla's stocks on Tuesday, reports said. He has been quite vocal about the fact that people who had been betting against the company on the stock market will soon 'burn' - meaning that he predicts short sellers will rush to exit their position as Tesla’s stock price increases. Oh and uh short burn of the century comin soon. Flamethrowers should arrive just in time. — Elon Musk (@elonmusk) May 4, 2018 × This has been Musk's biggest purchase since March 2017. Musk, 46, already was Tesla’s largest shareholder, and his stake is now approaching 20 per cent, as per reports. The purchases were made indirectly via a trust. He now owns 33,665,421 shares. The last time Musk purchased shares in March 2017, he bought $25 million in Tesla stock for $262 a share. The company has been having a hard time and hasn’t earned an annual profit in its 15-year history and has blazed through more than $1 billion in cash during three of the last four quarters. Tesla shares closed up 3% to $302.77 yesterday, although the stock is still down 2.8% for the year.

Elon Musk buys Tesla shares worth $10 million, warns people of 'short burn of the century'

Stocks weathered yet another choppy session today to end with modest gains as participants chose to book profits amid elevated global crude oil prices and geopolitical uncertainties.

ICICI Bank was the star performer in today's session, comfortably topping the gainers' list by surging nearly 7 per cent.

The private sector lender on Monday reported a 45 per cent drop in March quarter net profit following a spike in bad loans due to changes in asset classification norms.

However, investors took heart from the management's commentary that the bulk of the bad loans problem is behind it and the focus now shifts to recoveries and resolution, brokers said.&nbsp

Global crude oil prices hovered above the USD 75 per barrel mark on uncertainties over the US re-imposing sanctions on Iran, fanning fears of a supply disruption.

The 30-share Sensex opened positive and advanced to the session's high of 35,388.87. However, profit-booking by investors ahead of Karnataka elections this week trimmed the gains, with the gauge sinking to the day's low of 35,136.01.

It finally settled 8.18 points or 0.02 per cent higher at 35,216.32. 
 
The NSE Nifty, after hitting a high of 10,758.55, closed at 10,717.80, up just 2.30 points, or 0.02 per cent. It touched a low of 10,689.40 intra-day.

Meanwhile, domestic institutional investors (DIIs) net bought shares worth Rs 1,037.23 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 635.24 crore yesterday, provisional data showed.

"Market turned volatile as investors are concerned on the movement of rupee and surge in oil price which could eventually lead to tight monetary policy.&nbsp

"Albeit, banks outperformed as sentiment improved on account of early recognition of stressed assets. Continued outflow of foreign money will keep rupee on tenterhook while increasing GST collection and RBIs open market operation may soften the volatility," said Vinod Nair, Head of Research, Geojit Financial Services.

In the Sensex pack, ICICI Bank emerged on top with a rise of 6.86 per cent, followed by SBI 1.42 per cent and Axis Bank 1.18 per cent.

Other winners were Power Grid 1.14 per cent, Bharti Airtel 0.69 per cent, NTPC 0.47 per cent, TCS 0.39 per cent, Maruti Suzuki 0.37 per cent, Coal India 0.34 per cent, Adani Port 0.29 per cent, ITC 0.16 per cent, Dr

Reddy's 0.15 per cent and HUL 0.13 per cent.

On the other hand, M&M fell 2.26 per cent, IndusInd Bank 1.78 per cent, L&T 1.70 per cent, Infosys 1.52 per cent, Yes Bank 1.19 per cent, Tata Motors 0.88 per cent, Bajaj Auto 0.87 per cent, HDFC Bank 0.75 per cent,

Wipro 0.67 per cent, Asian Paints 0.60 per cent, HDFC 0.48 per cent, RIL 0.43 per cent, Sun Pharma O.40 per cent, ONGC 0.35 per cent and Kotak Mahindra Bank 0.25 per cent.

Sector-wise, bankex index spurted 1.32 per cent, followed by realty 1.06 per cent, PSU by 0.80 per cent, oil and gas 0.36 per cent, FMCG 0.19 per cent and Power 0.17 per cent.

However, capital goods slipped 0.85 per cent, consumer durables 0.81 per cent, teck 0.57 per cent, IT 0.53 per cent, auto 0.42 per cent, infrastructure 0.19 per cent, healthcare 0.18 per cent and metal 0.16 per cent.

Broader markets showed a mixed trend. The S&P BSE Small-Cap index inched up 0.10 per cent while the mid-cap index shed 0.10 per cent.

Asian markets closed mostly higher following firm leads from Wall Street overnight.

However, European shares opened broadly flat as investors prepared for President Donald Trump's decision on whether to withdraw the US from the Iran nuclear deal.

Brent crude futures, the international benchmark for oil prices, shed 0.85 per cent to USD 75.52 a barrel.

Hong Kong's Hang Seng rose 1.36 per cent, Shanghai Composite Index gained 0.79 per cent and Japan's Nikkei ended 0.18 per cent higher.

In Europe, Paris CAC declined 0.42 per cent, while Frankfurt's DAX traded lower by 0.44 per cent in early deals. London's FTSE, however, was up 0.08 per cent. PTI

ICICI Bank was the star performer in today's session, comfortably topping the gainers' list by surging nearly 7 per cent, despite announcing a 45% drop in Q4 profits on Monday

Stocks weathered yet another choppy session today to end with modest gains as participants chose to book profits amid elevated global crude oil prices and geopolitical uncertainties. ICICI Bank was the star performer in today's session, comfortably topping the gainers' list by surging nearly 7 per cent. The private sector lender on Monday reported a 45 per cent drop in March quarter net profit following a spike in bad loans due to changes in asset classification norms. However, investors took heart from the management's commentary that the bulk of the bad loans problem is behind it and the focus now shifts to recoveries and resolution, brokers said. Global crude oil prices hovered above the USD 75 per barrel mark on uncertainties over the US re-imposing sanctions on Iran, fanning fears of a supply disruption. The 30-share Sensex opened positive and advanced to the session's high of 35,388.87. However, profit-booking by investors ahead of Karnataka elections this week trimmed the gains, with the gauge sinking to the day's low of 35,136.01. It finally settled 8.18 points or 0.02 per cent higher at 35,216.32. The NSE Nifty, after hitting a high of 10,758.55, closed at 10,717.80, up just 2.30 points, or 0.02 per cent. It touched a low of 10,689.40 intra-day. Meanwhile, domestic institutional investors (DIIs) net bought shares worth Rs 1,037.23 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 635.24 crore yesterday, provisional data showed. "Market turned volatile as investors are concerned on the movement of rupee and surge in oil price which could eventually lead to tight monetary policy. "Albeit, banks outperformed as sentiment improved on account of early recognition of stressed assets. Continued outflow of foreign money will keep rupee on tenterhook while increasing GST collection and RBIs open market operation may soften the volatility," said Vinod Nair, Head of Research, Geojit Financial Services. In the Sensex pack, ICICI Bank emerged on top with a rise of 6.86 per cent, followed by SBI 1.42 per cent and Axis Bank 1.18 per cent. Other winners were Power Grid 1.14 per cent, Bharti Airtel 0.69 per cent, NTPC 0.47 per cent, TCS 0.39 per cent, Maruti Suzuki 0.37 per cent, Coal India 0.34 per cent, Adani Port 0.29 per cent, ITC 0.16 per cent, Dr Reddy's 0.15 per cent and HUL 0.13 per cent. On the other hand, M&M fell 2.26 per cent, IndusInd Bank 1.78 per cent, L&T 1.70 per cent, Infosys 1.52 per cent, Yes Bank 1.19 per cent, Tata Motors 0.88 per cent, Bajaj Auto 0.87 per cent, HDFC Bank 0.75 per cent, Wipro 0.67 per cent, Asian Paints 0.60 per cent, HDFC 0.48 per cent, RIL 0.43 per cent, Sun Pharma O.40 per cent, ONGC 0.35 per cent and Kotak Mahindra Bank 0.25 per cent. Sector-wise, bankex index spurted 1.32 per cent, followed by realty 1.06 per cent, PSU by 0.80 per cent, oil and gas 0.36 per cent, FMCG 0.19 per cent and Power 0.17 per cent. However, capital goods slipped 0.85 per cent, consumer durables 0.81 per cent, teck 0.57 per cent, IT 0.53 per cent, auto 0.42 per cent, infrastructure 0.19 per cent, healthcare 0.18 per cent and metal 0.16 per cent. Broader markets showed a mixed trend. The S&P BSE Small-Cap index inched up 0.10 per cent while the mid-cap index shed 0.10 per cent. Asian markets closed mostly higher following firm leads from Wall Street overnight. However, European shares opened broadly flat as investors prepared for President Donald Trump's decision on whether to withdraw the US from the Iran nuclear deal. Brent crude futures, the international benchmark for oil prices, shed 0.85 per cent to USD 75.52 a barrel. Hong Kong's Hang Seng rose 1.36 per cent, Shanghai Composite Index gained 0.79 per cent and Japan's Nikkei ended 0.18 per cent higher. In Europe, Paris CAC declined 0.42 per cent, while Frankfurt's DAX traded lower by 0.44 per cent in early deals. London's FTSE, however, was up 0.08 per cent. PTI

Markets end flat as investors pocket gains; ICICI Bank shines

Shares of ICICI Bank surged nearly 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter.

The stock shrugged off the disappointing numbers to open the day on a positive note and further soared 8.67 per cent to Rs 314.50 as the trade progressed on BSE.

At NSE, shares of the company jumped 8.52 per cent to Rs 314.50. 
The stock was the biggest gainer on both Sensex and Nifty during the morning trade.

ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged.

The leading private sector lender had a consolidated profit of Rs 2,083 crore in January-March, 2016-17.

Total income on a consolidated basis rose to Rs 33,760 crore as against Rs 28,603 crore.

On the standalone basis, the bank recorded 50 per cent fall in net profit at Rs 1,020 crore in the reported quarter. In the year-ago period, the same stood at Rs 2,025 crore.

Gross non-performing assets (NPA) of the bank rose to 8.84 per cent as a percentage of gross advances at the end of March, compared to 7.89 per cent a year ago.&nbsp

ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged.

Shares of ICICI Bank surged nearly 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter. The stock shrugged off the disappointing numbers to open the day on a positive note and further soared 8.67 per cent to Rs 314.50 as the trade progressed on BSE. At NSE, shares of the company jumped 8.52 per cent to Rs 314.50. The stock was the biggest gainer on both Sensex and Nifty during the morning trade. ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged. The leading private sector lender had a consolidated profit of Rs 2,083 crore in January-March, 2016-17. Total income on a consolidated basis rose to Rs 33,760 crore as against Rs 28,603 crore. On the standalone basis, the bank recorded 50 per cent fall in net profit at Rs 1,020 crore in the reported quarter. In the year-ago period, the same stood at Rs 2,025 crore. Gross non-performing assets (NPA) of the bank rose to 8.84 per cent as a percentage of gross advances at the end of March, compared to 7.89 per cent a year ago.

ICICI Bank shares soar nearly 9% post Q4 results

The BSE Sensex surged 293 points today to close at an over three-month high of 35,208.14 while the broader Nifty recaptured the 10,700-mark as investors piled into recently-battered metal, energy, realty and banking stocks amid mixed global cues.

Fresh buying by domestic institutional investors added to the momentum.&nbsp

The BSE benchmark Sensex opened higher at 34,983.59 and hovered in a range of 35,259.81 to 34,977.74 before finishing at 35,208.14, showing a gain of 292.76 points or 0.84 per cent.&nbsp

This is its highest closing since February 1, 2018, when it had finished at 35,906.66.

The gauge had lost 261.04 points in the previous two sessions.

The NSE 50-share Nifty also gained 97.25 points, or 0.92 per cent, to 10,715.50 after shuttling between 10,725.65 and 10,635.65.

Meanwhile, domestic institutional investors bought shares worth a net Rs 1,084.09 crore, while foreign portfolio investors sold shares worth Rs 1,628.23 crore on Friday, provisional data showed.

Asian markets ended mixed despite a strong closing on Wall Street as investors digested last week's trade talks between the US and China, while US jobs data eased fears of faster rate hike by the Federal Reserve.

However, US crude topped the USD 75 mark for the first time since 2014. Crude oil prices rose by 0.75 per cent to USD 75.43 a barrel.&nbsp

The Nifty closed over the 10,700 mark. Fresh buying by domestic institutional investors added to the momentum

The BSE Sensex surged 293 points today to close at an over three-month high of 35,208.14 while the broader Nifty recaptured the 10,700-mark as investors piled into recently-battered metal, energy, realty and banking stocks amid mixed global cues. Fresh buying by domestic institutional investors added to the momentum. The BSE benchmark Sensex opened higher at 34,983.59 and hovered in a range of 35,259.81 to 34,977.74 before finishing at 35,208.14, showing a gain of 292.76 points or 0.84 per cent. This is its highest closing since February 1, 2018, when it had finished at 35,906.66. The gauge had lost 261.04 points in the previous two sessions. The NSE 50-share Nifty also gained 97.25 points, or 0.92 per cent, to 10,715.50 after shuttling between 10,725.65 and 10,635.65. Meanwhile, domestic institutional investors bought shares worth a net Rs 1,084.09 crore, while foreign portfolio investors sold shares worth Rs 1,628.23 crore on Friday, provisional data showed. Asian markets ended mixed despite a strong closing on Wall Street as investors digested last week's trade talks between the US and China, while US jobs data eased fears of faster rate hike by the Federal Reserve. However, US crude topped the USD 75 mark for the first time since 2014. Crude oil prices rose by 0.75 per cent to USD 75.43 a barrel.

Sensex surges 293 points, closes over 35,000 mark

Twitter chief executive officer and co-founder Jack Dorsey declined all compensation for 2017 for running the micro-blogging platform.

The proxy statement released by Twitter reads, “As a testament to his commitment to and belief in Twitter’s long-term value creation potential, our CEO, Jack Dorsey, declined all compensation for 2017,” the company said in a proxy statement filed Wednesday with the SEC.&nbsp

It is the third year in a row Dorsey is turning down pay from Twitter.

However, Dorsey still owns equity in the company. As of April 2, he owns 18 million shares of Twitter.

The company's stock increased by 20 per cent at the beginning of this year. The company is current total worth was recorded at $589 million at Wednesday closing price.

Jack Dorsey's also owns Square which is mobile payment company where is annual salary was $2.75 and he reportedly owns 65.5 million shares.

The company is worth about $3.1 billion currently.

The proxy statement was released on Wednesday ahead of their stakeholders meeting scheduled for May 30.&nbsp

Twitter stakeholders will meet virtually through live audio broadcast. They will also to re-elect four directors to serve until 2021. 
&nbsp

It is the third year in a row Dorsey is turning down pay from Twitter

Twitter chief executive officer and co-founder Jack Dorsey declined all compensation for 2017 for running the micro-blogging platform. The proxy statement released by Twitter reads, “As a testament to his commitment to and belief in Twitter’s long-term value creation potential, our CEO, Jack Dorsey, declined all compensation for 2017,” the company said in a proxy statement filed Wednesday with the SEC. It is the third year in a row Dorsey is turning down pay from Twitter. However, Dorsey still owns equity in the company. As of April 2, he owns 18 million shares of Twitter. The company's stock increased by 20 per cent at the beginning of this year. The company is current total worth was recorded at $589 million at Wednesday closing price. Jack Dorsey's also owns Square which is mobile payment company where is annual salary was $2.75 and he reportedly owns 65.5 million shares. The company is worth about $3.1 billion currently. The proxy statement was released on Wednesday ahead of their stakeholders meeting scheduled for May 30. Twitter stakeholders will meet virtually through live audio broadcast. They will also to re-elect four directors to serve until 2021.

Twitter CEO Jack Dorsey declines salary for 2017

Rising for the fifth straight session, market benchmark Sensex gained 60 points to end at 33,940 in see-saw trade today, led by gains in metal, IT and consumer durables counters amid mixed Asian cues.

Sustained buying by domestic institutional investors (DIIs) and a mixed trend at other Asian bourses following overnight gains at the Wall Street helped key indices close in the positive zone, brokers said.

Investors are focusing on key macroeconomic data, including retail inflation and industrial production numbers due tomorrow and corporate results starting Friday.

The 30-share Sensex resumed higher and advanced to 33,981.54, but soon slipped on profit-taking to touch a low of 33,750.74, before settling up 60.19 points, or 0.18 per cent, at 33,940.44.

The gauge had gained 861.18 points in the previous four sessions.

The NSE 50-share index, after moving between 10,428.15 and 10,355.60 on alternate bouts of selling and buying, finally concluded at 10,417.15, up 14.90 points, or 0.14 per cent.

DIIs were net buyers as they bought shares worth Rs 653.65 crore yesterday, while foreign portfolio investors (FPIs) sold to the tune of Rs 684.99 crore, provisional data showed.&nbsp;

The Sensex gained 60 points to end at 33,940. The rise was led by gains in metal, IT and consumer durables

Rising for the fifth straight session, market benchmark Sensex gained 60 points to end at 33,940 in see-saw trade today, led by gains in metal, IT and consumer durables counters amid mixed Asian cues. Sustained buying by domestic institutional investors (DIIs) and a mixed trend at other Asian bourses following overnight gains at the Wall Street helped key indices close in the positive zone, brokers said. Investors are focusing on key macroeconomic data, including retail inflation and industrial production numbers due tomorrow and corporate results starting Friday. The 30-share Sensex resumed higher and advanced to 33,981.54, but soon slipped on profit-taking to touch a low of 33,750.74, before settling up 60.19 points, or 0.18 per cent, at 33,940.44. The gauge had gained 861.18 points in the previous four sessions. The NSE 50-share index, after moving between 10,428.15 and 10,355.60 on alternate bouts of selling and buying, finally concluded at 10,417.15, up 14.90 points, or 0.14 per cent. DIIs were net buyers as they bought shares worth Rs 653.65 crore yesterday, while foreign portfolio investors (FPIs) sold to the tune of Rs 684.99 crore, provisional data showed.

Volatile trade, but Sensex ends higher for fifth straight day

Indian shares ended higher for a fourth straight session on Tuesday, their longest winning streak since late January, buoyed by financials and metals, with sentiment boosted as tensions eased between the world's two biggest economies.

Chinese President Xi Jinping promised to lower import tariffs on products including cars, easing concerns over an escalating US-China trade row.

The Sensex ended 0.27 percent higher at 33,880.25, while the Nifty closed up 0.22 percent at 10,402.25.

Axis Bank Ltd was the top percentage gainer on both indexes, climbing over 5 percent, after the country's third-biggest private-sector bank by assets said on Monday its long-time chief executive, Shikha Sharma, will step down by this year-end.

The Sensex ended 0.27 percent higher at 33,880.25, while the Nifty closed up 0.22 percent at 10,402.25

Indian shares ended higher for a fourth straight session on Tuesday, their longest winning streak since late January, buoyed by financials and metals, with sentiment boosted as tensions eased between the world's two biggest economies. Chinese President Xi Jinping promised to lower import tariffs on products including cars, easing concerns over an escalating US-China trade row. The Sensex ended 0.27 percent higher at 33,880.25, while the Nifty closed up 0.22 percent at 10,402.25. Axis Bank Ltd was the top percentage gainer on both indexes, climbing over 5 percent, after the country's third-biggest private-sector bank by assets said on Monday its long-time chief executive, Shikha Sharma, will step down by this year-end.

Indian shares mark longest winning streak since January

Tesla Inc shares slumped 5 percent on Monday as investors awaited production numbers for the closely watched Model 3, a cheaper vehicle that analysts see as crucial to the luxury electric automaker's long-term profitability.

A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll.

Tesla, founded by billionaire Elon Musk, declined to comment on production numbers for the Model 3, which are expected to be released this week.

The stock briefly pared losses after auto industry blogs - citing an unverified memo - reported that production of the Model 3 passed the 2,000 per week production rate. That would be short of Tesla`s own target of 2,500 per week for the end of March but far above the 793 Model 3s built in the final week of last year.

"Musk himself is focusing time on Model 3 production because it is the "highest priority," a Tesla spokesman said on Monday, saying that engineering chief Doug Field was focused on vehicle engineering.

The company's statement followed a report that Musk had taken charge of Model 3 production after several missed production deadlines.

In a series of tweets Musk said he had asked Field to manage both engineering and production to better align both businesses, a year earlier.

"Right now, tho(ugh), better to divide & conquer, so I'm back to sleeping at factory," he tweeted.

Some buy-side Tesla watchers questioned whether the company could sustain such numbers - if they prove to be true - and also worried about profitability.&nbsp;

"There's been a number of things combined to impact the stock," said Tony Boase, senior research analyst with Nuveen Asset Management in Minneapolis. In addition to the Model 3 production rate, he cited a recent Moody's downgrade of Tesla's credit rating and the crash of a Tesla Model X and the company's comments since the crash.

"It comes down to the Model 3. That's the key," Boase said. "If they can profitably build those cars that would be a huge step in the right direction.

"If you couldn't do (2,000) without using all the resources and at a decent margin level, what have you really achieved?" he added.

Another investor who said he has profitably sold Tesla shares short four times in the last 18 months was also sceptical.

"Are they really at 2,000 or did they just stuff their system to achieve 2,000 for last week?" said David Kudla, chief executive and chief investment strategist at Mainstay Capital Management, who said he currently has no bets on Tesla.

"The only position I'd have on it is short because they aren't making any money. Their operating losses are growing. The stock's been overvalued for months," he said.

Tesla said on Friday that the Model X involved in a fatal crash in California last week had activated its Autopilot system, raising new questions about the semi-autonomous system that handles some driving tasks.

Tesla's shares closed down $13.65 at $252.48 on Monday, after earlier hitting their lowest level in just over a year. So far in 2018, the shares are down 19 percent, at a time when technology shares have suffered particularly as stock prices fall across the board.

Tesla has said it had about 500,000 advance reservations from customers for the Model 3, but manufacturing bottlenecks since last July have delayed production and deliveries to customers, exacerbating the company's need for cash.&nbsp;

Failure to meet targets and pressures on funding prompted Moody's downgrade last week, saying that Tesla was likely to raise more than $2 billion in new capital, partly to cover about $1.2 billion in convertible bonds due by March 2019.

Tesla still has loyal investors, including Zevenbergen Capital Investments in Seattle, which has owned the stock since the company's initial public offering.&nbsp;

"Historically, volatility has provided good entry points. Looking at it today we believe the demand outlook remains robust and unchanged," said Joseph Dennison, portfolio manager at Zevenbergen. "I still believe their product targets and outlook they've given in the past. While they've been optimistic on the timing they've always followed through." 
&nbsp;

A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll

Tesla Inc shares slumped 5 percent on Monday as investors awaited production numbers for the closely watched Model 3, a cheaper vehicle that analysts see as crucial to the luxury electric automaker's long-term profitability. A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll. Tesla, founded by billionaire Elon Musk, declined to comment on production numbers for the Model 3, which are expected to be released this week. The stock briefly pared losses after auto industry blogs - citing an unverified memo - reported that production of the Model 3 passed the 2,000 per week production rate. That would be short of Tesla`s own target of 2,500 per week for the end of March but far above the 793 Model 3s built in the final week of last year. "Musk himself is focusing time on Model 3 production because it is the "highest priority," a Tesla spokesman said on Monday, saying that engineering chief Doug Field was focused on vehicle engineering. The company's statement followed a report that Musk had taken charge of Model 3 production after several missed production deadlines. In a series of tweets Musk said he had asked Field to manage both engineering and production to better align both businesses, a year earlier. "Right now, tho(ugh), better to divide & conquer, so I'm back to sleeping at factory," he tweeted. Some buy-side Tesla watchers questioned whether the company could sustain such numbers - if they prove to be true - and also worried about profitability. "There's been a number of things combined to impact the stock," said Tony Boase, senior research analyst with Nuveen Asset Management in Minneapolis. In addition to the Model 3 production rate, he cited a recent Moody's downgrade of Tesla's credit rating and the crash of a Tesla Model X and the company's comments since the crash. "It comes down to the Model 3. That's the key," Boase said. "If they can profitably build those cars that would be a huge step in the right direction. "If you couldn't do (2,000) without using all the resources and at a decent margin level, what have you really achieved?" he added. Another investor who said he has profitably sold Tesla shares short four times in the last 18 months was also sceptical. "Are they really at 2,000 or did they just stuff their system to achieve 2,000 for last week?" said David Kudla, chief executive and chief investment strategist at Mainstay Capital Management, who said he currently has no bets on Tesla. "The only position I'd have on it is short because they aren't making any money. Their operating losses are growing. The stock's been overvalued for months," he said. Tesla said on Friday that the Model X involved in a fatal crash in California last week had activated its Autopilot system, raising new questions about the semi-autonomous system that handles some driving tasks. Tesla's shares closed down $13.65 at $252.48 on Monday, after earlier hitting their lowest level in just over a year. So far in 2018, the shares are down 19 percent, at a time when technology shares have suffered particularly as stock prices fall across the board. Tesla has said it had about 500,000 advance reservations from customers for the Model 3, but manufacturing bottlenecks since last July have delayed production and deliveries to customers, exacerbating the company's need for cash. Failure to meet targets and pressures on funding prompted Moody's downgrade last week, saying that Tesla was likely to raise more than $2 billion in new capital, partly to cover about $1.2 billion in convertible bonds due by March 2019. Tesla still has loyal investors, including Zevenbergen Capital Investments in Seattle, which has owned the stock since the company's initial public offering. "Historically, volatility has provided good entry points. Looking at it today we believe the demand outlook remains robust and unchanged," said Joseph Dennison, portfolio manager at Zevenbergen. "I still believe their product targets and outlook they've given in the past. While they've been optimistic on the timing they've always followed through."

Tesla shares fall on worries about Model 3 production rate

Shares of Amazon.com Inc fell 6 per cent on Monday after US&nbspPresident Donald Trump again attacked the online retailer over the pricing of its deliveries through the United States Postal Service and promised unspecified changes.

"Only fools, or worse, are saying that our money losing Post Office makes money with Amazon," Trump tweeted.

"They lose a fortune, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!"

Shares of the company were down 5.9 per cent at $1,362.48, wiping out nearly $45 billion from its market value.

Trump has been vocal about his opposition to Amazon's use of the postal service and Monday's tweet adds to investor worries that the company could see more regulation.

Amazon did not immediately respond to requests for a comment.

On Saturday, Trump tweeted that if the post office "increased its parcel rates, Amazon’s shipping costs would rise by $2.6 billion."

The U.S. Postal Service (USPS) in November reported a decline in annual revenue, hurt by a drop in first-class and marketing mail, offset partly by an increase in package delivery.

The postal service has also been posting losses mainly because of payments, more than $5 billion a year as mandated by Congress to prefund the service's future retirees' healthcare.

The passage of postal reform legislation could alleviate USPS’s pension obligations, give it more pricing power and allow the agency to be more competitive, analysts said.

"We believe the U.S. Postal Service (USPS) has gained share from Amazon which is helping the USPS stay afloat," Morgan Stanley analysts wrote.

Details of Amazon's payments to the USPS are not publicly known, but some Wall Street analysts have estimated it pays the postal service roughly half what it would to United Parcel Service Inc or FedEx Corp to deliver a package.

"President Trump's comments are consistent with industry sources we have spoken to in the shipping industry, who often label Amazon's deal with the USPS as a sweetheart deal," DA Davidson analyst Tom Forte wrote in a note.

"An argument, however, could be made that the USPS was losing billions before it expanded its service offerings for Amazon and would, still, likely lose billions if Amazon discontinued its use of the USPS tomorrow," Forte said.

Trump last Thursday accused Amazon of not paying enough tax, making the postal system lose money and putting small retailers out of business.

Shares of the company were down 5.9 per cent at $1,362.48, wiping out nearly $45 billion from its market value

Shares of Amazon.com Inc fell 6 per cent on Monday after US&nbspPresident Donald Trump again attacked the online retailer over the pricing of its deliveries through the United States Postal Service and promised unspecified changes. "Only fools, or worse, are saying that our money losing Post Office makes money with Amazon," Trump tweeted. "They lose a fortune, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!" Shares of the company were down 5.9 per cent at $1,362.48, wiping out nearly $45 billion from its market value. Trump has been vocal about his opposition to Amazon's use of the postal service and Monday's tweet adds to investor worries that the company could see more regulation. Amazon did not immediately respond to requests for a comment. On Saturday, Trump tweeted that if the post office "increased its parcel rates, Amazon’s shipping costs would rise by $2.6 billion." The U.S. Postal Service (USPS) in November reported a decline in annual revenue, hurt by a drop in first-class and marketing mail, offset partly by an increase in package delivery. The postal service has also been posting losses mainly because of payments, more than $5 billion a year as mandated by Congress to prefund the service's future retirees' healthcare. The passage of postal reform legislation could alleviate USPS’s pension obligations, give it more pricing power and allow the agency to be more competitive, analysts said. "We believe the U.S. Postal Service (USPS) has gained share from Amazon which is helping the USPS stay afloat," Morgan Stanley analysts wrote. Details of Amazon's payments to the USPS are not publicly known, but some Wall Street analysts have estimated it pays the postal service roughly half what it would to United Parcel Service Inc or FedEx Corp to deliver a package. "President Trump's comments are consistent with industry sources we have spoken to in the shipping industry, who often label Amazon's deal with the USPS as a sweetheart deal," DA Davidson analyst Tom Forte wrote in a note. "An argument, however, could be made that the USPS was losing billions before it expanded its service offerings for Amazon and would, still, likely lose billions if Amazon discontinued its use of the USPS tomorrow," Forte said. Trump last Thursday accused Amazon of not paying enough tax, making the postal system lose money and putting small retailers out of business.

Amazon shares fall 6% as Trump renews attack

IDBI Bank Ltd said on Tuesday fraudulent loans of Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday.&nbsp;

Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said.

The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retired, it said.

The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said.

The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April.

IDBI shares fell as much as 3.5 per cent to 73.6 rupees by 0512 GMT, while the index for public sector lenders Nifty PSU Bank index dropped as much as 1.8 per cent.

($1 = 65 rupees)

IDBI shares fell as much as 3.5 per cent to 73.6 rupees

IDBI Bank Ltd said on Tuesday fraudulent loans of Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday. Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said. The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retired, it said. The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said. The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April. IDBI shares fell as much as 3.5 per cent to 73.6 rupees by 0512 GMT, while the index for public sector lenders Nifty PSU Bank index dropped as much as 1.8 per cent. ($1 = 65 rupees)

IDBI Bank discloses fraud of Rs 772 crore, shares fall

Shares in Indian private sector lender Bandhan Bank Ltd rose as much as 33 per cent in their trading debut&nbspon Tuesday&nbspafter its $691 million initial public offering.

 
By 0430 GMT, the shares were trading at 461.35 rupees, 23 per cent higher than the IPO issue price of 375 rupees.

 
The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times, driven by strong demand from institutional investors.

The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times

Shares in Indian private sector lender Bandhan Bank Ltd rose as much as 33 per cent in their trading debut&nbspon Tuesday&nbspafter its $691 million initial public offering. By 0430 GMT, the shares were trading at 461.35 rupees, 23 per cent higher than the IPO issue price of 375 rupees. The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times, driven by strong demand from institutional investors.

Bandhan Bank soars in trading debut after $691 million IPO

Facebook faces substantial business risks from new European Union privacy rules set to take effect in May, a looming reality that came into stark relief over the weekend with revelations that a controversial political consulting firm had improperly obtained personal data on 50 million Facebook users.

Also read: <a href="http://www.wionews.com/world/us-republican-lawmakers-concerned-by-facebook-data-leak-36335" target="_blank">US Republican lawmakers concerned by </a><a href="http://www.wionews.com/world/us-republican-lawmakers-concerned-by-facebook-data-leak-36335" target="_blank">Facebook</a><a href="http://www.wionews.com/world/us-republican-lawmakers-concerned-by-facebook-data-leak-36335" target="_blank"> data leak</a>

Privacy experts said the disclosure that a researcher had sold Facebook data collected via a personality quiz to the consulting firm Cambridge Analytica is a prime example of the kinds of practices that the new General Data Protection Regulation, or GDPR, is supposed to prevent or punish.

The danger faced by Facebook going forward is two-fold: Complying with the rules means letting European users opt out of the highly targeted online ads that have made Facebook a money machine. Violating GDPR mandates could subject the California company to fines of up to 4 percent of annual revenues.

Had the Cambridge Analytica incident happened after GDPR becomes law on May 25, it &ldquo;would have cost Facebook 4 percent of their global revenue&rdquo;, said Austrian privacy campaigner and Facebook critic Max Schrems. Because a UK company was involved and because at least some of the people whose data was misused were almost certainly European, GDPR would have applied.

Shares in Facebook fell on Monday by 7 percent, their biggest drop since 2014, wiping nearly $40 billion off the value of the firm founded in 2004 by Mark Zuckerberg.

Schrems first raised concerns in 2011 about how easy it would be for third-party apps to harvest data from the unwitting friends of Facebook users. Facebook says it has tightened its controls on such practices since it discovered the alleged abuses by Cambridge Analytica in 2015.

Schrems has founded a non-profit, called None Of Your Business (NOYB), that is hiring lawyers and exploring avenues for &ldquo;strategic litigation&rdquo; over GDPR privacy violations.

According to whistleblower Christopher Wylie, who formerly worked with Cambridge Analytica, the consulting firm used the data to help then-US presidential candidate Donald Trump to predict and influence choices at the ballot box.

&ldquo;The fact of the matter is that Facebook lost control of the data and wasn&rsquo;t adequately monitoring what third-parties were doing,&rdquo; said Scott Vernick, a partner and an expert in privacy and data security at the Philadelphia law firm Fox Rothschild.

Vernick said the maximum GDPR fine could come into play in an incident like this because of the number of users affected and what appears to have been inadequate monitoring of third-party data practices.

Facebook said it changed its policies in 2014 to &ldquo;to give much less data, especially about friends,&rdquo; Facebook Vice President Andrew Bosworth said in a Facebook post on Monday.

&ldquo;We conduct a robust review to identify potential policy violations and to assess whether the app has a legitimate use for the data,&rdquo; the company said on Monday. &ldquo;We actually reject a significant number of apps through this process.&rdquo;

Compliance with GDPR rules could cost Facebook a significant amount of money. Deutsche Bank analysts in January estimated that Facebook&rsquo;s overall revenue could be lowered by 4 percent in a scenario in which 30 percent of EU users opt out of targeted ads, reducing the effectiveness and likely price of ads shown by 50 percent.

The EU represents 24 percent of Facebook&rsquo;s ad revenue, so multiplying those figures, the bank said the regulations could have a 4 percent impact on overall Facebook revenue.

&ldquo;If this regulatory approach spreads to other countries or if GDPR ever becomes more onerous over the medium or long term, it would pose more risk,&rdquo; Deutsche Bank warned.

The firestorm over Cambridge Analytica has prompted a furious response from lawmakers on both sides of the Atlantic, raising the prospect of just such an expansion of privacy protections.

Pivotal Research analyst Brian Wieser reiterated his &lsquo;sell&rsquo; rating on Facebook after the weekend reports. Wieser expressed concerns that the company&rsquo;s regulatory risks would intensify and that its sophisticated use of data in advertising was in jeopardy.

A December 2017 survey found that only 21 percent of European consumers know what GDPR is. But after the regulation was explained, 82 percent of respondents said they plan to exercise their new rights, according to the survey of 7,000 Europeans conducted by Cambridge, Mass.-based Pegasystems Inc, which makes sales and marketing software.

PageFair, an Irish startup that helps a website deliver non-targeted ads and avoid ad-blocking, estimates that only 3 percent of European social media users will opt-in to targeted ads, a potentially &ldquo;devastating&rdquo; blow for Facebook and other platforms, says Johnny Ryan, PageFair&rsquo;s head of ecosystem.

GIVING CONSUMERS CONTROL

The quandary for Facebook is readily apparent from a video it began showing customers in February: it teaches people how to delete their accounts.

GDPR gives users the right to access their data, delete it or transfer it to competing companies. Social networks will also need to regain Europeans&rsquo; consent every time they want to use their data in new ways, including for targeted advertising.

Lawmakers had social networks in mind when drafting GDPR, said Helen Dixon, the data protection commissioner of Ireland, which is the lead GDPR regulator for numerous tech companies including Facebook, Twitter and LinkedIn.

&ldquo;There was very big consideration of these newer types of platforms,&rdquo; she told Reuters.

Tough European rules stand in sharp contrast to the lack of privacy regulation in the United States and many other countries, raising the prospect that Facebook will begin to look much different from one country to the next.

For example, the social media giant in 2017 released new artificial intelligence features that detect when a user is at risk of suicide or when someone else uploads a picture of their face.

The company did not make those features available in Europe. Facebook did not specify a reason. But heightened scrutiny in Europe over such practices with GDPR looming may have been a factor.

Another challenge for social networks is GDPR provisions mandating how companies must obtain permissions. The regulation demands that requests for consent be presented &ldquo;in an intelligible and easily accessible form, using clear and plain language.&rdquo;

In other words, the days of extensive &ldquo;terms of service&rdquo; agreements written in a small text will no longer pass muster in Europe, numerous data privacy lawyers told Reuters.

In practice, social network users may find themselves seeing more &ldquo;permissions screens&rdquo; and being asked to check boxes every time a social network rolls out a new feature.

That could depress usage, Facebook Chief Financial Officer David Wehner said at an investor conference last month.

&ldquo;Whenever you walk people through permission screens, there&rsquo;s some potential that people decide they&rsquo;re not going to use the product,&rdquo; Wehner said. &ldquo;We don&rsquo;t think it will be big, but there could be some implication there.&rdquo;

Shares in Facebook fell on Monday by 7 percent, their biggest drop since 2014, wiping nearly $40 billion off the value of the firm founded in 2004 by Mark Zuckerberg

Facebook faces substantial business risks from new European Union privacy rules set to take effect in May, a looming reality that came into stark relief over the weekend with revelations that a controversial political consulting firm had improperly obtained personal data on 50 million Facebook users. Also read: US Republican lawmakers concerned by Facebook data leak Privacy experts said the disclosure that a researcher had sold Facebook data collected via a personality quiz to the consulting firm Cambridge Analytica is a prime example of the kinds of practices that the new General Data Protection Regulation, or GDPR, is supposed to prevent or punish. The danger faced by Facebook going forward is two-fold: Complying with the rules means letting European users opt out of the highly targeted online ads that have made Facebook a money machine. Violating GDPR mandates could subject the California company to fines of up to 4 percent of annual revenues. Had the Cambridge Analytica incident happened after GDPR becomes law on May 25, it “would have cost Facebook 4 percent of their global revenue”, said Austrian privacy campaigner and Facebook critic Max Schrems. Because a UK company was involved and because at least some of the people whose data was misused were almost certainly European, GDPR would have applied. Shares in Facebook fell on Monday by 7 percent, their biggest drop since 2014, wiping nearly $40 billion off the value of the firm founded in 2004 by Mark Zuckerberg. Schrems first raised concerns in 2011 about how easy it would be for third-party apps to harvest data from the unwitting friends of Facebook users. Facebook says it has tightened its controls on such practices since it discovered the alleged abuses by Cambridge Analytica in 2015. Schrems has founded a non-profit, called None Of Your Business (NOYB), that is hiring lawyers and exploring avenues for “strategic litigation” over GDPR privacy violations. According to whistleblower Christopher Wylie, who formerly worked with Cambridge Analytica, the consulting firm used the data to help then-US presidential candidate Donald Trump to predict and influence choices at the ballot box. “The fact of the matter is that Facebook lost control of the data and wasn’t adequately monitoring what third-parties were doing,” said Scott Vernick, a partner and an expert in privacy and data security at the Philadelphia law firm Fox Rothschild. Vernick said the maximum GDPR fine could come into play in an incident like this because of the number of users affected and what appears to have been inadequate monitoring of third-party data practices. Facebook said it changed its policies in 2014 to “to give much less data, especially about friends,” Facebook Vice President Andrew Bosworth said in a Facebook post on Monday. “We conduct a robust review to identify potential policy violations and to assess whether the app has a legitimate use for the data,” the company said on Monday. “We actually reject a significant number of apps through this process.” Compliance with GDPR rules could cost Facebook a significant amount of money. Deutsche Bank analysts in January estimated that Facebook’s overall revenue could be lowered by 4 percent in a scenario in which 30 percent of EU users opt out of targeted ads, reducing the effectiveness and likely price of ads shown by 50 percent. The EU represents 24 percent of Facebook’s ad revenue, so multiplying those figures, the bank said the regulations could have a 4 percent impact on overall Facebook revenue. “If this regulatory approach spreads to other countries or if GDPR ever becomes more onerous over the medium or long term, it would pose more risk,” Deutsche Bank warned. The firestorm over Cambridge Analytica has prompted a furious response from lawmakers on both sides of the Atlantic, raising the prospect of just such an expansion of privacy protections. Pivotal Research analyst Brian Wieser reiterated his ‘sell’ rating on Facebook after the weekend reports. Wieser expressed concerns that the company’s regulatory risks would intensify and that its sophisticated use of data in advertising was in jeopardy. A December 2017 survey found that only 21 percent of European consumers know what GDPR is. But after the regulation was explained, 82 percent of respondents said they plan to exercise their new rights, according to the survey of 7,000 Europeans conducted by Cambridge, Mass.-based Pegasystems Inc, which makes sales and marketing software. PageFair, an Irish startup that helps a website deliver non-targeted ads and avoid ad-blocking, estimates that only 3 percent of European social media users will opt-in to targeted ads, a potentially “devastating” blow for Facebook and other platforms, says Johnny Ryan, PageFair’s head of ecosystem. GIVING CONSUMERS CONTROL The quandary for Facebook is readily apparent from a video it began showing customers in February: it teaches people how to delete their accounts. GDPR gives users the right to access their data, delete it or transfer it to competing companies. Social networks will also need to regain Europeans’ consent every time they want to use their data in new ways, including for targeted advertising. Lawmakers had social networks in mind when drafting GDPR, said Helen Dixon, the data protection commissioner of Ireland, which is the lead GDPR regulator for numerous tech companies including Facebook, Twitter and LinkedIn. “There was very big consideration of these newer types of platforms,” she told Reuters. Tough European rules stand in sharp contrast to the lack of privacy regulation in the United States and many other countries, raising the prospect that Facebook will begin to look much different from one country to the next. For example, the social media giant in 2017 released new artificial intelligence features that detect when a user is at risk of suicide or when someone else uploads a picture of their face. The company did not make those features available in Europe. Facebook did not specify a reason. But heightened scrutiny in Europe over such practices with GDPR looming may have been a factor. Another challenge for social networks is GDPR provisions mandating how companies must obtain permissions. The regulation demands that requests for consent be presented “in an intelligible and easily accessible form, using clear and plain language.” In other words, the days of extensive “terms of service” agreements written in a small text will no longer pass muster in Europe, numerous data privacy lawyers told Reuters. In practice, social network users may find themselves seeing more “permissions screens” and being asked to check boxes every time a social network rolls out a new feature. That could depress usage, Facebook Chief Financial Officer David Wehner said at an investor conference last month. “Whenever you walk people through permission screens, there’s some potential that people decide they’re not going to use the product,” Wehner said. “We don’t think it will be big, but there could be some implication there.”

Privacy issues emerge as major business risk for Facebook

Facebook Inc&#39;s shares fell 4 percent in premarket on Monday after media reports that a political consultancy that worked on President Donald Trump&#39;s campaign gained inappropriate access to data on 50 million Facebook users.

The move would knock $21.5 billion off the social network&#39;s market value of $538 billion as of Friday&#39;s close. One Wall Street analyst said the reports raised &#39;systemic problems&#39;&nbsp;with Facebook&#39;s business model and a number said it could spur far deeper regulatory scrutiny of the platform.

The head of European Parliament said on Monday that EU lawmakers will investigate whether the data misuse has taken place, adding the allegation is an unacceptable violation of citizens` privacy rights.

Facebook was already facing new calls for regulation from US&nbsp;Congress and questions about personal data safeguards after the reports from the New York Times and London&#39;s Observer over the weekend.

The papers reported on Saturday that private information from more than 50 million Facebook users improperly ended up in the hands of data analytics firm Cambridge Analytica, and that the information had not been deleted despite Facebook demands dating back to 2015.

&quot;We think this episode is another indication of systemic problems at Facebook,&quot; said Brian Wieser, analyst at New York-based brokerage Pivotal Research Group, which already has a &quot;sell&quot; rating on a stock that rose 60 per cent last year.

Wieser argued that regulatory risks for the company would intensify and enhanced use of data in advertising would be at greater risk than before.

He added, however, that it was unlikely to have a meaningful impact on the company&#39;s business for now, with advertisers unlikely to &quot;suddenly change the trajectory of their spending growth on the platform&quot;.

The losses would be Facebook&#39;s biggest daily fall since a broader market pullback in February. In January, when Facebook announced changes to its newsfeed which it said would hit user engagement in the near term, shares fell 4.5 per cent in one day.

&quot;Its clear with more &#39;heat in the kitchen from the Beltway&#39;&nbsp;that further modest changes to their business model around advertising and news feeds/content could be in store over the next 12 to 18 months,&quot; said Daniel Ives, research analyst at GBH Insights.

He also argued that the issue was &quot;background noise&quot; on which Facebook could calm any regulatory nerves through further investments in security, ad content AI, improved content algorithms and screening mechanisms.

No analysts had so far changed their price targets or recommendations on Facebook in response to the reports. Wall Street is largely bullish on the stock with 40 of 44 analysts recommending the stock &quot;buy&quot; or higher.

Shares of the company were down 4 per cent at $177.68 in premarket trading on Monday. 
&nbsp;

The head of European Parliament said on Monday that EU lawmakers will investigate whether the data misuse has taken place

Facebook Inc's shares fell 4 percent in premarket on Monday after media reports that a political consultancy that worked on President Donald Trump's campaign gained inappropriate access to data on 50 million Facebook users. The move would knock $21.5 billion off the social network's market value of $538 billion as of Friday's close. One Wall Street analyst said the reports raised 'systemic problems' with Facebook's business model and a number said it could spur far deeper regulatory scrutiny of the platform. The head of European Parliament said on Monday that EU lawmakers will investigate whether the data misuse has taken place, adding the allegation is an unacceptable violation of citizens` privacy rights. Facebook was already facing new calls for regulation from US Congress and questions about personal data safeguards after the reports from the New York Times and London's Observer over the weekend. The papers reported on Saturday that private information from more than 50 million Facebook users improperly ended up in the hands of data analytics firm Cambridge Analytica, and that the information had not been deleted despite Facebook demands dating back to 2015. "We think this episode is another indication of systemic problems at Facebook," said Brian Wieser, analyst at New York-based brokerage Pivotal Research Group, which already has a "sell" rating on a stock that rose 60 per cent last year. Wieser argued that regulatory risks for the company would intensify and enhanced use of data in advertising would be at greater risk than before. He added, however, that it was unlikely to have a meaningful impact on the company's business for now, with advertisers unlikely to "suddenly change the trajectory of their spending growth on the platform". The losses would be Facebook's biggest daily fall since a broader market pullback in February. In January, when Facebook announced changes to its newsfeed which it said would hit user engagement in the near term, shares fell 4.5 per cent in one day. "Its clear with more 'heat in the kitchen from the Beltway' that further modest changes to their business model around advertising and news feeds/content could be in store over the next 12 to 18 months," said Daniel Ives, research analyst at GBH Insights. He also argued that the issue was "background noise" on which Facebook could calm any regulatory nerves through further investments in security, ad content AI, improved content algorithms and screening mechanisms. No analysts had so far changed their price targets or recommendations on Facebook in response to the reports. Wall Street is largely bullish on the stock with 40 of 44 analysts recommending the stock "buy" or higher. Shares of the company were down 4 per cent at $177.68 in premarket trading on Monday.

Facebook shares slide after reports of data misuse

Benchmark indices pared gains to end flat amid choppy trade on Tuesday dragged mainly by IT stocks.

The 30-share BSE&nbsp;Sensex was down 61.16 points at 33,856.78 while the 50-share NSE Nifty gained 5.50 points at 10,426.90.

About 1,718 shares advanced&nbsp;against 958 declining shares&nbsp;on the BSE.

Around 2.45PM, the wider Nifty50 of the National Stock Exchange (NSE) fell by 35.75 points or 0.34 per cent to trade at 10,385.65 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,818.22 points, traded at 33,732.15 points &mdash; down 185.79 points or 0.55 per cent from the previous session`s close.

The Sensex has so far touched a high of 34,077.32 points and a low of 33,732.15 points during the intra-day trade.

TCS was biggest loser among Nifty50 stocks, falling more than 5 percent after big block deal

Benchmark indices pared gains to end flat amid choppy trade on Tuesday dragged mainly by IT stocks. The 30-share BSE Sensex was down 61.16 points at 33,856.78 while the 50-share NSE Nifty gained 5.50 points at 10,426.90. About 1,718 shares advanced against 958 declining shares on the BSE. Around 2.45PM, the wider Nifty50 of the National Stock Exchange (NSE) fell by 35.75 points or 0.34 per cent to trade at 10,385.65 points. The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,818.22 points, traded at 33,732.15 points — down 185.79 points or 0.55 per cent from the previous session`s close. The Sensex has so far touched a high of 34,077.32 points and a low of 33,732.15 points during the intra-day trade.

Sensex ends at 33,857; Nifty closes at 10,427 in choppy trade

Falling for the third straight session, the rupee weakened by 23 paise to 65.10 against the US dollar to hit its three-month low in opening trade at the forex market today.

The dollar firmed up against select global currencies as US Federal Reserve Chairman Jerome Powell&#39;s upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.

Forex dealers said sustained month-end demand for the American currency from importers, foreign fund outflows and the dollar&#39;s gains against other global currencies weighed on the rupee.

Investors were also cautious ahead of GDP and IIP numbers to be released later in the day.

Yesterday, the local currency had lost by 8 paise to end at 64.87 against the American unit on sustained dollar demand from importers and banks amid heavy capital outflows.

Meanwhile, the benchmark BSE Sensex fell 99.36 points to 34,346.3 in early trade.&nbsp;

Falling for the third straight session, the rupee weakened by 23 paise to 65.10 against the US dollar to hit its three-month low in opening trade at the forex market today. The dollar firmed up against select global currencies as US Federal Reserve Chairman Jerome Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year. Forex dealers said sustained month-end demand for the American currency from importers, foreign fund outflows and the dollar's gains against other global currencies weighed on the rupee. Investors were also cautious ahead of GDP and IIP numbers to be released later in the day. Yesterday, the local currency had lost by 8 paise to end at 64.87 against the American unit on sustained dollar demand from importers and banks amid heavy capital outflows. Meanwhile, the benchmark BSE Sensex fell 99.36 points to 34,346.3 in early trade.

Sensex opens in red, falls 99 points in early trade

Netflix Inc snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world.

The results drove Netflix to a market capitalisation of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year.&nbsp;

The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming.

Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows &quot;Stranger Things&quot; and &quot;The Crown&quot; as well as Will Smith action movie &quot;Bright.&quot; That topped Wall Street expectations of 5.1 million, according to FactSet.

Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October.

&quot;Netflix is pouring more and more money into making content, and it is directly translating into more subscribers,&quot; BTIG analyst Richard Greenfield said. &quot;They see a huge opportunity and they are moving as fast as they can to attack it.&quot;

Also read:&nbsp;<a href="http://www.wionews.com/life-fun/recommended-10-indian-documentaries-on-netflix-that-you-must-watch-15467" target="_blank">10 Indian documentaries on Netflix that you must watch</a>

The company also said it took a $39 million non-cash charge for &quot;unreleased content we&rsquo;ve decided not to move forward with.&quot; A source familiar with the matter said the charge was related to content starring Kevin Spacey, with whom Netflix cut ties after he was accused of sexual misconduct.

Netflix temporarily halted production of &quot;House of Cards&quot; to write out Spacey&#39;s character and decided not to release the film &quot;Gore,&quot; which starred Spacey as Gore Vidal.

Spacey has apologised to one of his accusers, and according to his representatives is seeking unspecified treatment. Reuters was unable to independently confirm the accusations.

The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment.

Netflix turned a DVD-by-mail business into an online competitor of movie channel HBO. As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals.

In fact, Walt Disney Co is making a major push into online streaming and will pull its first-run shows and movies from Netflix in 2019 as Hollywood fights for audiences.

Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc, studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million &quot;Bright.&quot;

In 2017, Netflix recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability overseas this year.

&quot;We believe our big investments in content are paying off,&quot; Netflix said in a quarterly letter to shareholders.

Netflix is raising its marketing budget faster than revenue is growing and will spend about $2 billion this year. The company expects negative cash flow in 2018 of $3 billion to $4 billion, up from $2 billion in 2017.

Last October, Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment. The earnings report showed customers took it in stride.

&quot;Consumers are tolerant as long as something&#39;s improving,&quot; Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase.

For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, even with the expectations of analysts polled by Thomson Reuters I/B/E/S.

Revenue for the three months totalled $3.286 billion, in line with forecasts.

Looking ahead, Netflix forecast streaming customer additions of 6.35 million for the first quarter, above analysts&#39; expectation of 5.01 million, according to FactSet.

Investors appear confident in Netflix&#39;s ability to grow. Netflix recently traded at 91 times expected earnings for the next 12 months, versus Amazon at 152 times earnings and Disney at 17 times earnings, according to Thomson Reuters data.

Netflix also said Monday that Rodolphe Belmer, CEO of global satellite company Eutelsat, had joined the company&#39;s board.

Netflix shares jumped 9 per cent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 per cent last year

Netflix Inc snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world. The results drove Netflix to a market capitalisation of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year. The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming. Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows "Stranger Things" and "The Crown" as well as Will Smith action movie "Bright." That topped Wall Street expectations of 5.1 million, according to FactSet. Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October. "Netflix is pouring more and more money into making content, and it is directly translating into more subscribers," BTIG analyst Richard Greenfield said. "They see a huge opportunity and they are moving as fast as they can to attack it." Also read: 10 Indian documentaries on Netflix that you must watch The company also said it took a $39 million non-cash charge for "unreleased content we’ve decided not to move forward with." A source familiar with the matter said the charge was related to content starring Kevin Spacey, with whom Netflix cut ties after he was accused of sexual misconduct. Netflix temporarily halted production of "House of Cards" to write out Spacey's character and decided not to release the film "Gore," which starred Spacey as Gore Vidal. Spacey has apologised to one of his accusers, and according to his representatives is seeking unspecified treatment. Reuters was unable to independently confirm the accusations. The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment. Netflix turned a DVD-by-mail business into an online competitor of movie channel HBO. As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals. In fact, Walt Disney Co is making a major push into online streaming and will pull its first-run shows and movies from Netflix in 2019 as Hollywood fights for audiences. Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc, studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million "Bright." In 2017, Netflix recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability overseas this year. "We believe our big investments in content are paying off," Netflix said in a quarterly letter to shareholders. Netflix is raising its marketing budget faster than revenue is growing and will spend about $2 billion this year. The company expects negative cash flow in 2018 of $3 billion to $4 billion, up from $2 billion in 2017. Last October, Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment. The earnings report showed customers took it in stride. "Consumers are tolerant as long as something's improving," Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase. For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, even with the expectations of analysts polled by Thomson Reuters I/B/E/S. Revenue for the three months totalled $3.286 billion, in line with forecasts. Looking ahead, Netflix forecast streaming customer additions of 6.35 million for the first quarter, above analysts' expectation of 5.01 million, according to FactSet. Investors appear confident in Netflix's ability to grow. Netflix recently traded at 91 times expected earnings for the next 12 months, versus Amazon at 152 times earnings and Disney at 17 times earnings, according to Thomson Reuters data. Netflix also said Monday that Rodolphe Belmer, CEO of global satellite company Eutelsat, had joined the company's board.

Netflix crosses $100 billion market capitalisation as subscribers surge

Myanmar will delay a long-awaited reform that would open the door further to foreign investment, two officials told Reuters, a move likely to disappoint cash-starved businesses amid growing doubts over the management of the economy by the country&#39;s leader, Aung San Suu Kyi.

The postponement of the corporate reform, which would have allowed foreign companies to take up to a 35 per cent stake in Myanmar companies, will likely deal a fresh blow to investor confidence in Suu Kyi&#39;s administration.

 
Economic reform is a key goal for her to complete Myanmar&#39;s democratic transition after decades of isolation under military rule.

The delay underscores the daunting challenge facing Suu Kyi, whose promise of a reformist government that would attract foreign investment is under threat.&nbsp;Some aid to Myanmar is already being withheld and investors are concerned that the sanctions that long hobbled the country&#39;s economy will be reinstated over its treatment of its Rohingya minority.

A Myanmar companies law, which could bring much-needed foreign capital to the country after decades of mismanagement by the former military junta, was approved last week by President Htin Kyaw without a commencement date specified.&nbsp;

Aung Naing Oo, head of Myanmar&#39;s Directorate of Investment and Company Administration (DICA), told Reuters the authorities may not be ready to implement the new rules until as late as August 2018, after bylaws were prepared and a company registry that he said was vital to enforcement was completed.

&quot;We really want to implement the law as soon as possible but there are many things for us to do&quot;, he said, declining to elaborate what bylaws were needed. He said the government would make sure implementation would be no later than August 1. &quot;We have to make sure the reform is on the right track&quot;.

Myo Min, director of DICA, said the authorities needed up to eight months to &quot;work on the guidance and operating manual&quot; for the country&#39;s first modern online registry, an initiative driven by the Asian Development Bank to electronically revamp the country&#39;s company registry to boost transparency.

The law includes a first set of modern corporate governance regulations, in some parts replacing rules made over a century ago, to bring the country&#39;s business regulatory framework closer to international standards.&nbsp;At issue is a clause that allows foreigners to take up to a 35 per cent share in local companies, which would give local businesses access to a larger capital pool and open up the door for mergers and acquisitions in sectors that are in urgent need of an injection of cash from banking to property.

The delay of the much-anticipated reform comes as Suu Kyi faces criticism that she has neglected economic reforms. Growth in both foreign investment and gross domestic product have slowed since her National League for Democracy took office last year in one of the region&#39;s poorest countries.&nbsp;Htay Aung, president of the property-to-trading conglomerate Sakura Trade Center, said putting off implementation of the law &quot;was bad for business as it will bring delays and extra costs, which result in losses&quot;.

The company is seeking $100 million in over&shy;seas financing for a condominium development in Myanmar&#39;s commercial hub, Yangon. &quot;Foreign investment will be postponed and local businessmen will be disappointed.&quot;

Missed Opportunity

Investors have been waiting for the corporate reform, which was initiated by the former military-backed government in 2014. It establishes guidelines on how a company is run and governed, removing outdated rules on share transfers and offering greater protection to shareholders.&nbsp;But Chris Hughes, a lawyer with Berwin Leighton Paisner in Yangon who was commissioned to draft the rules, said it was a &quot;missed opportunity&quot; for Suu Kyi&#39;s administration.&nbsp;

&quot;I can&#39;t see a compelling economic reason or policy behind the delay. It seems more driven by technology or administrative factors&quot;.&nbsp;William Greenlee, managing director at law firm DFDL in Yangon, said the business community would struggle with the delay.

&quot;International investors are watching and it is wins like this that create a buzz and can materialize into a profound and sustained increase in foreign investment&quot;, he said. &quot;The euphoria will quickly turn to disappointment if it&#39;s not implemented quickly&quot;. Aung Naing Oo of DICA said there would be no negative impact on investment. &quot;Investors always need to take some time before they invest&quot;, he said. &quot;So this actually is the time for investors to make preparation to invest in Myanmar&quot;.

The Asian Development Bank, which gives financial and technical assistance to Myanmar, said &quot;it is ultimately the government&#39;s decision when the law comes into force&quot; and declined to comment further.

A clause which is likely to open doors for foreign investment leading to capital pool access for firms in urgent need of cash flow is likely tobe delayed

Myanmar will delay a long-awaited reform that would open the door further to foreign investment, two officials told Reuters, a move likely to disappoint cash-starved businesses amid growing doubts over the management of the economy by the country's leader, Aung San Suu Kyi. The postponement of the corporate reform, which would have allowed foreign companies to take up to a 35 per cent stake in Myanmar companies, will likely deal a fresh blow to investor confidence in Suu Kyi's administration. Economic reform is a key goal for her to complete Myanmar's democratic transition after decades of isolation under military rule. The delay underscores the daunting challenge facing Suu Kyi, whose promise of a reformist government that would attract foreign investment is under threat. Some aid to Myanmar is already being withheld and investors are concerned that the sanctions that long hobbled the country's economy will be reinstated over its treatment of its Rohingya minority. A Myanmar companies law, which could bring much-needed foreign capital to the country after decades of mismanagement by the former military junta, was approved last week by President Htin Kyaw without a commencement date specified. Aung Naing Oo, head of Myanmar's Directorate of Investment and Company Administration (DICA), told Reuters the authorities may not be ready to implement the new rules until as late as August 2018, after bylaws were prepared and a company registry that he said was vital to enforcement was completed. "We really want to implement the law as soon as possible but there are many things for us to do", he said, declining to elaborate what bylaws were needed. He said the government would make sure implementation would be no later than August 1. "We have to make sure the reform is on the right track". Myo Min, director of DICA, said the authorities needed up to eight months to "work on the guidance and operating manual" for the country's first modern online registry, an initiative driven by the Asian Development Bank to electronically revamp the country's company registry to boost transparency. The law includes a first set of modern corporate governance regulations, in some parts replacing rules made over a century ago, to bring the country's business regulatory framework closer to international standards. At issue is a clause that allows foreigners to take up to a 35 per cent share in local companies, which would give local businesses access to a larger capital pool and open up the door for mergers and acquisitions in sectors that are in urgent need of an injection of cash from banking to property. The delay of the much-anticipated reform comes as Suu Kyi faces criticism that she has neglected economic reforms. Growth in both foreign investment and gross domestic product have slowed since her National League for Democracy took office last year in one of the region's poorest countries. Htay Aung, president of the property-to-trading conglomerate Sakura Trade Center, said putting off implementation of the law "was bad for business as it will bring delays and extra costs, which result in losses". The company is seeking $100 million in overseas financing for a condominium development in Myanmar's commercial hub, Yangon. "Foreign investment will be postponed and local businessmen will be disappointed." Missed Opportunity Investors have been waiting for the corporate reform, which was initiated by the former military-backed government in 2014. It establishes guidelines on how a company is run and governed, removing outdated rules on share transfers and offering greater protection to shareholders. But Chris Hughes, a lawyer with Berwin Leighton Paisner in Yangon who was commissioned to draft the rules, said it was a "missed opportunity" for Suu Kyi's administration. "I can't see a compelling economic reason or policy behind the delay. It seems more driven by technology or administrative factors". William Greenlee, managing director at law firm DFDL in Yangon, said the business community would struggle with the delay. "International investors are watching and it is wins like this that create a buzz and can materialize into a profound and sustained increase in foreign investment", he said. "The euphoria will quickly turn to disappointment if it's not implemented quickly". Aung Naing Oo of DICA said there would be no negative impact on investment. "Investors always need to take some time before they invest", he said. "So this actually is the time for investors to make preparation to invest in Myanmar". The Asian Development Bank, which gives financial and technical assistance to Myanmar, said "it is ultimately the government's decision when the law comes into force" and declined to comment further.

Myanmar to delay law that would have allowed more foreign investment

Market benchmark Sensex surged 301 points to close at 33,250.30 today on unabated buying by domestic institutional investors amid positive global leads.&nbsp;The wider NSE Nifty too went past the 10,250-level.&nbsp;

The 30-share BSE Sensex opened on a strong footing at 33,034.20 and maintained its upward trend to hit the day&#39;s high of 33,285.68 before ending at 33,250.30, up 301.09 points, or 0.91 per cent.&nbsp;The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks.

The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25.&nbsp;

On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points or 1.42 per cent.

Most Asian and European markets rallied as investors awaited major economic data from China and the US amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Most Asian and European markets rallied as investors awaited major economic data from China and the US

Market benchmark Sensex surged 301 points to close at 33,250.30 today on unabated buying by domestic institutional investors amid positive global leads. The wider NSE Nifty too went past the 10,250-level. The 30-share BSE Sensex opened on a strong footing at 33,034.20 and maintained its upward trend to hit the day's high of 33,285.68 before ending at 33,250.30, up 301.09 points, or 0.91 per cent. The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks. The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25. On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points or 1.42 per cent. Most Asian and European markets rallied as investors awaited major economic data from China and the US amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Sensex soars 301 pts, reclaims 33,000-mark

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock.

Goldman Sachs raised the target price on Reliance by 26 percent to 1,205 rupees and added the stock to its &lsquo;conviction list&rsquo; with a &lsquo;buy&rsquo; rating. The investment bank also expects the company&rsquo;s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent.

The broader NSE Nifty was up 0.41 per cent at 10,341.05 as of 0637 GMT, while the benchmark BSE Sensex was 0.44 per cent higher at 33,507.26.

The Nifty Pharma index rose 2.2 per cent with Dr. Reddy&rsquo;s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the U.S. FDA for its Duvvada facility at Vishakapatnam.

Broader Asian markets were trading higher after strong German economic data boosted sentiment.

MSCI&rsquo;s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent.

&ldquo;Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,&rdquo; said Krish Subramanyam, co-head - equity advisor at Altamount Capital.

Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 per cent.

Quess Corp Ltd surged as much as 9.5 percent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd.

Among losers, L&amp;T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 per cent stake in the company.

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock. Goldman Sachs raised the target price on Reliance by 26 percent to 1,205 rupees and added the stock to its ‘conviction list’ with a ‘buy’ rating. The investment bank also expects the company’s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent. The broader NSE Nifty was up 0.41 per cent at 10,341.05 as of 0637 GMT, while the benchmark BSE Sensex was 0.44 per cent higher at 33,507.26. The Nifty Pharma index rose 2.2 per cent with Dr. Reddy’s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the U.S. FDA for its Duvvada facility at Vishakapatnam. Broader Asian markets were trading higher after strong German economic data boosted sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent. “Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,” said Krish Subramanyam, co-head - equity advisor at Altamount Capital. Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 per cent. Quess Corp Ltd surged as much as 9.5 percent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd. Among losers, L&T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 per cent stake in the company.

Sensex rises for fourth day; Reliance, pharma lead

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