Connect with us

MARKET

Nifty above 12,050, Sensex trades 0.33% lower

Published

on

Market open:-

On Tuesday the domestic Stock markets opened lower after hitting the high record on Monday.

Sensex is down 132.09 points or 0.33 % at 40,135.53 , Nifty down 37.30 point or 0.31% at 12051.20 points.

About 992 -Advances against  577- Declines and  510 Unchanged Total -2079.

Wipro, Dr Reddy’s Lab, Wipro, Indiabulls Housing, PFC, NTPC, L&T, ITC and Titan are gainers on the indices.

TCS, Zee Entertainment, ICICI Bank, Axis Bank HCL Tech, BPCL and HPCL losses.

Rupee update:-

On Tuesday  Indian rupee opened higher by 11 paise at 69.15 per dollar versus previous close 69.26.

 

Continue Reading

MARKET

ED conducts raids on DHFL premises over the transfer of Rs 2,186 crore to D-Company

Published

on

The Enforcement Directorate (ED) on Saturday conducted raids at several premises of DHFL after finding out that the loan of over Rs 2,100 crore given by the firm reached D-Company in Dubai.

Sources said the searches by several teams of ED officials were being conducted at around eight places connected to Diwan Housing Finance Limited (DHFL) in Mumbai and other places.

Top sources within the agency maintained that investigators are reviewing the documents and soon DHFL will be called in for questioning for allegedly giving loans to Sunblink Real Estate Private Limited, which facilitated routing Rs 2,186 crore to Dawood Ibrahim’s aide Iqbal Mirchi in Dubai.

DHFL came under the ED’s lens for the first time when they were investigating about three properties linked to Iqbal Mirchi.

The ED’s probe revealed that three properties suspected to be linked to Iqbal Mirchi had taken a loan of Rs 2,186 crore from NBFC. This loan was allegedly transported and routed abroad in offshore accounts. When the NBFC was investigated, DHFL came under the scanner.

The federal probe agency claimed that during the investigation, it was found that three properties in question, Rabia Mansion, Marium Lodge and Sea View, were used by the 1993 terror attack mastermind Dawood Ibrahim’s close associate Iqbal Mirchi to launder over Rs 2,100 crore.

According to the ED’s document, “During the statement recorded under custody, the accused (Ranjeet Bindra) accepted meetings and further negotiations with Iqbal Mirchi in London in respect of the said three properties as a broker and on behalf of Sunblink Real Estate Private Limited.”

An investigation by the ED further revealed information about the huge transaction of Rs 2,186 crore undertaken by Sunblink Real Estate Private Limited with regard to the three properties.

DHFL belongs to the Wadhawan family, who also own RKW Developers located at the HDIL building. The director of RKW Developers had a director called Ranjit Bindra. Interestingly, Ranjit Bindra was a broker who negotiated a deal with Iqbal Mirchi in London.

The primary investigation indicated that Bindra, who is known to have made deals with Wadhawans, also sealed deals for Iqbal Mirchi.

Sunblink’s own account details showed that it was receiving hundreds of crores every year starting from 2010 from DHFL. In nine years, DHFL own loan consolidation documents prove that it had approved Rs 2,186 for Sunblink Real Estate.

Continue Reading

MARKET

Rupee trades lower at 71.31 per dollar

Published

on

The Indian rupee is trading 8 paise lower at 71.31 per dollar against previous close 71.23.

The domestic equity market is trading higher with Nifty above 11,400 marks.

The local currency opened flat at 71.24 per dollar.

The rupee declined by 21 paise to close at a three-week low of 71.23 against the US currency on Monday as investors rushed to safe-haven bets on fading hopes of an initial trade deal between the US and China, said PTI.

According to ICICIdirect, the dollar-rupee October contract on the NSE was at 71.29 in the previous session. Open interest increased by 1.02% in the previous session.

We expect the USD-INR to find support at lower levels. Utilize downsides in the pair to initiate long positions, it added.

Oil prices fell on Tuesday, after heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer’s energy demand growth.

Continue Reading

Business

Flipkart to enter food retail with Rs 2,500cr

Published

on

Flipkart, the Walmart-owned Indian e-commerce company, has registered a new company called Flipkart Farmermart Pvt in India to deepen its penetration in the food retail space, take on Amazon, and run a farm-to-fork operation, sources told Moneycontrol.

Through Flipkart Farmermart, the e-commerce company will operate a full-fledged food retail business, including its own private label, a grocery supply chain and even open stores.

“There is a lot more than Flipkart can do in food. The board has consented to invest Rs 2,500 crore to expand its operations in the grocery business,” a source said.

Flipkart is late to the party. Amazon secured a food retail license in July 2017 and has since been investing to build its grocery business. Flipkart will now apply for a licence and then will have to get a go-head from the Department of Industrial Policy and Promotion (DIPP) to invest in food retail.

“It is critical for Flipkart to get this piece right. Grocery is the stickiest business that any e-commerce company can build. There is a huge repeat factor, which is not there with electronics or fashion or furniture,” a second source explained.

Flipkart hopes to bank on Walmart’s expertise in building its food supply chain. The American retailer already runs a cash-and-carry (or wholesale) business in India and has tie-ups with farmers for grocery and food produce. “That will be a big help for Flipkart, it being a subsidiary company. It will also allow Walmart to bring in its understanding and wherewithal of the grocery business to consumer business,” the first source said.

It is too early to say if Flipkart will open up stores or stick to an online-only selling model, but “there are possibilities that it might open up stores in major cities in the coming years. That gives a lot of mindshare to a company, especially in food and grocery,” the source added.

The online grocery market in India is just opening up. According to research firm Research and Markets, only 0.15 percent (or two million out of 1.35 billion) Indians make purchases through online channels. However, the market is anticipated to expand at a compound annual growth rate (CAGR) of 68.66 percent between 2018 and 2023 to reach over Rs 1 lakh crore.

Continue Reading

Top News