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L & T gains 5% as a share buyback offer
Larsen & Toubro (L & T) shares rose 5% to Rs. 1,305 on BSE in opening trading after mechanical engineering company said on Saturday that its board would consider a proposal to repurchase shares on Thursday, August 23, 201
"The Board will review a proposal to repurchase shares at its meeting on Thursday, August 23, 2018," L & T said in a statement to the stock market on Saturday. The company holds its annual general meeting on Thursday. CONTINUE READING
Interview of the day Brace for more rupee weakness, advise Rabobank MD and Senior Economist
The economic turmoil in Turkey hit the global financial markets. JAN LAMBREGTS, Managing Director and Global Head of Financial Markets Research at Rabobank International and HUGO ERKEN, Senior Economist and Country Analyst for North America, Mexico and India, explain their interpretation of the development. Click here for a complete interview
Hugo Erken, Senior Economist and Country Analyst for North America, Mexico and India, Rabobank International (left) and Jan Lambregts, Managing Director and Global Head of Financial Market Research, Rabobank International (right)
Infosys CFO Ranganath finishes
In a move that could contribute to Infosys' problems, M D Ranganath, a corporate veteran who is currently CFO, has decided to leave the IT Major to take external action.
In a statement on Saturday, Infosys said the board has accepted his resignation and the company will immediately begin looking for the next CFO. The company also said Ranganath will continue in its current position until November 16, which will ensure a smooth transition from the role to its successor. CONTINUE READING
Impact on stock:
Smart sectoral trend
BSE Sensex winners and losers
The benchmark indices hit a new high with Nifty50, reaching 11,500 levels for the first time in positive global trends and a stabilizing rupee.
The rupee opened today at 69.8 / $, having reached an all-time low of $ 70.3 / last week.
Infosys fell 2% after MD Ranganath, currently Chief Financial Officer (CFO), left the IT space to seize external opportunities
MSCI's broadest index for Asia Pacific equities outside of Japan gained 0.3% in early trading, with South Korea leading the pack by 0.6%. Japan's Nikkei staggered on both sides of the bankruptcy, as did the yen on the dollar. EMini futures for the S & P 500 gained 0.08 percent
Joy Rankothge, Vice President – Senior Analyst at Moody's Investors Service The weaker rupee will boost marginal exports. The trade deficit, which reached a five-year high of $ 18.02 billion in July, is unlikely to be reversed.