Buoyed by aquaculture growth, enhanced processing capacity and favourable market conditions, India’s export earnings from marine products could cross $6-billion mark during the current fiscal, according to the Marine Products Export Development Authority.
Companies and Markets
Companies & Markets
The market started the F&O expiry week on a subdued note as key indices ended with losses over soured sentiments over loan fraud cases in the PSU bank space.
The Sensex lost 236.10 points, or 0.69 per cent, to settle at 33,774.66, while the Nifty-50 lost 73.90 points, or 0.71 per cent, to settle at 10,378.40.
The market witnessed huge volatility, with key indices opening higher but erasing gains to sink into the negative zone.
The BSE Mid-Cap Index declined 1.05 per cent and the Small-Cap fell 0.99 per cent. Both the indices underperformed the Sensex.
The booming e-retail market is likely to surge over two-fold over the next three years, as players will be forced to shift their focus from discounts to consolidation, geographical diversification, business realignment and enhancing customer stickiness, says a report.
According to Crisil, going by the 2016-17 data, the e-retail market represents about 1.5 per cent (Rs 70,000 crore) of the overall Rs 49 trillion retail sector in the country, indicating enormous growth potential.
Anti-dumping duty on Chinese tyres had cheered domestic tyre manufacturers, but similar duties on carbon black from China is hurting the industry after their increased demand is not being met by the domestic producers. The Chinese tyre imports has fallen by almost half after the government imposed anti-dumping duty in 2017. Since then, the domestic tyre companies have been witnessing an increased demand and their capacity utilisation also has gone up. The demand also got a boost with the implementation of GST.
Markets are ruling at a high point and there could be corrections along the way, says veteran investor Mark Mobius. The 81-year old emerging market investment guru, who recently retired from Franklin Templeton Investments after three decades, said the pace of correction will depend on what factors are triggering them.
Mobius, who has invested in the Mumbai-based private equity fund Equanimity, is quite bullish about the Indian economy and, in an interaction with the media, said he expects the domestic economy to outpace China in terms of growth. Edited excerpts:
Banking stocks have been hammered on the bourses in the past 3-4 sessions after the PNB fraud came to the light. State-owned lenders have also been weighed down by ever increasing bad loans. That, however, is no dampener for veteran investor Mark Mobius, who still likes Indian banks, which have embraced fintech, as his investment picks.
For the 81-year-old emerging market investment guru, companies that are adopting internet, digital technology and robotics are another pick.
Waking up to plug loopholes in the system, several banks have started moving their officials holding same positions for more than three years.
Bank of India (BoI) for instance has asked its employees to report by Wednesday in case they have been stationed in the same post for more than three years. It has also prepared a list of staff who have violated the bank’s transfer policy and stayed for longer duration in one location.
Every scam has a signature, a hallmark, an ingenious spin in its architecture and construct. The Rotomac swindle has its own DNA. Pen manufacturer Rotomac and its promoters — the Kotharis from Kanpur — worked on the principle of an interest rate differential in local and foreign currency in the guise of merchanting trade without having any genuine business transactions and hence defaulted in meeting its payment obligation to banks by diverting and siphoning off all the funds.
The Rs 11,560 crore fraud at Punjab National Bank (PNB) by diamantaire Nirav Modi and jeweller Mehul Choksi in association with the bank’s employees has raised serious questions about the monitoring and audits conducted by the central bank in detecting scam.
The Rs 11,560 crore scam at the Punjab National Bank (PNB) has now put the spotlight on overseas officials of other banks as well in an effort to see if they too had fallen victim to fraudsters. Officials at overseas branches of other banks, where the fraudulently issued Letter of Undertakings (LoUs) were encashed, are under the scanner, sources said.