recent posts

M&M turns volatile after auto, tractor sales for August

M&M rose 0.08% to Rs 1407.95 at 15:25 ISTon BSE after the company said its total tractor sales rose 6% to 15,006 units in August 2014 over August 2013.

The sales numbers were announced during market hours today, 1 September 2014.

Meanwhile, the S&P BSE Sensex was up 238.28 points or 0.89% at 26,876.39.

On BSE, so far 44,000 shares were traded in the counter as against average daily volume of 2.80 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 0.79% at the day’s high of Rs 1,418 so far during the day, which is also a record high for the counter. The stock lost as much as 0.98% at the day’s low of Rs 1,393 so far during the day. The stock had hit a 52-week low of Rs 741.50 on 28 August 2013.

Posted in Business | Tagged , | Leave a comment

Wipro to expand presence in Oman

Indian IT bellwether Wipro Ltd. Monday announced expanding its presence in Oman to meet its growing business needs.

“We plan to double our headcount from 70 professionals currently over the next 12-18 months in our Gulf subsidiary at Muscat to meet rising demand for our services,” Wipro Gulf LLC business head Mukund Seetharaman said in a statement here.

Posted in Business | Tagged , | Leave a comment

Micromax topples Apple in Indian tablet market

Micromax has overtaken Apple and reached the second position in the tablet market in India in the second quarter with 14% market-share, data released by the International Data Corporation (IDC) said Monday.

“Strong performance in Q2 2014 allowed Micromax to tip Apple to the second spot,” an IDC statement here said.

Samsung with 19% market-share occupied the top position in the Indian tablet market. It was followed by Micromax (14%) and Apple (9%), the data showed.

Posted in Business | Tagged , | Leave a comment

Nifty ends above 8,000 for the first time on GDP data

Benchmark share indices ended at record closing highs with the Nifty breaching the psychological 8,000 level for the first time after better-than-expected first quarter GDP data fuelled a rally led by capital goods and bank shares.

The 30-share Sensex ended up 229 points at 26,868 after hitting a record high of 26,900  and the 50-share Nifty ended up 73 points at 8,028 after touching a record high of 8,035. The Bank Nifty also ended above 16,000 for the first time.

Posted in Business | Tagged , | Leave a comment

HSBC India Manufacturing PMI dip to 52.4 in August

Growth of manufacturing output slows in August, but remains solid

The seasonally adjusted HSBC India Purchasing Managers’ Index (PMI) – a figure designed to give an accurate overview of business conditions in the manufacturing sector – dipped slightly from July’s 17- month high of 53.0 to 52.4 in August.

The latest PMI data highlighted a tenth consecutive monthly improvement in operating conditions in August, as solid output growth was supported by strong expansions in total new orders and business from abroad. Purchasing activity continued to rise, although a second consecutive decline in employment was recorded. Meanwhile, input cost pressures eased slightly following the acceleration seen in July.

Posted in Business | Tagged , | Leave a comment

Education Minister Avcı admits to profiling

Responding to a recent parliamentary question filed by main opposition Republican People’s Party (CHP) Mersin deputy Vahap Seçer asking whether ministry inspectors were involved in the profiling of students, Minister Avcı confirmed that there had been an investigation and stated that students were interrogated under their parents’ supervision and that the ministry has guaranteed that their personal information will be kept private.

While admitting to the collection of information about the students, Avcı claimed, however, that this could not be called “profiling,” since there was legal justification for the collection of the information. “Gathering private information via interrogation has legal grounds and it was in accordance with the law. Following many complaints, inspectors affiliated with the Ministry of Education launched an extensive investigation of those who allegedly engaged in the spread of political propaganda at schools. As part of the investigation, three institutions were closed due to the infringement of rules and 14 people were reprimanded, though no punishments were meted out. Moreover, the information gathered by our inspectors is under the protection of our ministry,” Avcı said in his response.

Posted in Education | Tagged , | Leave a comment