Pound drops sharply to 7-week low Continue Reading Below Blue-chip stocks in the U.K. shot up Friday carried higher as the pound fell to an seven-week low after the general election left the country with a hung parliament where no single party has a majority. The FTSE 100 climbed 0.8% to 7 511.60 the strongest gain since May 16 according to FactSet data. Futures had started lower but eventually reversed course leading into a strong open for that British benchmark. But the more domestically focused and midcap FTSE 250 index fell 0.1% to 19 720. The index however pared deeper losses. For the week the FTSE 100 was on a track to fall 0.5% and the FTSE 250 was looking at a weekly decline of 1.4%. Friday s climb for the FTSE 100 came after the pound for a while sank below 1.27 (http://www.marketwatch.com/story/pound-tumbles-to-7-week-low-as-uk-exit-poll-points-to-hung-parliament-2017-06-08) hit hard after early indications pointed to the Conservative Party struggling to hold onto control of government. Continue Reading Below ADVERTISEMENT Votes have now been counted in 649 of the 650 total constituencies and Prime Minister Theresa May s Conservatives won 318 seats. That falls short of the 326 needed to hold a majority in the House of Commons. See:U.K. election -- So what is a hung parliament? (http://www.marketwatch.com/story/uk-election-so-what-is-a-hung-parliament-2017-06-08) From a market perspective a hung parliament is seen as one of the worst possible outcomes to this election because it just injects further uncertainty into the United Kingdom as it heads into Brexit negotiations with the European Union Jameel Ahmad vice president of market research at FXTM said in a note. Read: Worst possible outcome -- analysts react to U.K. early election results (http://www.marketwatch.com/story/worst-possible-outcome-analysts-react-to-uk-early-election-results-2017-06-08) May called the snap out-of-cycle election in April saying she wanted to create stability as the country went into the negotiations to leave the European Union. At the time the Conservatives had a huge lead in opinion polls and the move was seen as a bet to increase her party s majority. The pound s slide helped push up shares of most multinational companies listed on the FTSE 100 as a weaker sterling can boost sales by those companies in overseas markets. Among such companies Dove soap and Ben & Jerry s ice cream maker Unilever PLC (ULVR.LN) gained 2.1% and luxury goods maker Burberry Group PLC (BRBY.LN) tacked on 2.5%. Sector losers: But shares in home builders and banks were among the worst performing. Royal Bank of Scotland PLC (RBS.LN) (RBS.LN) fell 2.6% and Lloyds Banking Group PLC (LLOY.LN) shed 1%. Home builders Taylor Wimpey PLC (TW.LN) and Barratt Developments PLC (BDEV.LN) lost 3% and 2.7% respectively. Persimmon PLC (PSN.LN) gave up 2.1%. Increased uncertainty would be expected to slow house purchases and make the home building sector less appealing said Liberum analysts in a note. However the sector still has strong underpinnings and government policy is likely to move away from austerity towards fiscal expansion. Property stocks were also struggling on the domestically focused FTSE 250 index. Shares in Crest Nicholson Holdings (CRST.LN) were down 5% and Berkeley Group Holdings PLC (BKG.LN) dropped 3.7%. Sterling sinks: The pound was buying (http://www.marketwatch.com/story/dollar-rises-pound-hits-7-week-low-as-uk-heads-for-hung-parliament-2017-06-09) 1.2743 but earlier hit an intraday low of 1.2636. That s down from around 1.2960 Thursday night. Ahead of the election traders were heavily stacking their cards in favor of a landslide victory for Theresa May when pricing in the U.K. election said FXTM s Ahmad. May was facing calls to resign (http://www.marketwatch.com/story/pressure-mounts-on-uk-pm-may-to-resign-as-conservatives-set-to-lose-majority-2017-06-09) (http://www.marketwatch.com/story/pressure-mounts-on-uk-pm-may-to-resign-as-conservatives-set-to-lose-majority-2017-06-09) after her bid to increase the Tory majority failed. But she has since resisted pressure to step down and plans to form a new government most likely with assistance from Northern Ireland s Democratic Unionist Party which holds 10 seats. See:May looks to smaller Northern Irish party for support after election rebuke (https://www.wsj.com/articles/u-k-s-theresa-may-looks-to-smaller-party-to-form-government-1497003906) (END) Dow Jones Newswires June 09 2017 10:22 ET (14:22 GMT)
The FTSE 100 rose on Friday as the pound fell more than 2 per cent against the dollar in the wake of the UK s general election resulting in a hung parliament. The UK s blue chip share index jumped 1.3 per cent shortly after the stock market opened and closed 1 per cent higher at 7 527.33. Many of the companies on the index are internationally focused and so receive a profit boost when their overseas revenues are converted into the weakened pound. Read more Pound sterling falls sharply with Tories on track to lose majority The FTSE 250 index which includes smaller companies with more of a UK focus closed marginally higher at 19 769.96. Markets had largely priced in a Tory majority and major investors described Friday s outcome as a shock result. Some said the pound would likely remain under severe pressure in the coming weeks which in turn would support stocks. Given the lack of clarity on domestic policy and the impact on the Brexit negotiations we expect sterling to remain soft. This should remain supportive of the equity market under a Conservative minority outcome said Caroline Simmons deputy head of the UK investment office at UBS Wealth Management. But others were more cautious on equities. Tom Stevenson investment director for personal investing at Fidelity International said that while the weak pound had indeed provided a boost to the FTSE 100 for now that was largely against a backdrop of a more robust economy than anyone expected after the Brexit vote . Looking ahead the FTSE 100 will struggle to progress even with the tailwind of weak sterling s boost to exporters and overseas earners ... we continue to prefer European equities to the UK market. General Election 2017: Big beasts who lost their seats 7 show all General Election 2017: Big beasts who lost their seats 1/7 Nick Clegg Nick Clegg delivers a speech despite losing the Sheffield Hallam Seat Darren O Brien 2/7 Gavin Barwell Getty Images 3/7 Angus Robertson 4/7 Nicola Blackwood Nicola Blackwood said the UK spent much less than competitors such as Germany and the US PA 5/7 Alex Salmond Former First Minister Alex Salmond is standing for reelection in the constituency of Gordon Scotland PA 6/7 Rob Wilson Rex Features 7/7 Ben Gummer PA Samuel Tombs of Pantheon Macroeconomics said the prospect of another election would also likely mean further volatility ahead for all UK assets. Still the inconclusive election result will be an unhelpful influence at a time when quarter-on-quarter GDP growth already has dropped this year to 0.2 per cent the slowest rate in the G7 he said. More about: FTSE 100 FTSE 250 Pound General Election 2017 Reuse content
Investors keep gaze fixed on U.K. vote Continue Reading Below U.K. stocks erased an earlier gain and turned lower on Wednesday pressured by a stronger pound ahead of the country s general election and tanking oil prices. The FTSE 100 index dropped 0.6% to close at 7 478.62 marking its lowest close since May 19 according to FactSet data. The benchmark had traded with a gain of as much as 0.4% earlier in the day but started turning lower as sterling fell. Read:This is the worst that could happen to the pound in the U.K. election--and it s not Jeremy Corbyn (http://www.marketwatch.com/story/this-is-the-worst-that-could-happen-to-the-pound-in-the-uk-election-and-its-not-jeremy-corbyn-2017-06-07) The pound found some extra energy this afternoon though it s not quite clear whether the currency is being driven higher by homegrown news or events elsewhere said Connor Campbell financial analyst at Spreadex in a note. Continue Reading Below ADVERTISEMENT Against both the dollar and the euro sterling jumped half a percent suggesting that the election-jitters that have bothered the pound for the last fortnight or so have subsided he added. The pound bought 1.2960 up from 1.2912 late Tuesday in New York. Against the euro the U.K. currency fetched EUR1.1515 compared with EUR1.1449 Tuesday. Read:Euro slumps after report ECB will cut inflation outlook through 2019 (http://www.marketwatch.com/story/euro-slumps-after-report-ecb-will-cut-inflation-outlook-through-2019-2017-06-07) A stronger pound tends to weigh on the FTSE as about 75% of revenues of the companies that make up the index are generated outside the U.K. The London benchmark also closed with losses on the first two days of the week in the run-up to three key events Thursday: The U.K. general election the European Central Bank meeting and testimony by former Federal Bureau of Investigation Director James Comey. Read:Draghi s ECB may take baby steps toward ending ultraloose monetary policy (http://www.marketwatch.com/story/draghis-ecb-may-take-baby-steps-toward-ending-ultraloose-monetary-policy-2017-06-06) Markets will probably focus on how big of a majority Theresa May will manage to secure in the U.K. vote if the ECB will drop aspects of its dovish forward guidance and on whether Comey will confirm that Trump attempted to influence an FBI investigation said Charalambos Pissouros senior analyst at IronFX in a note. See:U.K. election--the worst best and most likely scenarios for stocks world-wide (http://www.marketwatch.com/story/uk-election-the-nightmare-best-case-and-most-likely-scenarios-for-stocks-worldwide-2017-06-01) And check out:Watch for a shake-up among U.K. stocks after Thursday s election (http://www.marketwatch.com/story/watch-for-a-shake-up-among-uk-stocks-after-thursdays-election-2017-06-06) Oil blues: Tanking oil prices also pulled U.K. stocks lower late in Wednesday s session. Crude plunged more than 4% after the U.S. Energy Information Administration said domestic oil supplies unexpectedly rose last week. That pulled shares of BP PLC (BP.LN) (BP.LN) 1.7% lower and Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) fell 1%. Oil investors were also watching developments in Iran (http://www.marketwatch.com/story/shooting-injuries-reported-in-tehrans-parliament-reports-2017-06-07) where gunmen stormed the parliament in Tehran and started shooting at guards on Wednesday according to media reports citing Iran s state media. Stock movers: Home builder shares were higher after an update on U.K. house prices from Halifax. Prices in the three months to May were 3.3% higher than a year earlier compared with a FactSet estimate of a 3% gain. Prices were down 0.2% on the preceding quarter. Shares of Taylor Wimpey PLC (TW.LN) picked up 1.6% Persimmon PLC (PSN.LN) rose 2.1% and Barratt Developments (BDEV.LN) added 0.8%. In the mining group Anglo American PLC (AAL.LN) closed up by 0.5%. The company said Stuart Chambers will succeed John Parker as its chairman (http://www.marketwatch.com/story/anglo-american-names-stuart-chambers-as-chairman-2017-06-07). (END) Dow Jones Newswires June 07 2017 12:07 ET (16:07 GMT)
British benchmark had opened higher after weekend terror attack Continue Reading Below U.K. stocks stepped lower Monday weighed down by a gain in the pound after a fresh poll signaled a double-digit lead for the http://glitter-graphics.com/users/thoughtforthedayquotes governing Conservative Party as a general election nears. A terror attack in London over the weekend has added to the uncertainty around Thursday s vote but the Guardian/ICM poll out Monday suggested a change in government is unlikely. The FTSE 100 fell 0.2% to 7 530.92 while sterling (http://www.marketwatch.com/story/pound-slips-against-dollar-in-wake-of-london-attack-2017-06-05) traded at 1.2930 up from 1.2891 late Friday in New York. Earlier Monday the FTSE had been edging higher while the pound dropped. The new survey had the Tories enjoying a 11-point lead over the Labour Party. Continue Reading Below ADVERTISEMENT That s one of the biggest gaps that we ve seen for a while said Jasper Lawler senior market analyst at London Capital Group. The poll looks like the dominant factor in U.K. markets on Monday Lawler added. The pound is expected to remain volatile this week against the backdrop of the tragic weekend events in London and the flakiness of the polls in predicting what the outcome of Thursday s general election vote is likely to be with the poll gaps varying between 1 and 12 points in favor of the Conservatives said Michael Hewson chief market analyst at CMC Markets UK in a note. The FTSE 100 tends to get hurt by a rallying pound as the stronger currency cuts into the foreign-denominated profits made by the index s multinational companies. On Saturday attackers with a van mowed down (http://www.marketwatch.com/story/london-bridge-nearby-market-hit-by-violent-attacks-at-least-1-dead-2017-06-03) pedestrians at London Bridge then got out and began stabbing bystanders in nearby Borough Market. Police moved quickly and killed the attackers but seven people died in the rampage and dozens were injured 21 of them seriously. Read:5 things to know about the U.K. s general election next week (http://www.marketwatch.com/story/5-things-to-know-about-the-uk-general-election-next-week-2017-06-01) And see: U.K. election--the worst best and most-likely scenarios for stocks (http://www.marketwatch.com/story/uk-election-the-nightmare-best-case-and-most-likely-scenarios-for-stocks-worldwide-2017-06-01) Police have arrested 12 people in raids (http://www.marketwatch.com/story/police-arrest-12-in-london-raids-after-terror-attack-2017-06-04) prompted by the attack which interrupted the campaigning for the election and shook confidence in Britain s counterterrorism strategy (http://www.marketwatch.com/story/enough-is-enough-says-may-as-islamic-state-claims-credit-for-london-attack-2017-06-04). Last week the FTSE 100 -- which has been scoring record closes in recent sessions -- was flat for the week (http://www.marketwatch.com/story/ftse-100-on-track-for-all-time-high-as-us-records-lift-trading-mood-2017-06-02). Individual movers: Shares in British Airways parent International Consolidated Airlines Group SA (IAG.LN) and easyJet PLC (EZJ.LN) lost 2.3% and 2.9% respectively. Following terror attacks airlines often have seen brief declines in reservations by passengers. Over in the midcap FTSE 250 Ocado Group PLC (OCDO.LN) traded 0.9% lower as earlier gains faded. The stock had been sharply higher after the online grocer announced a deal with a regional European retailer who will use Ocado s software platform. Analysts noted the customer s name and other details haven t been released yet. The overall FTSE 250 was down 0.7% at 19 866.70. (END) Dow Jones Newswires June 05 2017 11:03 ET (15:03 GMT)BENGALURU: An era in Indian corporate history might be drawing to a close. The much-celebrated co-founders of Infosys are exploring a sale of their entire 12.75% stake in the company worth about Rs 28 000 crore people familiar with the development said. This stunning move is said to have been triggered by the promoters unhappiness over the manner in which the company has been run since their exit three years ago. Instead of a war of attrition with the company s board and management the promoters appear to have veered around to the view that it might be better to make a complete break from the company they founded in 1981 and took public in 1993. The promoter group led by N R Narayana Murthy and Nandan Nilekani have long been seen as the original flagbearers of a new breed of engineer-entrepreneurs who grew up in middle class homes but instead of getting steady salaried jobs - as almost everyone from such a background did before liberalization - decided to start a business which helped spread the story of Indian software around the world. Any stake sale is most likely to take place through stock market block deals and in tranches. A single block deal is thought to be unlikely. Large private equity or sovereign wealth funds (SWFs) won t be enthused to write 4-5 billion cheques to be minority investors without any rights said a top banker who spoke on condition of anonymity. Read this story in Gujarati When contacted Narayana Murthy denied there was any move to sell the promoter holding in the company. It is not true at all he said. His family and he are the largest promoter shareholders with a stake of 3.44%. Nandan Nilekani who took over the reins of the company from Murthy before going on to launch Aadhaar said I do not comment on Infosys and refused to take any more questions on the issue. Infosys co-founders Murthy Nilekani Kris Gopalakrishnan SD Shibulal and K Dinesh hold neither executive nor non-executive roles in the company anymore. Still their exit moves coming at a time when the sector is facing business uncertainties could act as an overhang on the stock price. The deal is unlikely to be a rushed affair given the implications it could have on the price the promoters would get and also for the stock in general. Large blocks of shares are usually offloaded at a discount. Sources said chances are that the founders and the management would work on a joint narrative to stave off deep discounts. In fact there will be investors who may see the exit of founders as a positive for the company as this removes the conflict factor said a banker who is not involved with exit discussions but is aware of analyst calls to confirm persistent rumours in recent weeks. The spat between Infosys CEO Vishal Sikka and Narayana Murthy played out very publicly in February this year with Murthy raising serious concerns over corporate governance and the changing cultural ethos of the company. He was particularly upset at the high compensation packages drawn by Sikka and other senior Infosys executives the outsized severance package offered to former CFO Rajiv Bansal and by acquisition strategies of Infosys. He believed the board led by R Seshasayee had failed in its duty to guide the management in the right direction. When asked whether it was his unhappiness at Sikka s style of functioning that was making him want to exit the company he co-founded 36 years ago Murthy said Whatever I had to say about Sikka and Infosys I have said some months back. I have nothing to add to that. (He was on his way to London to be with his daughter Akshata and son-in-law Rishi Sunak who is the Conservative parliamentary candidate from Richmond on counting day.) Private equity firms and sovereign wealth funds have been sniffing around for big buyout opportunities in the sector despite the fact that business outlook driven by automation and digital disruption has remained under pressure. But they aren t sure if the Infy stake would give them enough clout to steer a widely-held company. It doesn t even guarantee a board seat a prominent fund manager said. None of the founders are on the board of Infosys at the moment. This makes it imperative for any long-term investor to engage with the management and the board as well. In December 2014 Infosys founders pared a collective 2.8% of their stake for 1 billion which was the single largest promoter selloff in the Indian technology sector. This came not long after Sikka took over as CEO. The founders had then said they were partially encashing ownership for charitable activities as they were no longer strategically involved with Infosys. Earlier some members of the founders families had offloaded small stakes for personal reasons. Shortly before that sale Sikka had told TOI in an interview that the Infosys founders were free to offload their shares. I know Mr Murthy and the other founders very well. They are incredible individuals. Their sense of integrity responsibility.... I m totally confident that no matter what they do it will be the https://500px.com/thoughtforthedayquote/about right thing. I don t need to know that in advance he had said. Infosys was started by seven mostly engineering professionals who were working together at Patni Computers. At Murthy s farewell at the Infosys Campus when he retired the first time in 2011 his wife Sudha jokingly said that she must rank among the world s most successful venture capitalists because it was the Rs 10 000 she had saved from her salary and household expenses that bank-rolled her husband s dream to start a software services company. Today Infosys has a market capitalisation of Rs 2 20 000 crore ( 32.2 billion). The one decision that planted Infosys in the imagination of the general public and went on to become part of business folklore was the offer of generous stock options (ESOPs) at the time of listing which made millionaires of almost all the early employees numbering in the thousands and emboldened many to quit their jobs to start their own firms. It also played a role in catapulting sleepy Bengaluru into a humming hub for young tech professionals. Read this story in Kannada Read this story in Marathi
HYDERABAD: IT consulting and software service provider Bodhtree Consulting Limited today announced it has entered into a strategic partnership with Infosys as an application service provider (ASP) wherein the clients of the Bengaluru-headquartered company will have an option to utilise GSP platform of the former for their GST filings. The size of the project could be over Rs 200 crore and we are working towards realising these revenues in the next three years Bodhtree Consulting said in a statement. GSPs (GST Suvidha Provider) and ASPs will provide support to taxpayers in the IT ecosystem for GST filings and other related GST compliances it said. ASPs will focus on taking taxpayers raw data on sales and purchases and convert it into GST compliant returns. These GST returns will then be filed on behalf of the filer with GSTN via Bodhtree as GSP. ASPs will act as a link between the taxpayers and the GSPs it was stated. Bodhtree is one of the GSPs in the country leading the GST readiness from technology perspective working alongside the autonomous GSTN body and it has made Infosys short list he company as its partner for managing ASP and GSP roles together for their marquee clients. This will take care of their clients complete needs under GST the statement said. Besides Bodhtree announced its strategic relationship with Stratfit Technologies Pvt. Ltd. (Stratfit) a company promoted by Daniel McKee a USA-based celebrity trainer and Olympic-certified coach Nagarjuna Akkineni leading film personality K Sriram senior professional and entrepreneur and G Vamshi Raju entrepreneur. The relationship includes exclusive marketing rights technology collaboration and an investment through debt with an option to convert into equity. This would be a strategic investment to grow health and fitness business. Bodhtree will bring in its IT solutions capabilities to the table to strengthen the investment in this sector the statement added.
NEW DELHI: Maruti Suzuki zipped past Infosys and ONGC in market capitalisation (m-cap) as its stock rose by 3 per cent on Friday adding Rs 6 563 crore to the value. The stock gained 3 per cent to end at Rs 7 451 on BSE. During the day it went up by 3.25 per cent to Rs 7 469 -- its 52-week high. It was the top gainer on the BSE benchmark Sensex. On NSE the stock moved up by 2.97 per cent to close at Rs 7 464.85. Following the gains the company s m-cap rose by Rs 6 562.85 crore to Rs 2 25 079.85 crore. With this the company stood at the eighth position in the top-10 m-cap ranking chart ahead of Infosys and ONGC. Infosys market valuation stood at Rs 2 17 899.66 crore while that of ONGC was Rs 2 17 074.17 crore at end of trade. Also the m-cap of Maruti alone is more than the combined valuation of auto majors Tata Motors (Rs 1 34 896.92 crore) and Mahindra & Mahindra (Rs 88 598.83 crore).
New Delhi: Maruti Suzuki zipped past Infosys and ONGC in market capitalisation (m-cap) as its stock rose by 3% on Friday adding Rs6 563 crore to the value. The stock gained 3% to end at Rs7 451 on the BSE. During the day it went up by 3.25% to Rs7 469 its 52-week high. It was the top gainer on the BSE benchmark Sensex. On NSE the stock moved up by 2.97% to close at Rs7 464.85. Following the gains the company s m-cap rose by Rs6 562.85 crore to Rs2 25 079.85 crore. With this the company stood at the eighth position in the top-10 m-cap ranking chart ahead of Infosys and Oil and Natural Gas Corporation (ONGC). Infosys market valuation stood at Rs2 17 899.66 crore while that of ONGC was Rs 2 17 074.17 crore at end of trade. Also the m-cap of Maruti alone is more than the combined valuation of auto majors Tata Motors (Rs1 34 896.92 crore) and Mahindra & Mahindra (Rs88 598.83 crore).PTITopics: Maruti Maruti market cap Maruti shares Infosys ONGC
ALSO READ Maruti Suzuki hits new high; m-cap inches closer to Rs 2 lakh crore mark Maruti Suzuki hits new high post April sales; m-cap crosses Rs 2 lakh crore Maruti Suzuki hits new high; enters top-10 club of most valuable companies 5 less known Maruti facts: Workers take 2 545 steps to finish every car Markets settle the day flat as investors await Fed policy decision span.p-content div id =div-gpt line-height: 0px; font-size: 0px; Maruti Suzuki India has surpassed information technology (IT) major Infosys and state-owned oil exploration & production company Oil and Natural Gas Corporation (ONGC) in overall market capitalization (market-cap) ranking after a sharp rally in automobiles giant share price. With the market-cap of Rs 223 042 crore Maruti Suzuki India currently stands ahead of ONGC (Rs 216 176 crore) and Infosys (Rs 215 912 crore) at 12:14 am the BSE data shows. Maruti Suzuki India hit a new high of Rs 7 389 on BSE on Friday gaining 10% since May 15 2017 after the company reported a good set of numbers for the quarter ended March 2017 (Q4FY17). Infosys was trading 1.7% lower at Rs 923 after hitting one-month of Rs 923 in intra-day trade after reports of its founders led by N R Narayana Murthy planning to sell their stake in the company that they founded emerged. This speculation has already been categorically denied by the promoters. The company further reiterates that it has no information on any such development. We would like to appeal to the media not to fuel such speculative stories as they are likely to harm the interests of the company and all its stakeholders Infosys said in a statement. Meanwhile thus far in the calendar year 2017 Maruti Suzuki gained 39% against 11% decline in ONGC and 9% fall in Infosys. On comparison the S&P BSE Sensex was up 17% during the period. Analysts at HDFC Securities too remained positive on the Maruti Suzuki growth story on the back of strong volume growth led by consistent volume uptick of Ciaz Brezza and Baleno and success of Ignis. Increasing average selling price (ASP) led by an expanding portfolio in the premium segment; fresh capacity addition from the Gujarat facility uptick in rural demand and supporting macro tailwinds like 7th Pay Commission payout falling interest rates urbanisation and growing middle class are other positives for the company. Maruti Suzuki s domestic sales rose 15.5% year-on-year (Y-o-Y) in May following 23% growth in April. Double-digit growth in FY18 seems well in sight. Following a 10% growth in FY17 management has guided to similar growth in FY18 and FY19 which we think is very achievable according to analyst at JP Morgan. Models in the compact category including the Baleno and Ignis sold well and sales were unusually strong in the utility category owing to launching of the Vitara Brezza compact SUV. Inventory levels at dealers still look insufficient and we think that powerful sales (shipment) momentum will continue owing to the need to build up inventory principally of new models added report. Price M-cap LTP M-cap Company Rs Rs crore Rs Rs crore % chg TCS 2521.5 496 843 2519.5 496 311 -0.1 Reliance Industries 1329.9 432 408 1340.3 435 790 0.8 HDFC Bank 1645.5 422 699 1653.6 424 780 0.5 ITC 311.6 378 512 305.8 371 527 -1.9 HDFC 1634.1 259 711 1631.8 259 354 -0.1 HUL 1093.4 236 662 1092.6 236 489 -0.1 SBI 288.8 234 213 287.9 233 361 -0.3 Maruti Suzuki India 7233.8 218 517 7384.0 223 042 2.1 ONGC 170.4 218 678 168.5 216 176 -1.1 Infosys 956.3 219 657 940.0 215 912 -1.7 LTP : Last traded price in Rs at 12:14 pm
By: Reuters | Mumbai | Updated: June 9 2017 3:40 pm According to the report the Infosys founders were exploring such a sale citing people familiar with the developments although it carried a denial of such a move by one of the firm s founders Narayana Murthy. Related News Haven t heard seen massive layoffs in IT sector says Infosys co-founder GopalakrishnanInfosys plans to hire over 20 000 in Financial Year 2018IT layoffs: Senior executives can take pay cuts to tackle issue says Infosys co-founder Narayana MurthyInfosys Ltd on Friday denied a media report that the founders of India s second-biggest software services exporter were looking to sell their entire 12.75 per cent stake in the company even as Indian shares took a hit owing to initial news reports. Infosys was trading 1.62 per cent lower after falling as much as 3.5 per cent despite the company denying a report that said the company s promoters were looking to sell their entire stake. According to the report the Infosys founders were exploring such a sale citing people familiar with the developments although it carried a denial of such a move by one of the firm s founders Narayana Murthy. Infosys has no information on any such development the company said in a statement adding that the speculation has already been categorically denied by the promoters. Earlier this year Infosys founders had expressed concerns about the manner in which the company was being run by its current management and board. Global market sentiment took a hit after British elections left no single party with a clear claim to power ahead of talks to exit the European Union sideswipe investors who had already weathered major risk events in the United States and Europe. The overhang of global cues will definitely be there on markets http://zurmo.org/forums/index.php?/user/82761-thoughtforquotes/ across the world said Devon Chokes promoter KKR Chokes Investment Managers. Both the BSE and NSE indexes were headed for their first weekly fall in five. Analysts have been advising investors to be cautious in the near term after a record-breaking rally in the indexes over the recent past. Both the indexes had hit fresh record highs on Tuesday. That s why investors are not pumping in money now at this stage (but are) sitting on cash Chokes added. India is due to post inflation data on Monday amid rising hopes for a central bank rate cut later this year. The broader NSE index was down 0.16 per cent at 9 632.15 as of 0621 GMT and down 0.29 per cent for the week. The benchmark BSE index was 0.14 per cent lower at 31 168.54 and down 0.34 for the week. Infosys pulled down other IT stocks and the Nifty IT index fell as much as 1.68 per cent to its lowest since May 18. Infosys lost 2.4 per cent while Tech Mahindra Ltd fell 2.6 per cent. Meanwhile embattled mobile carrier Reliance Communications continued its slide falling as much as 3.2 per cent. The company on Wednesday pushed back against Moody s and Fitch disagreeing with the ratings agencies downgrade. For all the latest Business News download Indian Express App More Related News Infosys HP partner to offer new enterprise service Chandigarh urges Infosys to adopt Government Model High School in Sector 49 teach students IT Tags: Infosys TTIHAEwaleJun 9 2017 at 4:58 pmoriginal promotoers of Infosys have their investments out side Infosys also so will not divest/withdraw themselves fully from Infosys yes it is fact the promoters put their blood and sweat to build what the present Infosys is but this so in the case of promoters of Wipro HCL etc who happen to be contemporary of InfosysReplyLondon: Prime Minister Theresa May was fighting to hold on to her job on Friday as British voters dealt her a punishing blow denying her the stronger mandate she had sought to conduct Brexit talks and instead weakening her party s grip on power.With no clear winner emerging from Thursday s parliamentary election a wounded May signalled she would fight on despite losing her majority in the House of Commons. Her Labour rival Jeremy Corbyn said she should step down.With 643 out of 650 seats declared the Conservatives had won 313 seats and were therefore no longer able to reach the 326-mark they would need to command a parliamentary majority. Labour had won 260 seats.With talks of unprecedented complexity on Britain s departure from the European Union due to start in just 10 days time it was unclear who would form the next government and what the fundamental direction of Brexit would be. At this time more than anything else this country needs a period of stability a grim-faced May said after winning her own parliamentary seat of Maidenhead near London. If ... the Conservative Party has won the most seats and probably the most votes then it will be incumbent on us to ensure that we have that period of stability and that is exactly what we will do. After winning his own seat in north London Corbyn said May s attempt to win a bigger mandate had backfired. The mandate she s got is lost Conservative seats lost votes lost support and lost confidence he said. I would have thought that s enough to go actually and make way for a government that will be truly representative of all of the people of this country. From the EU s perspective the upset in London meant a possible delay in the start of the talks and an increased risk that negotiations would fail. We need a government that can act EU Budget Commissioner Guenther Oettinger told German broadcaster Deutschlandfunk. With a weak negotiating partner there s a danger that the negotiations will turn out badly for both sides. Conservative member of parliament Anna Soubry was the first in the party to disavow May in public calling on the prime minister to consider her position . I m afraid we ran a pretty dreadful campaign Soubry said.May had unexpectedly called the snap election seven weeks ago even though no vote was due until 2020. At that point polls predicted she would massively increase the slim majority she had inherited from predecessor David Cameron.Instead she risks an ignominious exit after just 11 months at Number 10 Downing Street which would be the shortest tenure of any prime minister for almost a century. MAY IS TOAST Whatever happens Theresa May is toast said Nigel Farage former leader of the anti-EU party UKIP.Sterling fell by more than two cents against the U.S. dollar hitting an eight-week low of 1.2690 but by 0609 GMT it had recovered to 1.2721. A hung parliament is the worst outcome from a markets perspective as it creates another layer of uncertainty ahead of the Brexit negotiations and chips away at what is already a short timeline to secure a deal for Britain said Craig Erlam an analyst with brokerage Oanda in London.May had spent the campaign denouncing Corbyn as the weak leader of a spendthrift party that would crash Britain s economy and flounder in Brexit talks while she would provide strong and stable leadership to clinch a good deal for Britain.But her campaign unravelled after a major policy u-turn on care for the elderly while Corbyn s old-school socialist platform and more impassioned campaigning style won wider support than anyone had foreseen.In the late stages of the campaign Britain was hit by two Islamist militant attacks in less than two weeks that killed 30 people in Manchester and London temporarily shifting the focus onto security issues.That did not help May who in her previous role as interior minister for six years had overseen cuts in the number of police officers. She sought to deflect pressure on Corbyn arguing that he had a weak record on security matters but that did not stop questions about her own ministerial decisions.With the smaller parties more closely aligned with Labour than with the Conservatives the prospect of Corbyn becoming prime minister no longer seems fanciful.That would make the course of Brexit even harder to predict. During his three decades on Labour s leftist fringe Corbyn consistently opposed European integration and denounced the EU as a corporate capitalist body.As party leader Corbyn unenthusiastically campaigned for Britain to remain in the bloc but has said that Labour would deliver Brexit if in power albeit with very different priorities from those stated by May. What tonight is about is the rejection of Theresa May s version of extreme Brexit said Keir Starmer Labour s policy chief on Brexit saying his party wanted to retain the benefits of the European single market and customs union.POTENTIAL ALLIANCESOn a nerve-racking night for the Conservatives interior minister Amber Rudd held on to her seat by a whisker while several junior ministers were swept away. In one of many striking moments the party lost the seat of Canterbury for the first time in a century.The Conservatives could potentially turn for support to Northern Ireland s Democratic Unionist Party (DUP) a natural ally projected to win 10 seats.But Labour had potential allies too not least the Scottish National Party (SNP) who suffered major setbacks but still won a majority of Scottish seats.The pro-EU centre-left Liberal Democrats were having a mixed night. Their former leader Nick Clegg who was deputy prime minister from 2010 to 2015 lost his seat. But former business minister Vince Cable won his back and party leader Tim Farron held on.In domestic policy Labour proposes raising taxes for the richest 5 percent of Britons scrapping university tuition fees investing 250 billion pounds ( 315 billion) in infrastructure plans and re-nationalising the railways and postal service.Analysis suggested that Labour had benefited from a strong turnout among young voters. UKIP saw a collapse in its support shedding votes evenly to the two major parties instead of overwhelmingly to the Conservatives as pundits had expected. UKIP voters wanted Brexit but they also want change Farage said. They are fundamentally anti-establishment in their attitudes and the vicar s daughter (May) is very pro-establishment. And I think she came across in the campaign as not only as wooden and robotic but actually pretty insincere. In Scotland the pro-independence SNP were in retreat despite winning most seats. Having won all but three of Scotland s 59 seats in the British parliament in 2015 their share of the vote fell sharply and they lost seats to the Conservatives Labour and the Liberal Democrats.The campaign had played out differently in Scotland than elsewhere the main faultline being the SNP s drive for a second referendum on independence from Britain having lost a previous plebiscite in 2014.SNP leader and First Minister Nicola Sturgeon said it had been a disappointing night for her party while Scottish Conservative leader Ruth Davidson said Sturgeon should take the prospect of a new independence referendum off the table.(Additional reporting by Guy Faulconbridge Alistair Smout David Milliken Paul Sandle William Schomberg Andy Bruce William James Michael Urquhart and Paddy Graham in London Padraic Halpin in Dublin; Writing by Estelle Shirbon; Editing by Mark Trevelyan and Mark John) Thomson Reuters 2017(Except for the headline this story has not been edited by NDTV staff and is published from a syndicated feed.)
Theresa May has reached an agreement with Northern Ireland s Democratic Unionist party that will enable her to form a government. The prime minister is expected to see the Queen at about 12.30pm on Friday to confirm that a deal is in place. Senior DUP figures claim that they wanted to form a coalition to stop any chance of Jeremy Corbyn from becoming prime minister. A DUP source said: We want there to be a government. We have worked well with May. The alternative is intolerable. For as long as Corbyn leads Labour we will ensure there s a Tory PM. There has been no decision as yet on whether there will be a formal coalition between both parties or if there will be a confidence and supply arrangement whereby the unionists would support a minority government on vital matters in return for some of their policies being enacted. The party s leader in Westminster has confirmed that this will include a commitment that there would be no post-Brexit special status for Northern Ireland. Share your views and experiences We d like to find out from people in Northern Ireland about how you feel about the DUP s deal with the Conservatives. Do you feel that your views will be represented by the DUP? What concerns do you have? We d also like hear perspectives from people living in Ireland. Please share your views and experiences anonymously if you prefer in the form below. The form is encrypted and only the Guardian can see your responses. We feature some of your responses in our reporting.
ALSO READ Polls open in Britain s general election Britain s pound sinks lifting shares after election shock PM May maps out bigger role for state in corporate Britain Hung Parliament in Britain: PM May under pressure to resign Ratings firms eye fallout from shock UK election span.p-content div id =div-gpt line-height: 0px; font-size: 0px; Britain s Conservative party gained 318 seats to Labor s 262 seats in the general election according to the final results released late on Friday. The Labor party has gained the last constituency to declare Xinhua reported. The outcome of the election means that Britain has a hung parliament as no party has the 326 seats needed for an absolute majority. British Prime Minister Theresa May has said that she will begin to form her government with the support of the DUP (Democratic Unionists Party). --IANS ahm/ (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
London: Britain s Liberal Democrats party will not form a coalition to prop up the government of Prime Minister Theresa May after she failed to win a parliamentary majority in an election Liberal Democrat Tim Farron said on Friday. If Theresa May or any other Conservative approaches the Liberal Democrats and asks for our support to deliver their agenda let me make our position clear: no deal is better than a bad deal Farron said echoing one of May s catchlines about the upcoming Brexit negotiations. There will be no deals no coalitions and no confidence and supply arrangements he said. If the government puts a Queen s Speech or a budget in front of us we will judge it on whether or not we think it is good for the country - and if it isn t then we will not support it. The Liberal Democrats formed a governing coalition with the Conservatives after an inconclusive election in 2010. But Farron has previously ruled out a deal with May because of the parties differences over Brexit.The Liberal Democrats won 12 of the UK parliament s 650 seats in Thursday s election. Results for one constituency have not yet been counted.(Reporting by Georgina Prodhan; Editing by William Schomberg) Thomson Reuters 2017(Except for the headline this story has not been edited by NDTV staff and is published from a syndicated feed.)
Ruth Davidson the leader of the Scottish Conservatives helped http://sharetv.com/user/thoughtforquotes Theresa May secure 13 seats north of the border which is arguably a pivotal reason why the Prime Minister has been able to hold on to power. The huge improvement by the party and Ms Davidson in particular has been a rare shining light for an otherwise bleak campaign for the Tories. The party did so well that both Alex Salmond the former Scottish First Minister and Angus Robertson the Scottish National Party s leader in Westminster lost their seats to Conservative candidates. Read more Tory gains in Scottish local elections may call Davidson s bluff Theresa May more in touch with Scottish people than Nicola Sturgeon Scottish Conservative leader joins calls to cancel Trump s state visit Scottish Tory leader tells foreign workers they are welcome in the UK Ms Davidson stood alongside the Prime Minister as they addressed a crowd in Edinburgh during the election campaign and her charisma and natural charm shone through as she encouraged the crowd and got them on their feet before Ms May spoke. Aged 38 Ms Davidson s background differs greatly to those of the Etonians who overwhelmingly populate her party: she grew up in a working-class family spending most of her adult life in Glasgow. She worked as a BBC journalist and signaller in the Territorial Army (before becoming an Army Reservist) and went on to study at Glasgow University eventually entering politics in 2009. She began her political career by unsuccessfully standing in the Glasgow North East by-election in 2009. She came third with only 5.2 per cent of the vote. She then went on to work as an aide to Annabel Goldie the former leader of the Scottish Conservatives before being elected to the Scottish Parliament in 2011. She was the youngest ever party leader and has used her age in interviews to distance herself from the legacy set by Margaret Thatcher who was in power while she was still a baby. She would be elected as leader later that year going on to increase the party s seats in the Scottish Parliament to 31. It meant they replaced Labour as the second largest party in Holyrood. General Election 2017: Big beasts who lost their seats 7 show all General Election 2017: Big beasts who lost their seats 1/7 Nick Clegg Nick Clegg delivers a speech despite losing the Sheffield Hallam Seat Darren O Brien 2/7 Gavin Barwell Getty Images 3/7 Angus Robertson 4/7 Nicola Blackwood Nicola Blackwood said the UK spent much less than competitors such as Germany and the US PA 5/7 Alex Salmond Former First Minister Alex Salmond is standing for reelection in the constituency of Gordon Scotland PA 6/7 Rob Wilson Rex Features 7/7 Ben Gummer PA Like Mhairi Black and the Scottish Labour leader Kezia Dugdale she is openly gay and speaks publicly about her relationship with her partner Jen Wilson. Her background sexuality and openness form part of her broad appeal and she has gone out of her way to present herself as the politician everyday people can relate to. The self-described tough old bird has used her steely disposition and dedication to tackling abuse and homophobia to set herself apart from her peers. However as a practising Christian she struggled with her sexuality for years before eventually deciding not to live a lie . I thought I was destined for the big white wedding and the chap on my arm and all the rest of it and then it wasn t to be she told BBC Radio Scotland s Stark Talk last year. I didn t come out until my mid twenties. I d known for a few years before that. Although she is not a sitting MP in Westminster after her performance during the general election campaign as well as a series of successful media appearances she is being touted as a potential future leader of the main party. More about: Scottish Conservative Party Ruth Davidson Reuse content
Britain s Conservative Party has taken the Angus seat https://architizer.com/users/thought-for-the-day/ from the Scottish National Party by overturning a 11 230 majority to win by 2 644 votes delivering a blow to Nicola Sturgeon s party which had a near clean sweep in Scotland two years ago. The Conservative Party increased its share of the vote by 16.2 percent while the SNP s share fell 15.7 percent. The Labour Party also took an early seat from the SNP by winning Rutherglen and Hamilton West.(This article has not been edited by DNA s editorial team and is auto-generated from an agency feed.)
