India has been growing pretty “robustly”, World Bank President Jim Kim has said as he predicted a strong global growth this year.
Speaking at the Bloomberg Global Business Forum meeting here on Wednesday, Kim also called for more cooperation among the multilateral system, private sector and the governments to take advantage of the current win-win situation.
“That dormant capital will earn a higher return, where developing countries will have access to much more capital for the infrastructure needs, even for investing in health and education, investing in resilience to climate change and other factors,” Kim said.
He said Japan, Europe and the US along with India were growing and there was a levelling-out in developing countries.
“A country like India is growing, has been growing pretty robustly. We think, Japan is growing. Europe is growing in a much more healthy way. The United States continues to grow. There is a levelling-out in developing countries,” he said, adding that the growth will be more robust this year.
“It used to be that commodity importers were doing much better than commodity exporters. But that’s levelling out. So the growth is relatively more evenly distributed,” Kim said.
He said in terms of indebtedness, the bank was watching very carefully the debt-to-GDP ratios of every single country.
“In Africa, the debt-to-GDP ratios are still very manageable…We would not be moving toward providing more financing for countries if we thought there was a real problem with over indebtedness in the countries. Because we follow this very closely, along with the IMF,” he said.
“We think that there are tremendous opportunities for investment. But sometimes, purely based on perception, investors in sovereign wealth funds – I’ve heard them say, Africa is risky. Right, as if Africa was a single country. Africa’s not a single country and the risk profiles from country to country have enormous differences,” he said.
Boosted by the development, shares of the company gained as much as 5.05 per cent to trade at intra-day high of Rs 33.25 apiece on the Bombay Stock Exchange.
In a similar fashion, shares of the company were trading 2.37 per cent higher at Rs 32.45 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 32,421.94, up 19.57 points, or 0.06 per cent, at 12:10 hours.
Marketmen attributed the rise in copper futures to a firming trend in base metals in global market as housing data from China showed continued gains for prices. Rising demand from consuming industries at domestic spot markets supported the upside, they said.
At the MCX, copper futures for November 2017 contract was trading at Rs 423.95 per kg, up by 0.92 per cent, after opening at Rs 421.90, against a previous close of Rs 420.10. It touched the intra-day high of Rs 425.20 (at 17:40 hours).
The shares of the company, which had got overwhelming response for its initial public offering, listed at premium at Rs 2,725 on the National Stock Exchange.
Extending its early gains, shares of company gained as much as 69.81 per cent to trade at intra-day high of Rs 2998.90 on the BSE. In the day’s trade so far, stocks hits intra-day high and low of Rs 2998.90 and Rs 2725.00, respectively.
“The equity shares of Dixon Technologies (India) Ltd (Scrip Code: 540699) are listed and admitted to dealings on the Exchange in the list of ‘B’ Group Securities,” said the company in a filing to the Bombay Stock Exchange.
The IPO, which was opened for public subscription from September 6-8, had fixed a price band of Rs 1,760-1,766 per equity share.
The company intends to use fund proceeding for setting up LED TV capacity in Tirupati, expansion of backward integration of lighting business, debt repayment, IT infrastructure and the rest will be used for general corporate purposes.
Meanwhile, the broader benchmark BSE Sensex was trading at 32,484.01, up 211.40 points, or 0.66 per cent, at 13:00 hours.
Shares of Oil & Natural Gas Corporation (ONGC) jumped over 4 per cent on the Bombay Stock Exchange amid spurt in crude oil prices as demand outlook brightens.
Driven by rise in crude prices, shares of the company gained as much as 4.14 per cent to trade at intra-day high of Rs 166.00 apiece on the Bombay Stock Exchange.
In a similar fashion, shares of the company were trading 3.07 per cent higher at Rs 164.25 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 32,191.65, down 50.28 points, or 0.16 per cent, at 12:35 hours.
Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.
At the MCX, lead futures for September 2017 contract is trading at Rs 144.45 per kg, down by 1.06 per cent, after opening at Rs 146.40, against a previous close of Rs 146. It touched the intra-day low of Rs 144.20. (at 17:02 hours).
As on September 1, 2017, the company has fixed September 15, 2017 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.
Weighed down by the development, shares of the company declined as much as 4.88 per cent to trade at intra-day low of Rs 281.60 apiece on the Bombay Stock Exchange.
In a similar fashion, shares of the company were trading 4.21 per cent lower at Rs 283.45 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 32,196.40, up 9.99 points, or 0.03 per cent, at 12:15 hours.
Tata Motors has reported 9 per cent increase in global sales for last month to 94,201 units, including that of Jaguar Land Rover (JLR) vehicles.
The company had sold 86,288 units in August 2016, Tata Motors said in a statement.
In the passenger vehicles category, global sales stood at 58,858 units last month as against 56,104 units during the same period in 2016, a growth of 5per cent.
Sales of luxury brand JLR were up 5per cent to 44,420 units in June as compared to 42,260 units in the same month of 2016.
Tata Motors said sales of its commercial vehicles rose by 17 per cent to 35,352 units as against 30,184 units in the year-ago month.
Meanwhile, shares of the company were trading at Rs 391.70 apiece, up 1.16 per cent from the previous close at 12:52 hours on BSE.
Shares of Godrej Industries jumped over 4 on the Bombay Stock Exchange after its arm Godrej Agrovet got Sebi’s approval to raise nearly Rs 1,000-1,200 crore through public listing of stocks.
Cheering the news, shares of the company gained as much as 4.20 per cent to hit an intra-day high of Rs 658.35 apiece on the Bombay Stock Exchange.
In a similar fashion, shares of the company were trading 2.83 per cent higher at Rs 649.30 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 32,049.22, up 167.06 points, or 0.52 per cent, at 12:50 hours.
Shares of Panacea Biotec zoomed over 13 per cent on the Bombay Stock Exchange after the company has expanded its existing collaboration with Canada’s Apotex Inc for sales and distribution of Prasugrel tablets in the US.
“Panacea Biotec has expanded its existing collaboration with Apotex Inc, the largest Canadian-owned pharmaceutical company, for sales and distribution of Prasugrel 5mg and 10mg tablets (generic version of Eli Lilly’s Effient) in the US,” the company said in a BSE filing.
It further said, “The company has signed an exclusive licence and supply agreement with Apotex for this purpose. Under the terms of the agreement, Apotex shall be responsible for sales and distribution of the product in the USA and the company shall be responsible for manufacturing and supply”.
Following the statement, shares of the company gained as much as 13.13 per cent to trade at Rs 248.50 apiece on the Bombay Stock Exchange.
In a similar fashion, shares of the company were trading 12.07 per cent higher at Rs 247.90 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,889.72, up 201.37 points, or 0.64 per cent, at 12:55 hours.