Amazon.in launches Membership Service Prime in India

Amazon.in on Tuesday announced the launch of its globally popular Amazon Prime membership programme in the country in over a 100 cities to enable free one-day and two-day deliveries to its customers, reported PTI.

Prime products will be delivered through the Fulfilment By Amazon (FBA) channel, which helps sellers by giving them access to Amazon's fulfilment resources, fast, free delivery options for their products and customer service. 

"For sellers, Fulfillment by Amazon is now an even more powerful opportunity to rapidly grow their business and at the same time, provide customers across India with vast selection and unlimited fast free Prime delivery," Amit Agarwal, vice-president & Country Head, Amazon India said. Along with unlimited free fast delivery, Prime members can enjoy Prime Early Access, allowing members to purchase top Lightning Deals 30 minutes early, every single day.

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Wall Street mixed, Apple Impresses and Twitter Disappoints

US stocks were mixed on Tuesday as Federal Reserve policymakers kicked off a two-day interest rate meeting and investors braced for quarterly scorecards from Apple and Twitter. 

Choppy stock trading followed a recent rally to consecutive record highs on the S&P 500 that has stretched price-to-earnings multiples to levels that some investors say presumes that companies will beat second-quarter estimates. 

Five of the 10 major S&P sectors rose, while a 1.49 percent drop in the telecom services index weighed heavily. Verizon Communications fell 1.9 percent after subscriber numbers fell below estimates. 

Caterpillar's shares jumped 5.16 percent to touch a year high after quarterly earnings beat expectations. The Federal Reserve began a two-day meeting and while it is not expected to raise US interest rates, investors will be watching for hints about when the US central bank might make a move.

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Top Losers

Symbol                                 LTP                  % chng

DRREDDY                         3,304.75                -5.10

ICICIBANK                        261.45                    -2.68

HINDALCO                         131.65                   -2.63

HEROMOTOCO                3,201.70                 -2.39

AUROPHARMA                781.75                      -2.21

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TOP Gainers

Symbol                               LTP                    % chng

AXISBANK                      552.00                    2.58

 

POWERGRID                 172.70                      2.22

YESBANK                      1,199.55                     1.42

TATASTEEL                   367.40                       1.03

HCLTECH                      746.65                        0.84

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Nifty ends below 8600, Sensex Slips 119 pts

After a volatile session, the market has ended in negative terrian.

The Sensex was down 118.82 points or 0.4 percent at 27976.52, 

and the Nifty slipped 45 points or 0.5 percent at 8590.65. 

Axis Bank, Tata Steel, Wipro, Infosys and L&T were top gainers while Dr Reddy's, ICICI, Hero, Maruti and Coal India were losers in the Sensex.

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TVS Motor Q1 net profit up 21%, EBITDA Margins rise 16%

TVS Motor is expected to post net profit at Rs 121 crore, up 21.2 percent in April-June quarter from Rs 100 crore in year-ago period. 

During the quarter, total income may rise 11.9 percent at Rs 2881 crore against Rs 2574 crore year-on-year. EBITDA in Q1 was up 16 percent at Rs 200 crore versus Rs 172.7 crore and EBITDA margin at 6.9 percent versus 6.7 percent (YoY). 

 In Q1 realisations were down 0.5 percent at 40,100/unit against 40,300/unit.

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Ambuja Cements up 2% Ahead of Q1

Shares of Ambuja Cements rose over 2 per cent on the Bombay Stock Exchange ahead of the first quarter earnings scheduled to be announced later today. According to Thomson Reuters Starmine data, Ambuja Cements is expected to post a net profit of Rs 332 crore as against Rs 226 crore in the same period last year. 

Ahead of Q1 earnings, shares of company gained as much as 2.02 per cent in intra-day to trade at Rs 274.05 apiece on Bombay Stock Exchange. In a similar fashion, stocks of company advanced 1.23 per cent to Rs 272.30 apiece on National Stock Exchange. 

Meanwhile, the broader benchmark BSE Sensex was trading at 28,128.04, up 32.7 points, or 0.12 per cent, at 11:38 hours.

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Canara Bank Income, Profits Dip

Government-owned Canara Bank on Monday said it closed the first quarter of the current fiscal with Rs 228.95 crore profit on a lower total income. 

In a regulatory filing in BSE, Canara Bank said it has posted a net profit of Rs 228.95 crore for the quarter ended June 30, 2016 as compared to Rs 478.84 crore for the quarter ended June 30, 2015. 

The bank's total income has decreased from Rs 12,252.64 crore for the quarter ended June 30, 2015 to Rs 11,786.35 crore for the quarter ended June 30, 2016.

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JK Paper's Q1 net Profit up 79 per Cent

Branded paper company JK Paper on Monday reported a rise of 79 per cent in its net profit for the first quarter (Q1) of 2016-17. The company's net profit stood at Rs 26.66 crore for the quarter ended June 30, 2016, up from Rs 14.89 crore in the corresponding quarter of last fiscal. According to the branded paper manufacturer, its gross sales for the quarter under review increased by four per cent to Rs 710.87 crore. 

The firm's Q1 EBITDA (earnings before interest, taxes, depreciation and amortisation) rose by 14 per cent to Rs 116.70 crore from Rs 102.69 crore in the previous corresponding quarter. 

"The improvement in performance is mainly due to higher production and sales, enriched product mix, continuous improvements in operating efficiencies and input cost reduction in comparison to corresponding quarter," said Harsh Pati Singhania, Vice Chairman and Managing Director, JK Paper in a statement. "The results also reflects the improved outlook of Indian paper industry." -

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Telecom Panel for Minimum 3 per cent spectrum Usage Charge

As telecom companies gear up for the biggest-ever telecom spectrum auction, the Telecom Commission on Monday decided to set a minimum 3 per cent spectrum usage charges (SUC) to create a level playing field among operators, according to an official source. 

The panel -- the highest decision-making authority in telecom policy -- is expected to send its recommendations for Cabinet approval next week. The Department of Telecom (DoT) will go by the weighted-average formula but in case the telecom service provider's SUC is below 3 per cent, it will be charged 3 per cent or higher. 

If the proposals are accepted in the Cabinet, then Bharti Airtel will now need to pay 3.8 per cent as minimum SUC charges from about 4.9 per cent earlier, and Reliance Jio Infocomm will pay about 3.05 per cent from the previous weighted-average formula of 2.88 per cent, the source said.

This 3 per cent will be applicable to all the bands, except 2300 MHz. For 2300 MHz, the SUC recommended by the panel is 1 per cent. The government gets around Rs 7,000 crore every year from SUC.

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