Kotak Mahindra Bank clarifies on report of Berkshire investment
Shares of Kotak Mahindra Bank (KMB) were trading higher on both the indices during the afternoon session. The bank has clarified that it is unaware of any plans by Berkshire Hathaway to buy stake in the bank.
The Exchange had also sought clarification from Kotak Mahindra Bank with reference to the news that appeared on CNBC-TV18.“We confirm that we have nothing to report to the exchanges on the said item. Kotak Mahindra Bank is unaware of any plans by Berkshire Hathway buying stake in the bank as stated in the story,” the bank said in a BSE filing.
Krishnamurthy Subramanian replaces Arvind Subramanian as CEA
The government has appointed Krishnamurthy Subramanian as the Chief Economic Adviser (CEA) to the finance minister for three years. He replaces Arvind Subramanian, who resigned from the post on June 20 this year, media reports said on Friday.
Arvind Subramanian’s term as the CEA was supposed to end in May 2019.
Krishnamurthy Subramanian, a PhD honors from Chicago-Booth, has served as a member of the Securities and Exchange Board of India’s (Sebi) standing committees on alternative investment policy, primary markets, secondary markets, and research.
JLR retail sales down 8% yoy in November due to 50% drop in China volumes
Jaguar Land Rover (JLR), the Tata Motors-owned British luxury carmaker, has reported an 8% yoy decline (9% mom growth) in retail vehicle sales in November 2018.
JLR sold 48,160 cars in November 2018 against 52,332 cars in November 2017 and 44,282 cars in October 2018. The company sold 14,909 Jaguars in November 2018, up 9% yoy and 8% mom, while it sold 33,251 Land Rovers, down 14% yoy and up 9% mom.
The decline in overall volumes was mainly caused by the 51% yoy decline in Chinese sales due to market uncertainty, sales deferment post import duty cut, and the ongoing SIno-US trade tensions.
United Spirits Ltd slips for fifth straight session
United Spirits Ltd is down for a fifth straight session today. The stock is quoting at 641.45, down 0.41% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.12% on the day, quoting at 10614.15. The Sensex is at 35406.38, up 0.27%.United Spirits Ltd has added around 2.56% in last one month.Meanwhile, Nifty FMCG index of which United Spirits Ltd is a constituent, has increased around 2.91% in last one month and is currently quoting at 29489.3, up 0.27% on the day. The volume in the stock stood at 4.89 lakh shares today, compared to the daily average of 16.54 lakh shares in last one month.
Piramal Enterprises Ltd drops for fifth straight session
Piramal Enterprises Ltd fell for a fifth straight session today. The stock is quoting at 2072.9, down 1.42% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.12% on the day, quoting at 10614.15. The Sensex is at 35420.57, up 0.31%.Piramal Enterprises Ltd has eased around 9.51% in last one month.Meanwhile, Nifty Pharma index of which Piramal Enterprises Ltd is a constituent, has eased around 10.1% in last one month and is currently quoting at 8686.5, down 0.2% on the day. The volume in the stock stood at 2.27 lakh shares today, compared to the daily average of 4.64 lakh shares in last one month.
The benchmark December futures contract for the stock is quoting at Rs 2081.05, down 1.27% on the day. Piramal Enterprises Ltd tumbled 27.6% in last one year as compared to a 3.39% rally in NIFTY and a 4.72% fall in the Nifty Pharma index.
The PE of the stock is 45.39 based on TTM earnings ending September 18.
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