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Macro data, government intervention in IL&FS matter lift equity market (Roundup)

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Mumbai, Oct 1 (IANS) Recovering from the day’s losses, the key Indian equity indices settled in the green on Monday, with the S&P BSE Sensex closing 299 points higher and the Nifty50 reclaiming the 11,000-mark.

Buying picked up around the last hour of trade on the back of the central government’s decision to intervene in the IL&FS issue. The government on Monday moved the National Company Law Tribunal to change the management of the beleaguered financial services company.

Encouraging data from the manufacturing sector also helped the market, analysts said.

The Nikkei India Manufacturing Purchasing Managers’ Index released on Monday was recorded at 52.2 in September from 51.7 in August.

Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,008.30 points, higher by 77.85 points or 0.71 per cent from its previous close.

The S&P BSE Sensex, which opened at 36,274.25 points, closed at 36,526.14 points, up 299 points, or 0.83 per cent from its previous close of 36,227.14 points.

It touched an intra-day high of 36,616.64 points and a low of 35,960.65.

“Stock markets in India started the day in the negative zone and traded below the flat line for most of the day before making a sharp recovery in the last 45 minutes of trade,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“Domestic market sentiment was given a fillip after the results of a private survey showed that India’s manufacturing economy recorded an improvement in growth during September amid firmer gains in new orders, output and employment,” he said.

Regarding global markets, Deepak Jasani, Head of Retail Research at HDFC Securities, said that major Asian markets closed on a mixed note while European indices like FTSE 100, DAX and CAC 40 traded in the green.

On the currency front, the Indian rupee closed at 72.91 per US dollar, 43 paise weaker from its previous close of 72.48.

Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,841.63 crore and domestic institutional investors bought stocks worth Rs 3,256.34 crore.

The top Sensex gainers were: Yes Bank, up 9.68 per cent at Rs 201.20; Tata Motors (DVR), up 3.86 per cent at Rs 121; Tata Consultancy Services, up 3.26 per cent at Rs 2,255.80; State Bank of India, up 3.04 per cent at Rs 273.05; and ICICI Bank, up 3 per cent at Rs 314.15 per share.

On the other hand, major losers included Bharti Airtel, down 3.67 per cent at Rs 325.85; Axis Bank, down 3 per cent at Rs 593.95; IndusInd Bank, down 2.58 per cent at Rs 1,643.50; Reliance Industries, down 2.12 per cent at Rs 1,231.55; and Kotak Mahindra Bank, down 1.67 per cent at Rs 1,124.45 per share.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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