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Profit booking subdues equity markets

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Mumbai, Sep 7 : Profit booking, coupled with disappointing macro-economic inflation data and lower crude oil prices, subdued the Indian equity markets on Wednesday.

Consequently, the key indices closed the day’s trade on a flat note, as heavy selling pressure was witnessed in automobile, consumer durables and capital goods stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 1.55 points or 0.02 per cent to 8,519.50 points.

On the other hand, the barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,912.14 points, closed the day’s trade at 27,815.18 points — up a mere 7.04 points or 0.03 per cent from the previous close at 27,808.14 points.

The Sensex touched a high of 27,928.76 points and a low of 27,752.14 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bears — with 1,733 declines and 1,010 advances.

Both indices had ended in the positive territory during the previous trade session on Tuesday to reach their new 11-month closing high levels.

The barometer index edged up by 181.45 points or 0.66 per cent to 27,808.14 points, while the Nifty gained by 53.15 points or 0.63 per cent to 8,521.05 points.

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McDonald’s CEO fired over relationship with employee

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San Francisco, 4 Nov : Fast food giant McDonald’s has fired its CEO Steve Easterbrook after its board of directors found that he “demonstrated poor judgment” in a consensual relationship with an unidentified employee, the media has reported.

McDonald’s Corporation on Sunday announced that its Board of Directors has named Chris Kempczinski, most recently President, McDonald’s USA, as President and CEO, effective immediately. Kempczinski has also been elected to the McDonald’s Board of Directors.

“Kempczinski succeeds Steve Easterbrook, who has separated from the company following the board’s determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee,” the fast food giant said in a statement.

According to MarketWatch, Easterbrook sent an e-mail with a memo to employees acknowledging the relationship and said it was a mistake, Efe news agency reported. “Given the values of the company, I agree with the board that it is time for me to move on,” he said in the letter.

McDonald’s said it voted to approve Easterbrook’s departure last Friday after conducting a thorough analysis of the situation, and his compensation details will be known on Monday after the submission of documents to federal authorities.

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Now DGCA tells GoAir to change engines in 13 aircraft

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New Delhi, 29 Oct : The country’s civil aviation regulator — the Directorate General of Civil Aviation (DGCA) — has instructed GoAir to install at least one modified engine in 13 of its A320neo aircraft within the next 15 days.

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Bonanza for stock markets in the works; DDT to be scrapped

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New Delhi, 29 Oct : A bonanza is in the offing for the stock markets as the Prime Minister’s Office (PMO) and the Finance Ministry are working on measures which may include dividend distribution tax (DDT) to be scrapped and a review of existing slabs and holding period of long term capital gains (LTCG), short term capital gains (STCG) and securities transaction tax (STT).

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