IndiaIndian shares end lower as financials, consumer goods drag; focus on Reliance results
Soumyajit Saha
3 minute read
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas
Indian shares snapped a four-day winning streak on Friday, driven lower by financial and consumer goods stocks, while heavyweight Reliance Industries slipped ahead of earnings due later in the day.
The NSE Nifty 50 index (.NSEI) fell 1.77% to 14,631.1, while the benchmark S&P BSE Sensex (.BSESN) shed 1.98% to close at 48,782.36. The indexes, however, gained 2.0% and 1.9% over the week as upbeat corporate earnings reports buoyed sentiment.
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BENGALURU (Reuters) - Indian shares snapped a four-day winning streak on Friday, driven lower by financial and consumer goods stocks, while heavyweight Reliance Industries slipped ahead of earnings due later in the day.
The NSE Nifty 50 index fell 1.77% to 14,631.1, while the benchmark S&P BSE Sensex shed 1.98% to close at 48,782.36. The indexes, however, gained 2.0% and 1.9% over the week as upbeat corporate earnings reports buoyed sentiment.
The Nifty and Sensex have fallen 5.2% and 7.1%, respectively, from February peaks as surging COVID-19 cases and related restrictions have threatened to derail the country s economic recovery.
On Friday, India posted another record daily rise in coronavirus cases of 386,452.
arrow The view of Fordham Road from the elevated 4 train subway stop in the West Bronx. quiggyt4 / Flickr
As New York City enters a new phase of the COVID-19 pandemic, an unprecedented array of economic devastation trails in its wake. In the West Bronx, looming damage can be seen in the large number of eviction filings, not executed and on hold thanks to a state-issued moratorium.
Even as lawmakers work to extend the moratorium, eviction filings persist. And they’re most prevalent within the Bronx’s 14th City Council District, according to a March report by the Association for Neighborhood and Housing Development [ANHD]. The housing think tank found 40,000 eviction proceedings initiated in New York since March 2020, with the bulk concentrated in the Bronx.
Key Points
The Housing Preservation Opportunities Program (the Program) offers attractive real property tax exemptions for multi-family projects located in New York City, including those that may be experiencing economic difficulty or that have existing real property tax benefits soon expiring (such as existing 421(a) or J51 tax benefits).
The Program offers a 40-year real property tax exemption that sets real property taxes on residential portions of multifamily properties at a percentage of gross potential residential and commercial income.
The amount of benefits available to a project is bifurcated by New York City Housing Preservation and Development (HPD) into two broad affordability groups, each having different levels of real property tax benefits. The Program requires that all residential units be subject to rent stabilization for the term of the Program, whether through currently rent stabilized units or registering units that are not currently rent stabilized, as a condi
Indiabulls Housing Finance (IBH) partnered with the country’s largest mortgage lender
Housing Development Finance Corporation (HDFC Ltd) offering home loans to borrowers at competitive rates, which is known as co-lending in market parlance, the company said in a stock exchange notification.
“Co-lending partnership with HDFC Ltd will act as a cornerstone to IBH’s new balance-sheet light growth business model,” IBH said in a release.
Both the home financiers will frame a common credit policy with IBH originating retail housing loans. While HDFC will retain 80 percent of any such credit on its book, the rest 20 percent will go to IBH’s loan book. Indiabulls will service the loan account throughout the life cycle of the loan.