Indian Stock Markets Expected to Advance on Monday

first_imgIndian stocks markets are expected to advance for the first time in three sessions on Monday, as firm trend in global markets may offer support to investor sentiment.The BSE Sensex and NSE Nifty witnessed a volatile session and ended with losses for the second straight session on Friday, as gains in realty and power sector shares were offset by declines in consumer durables, IT and FMCG sectors.Asian stock markets gained on Monday after Lawrence Summers withdrew from the race to be head of the Federal Reserve, paving the way for Janet Yellen, who is expected to favor a slower reduction in $85 billion monthly asset-buying program.”It’s quite positive for equities. It puts Yellen back on the cards as the favorite. She’s more aligned to retaining accommodative policy and is seen as not being as brash as Summers might have been,” George Boubouras, Melbourne-based chief investment officer at Equity Trustees Ltd., where he helps oversee about $28 billion, told Bloomberg.Hong Kong’s Hang Seng surged 1.30 percent and South Korea’s KOSPI advanced 0.70 percent, while Japan’s benchmark Nikkei 225 rose 0.12 percent and China’s Shanghai Composite rose 0.23 percent.US stock markets ended with gains on Friday as weaker-than-expected retail sales and consumer sentiment data raised hopes that the Federal Reserve stimulus cuts this month would be moderate. The Dow Jones Industrial Average gained 0.49 percent, the S&P 500 Index was up 0.27 percent and the Nasdaq Composite Index rose 0.17 percent.Data released by US Commerce Department on Friday showed that retail sales, which measures consumer spending that accounts for a bulk of the country’s economic activity, rose 0.2 percent in August, weaker than analysts’ estimation of 0.5 percent gain. Meanwhile, Thomson Reuters/University of Michigan preliminary index of consumer sentiment declined to 76.8 in September, the lowest level since April, down from 82.1 last month and also fell short of Bloomberg’s estimation of 82.last_img read more

VietJet aims to be Emirates of Asia orders 100 jets from Boeing

first_imgVietnam’s only private airline VietJet Aviation Joint Stock Co. has placed an order with Beoing Co. to buy 100 jets for $11.3 billion (based on the list price), reported Bloomberg. The low-cost carrier will purchase the Boeing 737 Max 200 planes.Signing of the deal is scheduled later on Monday when U.S. President Barack Obama will be on a visit to Vietnam.In a statement to the media, the airways said the delivery of the planes will start from 2019 and will help the carrier to expand its fleet to 200 by 2023.VietJet started operations in 2011 and since then Vietnam’s aviation market has grown consistently. In the past three years, the airline registered a 20 percent growth annually. Bloomberg earlier cited IATA (International Air Transport Association) data that the country is slated to be the world’s top 10 fastest growing aviation markets for the next two decades.It reported that the company today operates 250 flights a day and flies on 50 routes both in Vietnam and across the region including Thailand, Singapore, South Korea, Taiwan, China, Myanmar and Malaysia.”They have established themselves domestically with a strong brand and high share of the market in a very quick time,” Brendan Sobie, Singapore-based chief analyst at CAPA Centre for Aviation, told the news agency. “They seem to be extremely ambitious,” he added.In an earlier interview, VietJet’s chief executive officer Nguyen Thi Phuong Thao reportedly said she wanted VietJet to be the “Emirates of Asia,” modelled on a Dubai-based carrier that is the world’s biggest long-haul airline flying on 150 international routes. She expected an initial public offering sometime in the second quarter of 2016-17. The money raised will fund its ambitious expansion to global routes, while also to become Asia’s top budget airlines, she told Bloomberg.Vietnam’s low cost airline market even today has fewer players and remained underserved for long until VietJet’s foray. In 2015, the airline registered revenues of $488 million and passenger capacity of 9.3 million. It targets to double both revenues as well as passenger capacity in this financial year. It accounts for more than 30 percent of Vietnam’s aviation market share.Bloomberg reported earlier that Thao, who will soon become the country’s first self made female billionaire, had brought in a revolution in the conservative world of Pilipino with two-piece swimsuit clad flight attendants across the airline.According to CAPA, VietJet could soon surpass even Vietnam’s national carrier, Vietnam Airlines, as the nation’s biggest domestic carrier in 2016.last_img read more