Market LIVE: Equity benchmarks Sensex, Nifty have slumped on Monday following trends in the global markets where shares have plunged on fear of coronavirus outbreak. Sensex plummeted 458 points or 1.10 per cent in intraday to finish the day’s trade at 41,155.12 while the Nifty 50 index was trading at 12,119.00, down 129 points or 1 per cent at the time of closing Monday. Mahindra & Mahindra has topped the Sensex pack with 1.63 per cent growth. Ultratech Cement has re-established its position on the Sensex pack after phenomenal Q3 results released on Friday. ICICI Bank is holding on to its strong position both on the Sensex and the Nifty50 index. Tata Steel, IndusInd Bank, HDFC BANK, SBI dragged the Sensex down
The government has issued the preliminary information memorandum for 100 per cent stake sale in Air India. As part of the strategic disinvestment, Air India would also sell 100 per cent stake in low-cost airline Air India Express and 50 per cent shareholding in joint venture AISATS. The successful bidder will also get management control of the airline. The government has set March 17 as the deadline for submitting the Expression of Interest (EoI).
State-run carrier Air India will clear employee dues with arrears before it closes the stake sale deal with the successful bidder, Union Minister Hardeep Singh Puri said on Monday. The airline, which is currently reeling under a debt of Rs 80,000 crore, employs about 17,984 people and the airline has been withholding salaries of these employees for months now amid severe cash crunch.
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Prime Minister Narendra Modi’s Sabka Vikas Yojana is received well by the taxpayers due to its amnesty on tax dues, but errors and mismatches have led to the government blocking GST refunds to the tune of Rs 40,000 crore. Due to mismatch in GST filings and returns, credits worth Rs 40,000 crore has been blocked on the directive of the Central Board of Indirect Taxes and Customs (CBIC).
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Excise department in Goa with the help of the new digital initiative is able to monitor the process of liquor production in the state and track its movement. It is also helping the debt-burdened state to identify the excise slabs which generates maximum revenue, the Indian Express reported.
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Mobile handset exports from India have more than doubled in the first eight months of the current fiscal year. This is on top of a 132 per cent growth rate in the last fiscal as well. The overall exports of mobile handsets from India were USD 2.6 billion in FY19, which has reached nearly USD 3 billion till November in the current fiscal, according to the Department of Commerce.
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As the government looks to offload its stake in debt-ridden national carrier Air India, BJP MP Subramanian Swamy took to social media to threaten court proceedings against the government if it continues with the divestment procedure.
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Gold prices were trading higher on Monday, climbing to a more than two-week high. “Gold prices on MCX opened with gap up, trading at 40590.00 up by 0.58 per cent as rising concerns over the spread of a virus outbreak in China and its potential economic impact prompted investors to buy the safe-haven metal.
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Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1, 2020. On account of Union Budget presentation, next week is going to be the longest trading week and stock markets will be open for normal trading.
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Phew! the deluge has finally abated! As we assess the impact of the Sabka Vishwas Legacy Dispute Resolution Scheme (SVLDRS- 2019) which finally ended at the stroke of the midnight hour on the 15th of January, 2020, there is only one unanimous verdict – it has turned out to be one gigantic winner. A total of 1,89,229 declarations filed, coupled with a handsome revenue of Rs 14821 crores (almost 2 billion dollars) for the cash-starved government exchequer. The figures speak for themselves!
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The union government has planned to increase the deposit insurance limit to Rs 5 lakh from the existing Rs 1 lakh. The move will make banks obligated to pay Rs 5 lakh to its depositors in case of failure.
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Various Air India employee unions will meet here on Monday to discuss proposed privatisation of the debt-laden airline, sources said. The meeting was scheduled after the government, earlier in the day, announced sale of 100 per cent stake in Air India as it issued the preliminary bid document for the strategic disinvestment. Representatives of various Air India trade unions will meet here to discuss the government’s privatisation plans, sources said.
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The rupee opened sharply lower at 71.49 against the US dollar on Monday tracking weak opening in the domestic equity market and growing fears over new coronavirus in China. The instability in rupee is expected to continue ahead of FOMC meeting and India’s Union Budget.
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Domestic equity market opened on a weaker note on Monday tacking cues from their Asian peers where investors grew anxious about the economic impact of coronavirus outbreak.
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Even as sowing for the winter crop 2019-20 is about to conclude, settlement of crop insurance claims pertaining to the last kharif season is progressing at a tardy pace. Until December 31, the total claims honoured by insurers for kharif 2019 crop damages reported by farmers under PM Fasal Bima Yojana (PMFBY) were just Rs 153 crore, while the previous summer crop saw insurance payouts to the tune of Rs 14,500 crore.
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Coinciding with the visit of the Brazilian President Jair Bolsonaro to India as Republic Day chief guest, a group of businessmen from that country are on a week long visit under the umbrella of India-Brazil Chamber of Commerce (IBCC), led by the chamber’s President Leonardo Ananda, seeking Indian investors as well as partners in various sectors.
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The Centre wants the states to limit the value-added tax (VAT) rates on compressed natural gas and liquefied natural gas (CNG/LNG) at under 5%. The Centre has also pitched for lowering of road taxes for vehicles running on CNG/LNG by states to make these on par with the rates charged on electric vehicles (EVs).
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The first lot of numbers from corporate India for the three months to December 2019 is disheartening because even a festive quarter didn’t help alleviate the stress. Companies are struggling to grow their toplines — revenues for a sample of 170 companies (excluding banks and financials) grew just 1.1% year-on-year.
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Bidders for Air India Ltd. will need to absorb $3.26 billion of its debt, as Prime Minister Narendra Modi’s administration tries once again to sell the national carrier. The entire company will be sold but effective control needs to stay with Indian nationals, according to preliminary terms published Monday. Bids are invited by March 17 with Ernst & Young LLP India as transaction adviser.
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