Market LIVE: Equity benchmarks Sensex, Nifty traded in red through the day on Tuesday. At the closing bells, S&P BSE Sensex was trading at 41,324 with a decline of declined 205 points while Nifty 50 was trading at 12,170 losing 54 points. The Supreme Court on Tuesday agreed to hear the modification pleas filed by telecom companies Bharti Airtel, Vodafone Idea and Tata Teleservices seeking more time to pay AGR (adjusted gross revenue) dues. After this, the shares of Vodafone Idea surged as high as 17.90 per cent to hit an intraday high of Rs 5.73 apiece on BSE on Tuesday. Meanwhile, Bharti Airtel was trading 0.05 per cent lower at Rs 509 and shares of Bharti Infratel were up 6.85 per cent at Rs 237.05 on the BSE. The shares of the Vodafone Idea had tumbled 39.30 per cent to Rs 3.66 per cent on Friday after the apex court dismissed the review petition filed by the telcos against AGR verdict. The latest order by the apex court opens the door for negotiations between the government and the telecom companies.
The International Monetary Fund (IMF) has called a sharp slide in consumption in the Indian market as a drag on the world economy and reduced growth forecast to 4.8 per cent for the year 2019. The IMF projected India’s economy to grow by 5.8 per cent in FY 2020-21 and 6.5 per cent in FY 2021-22. Zomato has acquired the Indian venture of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the food delivery service app. Subsequently, Uber Eats will shut shop in India and all direct restaurants, delivery partners, and users of the Uber Eats apps will ideally be taken over by Zomato effective Tuesday.