Share market highlights: Sensex ends 383 points down, Nifty below 10,950; SBI, Yes Bank shares plunge

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Updated:Aug 29, 2019 3:44:59 pm

Share Market highlights: After opening lower, the headline indices Sensex and Nifty extended losses in the afternoon trade on Thursday, led by losses in financial stocks.

ICICI Bank, Yes Bank, NTPC, ONGC are among the biggest losers, slumping up to 7%.

Share Market highlights: After opening lower, the headline indices Sensex and Nifty extended losses in the afternoon trade on Thursday, led by losses in financial stocks. The Sensex closed 384 points down to 37,068.92 while the Nifty ended the session below 11,050-mark. Yes Bank, SBI shares emerged as the biggest losers, plunging up to 4%. The government has approved 100% Foreign Direct Investment (FDI) through the automatic route in coal mining, its sale and all its associated infrastructure. The government has also approved 100 percent FDI through the direct route in contract manufacturing, said Commerce Minister Piyush Goyal at the Cabinet briefing yesterday. We bring to you highlights.

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Highlights

    15:44 (IST)29 Aug 2019
    BSE live: Sensex ends 383 points down, Nifty below 10,950; SBI, Yes Bank shares plunge

    After opening lower, the headline indices Sensex and Nifty extended losses in the afternoon trade on Thursday, led by losses in financial stocks. The Sensex closed 384 points down to 37,068.92 while the Nifty ended the session below 11,050-mark. Yes Bank, SBI shares emerged as the biggest losers, plunging up to 4%. A look at LIVE Sensex heatmap.

    15:42 (IST)29 Aug 2019
    Economic growth seen slipping in April-June, more stimulus expected

    India’s economy likely expanded at its weakest pace in more than five years in April-June, a Reuters poll showed, as consumer demand and private investment weakened at a time global trade frictions have dampened business sentiment. The median figure from the poll of economists is for annual growth in gross domestic product of 5.7% in the quarter, compared with 5.8% in the previous three months and 8% for the same period of 2018. If the latest number for expansion of gross domestic product is 5.7% or less, the quarter had the slowest expansion in 21 quarters, since 5.3% in January-March 2014.

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    15:14 (IST)29 Aug 2019
    Onion output pegged flat at 23.28 million tonne in 2018-19

    The country’s onion production is expected to remain flat at 23.28 million tonne in the 2018-19 crop year that ended in June, according to the agriculture ministry’s latest estimate. While potato output is projected to be higher by 3.4 per cent at 53.03 million tonne, tomato production is seen to be lower 1.8 per cent at 19.39 million tonne in the said period, it said. Overall vegetables production is estimated to be around 185.88 million tonne, higher than 184.39 million tonne achieved last year, it added. As per the third advance estimate released by the ministry, total production of horticulture crops is pegged slightly higher at 313.85 million tonne for the 2018-19 crop year, as against 311.71 million tonne in the previous year.

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    15:01 (IST)29 Aug 2019
    Air passenger growth slow as airlines focused more on international play after Jet Airways chaos

    While several domestic airlines ramped up their operations to fill Jet Airways created a void in the previous few months, the same has not spelt much success in terms of air passenger growth. For the July month, the passenger volume was up by only 3% on-year and though the July quarter is a seasonally slow time for carriers, a muted capacity expansion could also be one of the reasons for the subdued growth, a recent report by ICRA said. Also, even when a slew of domestic and international flights was launched in the past few months, most of them were international flights. 

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    14:41 (IST)29 Aug 2019
    Reliance Jio Fiber plan starts at Rs 700: How sweet a deal it is as compared to its rivals

    Reliance Jio is launching its much-awaited Jio Fiber broadband service from September 5. However, what we can say with confidence is that the cheapest plan by Reliance Jio will be starting at Rs 700 per month with a minimum speed of 100Mbps. The speed by Jio Fiber could go up to 1GBps on some of its plans. Now, let us compare the offer by Jio Fiber broadband service with its rivals such as Airtel, Tata Sky, and ACT Fibernet or what other affordable plans they are offering in cities such as Delhi, Mumbai, Bengaluru.

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    14:26 (IST)29 Aug 2019
    Q1 earnings review: Another miss; earnings downgrade intensity increases says Motilal Oswal

    "The 1QFY20 corporate earnings-report was below our expectations for both the Nifty and the MOFSL Universe. Domestic Cyclicals continued driving earnings growth for the third consecutive quarter, led by Financials, which contributed almost the entire earnings delta but still fell short of expectations. The Nifty delivered 5% earnings growth for the quarter versus our estimate of 12%. The intensity of downgrades went up with 93 companies witnessing 3%+ earnings cut (v/s only 30 companies witnessing 3%+ earnings upgrades). We had cut our Nifty EPS estimate by 4% to INR560, and now expect 13%/16% profit/EPS growth in the Nifty for FY20, singularly led by corporate banks. Barring Cement, IT, Consumers, NBFC and Private Banks, all other sectors missed expectations in the quarter," Motilal Oswal said in a report.

    14:23 (IST)29 Aug 2019
    Good governance, zero corruption essential for economic growth, says Prakash Javadekar

    Good governance and zero corruption are needed for sustainable economic development in the country, Union Minister Prakash Javadekar said on Thursday. Speaking at the 60th SKOCH Summit here, he exuded confidence that India will become a five trillion dollar economy under the leadership of Prime Minister Narendra Modi in the next five years. “Good governance and zero corruption are essential for economic growth. Good governance is the basis of good economy. Zero corruption and low inflation are two important keys for any kind of sustainable economic development. Real growth can be seen now with low inflation of three-four per cent.

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    14:19 (IST)29 Aug 2019
    Flight tickets set to get costlier: Airfares to rise as festive season kicks in, says govt official

    While air passengers have enjoyed low airfares for some time now, travellers must be ready to shell out more soon. The travel cost for air passengers is expected to rise with the arrival of the festive season in September-October, Civil Aviation Secretary Pradeep Singh Kharola said at an event on Thursday. “Fares are falling for now but will pick up in Sep-Oct on account of the festive season,” CNBC TV-18 reported. Talking about the government intervention in Neo A320 aircraft, a government official of the Civil Aviation Ministry said that the issue will take another 4-6 month to be addressed, the news channel reported.

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    13:53 (IST)29 Aug 2019
    FPI surcharge withdrawal good, but stock market still watching these concerns: INTERVIEW

    Even as the government withdrew the controversial FPI surcharge providing much-needed relief to the stock markets, the continued participation of the foreign funds would depend on the economy’s ability to fight domestic and global headwinds, said a market investor. The government’s move is however expected to improve investor sentiment and the fund inflows are likely to restart now, said Puneet Maheshwari, Director at UPSTOX. The other reform measures such as exemption of the angel tax on start-ups and immediate recapitalisation of public sector banks are the other add ons that may see some momentum returning to banks, infrastructure, automobile, and real estate sectors, he also told Ashish Pandey of Financial Express Online.

    Read exclusive interview 

    13:48 (IST)29 Aug 2019
    Granules India to divest entire stake in Granules OmniChem to JV partner

    Drug firm Granules India on Thursday announced divestment of its entire stake in its joint venture firm Granules OmniChem to its JV partner for an undisclosed sum. Granules OmniChem is an equal joint venture between Granules lndia and SA Ajinomoto Omnichem NV. “The proposed divestment of our 50 per cent stake in the joint venture aligns with our focus on strengthening our core area of business. With this transaction, SA Ajinomoto Omnichem NV will take over full control of the contract research and manufacturing services (CRAMS) business,” Granules India said in a regulatory filing.

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    13:45 (IST)29 Aug 2019
    Coal minister calls FDI relaxation in mining a big reform; says India needs this much coal in 2-3 yrs

    The government’s move to relax FDI (foreign direct investment) rule in coal mining is expected to see new technology entering the sector in the coming years, Coal Minister Prahlad Joshi said.  The opening up coal mining is one of the biggest reforms and the government already has some mines ready to offer but the details are with the senior officials and the PMO, Prahlad Joshi also told CNBC TV18 in an interview. India may need 1,000 mt of coal from captive and non-captive mines over the next two to three years, he added. The cabinet on Wednesday approved 100 per cent FDI under the automatic route in mining, processing and sale of coal.

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    13:01 (IST)29 Aug 2019
    Indiabulls Housing Finance share price crashes on Nifty exit blues; Nestle India soars to 52-week high

    Shares of Indiabulls Housing Finance plunged on Thursday morning even as the shares are set to be replaced on Nifty by Nestle India. Indiabulls Housing Finance shares plunged by more than8% to hit the day’s low at Rs 420.80 on NSE. Notably, FMCG major Nestle India will replace the NBFC stock in the leading gauge effective September 27, 2019. The replacement is also applicable to Nifty50 Equal Weight Index, according to NSE. Nestle India share price gained 3% to hit the day’s high at Rs 12,890 on NSE. Indiabulls Housing Finance shared have corrected by more than 60% from their 52-week high levels of Rs 1,298.80 hit on August 28th last year. Meanwhile, Nestle India shares soared to a fresh 52-week high of Rs 12,887. 

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    11:53 (IST)29 Aug 2019
    Multi-crore financial scam: CG Power board sacks Gautam Thapar as its chairman with immediate effect

    CG Power & Industrial Solutions on Thursday said its board has sacked Gautam Thapar as its chairman with immediate effect after an investigation that unearthed a multi-crore financial scam in the firm. “In cognizance of the current situation being faced by the company and the recent developments, including disclosures dated August 19, 2019, made by the company, the board of directors… passed by majority consent, have resolved to remove Gautam Thapar as the chairman of the board with immediate effect,” CG Power said in a regulatory filing.

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    11:26 (IST)29 Aug 2019
    Bond income helps RBI pay record windfall

    The Reserve Bank of India’s record payout to the government turns the focus back to the central bank’s profits and how it can afford such a massive transfer. Almost 70% of the 1.76 trillion-rupee ($24.5 billion) disbursement — which was approved by the RBI on Monday — is derived from the income the central bank earned on its investments, likely gains from changes to accounting of its foreign exchange policy and the fees it gets from printing notes and minting coins. The rest, about 526 billion rupees, comes from its surplus capital.

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    11:12 (IST)29 Aug 2019
    Apple eager to open first store post govt announcement on single brand FDI norm easing

    Apple, the maker of iPhones, MacBooks, and iPads, said that it is eager to open both online and offline stores in India after the government eased the foreign direct investment rules for single-brand retail. Apple, one of the most valuable companies in the world,  looks forward to welcoming customers to India’s 1st retail store and hopes to provide the same experience to both offline and online customers, a company official told CNBC TV-18 in an interview. However, the same will take some time to pan out and get the company’s plans underway, the news channel reported. With an aim to provide a fillip to India’s slowing economy, the commerce minister Piyush Goyal announced greater flexibility and ease of operations for SBRTs, making India a viable market for global retailers like Apple. 

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    11:03 (IST)29 Aug 2019
    Yes Bank shares extend decline after Moody's downgrade

    Shares of India's major private sector lender Yes Bank extended decline on Thursday, after rating agency Moody’s downgraded the bank’s rating to ‘Ba3’ from ‘Ba1’. Yes Bank shares are down by more than 6.3% to Rs 55.75. Notably, Yes Bank emerged as the biggest loser in the Sensex pack, after Moody’s Investors Service downgraded the lender’s long-term foreign-currency issuer rating, terming the bank’s outlook as negative.

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    10:40 (IST)29 Aug 2019
    Indiabulls Housing Finance shares plunge as firm set to be replaced by Nestle India in Nifty

    Shares of Indiabulls Housing Finance plunged on Thursday morning, after the firm is set to be replaced by Nestle India in the Nifty 50. Indiabulls Housing Finance shares plunged by more than 6% to hit the day's low at Rs 421.10. As a part of NSE’s periodic review, the index maintenance sub-committee of the exchange has decided to include Nestle India in the Nifty 50 next month. The changes are expected to be effective from Sep 27, 2019, according to the NSE statement. The changes will also be applicable to the Nifty 50 Equal Weight Index.

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    10:16 (IST)29 Aug 2019
    Worst unemployment in decades takes toll on consumer loans

    Credit analysts are keeping a watchful eye on signs of stress in Indian household debt after unemployment rose to a 45-year high and as lenders grapple with the worst soured debt levels of any major economy. India’s bad debt malaise has centered on corporate debt, and loans to individuals have been seen as safer and a growth opportunity for banks. Given the slowdown in the economy and a drying-up of credit from shadow banks, analysts are signaling potential risks, though publicly available data on personal loan arrears is sparse.

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    10:07 (IST)29 Aug 2019
    Expert take: Government's move will give a boost to retail firms

    'The much awaited relaxation on the sourcing conditions on Single Brand Retail Trading (SBRT) have brought goodies for the global retail companies which have been holding on their decisions to invest to tap the Indian market. Allowance of seamless usage of the goods to be procured either for domestic or exports, relaxation of the current deadline of 5 years as well as determination of incremental sourcing, permission of sourcing of goods for global operations will go a long way to give a final nudge to the retailers to take this long awaited decision. Allowing companies to start online stores before opening the physical stores is a great move to give a boost not only to retail  but also the ancillary sectors like logistics, warehousing, cold storage and transportation,' Anil Talreja, Partner, Deloitte India said. 

    09:49 (IST)29 Aug 2019
    Coal India shares up 1.5% after Modi government eases FDI norms in coal mining

    Shares of Coal India are trading 1.7% higher at Rs 187.40 after the government on Wednesday allowed 100 per cent foreign investment in coal mining and contract manufacturing. Previously, the FDI was allowed only in captive coal and lignite mining by power projects, steel and cement companies. In addition, Coal washeries were allowed to be set up, subject to the condition that these washeries would not either mine coal or sell washed coal in the open market.

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    09:27 (IST)29 Aug 2019
    BSE live: Sensex down 150 points, Nifty below 11,000; Yes Bank, Heromotocorp down

    The headline indices Sensex and Nifty opened lower on Thursday tracking mixed global cues. The Sensex is down 150 points to 37,315 while the Nifty is trading below the 11,000-mark.  Yes Bank, NTPC, ONGC are among the biggest losers, slumping up to 2%. A look at LIVE Sensex heatmap.

    09:19 (IST)29 Aug 2019
    End of days? Jet Airways to vacate headquarters in 45 days

    Jet Airways will vacate Siroya Centre, the premises where it is currently headquartered in Mumbai, in the next 45 days. The legal counsels of the resolution professional (RP) for the defunct airline and Luckystar, the owner of the property, informed the National Company Law Tribunal (NCLT) that the parties are very close to reaching a settlement on the matter. The RP also sought more time from the tribunal to present a final list of resolution applicants for the airline. Luckystar had moved the tribunal in last month seeking to remove the airline’s headquarters from the disputed premises as Jet’s lease had expired on June 7. The committee of creditors (CoC), in its meeting earlier this week, has broadly agreed to the settlement terms put forth by Luckystar.

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    09:18 (IST)29 Aug 2019
    Maharashtra cabinet clears proposal to make prohibition act stricter

    The Maharashtra cabinet on Wednesday cleared a proposal to make the prohibition act stricter. The cabinet also decided to issue an ordinance soon to implement the amendment. The Maharashtra Prohibition Act, 1949 will be made more stringent by increasing the punishment and fine amounts, a government release said. As per the changes, even those liquor shops which possess a license would not be able to operate once an area is declared as “absolute prohibited area”.

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    09:17 (IST)29 Aug 2019
    India can do a lot more to deepen ties with ASEAN: Singapore Minister

    New Delhi can explore many opportunities with the Southeast Asian grouping Asean and deepen the trade engagements with the region further, Singaporean minister K Shanmugam said Wednesday. Noting the substantial progress achieved on the trade front between India and Asean, the minister of home and law of the island city-state said there is tremendous goodwill towards India among the 10-nation bloc. “India’s interaction with the Asean has grown very substantially…I would say exponentially. But there is a gap between India’s current role in economic and strategic terms compared with that of a number East Asian countries. I see there is more opportunities that can be tapped into,” Shanmugam told a CII seminar on ‘India’s engagement with Asean’ here this evening.

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    09:16 (IST)29 Aug 2019
    Apple to sell iPhone, iPad online in India after govt eases retail FDI rules

    Apple Inc. is poised to start online sales of its devices in India within months, a person familiar with the matter said, benefiting from new rules making the world’s fastest-growing smartphone market more attractive to foreign brands. On Wednesday, India eased rules that forced companies such as Apple to source 30% of their production locally — a requirement the iPhone maker has been lobbying against for years — to include exports as part of the requirement. That rule posed a problem for electronics brands because most of its devices and components are manufactured in China. The government also allowed so-called single brand retailers to set up online stores before physical shops.

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