Share Market highlights: Sensex ends 255 points up, Nifty above 11,100; Maruti Suzuki, VEDL top gainers

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Updated:Aug 09, 2019 3:49:44 pm

Share market highlights: After opening higher, the headline indices Sensex and Nifty extended gains on Friday morning, tracking global cues. The Sensex ended 255 points up to 37,582.

Sensex, FPI tax proposal, HCL Technologies, Tata Motors, Mahindra & Mahindra, Bajaj Auto, Index membersThe Sensex ended 255 points up to 37,582, while the Nifty closed above the 11,100-mark.

Share Market highlights: After opening higher, the headline indices Sensex and Nifty extended gains on Friday morning, tracking global cues. The Sensex ended 255 points up to 37,582, while the Nifty closed above the 11,100-mark. Shares of Maruti Suzuki, Bajaj Finance, VEDL were among the biggest gainers, ending up to 3.4% higher. Asian shares caught the tail of a Wall Street rally on Friday, helped by China’s better-than-expected export figures but fresh concerns about Sino-US trade ties are likely to limit gains in the region. Weighing on risk appetite was a report from Bloomberg that Washington is delaying a decision about licenses for US firms to restart trade with Huawei Technologies. That sent US stock futures down as much as 0.6% in early Asian trade. They were last quoted 0.4% lower on the day, Reuters reported. We bring to you live updates.

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Highlights

    15:49 (IST)09 Aug 2019
    BSE live: Sensex ends 255 points up, Nifty above 11,100; Maruti Suzuki, VEDL top gainers

    After opening higher, the headline indices Sensex and Nifty extended gains on Friday morning, tracking global cues. The Sensex ended 255 points up to 37,582, while the Nifty closed above the 11,100-mark. Shares of Maruti Suzuki, Bajaj Finance, VEDL were among the biggest gainers, ending up to 3.4% higher. A look at LIVE Sensex heatmap.

    15:31 (IST)09 Aug 2019
    YES Bank share price falls 9% after QIP launch

    Shares of YES Bank fell 9 per cent in the intraday trade Friday after the private bank announced the opening of the qualified institutional placement (QIP) issue at a floor price of Rs 87.9 per equity share. In the regulatory filing, YES Bank said that the capital raising committee of the bank’s board of directors on Thursday authorised the opening of the issue. The committee “approved the floor price for the issue being Rs 87.90 per equity share, based on the pricing formula…and the committee may, at its discretion, offer a discount of not more than 5 per cent on the floor price”, the bank said in an exchange filing on Thursday. YES Bank shares were trading at Rs 82.20, down 6.95, or 7.80 per cent on BSE at the time of reporting.

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    15:20 (IST)09 Aug 2019
    PSUs from these six major sectors in net loss three years in a row

    Out of 257 public sector undertakings classified into 20 broad sectors, PSUs from six such sectors were in net losses for three straight years between FY 2015-16 and FY 2017-18. PSUs from telecommunication & information technology sector were the worst hit, followed by PSUs form industry & commercial goods and steel sectors, according to the data provided by Arvind Ganpat Sawant, Minister of Heavy Industries and Public Enterprises, in Lok Sabha. Net loss of PSUs from telecommunication & information technology sector extended to Rs 10,727 crore in 2017-18 from Rs 7,447 crore and Rs 6,591 crore in FY17 and FY16 respectively, according to the data. 

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    14:54 (IST)09 Aug 2019
    Flying high! Jet Airways downfall helps SpiceJet posts biggest ever quarterly profit

    SpiceJet Ltd on Friday posted its biggest ever quarterly profit, as it flew more passengers and raised fares in the wake of the collapse of Jet Airways. Domestic air traffic growth has been slowing in recent months in a flagging economy, but the downfall of Jet Airways, once the country’s largest private carrier, this year has helped SpiceJet and market leader IndiGo attract more customers, raise fares and add routes. Shares in SpiceJet and InterGlobe Aviation-owned IndiGo have soared 55% and 31% respectively this year.

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    13:50 (IST)09 Aug 2019
    UltraTech Cement shares surge 3.4% on robust Q1FY20 results; should you buy or sell stock?

    The shares of cement manufacturing company UltraTech Cement soared more than 3 per cent after it reported robust Apr-Jun results. The company posted a 91 per cent increase in its net profits for the first quarter of FY20 against Rs 631 crore during the same period a year ago on the back of less operational costs and improvement in realisation. At 12:50 PM, UltraTech Cement shares were trading at Rs 4,320.90 per share, up 90 points from the last close. In view of the company’s stellar Apr-Jun results, Prabhudas Lilladher has maintained a BUY on the stock with a target price of Rs 5,175, and EV/EBITDA of 14x FY21E.

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    13:41 (IST)09 Aug 2019
    Modi’s four initiatives make Indian e-commerce world’s fastest growing; set to grow 8-fold by 2026

    Several of Narendra Modi-led BJP government’s initiatives are providing a fillip to the growth of the Indian e-commerce industry. While Indian e-commerce is growing at a stellar rate and is the fastest growing online business industry in the world, initiatives such as Digital India, Skill India, Startup India and Make in India are also contributing to the growth of the online trade, CARE Rating said in a report. The industry has witnessed an annual growth rate of 51%, which is the highest globally, and from $24 billion in 2018, the industry is expected to touch $200 billion by 2026; over eightfold growth in eight years, according to ASSOCHAM-Forrester study paper as well Retail Association of India (RAI).

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    12:59 (IST)09 Aug 2019
    SIP strategy for retail investors: UTI MF manager explains when to increase allocation

    The stock market remains under pressure given a confluence of domestic and global factors. Global economic slowdown, declining global yields, fiscal issues and geopolitical tensions are among the various challenges faced by investors, says Sanjay Dongre of UTI AMC. At the current Nifty level of 11000, market is quoting at 17 times one year forward earnings which is slightly higher than the average valuations of the last 5 years, he says.

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    12:53 (IST)09 Aug 2019
    Boost to Modi’s solar energy mission: Govt issues 1.2 GW renewable energy storage tender; key details

    In further boost to Prime Minister Narendra Modi’s ambitious renewable energy mission, another renewable energy storage tender has been floated by the government. The tender comes with a special clause that may lead to reduced tariff bids and attractive purchase rates for the buyers, Solar Energy Corporation of India (SECI) said in a document. A renewable energy capacity of 1.2 gigawatts (GW) along with energy storage has been offered in the tender by SECI, a company of the Ministry of New and Renewable Energy established to facilitate the implementation of the National Solar Mission.

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    12:15 (IST)09 Aug 2019
    Page Industries shares slump to 52-week low on Q1FY20 results

    Shares of Page Industries slumped to a 52-week low on Friday after the company reported dismal quarterly results. The shares of Page Industries touched Rs 17,438.45 per share in the early trade, nearly 6 per cent from the previous close. The shares had opened lower in the morning at Rs 1,7654 per share. Page Industries reported an 11 per cent decline in its Q1FY20 results at Rs 110.6 crore as compared with Rs 124.4 crore in the same period of last year. The company’s revenue grew 2.4 per cent at Rs 835 crore on- yearly basis. It had registered a profit of Rs 815.3 crore a year ago during the same quarter. 

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    12:01 (IST)09 Aug 2019
    Pakistan to take help from China? Shah Mahmood Qureshi visiting Beijing to discuss Indo-Pak tensions

    Pakistan Foreign Minister Shah Mahmood Qureshi on Friday dashed to China to discuss with the Chinese leadership Indo-Pak tensions after India revoked the special status of Jammu and Kashmir. Earlier this week, India revoked Article 370 to withdraw the special status to Jammu and Kashmir and bifurcated the region into two Union Territories –Jammu and Kashmir, Ladakh. Pakistan termed the Indian action as “unilateral and illegal”, and said it will take the matter to the UN Security Council. Pakistan expelled the Indian High Commissioner as part of its decision to downgrade the diplomatic ties with India and announced that it will review all “bilateral arrangements” with India.

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    11:45 (IST)09 Aug 2019
    5 financial mistakes to avoid while buying a home

    It won’t be wrong to claim most around us dream of owning a home. In fact, according to BankBazaar’s Aspiration Index 2019, a survey of over 1,800 salaried men and women across 12 cities, buying a house was the topmost life goal for all the participants. However, to accomplish this dream, people at times take measures that put immense pressure on their personal finances. The question then arises: how far should you go to buy a home? Well, it should not be to the extent where you ruin your personal finances and jeopardise your financial goals.

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    11:26 (IST)09 Aug 2019
    Modi’s J&K business pitch: Massive potential in saffron, apples, shawls, biggest tourist destination

    Addressing the nation for the first time after revoking Article 370, Prime Minister Narendra Modi said that Jammu and Kashmir’s herbs like Saffron (Jafran) have great business potential and are waiting to be sold in the markets worldwide. This will provide a fillip to economy and employment to Kashmiri youth, PM said in his speech. As many herbal and organic products are scattered across J&K and Ladakh, “if they are identified and marketed in the global market, then it will greatly benefit the people and farmers of these regions,” PM Modi said.

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    11:04 (IST)09 Aug 2019
    BSE live: Sensex extends gains, Nifty above 11,100; HDFC, L&T shares jump

    After opening higher, the headline indices Sensex and Nifty extended gains on Friday morning, tracking global cues. The Sensex is up 350 points to 37,683, while the Nifty is trading firmly above the 11,100-mark. Shares of Maruti Suzuki, Bajaj Finance were among the biggest gainers jumping up to 1.5%. A look at LIVE Sensex heatmap.

    10:55 (IST)09 Aug 2019
    Mobile will soon overtake desktop ad spends, says Smaato’s Freddy Friedman

    Smaato, the global real-time advertising platform, hopes to leverage the burgeoning mobile market in India as that would entail increased digital spending. Freddy Friedman talks to Sonam Saini about India catching up with global advertising trends, the potential of in-app advertising, the efficacy of location-based targeting, and more. 

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    10:37 (IST)09 Aug 2019
    Milk supply in Maharashtra disrupted due to floods

    The supply of milk in Maharashtra has been affected due to the flood situation in western Maharashtra. Waterlogging, landslides and boulder crashes has prompted the state administration to shut down national and state highways, thus affecting the supply of milk to Mumbai, Pune and the Konkan region. Vinayakrao Patil, chairman, Rajaram Bapu Cooperative Milk Producers Union, said that milk supply has been affected to the tune of 40%.

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    10:28 (IST)09 Aug 2019
    Autopilot mode: There’s vast potential in marketing automation

    How often have we read that the digital wave has swept off every sphere of our lives? This is true not only for consumers but also marketers. Marketing automation is helping marketers make the iterative marketing activities more efficient. This means tasks such as emails, social media posts and contact lifecycle stage changes can be automated using a digital platform, letting marketers focus on more strategic and creative aspects of their campaigns.

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    10:26 (IST)09 Aug 2019
    Motor Insurance: RC needs to be canceled in case of a total loss

    In order to stop misuse of documents related to total accident loss or stolen vehicle, the insurance regulator has asked insurance companies to ensure cancellation of the Certificate of Registration (RC) of the vehicle in case of total loss claim settlement. In a circular, Insurance Regulatory and Development Authority of India (Irdai) has said that in case of total loss (TL) of the vehicle, salvage of the vehicle is being sold to scrap dealers across the country without cancelling RC of the vehicle. Even the law enforcement authorities have highlighted that documents pertaining to such vehicles are being misused like giving new identity to the stolen vehicles by forging engine number and chassis number of destroyed vehicles under TL claims.

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    10:19 (IST)09 Aug 2019
    Oil dips amid trade worries, but expectations of more OPEC cuts support

    Oil prices fell on Friday amid fears over demand as the U.S-China trade row casts its shadow over markets, although prices got some support from expectations of more OPEC production cuts. International benchmark Brent crude futures, were at $57.20 a barrel by 0324 GMT, down 18 cents, or 0.3%, from their previous settlement. U.S. West Texas Intermediate (WTI) futures were at $52.45 per barrel, down 9 cents, or 0.2%, from their last close. Both contracts jumped more than 2% on Thursday to recover from January lows, buoyed by reports that Saudi Arabia, the world’s biggest oil exporter, had called other producers to discuss the recent slide in crude prices.

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    09:36 (IST)09 Aug 2019
    Larsen and Toubro, HDFC, Paytm contribute Rs 14.80 cr to Bihar CM’s relief fund Patna

    Top officials of Larsen and Toubro Ltd, HDFC Bank and Paytm have donated about Rs 15 crore to the Chief Ministers Relief Fund in Bihar. A cheque of Rs 10 crore was presented to Chief Minister Nitish Kumar by the CEO and MD of Larsen and Toubro Shailesh Roy in presence of assembly Speaker Vijay Kumar Chaudhary on Thursday, a release said. HDFC Banks head for the eastern region Sandeep Kumar handed over a cheque of Rs four crore to Kumar, while Paytm donated Rs 80 lakh, the release said. The chief minister lauded the three corporate entities for displaying their commitment towards social causes.

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    09:21 (IST)09 Aug 2019
    BSE live: Sensex up 180 points, Nifty near 11,100; Maruti Suzuki, Bajaj Finance top gainers

    The headline indices Sensex and Nifty opened higher on Friday morning, tracking global cues. The Sensex is up 140 points to 37,468, while the Nifty is trading near the 11,100-mark. Shares of Maruti Suzuki, Bajaj Finance were among the biggest gainers jumping up to 1.5%. A look at LIVE Sensex heatmap.

    09:09 (IST)09 Aug 2019
    Facebook wants to integrate Instagram direct messages with Messenger

    Facebook Inc. is taking the first major step in a plan to merge its systems and let users exchange messages among all its different mobile apps — and is chipping away at the independence of Instagram’s direct-messaging product in the process. Engineers are working to rebuild Instagram’s chat feature using Facebook Messenger’s technology, according to people familiar with the matter.

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    09:08 (IST)09 Aug 2019
    Your money: Decline in stock prices – Time for some bottom-picking

    The sharp decline in stock prices in general provides some opportunities for bottom-picking in non-consumption stocks for investors willing to live through near-term issues such as China-US trade and housing finance companies (HFC)-real estate credit situation. Consumption-related stocks continue to trade at rich multiples with growth challenges and thus, could see a period of further consolidation and de-rating of multiples. Meanwhile, domestic growth and earnings downgrade challenges persist.

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    09:06 (IST)09 Aug 2019
    IFC to invest Rs 130 crore in Srinivasa Farms

    As part of strategic investment to support agri-business sector, International Finance Corporation (IFC) has committed to invest Rs 130 crore in Srinivasa Farms for supporting its pan-India expansion plan, capacity enhancement and product diversification. The first tranche of Rs 65 crore has already been invested. The firm is into integrated layer and broiler business which has diversified interests in soya, feed, contract farming, chicken processing and retail. Hy-Line International, the world leader in chicken layer (egg-laying) genetics, has tied up exclusively with Srinivasa Farms in India.

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    09:05 (IST)09 Aug 2019
    Sundram Fasteners’ profit takes 13 per cent hit in Q1

    Following a weak demand in the domestic market, Sundram Fasteners (SFL), part of the $8.5-billion TVS Group, has reported a 13% drop in its net profit for the June quarter to Rs 93.11 crore, against Rs 106.65 crore in the corresponding quarter last financial year. Revenue during the quarter declined 2.5% to Rs 945 crore, against Rs 969 crore in the same quarter of the previous year. The company, which had incurred Rs 442 crore towards capital expenditure in last fiscal, will be investing Rs 350 crore in the current fiscal, of which the significant portion will be towards projects for exports.

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    08:57 (IST)09 Aug 2019
    Yen clings onto gains as US-China trade row supports safe-havens

    The yen traded near an eight month high versus the dollar on Friday as renewed concerns about the U.S.-China trade dispute and signs that central banks are more worried about the global economy boosted safe-haven assets. The yen, which tends to be bought in times of economic uncertainty, was on course for its second weekly gain versus the greenback and its third weekly gain versus both the Australian and New Zealand dollars. The pound traded near a two-year low versus the euro after a media report said Prime Minister Boris Johnson is preparing to hold an election after the Oct. 31 deadline for Britain to leave the European Union.

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    08:56 (IST)09 Aug 2019
    Hong Kong airport on alert ahead of fresh wave of protests

    Hong Kong’s Airport Authority said on Friday only departing passengers with travel documents will be allowed to enter the terminal as anti-government activists gear up for a three-day rally to raise awareness among tourists entering the city. The move comes as officials confirmed on Friday that a police commander who oversaw pro-democracy demonstrations that roiled the former British colony in 2014 has been recalled to help deal with protests that have plunged the financial hub into crisis.

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    08:56 (IST)09 Aug 2019
    US says no policy change on Kashmir

    The United States on Friday said that there is no change in its policy on Kashmir and called on India and Pakistan to maintain calm and restraint. “No”, replied State Department Spokesperson Morgan Ortagus when asked by reporters if there has been any change in America’s policy on Kashmir. The US policy has been that Kashmir is a bilateral issue between India and Pakistan and it is up to the two countries to decide on the pace and scope of the talks on the issue. “And if there was, I certainly wouldn’t be announcing it here, but no, there’s not,” Ortagus said in response to a follow up question. She said the United States supports dialogue between India and Pakistan over Kashmir. “It’s something that we’ve called for calm and restraint by all parties.

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    08:55 (IST)09 Aug 2019
    Asia stocks inch up but gains capped by fresh Sino-US trade worries

    Asian shares caught the tail of a Wall Street rally on Friday, helped by China’s better-than-expected export figures but fresh concerns about Sino-U.S. trade ties are likely to limit gains in the region. Weighing on risk appetite was a report from Bloomberg that Washington is delaying a decision about licenses for U.S. firms to restart trade with Huawei Technologies. That sent U.S. stock futures down as much as 0.6% in early Asian trade. They were last quoted 0.4% lower on the day. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2% but was on track to lose 2.3% for the week. Japan’s Nikkei average advanced 0.6%, while Australian stocks stood flat and South Korean stocks gained 1.0%.

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