Share Market highlights: Mega PSU disinvestment lifts BPCL; Sensex, Nifty trim losses at close

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Updated:Oct 01, 2019 3:41:10 pm

Share Market highlights: The headline indices Sensex and Nifty trimmed losses at close, after trading in deep red in the afternoon.

The Sensex ended 362 points down at 38,305 while the Nifty ended below the 11,400-mark.

Share Market highlights: The Modi government’s mega disinvestment push has lifted shares of PSU majors BPCL, Shipping Corporation on Tuesday. The headline indices Sensex and Nifty trimmed losses at close, after trading in deep red in the afternoon. The Sensex ended 362 points down at 38,305 while the Nifty ended below the 11,400-mark. BPCL shares closed more than 5% higher at Rs 493 after reports that a group of secretaries on have approved sale of government’s shareholding in the firm. A group of secretaries have approved sale of government’s shareholding in four public sector companies – Bharat Petroleum Corp (BPCL), Shipping Corp of India (SCI), THDC India and NEEPCO, Reuters reported. It also cleared a sale of 30% equity of Container Corp of India (Concor) from the government holding. IRCTC IPO also got fully subscribed. We bring to you highlights.

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Highlights

    15:41 (IST)01 Oct 2019
    BSE live: Share Market highlights: Mega PSU disinvestment lifts BPCL; Sensex, Nifty trim losses at close

    The Modi government's mega disinvestment push has lifted shares of PSU majors BPCL, Shipping Corporation on Tuesday. The headline indices Sensex and Nifty trimmed losses at close, after trading in deep red in the afternoon. The Sensex ended 362 points down at 38,305 while the Nifty ended below the 11,400-mark. A look at LIVE Sensex heatmap.

    15:28 (IST)01 Oct 2019
    Petrol, diesel to get cheaper by this much as Brent crude oil price falls back to pre-attack level

    Petrol and diesel will likely get cheaper in the next two weeks, with prices falling as much as Rs 1.5 per litre from the current levels, following a sharp drop in the global crude oil prices, which now trades at the levels seen before the Saudi Aramco drone attacks. Petrol and diesel prices in India have consistently risen since the Saudi Aramco crude oil facility was attacked on 14 September 2019. Following the attack, international crude oil prices shot up, in turn leading to a rise in India’s domestic retail fuel prices as well.

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    15:06 (IST)01 Oct 2019
    Public Provident Fund: Wow! You can retire at 40 with Rs 43 Lakh – Here’s how

    Planning to retire early? 40 is probably the most talked-about age for wannabe early retirees. If you are also one of them, you may be wondering how you can retire with some hard cash in hand that will see you through in the years beyond 40. While there are several investment options for which you should ideally seek expert advice, here’s a look at how you can retire at 40 with at least guaranteed Rs 40 lakh with the popular Public Provident Fund (PPF) scheme of the government.

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    14:59 (IST)01 Oct 2019
    Govt to look at golf courses, stadiums for disinvestment

    The PMO is exploring 'out of box' ideas to mop-up government revenues including privatising golf courses, lands, stadiums, pipelines, roads airports and ports, ET Now reported citing sources. According to the channel, NITI Aayog has been instructed to prepare a list of non-core PSU assets that can be monetised. According to the latest budget, government proposes to raise a whopping Rs 1.05 lakh crore from disinvestment in the current financial year, Rs 20,000 crore more as compared to the previous fiscal year. In the long-term the government looks to garger up to Rs 5 lakh crore.

    14:44 (IST)01 Oct 2019
    Modi govt eyes to double disinvestment target to Rs 2 lakh crore in current fiscal

    The Narendra Modi led government is looking to double its PSU disinvestment target to Rs 2 lakh crore in the current fiscal year, ET Now reported citing sources. According to the latest budget, government proposes to raise a whopping Rs 1.05 lakh crore from disinvestment in the current financial year, Rs 20,000 crore more as compared to the previous fiscal year. Aprt from this, the government is aiming to garger an additional Rs 1 lakh crore from sale of non-core assets via off-market transactions, reported the channel. 

    14:27 (IST)01 Oct 2019
    Yes Bank share price crashes 30% after Rana Kapoor sells further stake

    Shares of private sector lender Yes Bank crashed on Tuesday after Rana Kapoor-led promoters sold another 2.16 per cent stake in the bank. Yes Bank share plunged over 30% to hit the day's low at Rs 29.05 on BSE. YES Capital (India), Morgan Credits Private and Rana Kapoor together sold 552 lakh shares, or 2.16 per cent, stake in the open market during September 26-27. Recently, the promoter and promoter group entities sold a combined 2.75 per cent stake in the lender through the open market, taking their combined stake in the lender to 6.89%. 

    Check live stock price: Yes Bank

    14:16 (IST)01 Oct 2019
    Policy implementation key to MSME growth; environment must be proactive towards small business needs

    Much has been said about the MSME and its fight against the large companies for its survival. Recently, I came across a survey which highlighted the most common problems faced by this sector. Top of the table was marketing followed by getting and retaining skilled workers, need-based working capital and so on. The fierce competition among manufacturers eyeing the same market with an almost similar product either in the open market or as an original equipment manufacturer leads to price cutting. Disposal of the goods weigh high on his priority list and decision is taken to at least recover the cost.

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    14:06 (IST)01 Oct 2019
    Bharti Airtel plans to raise up to $1 billion; subsidiary Network i2i to issue bonds

    Telecom major Bharti Airtel is planning to raise funds up to USD 1 billion (about Rs 7,000 crore) via a bond issue by its subsidiary Network i2i, the proceeds of which will be used to reduce debt. “…offering of USD denominated Guaranteed Subordinated Perpetual Securities by Network i2i Limited (a direct 100 per cent subsidiary of Bharti Airtel) expected to be rated BB by both S&P and Fitch may follow, subject to market conditions,” Bharti Airtel said in a regulatory filing. Bharti Airtel has appointed a clutch of bankers including BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, HSBC, J P Morgan and Standard Chartered Bank as joint bookrunners and joint lead managers to organise a series of fixed income investor meetings and calls across Asia, Europe and the US starting Wednesday, it added.

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    14:01 (IST)01 Oct 2019
    SoftBank looks to increase stake in Delhivery; seeks competition nod

    Japan’s SoftBank Vision Fund in a new filing has sought the permission of the Competition Commission of India (CCI) to increase its stake in logistics start-up Delhivery, according to regulatory documents sourced by business intelligence platform Paper.vc. If and when approved by the CCI, the transaction would result in an increase in Softbank’s shareholding to a proposed 25.72% from the current holding of 22.44%. As per the filings, a secondary transaction has been proposed. “The purchase of shares from an existing shareholder or shareholders constituting 3.28% of the fully diluted capital of the company,” revealed the documents.

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    13:05 (IST)01 Oct 2019
    IRCTC IPO subscribed 1.42 times so far on second day of bidding

    The initial public offering of Indian Railway Catering and Tourism Corporation (IRCTC) was subscribed 1.42 times so far on the second day of bidding on Tuesday. IRCTC’s public offer to raise about Rs 645 crore received bids for 2.85 crore shares against the total issue size of two crore shares, according to exchanges’ data till 1215 hrs. The public offering of IRCTC was subscribed about 81 per cent on the opening day of bidding on Monday. Price range for the initial public offering (IPO) has been fixed at Rs 315-320 per share.

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    12:58 (IST)01 Oct 2019
    Revenue from lottery skyrockets in Kerala, jackpot for state’s non-tax revenue

    The lottery might sound like a source of entertainment for some of the states but for Kerala, it is the backbone of its economy. Kerala’s total population is 3.34 crore as per 2011 Census, but it sells an astounding 7.92 crore lottery tickets every week. This makes the lottery as one of the major sources of non-tax revenue. In fact, the state government’s social welfare schemes are heavily funded with the revenue generated from the lottery business. Non-tax revenue as a proportion of Gross State Domestic Product (GSDP) since 2013-14 in Kerala is due to the increase in the gross receipt from lotteries, according to Kerala Economic Review, 2018. 

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    12:42 (IST)01 Oct 2019
    Saradha chit fund scam: Calcutta High Court grants anticipatory bail to Rajeev Kumar

    The Calcutta High Court on Tuesday granted anticipatory bail to former Kolkata Police Commissioner Rajeev Kumar in the multi-crore Saradha chit fund scam case, saying this is not an appropriate case for custodial interrogation. A bench comprising justices S Munshi and S Dasgupta said that if Kumar is arrested in connection with the case, he will have to be released on bail by an appropriate court on two sureties of Rs 50,000 each.

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    12:36 (IST)01 Oct 2019
    PMC Bank crisis: HDIL says loans taken after giving ‘adequate security’ cover

    Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors. The Mumbai Police on Monday filed a case against the former bank management and promoters of HDIL in the Punjab and Maharashtra Cooperative (PMC) Bank case and said a special investigation team will be probing the case.

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    12:03 (IST)01 Oct 2019
    Mega PSU disinvestment impact: BPCL, Shipping Corp shares surge after reports of stake sale approval

    The development comes even as the government looks to raise a record amount from disinvestment in the financial year. The Narendra Modi-led government proposes to raise a whopping Rs 1.05 lakh crore from disinvestment in the current financial year, Rs 20,000 crore more as compared to the previous fiscal year. The  current stake of the government stands at 53.29% in BPCL, 54.79% in Container Corp, 63% in Shipping Corp, 75% in THDC and 100% in NEEPCO.  

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    11:25 (IST)01 Oct 2019
    Vodafone Group top brass meets telecom secretary, seeks 2-year moratorium on spectrum payment

    Vodafone Group CEO Nick Read on Monday said the group is focussed on “successful integration” of Vodafone Idea in India as he, along with the group’s chairman Gerard Kleisterlee, met telecom secretary Anshu Prakash, reportedly seeking relief measures, including a two-year moratorium on deferred spectrum payments. Sources said the the two executives also met commerce and industry minister Piyush Goyal during the day.

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    10:30 (IST)01 Oct 2019
    Modi’s Nal se Jal mission becomes even more pertinent as districts remain parched

    As several districts in India reel under a water crisis due to depleting water levels and irregular rainfall, Narendra Modi government’s flagship scheme for its second term Nal se Jal becomes even more important. Conceptualised under the umbrella scheme of Jal Jivan, Nal se Jal is an ambitious mission aiming to bring tap water to every Indian household by 2022. The mission, which is touted as a billions-of-dollars opportunity for investors by research and advisory firm Emkay, however, faces various constraints. Officials from the Jal Shakti ministry themselves are concerned about the lack of actual roadmap to executing the plan.

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    10:00 (IST)01 Oct 2019
    Innovation, start-ups crucial for India to become $5 trillion economy: PM Modi

    Innovation and start-ups will play a crucial role for India to become a $5-trillion economy by 2024, said Prime minister Narendra Modi. He said India is already among the top three start-up-friendly ecosystems and during the last five years, the government had given great emphasis to encourage innovation and incubation. Speaking at the Singapore–India Hackathon Event at IIT Madras, Modi said programmes like Atal Innovation Mission, PM Research Fellowships and Start-up India Abhiyan are the foundation for 21st century India. “ We are now trying to give exposure to modern technology like Machine Learning, Artificial Intelligence and Blockchain to our students as early as in the 6th grade. From school to research in higher education, an ecosystem is being created that becomes a medium for innovation,” he said.

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    09:41 (IST)01 Oct 2019
    BPCL share price jumps after government approves mega disinvestment

    BPCL shares zoomed more than 7% to Rs 507 after reports that a group of secretaries on have approved sale of government’s shareholding in the firm. A group of secretaries on have approved sale of government’s shareholding in four public sector companies – Bharat Petroleum Corp (BPCL), Shipping Corp of India (SCI), THDC India and NEEPCO, Reuters reported.

    Check live stock price: BPCL

    09:27 (IST)01 Oct 2019
    BSE live: Sensex, Nifty trade higher; BPCL, Axis Bank shares jump

    The headline indices Sensex and Nifty opened higher tracking global cues. The Sensex was up 200 points to 38,870 while the Nifty was trading above the 11,500-mark. BPCL shares zoomed more than 7% to Rs 507 after reports that a group of secretaries on have approved sale of government’s shareholding in the firm. A look at LIVE Sensex heatmap.

    09:17 (IST)01 Oct 2019
    Corporation tax cut: Who bears the cost of revival plan?

    The reduction in the corporate tax rates announced in September was hailed by the industry, and brought much-needed cheer to the stock markets. The increase in Sensex by more than 3,000 points in two trading sessions cast aside the bear hug that had gripped the markets since the disappointing first quarter GDP estimate was released. Although the bond markets reacted with lower yield due to the fear of higher fiscal deficits, the overwhelming sentiment was buoyant. 

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    09:11 (IST)01 Oct 2019
    Axis Bank launches short-term online fixed deposits

    Axis Bank, India’s third-largest private sector bank, on Monday announced the launch of ‘Express FD’, a digital fixed deposit (FD) product that allows a customer to open an FD account in three minutes through the digital mode without opening a savings account with the bank. ‘Express FD’ offers attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal of up to 25% of the amount, the bank said. A customer can open an Express FD account by investing a minimum Rs 5,000 up to Rs 90,000, for a tenure of 6 to 12 months. The funds can be deposited in Express FD account through net-banking, debit card or via UPI. After completion of KYC, the customer can opt for additional benefits like personal loans, credit cards, forex card offerings, lifestyle benefits.

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    09:08 (IST)01 Oct 2019
    Will RBI go for 5th straight rate cut on Oct 4? Here’s what analysts say

    RBI may cut rates for the fifth time in a row so far this year with inflation remaining low and growth rate declining, experts said. The August retail inflation reading at 3.21 per cent which is under RBI’s comfort zone of 4 per cent gives it the headroom to cut rates to boost growth, they added. The central bank has slashed the repo rate four times by 110 bps to 5.40 per cent in this calendar year so far, with the last being an unconventional 35 bps reduction on August 7.

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    09:07 (IST)01 Oct 2019
    India’s rice output this Kharif season may fall from last year’s actual yield

    While rice sowing has been a concern for several months now owing to lesser acreage this Kharif season, according to the advanced estimates of this year, the yield will be lower than last year’s actual production. Rice production in India is actually lower at 100.4 million tonnes while compared to last year’s yield of about 103 million tonnes. In fact,  Further, it is not just rice yield that has taken a hit this sowing season. 

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    09:03 (IST)01 Oct 2019
    IRCTC IPO subscribed 80% on Day 1, robust demand from retail investors

    Railway PSU Indian Railway Catering and Tourism Corporation (IRCTC) IPO saw robust demand and was subscribed 80% as at the end of first day of bidding. The Rs 645 crore issue saw bids for 1.62 crore shares, as against the total issue size for 2.01 crore, implying a subscription of 80 per cent. The retail investor category saw bids for more than 2 times the issue size, while NII’s bid for more than 15% of the portion reserved for them. The employee category received bids for 1.11 times their reserved portion. 

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    09:01 (IST)01 Oct 2019
    Global shares steady, investors pin hopes on US-China talks

    Global share prices ticked up on Tuesday as some investors clung to hopes that China and the United States could work towards reaching a deal on trade and other issues in the fourth quarter. Japan’s Nikkei rose 0.6% while MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.11%. Chinese markets will be shut for a week from Tuesday to mark 70 years since the founding of the People’s Republic of China.

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    09:00 (IST)01 Oct 2019
    Oil prices rebound on lower output from US, Russia, OPEC

    Oil prices rebounded in early Asian trade on Tuesday after production at the world’s largest oil producers fell in the third quarter, although demand concerns continued to keep a keep a lid on prices. December Brent crude futures rose 44 cents, or 0.7% to $59.69 a barrel by 0202 GMT, while U.S. West Texas Intermediate crude was up 39 cents, or 0.7%, at $54.46 a barrel.

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