Share Market highlights: Sensex ends 588 points down, Nifty below 10,750; Yes Bank, VEDL top losers

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Updated:Aug 22, 2019 3:58:07 pm

Share Market highlights: The Sensex and Nifty extended losses on Thursday, given a viscious sell-off in financial heavyweights. The Sensex ended 588 points down at 36,473.

The Sensex is down about 88 points to 36,973 while the Nifty is trading near the 10,900-mark.

Share Market highlights: The Sensex and Nifty extended losses on Thursday, given a viscious sell-off in financial heavyweights. The Sensex ended 588 points down at 36,473 while the Nifty closed below the 10,750-mark. Yes Bank, VEDL, Bajaj Finance shares were among the biggest losers, shedding up to 16%. Asian shares edged ahead on Thursday after Wall Street got a boost from strong retail results, while bonds retreated as U.S. policy makers sounded conflicted on whether to cut interest rates as sharply as markets were wagering. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, continuing the see-saw pattern of recent sessions. Japan’s Nikkei added 0.4% and Australian shares 0.3%, while E-Mini futures for the S&P 500 rose 0.2%. On Wall Street, the Dow had gained 0.93%, while the S&P 500 rose 0.82% and the Nasdaq 0.90%, Reuters reported. We bring to you live updates.

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Highlights

    15:47 (IST)22 Aug 2019
    BSE live: Sensex ends 588 points down, Nifty below 10,750; Yes Bank, VEDL top losers

    The Sensex and Nifty extended losses on Thursday, given a viscious sell-off in financial heavyweights. The Sensex ended 588 points down at 36,473 while the Nifty closed below the 10,750-mark. Yes Bank, VEDL, Bajaj Finance shares were among the biggest losers, shedding up to 16%. A look at LIVE Sensex heatmap.

    14:59 (IST)22 Aug 2019
    Slowdown to impact 80% food processing output as MSMEs in biscuits, chocolates, savouries to take hit

    The impact of economic slowdown cascading onto different sectors is perhaps beginning to hit the food sector — probably the last sector to get hit since food is a basic commodity. Even as biscuit giant Parle reportedly may lay off 8k-10k people due to consumption slowdown, other large food processing players such as Britannia and Hindustan Unilever also reported a slump in their volumes. And because around 80 per cent of the processed food in FMCG comes from the MSME sector, the latter is set to take a hit in business.

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    14:32 (IST)22 Aug 2019
    What’s Floccinaucinihilipilification? RBI confuses everyone with complicated monetary policy message

    As India’s economic climate becomes more complicated, so have the messages from monetary policymakers. Central bank watchers were left scrambling this week for their dictionaries and Google searches to decipher parts of a speech by Governor Shaktikanta Das and minutes of the recent monetary policy committee meeting. In the minutes, published on Wednesday, MPC member Chetan Ghate said “estimates of economic growth in India have unfortunately been subject to a fair degree of floccinaucinihilipilification. Notwithstanding this, growth is likely to pick up.” The Oxford dictionary says the word is a rare one originating in the mid-18th century to describe the action of estimating something as worthless.

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    14:26 (IST)22 Aug 2019
    Coal India shares fall 4% after Power Secy Garg raises need to award 5 coal blocks to big pvt firms

    Shares of government-owned Coal India fell 4 per cent intraday after Power Secretary Subhash Chandra Garg said there is a need to award five coal blocks of 100 million tonne capacity to big private companies. At 1:28 PM, Coal India shares were trading at Rs 181.15 per share, 7.60 points lower than the last close. The shares of Coal India had opened marginally higher in the morning. As coal accounts for the major chunk of power generation in the country, the power secretary said there is a need to produce 1,000 million tonnes of coal on an annual basis when only 600 million tonnes of coal is produced in the country. While the government has passed the commercial mining law but that needs to be implemented, added Garg. 

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    14:10 (IST)22 Aug 2019
    India not in recession but slowdown; what economists, industrialists say about current situation

    As NBFC crisis, liquidity crunch, rising unemployment and demand slowdown ring alarm bells, a veteran economist has said that the country is not in recession but witnessing a slowdown. “We may possibly be at the start of a structural slowdown,” economist Omkar Goswami said on CNBC TV-18 panel discussion, dissing claims of India entering a recession. Earlier yesterday, biscuits and confectionery major Parle Products also said that while the situation is severe, it won’t be right to call this a recession. “I would not say recession. It is too strong a word. I would call this slowdown. We are hopeful that this will not turn into a recession,” Mayank Shah, category head, Parle Products, told Financial Express Online.

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    14:05 (IST)22 Aug 2019
    L&T arm, EMAS AMC PTE consortium bags order from Saudi Aramco

    Larsen & Toubro on Thursday said a consortium of its arm LTHE, and EMAS AMC PTE Ltd has been awarded a project by Saudi Aramco for offshore jackets. The project is for installing 28 offshore jackets in Zuluf, Marjan, Sfaniya and Ribyan offshore fields of Saudi Arabia, as per a BSE filing by L&T. “Consortium of L&T Hydrocarbon Engineering Ltd (LTHE) and EMAS AMC PTE Ltd (a subsea7 company) has been awarded a project by Saudi Aramco,” it said. LTHE is a subsidiary of L&T and is based in Mumbai. The award demonstrates Saudi Aramco’s trust on LTHE’s capability to deliver to a challenging schedule with excellent safety and quality performance, it said.

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    13:58 (IST)22 Aug 2019
    Weak growth in industry, agriculture hits GDP forecast; economic expansion to slow in Q1

    Amid a slowdown in industry and agriculture, credit rating agency ICRA has estimated the GDP growth rate at 6 per cent in the first quarter of the current financial year. GDP growth rate in Q1 FY19 was 8 per cent. Manufacturing and construction are expected to show slow momentum in growth, but the hydroelectricity is likely to boost the electricity generation in the first quarter, said the report. Expectations of GVA growth rate has been eased substantially to 5.8 per cent in Q1 FY20, which was 7.7 per cent in the same duration last year. The RBI has also pointed out the weakness in demand, consumption and investment in the economy. 

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    13:04 (IST)22 Aug 2019
    Yes Bank shares plunge to fresh 52-week low after CG Power valuation concerns

    Shares of India’s major private sector lender Yes Bank extended decline on Thursday, even as investors were worried about the valuation of fraud-hit CG Power in which the bank holds more than 12% stake. Yes Bank shares plunged more than 8.1% to hit the day’s low at Rs 60.10. The recent plunge in Yes Bank shares comes after Gautam Thapar-led CG Power said on Tuesday that it found some unrelated suspicious transactions while going through normal financing assessment. “The total liabilities of company and the group may have been potentially understated by about Rs 1,053.54 crore and Rs 1,608.17 crore, respectively, as on 31 March 2018,” CG Power said in its exchange filing. As at the end of June 2019, Yes Bank had a 12.8% stake in CG Power.

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    12:15 (IST)22 Aug 2019
    DLF shares tumble nearly 20% after SC notice on non-disclosure of information in QIP doc

    DLF Ltd’s shares hit their 31-month low on Thursday after a report that the Supreme Court issued a notice to the real-estate company for not disclosing relevant information in its QIP document. Shares of DLF Ltd slumped nearly 20 per cent in the early trade to Rs 137.75 per share after Hindu Business Line reported about the notice. At 11:18 AM, the shares of DLF were seen trading at Rs 144.60 per share, around 16 per cent lower than the previous settlement.  Earlier also, the petitioner KK Sinha, had filed a complaint with SEBI that the real estate major had failed to disclose key cases in relation to the violation of the Haryana Land Ceiling Act, 1972, where adverse orders were passed by the Punjab and Haryana High Court, according to media reports.

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    11:54 (IST)22 Aug 2019
    Mutual Fund Investment: Should you choose index funds over large cap funds for better returns?

    Over the last year-and-a-half, you would have come across a lot of articles and blogposts on Index Funds and how they have outperformed Large Cap Funds. However, this was largely a phenomenon of the calendar year 2018 when the Nifty50 Index Funds delivered close to 4% returns while many Large Cap mutual funds gave lower or negative returns. So, if you are not sure which one you should be investing in, read on to find out more! As an investor, if you want to create wealth over the medium term (3-5 years) with medium volatility, most advisors would recommend you to invest in a large cap equity mutual fund, which in turn invests majorly in large companies.

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    11:44 (IST)22 Aug 2019
    Govt using CBI, ED as personal revenge-seeking departments: Congress

    The Congress on Thursday came down heavily on the BJP government over the arrest of P Chidambaram, accusing it of using the CBI and the ED as “personal revenge-seeking departments”. Senior Congress leader and former Finance Minister Chidambaram was arrested last night amid high drama by the CBI and he spent the night at a agency guest house. “Over the last two days India witnessed the broad daylight murder of democracy as also the rule of law,” said Congress spokesperson Randeep Surjewala.

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    11:33 (IST)22 Aug 2019
    No login sharings, multiple Gold usages in a day: Zomato to make these changes to Infinity program

    In a bid to keep its restaurant partners appeased, food aggregator giant Zomato is tweaking its paid membership scheme Zomato Gold, significantly limiting the benefits available to the customers. Among three major changes proposed, Zomato will restrict multiple logins of one subscription effective this 15 September, Zomato founder Deepinder Goyal said in a statement to restaurant partners, a copy of which was seen by Financial Express Online. The company has also said that Gold usage will be limited to a single use per day. Further, customers will no longer be able to use more than two Gold unlocks per table. Zomato has also bumped the Infinity price to almost double; from Rs 1,000 to Rs 1,800, to ensure “high-quality user base via Gold”. 

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    11:10 (IST)22 Aug 2019
    BSE live: Sensex down 200 points, Nifty near 10,900; Yes Bank, ITC top gainers

    The headline indices Sensex and Nifty opened lower on Thursday morning, tracking global cues. The Sensex is down about 200 points to 36,866 while the Nifty is trading near the 10,900-mark. Yes Bank, ITC were among the biggest gainers, jumping up to 2%. Tata Steel, HCL Tech were among the biggest losers, shedding up to 1.7%. A look at LIVE Sensex heatmap.

    10:34 (IST)22 Aug 2019
    From biscuits to bikes, companies are battling slowdown due to weak demand

    It’s not only car and bike manufacturers who are reeling under a demand slowdown which has seen sales tumbling to a near two-decade low leading to job losses of around 15,000 contractual workers. The latest to complain of declining demand, which may lead to lower output thus leading to job losses are the consumer goods company — to be precise, biscuit manufacturers, which means consumers are wary of buying even low-priced items. On Wednesday, Parle Products, a leading domestic biscuit maker, said that it might lay off up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could lead it to resort to production cuts.

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    10:03 (IST)22 Aug 2019
    Global markets: Asia shares find support, still waiting on stimulus

    Asian shares edged ahead on Thursday after Wall Street got a boost from strong retail results, while bonds retreated as U.S. policy makers sounded conflicted on whether to cut interest rates as sharply as markets were wagering. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, continuing the see-saw pattern of recent sessions. Japan’s Nikkei added 0.4% and Australian shares 0.3%, while E-Mini futures for the S&P 500 rose 0.2%.

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    10:01 (IST)22 Aug 2019
    Report shows US deficit to exceed $1 trillion next year

    The federal budget deficit is expected to balloon to more than $1 trillion in the next fiscal year under the first projections taking into account the big budget deal that President Donald Trump and Congress reached this summer, the Congressional Budget Office reported Wednesday. The return of $1 trillion annual deficits comes despite Trump’s vow when running for office that he would not just balance the budget but pay down the entire national debt. “The nation’s fiscal outlook is challenging,” said Phillip Swagel, director of the nonpartisan CBO. “Federal debt, which is already high by historical standards, is on an unsustainable course.”

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    09:38 (IST)22 Aug 2019
    Corporate affairs ministry clarifies on ‘appointed date’ for mergers, amalgamations

    The corporate affairs ministry on Wednesday issued a clarification regarding ‘appointed date’ in the scheme of mergers and amalgamations under the Companies Act. “Companies may choose the ‘appointed date’ of the merger/ amalgamation based on occurrence of an event, which is relevant to the merger between companies. “This would allow the companies concerned to function independently till such event is actually materialised,” the ministry said in a release. Further, the ministry said the term ‘appointed date’ used in Section 232(6) of the Companies Act, 2013, would be deemed to be the ‘acquisition date’ for the purpose of conforming to Ind AS 103 standard dealing with business combinations. Ind AS refers to Indian Accounting Standards. Stakeholders can align the ‘appointed date’ of merger/ amalgamation in accordance with their business considerations or legal requirements, the release said.

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    09:37 (IST)22 Aug 2019
    P Chidambaram spends a quiet night at CBI headquarters

    Former Union finance minister P Chidambaram spent a quiet night in the CBI guest house on the ground floor of the agency headquarters after his dramatic arrest from his posh residence in the INX media corruption case, officials said on Thursday. Chidambaram, 73, was kept in the suite 5 of the guest house, they said. It is normal for the agency to keep high security arrested accused in the guest house to ensure proper security and monitoring, the officials said. Chidambaram, accompanied by the members of the investigation team, was brought to the CBI headquarters at around 10 Wednesday night, they said.

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    09:23 (IST)22 Aug 2019
    BSE live: Sensex down 70 points, Nifty near 10,900; Yes Bank, ITC top gainers

    The headline indices Sensex and Nifty opened lower on Thursday morning, tracking global cues. The Sensex is down about 88 points to 36,973 while the Nifty is trading near the 10,900-mark. Yes Bank, ITC were among the biggest gainers, jumping up to 2%. Tata Steel, HCL Tech were among the biggest losers, shedding up to 1.7%. A look at LIVE Sensex heatmap. 

    08:58 (IST)22 Aug 2019
    Why RBI went for 35 bps cut in August MPC meet; finally, here’s the answer

    Since the economy is seeing a slowdown, a larger push is needed to drive growth, RBIgovernor Shaktikanta Das had said, according to the minutes of August Monetary Policy Committee (MPC) meeting at which the central bank announced an unconventional 35 basis points cut to its policy rate. “The economy needs a larger push. I am, therefore, of the view that a reduction in the policy repo rate by conventional 25 bps will be inadequate. On the other hand, a 50 bps rate cut might be excessive and indicate a knee jerk reaction”, he said. 

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    08:55 (IST)22 Aug 2019
    People not buying our biscuits, but we will raise prices anyway: Parle INTERVIEW

    Biscuit maker Parle is mulling another price hike for its standard biscuit brands including Parle-G (Glucose), Marie, and Milk range despite a slump in sales, as the industry reels under high raw material prices and GST cost, Parle Product’s category head Mayank Shah told Financial Express Online in an interview. The company is trying to cope up with high procurement prices of raw materials and also with high GST slab on both premium and standard cookies, Mayank Shah added. While Parle, along with other FMCG company bears the brunt of ongoing demand slowdown, Parle’s move to increase prices is counter-intuitive and the same would be a further blow to the demand, Mayank Shah conceded. But, the company may be forced to do so as it tries its best to avoid losses.

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    08:55 (IST)22 Aug 2019
    Procter & Gamble Q4 net up 36% at nearly 61 crore; key figures in nutshell

    Procter & Gamble Hygiene and Health Care (P&G) on Wednesday reported a 36.45 per cent rise in net profit at Rs 60.79 crore for the June quarter. The company had posted a net profit of Rs 44.55 crore in the year-ago quarter. Total income in the quarter under review stood at Rs 646.98 crore, up 21.73 per cent from Rs 531.48 crore in the same quarter last year, P&G said in a regulatory filing.

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    08:54 (IST)22 Aug 2019
    Govt should set-up R&D, testing centres to boost MSMEs supply to defence, says Chamber

    The government should set-up four-10 centres for research, development (R&D) and testing for MSMEs in defence sector because if given proper support to them, the sector’s 90 per cent supply can be contributed by MSMEs instead of relying of foreign manufacturers, according to national chamber for MSMEs in India — SME Chamber of India. “SMEs making let’s say rifles, revolvers, or night vision binoculars are finding it difficult to test products due to lack of R&D and testing centres in India. There must be four-10 such centres set-up,” Chamber’s Founder and President Chandrakant Salunkhe told Financial Express Online.

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