Share Market highlights: Sensex ends 197 points down, Nifty below 11,200; Tata Motors, VEDL top losers

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Updated:Jul 29, 2019 3:39:08 pm

Share market highlights: After opening marginally higher, the headline indices Sensex and Nifty pared gains and extended losses in the afternoon trade on Monday, tracking cues. The Sensex closed 196 points down at 37,686.37.

 share market news, share market, share market live, market live.ICICI Bank, HCL Tech shares were among the biggest gainers, jumping more than 2% each.

Share Market Today highlights: After opening marginally higher, the headline indices Sensex and Nifty pared gains and extended losses in the afternoon trade on Monday, tracking cues. The 30-share Sensex closed 196 points down at 37,686.37, while the Nifty ended below the 11,200-mark. Shares of India’s largest automaker Maruti Suzuki slumped 4.5% to Rs 5,40.95 after the firm reported Q1 results on Friday. Tata Motors, Bajaj Auto VEDL shares were among the biggest losers, shedding more than 5% each.  ICICI Bank, HCL Tech shares were among the biggest gainers, jumping more than 1.2% each. Asian shares got off to a cautious start on Monday as markets count down to a likely cut in US interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline. US and Chinese trade negotiators also meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough.

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Highlights

    15:37 (IST)29 Jul 2019
    BSE live: Sensex ends 197 points down, Nifty below 11,200; Tata Motors, VEDL top losers

    After opening marginally higher, the headline indices Sensex and Nifty pared gains and extended losses in the afternoon trade on Monday, tracking cues. The 30-share Sensex closed 196 points down at 37,686.37, while the Nifty ended below the 11,200-mark. Shares of India's largest automaker Maruti Suzuki slumped 4.5% to Rs 5,40.95 after the firm reported Q1 results on Friday. Tata Motors, Bajaj Auto VEDL shares were among the biggest losers, shedding more than 5% each. A look at LIVE Sensex heatmap.

    15:26 (IST)29 Jul 2019
    Food to get costlier: Inflation may rise as poor monsoon rains hit rice, food grain output

    India is staring at a rise in food inflation soon, as weak monsoon rainfall hits the country’s food output, said a report. The sowing patterns of key Kharif crops have been significantly lower and these crops include rice, food grains, oilseeds and pulses, a CARE Ratings report said, adding that the weak progress can result in the retail inflation in the food components. “The retail inflation in the food components for June’19 has risen to 13-months high and weak progress going ahead could push food inflation higher,” it said. This can go higher than the already peak wholesale food inflation (yoy) for June’19 which stands at close to 7%. 

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    15:09 (IST)29 Jul 2019
    LIC may pip Reliance Industries, TCS to become India’s most valued firm after proposed listing

    India’s largest financial institution could emerge as the most valued listed firm in India in case the government moves ahead with the proposed initial public offering plan as reported by The Indian Express today. Notably, the firm commands a net profit of a whopping Rs 48,436 crore and a total assets under management of Rs 31.10 lakh crore. “The Life Insurance Corporation has been created as a monolith. If you (LIC) were the company listed on the stock exchange, perhaps you would be the most valued company,” former finance minister Arun Jaitley had said in 2016. 

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    14:49 (IST)29 Jul 2019
    LIC may pip Reliance Industries, TCS to become India’s most valued firm after proposed listing

    India’s largest financial institution could emerge as the most valued listed firm in India in case the government moves ahead with the proposed initial public offering plan as reported by The Indian Express today. Notably, the firm commands a net profit of a whopping Rs 48,436 crore and a total assets under management of Rs 31.10 lakh crore. “The Life Insurance Corporation has been created as a monolith. If you (LIC) were the company listed on the stock exchange, perhaps you would be the most valued company,” former finance minister Arun Jaitley had said in 2016. 

    Read more: LIC may pip Reliance Industries, TCS to become India’s most valued firm after proposed listing

    14:42 (IST)29 Jul 2019
    All sectoral indices trade in red except IT

    14:37 (IST)29 Jul 2019
    Auto shares drag on government’s proposal to hike registration charges on new vehicles

    Shares of auto companies slumped in early trading on Monday after the government proposed to hike registration charges on new vehicles. While the S&P auto index fell 3.14 per cent at 15,676.43, the Nifty auto also tumbled nearly 3 per cent to 6,932.80. Tata Motors, Apollo Tyres, Bajaj Auto Ashok Leyland, TVS Motor, Maruti Suzuki and HeroMoto Corp were trading in the red today after the road ministry proposed to raise registration charges.The road ministry has proposed to increase registration fees in a draft notification for new vehicles and for renewing it. While for the registration of a new car, one will have to pay Rs 5,000, for renewing the registration, one will have to shell out Rs 10,000. Currently, both the charges are Rs 600. For two-wheelers, the new charges for registration are Rs 1,000 and for renewing it will cost Rs 2,000. For the imported cars, the draft notification has proposed to increase the charges by eight times to Rs 40,000 from Rs 5,000.  

    Read more: Auto shares drag on government’s proposal to hike registration charges on new vehicles

    13:02 (IST)29 Jul 2019
    ICICI Bank share price jumps after strong Q1 results; should you buy or sell stock?

    Shares of India's largest private sector lender ICICI Bank jumped on Monday after the firm reported strong Q1 results in the latest quarter. ICICI Bank share price jumped more than 4.6% to hit the day's high at Rs 434.40. The lender has reported a net profit of Rs 1,908 crore, even as net NPA ratio came in lowest in 18 months. The firm had reported a loss of Rs 120 crore in the comparable period last fiscal. Notably, the bank saw a 41.5% year-on-year (y-o-y) fall in provisions to Rs 3,496 crore and a 27% y-o-y rise in net interest income (NII) to Rs 7,737 crore.

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    12:46 (IST)29 Jul 2019
    Paytm Money targets 1 million active SIPs after contributing 40% new registrations in Direct Mode

    Even before Paytm Money completed a year of its launch, the subsidiary of Vijay Shekhar Sharma’s Paytm has become the largest contributor to new SIP registrations done for the Mutual Funds, Paytm Money announced in a statement. “It now contributes to about 40% of all Mutual Fund SIP registrations made via direct mode,” and sees over 5,000 registrations done from its platform every day. With about 3 million users within its first year of launch, Paytm Money manages active SIP books in a number that’s larger than all online platforms combined. The company even expects to cross 1 million active SIPs soon, said Pravin Jadhav, whole-time Director at Paytm Money.

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    12:27 (IST)29 Jul 2019
    Nirmala Sitharaman reveals two reasons why FPIs do not want to convert into companies after raised surcharge

    Government’s decision of imposing a surcharge on those having taxable income of over Rs 2 crore has come at a cost of FPI withdrawal of more than Rs 14,000 crore from the equity so far in July. In an interview to ‘The Indian Express’, Finance Minister Nirmala Sitharaman underlined that foreign portfolio investors, who were registered as trusts, had an impact of the new surcharge introduced in the budget. To moderate the impact, Nirmala Sitharaman had suggested the FPI trusts to convert into companies, but it faced a strong denial from those trusts. According to the interview, the trusts doubt the conversion to be tax-neutral and call it tedious, demanding a lot of effort. 

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    11:53 (IST)29 Jul 2019
    BSE live: Sensex extends losses, Nifty below 11,200; Tata Motors, VEDL top losers

    After opening marginally higher, the headline indices Sensex and Nifty pared gains and extended losses in the afternoon trade on Monday, tracking cues. The Sensex is down 291 points to 37,592 while the Nifty is trading below the 11,200-mark. Shares of India's largest automaker Maruti Suzuki slumped 2% to Rs 5,891 after the firm reported Q1 results on Friday. Tata Motors, Bajaj Auto shares slumped more than 4% each on Monday morning. A look at LIVE Sensex heatmap.

    11:46 (IST)29 Jul 2019
    PNB Housing Finance raises $100 million from IFC

    PNB Housing Finance Ltd on Monday said it has raised USD 100 million (around Rs 690 crore) from International Finance Corporation (IFC), a member of the World Bank Group, to finance the purchase of affordable housing projects. “The investment was made under the central bank’s automatic route in the revamped external commercial borrowings (ECB) framework,” PNB Housing Finance Ltd said in a regulatory filing. PNB Housing Finance Managing Director Sanjaya Gupta said this is the first ECB disbursement during the current financial year under the RBI automatic route. Several other ECB proposals are in the pipeline.

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    11:24 (IST)29 Jul 2019
    Indiabulls Housing Finance shares plummet 10% after Subramanian Swamy’s letter to PM Modi alleging fraud

    Shares of Indiabulls Housing Finance tumbled heavily after Subramanian Swamy wrote a letter to Prime Minister Narendra Modi accusing the company of embezzlement of Rs 1 lakh crore from National Housing Bank. However, the housing finance has denied all the allegations made by Swamy and said it doesn’t owe anything to NHB. Today, on the BSE Indiabulls Housing shares had opened lower at Rs 590 per share against the previous close of Rs 624.15 per share. The shares fell nearly ten per cent to Rs 562.20 in the early trade on Swamy’s letter alleging financial fraud by Indiabulls Housing. 

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    10:58 (IST)29 Jul 2019
    Making 1 billion mobiles in a year: India needs to ramp up manufacturing, become global hub

    While the Indian government targets ramping up mobile phone and component manufacturing in the country according to its National Policy for Electronics, India needs to adopt a multi-prong approach and manufacture 1 billion mobiles a year, a report said. “India must ensure that the scale of manufacturing increases manifold,” to achieve export revenue of $200 billion, Internet and Mobile Association of India (IAMAI)’s report titled ‘Make in India2.0 (Revisiting Mobile Manufacturing) said. The global handset market is worth about $467 billion and it is largely catered by Asian countries such as China, Vietnam, South Korea and Taiwan, the report added.

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    10:46 (IST)29 Jul 2019
    BSE live: Sensex pares gains, Nifty below 11,250; Bajaj Auto, Tata Motors top losers

    After opening marginally higher, the headline indices Sensex and Nifty pared gains in the morning trade on Monday, tracking cues. The Sensex is down 100 points to 37,790 while the Nifty is trading below the 11,250-mark. Shares of India's largest automaker Maruti Suzuki slumped 2% to Rs 5,891 after the firm reported Q1 results on Friday. Tata Motors, Bajaj Auto shares slumped more than 4% each on Monday morning.  ICICI Bank, HCL Tech shares were among the biggest gainers, jumping more than 2% each. A look at LIVE Sensex heatmap.

    10:43 (IST)29 Jul 2019
    India’s rice exports could hit 7-year low on weak demand, higher prices

    India’s rice exports are likely to fall to their lowest level in seven years, industry officials say, as weak demand from African countries weighs and shippers absorb the absence of government incentives that supported previous sales. Lower shipments from India will help rivals such as Vietnam and Myanmar in raising their exports, according to Indian exporters, but could also force Prime Minister Narendra Modi’s government to increase buying from farmers, even as it struggles to liquidate last year’s stocks.

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    10:27 (IST)29 Jul 2019
    Rupee slips 6 paise to 68.95 vs US Dollar in early trade

    The rupee opened on a weak note and fell 6 paise to 68.95 against the US dollar in early trade on Monday amid foreign fund outflows and cautious opening in domestic equities. At the Interbank Foreign Exchange, the rupee opened weak at 68.92 then fell to 68.95 against the US dollar, showing a decline of 6 paise over its previous closing. The Indian rupee on Friday had closed at 68.89 against the US dollar. Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee (FOMC) meeting on July 31.

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    10:15 (IST)29 Jul 2019
    Former school teacher now a billionaire: Byju founder’s journey to elite club

    India’s newest billionaire is a former classroom teacher who developed an education app that’s grown to a valuation of almost $6 billion in about seven years. Byju Raveendran joined the rarefied club after his Think & Learn Pvt scored $150 million in funding earlier this month. That deal conferred a value of $5.7 billion on the company in which the founder owns more than 21%, people familiar with the matter said. Its closing coincided with the announcement that the company’s Byju’s app — named after the founder — will team up with Walt Disney Co. and taking its service to American shores by early 2020.

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    09:32 (IST)29 Jul 2019
    BSE live: Sensex up 40 points, Nifty below 11,300; Tata Motors, Bajaj Auto top losers

    The headline indices Sensex and Nifty opened higher, tracking global cues. The Sensex is up 40 points to 37,892, while the Nifty is trading below the 11,300-mark. Shares of India's largest automaker Maruti Suzuki slumped 2% to Rs 5,891 after the firm reported Q1 results on Friday. A look at LIVE Sensex heatmap.

    09:17 (IST)29 Jul 2019
    Q1 results: India Inc under pressure as revenue growth remains sluggish, margins shrink

    Midway into earnings season, it’s clear India Inc’s P&L account remains under pressure. Revenue growth is so sluggish that even a modest increase in costs hasn’t helped companies protect their margins. However, the real bad news is that the turn in the private sector capex cycle is a good 12-18 months away and consumption demand, while it may perk up in the second half of the year, is unlikely to rise meaningfully. Indeed, commentary is more than cautious, with no CEO talking of a sustained upturn in demand. Net profits for a sample of 252 companies have fallen some 14% year-on-year; remove TCS and Reliance Industries and they have crashed 28% y-o-y. Without these two firms, the revenue growth slows to just 3.2% y-o-y.

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    09:16 (IST)29 Jul 2019
    Number crunching: Actual fiscal deficit in FY19 was 6.1 per cent

    Had all off-budget borrowings — where the repayment obligation is essentially on the sovereign — and various unmet payment obligations been considered, the Centre’s fiscal deficit for 2018-19 would have amounted to a discomfiting 6.1% of the gross domestic product (GDP) instead of the 3.4% reported. This would have been higher than such deficit of 5.85% for 2017-18, as estimated by the Comptroller and Auditor General (CAG). So, as many experts have pointed out, there is actually upward spiral in the general government deficit, while the official line is that the prescribed glide path is being adhered to. Rathin Roy, member of the Economic Advisory Council to the Prime Minister, recently said the country might be staring at a “silent fiscal crisis” and called for a white paper on the medium-term fiscal targets.

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    09:08 (IST)29 Jul 2019
    Sector regulators need to be empowered to allow full play of market forces

    The new Budget aims to put the economy on track, which requires a real ‘big boost.’ The government has clearly declared its intent to attract investments as part of the Naya India Mission. Investment in infrastructure and technology, innovation and recapitalisation of banks to ensure finance and liquidity are national priorities. A regulatory ‘booster shot’ is one measure that can do the trick. This requires an intensive, creative, 360-degree, holistic approach. Various sectors of the economy and institutions have to fire all guns, delivering and implementing effectively to translate this goal into ground reality.

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    09:07 (IST)29 Jul 2019
    Hard times: No end in sight for economic woes

    The most telling statement during earnings season usually comes from R Shankar Raman, director, Larsen &Toubro. For nearly a dozen quarters now, Shankar Raman has been saying that private sector capex is some time away. This time around too, he was as pessimistic, estimating it could take anywhere between 12-18 months before the private sector starts adding capacity. That is pretty much the tone. The Asian Paints management believes the environment is challenging and is keeping its fingers crossed the monsoon is a good one. At HUL, the management suggested no triggers for an immediate demand recovery, citing the slow rhythm of the economy and persistent channel liquidity issues. 

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    09:06 (IST)29 Jul 2019
    Trade war: US-China talks set to resume as neither seems eager for deal

    Almost three months after their trade talks broke down in acrimony, Chinese and American negotiators meet again in Shanghai this week amid tempered expectations for breakthroughs in their year-long trade war. Two days of talks are scheduled to restart Tuesday after a truce reached by Presidents Donald Trump and Xi Jinping on the sidelines of the Group of 20 summit in Osaka, Japan, last month. Deep tensions remain, though, and recent days have brought mixed signals from both sides, with neither showing an urge to compromise.

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    09:05 (IST)29 Jul 2019
    Asian shares drift into trade talks, Fed test

    Asian shares drifted lower on Monday as markets anxiously counted down to a likely cut in U.S. interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline. U.S. and Chinese trade negotiators also meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough. Data on the weekend showed profits earned by China’s industrial firms contracted in June, fuelling concerns that the bruising trade war will drag on economic growth.

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