Share Market Highlights: Sensex ends 337 points up, Nifty near 10,950; Maruti, Tech Mahindra top gainers

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Updated:Sep 06, 2019 3:44:29 pm

Sensex today | Live: The headline indices Sensex and Nifty extended gains in the afternoon trade on Friday. The Sensex closed 338 points up at 36,981.

Sensex, Nifty news, stock market news, FM Nirmala Sitharaman news, Finance Minister, Nirmala Sitharaman, stock market update, FPI tax, reforms, FPI taxThe Sensex closed 338 points up at 36,981 at 3.30 pm, while the Nifty closed above the 10,950-mark.

Share Market Today | Live Updates: The headline indices Sensex and Nifty extended gains in the afternoon trade on Friday. The Sensex closed 338 points up at 36,981 at 3.30 pm, while the Nifty closed above the 10,950-mark. Maruti Suzuki, Tech Mahindra, Tata Steel shares were among the biggest gainers, jumping up to 5%. Sun Pharma, Yes Bank shares slumped up to 2%. Shares of billionaire Mukesh Ambani led Reliance Industries closed 2% higher after the commercial roll-out of Jio Giga Fiber. Asian stocks tracked global peers and rose on Friday while safe havens such as government bonds and the yen were sold amid signs of easing US-China trade tensions and as firm US economic data bolstered risk appetites. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, putting it on track for a 2% weekly gain – which would make it the best week since mid-June, Reuters reported. We bring to highlights.

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Highlights

    15:44 (IST)06 Sep 2019
    BSE live: Sensex ends 337 points up, Nifty near 10,950; Maruti, Tech Mahindra top gainers

    The headline indices Sensex and Nifty extended gains in the afternoon trade on Friday. The Sensex closed 338 points up at 36,981 at 3.30 pm, while the Nifty closed above the 10,950-mark. Maruti Suzuki, Tech Mahindra, Tata Steel shares were among the biggest gainers, jumping up to 5%. Sun Pharma, Yes Bank shares slumped up to 2%. A look at LIVE Sensex heatmap.

    15:20 (IST)06 Sep 2019
    OYO now in Mexico: Company ramps up global operations with Latin American expansion

    Ritesh Agarwal-founded hospitality firm OYO has now set its foot in Mexico, expanding its list of international destinations where the company operates. OYO has expanded in Mexico as a part of its plan to ramp up operations in the Latin American market, PTI reported citing unidentified sources. "Mexico, being an emerging tourist destination, is surely on the cards. However, we can't confirm this at the moment," Abhinav Sinha, Global COO, OYO Hotels and Homes, said in a statement.

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    14:30 (IST)06 Sep 2019
    Mukesh Ambani’s JioFiber to bite MTNL, BSNL; customers may move to Jio.

    Mukesh Ambani’s JioFiber is out now and the ambitious broadband network is likely to sway customers of PSU telecom firms MTNL and BSNL away. “There could be a churn, especially for customers who are paying in the range of Rs 500-600 a month,” Nitin Soni, director at Fitch Ratings, said in an interview to CNBC TV18.

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    14:27 (IST)06 Sep 2019
    Delayed MSME payments: Nitin Gadkari says not enough complaints filed, need more filings to take action

    MSME minister Nitin Gadkari on Thursday urged small businesses to file their complaints on the MSME Samadhaan portal with respect to delayed payments, particularly from the government undertakings, state governments etc., in order to take this up with cabinet secretary, state governments and other respective departments. MSME Samadhaan was launched in October 2017 for filing applications against the buyer before the concerned MSE Facilitation Council of the MSME’s respective state. However, there is no central authority to take action on behalf of MSMEs against their buyers for failing to pay dues in time.

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    14:20 (IST)06 Sep 2019
    China will get hurt more in trade war with US: IMF chief economist Gita Gopinath

    China is likely to bear a bigger brunt than the United States in the ongoing trade war, which started more than a year ago between two of the world’s largest economies, IMF Chief Economist Gita Gopinath said. Both the countries have imposed hefty tariffs on imports of products from the rival nation. “In terms of the impact of US versus China, the bigger impact is on China in our estimates at this point. That just comes from the fact that the US is a much more closed economy, relies much more on domestic demand while China relies a lot more on external trade,” Gita Gopinath told Bloomberg TV in an interview this week.

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    14:00 (IST)06 Sep 2019
    Finance Ministry tells auto makers; if you want GST rate cut, bring states on board

    With automobile sales seeing a slowdown, Finance Ministry has asked the manufacturers and equipment makers to bring states on board to find a solution to the problem.The auto makers and OEMs (Original Equipment Manufacturers) should update the states about the challenges being faced by them, TV news channel ET Now showed Anurag Thakur, Minister of State for Finance and Corporate Affairs, telling the reporters. Even as the government is open to talks on auto GST rate cut, the states must also be brought on the same page for a consensus to emerge in the next GST Council meeting, he added.

    13:59 (IST)06 Sep 2019
    Another Nirmala Sitharaman press conference today? More relief measures for economy likely

    Taking forward Finance Minister Nirmala Sitharaman’s recent series of relief measures for the economy suffering from a slowdown, Ministry of Finance officials will meet Maharatna and Navratna PSU companies’ heads today, in an effort to pump more liquidity into the system. The officials, in their meeting with heads of large PSUs and financial advisors, are also expected to tell them to quickly clear the overdue payments to the vendors, especially MSMEs. Expenditure Secretary G C Murmu will chair the meeting, and will also review the progress of current year projects and schemes to be implemented after budget by various ministries.

    13:57 (IST)06 Sep 2019
    Borrowers must watch for this even as RBI mandates banks to link loans with external benchmarks

    Even as RBI made it mandatory for banks to link all floating loans to external benchmark for better interest rate transmission, the borrowers may have something to be concerned about. The borrowers availing loans under the new regime should be ready for the frequent changes in the rates of the loans, a report said. The retail customers may now get cheaper loans in the current scenario of falling interest rates, but they may also face challenges as the rates rise, CARE Ratings said in a report. “The cost of increased interest rate volatility as the changes both lower/ higher would be reflected much faster,” it added. The housing loans segment which accounts for more than 13 per cent of the bank credit would be the most hit as it has a variable interest rate, the report noted. The other segments including vehicle or credit card loans generally have a fixed interest rate. “The banks NIMs could be squeezed to the extent of lag in lowering their deposit rates. The new dispensation could aggravate their asset-liability mismatch. Ideally both sides should be moved to similar benchmarks to ensure an appropriate operational environment,” CARE Ratings added.

    13:18 (IST)06 Sep 2019
    PSU banks' m-cap is even lower than the money govt has given in recapitalisation

    The combined market capitalisation of all PSU banks has fallen below the amount of money these state-run lenders have received from the government in the last five year by way of recapitalisation, prominent fund manager Nilesh Shah has pointed out. The market cap of PSU banks, excluding SBI, fell to Rs 2.3 lakh crore, which is less than the Rs 2.5 lakh crore bank recapitalisation given out in the last five years, Nilesh Shah, MD, Kotak Mahindra AMC, said this week. This week, PSU bank shares tumbled after the Narendra Modi government announced a mega merger drive.

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    11:44 (IST)06 Sep 2019
    Mukesh Ambani’s disruptive Jio GigaFiber launch may not hurt Bharti Airtel much

    After billionaire Mukesh Ambani-led Reliance Jio announced the much awaited commercial roll-out of Jio GigaFiber, global firm CLSA noted that it may have limited impact on Bharti Airtel’s estimates. Analysts say that Bharti Airtel’s offerings can effectively counter Jio’s disruptive plans. Yesterday, Reliance Jio made a commercial debut into India’s FTTH broadband sector with plans as low as Rs 699. Jio’s latest offerings include FTTH high-speed broadband up to 1Gbps, live TV, online gaming, group video calls, and more will be available to Jio Fiber customers across 1600 cities in India.

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    10:35 (IST)06 Sep 2019
    Jail term, heavy fines on celebrities for misleading ads: CAIT’s demand from Minister Paswan

    Small traders’ body CAIT has sought jail term for celebrities and brand ambassadors if they are found guilty of misleading advertisement, the Confederation of All India Traders communicated to Union Consumer Affairs Minister Ram Vilas Paswan on Thursday. CAIT has also said that fines for the false endorsements should be raised from the current levy of Rs 10 lakh “as rich people will enjoy relaxations in government rules” if merely Rs 10 lakh are levied from offenders, CAIT said.

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    10:24 (IST)06 Sep 2019
    Fighting slowdown: Govt needs a holistic approach to revive the ailing economy

    The Indian economy is going through one of the most difficult phases in the post-Liberalisation era. Economic growth in the first quarter of this financial year (2019-20) has slipped to a six-year low of 5%. The manufacturing sector expanded by just 0.6%, while agriculture grew 2% and construction 5%. The inflation-adjusted GDP growth has slipped to 6.8% in 2018-19 from 7.2% in the previous year. Corporate results in each of the quarters reflect a slowdown in profit growth across all sectors, limiting the industry’s capacity to modernise or expand.

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    10:04 (IST)06 Sep 2019
    Kashmir Fallout: Pakistan stock market to stop trading in second session to mark 1965 war with India

    Pakistan’s stock market will be shuttered for a second trading session this week to mark solidarity with the disputed Muslim-majority region of Kashmir after India’s government revoked the restive province’s autonomy. The stock market will be closed for a half day on Friday to mark Defence Day, which is observed in Pakistan to remember the start of the 1965 war with India over Kashmir, the exchange said in a statement on Thursday.

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    09:24 (IST)06 Sep 2019
    BSE live: Sensex extends gains, Nifty near 10,900; RIL, Tech Mahindra shares up

    The headline indices Sensex and Nifty opened higher on Friday morning, tracking global cues. The Sensex was up 163 points to 36,808 at 9.20 am, while the Nifty was trading neat the 10,900-mark. Tech Mahindra, Bharti Airtel shares were among the biggest gainers, jumping up to 4%. Sun Pharma, Yes Bank shares slumped up to 3%. Shares of billionaire Mukesh Ambani led Reliance Industries are trading marhinally higher after the commercial rollout of Jio Giga Fiber. A look at LIVE Sensex heatmap.

    09:12 (IST)06 Sep 2019
    Government to commission Rs 5,00,000 crore road projects in next three months

    To boost demand for commercial vehicles, the government will commission 68 road construction projects worth Rs 5 lakh crore in the next three months, Union minister Nitin Gadkari said on Thursday, while reiterating that petrol and diesel-engine vehicles will not be banned even as the country’s huge crude oil import and inflated levels of pollution remain a concern. Speaking at the Society of Indian Automobile Manufacturers (Siam) conclave, the minister of road transport and highways said the road projects will generate demand for construction equipment and heavy commercial vehicles, sales of which has remained subdued for the past eight to nine months. 

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    09:11 (IST)06 Sep 2019
    JSW Steel’s Rs 19,700 crore bid for Bhushan Power & Steel gets NCLT nod

    Sajjan Jindal-promoted JSW Steel has finally won Bhushan Power and Steel (BPSL) with its Rs 19,700-crore bid having been accepted by the National Company Law Tribunal (NCLT). At this price, bankers will be taking a near 60% haircut. The appellate tribunal on Thursday okayed the bid which would see financial creditors get Rs 19,350 crore while operational creditors will get `350 crore against their admitted claims of Rs 733.76 crore, a recovery of nearly 48%. The acquisition of BPSL will make JSW Steel India’s biggest steelmaker with a capacity of over 22 million tonne. BPSL has a capacity of 3.1 million tonne per annum (mtpa). JSW Steel has already taken over another insolvent firm — Monnet Ispat — through the Insolvency and Bankruptcy Code (IBC) route; Monnet has a steel-making capacity of 1.1 mtpa.

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    08:52 (IST)06 Sep 2019
    TCS expands partnership with Norway’s Posten Norge

    Tata Consultancy Services (TCS) on Thursday announced that it had expanded its partnership with Posten Norge (Norway Post) to build a digital stack to enable product innovation and superior customer experience. According to a company statement, the expanded partnership aims to develop modern, intelligent and automated solutions for Posten. This move will accelerate Posten’s growth by enabling adoption of agile working methods, harmonising IT services and driving automation.

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    08:51 (IST)06 Sep 2019
    Cashless India? Digital payment drive not a hit with traders

    Banks may be dutifully executing the government’s cashless agenda but there’s little buy-in from merchants. Fewer than half the vendors acquired by banks have gone cashless. A good 53 banks have been chasing targets but barely a dozen can claim a 50% success ratio when it comes to their merchants accepting payments digitally. And this in urban India. Reluctant to leave a trail for the taxman, merchants, especially smaller shops, are not easily persuaded to transact digitally. Also, given that a large number of consumers are still more comfortable paying by cash, merchants, most of them offline brick-and-mortar stores, have little motive to use digital options rgularly to accept consumer payments.

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    08:51 (IST)06 Sep 2019
    Sectoral solutions are the key to reviving GDP growth

    Finance minister Nirmala Sitharaman has done well to talk of the government responding to sectoral problems as and when they are brought to the government’s attention; indeed, in her first press conference to announce changes in tax rates on FPIs etc, she had indicated that the next set of measures would be in real estate. There are, of course, macro solutions that need to be taken, such as ensuring India’s tax rates are on a par with those in competing countries like China and Vietnam, getting labour policy right, giving environment clearances quickly, and so on. Beyond that, however, everything is sectoral and the impact of policy changes will be both quicker and, possibly, even sharper.

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    08:50 (IST)06 Sep 2019
    Carmakers demand GST cut before festive season

    Auto industry executives on Thursday made a strong case for an immediate cut in GST on automobile products, stating that if it is not done before the festive season, there could be more job losses due to frequent production cuts. Pawan Goenka, managing director at Mahindra & Mahindra (M&M), said whenever there was a slowdown in auto sales in the past, a cut in taxes has helped in revival. “When the 2013-14 slowdown happened, there was a 4% reduction in excise duty, in 2008-09, it was a 6% cut. Data says immediately after the reduction, volumes went up,” Goenka said at a round-table with the media at the sidelines of the Siam annual convention.

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    08:40 (IST)06 Sep 2019
    S&P flags India’s weak public finances, low per capita income

    Ahead of its annual rating review for the country, global rating agency Standard & Poor’s (S&P) has flagged India’s weak public finances and low per capita income compared to similarly-rated economies, dashing hopes of a sovereign rating upgrade for the country in the near future. S&P has kept India’s sovereign rating unchanged at the lowest investment grade, ‘BBB-’, since 2007, citing the country’s sizeable fiscal deficit, high general government debt levels and low per capita income.

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    08:39 (IST)06 Sep 2019
    Maruti Suzuki plans captive finance company for easy loans

    Maruti Suzuki is exploring the possibility of having a captive finance company, which will help in reducing dependence of its customers and dealers on banks and NBFCs, which have been cautious in lending following a year-long slump in vehicle demand. Shashank Srivastava, executive director, sales and marketing at Maruti Suzuki, said globally manufacturers have captive finance companies which are successful. “We will examine the option and look at India-specific requirements,” Srivastava told FE.

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    08:38 (IST)06 Sep 2019
    Mukesh Ambani’s Reliance Jio looks to shake up wired broadband market

    Three years after launching its mobile services which disrupted the telecom industry with its below-cost tariffs, Reliance Jio on Thursday launched its fibre-to-the-home (FTTH), wired broadband services across 1,600 cities in the country. But unlike its mobile services, analysts do not see the tariffs here as a major disruptor. As it is, the wired broadband market isn’t big enough as it has a total base of just 18.45 million, of which the largest share is of BSNL’s at 9.09 million followed by Bharti Airtel which has 2.39 million subscribers. The other players are very small.

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    08:37 (IST)06 Sep 2019
    RBI working with fellow regulators on allowing insurance, PFs, MFs participation in securities lending

    The Reserve Bank of India (RBI) is working with fellow regulators on improving the Indian interest rate markets through development of a securities lending product that could allow participation from entities such as insurance and pension funds and mutual funds, deputy governor B P Kanungo said in Moscow. Kanungo said the central bank was working with the Insurance Regulatory and Development Authority, the Securities and Exchange Board of India and Pension Fund Regulatory and Development Authority on developing a wider pool of securities lenders from among insurance, pension funds and mutual funds to benefit short-selling activity.

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