Share Market Highlights: Sensex ends 39 points up, Nifty near 11,050; Maruti Suzuki, Yes Bank top gainers

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Updated:Aug 16, 2019 3:49:28 pm

Share Market live: The headline indices Sensex and Nifty recovered to close in the positive in the afternoon trade on Friday. The Sensex closed 39 points up at 37,350.33.

Sensex, FPI tax proposal, HCL Technologies, Tata Motors, Mahindra & Mahindra, Bajaj Auto, Index membersThe Sensex closed 39 points up at 37,350.33, while the Nifty closed 0.18% higher near the 11,050-mark.

Share Market highlights: The headline indices Sensex and Nifty recovered to close in the positive in the afternoon trade on Friday. The Sensex closed 39 points up at 37,350.33, while the Nifty closed 0.18% higher near the 11,050-mark. Yes Bank, Maruti Suzuki shares were among the biggest gainers, jumping up to 4.5%. TCS, HCL Tech, VEDL were among the top losers, shedding up to 3%. Asian shares were heading for weekly losses on Friday as conflicting messages on the Sino-US trade war only added to worries for the global economy, while talk of aggressive central bank stimulus drove bond yields to fresh lows, Reuters reported. US President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short.

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Highlights

    15:49 (IST)16 Aug 2019
    Cathay Pacific Airways CEO Rupert Hogg resigns

    Cathay Pacific Airways said CEO Rupert Hogg had resigned and named Augustus Tang as the new chief following a week of scrutiny by the Chinese aviation regulator. The airline said Paul Loo had resigned as chief customer and commercial officer, to be replaced by the head of its low-cost arm Hong Kong Express, Ronald Lam. The company statement said Hogg and Loo had confirmed they had resigned to take responsibility as leaders of the company in view of recent events and they were not aware of any disagreements with the board.

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    15:42 (IST)16 Aug 2019
    BSE live: Sensex ends 39 points up, Nifty near 11,050; Maruti Suzuki, Yes Bank top gainers

    The headline indices Sensex and Nifty recovered to close in the positive in the afternoon trade on Friday. The Sensex closed 39 points up at 37,350.33, while the Nifty closed 0.18% higher near the 11,050-mark. Yes Bank, Maruti Suzuki shares were among the biggest gainers, jumping up to 4.5%. TCS, HCL Tech, VEDL were among the top losers, shedding up to 3%.  A look at LIVE Sensex heatmap.

    15:29 (IST)16 Aug 2019
    Income Tax Return 2019: How improper investments may result into additional tax payable

    At the time of e-filing of his Income Tax Return (ITR) for the Assessment Year (AY) 2019-20, Samar Sen (name changed) found that he has to pay additional tax of over Rs 9,000 in addition to the tax deducted at source (TDS) from his salary by his employer. While the Form 16 revealed that the tax calculated on the basis of his annual salary was accurate, and Form 26AS showed that the TDS amount was also deposited to the Income Tax (I-T) Department, the additional tax payable resulted from some investments which were unsuitable or improper for him. First of all, he had some fixed deposits in banks (Bank FDs), interest on which was taxable. With Sen already in the 20 per cent tax bracket and nearing the 30 per cent mark, the Bank FDs would only increase his tax liabilities further. To avoid this, he should move his money from Bank FDs to short-term debt mutual funds (MFs) like overnight funds or liquid funds or ultra short-term funds.

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    14:56 (IST)16 Aug 2019
    Rose Valley case: CBI summons former police commissioner Rajeev Kumar

    The Special Crime branch of CBI has asked former Kolkata Police Commissioner and now ADG (CID) Rajeev Kumar to appear before the investigating officials on Friday in connection with the Rose Valley case. CBI sources said that Kumar, who had been earlier interrogated by CBI sleuths in connection with the Saradha ponzi scam, has been asked to appear before the agency officials to ascertain his role in connection with the multi-crore Rose Valley scam. Kumar had earlier been granted protection by the Calcutta High Court from any coercive action by the CBI against him in connection with the Saradha ponzi scam. He has also filed a prayer before the Calcutta High Court seeking similar protection from any coercive action being taken against him in the Rose Valley case. The prayer in connection with the Rose Valley case is yet to be taken up for hearing. (PTI)

    14:14 (IST)16 Aug 2019
    BSE live: Sensex recovers, Nifty above 11,000; Yes Bank, Maruti Suzuki top gainers

    The headline indices Sensex and Nifty recovered in the afternoon trade on Friday. The Sensex is up 120 points to 37,433, while the Nifty is trading above the 11,000-mark. Yes Bank, Maruti Suzuki shares are among the biggest gainers, jumping up to 4.5%. TCS, Tech Mahindra, VEDL are among the top losers, shedding up to 3%. A look at LIVE Sensex heatmap. 

    13:50 (IST)16 Aug 2019
    FPI tax surcharge, US-China trade war weigh on Sensex, Nifty in Q1FY20; will second half be better?

    In the last one-month Nifty 50 has corrected by 8% to 10,855. One of key factor associated with it is the aggressive selling by FPIs with a net outflow of Rs 17,500 crore during the same time. Foreign investors are cautious in the global market and are in a risk-off mode, equity market in US is down by -3.3%, German by -8% and BRICS by -5.3%. This is due to slowdown in the global economy, the last quarter GDP of important countries like US, Euro areas, China and India has been muted and estimates for CY2019 has been lowered substantially. There are fears that this slowdown can get extended to CY2020 given uncertainty about US-China trade agreement, BREXIT and geo-political issues.

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    13:45 (IST)16 Aug 2019
    Euro drops to two-week low against the dollar

    The euro fell to a two-week low on Friday against the dollar, which extended the gains it made the day before after U.S. retail sales data came out better than expected . The dollar was on course to end the week up against the euro, the Japanese yen and the Swiss franc as investors returned to riskier assets. A stable offshore Chinese yuan helped improve risk appetite. The euro was down by 0.2% at $1.108875, the lowest it has been since Aug. 2. (Reuters)

    13:14 (IST)16 Aug 2019
    Australia shares down for third week on recession, trade worries

    Australian shares gained little respite on Friday as they ended a third straight week in the red, hurt by concerns about a global economic slump and signs the U.S.-China trade war would drag on. Australia's S&P/ASX 200 index closed about 3 points lower at 6,405.5 after staying in positive territory for much of the early part of the day. The index has lost 2.7% for the week. (Reuters)

    13:13 (IST)16 Aug 2019
    Euro zone bond yields linger around record lows on recession risks

    Government bond yields in the euro area hovered near record lows on Friday, reflecting heightened expectations for European Central Bank easing soon and concern about global recession risks. Ten-year bond yields in Germany and Italy were poised to record their biggest weekly falls since mid-2018, while Spanish 10-year yields, down 23 basis points this week, are on track for their biggest weekly fall since 2016. (Reuters)

    13:12 (IST)16 Aug 2019
    Gold futures fall on weak domestic cues

    Gold futures traded lower by Rs 177 to Rs 37,986 per 10 gram on Friday due to profit-booking by participants in tandem with precious metal prices slipping overseas.   Gold for delivery in most-traded October was trading lower by Rs 177, or 0.46 per cent, to Rs 37,986 per 10 gram in a business volume of 3,044 lots. (PTI)

    13:11 (IST)16 Aug 2019
    LSE says FTSE 100 & 250 index open delayed due to technical glitch

    The London Stock Exchange said on Friday it was investigating a technical glitch, which delayed the open of the UK blue-chip FTSE 100 and FTSE midcap indexes. Reuters News' parent Thomson Reuters holds a 45% stake in Refinitiv, which is being bought out by the LSE. Thomson Reuters will own 15% in LSE after the proposed deal closes. (Reuters)

    12:41 (IST)16 Aug 2019
    IDBI Bank share price slumps to 16-year low on Q1FY20 results

    Shares of IDBI plummeted Friday and touched their 16-year low after the bank posted its Q1FY20 results on Wednesday. Today, on BSE, the shares of IDBI Bank dropped to Rs 23.80, down 12.3 per cent against the previous close. Currently, the shares are trading at Rs 25.10 per share, 7 per cent higher than the last close. The IDBI Bank reported a loss of Rs 3,800.84 crore against the loss of Rs 2,409.89 crore during Apr-Jun of last year owing to higher provisions and lower net interest income. The bank made provisions of Rs 6,332.05 crore for the June quarter as compared with Rs 5,235.96 crore during the same period in the previous year. IDBI registered net interest income at Rs 1,457.73 crore for the first quarter of FY20 as compared with from Rs 1,638.62 crore a year ago.

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    12:13 (IST)16 Aug 2019
    YES Bank raises Rs 1,930 cr through QIP route; shares up nearly 5%

    YES Bank on Friday said that it has raised Rs 1,930 crore through Qualified Institutional Placement (QIP) route following the allotment of its equity shares on August 15, 2019. The eligible qualified institutional buyers (QIBs) were allotted 23.1 crore shares of face value of Rs 2 each at Rs Rs 83.55 per shares, private lender YES Bank said in  an exchange filing. The issue saw strong response from foreign as well as from domestic QIBs, the private lender also said. “The QIP also enables a further diversification of the shareholder base of YES BANK,” it added. Shares of YES Bank were trading at Rs 80.25, up 3.70 points, or 4.83 per cent on NSE at the time of reporting.

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    11:43 (IST)16 Aug 2019
    Billionaire investor Warren Buffett’s mantra on how to lead a happy life

    Big house or pot full of money may not make you as happy as working in a job of your liking, said billionaire investor Warren Buffett. Doing what one likes and getting associated with people with the same liking is the advice by the legendary investor to the people seeking to find a mantra to lead a happy life, he added. “What would you do to live a happier life — if you could live all over again? ”, CNBC reported him as saying at a lecture he gave at the University of Florida’s School of Business in 1998.  The people should work in the jobs they love, he noted at the same event. “You’re out of your mind if you keep taking jobs that you don’t like because you think it’ll look good on your resume”, he added.

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    11:32 (IST)16 Aug 2019
    Walmart consolidated gross profit margin slips on Flipkart losses

    Walmart on Thursday said its consolidated gross profit margin declined 46 basis points on both the reported and constant currency basis due to inclusion of Flipkart in this year’s results. The US-based retailer acquired a 77% stake in Bengaluru-based e-commerce major Flipkart last year in a $16-billion deal. In the three months ended July 2019, Walmart International’s net sales declined to $29.13 billion from $29.45 billion reported in the year-ago period. Operating income fell 29.6% to $893 million in Q2 FY20 compared to the previous year, the company said.

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    11:11 (IST)16 Aug 2019
    Don’t look down on wealth creators, says PM Modi in Independence Day speech

    Prime minister Narendra Modi on Thursday cautioned against undue vilification of “wealth creators” and stressed their indispensability in nation-building and welfare of the poor, as he sought to revive India Inc’s animal spirit to reverse an economic slowdown. Delivering his first Independence Day speech since returning to power, Modi said: “We should not view wealth creators with suspicion, nor should we look down upon them. If there is no wealth creation, there won’t be wealth distribution… For me, those who create wealth are also the wealth of this nation.”

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    10:55 (IST)16 Aug 2019
    Bank of Japan now more likely to ease further, economists say: Reuters poll

    The chances the Bank of Japan eases further have increased, according to over half of economists polled by Reuters after the central bank last month committed to expanding stimulus if a global slowdown derails the economic recovery here. Should the Japanese currency strengthen to below 100 yen on the dollar - which would hurt the nation’s vital exporters - that could also prompt the central bank to loosen policy further, many analysts said. The yen firmed to a seven-month high this week. Last month, the BOJ said it would ease policy “without hesitation” if overseas risks prolong and threaten the economy’s momentum to hit its price goal. “The BOJ shifted to a preemptive easing stance,” said Hiroshi Ugai, chief economist at JPMorgan Securities Japan. “The BOJ is now willing to ease in response to risks of weakening momentum, rather than waiting for hard evidence indicating a loss of inflation momentum.” (Reuters)

    10:43 (IST)16 Aug 2019
    SAIL to raise Rs 5,000 crore through NCDs, bonds

    Sitting on a high debt of Rs 48,500 crore at the end of the first quarter of the current fiscal, Steel Authority of India (SAIL) proposes to raise further debt by up to Rs 5,000 crore in the next one year through private placement of secured non-convertible debentures/bonds. The company intends to use the debt to part-fund its ongoing capacity programme and convert some short-term debts into longer tenure. According to Edelweiss, SAIL has a Rs 3,200-crore debt repayment obligation in the current fiscal. SAIL also proposes to spend Rs 4,000 crore on capacity expansion this fiscal.

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    10:35 (IST)16 Aug 2019
    Hero MotoCorp manufacturing plants to remain shut for 4 days till August 18

    The country’s largest two-wheeler maker Hero MotoCorp on Friday said its manufacturing plants have been shut for four days till August 18 to as part of annual routine and also to adjust production in line with current market demand. In a regulatory filing, Hero MotoCorp said its manufacturing facilities will be closed from August 15 to 18, 2019. “While this has been part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend, it also partly reflects the prevailing market demand scenario,” the company added.

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    10:11 (IST)16 Aug 2019
    PSU banks post profits in Q1 on strong treasury gains

    Public sector banks (PSBs) turned in a collective profit in Q1FY20 — the first time in more than two years — on the back of strong treasury gains. Nonetheless, the aggregate profit of Rs 3,948 crore was well below that of private player HDFC Bank’s Rs 5,568 crore. Among the clutch of 19 PSBs, four continued to report losses in the June quarter — Syndicate Bank, UCO Bank, Indian Overseas Bank (IOB) and Punjab & Sind Bank. The last time PSBs reported an aggregate profit was in Q4FY17.

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    09:58 (IST)16 Aug 2019
    China doing very poorly as a result of trade war, says US President Donald Trump

    US President Donald Trump has said that China is doing very poorly as a result of the trade war and the “longer it goes on, the stronger we get”. Asserting that the United States is “having a very good discussion” on a trade deal with China, Trump told reporters at the Morristown airport in New Jersey that he will speak with Chinese President Xi Jinping “very soon”. On the protests in Hong Kong which have been going on since early June, the US president said that Xi can “humanely” solve the problem so that “everybody is happy”.

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    09:30 (IST)16 Aug 2019
    Explained: Why WTO needs an interim arbitration body

    For more than two years, the US has obdurately opposed the appointment of persons to fill vacancies in the seven-member Appellate Body (AB) of the WTO. As a result, the strength of the AB has already been reduced to three. The matter will come to a head on December 11, 2019, when two more members retire and the requirement of a quorum of three members can no longer be met. The AB will not be functional any more.

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    09:30 (IST)16 Aug 2019
    It might be prudent for government to take a relook at IBC amendments

    The recent amendments to the Insolvency and Bankruptcy Code (IBC) aim to address roadblocks to the resolution process, especially the time limit for its completion. The amendments clarify that resolution, including litigation, must be completed within a maximum of 330 days. Key to the successful implementation of this timeline is the reduction of the amount of litigation arising from the insolvency resolution process.

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    09:28 (IST)16 Aug 2019
    General Electric shares plunge after fraud accusation

    General Electric shares plunged Thursday after an accounting expert accused the company of fraud, an allegation the industrial giant strongly denied. Harry Markopolos, who warned securities regulators about the Bernard Madoff investment scheme years before that firm went under, accused GE of “running a decades long accounting fraud,” according to information on gefraud.com, a website set up by Markopolos and his associates.

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    09:27 (IST)16 Aug 2019
    After Ease of Business jump, Ease of Living is Modi’s real goal

    After recording a jump on the ease of doing business index, Prime Minister Narendra Modihas ease of living as his government’s next goal. Now, India doesn’t need an incremental growth, but a high jump, Prime Minister Narendra Modi said addressing the nation on the occasion of the 73rd Independence Day from the ramparts of the Red Fort in the national capital. India last year moved 23 points in ease of doing biz to 77th place, becoming top ranked country in South Asia for first time.

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    09:27 (IST)16 Aug 2019
    Slowdown more evident in rural India; FMCG companies think these 4 concerns are slowing economy

    The impact of the deepening consumption slowdown is being felt beyond discretionary purchases such as vehicles and durables with fast-moving consumer goods (FMCG) companies manufacturing small-ticket items such as soaps, biscuits and other daily essentials reporting a steady slide in consumer sentiment. There is an emerging consensus among FMCG majors that, like their automobile counterparts, the impact of the slump is more evident in rural India and that, in geographical terms, the north is the worst hit.

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    09:25 (IST)16 Aug 2019
    BSE live: Sensex down 200 points, Nifty below 11,000; Yes Bank, ONGC top gainers

    The headline indices Sensex and Nifty opened marginally lower on Friday morning, tracking global cues. The Sensex is down 275 points to 37,035, while the Nifty is trading below the 11,000-mark. A look at LIVE Sensex heatmap.

    09:18 (IST)16 Aug 2019
    Oil gains after strong US retail sales help ease recession worries

    Crude oil prices rose on Friday after two days of declines, buoyed following data showing a rise in U.S. retail sales helped ease some concerns about a recession in the world’s biggest economy. Brent crude was up 31 cents, or 0.5%, at $58.54 a barrel at 0047 GMT, after falling 2.1% on Thursday and 3% the previous day. U.S. crude was up 43 cents, or 0.8%, at $54.90 a barrel, having fallen 1.4% the previous session and 3.3% on Wednesday.

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    09:17 (IST)16 Aug 2019
    Asia stocks nurse losses, bonds hold huge gains

    Asian shares were heading for weekly losses on Friday as conflicting messages on the Sino-U.S. trade war only added to worries for the global economy, while talk of aggressive central bank stimulus drove bond yields to fresh lows. U.S. President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short.Beijing on Thursday vowed to counter the latest tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal.

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    09:16 (IST)16 Aug 2019
    China doing very poorly as a result of trade war, says US President Donald Trump

    US President Donald Trump has said that China is doing very poorly as a result of the trade war and the “longer it goes on, the stronger we get”. Asserting that the United States is “having a very good discussion” on a trade deal with China, Trump told reporters at the Morristown airport in New Jersey that he will speak with Chinese President Xi Jinping “very soon”. On the protests in Hong Kong which have been going on since early June, the US president said that Xi can “humanely” solve the problem so that “everybody is happy”.

    Full story