Share Market highlights: Sensex ends 164 pts up; Nifty above 11,000; Yes Bank, Maruti Suzuki top gainers

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Updated:Sep 09, 2019 3:41:40 pm

 Sensex Today highlights: The headline indices Sensex and Nifty rebounded on Monday afternoon, led by a rally in heavyweight financial stocks. The Sensex closed 164 points higher to 37,145.

Sensex, equity markets, FMCG, NSE benchmark, US, China, Asian markets, Nifty, foreign portfolio investors, BSE sensexThe Sensex closed 164 points higher to 37,145, while the Nifty ended the session above the 11,000-mark.

Share Market highlights: The headline indices Sensex and Nifty rebounded on Monday afternoon, led by a rally in heavyweight financial stocks. The Sensex closed 164 points higher to 37,145, while the Nifty ended the session above the 11,000-mark at 3.30 pm. Yes BankMaruti Suzuki, L&T were among the biggest gainers in Sensex, surging up to 4.2%. HCL Tech, Infosys, Tech Mahindra emerged among the biggest losers, shedding up to 1.5%. Asian stocks eked out modest gains on Monday, amid a cautious market mood as investors pinned expectations on likely stimulus to support growth in the world’s major economies, which showed further signs of struggle, Reuters reported.

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Highlights

    15:41 (IST)09 Sep 2019
    BSE live: Sensex ends 164 pts up; Nifty above 11,000; Yes Bank, Maruti Suzuki top gainers

     The headline indices Sensex and Nifty rebounded on Monday afternoon, led by a rally in heavyweight financial stocks. The Sensex closed 164 points higher to 37,145, while the Nifty ended the session above the 11,000-mark at 3.30 pm. Yes Bank, Maruti Suzuki, L&T were among the biggest gainers in Sensex, surging up to 4.2%. HCL Tech, Infosys, Tech Mahindra emerged among the biggest losers, shedding up to 1.5%. A look at LIVE Sensex heatmap.

    14:52 (IST)09 Sep 2019
    Patanjali’s success a lesson for Dabur; now, Ayurveda will be focus

    As homegrown FMCG leader Dabur looks to ramp up its sales, rivals Patanjali Ayurved and Himalaya have shown the way. Unveiling the company’s plans to get Dabur’s growth on track, newly appointed CEO Mohit Malhotra said that the company had shifted focus from core business over the past 15 years and wants to bring Ayurveda to Indian mainstream. To that end, Dabur may be encouraged as “Patanjali and Himalaya in recent years have shown the way toward growing the category, albeit with moderate eventual success,” Motilal Oswal said in a recent report. 

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    14:51 (IST)09 Sep 2019
    Patanjali’s success a lesson for Dabur; now, Ayurveda will be focus

    As homegrown FMCG leader Dabur looks to ramp up its sales, rivals Patanjali Ayurved and Himalaya have shown the way. Unveiling the company’s plans to get Dabur’s growth on track, newly appointed CEO Mohit Malhotra said that the company had shifted focus from core business over the past 15 years and wants to bring Ayurveda to Indian mainstream. To that end, Dabur may be encouraged as “Patanjali and Himalaya in recent years have shown the way toward growing the category, albeit with moderate eventual success,” Motilal Oswal said in a recent report. 

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    14:45 (IST)09 Sep 2019
    GST deadline extended: Check new date for filing FY 2017-18 annual tax return

    The government has extended the deadline to file the annual GST return filing deadline for the last financial year 2017-18. GST assessees now have until 30 November 2019 to file their FY 2017-18 annual tax returns, extended from the earlier 31 August 2019. The due date for filing annual return forms and annual audit forms for the financial year 2017-18 i.e. GSTR-9, GSTR-9A and GSTR-9C respectively was primarily December 31, 2018, which was already extended to August 31, 2019.  The annual return form, GSTR-9 is an annual summary of the supplies made by a registered entity, tax paid on such supplies, input tax credit claimed, ineligible credits, demands and refunds, and the HSN on outward and inward supplies.

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    14:18 (IST)09 Sep 2019
    PwC off the hook in Satyam scam as SEBI’s 2-year ban overturned by SAT

    Consulting giant PricewaterhouseCoopers is off the hook in the Rs 7,800-crore Satyam scam as Securities Appellate Tribunal or SAT has overturned SEBI’s 2-year audit ban order. Last year, market regulator Sebi’s had placed a 2-year ban on PricewaterhouseCoopers (PwC) in India, following its role in fraud hit B Ramalinga Raju-led Satyam fiasco. However, the Securities Appellate Tribunal has partly allowed disgorgement of the Rs 13 crore fee from the auditor. The tribunal has set aside ban on PwC,  saying that only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.

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    11:53 (IST)09 Sep 2019
    Not just slowing car sales, investors must also worry about where those cars will be driven

    India’s plunging auto sales are making investors nervous. Their bigger worry should be the vanishing new roads.The country’s top six automakers reported a 29% decline in August sales. A 45% slump in commercial vehicle sales by Tata Motors Ltd., the No. 1 Indian truck maker, added to the gloom. With GDP growth facing its longest slump since 2012, India is in a quasi-recession, Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai, said in a report this week.

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    11:26 (IST)09 Sep 2019
    Emerging markets veteran bets on gold; here's why yellow metal may shine for investors

    Even as gold prices continue to trade near record levels, emerging markets veteran Mark Mobius feels that owning the yellow metal metal in physical form is the way to go for investors. Notably, gold prices recently hit a record high of Rs 39,885 for 10 grams last week. According to Mark Mobius, gold is set to gain as interest rates continue to fall globally. "Physical gold is the way to go, in my view, because of the incredible increase in money supply. All the central banks are trying to get interest rates down, they are pumping money into the system. Then, you have all of the cryptocurrencies coming in, so nobody really knows how much currency is out there,” Mobius, the founding partner of Mobius Capital Partners said in an interview to CNBC. 

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    10:48 (IST)09 Sep 2019
    BSE live: Sensex extends gains; Nifty above 11,000; HUL, ICICI Bank top gainers

    The headline indices Sensex and Nifty rebounded in the late morning trade on Monday. The Sensex was was up about 150 points to 37,133, while the Nifty was trading above the crucial 11,000-mark at 10.45 am. HCL Tech, Tata Motors, Maruti Suzuki shares emerged among the biggest losers, shedding up to 2%. ICIC Bank, HUL, Sun Pharma, Bharti Airtel were trading up to 2% higher. A look at LIVE Sensex heatmap.

    10:25 (IST)09 Sep 2019
    Relief for biscuit makers on cards: GST panel may assess demand to cut tax rate

    GST fitment committee will assess the long-standing demand of biscuit makers’ to provide GST relief on biscuits and the same is likely to be addressed in the upcoming GST Council Meet on 20 September, CNBC TV-18 reported on Monday. However, the committee is not in favour of GST rate cuts and has rejected the demand in the past, the news channel added. While several industry leaders have been requesting the government for reducing rate on biscuits for about two years now, Parle Products, the company famous for Parle-G biscuits had recently brought the issue to the limelight and stated that the company may have to lay off several thousands of employees if the industry’s demand is not meted out.

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    10:01 (IST)09 Sep 2019
    Asia edge up as weak data lift stimulus hopes

    Asian stocks tip-toed higher on Monday amid a cautious market mood as investors hoped for stimulus to support growth in the world’s major economies MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1%. The Shanghai Composite Index was up 0.4% . Australian stocks edged up 0.1%, South Korea’s KOSPI rose 0.7% and Japan’s Nikkei was up 0.4%. The Dow rose 0.25% and the S&P 500 edged up 0.1% on Friday. Global equity markets received a lift after China’s central bank said on Friday it was reducing how much cash banks must hold in reserve, releasing liquidity to shore up an economy slowed by the Sino-U.S. trade conflict.

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    09:37 (IST)09 Sep 2019
    Jack Ma to step down as Alibaba chairman; here’s how he will follow Bill Gates’ footsteps

    Jack Ma steps down next week as chairman of Alibaba, but the start-up he built into and online retail behemoth is expected to keep thriving into a new era thanks to a culture of innovation he helped nurture. A former English teacher whose often playful image shattered the stereotype of the drab Chinese executive, Ma officially leaves on Tuesday, his 55th birthday. Ma plans to put his vast fortune – among China’s biggest at USD 41 billion – into initiatives serving his first love, education, following the footsteps of a fellow tech innovator he admires: Bill Gates. The departure of charismatic founders from big tech companies typically causes hand-wringing and wobbling share prices, but not at Alibaba.

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    09:23 (IST)09 Sep 2019
    BSE live: Sensex down 180 points; Nifty near 10,900; Maruti Suzuki, Tata Motors top losers

    The headline indices Sensex and Nifty opened lower on Monday morning, tracking global cues. The Sensex was down about 180 points to 36,800, while the Nifty wass trading near the 10,900-mark at 9.20 am. Tata Motors, Maruti Suzuki shares emerged among the biggest losers, shedding up to 2%. Sun Pharma, Bharti Airtel were trading up to 1% higher. A look at LIVE Sensex heatmap.

    09:06 (IST)09 Sep 2019
    Investment bankers in IPOs are like ticket scalpers in theatre world, says famed Silicon Valley investor

    Prominent venture capitalist and partner at Sequoia Capital Michael Moritz has said that investment bankers in IPOs of technology companies are like ticket scalpers and that more companies are realising that they don’t need such investment bankers anymore, CNBC reported citing Financial Times. Moritz had made fortunes from his early bets on Google and Yahoo. Music streaming app Spotify and workplace messaging platform Slack, which went for direct listings last year and June this year respectively, have pushed those companies to list without paying enormous fees to investment bankers or enabling them to determine which financial firms get big allocation of their stock.

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    08:55 (IST)09 Sep 2019
    Indian banks a dwarf on global stage; this bank will be India’s lone entry for years to come

    PSU Bank Merger: Modi government’s decision to merge 6 public sector banks with 4 larger banks may not be enough to provide the kind of scale and size the government is looking for to achieve the rapid economic growth witnessed in other parts of Asia. The rapid growth witnessed in other Asian economies like China, South Korea, Taiwan, Malaysia and Indonesia were funded by the financial muscle of their banks. Chinese banks played a crucial role in the sustained double-digit growth of the country for nearly three decades, the same is true with other Asian Tigers.

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    08:54 (IST)09 Sep 2019
    Patanjali to infuse Rs 3,438 crore in Ruchi Soya to settle dues

    Baba Ramdev-led Patanjali Ayurved, which got the NCLT approval last week to acquire Ruchi Soya in an insolvency process, will infuse over Rs 3,438 crore as equity and debt to settle dues of creditors of the debt-laden firm. Ruchi Soya informed the exchanges that the National Company Law Tribunal (NCLT), Mumbai in its order dated September 6 approved Patanjali’s Rs 4,350 crore resolution plan with certain modifications that were accepted by the bidder.

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    08:50 (IST)09 Sep 2019
    Car sales slump: No let-up in pain across segments

    Amidst continued pain across auto segments, MHCV reported the sharpest decline of ~60% y-o-y as a result of channel de-stocking & weak retails. Maruti, PVs reported 30%+decline for second successive month—our channel checks suggest continued weak retails and higher discounts. Most 2W OEMs reported 20%+ volume decline with Suzuki continuing to outperform. Sharp improvement in monsoon has not yet showed in tractor wholesale, which continued to decline 16% y-o-y.

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    08:49 (IST)09 Sep 2019
    V-Mart rating | Buy — Company is poised for growth

    The V-Mart stock has slipped ~30% over the past four months. This we attribute to the company’s soft performance over the past two quarters amidst the general slowdown in the economy and weak equity markets (low liquidity). However, we envisage the company bouncing back from Q4FY20 riding good monsoon recovery and the government’s policy push to boost liquidity & the economy. Moreover, with the 3x revenue jump goal post over FY19-24 (implying ~25% CAGR), V-Mart has started investing presciently in capabilities across functions, which we believe will start bearing fruit.

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    08:48 (IST)09 Sep 2019
    ICICI Bank rating | Buy — Bank in a position to deliver on its goals

    As the corporate loan book reflects improved underwriting ability and a granular retail book (led by unsecured retail and cards) emerges as the largest contributor in the credit pie, we expect ICICI Bank to deliver ~100% earnings CAGR (low base effect as well) over FY18-21 (almost tripling of RoA to 1.2% by FY21e). Turnaround in asset quality is visible and management has maintained its credit cost guidance at 120-130 bps for FY20. Thus, the bank is best placed to play the NPA recovery cycle and offers healthy risk-reward at current levels. Reiterate ICICIBC as one of our preferred picks in the banking space with SoTP-based target price of Rs 500 (2.3x FY21e ABV on core book).

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    08:42 (IST)09 Sep 2019
    Time to unlock the Brexit relief fund

    If the UK parliament can’t clean up the Brexit mess, it might be time for Europe to start spending instead. The economic impact of a worst-case no-deal Brexit on the rest of the European Union is estimated to amount to $250 billion by 2030, according to the International Monetary Fund. Back in 2017, Ireland suggested that was a good reason to deploy one of the bloc’s financial lifelines. Known as the “Globalisation Adjustment Fund,” it was intended to support the re-training and re-employment of people who had lost their jobs due to global phenomena like cheap competition abroad, or financial crises. It might now need to do the reverse: Help victims of de-globalisation and rising barriers to trade.

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    08:41 (IST)09 Sep 2019
    For want of liquidity, a slowdown is born

    Choked by water, but starved of liquidity—if there is one phrase that can sum up India’s predicament today, it would be this. India’s GDP growth has been driven by consumption, and credit has been the lynchpin of this. In India, credit is the de jure realm of banks but the de facto business of non-banking finance companies (NBFCs). The seeds of this slowdown lie in the NBFC crisis and the subsequent drying up of credit, which has hobbled consumption. Indian banks were reeling under a mountain of NPAs—peaking at 11.5% gross of all advances made by the banking system as of March 31, 2018. 

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    08:40 (IST)09 Sep 2019
    5G auction: Telecom panel to meet on September 19 to finalise spectrum price

    The Digital Communications Commission (DCC) is scheduled to meet on September 19 to finalise the pricing and other modalities for the upcoming spectrum auction. As per sources, an internal committee of the DoT has already approved the revised recommendations regarding the auction submitted by the Telecom Regulatory Authority of India (Trai). The regulator has largely stuck to its recommendation on the reserve price of spectrum, including for the 5G band. In June, amid an industry disquiet over pricing of spectrum, the DCC had decided to ask Trai to reconsider its spectrum recommendations to ensure competition and greater participation of larger set of players in auctions slated for 2019.

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    08:40 (IST)09 Sep 2019
    Sweetening the deal: Farmers may get Rs 6,000 per acre to shun sugarcane farming

    Given the ever-rising fiscal burden and depletion of water tables owing to farmers in areas with low irrigation coverage choosing to cultivate water-guzzling crops, a government panel is considering recommending special incentives to dissuade farmers from growing sugarcane in water-scarce areas.

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    Next Stories
    1ICICI Bank rating | Buy — Bank in a position to deliver on its goals
    2V-Mart rating | Buy — Company is poised for growth
    3Investment bankers in IPOs are like ticket scalpers in theatre world, says famed Silicon Valley investor