Share Market Highlights: Sensex ends 624 points down, Nifty below 11,000; Yes Bank, Bajaj Finance plunge

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Updated:Aug 13, 2019 4:05:48 pm

Share Market highlights: After opening lower, the headline indices Sensex and Nifty extended losses to end lower on Tuesday. The Sensex closed 637 points lower at 36,944.81.

Sensex, FPI tax proposal, HCL Technologies, Tata Motors, Mahindra & Mahindra, Bajaj Auto, Index membersThe Sensex closed 637 points lower at 36,944.81 while the Nifty ended 1.65% down at 10,925.85.

Share Market highlights: After opening lower, the headline indices Sensex and Nifty extended losses to end lower on Tuesday. The Sensex closed 637 points lower at 36,944.81 while the Nifty ended 1.65% down at 10,925.85. Reliance Industries shares closed 9.34% higher at Rs 1,270.50 after the firm made a slew of disruptive announcements and a plan to achieve a net debt of zero within the next 18 months. However, the broader markets declined, as financial heavyweights including HDFC twins, Yes Bank, Bajaj Finance, Maruti Suzuki, M&M, Bharti Airtel plunged up to 11%. Asian shares fell on Tuesday as fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina’s peso currency drove investors to safe harbours like bonds, gold, and the yen. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26% while Japan’s Nikkei tumbled 1.28%, Reuters reported. We bring to you live updates.

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Highlights

    16:05 (IST)13 Aug 2019
    BSE live: Sensex ends 624 points down, Nifty below 11,000; Yes Bank, Bajaj Finance plunge

    After opening lower, the headline indices Sensex and Nifty extended losses to end lower on Tuesday. The Sensex closed 637 points lower at 36,944.81 while the Nifty ended 1.65% down at 10,925.85. Reliance Industries shares closed 9.34% higher at Rs 1,270.50 after the firm made a slew of disruptive announcements and a plan to achieve a net debt of zero within the next 18 months. However, the broader markets declined, as financial heavyweights including HDFC twins, Yes Bank, Bajaj Finance, Maruti Suzuki, M&M, Bharti Airtel plunged up to 11%. A look at LIVE Sensex heatmap.

    15:56 (IST)13 Aug 2019
    Future Retail shares end higher after reports that Amazon is set to pick 10% stake in Kishore Biyani’s firm

    Shares of retail tycoon Kishore Biyani led Future Retail cosed higher after reports that Jeff Bezos’ Amazon is set to pick up a 10% stake in the firm. Future Retail share price closed 1% higher at Rs 408.40 on BSE.  News agancy Bloomberg reporte that Amazon  is in late-stage talks to acquire as much as 10% of India’s Future Retail. as the US headquartered company looks to bolster its brick-and-mortar presence in one of the world’s fastest-growing retail markets. "India’s No. 2 retailer by turnover, Future is seeking a valuation of about 20 billion rupees ($281 million) from Amazon for the stake," Bloomberg reported citing sources aware of the development.

    15:13 (IST)13 Aug 2019
    Auto sales dip in every segment; no respite even after 9 month-slowdown

    The ongoing slowdown in auto sales is not taking a turn for the better even after nine months of continuous decline. With an overall sales dip of 13.57 per cent in April-July 2019 as compared to the corresponding period last year and the Passenger Vehicles sales alone down by over 21%, the auto industry is witnessing a major demand slump for some time now. The production of vehicles has seen degrowth of over 10% with over 97 lakh vehicles produced in April-July 2019 while over 1 crore vehicles were produced in April-July 2018, SIAM (Society of Indian Automobile Manufacturers) report said. The overall vehicles include Passenger Vehicles, Commercial Vehicles, Three-Wheelers, Two-Wheelers and Quadricycle. Financial Express Online has sent queries to SIAM for further comments. 

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    13:51 (IST)13 Aug 2019
    Britannia Industries share price slumps to 52-week low after firm’s Q1 results; should you buy stock?

    Shares of India’s major biscuit manufacturer Britannia Industries slumped to 52-week low after the firm reported weak Q1 results in the Apr-Jun period. Britannia Industries share price lost more than 3.7% to hit the day’s low at Rs 2,490.60 on BSE. This level also represents a fresh 52-week low for the stock. In the latest quarter, Britannia Industries has reported a 3.5% on-year drop in net profit to Rs 249 crore as against Rs 258.1 crore in the same quarter previous fiscal. The firm’s revenue increased 6.2% on-year to Rs 2,700.4 crore. In the comparable period previous year, Britannia had reported a revenue of Rs 2,543.8 crore. 

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    13:01 (IST)13 Aug 2019
    Karnataka looks to cement its Silicon Valley tag; wants students to launch startups through this programme

    Karnataka, which hosts top internet brands and startups in the country including FlipkartAmazon, BigBasket, Byju’s, Swiggy, Quikr, Ola etc., based in India’s Silicon Valley — Bengaluru, is eyeing even deeper penetration of its startup culture among its people, right from the school level. The startup cell of the state government’s Department of Information Technology, Biotechnology, and Science & Technology has set up an initiative — E-Step to encourage and support entrepreneurship among students. The initiative E-Step will focus on boot camps, mentoring and specific training programmes covering different facets of entrepreneurship.

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    12:55 (IST)13 Aug 2019
    BSE live: Sensex extends losses, Nifty below 11,100; RIL surges 12%

    After opening lower, the headline indices Sensex and Nifty extended decline in the afternoon trade on Tuesday. The Sensex is down about 195 points to 37,388.48, while the Nifty is trading below the 11,100-mark. Reliance Industries share price is up more than 11.5% to Rs 1,297.80, after the firm made a slew of disruptive announcements and a plan to achieve a net debt of zero within the next 18 months. A look at LIVE Sensex heatmap.

    12:49 (IST)13 Aug 2019
    Mukesh Ambani’s ‘Jio First Day, First Show’ move hits PVR, Inox; shares fall up to 10%

    After Mukesh Ambani on Monday announced at RIL’s 42nd annual general meeting (AGM) that JioFiber subscribers may soon be able to watch the ‘first day, first show’ of movies from the comfort of their homes, the shares of  multiplex chain operator PVR and Inox Leisure dropped as much as 8 per cent and 10 per cent, respectively in the early trading hours today. The shares of Dish TV were also down after trading resumed following a holiday on Monday. The customers of Reliance’s Premium Jiofiber broadband services “will be able to watch movies in their living rooms the same day these movies are released in theatres”.

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    12:32 (IST)13 Aug 2019
    Even as growth dips, this emerging market veteran still bets on India; these 3 steps may revive economy

    With the economy seeing a fall in growth, the Indian economy needs stimulus as fiscal target remains tight, said an emerging market veteran. Even as the main reason for the slowdown, both domestic and global, lies in manufacturing,  traded goods and corporate capex, the earnings may soon see a revival for the Indian companies, Jonathan Garner of MorganStanley told CNBC TV18. Among the key measures suggested include continued rationalization of goods and services tax (GST) rates, a new direct tax code to streamline direct taxes and continued prioritisation of infrastructure spending.

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    11:53 (IST)13 Aug 2019
    Default risks are increasing as investors wait stimulus measures from Modi government

    Investors are awaiting stimulus measures from the Indian government as a gloomy economic outlook adds to mounting credit market woes and raises fears defaults will spread. The government is planning measures to boost the economy and may announce some steps this week to help demand for housing, automobiles, and to spur small businesses, an official said on Friday. Credit profiles of the nation’s companies worsened to a 19-month low in July, according to a Care Ratings index that tracks 1,601 local firms. The credit market has been stung by a yearlong shadow banking crisis that started with shock defaults last year by IL&FS group. Government measures to kick-start the economy may help investors regain confidence after other missed payments by firms including non-bank financier Dewan Housing Finance Corp., travel planner Cox & Kings Ltd. and wind-turbine maker Suzlon Energy.

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    11:49 (IST)13 Aug 2019
    Bharti Airtel, Vodafone Idea shares tumble after Mukesh Ambani announces Reliance Jio’s ambitious plan

    Shares of telecom companies Bharti Airtel and Vodafone Idea slumped on Tuesday after Mukesh Ambani said Monday that Reliance Industries has received strong interest from strategic and financial investors for its telecom and retail businesses. In the early trade on Tuesday, Bharti Airtel shares tumbled nearly 7 per cent to Rs 346.45 per share on BSE, while those of Vodafone Idea plunged about 10 per cent in the intraday trading today.  The shares of Bharti Airtel had opened lower on the exchanges after Mukesh Ambani-led RIL conducted its 42nd AGM on Monday. 

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    11:40 (IST)13 Aug 2019
    How to become rich with the power of compounding

    If you have learnt the basic difference between simple and compound interest in school, then the power of compounding is exactly based on that. Let us understand this point with a hypothetical example. Two persons deposit a sum Rs 10,000 with the local money lender. The money lender agrees to pay them 1% as interest each month but gives them two options. Either they can withdraw the interest each month or put it back with the money lender and grow their deposit. While the first investor decides to withdraw the interest each month, the second investor decides to put the interest back with the moneylender. What happens at the end of 25 years?

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    11:34 (IST)13 Aug 2019
    India’s first overseas debt bond sale is failing

    India’s foray into international debt markets may consist of little more than sound and fury, as the nation struggles to shed decades of trepidation about borrowing in foreign currencies. A fanfare announcement in the July budget has been followed by the removal of the official driving the sale, objections from the prime minister’s office, and finally an admission from Finance Minister Nirmala Sitharaman that no work has been done on the mooted $10 billion offering. India’s first venture into the overseas bond market would shift part of its 7-trillion-rupee ($100 billion) borrowing abroad, and enable it tap a wider pool of funds.

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    11:07 (IST)13 Aug 2019
    BSE live: Sensex recovers, Nifty above 11,100; RIL surges 12%

    After opening lower, the headline indices Sensex and Nifty recovered losses in the late morning trade on Tuesday. The Sensex is down about 70 points to 37,514.33, while the Nifty is trading  above the 11,100-mark. Reliance Industries share price is up more than 11.5% to Rs 1,297.80, after the firm made a slew of disruptive announcements and a plan to achieve a net debt of zero within the next 18 months. A look at LIVE Sensex heatmap.

    11:01 (IST)13 Aug 2019
    Reduce cost, risk of doing business to achieve $5 trillion GDP target

    Prime minister Modi has set a GDP target of $5 trillion for 2024-25. This translates to nominal growth rate of around 12%, assuming minimum change in the value of Indian rupee vs the dollar. Amitabh Kant, in one of his blogs, writes ‘export or perish’ and, in a recent comment, said that unless we can significantly grow our exports, which have shown a decline on 1.9% y-o-y for April-June 2019, we will find it difficult to reach this 12% growth rate. While global trade has been on the slow track for some time now, the ongoing trade war between US and China offers India a unique opportunity, which it should exploit by targeting and attracting the investors moving out of China, most of whom seem to be selecting other developing countries for relocation.

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    10:27 (IST)13 Aug 2019
    Jet Airways resolution: Anil Agarwal gets cold feet, pulls out of bid

    Vedanta Resources executive chairman Anil Agarwal has backed out of the Jet Airways resolution process. Agarwal had last week submitted an expression of interest (EoI) for the beleaguered airline through his family-owned trust Volcan Investments. “The EoI for Jet Airways by Volcan was exploratory in nature. On further evaluation and considering other priorities, we intend to not pursue this further,” said Agarwal in a statement on Monday.

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    09:52 (IST)13 Aug 2019
    RIL reclaims Rs 8 lakh crore mcap as shares jump 10% after Mukesh Ambani's disruptive plan

    Billionaire Mukesh Ambani-led Reliance Industries reclaimed the Rs 8 lakh crore mark in value after the firm's shares surged following a slew of disruptive announcements made in RIL's 42nd AGM yesterday. Reliance Industries share price surged by more than 9.2% to hit the day's high at Rs 1,270. The shares posted their biggest intra-day gain in since February 2017. The rally in the stock helped RIL reclaim the Rs 8 lakh crore market capitalisation. Notably, IT behemoth TCS retains the tag of India's most valued firm with a market cap of Rs 8.35 lakh crore.

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    09:26 (IST)13 Aug 2019
    BSE live: Sensex down 150 points, Nifty down 40 points, RIL, Yes Bank jump up to 9%

    The headline indices Sensex and Nifty opened lower, tracking domestic and global cues.  The Sensex is down about 150 points to 37,430, while the Nifty is trading below the 11,100-mark. Reliance Industries share price is up more than 9% to Rs 1,262.66, after the firm made a slew of disruptive announcements and a plan to achieve a net debt of zero within the next 18 months. A look at LIVE Sensex heatmap.

    08:59 (IST)13 Aug 2019
    AePS boom: Aadhaar-enabled transactions cross 200 million mark in July

    AadhaaR-enabled payment system (AePS) transactions crossed the 200-million mark in July 2019, the National Payments Corporation of India (NPCI) said on Monday. AePS is a bank-led model which allows basic interoperable banking transactions, such as cash withdrawal, intrabank or interbank fund transfer and balance enquiry with micro automated teller machines (ATMs) through a business correspondent and using Aadhaar authentication.

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    08:58 (IST)13 Aug 2019
    Mukesh Ambani’s Reliance sees a $700 billion opportunity in New Commerce

    Reliance Industries (RIL), which is planning to create India’s largest online-to-offline (O2O) e-commerce platform called New Commerce, plans to use tech-enabled partnerships that would link producers, traders, small merchants, consumer brands and consumers. Calling New Commerce as a new business opportunity of $700 billion, chairman Mukesh Ambani said, “The main purpose of New Commerce is to completely transform the unorganised retail market, which accounts for 90% of India’s retail industry.” He said three crore merchants and kirana shop owners, who generate direct and indirect livelihoods for over 20 crore people, “form the backbone of India’s commerce ecosystem”.

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    08:57 (IST)13 Aug 2019
    USOF: Funds meant for rural connectivity being spent elsewhere

    When telecom minister Ravi Shankar Prasad wrote to finance minister Nirmala Sitharaman before the presentation of this year’s Union Budget that the universal social obligation fund (USOF) levy on telecom operators be cut by 2 percentage points to 3%, he probably knew that this fund is used more for bridging fiscal gaps rather than for providing telecom connectivity in rural areas. Looking at the funds which have accrued to the USOF since its inception on April 1, 2002, it becomes clear that disbursal for telecom connectivity projects in rural areas is sparse. The total accrual in the funds as on date is Rs 99,674.59 crore.

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    08:56 (IST)13 Aug 2019
    No proven health, environment impact, government not to ban herbicide Glyphosate

    The government is unlikely to put a ban on the controversial herbicide Glyphosate as there is no proven record to establish its effects on health or environment, an official source said. The demand to restrict the herbicide, largely used in tea and now HT Bt cotton, has been made by activists alleging it to be a carcinogenic, citing a 2015 study of International Agency for Research on Cancer (IARC). “Although it will be a political decision whether to ban it or not, the official position is that the herbicide is needed for agriculture and is used in many countries, including the US, China, Brazil and Canada. The harmful effects of Glyphosate on human health is yet to be established as the World Health Organisation has not issued any advisory,” the source said. While the Centre may not ban the herbicide, it is also not going to interfere if any state bans its use within its territory, the source added.

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    08:56 (IST)13 Aug 2019
    No proven health, environment impact, government not to ban herbicide Glyphosate

    The government is unlikely to put a ban on the controversial herbicide Glyphosate as there is no proven record to establish its effects on health or environment, an official source said. The demand to restrict the herbicide, largely used in tea and now HT Bt cotton, has been made by activists alleging it to be a carcinogenic, citing a 2015 study of International Agency for Research on Cancer (IARC). “Although it will be a political decision whether to ban it or not, the official position is that the herbicide is needed for agriculture and is used in many countries, including the US, China, Brazil and Canada. The harmful effects of Glyphosate on human health is yet to be established as the World Health Organisation has not issued any advisory,” the source said. While the Centre may not ban the herbicide, it is also not going to interfere if any state bans its use within its territory, the source added.

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    08:56 (IST)13 Aug 2019
    CARE Ratings lowers outlook for Telangana solar projects to negative

    In the wake of aggravating financial conditions of two electricity distribution companies (discoms) of Telangana, CARE Ratings has revised its rating outlook for 11 solar generators supplying power to the state from ‘stable’ to ‘negative’. Out of these, the agency has downgraded the ratings on projects of two subsidiaries of Acme Solar (Dayakara Solar and Grahati Solar) from A- to BBB+. Projects whose rating outlook has been revised downward include assets of ReNew Power and Mytrah Energy.

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    08:55 (IST)13 Aug 2019
    Reduce cost, risk of doing business to achieve $5 trillion GDP target

    Prime minister Modi has set a GDP target of $5 trillion for 2024-25. This translates to nominal growth rate of around 12%, assuming minimum change in the value of Indian rupee vs the dollar. Amitabh Kant, in one of his blogs, writes ‘export or perish’ and, in a recent comment, said that unless we can significantly grow our exports, which have shown a decline on 1.9% y-o-y for April-June 2019, we will find it difficult to reach this 12% growth rate.

    Full story

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