Share Market Highlights: Sensex ends 228 points up, Nifty above 10,800; Yes Bank, VEDL top gainers

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Updated:Aug 23, 2019 3:47:41 pm

Share Market highlights: The headline indices Sensex and Nifty ended the session higher on Friday, amid reports that the government may issue some clarification on the FPI tax issue.

ICICI Bank, HDFC, Axis Bank were among the biggest losers, shedding up to 3%.

Share Market Today News Live Updates: The headline indices Sensex and Nifty ended the session higher on Friday, amid reports that the government may issue some clarification on the FPI tax issue. The Sensex closed 228 points up at 36,701, while the Nifty closed above the 10,800-mark. Yes Bank, VEDL were among the biggest gainers, jumping up to 6%. IndusInd Bank, ITC were the biggest losers, tanking up to 2%. Asian shares struggled to make any headway on Friday as weak US manufacturing activity and uncertainty over how much further the Federal Reserve would cut rates added to the general air of caution in markets buffeted by global growth fears. With political tumult in Hong Kong, Italy and Britain adding to the tense backdrop, investors were keenly waiting on a speech by Fed Chairman Jerome Powell later in the day at a gathering of central bankers in Jackson Hole, Reuters reported.

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Highlights

    15:47 (IST)23 Aug 2019
    Moody’s cuts India’s GDP growth target to 6.2% for 2019; weak global economy weighs on investment

    Moody’s on Friday cut India’s 2019 GDP growth forecast by 60 bps to 6.2 percent and 2020 GDP growth forecast by 60 bps to 6.7 percent, TV news channel CNBC-TV18 reported. Earlier this year, Moody’s had projected India to grow at 7.3 per cent in calendar year 2019 and 2020 on account of government spending ahead of general elections. The global rating agency revised its growth forecast for 16 Asian economies in its latest report. Weaker global economy has stunted Asian exports and uncertain operating environment has weighed on the investment, the rating agency also said.

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    15:42 (IST)23 Aug 2019
    BSE live: Sensex ends 228 points up, Nifty above 10,800; Yes Bank, VEDL top gainers

    The headline indices Sensex and Nifty ended the session higher on Friday, amid reports that the government may issue some clarification on the FPI tax issue. The Sensex closed 228 points up at 36,701, while the Nifty closed above the 10,800-mark. Yes Bank, VEDL were among the biggest gainers, jumping up to 6%. IndusInd Bank, ITC were the biggest losers, tanking up to 2%. A look at LIVE Sensex heatmap.

    15:35 (IST)23 Aug 2019
    Aircel Maxis case: Delhi Court reserves order on anticipatory bail plea of P Chidambaram and his son for September 3

    A Delhi Court Friday refused to adjourn the Aircel-Maxis case against former Union finance minister P Chidambaram and his son Karti on the pleas by CBI and ED, which sought the adjournment saying that another case pertaining to INX Media involving them was pending before the Supreme Court. Special Judge O P Saini took strong objection to the agencies seeking repeated adjournments, saying “things have become very embarrassing for me”.

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    15:07 (IST)23 Aug 2019
    After Indian Railways, traders body calls for single-use plastic ban from October 2

    The Confederation of All India Traders (CAIT) on Friday urged the private firms not to use single-use plastic in their products after October 2, 2019. Any such products would be boycotted by traders, distributors and retailers all across the country after the October 2, the traders body CAIT also said in a statement. It comes after Prime Minister Narendra Modi had called for a ban on single-use plastic in his Independence Day speech.

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    14:47 (IST)23 Aug 2019
    IIFL set to snap up L&T Finance’s wealth management arm for Rs 250 crore, deal likely early next week

    As part of its strategy to exit non-core businesses, L&T Finance is selling its wealth management arm to IIFL Group for around Rs 250 crore and the deal is set to be inked early next week, say three people aware of the development. Once concluded, this will be the fourth acquisition by IIFL Wealth, in which General Atlantic holds 21.8 per cent, in the past three years after the Chennai-based Wealth Advisors in October 2018, Ashburton India Equity Opportunities Fund in December 2017 and Bengaluru-based Altiore Advisors in 2016.

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    14:32 (IST)23 Aug 2019
    Gaming, films save media, entertainment from consumption slowdown

    The ongoing economic slowdown had a considerable effect on the Media and Entertainment sector as the companies have lowered their advertisement spends on TV and print media. However, even amid slowdown blues, several segments performed well due to which the overall growth of this sector was within double-digits. “While there was an impact of the slowdown on TV and print advertising, the strong growth displayed by the digital, gaming and film segments contributed to the performance of the sector,” a research report from accounting organization KPMG said this week.

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    14:11 (IST)23 Aug 2019
    Jio Fiber effect: Airtel offers up to 1,000GB free data on broadband plans

    Airtel is now offering up to 1,000GB of additional data on three of its broadband plans in India. Additional data is available on its Basic, Entertainment and Premium plans with a validity of six months. After the validity period, the telco will forfeit the promotional unused data. The offer is only valid in the circles wherein the Airtel V-Fiber plans are active. The Airtel Basic plan is priced at Rs 799 and comes with additional 200GB data over and above its 100GB prescribed data. The promotional data comes with a validity of six months. The bundled plan offers up to 40Mbps speed, unlimited local and STD calls, and also Airtel Thanks benefits that include Airtel TV premium subscription.

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    14:02 (IST)23 Aug 2019
    Modi’s $5 trillion dream: these key factors will prop economic growth

    The path for India to become a USD 5 trillion economy has pebbles and thorns. However, there are opportunities that India can tap to reach the ambitious milestone. A KPMG report underlines the areas where India can step forward to a leap. Bridging the rural-urban divide, investments in housing, water, etc, support for start-ups and MSMEs, and skilling the workforce are the fields that are poised to give a boost to the economy, going by the report. Despite the global uncertainties, the firm remains optimistic for the medium to long-term outlook for India, mainly driven by the political stability, investment in infrastructure and intent of the government for reform. 

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    13:04 (IST)23 Aug 2019
    Yes Bank share price jumps 9% after $1.2 billion fund raising plan report

    Shares of India’s major private sector lender Yes Bank jumped in trade on Friday, after a media report said the bank is eyeing a $1.2 billion in additional fund raising. Yes Bank shares gained more than 8.7% to hit the day’s high at Rs 61.25 on BSE. Yes Bank’s board of directors are likely to meet soon for mulling further fundraising, CNBC TV18 reported citing sources. According to the report, the bank’s board is set to discuss raising of an additional $1.2 billion. The equity infusion will be subject to shareholder approval.The development comes after Yes Bank raised Rs 1,930 crore through Qualified Institutions Placement (QIP) route last week. It allotted 23.1 crores equity shares to eligible qualified institutional buyers at Rs 83.55 per share.

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    12:33 (IST)23 Aug 2019
    Amnesty for GST disputes: Taxpayers get 120 days to settle without interest, penalty

    Taxpayers can end their pending disputes relating to legacy service tax and central excise cases under “Sabka Vishwas – Legacy Dispute Resolution Scheme,” which is going to be operationalised from 1st September 2019. The scheme will continue until the end of the calendar year, according to a statement by the Ministry of Finance. Finance Minister Nirmala Sitharaman announced the scheme in the Union Budget 2019. It is expected that a large number of taxpayers will be substantially benefited by the scheme after they will resolve their disputes with the tax administration is cleared, going by the statement. The scheme also aims to free a large segment of the taxpayers from the legacy taxes.  

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    12:32 (IST)23 Aug 2019
    India in best growth condition in last 300 years: Narayana Murthy disses slowdown concerns

    Even as the private sector is raising concerns over weakening demand conditions, IT industry veteran Narayana Murthy has said the current economic environment is the most conducive for growth for first time in the last 300 years. The existing set up boosts confidence that the economy can overcome poverty and lead to a better future for the people, news agency PTI reported Infosys co-founder Narayana Murthy as saying at an event on Thursday. India is growing at a rate of 6-7 per cent this year and has become the global software development centre, he also said.

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    11:24 (IST)23 Aug 2019
    Donald Trump ready to assist India, Pakistan over Kashmir if asked by both, says White House official

    US President Donald Trump is “ready to assist” India and Pakistan over the Kashmir issue if both sides ask for it, the White House said on Thursday, even as Washington was “very closely” monitoring the situation. Tensions between India and Pakistan spiked after New Delhi abrogated provisions of Article 370 of the Constitution to withdraw Jammu and Kashmir’s special status and bifurcated it into two Union Territories on August 5.

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    11:18 (IST)23 Aug 2019
    Jeff Bezos’ Amazon inks deal for possible stake in Kishore Biyani’s Future Retail

    Amazon.com Inc. struck a deal that gives it the right to eventually buy a stake in India’s Future Retail Ltd., as the U.S. giant seeks to bolster its presence in one of the world’s fastest-growing retail markets. Amazon.Com NV Investment Holdings LLC agreed to buy 49% of Future Coupons Ltd., Future Retail said in a filing Thursday. The deal gives Amazon the option to buy all or part of Future Coupons’ shareholding in Future Retail, though that won’t be exercisable until between three and 10 years. The terms of the agreement weren’t disclosed. The Indian company said earlier this month that Future Coupons held warrants that would give it a 7.3% stake in the listed entity.

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    10:40 (IST)23 Aug 2019
    BSE live: Sensex recovers, Nifty near 10,800; Yes Bank, VEDL top gainers

    After opening lower, the headline indices Sensex and Nifty recovered in the late morning trade on Friday. The Sensex is up about 35 points to 36,507, while the Nifty is trading near the 10,800-mark. Yes Bank, VEDL were among the biggest gainers, jumping up to 5%. IndusInd Bank, ITC were the biggest losers, tanking up to 2%. A look at LIVE Sensex heatmap.

    10:16 (IST)23 Aug 2019
    Economic slowdown: Export focus fine, but there’s more to growth

    Top government officials on Thursday sought to temper expectations of a big-bang stimulus package to revive sagging economic growth, aiding a slide in the stock markets. Speaking at the Hero MindMine Summit 2019, chief economic advisor Krishnamurthy Subramanian said government intervention to bail out the private sector every time it goes through a “sunset phase” creates a “moral hazard” and is an “anathema” for the market economy. At the same event, power secretary Subhash Chandra Garg — who was the finance secretary until late July — held that reduction in interest rates and easier availability of credit to the private sector are better tools to boost growth than a fiscal stimulus.

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    09:52 (IST)23 Aug 2019
    Irdai in pact with Maharashtra to boost motor insurance

    Insurance Regulatory and Authority of India (Irdai) has tied up with state government on a pilot project to boost motor insurance. Market participants say that, despite strong growth in the month of July motor insurance segment continues to witness dip in premiums largely due to the fall in the car sales in India. Speaking at the CII Insurance and Pensions Summit, Subhash C Khuntia, chairman of Irdai said, “Traditionally, motor insurance comprised nearly one-third of the total insurance premiums in India. This year, however there is little bit of difficulty with respect to sale of motor insurance, as large number of policies are not getting renewed.” He also added that as a pilot project, Irdai will get in touch with state governments to contact uninsured vehicle owners so that they can send communications to them stating that a motor policy is compulsory.”

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    09:37 (IST)23 Aug 2019
    Oil prices eke out small gains ahead of Fed Chair speech

    Oil prices clawed back the previous day’s losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth while investors await clues from the Federal Reserve on U.S. monetary policy. Brent crude rose 10 cents to $60.02 a barrel by 0118 GMT, while U.S. crude futures were at $55.38 a barrel, up 3 cents. Both contracts were on track for a second weekly gain. “Oil is set to trade quietly today as it’s all about the Jackson Hole (meeting) tonight,” Jeffrey Halley, a Singapore-based senior market analyst at brokerage Oanda. “What we’re seeing is some profit-taking in Asia in very light volumes.”

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    09:37 (IST)23 Aug 2019
    Gold inches lower as focus shifts to Fed chair speech

    Gold prices slipped on Friday, but held near the key $1,500 level amid trade uncertainties and ahead of U.S. Fed chair’s speech for clues on future rate cuts.* Spot gold edged down 0.1% to $1,496.78 per ounce as of 0120 GMT. U.S. gold futures were down 0.2% at $1,506.30 an ounce. The market is closely watching Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole seminar for clarity on monetary policy after minutes of the U.S. central bank’s July meeting tempered hopes of aggressive rate cuts.

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    09:26 (IST)23 Aug 2019
    BSE live: Sensex down 260 points, Nifty near 10,650; ICICI Bank, HDFC among top losers

    The headline indices Sensex and Nifty opened lower on Friday morning, tracking global cues. The Sensex is down 243 points to 36,229 while the Nifty is trading near the 10,650-mark. ICICI Bank, HDFC, Axis Bank were among the biggest losers, shedding up to 3%. Tata Motors, VEDL were among the top gainers, gaining up to 2.5%. A look at LIVE Sensex heatmap.

    09:20 (IST)23 Aug 2019
    Hong Kong gears up for fresh protests as activists target airport

    Hong Kong is bracing for further anti-government demonstrations and a “stress test” of the city’s international airport this weekend, as authorities warn against acts that could disrupt travel operations. Multiple protests are planned for Friday, including a march by accountants to government headquarters and a “Baltic Chain” event where protesters will join hands across different districts in the Chinese territory.

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    09:07 (IST)23 Aug 2019
    Zomato takes battle with NRAI’s Rahul Singh to next level; questions similar discounts offered by Beer Cafe

    A day after NRAI’s president Rahul Singh hit out at Zomato for its changes made to membership-based dining out programme Gold called it “another attempt to stuff old wine in a new bottle, Zomato in response has taken the tussle to the next level. Zomato’s founder Deepinder Goyal taking a dig at Singh, who is also the owner of the chain of restaurants serving beer — The Beer Cafe, tweeted about a similar programme by the latter also known as Gold where it offered 1+1 benefit on food and drinks much like Zomato’s Gold programme that led to the current furore between NRAI and Zomato and other membership-based programmes by platforms such as EazyDiner, Dineout, Magicpin, and Nearbuy.

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    09:06 (IST)23 Aug 2019
    Reliance Industries-Aramco partnership may not have impact on West Coast Refinery; HPCL tells why

    Hindustan Petroleum, which is a minority partner in the proposed West Coast Refinery, feels Saudi Aramco, the single largest shareholder in the 60 million tonne project, partnering with Reliance will have no impact on the now-stuck project. Mukesh Surana, the chairman of the ONGC-run HPCL, also said the work on the controversial Rs 4 trillion refinery and petrochemicals project is on track. It can be noted that the location for the project is yet to be identified after the one identified earlier in Ratnagiri was abandoned due to public and political protests last year.

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    09:05 (IST)23 Aug 2019
    Ocean energy now a renewable source, govt approves proposal

    Ocean energy has been included in renewable energy to give a further boost to ocean energy in India. Power Minister R K Singh approved the proposal. It has been clarified by the Ministry of New and Renewable Energy to all the stakeholders that energy produced using various forms of ocean energy such as tidal, wave, ocean thermal energy conversion, etc. shall be considered as renewable energy and shall be eligible for meeting the non-solar Renewable Purchase Obligations (RPO). The total identified potential of tidal energy is about 12,455 MW, whereas the total theoretical potential of wave energy in India along the country’s coast is estimated to be about 40,000 MW, according to the ministry. Ocean Thermal Energy Conversion (OTEC) has a theoretical potential of 180,000 MW in India if suitable technological support is provided. 

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    09:05 (IST)23 Aug 2019
    Government recognition cannot make startups eligible for tax holiday, clarifies CBDT

    Central Board of Direct Taxes (CBDT) on Thursday said that startups with turnover up to Rs 25 crore will continue to avail the tax holiday as per the Section 80-IAC of the Income Tax Act, 1961 that offers deduction for 100 per cent of income of an eligible startup for three years out of seven years since the incorporation year. The board also said that even if the startups are DPIIT recognised, they cannot become eligible for deduction under Section 80-IAC and that startups must comply with the conditions mentioned under the said section to become eligible.

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