Share Market Highlights: Sensex ends 354 points up, Nifty reclaims 11,000; Tata Steel, VEDL top gainers

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Updated:Aug 14, 2019 3:44:52 pm

Share Market Highlights: After opening higher, the headline indices Sensex and Nifty extended gains in the afternoon trade on Wednesday. The Sensex ended 354 points up at 37,311.53.

Share Market Today, Share Market LiveThe Sensex ended 354 points up at 37,311.53, while the Nifty closed above the 11,000-mark.

Share Market Highlights: After opening higher, the headline indices Sensex and Nifty extended gains in the afternoon trade on Wednesday. The Sensex ended 354 points up at 37,311.53, while the Nifty closed above the 11,000-mark. Yes Bank, Tata Steel, RIL shares were among the biggest gainers, ending up by more than 4% each. Asian shares joined a global equities rally and safe-haven government bonds pulled back on Wednesday, after Washington delayed tariffs on some Chinese imports in much-needed relief for markets gripped by political and economic turmoil. Wall Street stocks soared overnight as U.S. President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on the remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods in the hopes of blunting their impact on U.S. holiday sales, Reuters reported. We bring to you live updates.

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Highlights

    15:44 (IST)14 Aug 2019
    BSE live: Sensex ends 354 points up, Nifty reclaims 11,000; Tata Steel, VEDL top gainers

    After opening higher, the headline indices Sensex and Nifty extended gains in the afternoon trade on Wednesday. The Sensex ended 354 points up at 37,311.53, while the Nifty closed above the 11,000-mark. Yes Bank, Tata Steel, RIL shares were among the biggest gainers, ending up by more than 4% each. A look at LIVE Sensex heatmap.

    15:20 (IST)14 Aug 2019
    SBI group IPO soon: India’s largest bank to divest stake in cards & payments unit; key things to know

    The State Bank of India (SBI) on Wednesday said that it has received the board’s nod to divest its stake in the card and payment services arm through the IPO route. The largest public sector bank currently holds 74 percent stake in SBI Cards. “The Executive Committee of Central Board of the Bank at its meeting held today has given in-principle approval to explore the possibility of diluting SBI’s stake in SBI Cards & Payment Services Private Limited, a subsidiary company through IPO route at an opportune time, subject to the approval of RBI and other regulatory agencies in this regard,” SBI said in an exchange filing.

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    15:17 (IST)14 Aug 2019
    More forced lending to NBFCs can land banks in trouble, says Fitch report

    The recent steps by the Reserve Bank to encourage banks to increase lending to non-banking finance companies and retail borrowers are likely to rise risks for the sector, warns a report. Earlier this month, the central bank announced three major steps to encourage banks to lend more to liquidity starved NBFCs–an increase in the single-exposure limit to 20 percent of tier 1 capital (from 15 percent); priority lending status for credit to NBFIs for on-lending to finance agriculture, small businesses and home-buyers; and a reduction in the risk weight for consumer loans (except credit cards) to 100 percent from 125 percent.

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    15:02 (IST)14 Aug 2019
    WPI inflation falls to over 2-year low; fuel prices pull down core inflation

    Wholesale prices in India rose by 1.08 percent year-on-year in July 2019, which is a 25-month low, according to the data released by CSO. The wholesale inflation has eased from 2.02 percent growth rate in the previous month and below the market expectations of 1.93 per cent, amid a slowdown in prices of both food and manufactured products while fuel cost declined faster. The decrease in the prices of food, fuel, and manufacturing have been the main drivers of pulling down the whole inflation. Wholesale prices of food grew at 6.15 per cent in July, as compared to 6.98 per cent in the previous month.

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    14:51 (IST)14 Aug 2019
    CCD group to sell Bengaluru tech park to Blackstone

    Coffee Day group is to sell its Bengaluru Tech Park to asset management firm Blackstone for about Rs 3000 crore, according to media reports. CCD group’s real estate venture Tanglin has finalised the deal with Blackstone, CNBC TV-18 reported. The selling of 100-acre tech park will likely help the company with the debt burden. However, the Coffee Day board has not decided upon the sale of the said asset in its board meeting held on 8 August 2019. In a letter that is expected to have written by CCD founder VG Siddhartha, the park was valued at Rs 3,600 crore. Both CCD and Blackstone have declined to comment on the matter, the news channel reported. 

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    14:25 (IST)14 Aug 2019
    LIC beats private insurance firms; grows new premium at double the pace of competition

    Life Insurance Corp of India has beaten all private-sector competitors by a wide margin, growing its first-year premium collections at double the pace of private life insurers so far this financial year, the data showed. State-run LIC’s new premium growth at 52%, on top of an already very high base, was almost double of all the private players’ growth of 27% during April-July 2019. Further, at Rs 60,106 crore in first-year premium collections, LIC captured almost three-quarters of the new market share, vis-a-vis all private companies, which together collected Rs 22,039 crore. The blended average new premium growth for all the 24 life insurance firms, including LIC, was 44% for the period.

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    14:10 (IST)14 Aug 2019
    Midcap stocks trading at attractive discount to largecaps; check Motilal Oswal’s top picks

    Amid the ongoing correction in the stock markets, while large cap stocks have remained resilient, the midcap space has seen a heavy plunge. According to brokerage firm Motilal Oswal, midcaps now trade at a 14% discount to large-caps and offer relatively good risk-reward. Interestingly, the stock market in turning increasingly polarised, with just a few heavyweight names accounting for the bulk of returns. Notably, while the Nifty 50 is trading near the 11,000-mark, removing the top 10 scrips and making an index ‘Nifty 40’ would be trading at sub 9,000-levels, as highlighted by Kotak Securities in a recent report.

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    13:01 (IST)14 Aug 2019
    L&T plans to raise up to Rs 1,400 crore via NCDs

    Infrastructure major Larsen and Toubro (L&T) on Wednesday said it plans to raise up to Rs 1,400 crore through issuance of non-convertible debentures (NCDs) on private placement basis. The company, however, did not elaborate on the reasons for raising funds. “The company proposes to issue rated, listed, unsecured, redeemable non-convertible debentures aggregating up to Rs 1,400 crore on private placement basis,” L&T said in a regulatory filing. Shares of L&T were trading 1.32 per cent higher at Rs 1,331.10 apiece on BSE.

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    12:24 (IST)14 Aug 2019
    Moody’s says Reliance stake sale to Aramco credit positive

    Moody’s Investors Service on Wednesday said Reliance Industries’ announcement of sale of a 20 per cent stake in its oil to chemicals (O2C) business to Saudi Arabian Oil Company (Aramco) will reduce the company’s net leverage and is credit positive. “The O2C business, which has an enterprise valuation of USD 75 billion, includes RIL’s refining and petrochemical divisions, and RIL’s 51 per cent stake in its fuel marketing business,” Moody’s said in a report.

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    12:07 (IST)14 Aug 2019
    India contributes $1 million to United Nations fund

    India has contributed USD one million to the UN Special Purpose Trust Fund for the Resident Coordinator System. The Special Purpose Trust Fund (SPTF) is a specific fund housed within the UN Secretariat established to receive, consolidate, manage and account for all contributions and financial transactions of the new Resident Coordinator system in a transparent and effective way, according to the UN information. “Tangible contribution. India is happy to tangibly contribute to reform of the @UN Development system,” India’s Permanent Representative to the UN Ambassador Syed Akbaruddin tweeted Tuesday.

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    11:48 (IST)14 Aug 2019
    Weak inflation continues to provide headroom for further rate cuts in FY20; but these risks remain

    With retail inflation rate easing in July, expectations for further rate cuts in FY20 continue to strengthen, analysts said. Weak CPI-based retail inflation rate for last month provide more space for the RBI’s monetary policy committee (MPC) as the number stays below the central bank’s 4 per cent medium-term target for a twelfth straight month. Even as the core inflation clocked in on the upside, the momentum may not be sustained on account of weak growth impulses, a Kotak report said. “MPC’s acknowledgement to consider growth as the highest priority strengthens our belief of another 25-50 bps cut through the rest of FY2020,” it added. 

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    11:37 (IST)14 Aug 2019
    Japan’s Softbank plans to invest in Punjab’s real estate sector

    Japan’s Softbank Group on Tuesday evinced interest to invest in Punjab’s real estate sector, with focus on student housing through OYO startup. Indian hotel start-up OYO is backed by the SoftBank Group. A high-level delegation of the group, led by its MD Hiroki Kimoto, called on Punjab Chief Minister Amarinder Singh here, who extended his government’s full support in the realisation of Softbank’s investment plans in the state. Amarinder assured the delegation of seamless and smooth investment in the state through its single-window clearance platform, Invest Punjab, in the fast-track mode.

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    11:08 (IST)14 Aug 2019
    China’s Xi Jinping gets tougher on US after new tariff hike

    Facing another U.S. tariff hike, Chinese President Xi Jinping is getting tougher with Washington instead of backing down. Beijing fired what economists called a “warning shot” at Washington by letting its yuan currency weaken in response to President Donald Trump’s latest threat of more punitive import duties on Sept 1. Chinese buyers cancelled multibillion-dollar purchases of U.S. soybeans. Regulators are threatening to place American companies on an “unreliable entities” list that might face curbs on their operations. Both sides have incentives to settle a trade war that is battering exporters on either side of the Pacific and threatening to tip the global economy into recession.

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    10:47 (IST)14 Aug 2019
    BSE live: Sensex extends gains, Nifty reclaims 11,000; Tata Steel, Vedanta jump 4%

    After opening higher, the headline indices Sensex and Nifty extended gains in the morning trade on Wednesday. The Sensex is up about 406 points to 37,364.50, while the Nifty is trading above the 11,000-mark. Tata Steel, RIL shares were among the biggest gainers, jumping up to 4%. A look at LIVE Sensex heatmap.

    10:13 (IST)14 Aug 2019
    China’s industrial output hits 17-year low

    China’s economy showed further signs of strain in July with output at its factories falling to its lowest level in 17 years, while investment and retail sales slowed, official data showed Wednesday. The figures are the latest to highlight how the world’s second-largest economy is being battered by an escalating trade war with the United States and slowing global demand. Industrial output increased 4.8 per cent on-year in July, down from 6.3 per cent in June and marking the weakest pace since 2002. It was also well below the 6.0 per cent forecast by economists in a Bloomberg News survey.

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    09:27 (IST)14 Aug 2019
    BSE live: Sensex up 130 points, Nifty above 10,950; RIL, Tata Steel top gainers

    The headline indices Sensex and Nifty opened higher on Wednesday morning, tracking global cues. The Sensex is up about 137 points to 37,095.26, while the Nifty is trading above the 10,950-mark. Tata Steel, RIL shares were among the biggest gainers, jumping up to 3%. A look at LIVE Sensex heatmap.

    09:16 (IST)14 Aug 2019
    Amrapali case: SC asks Noida authorities to start registration of flats

    The Supreme Court on Tuesday asked Noida and Greater Noida authorities to start registration of flats in favour of Amrapali homebuyers within a month and also issue completion certificate for the projects where homebuyers are already residing. It also pulled up the authorities and warned their officials of serious consequences if its ruling last month was not complied with. On July 23, the top court had cancelled Amrapali Group’s Real Estate Regulatory Authority’s (Rera) registration and directed state-run National Buildings Construction Corporation (NBCC) to complete all its stalled projects, thus bringing relief to around 42,000 stranded homebuyers.

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    09:15 (IST)14 Aug 2019
    Slowdown bites: Auto sales see steepest slump in two decades

    Poor retail sales due to weak consumer demand, which has left dealers saddled with high inventory, saw automobile sales across segments witnessing their sharpest decline in nearly 19 years in July, dropping 18.71% on a year-on-year basis. Vishnu Mathur, director general, Society of Indian Automobile manufacturers (Siam), said car and motorcycle manufacturers have slashed about 15,000 jobs — mostly temporary and casual workers — in the last three months.

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    09:03 (IST)14 Aug 2019
    Future retail: Amazon close to picking up 10 per cent stake

    Amazon is in late-stage talks to acquire as much as 10% of Kishore Biyani’s Future Retail, people familiar with the negotiations said, as the US company moves to bolster its brick-and-mortar presence in one of the world’s fastest-growing retail markets. ndia’s No. 2 retailer by turnover, Future is seeking a valuation of about Rs 2,000 crore ($281 million) from Amazon for the stake, according to the people, who asked not to be identified. The sale is likely to be routed through a holding company, they said, and will give Amazon the option to buy more shares from Future Retail founder and chairman Biyani.

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    09:03 (IST)14 Aug 2019
    Mukesh Ambani’s ‘debt-free’ move: Reliance rallies the most in 2 years

    Shares of RIL rallied the most in over two years as investors cheered company’s promise to bring its net debt to zero in 18 months. The country’s largest company by revenues and profit also vowed to reward shareholders with periodic bonuses and higher dividends and other means once it becomes debt free. The stock surged as much as 12% in intra-day trade on BSE, before settling at Rs 1,275.00, up 9.72%.

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    09:02 (IST)14 Aug 2019
    Tech jobs grow 31 per cent despite slowdown

    While the domestic IT industry is tackling a global slowdown and companies are banking on the high base effect to keep up their guidance, technology jobs continue to offer high salary packages to professionals seeking career in the field. According to the American worldwide employement search engine, Indeed, the 12 month period from February 2018 to February 2019 saw technology job roles in India grow by 31% from 5% in February 2017 to February 2018.

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    09:01 (IST)14 Aug 2019
    Monetary policy: More questions than answers

    An unwritten rule of policy making is that it shouldn’t try to solve one problem by creating a new one. Unfortunately, India’s monetary policy committee (MPC) conveniently ignored this practical wisdom last week, when it unexpectedly announced an odd-sized cut in the policy repo rate. In one inadequately substantiated step, the MPC has compromised the long-standing discipline that both Indian and foreign investors had come to rely on about the normal binary—mostly 25bp, occasionally 50bp—outcome of policy rate changes

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