Share Market highlights: Sensex ends 264 points up, Nifty above 11,000 on FM’s fresh reforms buzz

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Updated:Aug 30, 2019 3:40:37 pm

Share Market highlights: India's headline stock indices Sensex and Nifty moved higher on Friday afternoon on buzz around FM announcing more reforms to boost the economy. The BSE Sensex closed 264 points up at 37,332.79.

The BSE Sensex was down about 100 points at 12.50 pm on Friday, while the NSE Nifty was trading below the crucial 11,000-mark.

Share Market highlights: India’s headline stock indices Sensex and Nifty moved higher on Friday afternoon on buzz around FM announcing more reforms to boost the economy. The BSE Sensex closed 264 points up at 37,332.79, while the Nifty closed above the 11,000-mark. The finance minister is likely to announce further consolidation of PSU banks in a bid to realise synergies and make these institutions financially stronger. The FM is also likely to announce various measures to provide a fillip amid the ongoing slowdown. The stock market investors will keenly await the government’s official estimate of GDP growth for Q1 FY20, scheduled to be released later today. Meanwhile, Asian shares soared to a one-week high on Friday, amid positive developments around the US-China trade war. Notably, China has expressed willingness to resolve trade dispute by returning to the negotiating table, but fears of an impending recession put a check on gains.

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Highlights

    15:40 (IST)30 Aug 2019
    BSE live: Sensex ends 264 points up, Nifty above 11,000 on FM's fresh reforms buzz

    India's headline stock indices Sensex and Nifty moved higher on Friday afternoon on buzz around FM announcing more reforms to boost the economy. The BSE Sensex closed 264 points up at 37,332.79, while the Nifty closed above the 11,000-mark. A look at LIVE Sensex heatmap.

    15:07 (IST)30 Aug 2019
    Facing Jio threat, PVR exec says not afraid of Mukesh Ambani’s ‘first day first show’

    Days after RIL chairman Mukesh Ambani announced that Jio Fiber subscribers will get to watch new movies on their Jio TVs on the day of the release, a PVR executive said that the multiplex company is not worried about the competition from over-the-top platforms. “OTT platforms are going to have a positive rub off on theatrical consumption … we are not worried about any announcements by any OTT player,” Nitin Sood, CFO, PVR, said.

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    15:05 (IST)30 Aug 2019
    Finance Minister Nirmala Sitharaman to meet PSU bank chiefs today; will govt announce more mergers?

    Taking the PSB merger agenda of the last government further, Finance Minister Nirmala Sitharaman will meet chiefs of public sector lenders on Friday. The meeting with the bankers will  take place at 2 pm today. The finance minister is also expected to brief media about the meeting at 4 pm, CNBC TV18 reported citing unidentified sources. Indian Bank, OBC, Corporation Bank are some of the banks called for the meeting today, the report added. In the previous term of the Modi government, five associate banks and Bharatiya Mahila Bank were merged with State Bank of India. SImilarly, Dena Bank, Vijaya Bank merged with Bank of Baroda which came into effect from April 1, 2019. According to the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980, the government must consult the Reserve Bank of India (RBI) before planning of merger plan.

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    14:17 (IST)30 Aug 2019
    Mobile phones manufacturing surges 8-folds in last 5 years; electronics goods production doubles

    Production of mobile phone in India has shot up 8-folds in the last five years. India produced mobiles phones worth $ 24.3 billion in 2018-19, which was just $ 3.1 billion in 2014-15, according to the latest RBI annual report. Mobile phones manufacturing has emerged as a flagship sector under the ‘Make in India’ and ‘Digital India’ initiatives. The Narendra Modi led government has rolled out several measures to improve the competitiveness of the Indian electronics manufacturers through tariff structure rationalisation, infrastructure upgradation, procedure simplification and provision of incentives, which has helped the mobile manufacturing brands to set up their businesses in India.

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    14:03 (IST)30 Aug 2019
    PSU bank shares jump after on news of further consolidation

    Shares of Public Sector banks surged on Friday afternoon on news that FM Nirmala Sitharaman is meeting PSU bankers to decide on further conslidation in the space. PSU bank shares including J&K Bank, Cetral Bank of India, Oriental Bank of Commerce, Allahabad Bank, Syndicate Bank jumped more than 3% each. Shares of SBI, UBI, Bank of India, Bank of Baroda were among the biggest losers, shedding up to 3%.  Taking the PSB merger agenda of the last government further, Finance Minister Nirmala Sitharaman's meeting with the bankers will  take place at 2 pm today. The finance minister is also expected to brief media about the meeting at 4 pm, CNBC TV18 reported citing unidentified sources. Indian Bank, OBC, Corporation Bank are some of the banks called for the meeting today, the report added.

    13:51 (IST)30 Aug 2019
    Jeffries: Retain ‘buy’ on SBI with price target of Rs 370

    In little more than a month, SBIN has corrected by 20%+. At 1x consol P/B (Sep’19E) & 0.74x core-bank P/B (Sep’19E), valuations are below historical average and attractive. While the macro looks fairly weak, we expect SBIN to grow its market share but perhaps at lower net interest margin and fee, but may see some up tick in its credit costs. Our FY20E EPS is well above consensus (factoring IBC recovery of ~ Rs 15,000 crore). Retain ‘buy’ with price target of Rs 370. We forecast a much shallower improvement trajectory owing to the tussle in transmitting the repo rate cuts while still maintaining some floor to what the bank pays to the saver (savings/time-deposits).

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    13:10 (IST)30 Aug 2019
    India to overtake China as largest importer of coking coal by 2025

    India will overtake China as the largest importer of coking coal by 2025, Fitch Solutions Macro Research said on Friday. “We forecast India’s coking coal consumption to grow at an annual average rate of 5.4 per cent between 2019 and 2028, driven by an equally robust expansion in steel production in the country,” it said in a report.

    Read More: India to overtake China as largest importer of coking coal by 2025: Fitch Solutions

    13:02 (IST)30 Aug 2019
    How RBI plans to use Facebook, Twitter to simplify banking among youth

    With an aim to simplify banking and its workings to the youth, the Reserve Bank of India (RBI) now plans to aggressively tap social media platforms such as Facebook and Twitter. There is a need to take to these popular social media platforms to reach the younger people as a part of its mass media awareness programmes, RBI said in its annual report 2019 released on Thursday. "Going forward, popular social media channels such as Twitter and Facebook will be used for two-way communication to ensure wider dissemination, lengthening of the life of each campaign and also to engage with the youth," it said in the report.

    12:40 (IST)30 Aug 2019
    As Zomato Gold numbers swelled, restaurants had to foot the bill for higher valuation

    Zomato’s Gold, the paid membership program for dining out, has helped the online food aggregator to raise $400 million in funds, a whopping 60% of the amount raised since Zomato was incepted. However, the same has come from the pockets of restaurants which bore the additional costs while Zomato rode high on Gold, The Indian Express reported.

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    12:30 (IST)30 Aug 2019
    L&T JV bags order for THDC India’s super thermal power project in UP

    Infrastructure major Larsen & Toubro on Friday said its joint venture firm L&T-MHPS Boilers has bagged a “large” order for supply and commissioning of steam generator at THDC India’s super thermal power project in Uttar Pradesh. L&T-MHPS Boilers (LMB) is a joint venture of Larsen a Toubro (L&T) and Mitsubishi Hitachi Power Systems (MHPS), while THDC is a JV between the government of India and the government of Uttar Pradesh.

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    11:58 (IST)30 Aug 2019
    Q1 earnings review: Consumption slowdown dents Nifty companies' profits; IT, private banks shine

    Even as the ongoing slowdown took a toll on earnings of heavyweight firms the Nifty delivered a tepid 5% earnings growth for the quarter. Brokerage firm Motilal Oswal had expected earnings growth of 12%. "The 1QFY20 corporate earnings-report was below our expectations for both the Nifty and the MOFSL Universe.  The Nifty delivered 5% earnings growth for the quarter versus our estimate of 12%," Motilal Oswal noted in its latest report. Domestic Cyclicals continued driving earnings growth for the third consecutive quarter, led by Financials, which contributed almost the entire earnings delta but still fell short of expectations, said the firm.

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    11:05 (IST)30 Aug 2019
    BSE live: Sensex under pressure, Nifty below 10,950; VEDL, Tata Steel top gainers

    After opening higher, the headline indices Sensex and Nifty turned negative tracking cues. The Sensex is down 80 points to 36,988 while the Nifty is trading below the 11,000-mark. VEDL, Tata Steel shares were the biggest gainers, jumping up to 2.5%.  HCL Tech, Kotak Mahindra Bank shares are among the biggest losers, shedding up to 1%. A look at LIVE Sensex heatmap.

    10:42 (IST)30 Aug 2019
    Tax reforms: Need to revisit anti-Indian taxation laws

    We live in an age of protectionism, where local industries are being protected against global players. The glut of globalisation from the 1990s faces a resurgent spirit of nationalism; policies that previously promoted free trade are being met with protective measures, such as tariffs and trade barriers. The US, the bastion of free trade and capitalism, has started a brutal trade war with China, and has gone so far as to create checks on foreign acquisitions of US companies via the Committee on Foreign Investment in the United States—all to promote local industries under the “America First” policy.

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    09:51 (IST)30 Aug 2019
    One answer to bridging fiscal shortfall, maintaining government spending growth — Large divestments

    The economy has slowed. Now that there is a consensus on that, the debate has moved to how severe it is, how long it can last, and where the intervention needs to be. Like a snowball that grows bigger as it rolls on, economic momentum builds in a certain direction till a force (intervention) is applied. The later the response, the stronger the necessary intervention. This amplification of the prevailing trend plays out on several fronts. Let us start with financial conditions. Once financing conditions tightened after the default by a large financial firm about a year back, the resultant economic weakness pushed more firms into default.

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    09:25 (IST)30 Aug 2019
    BSE live: Sensex up 70 points, Nifty near 11,000; RIL, Yes Bank up marginally

    The headline indices Sensex and Nifty opened marginally higher tracking mixed cues. The Sensex is up 70 points to 37,143 while the Nifty is trading near the 11,000-mark. HCL Tech, Kotak Mahindra Bank shares are among the biggest losers, shedding up to 1%. Yes Bank, RIL shares are trading marginally higher. A look at LIVE Sensex heatmap.

    09:13 (IST)30 Aug 2019
    Icra terminates employment of MD and CEO Naresh Takkar

    Rating agency ICRA on Thursday terminated the employment of Naresh Takkar, CEO and MD of the company. Vipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a CEO is appointed. Takkar was on leave since July 1, 2019 pending an inquiry. On July 1, Icra’s board of directors had decided, pending the completion of the examination of the concerns raised in the anonymous representation that was forwarded to the company by the Securities and Exchange Board of India (Sebi), to place Naresh Takkar on leave, effective immediately, until further notice.

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    09:07 (IST)30 Aug 2019
    Crisil sees 3-5 percent fall in Kharif output

    Monsoon deficit in the crucial first one-and-half months of the Kharif-sowing season, coupled with excessive rains in August that inundated agricultural fields in several states, are likely to drag down production of foodgrain (rice, pulses and coarse cereals) this season by 3-5% from last year’s 141.71 million tonne, according to a report by Crisil Research. Rice production is likely to fall by 7% from 102.13 million tonne in 2018-19, Crisil said. Private weather forecaster Skymet has pegged rice production at 88.66 million tonne, down 13%. The weighted average mandi prices of crops are seen to be 10% higher this year compared to last year, it said.

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    09:02 (IST)30 Aug 2019
    Piyush Goyal asks bankers to ease export credit flow

    As export credit continues to contract, commerce and industry minister Piyush Goyal on Thursday held a meeting with senior public-sector bankers to push for easier and greater flow of loans at cheaper rates. This comes amid expectations that the government would soon announce a slew of steps to boost faltering export growth. Both the government and the Reserve Bank of India (RBI) are already in discussion to ease priority-sector lending norms for exports. Though the central bank is learnt to be reluctant to allocate a part of its foreign exchange reserves for export credit — as is being demanded by some — to boost flow of loans, it is amenable to changes in credit norms.

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    09:01 (IST)30 Aug 2019
    RBI Annual Report: Mute global demand, slow government spending led to slowdown

    Subdued global demand and some slack in government consumption expenditure led to a moderation in economic activity during 2018-19, the Reserve Bank of India (RBI) said on Thursday in its annual report for the year. Even as accommodative monetary policies around the world led to an improvement, global growth ebbed in early 2019 and near-term risks to growth remain tilted to the downside. The outlook for the Indian economy remains clouded, too, the central bank has observed.

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    08:55 (IST)30 Aug 2019
    Boosting consumption: Modi govt could front-load spending, says FM Nirmala Sitharaman

    Finance Minister Nirmala Sitharaman said on Thursday that the Centre could bring forward some expenditure milestones laid out in the budget to boost flagging consumption. She stressed that the momentum of infrastructure spending by the public-sector agencies would be maintained. She said India remained the fastest growing economy despite the recent sluggishness, which was being addressed through measures based on feedback from the industry. The comments, made during an interactive session with the media in Guwahati after a meeting with the industry, come in the backdrop of the Centre getting Rs 58,000 crore over and above the budgeted Rs 90,000 crore from the RBI as surplus transfer for FY20.

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    08:54 (IST)30 Aug 2019
    Adani buys Essel’s 205 MW solar assets for Rs 1,300 crore

    The debt-ridden Essel Group, controlled by Subhash Chandra, has entered into an agreement with Adani Green Energy to sell its 205-MW operating solar assets at an enterprise value of Rs 1,300 crore. On March 8, FE had reported the company was in talks with Adani and CPPIB for sale of its 685-MW solar portfolio on a piecemeal basis. The company is further working to close the divestment of additional 480-MW solar asset portfolio, the company said in a statement.

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    08:41 (IST)30 Aug 2019
    Mukesh Ambani: India’s digital transformation in 2 years unmatched

    Terming new technologies as critical change agents that will transform opportunity into reality, Reliance Industries (RIL) chairman Mukesh Ambani said that in the next 24 months, India would be among the leading nations in the world in the adoption of artificial intelligence, Internet of Things, blockchain, cloud computing and other technologies of the fourth Industrial Revolution. Speaking at the seventh convocation of Pandit Deendayal Upadhyay Petroleum University (PDPU), the RIL chairman said that India’s digital transformation was unmatched and unprecedented, as in less than 24 months, the nation had taken a top leadership position from being 155th in the world in mobile data.

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    08:40 (IST)30 Aug 2019
    Hope for Jet Airways: Synergy group looks to invest up to Rs 3,000 cr in airline

    Synergy Group, a South American entity, which holds a significant stake in Columbian Avianca Airlines, is willing to invest up to Rs 3,000 crore in the grounded Jet Airways. The investment is conditional on the lenders of the airline taking a large debt haircut, Antonio Guizzetti, one of the advisors to Synergy Aerospace said. German Efromovich, the owner of the Synergy Group, will meet the State Bank of India within the next two weeks to present a business plan. “Jet Airways is a good company, but it is grounded, which is very difficult to rehabilitate. Our desire is to negotiate with the banks for conversion of debt to equity,” Guizzetti said.

    Full story

    08:39 (IST)30 Aug 2019
    Tax reforms: Need to revisit anti-Indian taxation laws

    We live in an age of protectionism, where local industries are being protected against global players. The glut of globalisation from the 1990s faces a resurgent spirit of nationalism; policies that previously promoted free trade are being met with protective measures, such as tariffs and trade barriers. The US, the bastion of free trade and capitalism, has started a brutal trade war with China, and has gone so far as to create checks on foreign acquisitions of US companies via the Committee on Foreign Investment in the United States—all to promote local industries under the “America First” policy.

     
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