Share market highlights: Sensex ends 141 points down, Nifty near 11,100; Yes Bank, Axis Bank top gainers

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Updated:Oct 07, 2019 3:42:55 pm

Share market highlights: The headline indices Sensex and Nifty closed lower on Monday, led by a sell-off in IT heavyweights. Yes Bank shares closed 7.5% higher at Rs 45.30 on BSE.

Share Market Live, Stock Market Live, Nifty Live, NSE live, BSE live, Live Market Update, Market Today, स्टॉक मार्केट, शेयर बाजार, Indian Share Market Live, Indian Stock Market LiveYes Bank shares closed 7.5% higher at Rs 45.30 on BSE.

Share market highlights: The headline indices Sensex and Nifty closed lower on Monday, led by a sell-off in IT heavyweights. Yes Bank shares closed 7.5% higher at Rs 45.30 on BSE. Yes Bank is in talks with three top technology companies, including Microsoft Corp, to induct one of them as a strategic shareholder as part of the bank’s strategy to get fresh capital infusion and augment its digital ambitions, Livemint reported citing sources. The Sensex ended 142 points down, while the Nifty closed below the 11,150-mark. Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy. We bring to you highlights.

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    15:42 (IST)07 Oct 2019
    BSE live: Sensex ends 141 points down, Nifty near 11,100; Yes Bank, Axis Bank top gainers

    The headline indices Sensex and Nifty closed lower on Monday, led by a sell-off in IT heavyweights. Yes Bank shares closed 7.5% higher at Rs 45.30 on BSE. The Sensex ended 142 points down, while the Nifty closed below the 11,150-mark. A look at LIVE Sensex heatmap.

    15:33 (IST)07 Oct 2019
    AI can accelerate MSME share in GDP but small businesses must overcome data, ROI, awareness limitations

    Artificial intelligence (AI) has taken the world by a storm, owing to its fail-proof facilities that have made both life and business easier the world over. Realising the significance of Industry 4.0 has on business countries around the world are becoming increasingly aware of the potential economic and social benefits of developing and applying AI. India, not too be let behind is fully committed to providing impetus to AI and developing as a mode of production to be leveraged to alleviate its economy. The government has even set up four centres for promoting industry 4.0 across the country

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    14:53 (IST)07 Oct 2019
    Edelweiss Financial Services stock hits 52-week low on rating downgrade

    Shares of Edelweiss Financial Services Ltd (EFSL) on Monday declined over nine per cent following a downgrade of its long-term debt instruments amid concerns over operating environment for NBFCs. The company’s stock fell to its 52-week low level at Rs 76.30, on the BSE. Later on, the scrip was trading 8.64 per cent lower at Rs 77.15. On the NSE also, the stock touched its 52-week low at Rs 76.30. However, the scrip managed to pare some of the early losses and was trading 9.04 per cent lower at Rs 76.95. While downgrading, Crisil on Friday noted that although the group has been raising resources on an ongoing basis since September 2018, the overall fund raising remains significantly below pre-September 2018 levels. Also, the ease of raising resources and the associated cost have been impacted, it added.

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    14:37 (IST)07 Oct 2019
    SBI calls for separate deposit insurance limit; Double for fixed deposits, Rs 1 lakh for savings account

    Amidst the Punjab and Maharashtra Cooperative (PMC) Bank financial crisis, there is talk of increasing the deposit insurance limit all around. The Economic Research Department of the State Bank of India has come out with a report, authored by Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, titled, “Time for a hike in deposit insurance and a resolution platform for NBFCS?” The deposits in a bank, including savings account, current account, fixed deposit and even recurring deposits, are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India. As per the DICGC rule, the insurance cover is capped at Rs 1 lakh, including the principal and interest amount of each depositor. This limit is the total amount across all bank branches of the same bank, which means deposits in different banks will be treated separately for insurance coverage.

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    14:02 (IST)07 Oct 2019
    E-commerce shoppers see bias in ratings, reviews of online products, says survey

    Product reviews and ratings often come in handy for online shoppers in their buying decision given the lack of touch and feel in the digital channel even as the veracity of such reviews and ratings have remained questionable. Now, according to a survey of online shoppers in India with respect to product reviews and ratings, majority respondents have found positive bias on e-commerce sites for the majority of the products. While 62 per cent consumers said that product ratings have a positive bias on most of the products, 57 per cent thought that product reviews are positively biased on maximum products, in a survey with 57,000 respondents from over 33,000 participants from more than 220 districts. 

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    13:09 (IST)07 Oct 2019
    Logistics sector gets big data and analytics boost; how industry is benefited by tech boom

    We generate more than 2.5 trillion bytes of data every day via our smartphones and tablets. Of the complete data accumulated worldwide, 90% has been generated over the last two years. Though some might see this ever-increasing volume of data as a challenge, it also presents several opportunities that can empower us with demand forecasting, superior understanding of consumer behaviour and aid in informed decision making as well. The rise of digital technologies and the data boom that has followed, is helping drive positive changes all across the value chain. This has been specifically true for the logistics industry since it has several multilayered bottlenecks and complicated processes. The composite and dynamic nature of the industry is, at present, getting increasingly simplified with Big Data and Analytics.

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    12:50 (IST)07 Oct 2019
    Designed by Apple in California, assembled in India’ can be reality soon; why Ravi Shankar Prasad says so

    With the government cutting corporate tax rate and bringing it on par with the leading economies globally, manufacturing of leading mobile phone brands such as Apple in India could be a reality soon, said Union Minister for Communications, IT and Law Ravi Shankar Prasad. The tax rate cut decision will strengthen India’s case overseas to attract global investor interest in production of electronic goods, Ravi Shankar Prasad told The Indian Express in an interview. “We are hearing encouraging stories from Apple also, and for me, the happiest moment would be to see on my Apple phone “Designed by Apple in California, Assembled in China”, where China is replaced by India. Samsung has also withdrawn from China,” he added.

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    12:03 (IST)07 Oct 2019
    YES Bank’s Diwali bonanza: Big bonuses for employees, ramps up hirings

    As the nation gears up for Diwali, private-sector bank has rolled out big bonuses for existing employees which will be paid once every four months. To be given in 30:40:30, the bonus rollout is meant to retain existing talent, CNBC TV-18 cited unidentified sources as saying. Further, the private bank is also ramping up employment activities and is aggressively hiring for top positions. The bank is offering handsome hikes to prospective employees and the attractive packages are bringing very healthy response to the bank’s recruitment drive, the news channel reported. The appraisal linked compensation is a part of the bank’s regular human capital management practices. As a part of its strategy to evolve business, YES Bank is strengthening its Human Capital, the news channel said. 

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    11:44 (IST)07 Oct 2019
    Yes Bank share price jumps after reports of marquee investors eyeing stake

    India's major private sector lender Yes Bank's share price gained on Monday morning, after media reports that marquee PE investors are eyeing stake in the bank. Yes Bank shares gained more than 9% to hit the day's high at Rs 45.95 on BSE. Yes Bank is in talks with three top technology companies, including Microsoft Corp, to induct one of them as a strategic shareholder as part of the bank’s strategy to get fresh capital infusion and augment its digital ambitions, Livemint reported citing sources. Further, according to a report by Economic Times, prominent PE giants including TPG, The Carlyle Group and Farallon Capital — are looking to buy large strategic stakes in Yes Bank as all pledged shares have now been sold and business fundamentals present a compelling value proposition at current market price.

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    10:55 (IST)07 Oct 2019
    Maharashtra govt’s tech route to hike farm yields; satellite imagery, AI to mitigate risks

    Launched in January this year, the Maha Agri Tech project seeks to use technology to address various cultivation risks ranging from poor rains to pest attacks, accurately predict crop-wise and area-wise yield and eventually to use this data to inform policy decisions including pricing, warehousing and crop insurance. When farmers in six districts of Maharashtra begin sowing for the coming rabi season, this project will enter its second phase where artificial intelligence and satellite imagery will be used to mitigate risks. Fields of the farmers that are part of the project will be monitored via satellite images at every stage right until the harvest.

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    10:49 (IST)07 Oct 2019
    EU to reach Brexit position by end of next week, says French President Emmanuel Macron

    French President Emmanuel Macron on Sunday told British Prime Minister Boris Johnson that the possibility of a Brexit accord would be evaluated by the end of next week. Johnson, in a telephone conversation with Macron, “presented his latest proposals,” the French presidency said in a statement. Macron “indicated that the negotiations should continue rapidly in the coming days, with the team of France’s EU negotiator Michel Barnier, in order to evaluate at the end of next week whether an accord is possible, while respecting the principles of the European Union,” the statement said.

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    10:33 (IST)07 Oct 2019
    Rupee slips 21 paise to 71.09 vs US Dollar in early trade

    The rupee opened on a weak note and declined by 21 paise to 71.09 against the US dollar in opening trade on Monday, as sustained foreign fund outflows weighed on investor community. Forex traders said rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency. The rupee opened weak at 71.00 at the interbank forex market and then fell further to 71.09, down 21 paise over its last close. The rupee had settled at 70.88 against the US dollar on Friday. (from PTI)

    09:50 (IST)07 Oct 2019
    Brainstorming: Lower policy risk, greater accountability of regulators to boost investments

    Even after the Budget was presented, finance minister Nirmala Sitharaman has been announcing a series of measures to revive the economy, the most significant of which was probably last month’s corporate tax cuts. Panelists at a discussion at the FE Best Banks Awards function last week pondered over what more was required to jumpstart large investments including how a cash-strapped banking sector and financially stressed corporates would fund the next wave of investments (see page 7 for full discussion).

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    09:25 (IST)07 Oct 2019
    BSE live: Sensex turns negative, Nifty below 11,150; Yes Bank top gainer

    The headline indices Sensex and Nifty are opened higher on Monday morning, tracking strong global cues. Yes Bank shares gained more than 5% to hit the day's high at Rs 44, after reports that marquee investors are eyeing stake in the lender. The Sensex is down about 20 points to 37,651, while the Nifty is trading below the 11,150-mark.

    08:58 (IST)07 Oct 2019
    RBI report: States flouting UDAY norms on taking over discom losses

    Out of the Rs 2,726-crore funding that states were supposed to provide in FY19 against the losses of their power distribution companies (discoms), they have shelled out only Rs1,311 crore, the recent study on state finances published by the Reserve Bank of India (RBI) pointed out. While discoms show no significant sign of recovery, as per the Uday norms, state finances would come under additional pressure going ahead as they are mandated to fund aprogressively higher share of discom losses from their own finances.

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    08:57 (IST)07 Oct 2019
    Dipping GST collections: States stare at losing revenue cover

    The sharp decline in Goods and Services Tax (GST) collections could not only add to the Centre’s fiscal woes, but also deprive state governments of their assured compensation for revenue shortfall. If the collections till September are to be gone by, the compensation cess kitty will fall short by Rs 1,08,000 crore over FY20 (about Rs9,000 crore/month), denting the states’ coffers.

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    08:52 (IST)07 Oct 2019
    Gold rises ahead of US-China trade negotiations

    Gold prices advanced on Monday as markets braced for U.S.-China trade negotiations during the week with lesser hopes of a breakthrough, following a report that Chinese officials may not be as willing to bend. Spot gold was up 0.3% to $1,508.23 per ounce as of 0101 GMT. Prices had edged 0.5% higher in the previous week on fears of global economic slowdown. U.S. gold futures inched 0.1% higher to $1,513.90 an ounce. The U.S. dollar against a basket of currencies was a shade lower in early trade. Asian markets too edged lower ahead of the trade talks.

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    08:51 (IST)07 Oct 2019
    Oil prices slip again amid gathering gloom over global economy

    Oil prices fell on Monday, extending last week’s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the U.S.-China trade war. Brent crude futures edged down 24 cents to $58.13 a barrel by 0147 GMT while U.S. West Texas Intermediate (WTI) crude was at $52.69, down 12 cents.

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    08:50 (IST)07 Oct 2019
    British PM Boris Johnson renews vow to leave EU by deadline

    British Prime Minister on Sunday renewed his vow to take the country out of the European Union by the Brexit deadline, in an apparent contradiction of a government pledge in court days earlier to ask for an extension if there’s no withdrawal deal. “We will be packing our bags and walking out on” October 31, Boris Johnson wrote in The Sun on Sunday and Sunday Express newspapers.  “The only question is whether Brussels cheerily waves us off with a mutually agreeable deal or whether we will be forced to head off on our own.”

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