Share market highlights: Sensex ends 230 points down, Nifty below 11,900; Yes Bank, SBI shares plunge

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Updated:Nov 13, 2019 3:46:59 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty ended lower on Wednesday tracking IIP shocker and tepid auto sales.

Sensex, Moodys, BSE, Infosys, Nifty, economic growth, mutual funds, Indian equities, NSE, FMCGThe Sensex closed 229 points to 40,116.06, while the Nifty was trading below the 11,900-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty ended lower on Wednesday tracking IIP shocker and tepid auto sales. The Sensex closed 229 points to 40,116.06, while the Nifty was trading below the 11,900-mark. Yes Bank, SBI, VEDL shares were among the biggest losers in the Sensex pack, shedding up to 7%. TCS, RIL, HCL Tech were the major gainers, jumping up to 4%. The sharp contraction in the IIP, to an eight-year low of a negative 4.3% year-on-year (y-o-y), comes indicated deepening of the slowdown in the economy. Notably, the auto manufacturers have been producing less in order to reduce inventories that piled up after the weak 2018 festive season. Other areas such as wholesale trade, consumer durables, and export credit have also witnessed a major decline in the deployment of bank credit in the financial year so far. Despite the big announcement of the corporate tax cut by Finance Minister Nirmala Sitharaman, industries in India have yet not recovered from the effects of the slowdown. India registered a GDP growth of 5 per cent in the first quarter of the current fiscal year, which was at a six-year low. Even for the second quarter, the market expectations are less optimistic. Meanwhile, many organisations including the Reserve Bank of India and steeply cut India’s annual GDP forecast. Britannia Industries shares were trading 4% higher after the firm’s strong Q2 results. It reported consolidated revenue growth of 6% for the quarter ending September at Rs 3,023 crore. The company’s consolidated net profit jumped by double-digit 33% and stood at Rs 404 crore.

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Highlights

    15:46 (IST)13 Nov 2019
    Sensex ends 230 points down, Nifty below 11,900; Yes Bank, SBI shares plunge

    The headline indices Sensex and Nifty ended lower on Wednesday tracking IIP shocker and tepid auto sales. The Sensex closed 229 points to 40,116.06, while the Nifty was trading below the 11,900-mark. Yes Bank, SBI, VEDL shares were among the biggest losers in the Sensex pack, shedding up to 7%. TCS, RIL, HCL Tech were the major gainers, jumping up to 4%. The sharp contraction in the IIP, to an eight-year low of a negative 4.3% year-on-year (y-o-y), comes indicated deepening of the slowdown in the economy. A look at LIVE Sensex heatmap.

    15:46 (IST)13 Nov 2019
    Sensex ends 230 points down, Nifty below 11,900; Yes Bank, SBI shares plunge

    The headline indices Sensex and Nifty ended lower on Wednesday tracking IIP shocker and tepid auto sales. The Sensex closed 229 points to 40,116.06, while the Nifty was trading below the 11,900-mark. Yes Bank, SBI, VEDL shares were among the biggest losers in the Sensex pack, shedding up to 7%. TCS, RIL, HCL Tech were the major gainers, jumping up to 4%. The sharp contraction in the IIP, to an eight-year low of a negative 4.3% year-on-year (y-o-y), comes indicated deepening of the slowdown in the economy. A look at LIVE Sensex heatmap.

    14:47 (IST)13 Nov 2019
    Piyush Goyal lashes out at developed countries; says denying MSMEs opportunity to sell goods

    MSMEs are the backbone of Indian economy but the increasing trends of protectionism in the form of non-tariff barriers (NTB) are denying market access to these enterprises particularly from the developing countries, said Commerce minister Piyush Goyal in the meeting with BRICS trade ministers in Brasilia, Brazil on Tuesday. The minister said that while developed countries talk about open and free trade by removing tariffs in developing countries but they themselves increase barriers in the form of NTBs. This is creating economic uncertainties and increasing the cost to carry out trade in developing and least developed countries, according to Goyal.

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    14:01 (IST)13 Nov 2019
    This mobile marketing firm’s stock doubled investor wealth in 3 months; Nomura says buy

    While shares of mobile marketing firm Affle India has more than doubled investor wealth since its IPO, global brokerage firm Nomura has initiated coverage on the stock with a ‘buy’ rating. Affle (India) shares were trading 9% higher at Rs 1,614.20 on BSE. Nomura has a target stock price of Rs 1,900 on the shares. The target price implies an upside of more than 18% from today’s high. Notably, the shares have more-than-doubled investor wealth as compared to the issue price of Rs 745 in August.

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    Special EXPORT Zones: Build China-like hotspots near sea to boost employment, says Arvind Panagariya

    Even as major reforms including GST and IBC have already been announced, the Modi government should now focus on coastal employment zones, former NITI Aayog vice-chairman Arvind Panagariya told CNBC TV-18 in an interview. India can replicate the Chinese model of coastal special economic zones (SEZs) as seen in places such as Shenzhen, the noted economist also said. In this way, the government can attract substantial investments that go to China, the professor of economics at Columbia University also said. Such zones promote flexible land and labour laws, along with an easier movement of goods in and out of the country. It can also help in easier custom clearances, he noted.

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    12:32 (IST)13 Nov 2019
    Morgan Stanley’s Ridham Desai tells how stock markets can sustain current rally

    Even as the stock markets are booming, the economic growth needs to revive for them to sustain, said a veteran investor. However, the stock prices are out of the fear zone as of now, Ridham Desai, Managing Director, Morgan Stanley India, told ET Now. The indicators for stock markets are currently mixed, but trending up rather than down, he also said. Adding, he said that the Indian equities are expected to beat the emerging market index in the coming 12 months. Ridham Desai continues to back domestic cyclical mid-cap value stocks from a portfolio perspective. The stock markets are on a high for some time now.

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    12:29 (IST)13 Nov 2019
    This is how poor Jeff Bezos, Bill Gates would be if it were for Warren’s dreaded wealth tax plan

    Jeff Bezos and Bill Gates would be nowhere close to being as rich as they are today, and would have only a fraction of their wealth, had US President hopeful Elizabeth Warren’s much-talked-about proposed wealth tax been there for long. If effective since 1982, Elizabeth Warren’s “six cents for each dollar” idea would mean that Amazon founder Jeff Bezos’ fortune would be limited to less than $50 billion against $160 billion, ie less than one-third of what it is now. Similarly, Bill Gates would be left with only $13.9 billion in 2018 instead of $97 billion, The New York Times reported citing estimates from Elizabeth Warren’s advisors.

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    12:27 (IST)13 Nov 2019
    Post Office employee? Service rendered as GDS can’t be counted for Pension – Supreme Court

    Pension for Post Office Employees: Services rendered by postal department employees as Gramin Dak Sevaks (GDS) cannot be computed for calculation of the qualifying service of their pension after they get selected in regular posts in the department, according to a recent Supreme Court judgement. The Supreme Court decision came on November 8 in Union of India & ORS vs Gandiba Behera case. The apex court said, “In our opinion the services rendered by the respondents as GDS or other Extra­Departmental Agents cannot be factored in for computing their qualifying services in regular posts under the postal department on the question of grant of pension.

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    12:23 (IST)13 Nov 2019
    Crowdfunding: How this alternative financing route is helping SMEs ignored by banks to raise capital

    When Sukarma Foundation, an Indian non-profit SME, wanted to set-up a manufacturing unit to produce eco-friendly sanitary napkins, it chose to raise the business funds through the alternative financing route rather than raising a loan through a bank or an institution. Why? Small businesses, until recently, struggled with getting finance for business due to limited financing options and the related barriers. But the advent of alternative financing is bringing a welcome change to this situation. Alternative financing refers to a range of financing sources that have emerged externally to the traditional financing system comprising regulated banks and capital markets. 

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    12:09 (IST)13 Nov 2019
    Asian stocks fall on fears US-China trade stalling

    Asian stocks and Wall Street futures fell on Wednesday on growing worries U.S.-China trade talks are stalling after President Donald Trump failed to deliver any new information about when the two countries would sign a trade deal. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2%. Australian shares were down 0.17%, while Japan’s Nikkei stock index slid 0.38%. The dollar drifted in Asia after Trump said a trade deal was “close” but gave no new details on when or where an agreement would be signed, disappointing investors in what was billed as a major speech on his administration’s economic policies. Trump also rattled some investors by threatening China with even more tariffs if they do not sign a deal.

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    12:04 (IST)13 Nov 2019
    Onion prices on the boil! But why RBI may still pay no attention to it

    India’s headline inflation probably breached the central bank’s 4% medium-term threshold last month, but that surge — driven by high onion prices — is unlikely to distract monetary policy makers from their focus on growth. Economists pegged the gains in consumer prices at 4.35% in October, according to the median of 33 economists surveyed by Bloomberg. That would be the first above-4% print since July 2018 and the highest since June last year. While policy makers will assess the accompanying food-price data, it may not be compelling enough to hold their attention: underlying inflation — a measure of demand in the economy — is expected to remain subdued. First indications came via purchasing managers surveys, which signaled weak manufacturing and services activity in October.

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    11:27 (IST)13 Nov 2019
    CIBIL score above 740: Do millennials care for this? Study reveals interesting trend

    Rising credit-consciousness is a new trend among millennials. Between 2016 and 2018, the credit-consciousness among self-monitoring Indian millennials grew by 58 per cent, says a study by TransUnion CIBIL. It further said that millennials are one of the most credit-conscious consumer segments in the country. They self-monitor their credit scores regularly and have an average CIBIL Score of 740. According to Sujata Ahlawat, VP and Head – Direct to Consumer Interactive, TransUnion CIBIL, millennials are conscious of checking their CIBIL score and report regularly. “On an average, self-monitoring millennials view their CIBIL report or view updates about 6 times in a year.

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    11:11 (IST)13 Nov 2019
    Bank of Baroda classifies two ADAG-owned NBFCs as NPAs in Q2

    Bank of Baroda (BoB) is understood to have classified its exposures to two non-banking financial companies (NBFCs) from the ADAG group as non-performing assets (NPAs) during the quarter ended September, persons familiar with the developments told FE. Email requests to BoB did not elicit a response. When asked for response, Reliance Capital declined to comment. So far, CARE Ratings has downgraded to default grade debt worth over Rs. 30,000 crore owed together by Reliance Home Finance and Reliance Commercial Finance. BoB is the lead bank in the consortium of lenders to the two companies.

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    11:09 (IST)13 Nov 2019
    Moody’s downgrades CFR of Macrotech Developers to Caa1

    Rating agency Moody’s Investors Service on Tuesday downgraded the corporate family rating (CFR) of Macrotech Developers (MDL), erstwhile Lodha Developers, to Caa1 from B3. Moody’s has also downgraded rating of the US dollar-denominated bonds issued by MDL arm Lodha Developers International and guaranteed by MDL to Caa1 from B3. The outlook on all the ratings above is negative. Data from Capitaline showed that total debt of MDL stood at Rs. 25,641 crore as on March 2019.

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    11:00 (IST)13 Nov 2019
    Edelweiss Global Investment Advisors receives $75-million investment

    Private equity firm Sanaka Capital, along with other investors, will be investing $75 million in Edelweiss Global Investment Advisors (EGIA), the group’s investment advisory business, according to a statement issued by Edelweiss. The firm said Sanaka Growth SPV I has committed to invest approximately $44 million in EGIA, while talks are on for a further investment of approximately $31 million in the business. The partnerships are in line with the overall strategic growth plan initiated in 2017 by Edelweiss Group to separate its three businesses — credit, investment advisory and insurance — into distinct entities.

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    10:49 (IST)13 Nov 2019
    Uber India receives Rs 1,767 crore in fresh capital from Netherlands arms

    Uber India has received Rs. 1,767.46 crore in fresh capital from Netherlands-based entities Uber International Holding and Uber International, according to the company’s RoC filings sourced from business intelligence platform paper.vc. The recent funding is significantly higher than the last capital infusion made a couple of years ago — the two entities had jointly injected a little over Rs. 40 crore in Uber India in 2017. The fund infusion comes at a time when the US-based ride-hailing firm is looking at India to drive growth. Uber posted its largest-ever quarterly loss, a whopping $5.24 billion in the three months which ended June 2019. Losses remained elevated at $1.2 billion in Q3 2019.

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    10:41 (IST)13 Nov 2019
    Bank of Baroda classifies two ADAG-owned NBFCs as NPAs in Q2

    Bank of Baroda (BoB) is understood to have classified its exposures to two non-banking financial companies (NBFCs) from the ADAG group as non-performing assets (NPAs) during the quarter ended September, persons familiar with the developments told FE. Email requests to BoB did not elicit a response. When asked for response, Reliance Capital declined to comment. So far, CARE Ratings has downgraded to default grade debt worth over Rs. 30,000 crore owed together by Reliance Home Finance and Reliance Commercial Finance. BoB is the lead bank in the consortium of lenders to the two companies.

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    10:04 (IST)13 Nov 2019
    Asian stocks fall on fears US-China trade stalling

    Asian stocks and Wall Street futures fell on Wednesday on growing worries U.S.-China trade talks are stalling after President Donald Trump failed to deliver any new information about when the two countries would sign a trade deal. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2%. Australian shares were down 0.17%, while Japan’s Nikkei stock index slid 0.38%. The dollar drifted in Asia after Trump said a trade deal was “close” but gave no new details on when or where an agreement would be signed, disappointing investors in what was billed as a major speech on his administration’s economic policies.

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    10:03 (IST)13 Nov 2019
    Oil dips as US-China trade deal hopes fade

    Oil prices dipped on Wednesday as prospects for a trade deal between the United States and China dimmed, weighing on the outlook for the global economy and energy demand. U.S. President Donald Trump said on Wednesday that the two countries were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors. Brent crude futures edged down 16 cents, or 0.3%, to $61.90 a barrel by 0124 GMT, while U.S. West Texas Intermediate crude was at $56.65, down 15 cents or 0.3%.

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    09:48 (IST)13 Nov 2019
    Paytm ‘fraud’: This big money manager lost Rs 5,000 from mobile wallet, here’s how he got it back

    A prominent investment manager got a rude shock this morning, when he discovered that Rs 5,000 from his Paytm wallet got automatically transferred to a juice vendor. Notably, Vikaas M Sachdeva, CEO of a reputed AMC, was hit by fraud and his entire balance of Rs 5,520.93 got transferred to Shree Balaji Juice centre at about 12.15 am on Tuesday morning. Sharing the incident of Twitter, Sachdeva said that the fraud took place when he was asleep at home. “Just flagging off a fraud which happened to me. My entire paytm balance of over 5k got transferred to an entity called Balaji juice centre at 12.15 am today while I was asleep at home. Reported it to @Paytmcare but am surprised how vulnerable paytm is to cyberfraud,” Vikaas Sachdeva tweeted. 

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    09:47 (IST)13 Nov 2019
    Mukesh Ambani’s wife named to US’s largest art museum board

    Nita Ambani, philanthropist and wife of Asia’s richest person, was named to the board of the largest U.S. art museum after years of supporting exhibitions at the New York City institution. Ambani’s backing “has had an enormous impact on the museum’s ability to study and display art from every corner of the world,” Daniel Brodsky, the Metropolitan Museum of Art’s chairman, said Tuesday in a statement.

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    09:36 (IST)13 Nov 2019
    Another blow for Indian economy after record IIP slump; new data shows economic revival not near

    After a dreary industrial production in the month of September, now a steep contraction in bank credit too shows that there is no sign of recovery for India’s sagging economy in the coming few months. While the industrial output shrunk by 4.3 per cent in September, the worst in the last eight years, credit given to the industries have contracted by 3.8 per cent in the financial year so far, according to the RBI. Even the bank credit to the services sector has contracted by 2.2 per cent in the financial year so far, coming in-line with the manufacturing sector. The highest contraction in bank credit is observed in the micro, small and medium enterprises (MSMEs).

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    09:35 (IST)13 Nov 2019
    Equity investing: Stick to SIPs in volatile phase

    At a time when the stock markets are volatile, retail investors are sticking to their systematic investment plans (SIPs). Data from Association of Mutual Funds in India (Amfi) show that SIP assets-under-management (AUM) has crossed the Rs 3-lakh crore mark for the first time ever—witnessing 18% year-on-year growth in October. The total net inflows in mutual fund industry in October was Rs. 1,33,482 crore, compared to net outflow of Rs. 1,51,790 crore seen in September this year. Equity schemes have reported total net inflow of Rs. 6,026 crore compared to Rs. 6,609 crore in the previous month and the debt segment saw the largest inflows of Rs. 1,21,140 crore as compared to outflows of Rs. 1,58,032 crore in September.

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    09:28 (IST)13 Nov 2019
    BSE live: IIP shocker, tepid auto sales weigh on Sensex, Nifty; Britannia up 4%

    The headline indices Sensex and Nifty opened lower tracking IIP shocker and tepid auto sales. The Sensex was down about 10 points to 40,332.05, while the Nifty was trading near the 11,900-mark. The sharp contraction in the IIP, to an eight-year low of a negative 4.3% year-on-year (y-o-y), comes indicated deepening of the slowdown in the economy. A look at LIVE Sensex heatmap.

    09:04 (IST)13 Nov 2019
    IIP shocker: No solution possible till credit flows restart

    Given the festive season was around the corner, one would have expected companies to have ramped up production somewhat in September. Under the circumstances, the sharp contraction in the IIP, to an eight-year low of a negative 4.3% year-on-year (y-o-y), comes as a bit of a shock. To be sure, auto manufacturers have been producing less in order to reduce inventories that piled up after the weak 2018 festive season. But, demand is clearly weaker than perceived and consumer confidence severely dented.

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    09:03 (IST)13 Nov 2019
    Biscuits getting more expensive: Britannia falls back on premium items to make money amid slowdown

    While FMCG companies have been facing the headwinds of ongoing slowdown, one of the leading biscuit makers Britannia said that the company launched several premium products at a time when people were not willing to buy five-rupee biscuits. Announcing the company’s results for the quarter ending September, Britannia said: “We continued our premiumisation and innovation journey with the launch of limited edition “Treat Cream biscuits” & “Little Hearts Strawberry,” Varun Berry, Managing Director, Britannia, said in a statement on Monday. 

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    09:02 (IST)13 Nov 2019
    SBI hints at more pain ahead for economy; cuts FY20 GDP growth to 5%

    India’s GDP growth is expected to fall further in the second quarter after touching a six-year low in the first quarter of FY20, SBI said in a research note on Tuesday. India’s GDP growth forecast for the ongoing fiscal to 5 percent from 6.1 percent earlier, owing to global economic slowdown coupled with domestic concerns. The GDP growth may fall down further from 5 percent in Q1FY20 to 4.2 percent in Q2, owing to low automobile sales, a decline in air traffic movements, flattening of core sector growth and declining investment in construction and infrastructure, SBI Research also said.

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    09:01 (IST)13 Nov 2019
    Slowdown pain deepens as industrial output dives; good days remain elusive for Indian economy

    There seems to be no respite in sight for the Indian economy from an ongoing slowdown, which now appears to be deepening with the passage of every month. The latest to hit hard is the data on industrial output, which showed that India’s IIP (Index of Industrial Production) fell by 4.3% on-year in September, indicating a severe contraction in the activity. Consumer durables production was down by 9.9%; manufacturing slipped by 3.9%, and capital goods output fell by as much as 20.7% on-year in the month.

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    09:00 (IST)13 Nov 2019
    BSNL may face staff shortage after VRS; 61% eligible staff opt for retirement

    The overwhelming response to its voluntary retirement scheme seems to have put BSNL in a spot. Of the 1,04,471 eligible employees, 63,854 have opted for VRS till Saturday evening. BSNL had expected around 77,000 employees to accept the offer that closes on December 3, but the actual figure may far surpass this number. The rush to accept the scheme has created an altogether different situation for the state-run telco, which is now struggling with excess staff. It may have to work with less than half of the current strength from February. The company has around 1.5 lakh employees currently.

    Full story

    09:00 (IST)13 Nov 2019
    Another blow for Indian economy after record IIP slump; new data shows economic revival not near

    After a dreary industrial production in the month of September, now a steep contraction in bank credit too shows that there is no sign of recovery for India’s sagging economy in the coming few months. While the industrial output shrunk by 4.3 per cent in September, the worst in the last eight years, credit given to the industries have contracted by 3.8 per cent in the financial year so far, according to the RBI. Even the bank credit to the services sector has contracted by 2.2 per cent in the financial year so far, coming in-line with the manufacturing sector. The highest contraction in bank credit is observed in the micro, small and medium enterprises (MSMEs).

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