Share Market highlights: Sensex ends at new closing high, Nifty above 12,000; Yes Bank, HUL top losers

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Updated:Nov 07, 2019 3:55:10 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline Sensex ended Thursday's session at a fresh closing high, led by a rally in financial heavyweights.

Share Market Live, Stock Market Live, Nifty Live, stock market news in hindi, NSE live, BSE live, Live Market Update, Market Today, स्टॉक मार्केट, शेयर बाजार, Indian Share Market Live, Indian Stock Market LiveThe Sensex ended 184 points higher at 40,653.74, while the Nifty ended the session above the crucial 12,000-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline Sensex ended Thursday’s session at a fresh closing high, led by a rally in financial heavyweights. The Sensex ended 184 points higher at 40,653.74, while the Nifty ended the session above the crucial 12,000-mark. Sun Pharma, IndusInd Bank, Reliance Industries shares were the biggest gainers, jumping up to 4%. Intra-day, the Sensex hit a new all-time high of 40,688.27. The Sensex rallied to fresh all-time high on Thursday morning after the Narendra Modi-led government announced a major reform to bolster the stressed real-estate sector. The Sensex jumped more than 207 points to fresh high of 40,676.44. Yesterday, Sensex ended the session at a closing high 40,469. The previous record high came at 40,606, hit in intra-day trade yesterday. Meanwhile, the broader Nifty hit the crucial 12,000-mark on Wednesday. FM Nirmala Sitharaman has approved the establishment of a ‘Special Window’ to provide priority debt financing for completion of stalled housing projects in the Affordable and Middle-Income Housing sector. Addressing a press briefing after the Cabinet meeting, Nirmala Sitharaman said that the government shall act as the sponsor of the fund and infuse funds up to Rs 10,000 crore, which will provide relief to developers with unfinished projects and ensure delivery of homes to buyers. She further said that the move will help in relieving financial stress faced by a large number of middle-class homebuyers who have invested their hard-earned money. The Cabinet on Wednesday cleared the structure of the proposed exclusive alternate investment fund (AIF) for the real estate sector with an initial corpus of Rs 25,000 crore, more inclusive terms and a commitment to continue to provide more budget funds, in addition to the initial Rs 10,000 crore, as and when demand arises. We bring to you LIVE updates.

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Highlights

    15:55 (IST)07 Nov 2019
    BSE live: Sensex ends at new closing high, Nifty above 12,000; Yes Bank, HUL top losers

    The headline Sensex ended Thursday's session at a fresh closing high, led by a rally in financial heavyweights. The Sensex ended 184 points higher at 40,653.74, while the Nifty ended the session above the crucial 12,000-mark. Sun Pharma, IndusInd Bank, Reliance Industries shares were the biggest gainers, jumping up to 4%. Intra-day, the Sensex hit a new all-time high of 40,688.27. The Sensex rallied to fresh all-time high on Thursday morning after the Narendra Modi-led government announced a major reform to bolster the stressed real-estate sector. The Sensex jumped more than 207 points to fresh high of 40,676.44. A look at LIVE Sensex heatmap.

    15:05 (IST)07 Nov 2019
    EXPLAINED | Why Sensex, Nifty are soaring when economy is seeing slowdown

    The economy is seeing a slowdown at a time when the stock markets are scaling new highs comes as a surprise to many. However, this can be explained if we analyze the returns given by the benchmark equity indices in recent times, says an analyst. These are largely skewed towards outperformance of 8-10 heavyweight stocks that remain least affected by the slowdown, Ajit Mishra, VP Research, Religare Broking told Ashish Pandey of Financial Express Online. Overall, the broader markets have seen a significant correction, tracking the economic slowdown, he added.

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    14:54 (IST)07 Nov 2019
    IndiGo’s big challenge: CEO expresses difficulty in meeting this crucial deadline

    Budget carrier IndiGo has said that it feels the deadline for changing A320neo engines of its entire fleet is challenging. However, the airline is confident that it will be able to meet the November 19 deadline for changing 23 of its Pratt and Whitney engines, Ronojoy Dutta, CEO, IndiGo said, CNBC TV-18 reported. The aviation watchdog had earlier directed the airline to fix all of its A320neo engines after multiple incidents of mid-air stallings. The Directorate General of Civil Aviation has threatened grounding of the entire fleet of IndiGo’s A320neo if the airline does not meet the deadline of 31 January 2020. IndiGo operates about 97 A320neos. The aviation watchdog had also asked the airline to fix about 23 aircraft as soon as 19 November.

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    14:44 (IST)07 Nov 2019
    Shut down Flipkart, demands CAIT; says e-tailer caused massive GST, Income tax revenue loss to govt

    Industry body CAIT has demanded shutting down of homegrown e-commerce platform Flipkart, alleging that the company has caused massive losses to government revenue. Citing the company’s balance sheet, CAIT said that it has levelled charges against the Binny Bansal and Sachin Bansal-founded company for “causing huge GST & Income Tax revenue loss to the government, gross manipulations for controlling inventory, bypassing the FDI policy and indulging into sinister game of valuation of the Company instead of conducting business in an open and transparent manner”. Further, the industry body has said the government must order for the closure of Flipkart’s e-commerce business and set up committees to study Flipkart and its parent company’s balance sheet and income and expenditure account. 

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    14:27 (IST)07 Nov 2019
    Want fixed monthly income? This SBI deposit scheme can help

    With SBI Annuity Deposit Scheme, customers can get a fixed amount every month by depositing a one-time lump sum. This scheme can help customers who want to use their savings for monthly income support. As per SBI official website, the fixed monthly amount is provided to the account holder against the one-time deposit. The monthly amount comprises “a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.”

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    14:00 (IST)07 Nov 2019
    Tax evaders beware: Govt to discuss first-of-a-kind measure to keep GST evasion in check

    Tax officers from the states and the Centre will get together for a day-long meeting on Monday to discuss administrative, legal, revenue and implementation-related issues under the indirect tax regime. This will mark a first of its kind interaction between central and state tax officers, delinked from the agenda of the Goods and Services Tax (GST) Council meeting. Usually, officer-level meetings have always taken place a day before the GST Council meetings, mainly to discuss measures outlined in the Council’s meeting agenda.

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    12:52 (IST)07 Nov 2019
    IRDAI stops Reliance Health Insurance from selling new policies

    The Insurance Regulatory and Development Authority of India has asked Reliance Health Insurance Company (RHCIL) to stop selling new policies and transfer the entire policyholders’ liabilities along with financial assets to Reliance General Insurance Co. Ltd (RGICL) with effect from November 15. In an official statement, IRDAI said Wednesday that Reliance Health Insurance Company (RHICL) which commenced operations in October, 2018 has not been able to maintain the required solvency margin since June, 2019. 

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    12:42 (IST)07 Nov 2019
    Sensex recedes from record high, Nifty below 12,000; Tata Steel, Tata Motors shares plunge

    The headline indices receded from record high levels on Thursday afternoon, led by a sell-off in auto heavyweights. The Sensex was down about 10 points to 40,458, while the Nifty was trading below the crucial 12,000-mark. Tata Steel, Tata Motors, ONGC were among the biggest losers, plunging up to 4%. The Sensex rallied to fresh all-time high on Thursday morning after the Narendra Modi-led government announced a major reform to bolster the stressed real-estate sector. The Sensex jumped more than 207 points to fresh high of 40,676.44. Yesterday, Sensex ended the session at a closing high 40,469.  A look at LIVE Sensex heatmap.

    12:13 (IST)07 Nov 2019
    Air pollution, slowing economy pose biggest test for Modi since re-election

    The sudden slowdown in India’s economy is spreading from carmakers to gold, leaving policymakers fretting as the room for stimulus runs out. A crunch that started out in the shadow banking industry and hurt retailers and auto businesses is now infecting everything from diesel to home sales. Company defaults on bonds are at a record, output of coal, cement and other heavy industries are contracting, manufacturing is shrinking and trade has plunged. On top of that, toxic air in New Delhi is driving away tourists, disrupting flights and shutting schools. It’s all culminating in Prime Minister Narendra Modi’s biggest test since he was re-elected with an overwhelming majority in May, with the government so far failing to inspire confidence in its efforts.

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    12:04 (IST)07 Nov 2019
    Budget 2020: Unusual move! 15th Finance Commission may submit interim report with recommendations for Budget

    Union Budget 2020: In an unusual move, the 15th Finance Commission (FC) may submit an interim report of its recommendations soon for providing “necessary policy inputs or direction” to the government, as the Budget for 2020-21 is just less than three months away. The final report would be submitted only next year, a senior finance ministry official told FE. The FC’s recommendations — which are supposed to be implemented from April 1, 2020, upon the government’s endorsement — are crucial to Budget-making, as the constitutional body suggests the devolution of taxes to states from the divisible pool. “The (central) government wants to know certain aspects of the recommendations so that it can prepare the Budget, keeping in mind the broad policy direction the FC is taking. A detailed report can come later,” said the official.

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    11:54 (IST)07 Nov 2019
    Ex-RBI Governor Raghuram Rajan says global economy in better place after Fed cuts, trade progress

    Hopes of a trade deal between the U.S. and China and a series of interest rate cuts by the Federal Reserve are making the world a much better place in the short term, former Reserve Bank of India Governor Raghuram Rajan said. “The Fed has been very sensitive to a lot of concerns about growth,” Rajan said in an interview to Bloomberg TV’s Haslinda Amin in Singapore. “It has done a series of insurance cuts. That seems to have reassured markets even while they were waiting to see some resolution to the trade imbroglio.”

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    11:44 (IST)07 Nov 2019
    Market lore: Rakesh Jhunjhunwala may have lost Rs 715 crore in his favourite stock in a single day

    Ace investor Rakesh Jhunjhunwala may have just lost a whopping Rs 715 crore after shares of jewellery maker Titan Company plunged on Wednesday morning, following tepid Q2 results. Titan Company share price plunged by more than 9.64% to hit the day’s low at Rs 1,160 on BSE. Notably, Rakesh Jhunjhunwala has around 5.77 crore shares or 6.51% in the firm, as of the end of the September quarter, according to data available with the BSE. Calculated at yesterday’s closing price, Rakesh Jhunjhunwala’s total stake stood at Rs 7,414 crore. At Wednesday’s intra-day low, Rakesh Jhunjhunwala’s stake has fallen to Rs 6,699 crore, implying a notional loss of Rs 714 crore. It should be noted that Rakesh Jhunjhunwala will have to sell his holdings to realise the loss.

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    11:42 (IST)07 Nov 2019
    Gujarat farmers earn over Rs 1 lakh a month: How rose, marigold farming hiked incomes by 10 times

    Gujarat government’s floriculture initiative has killed two birds with one stone. Not only has it improved the lives of village migrants by increasing their incomes 10 times, but has also helped the workers to afford education for their children. The Scheduled Tribes population of Dahod district in east Gujarat, were earlier employed as casual labourers in Gujarat cities, but now cultivate rose and marigolds. The same has skyrocketed their monthly incomes by up to 10 times, The Indian Express reported.  “My current monthly income is Rs 1-1.5 lakh, more than 10 times what I used to get in the city. And I employ two labourers,” Gesuben Parmar, a farmer from Dahod, told the national daily.

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    11:37 (IST)07 Nov 2019
    Indiabulls Housing Finance net slips 32%

    Indiabulls Housing Finance (IBHFL) on Wednesday reported a 32% year-on-year (Y-o-Y) fall in its consolidated net profit for the quarter-ended September to Rs 709.51 crore due to lower net interest income (NII). The company said it has received the board approval to raise up to Rs 10,000 crore via issue of non-convertible debentures (NCDs) and $1 billion via qualified institutional placement (QIP). Recently, the company had informed the exchanges that its board considered the option of buyback of shares through the exchanges and sought to consult Sebi regarding the matter.

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    11:32 (IST)07 Nov 2019
    Icra puts Bharti Airtel under watch

    Rating agency ICRA on Monday placed the ratings of Bharti Airtel under watch with negative implications following the judgment by Supreme Court pertaining to dispute regarding the calculation of adjusted gross revenue (AGR). Data from Bloomberg showed that the total debt of Bharti Airtel stood at Rs 1.25 lakh crore as on March 2019. The SC had come out with its judgement on October 24, 2019, on the definition for calculation of AGR and has mandated the telecom operators to pay the licence fee on the basis of the revised AGR, along with interest and penalties on the same.

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    11:29 (IST)07 Nov 2019
    SBI may soon classify DHFL as an NPA

    State Bank of India (SBI) may soon classify Dewan Housing Finance Company (DHFL) as a non-performing asset (NPA). Chairman Rajnish Kumar said on Wednesday, “It is not classified as NPA yet, but it will be.” “It was not an NPA at the end of September. We will see what happens by the end of December,” Kumar said on the sidelines of the India Mortgage leadership conclave. Sources told FE one PSU bank has already classified DHFL as an NPA and others would also follow suit. DHFL is widely believed to have made its last repayment on July 5. Once an account leaves dues unpaid for 90 days at a stretch, banks must classify it as an NPA as per RBI guidelines in June 7 circular.

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    11:26 (IST)07 Nov 2019
    Aurobindo Pharma gets 8 observations for 2 plants from USFDA

    Aurobindo Pharma on Wednsday said the US Food and Drug Administration (USFDA) has issued four observations each for its two manufacturing units in Hyderabad after inspecting the sites last month. The USFDA inspected active pharmaceutical ingredients (API) manufacturing facility (Unit V) at Pashamylaram and Unit VIII at Gaddapotharam in Hyderabad between October 21 and 28. “At the end of the inspections, we have been issued a Form 483 with four observations for each facility. We believe that these observations are related to procedural improvements and none of the observations are related to data integrity,” the company said in a BSE filing.

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    11:21 (IST)07 Nov 2019
    Mumbai International Airport stake sale: Bombay HC rejects Adani plea against Bidvest

    In a setback for the Adani Group, the Bombay High Court (HC) on Wednesday rejected a plea by Adani Properties seeking interim relief to restrain Bidvest from selling its stake in Mumbai International Airport (MIAL) to third parties, including the GVK group. The move comes a day before the Adani Group’s share purchase agreement (SPA) for Bidvest’s 13.5% stake in MIAL lapses. The Adani Group and GVK Group have been engaged in a legal battle since March to buy out Bidvest’s stake in one of the world’s busiest airports. Adani Properties, which in March entered an agreement with Bid Services Division (Mauritius) to buy out Bidvest’s stake in MIAL, had on September 4..

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    11:00 (IST)07 Nov 2019
    IMF wants government to be more credible, transparent on fiscal numbers

    New Delhi needs to become more “transparent” on the fiscal numbers as it is a “laggard” among the G20 peers on this front, a senior official from the International Monetary Fund said here on Wednesday. The government has been missing its budgeted fiscal targets for the past few years and there is a need for a “credible fiscal consolidation” which is more ambitious as well, the official said, adding this is more so as government has not addressed how it will make up for the massive Rs 1.45 lakh crore tax giveaways in the form of corporate tax cuts.

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    10:56 (IST)07 Nov 2019
    North-South divide at the fore once again; who’s more prosperous, how to decide?

    North India and South India part their ways over their belief of prosperity. While nearly all the North Indians consider themselves prosperous if they have a loving family and good health, nearly all the South Indians measure their prosperity on the basis of their ability to save and grow money for the future. The findings are obtained from PayU’s Global Financial Prosperity Barometer report, which also says that over 92 per cent Indians feel they are prosperous, ranking fourth behind Indonesia, Colombia, and Brazil, amidst 18 high-growth markets. Ease of access and presence of different financial services have led Indians to feel more prosperous, amongst its peers in the Asia region.

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    10:38 (IST)07 Nov 2019
    Difference between 2012 and 2019 is ‘parlous’ state of economy: Chidambaram on RCEP

    The UPA’s decision to engage with RCEP nations and the Congress’ advice to the Modi government to not sign the trade deal were both correct as the difference between 2012 and 2019 is the “parlous” state of the economy, senior party leader P Chidambaram said on Thursday. His remarks come days after India decided not to join the mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi’s concerns.

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    10:28 (IST)07 Nov 2019
    Oil market edgy on US crude build, trade deal angst

    Oil prices trod water on Thursday after losses in the previous session, as traders were cautious amid concerns over a potential delay in sealing a long-awaited interim U.S.-China trade deal and a huge increase of U.S. crude stockpiles. Brent crude futures were down 3 cents, at $61.71 a barrel by 0348 GMT after settling down $1.22 per barrel, or almost 2% on Wednesday. West Texas Intermediate crude futures were at $56.29 a barrel, down 2 cents, from their last close. They settled 88 cents lower, or 1.54%, in the previous session.

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    10:27 (IST)07 Nov 2019
    Tax evaders beware: Govt to discuss first-of-a-kind measure to keep GST evasion in check

    Tax officers from the states and the Centre will get together for a day-long meeting on Monday to discuss administrative, legal, revenue and implementation-related issues under the indirect tax regime. This will mark a first of its kind interaction between central and state tax officers, delinked from the agenda of the Goods and Services Tax (GST) Council meeting. Usually, officer-level meetings have always taken place a day before the GST Council meetings, mainly to discuss measures outlined in the Council’s meeting agenda.

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    10:04 (IST)07 Nov 2019
    SBI Chairman on real estate slowdown: Why always ask govt for help; builders created problems, not govt

    Amid the ongoing real estate slowdown, State Bank of India (SBI) Chairman Rajnish on Wednesday said that it’s not right to always ask the government for help, especially when the problem is created by the builders. The current issues need to be solved by the industry itself, Rajnish Kumar also told CNBC TV-18 at the India Mortgage Leadership Conclave 2019“The problem is not created by the govt, but by builders. Why would the govt set it right?”, he said. On finding ways to help the struggling sector, he said that there is a need to improve its affordability so as to help it recover. Construction is a costly affair owing to higher land costs and other taxes, Rajnish Kumar noted. 

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    09:52 (IST)07 Nov 2019
    Reviving growth: Govt announces $3.5 billion funds to spur residential projects

    India announced a 250 billion-rupee ($3.5 billion) fund to salvage stalled residential projects in a bid to reverse slowing growth in Asia’s third-largest economy. The new program is an improvement on a $1.4 billion real-estate corpus launched in September, Finance Minister Nirmala Sitharaman told reporters after a cabinet meeting in New Delhi late Wednesday. Unlike the previous plan, the government has now decided to also support projects that have been written off by lenders as bad loans.

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    09:40 (IST)07 Nov 2019
    Instant Fixed Deposit with interest up to 8.3%: This bank offers FD without Savings Account

    Opening Online Bank Account: With front line commercial banks such as SBI, ICICI or HDFC Bank reducing the interest rate on their fixed deposits across tenures, investors may consider investing and doing banking operations with the Small Finance Banks (SFB) which are also regulated by the RBI. Most Small Finance Banks not only offer a relatively higher rate of interest, but also have started offering banking services that come with ease of operation. Ujjivan Small Finance Bank is one such bank that has launched a digital savings account along with Fixed Deposit and Privilege Savings Account to offer distinctive banking and digital services.

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    09:34 (IST)07 Nov 2019
    BSE live: Sensex hits all-time high of 40,670

    The Sensex rallied to fresh all-time high on Thursday morning after the Narendra Modi-led government announced a major reform to bolster the stressed real-estate sector. The Sensex jumped more than 185 points to fresh high of 40,656.56. Yesterday, Sensex ended the session at a closing high 40,469. The previous record high came at 40,606, hit in intra-day trade yesterday. Meanwhile, the broader Nifty hit the crucial 12,000-mark on Wednesday. IndusInd Bank, HDFC shares were among the biggest gainers, jumping up to 2%.  A look at LIVE Sensex heatmap.

    09:34 (IST)07 Nov 2019
    BSE live: Sensex hits all-time high of 40,670

    The Sensex rallied to fresh all-time high on Thursday morning after the Narendra Modi-led government announced a major reform to bolster the stressed real-estate sector. The Sensex jumped more than 185 points to fresh high of 40,656.56. Yesterday, Sensex ended the session at a closing high 40,469. The previous record high came at 40,606, hit in intra-day trade yesterday. Meanwhile, the broader Nifty hit the crucial 12,000-mark on Wednesday. IndusInd Bank, HDFC shares were among the biggest gainers, jumping up to 2%.  A look at LIVE Sensex heatmap.

    09:13 (IST)07 Nov 2019
    Tax gains save the day for Tata Steel, profit rises 6% to Rs 3,302 crore

    Adoption of new corporate tax regime aided Tata Steel’s consolidated net profit in the second quarter, which increased 6% on a year-on-year basis to Rs 3,302 crore. However, challenging operating environment, weak liquidity conditions and demand impacted the operational performance significantly. During the quarter, the firm had a favourable tax impact of Rs 4,233 crore, of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries.

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    09:10 (IST)07 Nov 2019
    Supreme Court directs IRP to complete Jaypee Infra resolution within 90 days

    In a major setback to the Jaypee group, the Supreme Court on Wednesday barred the flagship firm Jaiprakash Associates (JAL) from bidding for its bankrupt arm Jaypee Infratech’s (JIL) assets. The apex court allowed only state-owned construction firm National Buildings Construction Corporation (NBCC) and Suraksha Realty to submit their revised bids for takeover of the stalled residential projects. “In the interests of all the stakeholders of JIL,” a Bench comprising justices AM Khanwilkar and Dinesh Maheshwari gave 90-day extension to the insolvency resolution professional (IRP) to complete JIL’s corporate insolvency resolution process (CIRP).

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    09:09 (IST)07 Nov 2019
    Insolvency process: Need more efficiency to fast-track resolution

    Despite efforts to fast-track insolvency resolution, the process is yet to gather the required pace owing to a spate of litigation. Resolution of as many as 36% of the 1,497 ongoing cases in the bankruptcy courts until September 30 were delayed beyond 270 days.

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    09:04 (IST)07 Nov 2019
    Real estate woes: Important to permit one-time recast of certain loans, says HDFC chairman

    HDFC chairman Deepak Parekh on Wednesday said the crisis of confidence in lending to the real estate sector can be overcome if lenders are allowed a one-time restructuring of certain real estate loans – particularly for stuck projects where building approvals have been delayed. Parekh was delivering a speech at the India Mortgage Leadership Conclave. Parekh argued that if these restructured accounts are considered as standard assets for a period of about 12 months, lenders will stop being so diffident.

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    09:02 (IST)07 Nov 2019
    I am in Infosys till I am dispensable: Nandan Nilekani

    Nandan Nilekani, co-founder and chairman of Infosys, came out to defend the company’s accounting and corporate governance standards at an analyst meet on Wednesday by saying rather dramatically that “…even God could not change the numbers in the company”. In a bid to win investor confidence, the company made it clear that it was focussed on growth, despite allegations made by whistleblowers in two anonymous letters recently. Addressing analysts at the company’s Electronics City campus in Bengaluru, along with the entire senior management, Nilekani said the goal was to conclude the investigation in an appropriate manner, but refused to give a timeline for its completion. The senior management conveyed that the building blocks for future growth were in place, which would be supported by a strong margin discipline. Nilekani added that he would remain with the company “…till I am dispensable”.

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    09:02 (IST)07 Nov 2019
    Homebuyers may get houses soon; Nirmala Sitharaman announces Rs 10,000 Cr for unfinished housing projects

    In another move to boost the economy, Finance Minister Nirmala Sitharaman has approved the establishment of a ‘Special Window’ to provide priority debt financing for completion of stalled housing projects in the Affordable and Middle-Income Housing sector. Addressing a press briefing after the Cabinet meeting, Nirmala Sitharaman said that the government shall act as the sponsor of the fund and infuse funds up to Rs 10,000 crore, which will provide relief to developers with unfinished projects and ensure delivery of homes to buyers. She further said that the move will help in relieving financial stress faced by a large number of middle-class homebuyers who have invested their hard-earned money.

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    09:01 (IST)07 Nov 2019
    Govt clears Rs 25,000 cr AIF to complete stalled housing projects

    Finance minister Nirmala Sitharaman said some sovereign wealth funds and pension funds have also expressed interest in the AIF, which would have a pass-through status under the Income Tax Act. Over 1,600 housing projects with 4.58 lakh housing units are now stalled. The minister said that the only exclusion criterion for receiving funds from the dedicated AIF would be not having positive net worth status at the project level. This means most of the stalled projects would be covered, irrespective of the solvency status of the promoter.

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