Share Market highlights: Sensex jumps 582 points up as equity tax cut buzz lifts sentiment; Tata Motors up 17%

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Updated:Oct 29, 2019 3:43:51 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty extended gains Tuesday afternoon even as the buzz around equity tax rationalisation lifted sentiments.

Both the Sensex and Nifty lost about 1% on ThursdayThe Sensex zoomed to a 4-month high, closing 582 points higher to 39,831 while the Nifty hit the 11,800-mark for the 1st time since July 5.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty extended gains Tuesday afternoon even as the buzz around equity tax rationalisation lifted sentiments. The Sensex zoomed to a 4-month high, closing 582 points higher to 39,831 while the Nifty hit the 11,800-mark for the 1st time since July 5. The Nifty closed 160 points higher at 11,787. The Prime Minister’s Office is reviewing the tax structure on equity, in order to simplify the regime and make investments in Indian markets more attractive, TV news channel CNBC Awaaz reported citing three sources. The Department of Economic Affairs and the revenue department have had meetings with the PMO, the report said. The PMO is also said to be reviewing current rates of Long-term Capital Gains (LTCG) and Securities Transaction Tax (STT). The government is also considering to abolish Dividend Distribution Tax (DDT), which is by a domestic company at 15 per cent of the aggregate dividend declared, distributed or paid, according to the report. Bharti Airtel share price lost more than 3% after the firm has deferred its Q2 results to November 14th. Tata Motors share price extended gains after soaring on Sunday after global brokerage firm CLSA changed the rating to buy following a gap of 3 years. Tata Motors share price soared more than 17% to hit the day’s high at Rs 175.45 on BSE. Tata Motors shares surged 17 per cent in the Muhurat trading session held on Diwali. CLSA sees a 50 per cent upside. Notably, the shares are up about 34% from Friday’s close. We bring to you LIVE updates.

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Highlights

    15:43 (IST)29 Oct 2019
    BSE live: Sensex jumps 582 points up as equity tax cut buzz lifts sentiment; Tata Motors up 17%

    The headline indices Sensex and Nifty extended gains Tuesday afternoon even as the buzz around equity tax rationalisation lifted sentiments. The Sensex zoomed to a 4-month high, closing 582 points higher to 39,831 while the Nifty hit the 11,800-mark for the 1st time since July 5. The Nifty closed 160 points higher at 11,787. A look at LIVE Sensex heatmap.

    15:33 (IST)29 Oct 2019
    Donald Trump has shed his deficit obsession. Is there a lesson for Modi, India?

    President Donald Trump came to power in 2017 promising to eliminate the budget deficit in eight years. For the fiscal year 2019 ended September 30, the deficit stood at $984 billion, 26 per cent higher than last year’s figure. It must have been a great learning experience for Trump and the Republicans who were obsessed with the budget deficit when President  Obama was in charge. The US government spent $4.45 trillion in the year, while its revenues stood at $3.45 trillion. Low tax revenues and high military spending seem to have resulted in the ballooning of the deficit figure to 4.6 per cent of the GDP. The deficit is forecast to top $1 trillion mark in the next fiscal.

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    15:17 (IST)29 Oct 2019
    Tata Motors share price sees biggest ever 2-day gain after JLR turnaround; should you buy or sell stock?

    Shares of Tata Motors on Tuesday posted their biggest ever 2-day gain after the automaker recorded robust quarterly results. On NSE, the shares jumped 18.82 per cent to an intraday high of Rs 175.50 from the previous close of Rs 147.70. The scrip was trading at Rs 172.35, up 24.65, or 16.69 per cent on NSE at the time of reporting. On Friday, the homegrown auto major posted a consolidated net loss of Rs 187.7 crore for the second quarter of the ongoing fiscal, against a loss of Rs 1,009.49 crore in the same period of 2018-19. The stock markets were closed on Monday for ‘Diwali Balipratipada’.

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    15:12 (IST)29 Oct 2019
    CGHS cashless facility: Private hospitals to mull leaving CGHS panel, or stop treatment without cash

    Several private hospitals empanelled under the Central Government Health Scheme (CGHS) are reportedly considering a move to stop providing cashless services to beneficiaries. Reason: Delays in payment of dues from the government, according to a report by The Indian Express. An association of hospitals is planning to hold meetings this week in four cities to reach a consensus on their participation in the centrally-sponsored scheme, the report said, adding, a hospital in Delhi has already decided to cut-off its association with the scheme. From October 26, Pushpawati Singhania Hospital and Research Institute (PSRI) in Delhi is no more on the CGHS panel.

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    14:57 (IST)29 Oct 2019
    British Indian steel tycoon Sanjeev Gupta to consolidate steel empire

    British Indian steel tycoon Sanjeev Gupta plans to consolidate his steelmaking and mining interests into a single company, which he says will emerge as the eighth largest in the world outside China. Liberty Steel Group will be created as a single entity comprising interests accumulated worldwide by his Gupta Family Group (GFG) Alliance entity. “Producing a single set of accounts and single board will make us transparent to customers, suppliers, employers and the financial markets. We will be like a normal listed company for governance – except we are privately owned,” he explained. In July, Liberty Steel announced the completion of its acquisition of seven major steelworks and five service centres across seven European countries from Lakshmi N Mittal led ArcelorMittal. Liberty said the EURO 740-million deal makes it one of the top 10 producers globally, excluding China, with a total rolling capacity in excess of 18 million tonnes covering a wide range of finished products.

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    14:56 (IST)29 Oct 2019
    Raghuram Rajan hits again at Modi govt: Demonetisation misguided; look within for cause of slowdown

    Demonetisation was a misguided concept which along with the poorly implemented GST badly hit the Indian economy, former RBI Governor Raghuram Rajan said during a lecture at the Watson Institute for International and Public Affairs, Brown University, the US on October 16, 2019. The global slowdown may have a role in bringing growth down but the government should also look inwards to analyse why the economy is currently struggling, BloombergQuint reported the noted economist as saying at the event. Blaming the global factors entirely for recent weakness in the economy is not totally justified, he added.

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    14:54 (IST)29 Oct 2019
    Indian solar industry lacks clarity on ground; fast changing policies hamper sentiment

    Even as the imposition of safeguard duty on solar modules has helped Indian solar manufacturers to level grounds with their foreign counterparts, it has also kept Indian customers deprived of good quality modules from other countries. The lack of solar-friendly policies and their inconsistency have also put a negative impact on the solar industry sentiment, Sushil Sarawgi, Managing Director, KOR Energy, told Samrat Sharma of Financial Express Online in an interview. Though the Narendra Modi-led government is too sure to reach 100 GW solar capacity by 2022, lack of clarity on the ground has kept the solar industry with a look of perplexity.

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    14:52 (IST)29 Oct 2019
    Ola in talks with Microsoft for $200 million funding

    Ride-hailing major Ola is in advanced talks to raise about USD 150-200 million (about Rs 1,050-1,400 crore) in funding from tech giant Microsoft, according to sources. The discussions are at an advanced stage and likely to be closed in the next 10-15 days, the sources privy to the development said. Emails sent to Ola did not elicit any response, while Microsoft declined to comment. In 2017, Ola and Microsoft had joined hands to build a new connected vehicle platform for car makers globally. One of the sources said the two companies will continue their deep technology partnership in areas like cloud, and will also collaborate on emerging mobility technology, especially connected vehicles.

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    14:52 (IST)29 Oct 2019
    Mutual Fund Vs Fixed Deposit: What makes MFs different from FDs? Does volatility only pose risks or provide opportunities?

    Fixed deposit (FD) is the most popular mode of investment in India because it is a simple product and is also easy to operate. On the other hand, investing in a mutual fund (MF) needs knowledge of the product, market risks as well as goal-based investments and even a demat account to make the operations easy. It’s not only about complexity, but the main difference is that investors get interest on the FD amount at a pre-determined rate, which remains fixed during the investment period, while MFs are capital assets like gold, value of which itself fluctuates to provide investors capital gains or losses.

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    14:41 (IST)29 Oct 2019
    Selecting debt fund? Six factors to consider

    Bank fixed deposit rates registered a steady decline in response to the 135 bps repo rate cut since the February 2019 RBI policy meeting. For some private sector banks, reduction in their FD card rates of one-year tenure have been as steep as 75 bps over the same period. The steep fall in FD rates may soon motivate low-risk investors and those looking to park their short-term surpluses to look towards alternative avenues such as debt mutual funds. After all, falling interest rates lead debt fund returns to register higher returns. However, with over 16 debt fund categories and over 300 debt funds to choose from, wrong fund selection can risk sub-optimal returns or worse, capital erosion.

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    14:19 (IST)29 Oct 2019
    RCEP: ‘India doesn’t have quality research or information to negotiate a good trade deal’

    The country’s effort to finalise a free trade agreement with ASEAN countries is facing protests from several quarters including farmers. Last week, several farmers organisations protested against including agricultural commodities in the Regional Comprehensive Economic Partnership (RCEP) that is under discussion between ASEAN and six other countries – India, China, Japan, Australia, New Zealand, and South Korea. The proposed agreement has also come under the criticism of opposition parties as Congress Rajya Sabha member Jairam Ramesh attacked the agreement saying that it will be the third big jolt to the Indian economy by the Modi government after the demonetisation and GST.

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    14:04 (IST)29 Oct 2019
    Brexit: Boris Johnson makes fresh bid to break the deadlock

    Prime Minister Boris Johnson makes a fresh bid for an election to break the Brexit deadlock on Tuesday after nearly three-and-a-half years of wrangling in parliament has left Britain’s exit from the European Union in turmoil. As the European Union finalises a third delay to the divorce that was originally supposed to take place on March 29, the United Kingdom, its parliament and its voters remain divided on how or indeed if to go ahead with Brexit. Johnson, who had promised to deliver Brexit on Oct. 31, “do or die”, has repeatedly demanded an election to end what he casts as a nightmare paralysis that is sapping public trust by preventing any Brexit outcome at all. After parliament refused Johnson his third demand for an election on Monday, he will try to force a bill through parliament on Tuesday that calls for a December 12 election. It needs a simple majority of 320 in the 650-seat parliament.

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    13:40 (IST)29 Oct 2019
    Gold prices remain little changed

    Gold prices were little changed on Tuesday, hovering around the key $1,490 an ounce level as progress in China-U.S. trade talks sent equities soaring, while anticipation ahead of major central bank meetings in the week provided some support. Spot gold was flat at $1,491.79 an ounce as of 0320 GMT, after shedding nearly 1% in the previous session. U.S. gold futures dropped 0.1% to $1,494.10 an ounce.

    12:56 (IST)29 Oct 2019
    BSE live: Sensex soars 500 points to 4-month high

    The headline indices Sensex and Nifty extended gains Tuesday afternoon even as the buzz around equity tax rationalisation lifted sentiments. The Sensex zoomed to a 4-month high, up about 500 points to 39,750, while the Nifty was trading near the 11,800-mark. The PMO is also said to be reviewing current rates of Long-term Capital Gains (LTCG) and Securities Transaction Tax (STT). A look at LIVE Sensex heatmap.

    12:27 (IST)29 Oct 2019
    Credit card usage shoots up in India; outstanding amount rises 24.4% in a year

    Despite the slowdown in the economy and sluggish credit offtake, credit card outstandings have risen by 24.4 per cent to Rs 97,650 crore as on August 31, 2019, from Rs 78,499 crore a year ago. According to data available from the Reserve Bank of India, credit card outstandings have spurted by 71 per cent in the last two years from Rs 57,100 crore in August 2017. While credit card use has increased after the demonetisation in November 2016 and the thrust given to digital banking in the last two years, the growth has come down in the last five months, according to bankers.

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    12:18 (IST)29 Oct 2019
    5 smart ways to protect your financial goals in uncertain market conditions

    With the economy slowing down and many investment products failing to meet investors’ return expectations, it’s normal for the common people to feel unsure about the market. This could be a cyclical economic phase or may be a temporary financial anomaly, but not having a serious relook at your financial goals and your investment portfolio at this stage may prove to be a costly mistake. So, what should you do to ensure you meet your short and long-term financial goals? We’ve discussed some steps.

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    12:03 (IST)29 Oct 2019
    Bharti Airtel defers September quarter results till November 14 citing AGR issue

    Telecom operator Bharti Airtel on Tuesday said it has deferred September quarter result announcement till November 14, due to the adjusted gross revenue (AGR) issue. The company was earlier scheduled to approve and release its Q2 numbers on Tuesday. “…the management of the company recommended to the board of directors that the agenda item related to the approval of audited financial results for the second quarter and half year ended September 30, 2019… be deferred till November 14, 2019, on account of the fact that more clarity is needed on the AGR matter arising out of recent judgement of… the Supreme Court,” Airtel said in a regulatory filing.

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    11:52 (IST)29 Oct 2019
    LTCG, Dividend Distribution Tax to go away? PMO moots rationalisation of tax on equity; Sensex soars

    Equity investors may soon have something to cheer about, with a mega tax rationalisation move happening in the highest office in the country. The Prime Minister’s Office is reviewing the tax structure on equity, in order to simplify the regime and make investments in Indian markets more attractive, TV news channel CNBC Awaaz reported citing three sources. Benchmark equity indices Sensex and Nifty soared further on the news, after opening higher today. The Department of Economic Affairs and the revenue department have had meetings with the PMO, the report said.

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    11:31 (IST)29 Oct 2019
    BSE live: Sensex soars to 4-month high, Nifty above 11,750 as equity tax cuts buzz lifts sentiment

    The headline indices Sensex and Nifty extended gains Tuesday morning even as the buzz around equity tax rationalisation lifted sentiments. The Sensex zoomed to a 4-month high, up about 451 points to 39,709, while the Nifty was trading near the 11,800-mark. The PMO is also said to be reviewing current rates of Long-term Capital Gains (LTCG) and Securities Transaction Tax (STT). The government is also considering to abolish Dividend Distribution Tax (DDT), which is by a domestic company at 15 per cent of the aggregate dividend declared, distributed or paid, according to a report by CNBC Awaaz. A look at LIVE Sensex heatmap.

    11:22 (IST)29 Oct 2019
    Sensex soars to 4-month high as government looks to review STT, LTCG tax

    In another step to boost investor sentiment in India, the Narendra Modi-led government is reviewing tax structure on equity. The Department of Economic Affairs and the revenue department have had meetings with the PMO, reported by CNBC Awaaz. It is also believed that the government may look for one tax structure instead of the multiple tax structure present now. The PMO is also said to be reviewing current rates of Long-term Capital Gains (LTCG) and Securities Transaction Tax (STT). The government is also considering to abolish Dividend Distribution Tax (DDT), which is by a domestic company at 15 per cent of the aggregate dividend declared, distributed or paid.   The PMO has yet not decided the timing of the announcement but the media report has clarified that the step has been taken, where a series of tax alignments for equities has been planned.

    10:54 (IST)29 Oct 2019
    Tata Motors shares rocket after CLSA upgrade; Airtel plunges after deferring Q2 earnings

    Tata Motors share price extended gains after soaring on Sunday after global brokerage firm CLSA changed the rating to buy following a gap of 3 years. Tata Motors share price soared more than 14% to hit the day's high at Rs 170.30 on BSE. Tata Motors shares surged 17 per cent in the Muhurat trading session held on Diwali. CLSA sees a 50 per cent upside. Notably, the shares are up about 34% from Friday's close. Bharti Airtel share price lost more than 3% after the firm has deferred its Q2 results to November 14th. A look at LIVE Sensex heatmap.

    10:44 (IST)29 Oct 2019
    The OnePlus 7T series just got a killer price!

    When it was released a few weeks ago, the OnePlus 7T Series (the OnePlus 7T and OnePlus 7T Pro) pretty much redefined what we expected from Android flagships. Not only did the phones come with cutting edge technology and brilliant design, but it offered them at prices that were very affordable. The OnePlus 7T for instance, came with a brilliant 90 Hz refresh rate AMOLED display, a Qualcomm Snapdragon 855+ processor (found in but a handful of devices), lots of RAM and storage, support for Warp Charge 30T that charges the phone in about an hour, and world class cameras, all for as little as Rs 37,999. 

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    10:37 (IST)29 Oct 2019
    Mobile handsets: Nokia’s smartphone troubles

    Once a darling of the mobile telephony world, Nokia’s second innings, under the aegis of HMD Global, has yet to make a significant dent in the cut-throat smartphone segment in India. Once a market leader with nearly 60% share, the Finnish mobile phone brand now commands 1.9% of the smartphone market in India, according to Counterpoint Research. However, in the three years since its comeback, Nokia has fared better in the feature phone segment. Since 2019, Nokia has claimed 9% of the feature phone market, and is ranked among the top five feature phone brands in India. As per industry estimates, feature phones account for around 50% of the Indian mobile phone market.

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    10:36 (IST)29 Oct 2019
    Govt gives window for inactive firms to update KYC details

    The Ministry of Corporate Affairs (MCA) has given a window for non-compliant companies to update their KYC details, including that of directors, so that they can file financial and other information under the Companies Act without attracting penal action by various authorities including the taxman. The move is aimed at breaking a deadlock as companies which haven’t furnished prescribed information of their directors and other KYC details have virtually been barred from updating their registration and accounting details with the Registrar of Companies.

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    10:13 (IST)29 Oct 2019
    Buy these Nifty stocks this Samvat 2076

    This year Diwali has started early for India Stock market investors as they saw Nifty scaling more than 500 points in the past 2 weeks from a low of 11,126 on 7-Oct to 11,661 closings on Friday 18-Oct. With the consumption story growing strong in India, Government focuses on making India a 5 trillion dollar economy by 2024 and steps such as Make in India, the Indian corporate industry is showing promising signs of growth for the coming year. Even the foreign investors who were net sellers for quite some time has started buying in the markets last week. This is a positive sign and a huge relief to the traders just before Diwali. We expect Nifty to cross its all-time high very soon, and reach levels of 13,500 by next Diwali. 

    09:51 (IST)29 Oct 2019
    RBI trashes report of trading in gold; key reason behind fluctuation in value of reserves

    The Reserve Bank of India (RBI) has refuted media reports claiming that the central bank has been selling gold. RBI said that it has not sold any gold or indulged in trading the yellow metal. “Reports have appeared in certain sections of media that RBI has been selling/ trading in gold of late. It is clarified that RBI has not sold any gold or trading in it,” RBI said on twitter. The clarification comes after a report in the Economic Times said that the Reserve Bank of India (RBI) has sold gold worth $1.15 billion from its reserves, citing RBI’s weekly statistical supplement data. According to the business daily, RBI’s weekly statistical supplement data suggested that since the beginning of July,  RBI had bought gold worth $5.1 billion and sold about $1.15 billion.

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    09:47 (IST)29 Oct 2019
    Kisan Pathshala for doubling farmers’ incomes

    Ever since PM Narendra Modi announced his target of doubling farmers’ incomes by 2022 at a farmers’ rally in Uttar Pradesh (UP) in 2016, the Centre, as well as several state governments, have remained occupied with evolving ways and means to achieve this target by the proposed deadline. The UP government’s Million Farmers’ School (MFS) programme is one such innovative effort to enhance farmers’ incomes through dissemination of agriculture-related information on technology, government schemes, and modern farming methods.

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    09:45 (IST)29 Oct 2019
    Make Rs 3.6 lakh for just Rs 5000/month with Post Office: Check calculation formula

    Post Office Recurring Deposit Calculation formula: If you are looking to save each month in a fixed deposit on a recurring basis, the recurring deposit (RD) can be the right investment option that has a fixed rate of interest. An RD is like an account into which one needs to invest the same amount each month for a fixed period. In banks, one can open RD account for any period, however, in a post office, an RD can be opened for a fixed period of 5 years only. Currently, the interest rate on the post office recurring deposit (PO RD) is higher than what most banks offer on their 5-year bank RD scheme. In SBI and HDFC Bank, the recurring deposit rate of interest are 6.25 per cent and 6.75 per cent respectively.

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    09:43 (IST)29 Oct 2019
    Mukesh Ambani’s digital push: RIL’s Indian Alibaba worth Rs 1.73 lakh crore to dominate e-commerce

    Billionaire Mukesh Ambani moved a step closer to creating an e-commerce giant for India, unveiling plans to set up a $24 billion digital-services holding company that would become the main vehicle in his ambition to dominate the country’s internet shopping space. The board of Ambani’s Reliance Industries Ltd approved a proposal to plow 1.08 trillion rupees ($15 billion) into the fully owned subsidiary, which will in turn invest that amount in Reliance Jio Infocomm Ltd., the conglomerate’s telecommunications venture. A series of capital transfers would make Jio, which already has capital of 650 billion rupees, almost debt free by March 2020, the parent said Oct. 25.

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    09:41 (IST)29 Oct 2019
    Stock corner: ‘Buy’ Asian Paints, high ad spend offset volume growth in Q2: Edelweiss

    Asian Paints’ (APL’s) Q2FY20 consolidated sales and PAT growth of 9.4% and 28.6% y-o-y came in line, while 13% Ebitda growth belied estimate. Domestic volume grew ~14% y-o-y on a base of 11%, clocking seventh quarter of double-digit spurt. However, after three quarters of positive difference between value and volume growth, product mix deteriorated in Q2FY20, leading to a mere 9.4% value growth. While benign RM costs led to 257bps y-o-y gross margin expansion, initial factory costs and ad spends jumped—staff and other expenses up 16.3% and 20.7% y-o-y, respectively – resulting in Ebitda growing mere 60bps y-o-y. 

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    09:40 (IST)29 Oct 2019
    Rakesh Jhunjhunwala tells Kareena Kapoor why she should invest in stock market

    Ace investor Rakesh Jhunjhunwala advised bollywood actress Kareena Kapoor Khan to invest in stock market in order to save taxes and grow her wealth. When Kareena Kapoor expressed concerns and asked whether stock market is a place filled with manipulation, as shown in bollywood film Bazaar, Jhunjhunwala said that the script of that film was humbug. “Remember one thing, the stock market is a requirement of this country. And just as in any field, there are manipulators and there are good people. It is a place where people have to put their savings and it is a medium by which money goes from savers to users,” Rakesh Jhunjhunwala told Kareena Kapoor Khan in an interview aired on ET Now on the occasion of Diwali.

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    09:32 (IST)29 Oct 2019
    Bharti Airtel defers Q2 results on account of AGR

    "Please be informed that the management of the Company recommended to the Board of Directors that the agenda item related to the approval of audited financial results for the second quarter (Q2) and half year ended September 30, 2019 which was to be a part of the Board meeting today be deferred till November 14, 2019 on account of the fact that more clarity is needed on the AGR matter arising out of recent judgement of Hon'ble Supreme Court. The Company is approaching DoT to seek clarity on the total amounts involved and request for their support to deal with this adverse outcome," Bharti Airtel said in a release. 

    09:23 (IST)29 Oct 2019
    Tata Motors share price up 10% after CLSA cheer

    Tata Motors share price exteded gains after soaring on Sunday after global brokerage firm CLSA changed the rating to buy following a gap of 3 years. Tata Motors share price soared more than 8% on open to hit the day's high at Rs 158.90 on BSE. Tata Motors shares surged 17 per cent in the Muhurat trading session held on Diwali. CLSA sees a 50 per cent upside. The headline indices Sensex and Nifty opened higher on Tuesday morning after S&P 500 swelled to a fresh record high.

    09:10 (IST)29 Oct 2019
    Trade optimism, Fed rate-cut expectation sends S&P 500 to record

    The S&P 500 hit a record high on Monday, while the Nasdaq fell just short of its lifetime high touched in late July as a more civil tone between the United States and China lifted hopes for a possible trade deal and investors looked toward a Federal Reserve rate cut later this week. Microsoft Corp (MSFT.O) shares climbed 2.46%, making the stock among the biggest boosts to each of three major indexes after the technology giant won the Pentagon’s $10 billion cloud computing contract, beating out Amazon.com Inc (AMZN.O). After rising as much as 0.71% to 3,044.08, the benchmark S&P closed up 0.56% at 3,039.34, topping the record high of 3,025.86 hit on July 26, while the Nasdaq ended the session less than 5 points below its closing high. The Dow Jones Industrial Average ended less than 1% away from its record closing level. (From Reuters)

     
    09:07 (IST)29 Oct 2019
    Slowdown has hit steel production; export-dependent nations more affected

    Globalisation has pervaded each economy so comprehensively that all economic events have lost country-specific features, as upward or downward event no longer remains confined within a geographic limit. This was truly evident in the latest World Economic Outlook report of IMF as it has coined the term ‘synchronised slowdown’ to describe the global economic movement in the recent period and make projections for next year. Global GDP is to come down to 3.0% against 3.3% projected in April ‘19. This slowdown in growth is contributed by EU (from 1.3% to 1.2% ), China (from 6.3% to 6.1%), Japan (from 1.0% to 0.9% ), Brazil (from 2.1% to 0.9% ) and India (from 7.3% to 6.1% ).

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    09:06 (IST)29 Oct 2019
    PM Modi embarks on two-day Saudi Arabia visit; investments, strategic relations in focus

    Prime Minister Narendra Modi embarked on a two-day visit to Saudi Arabia on Monday to help draw investments and bolster bilateral ties, with a dozen agreements expected to be signed in sectors, including energy, defence procurement and civil aviation. Modi will deliver the keynote address at the third session of the Future Investment Initiative (FII) Forum —popularly called the ‘Davos in the Desert’ — organised by Saudi Arabia’s Sovereign Wealth Fund, the Public Investment Fund, in Riyadh on Tuesday.

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    09:04 (IST)29 Oct 2019
    Earnings season: Stunded sales hurt profits at India Inc

    Sales for India Inc have stalled in the September quarter partly due to weak volumes and partly due to the near absence of pricing power. However, lower expenses and taxes have helped boost profits. Revenues for a sample of 286 companies have been virtually flat, rising 0.8% y-o-y. Total expenses, however, fell by 0.8% y-o-y on the back of a sharp decrease of 255 basis points in the raw materials bill, allowing operating profit margins to expand 130 basis points y-o-y. The rise in net profits driven by a lower tax bill — down 29% y-o-y — and more other income camouflage the sluggishness in corporate India which can be seen in the subdued loan growth at virtually every bank and NBFC.

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    09:02 (IST)29 Oct 2019
    Apple India FY19 profit fall sharpest in a decade

    On the back of weakening iPhone sales, Apple India’s revenue and net profit slumped in FY19. While net profit declined over 70% y-o-y to Rs 262.3 crore, revenue from operations fell 20% to Rs 10,583.3 crore, regulatory filings made to registrar of companies showed. This is the sharpest fall in net profit for the US-based tech giant in at least a decade. Apple India’s net profits had declined 64% y-o-y in FY13.

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    08:52 (IST)29 Oct 2019
    Dhanteras delight: Auto companies see robust sales

    Manufacturers including Maruti SuzukiHyundai Motor India, Mahindra & Mahindra (M&M) and Hero MotoCorp saw high demand from customers asking for delivery during the day, so much so that many showrooms remained open the entire night before Dhanteras and others started delivering since 7 in the morning till 11 at night. Hyundai Motor India sold 12,500 units during the day, which is around 30% of the company’s average monthly sales. While Maruti Suzuki did not share the numbers, dealers said they sold atleast 20-30% more compared to last year. Typically, Maruti sells around 65,000 cars in the festive period between Dusshera and Diwali but this year over 40,000 cars alone were sold on Dhanteras.

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    08:51 (IST)29 Oct 2019
    Ford Motor India profit falls 60% to Rs 211 cr on lower export volume

    The Indian unit of Ford Motor Company has reported 60% year-on-year decline in profits to Rs 211 crore in 2018-19 mainly due to lower export volumes. Ford Motor India had posted a profit of Rs 526 crore in FY18 for the first time since 2009 on the back of cost reduction efforts and better capacity utilisation. In terms of volume, the company sold 2.55 lakh cars during FY19, down by about 7% y-o-y. It included exports of 1.62 lakh cars, which were lower 11% y-o-y, compared to 1.83 units in 2017-18. On the other hand, its domestic sales were marginally up 2.5% y-o-y.

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    Next Stories
    1Slowdown has hit steel production; export-dependent nations more affected
    2Stock corner: ‘Hold’ HCL Technologies, results were largely in line with estimates
    3Stock corner: ‘Buy’ Asian Paints, high ad spend offset volume growth in Q2