Share market LIVE: RIL, Bharti Airtel shares soar up 8% after tariff hike; Sensex ends flat

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Updated:Dec 02, 2019 3:39:14 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Shares of billionaire Mukesh Ambani-led Reliance Industries gained on Monday morning, after its telco arm Reliance Jio announced that it will hike tariffs.

Sensex, Foreign portfolio investors, Axis Asset Management Company, IDBI Capital Market Services, Nifty50, IDBI Capital Market Services, BSEThe Sensex closed 9 points higher at 40,802, while the Nifty closed below the 12,050-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Shares of billionaire Mukesh Ambani-led Reliance Industries closed higher on Monday, after its telco arm Reliance Jio announced that it will hike tariff from December 6th. RIL share price soared more than 4% intra-day, and closed 2.4% higher at Rs 1,587.50 on BSE. Bharti Airtel share price ended the session 4.17% up at Rs 460.75 on BSE. Jio, which did not disclose its revised tariffs, unlike the other two operators, merely said its new plans will be 40% higher and will provide 300% more benefits. Here too, the hike is only for prepaid users. In the case of Bharti and Vodafone, the revised tariffs will come into effect from December 3, while Reliance Jio said its new tariffs will come into effect from December 6. Broadly, the daily data limits and other benefits like OTT packs remain the same in the case of Bharti and Vodafone Idea. Meanwhile, private sector lender Yes Bank shares slumped up to 3% after it said it would raise nearly $2 billion in a share sale with a Canadian billionaire Erwin Singh Braich buying more than half of it or $1.2 billion. The rest will be bought by private equity investors, helping the bank overcome its financial difficulties. The plan is subject to regulatory approvals. We bring to you LIVE updates. The Sensex closed 9 points higher at 40,802, while the Nifty closed below the 12,050-mark. The fund raising announcement failed to lift Yes Bank shares. Yes Bank share price closed 7% down at Rs 63.75 on BSE. We bring to you highlights. 

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Highlights

    15:39 (IST)02 Dec 2019
    RIL, Bharti Airtel shares soar up 8% after tariff hike; Sensex ends flat

    Shares of billionaire Mukesh Ambani-led Reliance Industries closed higher on Monday, after its telco arm Reliance Jio announced that it will hike tariff from December 6th. RIL share price soared more than 4% intra-day, and closed 2.4% higher at Rs 1,587.50 on BSE. The Sensex closed 9 points higher at 40,802, while the Nifty closed below the 12,050-mark. The fund raising announcement failed to lift Yes Bank shares. Yes Bank share price closed 7% down at Rs 63.75 on BSE. 

    15:37 (IST)02 Dec 2019
    Don’t put consumer data on sale for $1 trillion digital economy: BJP leader Jay Panda

    While India’s digital economy is booming and is expected to reach $1 trillion by 2025, the same must not put consumer data in danger, a senior leader of BJP said. “Large companies, particularly those turning into utilities, must seek consent from consumers for data use and should be subject to stringent regulation,” Baijayant “Jay” Panda, National Vice President, BJP and Former MP, said at an event on Monday. However, small companies and start-ups do not need necessarily need to be subject to such strong regulations, he added. India’s digital economy stands at around $181 billion today and it is expected to be a strong driver of economic growth, Baijayant Jay Panda said at an event organised by CUTS International and CUTS Institute for Regulation and Competition.

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    14:11 (IST)02 Dec 2019
    Bajaj vs Bajaj: Rahul’s son Rajiv tells why no industry friends join his dad

    After ministers in the government, Bajaj Auto MD Rajiv Bajaj has also taken on Rahul Bajaj saying that his father raised a ‘sensitive and subjective’ issue at the wrong platform. Even though his father is courageous in this respect, nobody from the industry wants to join him for the same reason and they ‘conveniently cheer from the sidelines’, The Economic Times reported Rajiv Bajaj as saying in an interview. On Saturday, veteran businessman Rahul Bajaj had said at a media event that there was an ‘atmosphere of fear’ and people were afraid to criticise the government

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    12:48 (IST)02 Dec 2019
    BSE live: RIL, Bharti Airtel shares soar up 8% after tariff hike; Sensex under pressure

    Shares of billionaire Mukesh Ambani-led Reliance Industries gained on Monday morning, after its telco arm Reliance Jio announced that it will hike tariff from December 6th. RIL share price soared more than 4% to hit the day's high at Rs 1,614 on BSE. Bharti Airtel share price soared by more than 9.7% to hit the day's high at Rs 485 on BSE. The Sensex was down about 43 points to 40,836, while the Nifty was trading below the 12,050-mark. The fund raising announcement failed to lift Yes Bank shares. A look at LIVE Sensex heatmap. 

    12:15 (IST)02 Dec 2019
    How to protect wealth in a slowing economy, where to invest money: Explained

    These are tensed times for common investors. Economic growth of the country hit an over six-year low of 4.5 per cent in the July-September quarter this year. The growth rate has been below par in the first six months of FY 2019-20. The country’s economy has grown at 4.8 per cent in this period as against the 7.5 per cent in the same period of the previous year. Naturally, the slowing economy has left a lot of common investors worried about how they can keep their wealth safe and what could be the best options for them to invest. We asked these questions to Rachit Chawla, registered investment advisor with SEBI and founder of Finway – an RBI approved NBFC company. Chawla suggests the following steps to protect wealth in a slowing economy:

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    11:36 (IST)02 Dec 2019
    Bharti Airtel, Vodafone Idea, RIL shares up nearly 23%; this is triggering rally

    Shares of Bharti AirtelVodafone Idea and Reliance Industries (RIL) surged as much as 23 per cent on Monday after the telcos announced new tariff plans. The new rates are effective from December 3 onwards, the telecom companies said in a statement. While shares of Vodafone Idea rose up to 22.69 per cent on BSE, Bharti Airtel gained 7.35 per cent on the BSE. The shares of RIL, parent of unlisted Reliance Jio-backed by Mukesh Ambani, gained 2.63 per cent on the BSE in the early trade. Bharti Airtel and Vodafone Idea on Sunday announced fresh plans to raise tariffs from Tuesday onwards, following which the mobile calls and internet charges will go up by up to 50 per cent. Reliance Jio ‘s revised tariffs will be launched on December 6. It will lead to the voice and data tariff increasing by up to 40 per cent.

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    11:33 (IST)02 Dec 2019
    Ujjivan Small Finance Bank IPO subscribed 17% so far on Day 1: Should you invest?

    Ujjivan Small Finance Bank IPO to raise up to Rs 750 crore kicked off for subscription today. Ujjivan SFB IPO will remain open till 4th December, Wednesday. The issue received bids for 2.06 crore shares, as against the issue size of 12.39 crore shares, a subscription of 17% so far, data from NSE showed. For the public offer, the bank has set a price band of Rs 36-37 per share. The proceeds from the issue will be utilised increasing Tier-1 capital base to meet future capital requirements and towards meeting the expenses in relation to the issue. Ujjivan Small Finance Bank’s parent firm Ujjivan Financial Services was listed in 2016. Notably, Ujjivan Small Finance Bank's IPO is being carried out with the objective of listing within three years of getting a banking licence, to be compliant with the regulations. 

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    10:45 (IST)02 Dec 2019
    Robots to check tax evasion in India; here’s how other countries use AI, tech to fight corruption

    The Delhi government will soon start to use a machine-learning tool to fight tax evasion and identify bogus firms. The initial estimates suggest that the public exchequer is likely to gain up to Rs 300 crore annually by plugging the leaks and several other countries have also taken help of AI and technology to find tax evaders. In Denmark, for instance, artificial intelligence tools successfully hit 85 out of every 100 cases and 65 of these cases fall in the category of tax frauds, World Bank reported in 2018. The Nordic country used to suffer some 2 billion euros in losses.

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    10:11 (IST)02 Dec 2019
    State-sponsored insurance may not be the best idea

    A new paper by researchers at the National Institute of Public Finance and Policy shows that basic healthcare will suffer after implementation of large government-sponsored health insurance schemes like Ayushman Bharat, especially when the government must contend with a fiscal strain. The researchers examined health insurance schemes implemented by the governments of undivided Andhra Pradesh, Karnataka, and Tamil Nadu between 2004-2017. In all three states, the schemes started with covering just the poor, and were gradually extended to other sections of society. Insurance spending cast a shadow on other public health spending, including on primary and secondary healthcare—this increases dependence on private healthcare, which, in turn, pushes up the costs of insurance schemes. The Centre, which is mulling over insurance-based universal healthcare coverage, should take note.

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    09:49 (IST)02 Dec 2019
    Stock corner: ‘Buy’ Tech Mahindra, revival of telecom biz to drive growth

    Key highlights of our recent meeting with Tech Mahindra’s (TechM) management are: (i) the telecom vertical is entering sustained growth phase after a stagnant three years; (ii) shift in demand for technological solutions from CTO to business heads will cushion TechM during an economic downturn; and (iii) management expects telecom operators’ need to make IT infrastructure 5G ready to spur sustainable demand from enterprise 5G. While margin levers such as automation and off-shoring remain, we believe FY20 margin will be lower than FY19 owing to higher costs incurred due to deal ramp-ups and a slow start to the year (H1FY20 margin down 210bps y-o-y).

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    09:40 (IST)02 Dec 2019
    Govt’s latest tool to wage war against tax evasion; now AI to the rescue

    In a first, the Delhi government is all set to use a machine-learning tool, developed by two US-based Indian researchers, to identify bogus firms propped up by traders in the city to evade taxes. Initial estimates suggest that the public exchequer stands to gain up to Rs 300 crore annually upon plugging the leaks. University of California, Berkeley, Associate Professor Dr Aprajit Mahajan and postdoctoral scholar Dr Shekhar Mittal are developing the tool based on scrutiny of a vast dataset of VAT (Value Added Tax) returns registered in Delhi between 2012-17.

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    09:39 (IST)02 Dec 2019
    Deadline for filing returns with NFRA extended

    The Ministry of Corporate Affairs (MCA) has extended the last date of filing annual returns with the National Financial Reporting Authority (NFRA) by three months. Auditors need to file their returns with the authority by November 30 each year. Now, they have been given an extension of 90 days. “MCA received several representations for extending the last date of filing the NFRA-2 form (annual return). The ministry after considering the representations decided to extend the date,” an official source said.

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    09:25 (IST)02 Dec 2019
    Policy shift: Insurers blacklist coal

    The number of insurers turning their backs on coal more than doubled in 2019, activist groups said on Monday, sapping the viability of projects using the highly-polluting fuel. Coal exit policies have been announced by 17 of the world’s biggest insurers controlling 46 percent of the reinsurance market and 9.5 per cent of the primary insurance market, said the Unfriend Coal campaign, a coalition of environmental groups, as it released its third scorecard on the sector. “This action is having a tangible impact,” it said, citing brokers as saying that costs are increasing to insure coal facilities with certain projects already being unable to obtain any coverage.

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    09:24 (IST)02 Dec 2019
    BSE live: RIL, Bharti Airtel shares soar up 5% after tariff hike; Sensex up

    Shares of billionaire Mukesh Ambani-led Reliance Industries gained on Monday morning, after its telco arm Reliance Jio announced that it will hike tariff from December 6th. RIL share price soared more than 3.2% to hit the day's high at Rs 1,600 on BSE. Bharti Airtel share price soared by more than 9.7% to hit the day's high at Rs 485 on BSE. Jio, which did not disclose its revised tariffs, unlike the other two operators, merely said its new plans will be 40% higher and will provide 300% more benefits. Here too, the hike is only for prepaid users. A look at LIVE Sensex heatmap.

    09:16 (IST)02 Dec 2019
    Sufficient interest for Air India, says DIPAM secretary

    As the Centre gears up to invite fresh expressions of interest (EoIs) soon for the sale of its entire stake in debt-ridden Air India, the DIPAM (Department of Investment and Public Asset Management) secretary Tuhin Kanta Pandey told FE that there is sufficient interest among potential buyers.  “There is sufficient interest from investors and the (strategic disinvestment) process of AI is moving in the right direction,” Pandey said. Sources said AI won’t be a distress sale as it is a robust going concern and potential buyers could capitalise on its premium bilateral rights and parking slots across the world to revive its fortunes. Also, the government would take over some more debt of AI and pass on a ‘fair’ amount of debt and liabilities to the buyer.

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    09:16 (IST)02 Dec 2019
    Sufficient interest for Air India, says DIPAM secretary

    As the Centre gears up to invite fresh expressions of interest (EoIs) soon for the sale of its entire stake in debt-ridden Air India, the DIPAM (Department of Investment and Public Asset Management) secretary Tuhin Kanta Pandey told FE that there is sufficient interest among potential buyers.  “There is sufficient interest from investors and the (strategic disinvestment) process of AI is moving in the right direction,” Pandey said. Sources said AI won’t be a distress sale as it is a robust going concern and potential buyers could capitalise on its premium bilateral rights and parking slots across the world to revive its fortunes. Also, the government would take over some more debt of AI and pass on a ‘fair’ amount of debt and liabilities to the buyer.

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    09:09 (IST)02 Dec 2019
    BS-VI norms to prolong slowdown: Bhargava

    The BS-VI emission norms, which come into effect from April 2020, are likely to adversely affect auto sales as there will be another round of price rise, thereby impacting volume growth in the near term, Maruti Suzuki chairman RC Bhargava said. In an interview with FE, Bhargava said in the last one year, car prices have gone up significantly on account of the safety norms and other regulations, which has increased the acquisition cost for customers. “The prices have already gone up for many cars which have been launched with the upgraded engines. Others will launch soon with higher price tags and that will sure lead to a slowdown for a longer period of time,” he said.

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    09:09 (IST)02 Dec 2019
    Passenger vehicle sales in slow lane again, drop 4 per cent in November

    After a modest improvement in October, passenger vehicle sales fell by an estimated 4% year-on-year (y-o-y) in November as the festival season got over and many manufacturers pulled out part of the discounts from the market. The fall in despatches in November 2019 also stems from the fact that this year the Diwali season, when around 40% of the festive season sales happen, fell in October. In 2018, Diwali was celebrated in November. The decline in volumes in November, however, was still less pronounced compared to the last 11 months when the sales witnessed a fall of over 20% y-o-y.

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    09:08 (IST)02 Dec 2019
    Oil jumps on Chinese factory growth, hopes for deeper OPEC cuts

    Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year. Brent crude futures rose 74 cents, or 1.2%, to $61.23 a barrel by 0157 GMT. West Texas Intermediate (WTI) futures rose $86 or 1.6%, to $56.03 a barrel, having risen by more than $1 earlier. 

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