Share Market highlights: Sensex closes above 40,000, Nifty near 11,850; SBI, TCS shares top gainers

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Updated: October 30, 2019 3:50:24 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The Sensex soared past the crucial 40,000-mark on Wednesday, after buzz around PSU disinvestment and telecom relief package lifted sentiments.

More than half of Sensex’ rally on Tuesday came from just four stocks — Reliance Industries (RIL), Tata Consultancy Services, Axis Bank and ICICI Bank.The Sensex was up about 223 points to 40,023 in the morning trade, while the Nifty was trading near the 11,900-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The Sensex soared past the crucial 40,000-mark on Wednesday, after buzz around PSU disinvestment and telecom relief package lifted sentiments. The Sensex closed 220 points higher at 40,051, while the Nifty ended near the 11,900-mark. SBI, TCS, ITC, Bharti Airtel were among the major gainers, closing up to 3.5% higher. The Narendra Modi-led government has constituted a committee of secretaries to explore a financial bailout package for the telecom sector by lowering spectrum charges as well as ending the era of free mobile phone calls and dirt cheap data as companies look at the government for avoiding payment of thousands of crores of rupees in overdue statutory levies. The Committee of Secretaries, headed by Cabinet Secretary Rajiv Gauba, has been asked to examine “all aspects” of “financial stress” faced by service providers such as Bharti Airtel and Vodafone-Idea and suggest measures to mitigate them, PTI reported citing sources in the Department of Telecommunications (DoT) said. According to an exclusive report by ET Now, the government may make further announcements with respect to disinvestment. Yesterday, Sensex and Nifty soared to a 4-month high in the second session of Samvat 2076 as the buzz around equity tax rationalisation and other positive global factors lifted sentiments. The Sensex closed 582 points higher at 39,831 while the Nifty hit the 11,800-mark for the 1st time since July 5. We bring to you highlights. 

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Highlights

    15:50 (IST)30 Oct 2019
    BSE live: Sensex closes above 40,000, Nifty near 11,850

    The Sensex soared past the crucial 40,000-mark on Wednesday, after buzz around PSU disinvestment and telecom relief package lifted sentiments. The Sensex closed 220 points higher at 40,051, while the Nifty ended near the 11,900-mark. SBI, TCS, ITC, Bharti Airtel were among the major gainers, closing up to 3.5% higher. A look at LIVE Sensex heatmap.

    15:06 (IST)30 Oct 2019
    Reliance General Insurance scraps IPO plan; withdraw offer documents

    Reliance General Insurance, part of Anil Ambani-led Reliance Group, has decided to withdraw its proposed initial share sale offer. The initial public offering (IPO) was slated for fresh issue of shares worth Rs 200 crore, besides an offer of sale of 79,489,821 shares by Reliance Capital. Markets regulator Sebi had received draft red herring prospectus for the proposed IPO on February 8 through lead manager (LM) of the issue Motilal Oswal Investment Advisors. However, the draft offer documents for the IPO have been “withdrawn by LM (Motilal Oswal Investment Advisors) vide email dated October 24, 2019,” according to Securities and Exchange Board of India (Sebi). Reasons for withdrawal of the offer documents have not been disclosed.

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    14:28 (IST)30 Oct 2019
    Now, unaccounted gold holders may have to pay heavy fine; Modi govt plans amnesty scheme

    The government may soon announce a gold amnesty scheme with an aim to target black money, CNBC-Awaaz reported citing unidentified sources. The government is mulling a plan to fix a holding limit of the yellow metal under the scheme, the report also said. Those holding unaccounted gold beyond the given limit will be penalised by the government. Under the scheme, the individuals will have to disclose unaccounted gold beyond a certain threshold and pay taxes on the disclosed value, according to the report.

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    14:04 (IST)30 Oct 2019
    Amazon, Apple and Alibaba are most disruptive companies, says KPMG report

    Amazon, Apple and Alibaba top the list of companies that tech industry leaders worry most about disrupting their business, according to a KPMG report. In a survey of more than 740 technology industry business leaders globally, DJI, Google, Netflix, Airbnb, Microsoft, Facebook, and Baidu round out the Top 10 list. The disruptors’ list complements the fact that tech industry leaders ranked e-commerce platforms first and social networking second as the most disruptive business models over the next three years, the report said.

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    13:55 (IST)30 Oct 2019
    NPA ailment: Financial sector fragility persists

    Is the non-performing asset cycle beginning to reverse after a brief spell of improvement? Nascent signs have appeared, even though an enduring setback is not yet visible. The Reserve Bank of India reported, recently, that credit quality deteriorated in June 2019, with rise in stressed and NPA ratios in all sectors except industry (Monetary Policy Report, October). Although the central bank did not provide numbers, charted trend shows the gross NPA ratio closer to 10% from 9.3% in March, which represented a four-quarter successive decline. It was only a quarter ago that RBI stated NPAs seemed to have turned around (Financial Stability Report, June 2019). 

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    13:53 (IST)30 Oct 2019
    Gratuity payment rules: Will Modi govt reduce 5 years limit to 1 for employees?

    Several reports claim that Narendra Modi government at the Centre will reduce the eligibility for gratuity payment to employees from five years to one. This may happen through a Bill on Social Security expected to be introduced by the Government in Parliament in the Winter Session. However, the government has not formally made any announcement regarding reducing the eligibility from five years to one. There is also no confirmation on whether the Government will introduce such Bill in the upcoming session of Parliament.

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    13:47 (IST)30 Oct 2019
    LIC IPO plan: Chairman tells when India’s largest insurer will be listed

    Putting an end to the speculations over its listing, Life Insurance Corporation (LIC) Chairman MR Kumar on Wednesday said that it’s too early for the country’s largest insurance firm to go public. LIC manages assets in excess of Rs 31 lakh crore as of July end this year. Adding, he said that the insurer sees plenty of high growth from here despite the ongoing slowdown in the economy, ET Now reported. LIC has seen slowdown cycles before as well and it will ride over it too, LIC Chairman added. Even as the slowdown has hit the insurance sector, LIC has done well as against the private sector peers and also managed to get some of the lost market share in the smaller cities, MK Kumar noted.

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    13:45 (IST)30 Oct 2019
    Portfolio Management Services (PMS) vs MF: How both investments have fared in 5 years

    In the last five years, Mutual Fund sector has seen a “spectacular growth” due to a combination of increasing awareness, rising markets, Association of Mutual Funds in India (AMFI)’s marketing campaigns, advancement of various new-age distributors. All these have resulted in the Asset Under Management (AUM) increasing by 186 per cent to $340 billion and the folio base jumping about 110 per cent to 82.5 million, according to Vasanth Kamath, Co-Founder and CEO, Smallcase Technologies.

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    12:36 (IST)30 Oct 2019
    Monsoon effect: Late kharif harvesting may hit rabi sowing and output

    Barring bajra, moong and sunflower, market arrivals of all other kharif crops are now lower than a year ago mainly due to late sowing during the monsoon season and excess rains in September. If this trend continues for a longer while, the sowing of key rabi crops like wheat, mustard and chana may get delayed, potentially bringing down their yield as northern India has been witnessing above-normal temperature from March, the month when rabi harvesting commences, during the past few years.

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    12:32 (IST)30 Oct 2019
    Battle for ‘next billion’ users: Fintechs need to collaborate with traditional financial institutions

    Banks, Financial Institutions and NBFCs are now playing a pivotal role in meeting the financial needs of individuals and business, which have traditionally been un-served or underserved. Regulations and compliances have, however, become stricter in recent times. In light of recent macroeconomic developments and a decelerating growth environment, there is credit crunch, as well as growing scrutiny on the broader financial sector. This has led to increases in the cost of borrowing and players are grappling with higher unit economics implications.

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    12:26 (IST)30 Oct 2019
    BEML shares surge 10 per cent after govt’s divestment plan report

    Shares of BEML on Wednesday soared 10 per cent after a report that the Modi government is revisiting plans for strategic stake sale in the public sector undertaking and may soon issue an expression of interest (EoI), CNBC-Awaaz reported citing unidentified sources. The shares surged to hit a fresh 52-week high of Rs 1,108.95 on NSE in the early trade today. The scrip was trading at Rs 1,077.90, up 69.10 points, or 6.85 per cent from the previous close at the time of reporting. The government may soon issue EoI for 26% stake sale with management control in the state-owned commercial vehicles’ company, the report also said.

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    12:15 (IST)30 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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    12:12 (IST)30 Oct 2019
    BEML shares surge 10 per cent after govt’s divestment plan report

    Shares of BEML on Wednesday soared 10 per cent after a report that the Modi government is revisiting plans for strategic stake sale in the public sector undertaking and may soon issue an expression of interest (EoI), CNBC-Awaaz reported citing unidentified sources. The shares surged to hit a fresh 52-week high of Rs 1,108.95 on NSE in the early trade today. The scrip was trading at Rs 1,077.90, up 69.10 points, or 6.85 per cent from the previous close at the time of reporting. The government may soon issue EoI for 26% stake sale with management control in the state-owned commercial vehicles’ company, the report also said.

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    11:52 (IST)30 Oct 2019
    Peugeot and Fiat Chrysler in talks to combine: Could result in a $50 billion automaker!

    Fiat Chrysler and Peugeot owner PSA are in talks to combine in a deal that could create a $50 billion automaker, a source familiar with the matter said on Tuesday. Fiat Chrysler shares rose sharply after news of the talks and ended up more than 7.5% in U.S. trading. The companies and the French government had no comment. The Wall Street Journal first reported the discussions. PSA's supervisory board was due to meet on Wednesday to discuss the potential merger, another source close to the matter said.

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    11:31 (IST)30 Oct 2019
    Telecom woes: Vodafone Idea seeks debt revamp as losses mount; Reliance Jio’s free calls adds more trouble

    Vodafone Group Plc’s Indian venture, reeling under $14 billion of net debt, mounting losses and dwindling subscribers, has approached creditors for better payment terms to revive the sinking carrier, people with direct knowledge of the matter said. Vodafone Idea Ltd., formed by last year’s merger of the British telecommunications firm’s local unit with billionaire Kumar Mangalam Birla’s Idea Cellular Ltd., has warned lenders that it won’t be able to honor its commitments for long under current conditions, the people said, asking not to be named as the discussions are private. One of its requests was a temporary halt to loan payments, although no formal proposal has been made, two of the people said.

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    11:15 (IST)30 Oct 2019
    Let’s get realistic about BSNL revival

    Ever since the press critiqued the government’s Rs 70,000 crore bailout package for BSNL-MTNL, BSNL supporters have called it ill-informed, and one-sided; it does not, for instance, take into account the tens of thousands of crores of private telecom debt that PSU banks will have to write off. Indeed, if the debt owed by telcos to the government is added, the figure could runs into lakhs of crores; while companies like RCom and Aircel are already in the insolvency courts, many believe Vodafone-Idea is running out of funds to sustain operations. And, after the Supreme Court judgment on AGR, you can add another Rs 1.33 lakh crore to private sector telecom debt. Put that way, the argument is a sound one: why is writing off private sector debt okay, but a bailout for the public sector problematic?

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    11:06 (IST)30 Oct 2019
    OYO, MMT under scanner after industry body complains; CCI orders probe

    Competition watchdog CCI has ordered an investigation against hospitality company OYO and online travel agency Go-MMT after industry body FHRAI filed a complaint alleging unfair business practices and destroying competition. The Competition Commission of India also said that there was a prima facie case for investigation against Ritesh Agarwal-founded OYO and Go-MMT, the entity made after the merger of GoIbibo and MakeMyTrip. The Federation of Hotel and Restaurant Associations of India (FHRAI) alleged that the “opposite parties have abused their respective dominant positions, they have cartelized and further, they have entered into anti-competitive agreements/agreements,” CCI note said.

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    10:54 (IST)30 Oct 2019
    Population grows at double pace than jobs in India; rural employment remains stagnant

    Ever since the results of the Periodic Labour Force Survey (PLFS) 2017-18 became public — they showed that unemployment in India was at a 45-year high — there has been a vigorous public debate about the true state of unemployment in the country. What has fueled this debate — and allowed different people to arrive at differing conclusions about the state of unemployment — has been the long delays in the availability of past employment data, even though PLFS tracks employment annually.

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    10:47 (IST)30 Oct 2019
    Bank employees salary negotiation: What has stalled a settlement for over two years

    A wage revision settlement for over 10 lakh bank employees and officers has been stuck for two years due to serious differences between the bank management and unions. According to banking industry sources, though there was a broad agreement over the Indian Banking Association’s offer of a 12% hike in the wage cost but the talks were derailed for over a year as four officers associations wanted the inclusion of bank officers of all seven scales in the proposed settlement. In addition to this, now a majority of unions and associations are not willing to accept less than 15% hike which was the case with the last wage revision settlement that was applicable for a period of five years, from 2012 to 2017.

    Full story

    10:33 (IST)30 Oct 2019
    Govt forms high-level panel to look at bailout package for Airtel, Vodafone Idea, other telcos

    The government has constituted a committee of secretaries to explore a financial bailout package for the telecom sector by lowering spectrum charges as well as ending the era of free mobile phone calls and dirt cheap data as companies look at the government for avoiding payment of thousands of crores of rupees in overdue statutory levies. The Committee of Secretaries, headed by Cabinet Secretary Rajiv Gauba, has been asked to examine “all aspects” of “financial stress” faced by service providers such as Bharti Airtel and Vodafone-Idea and suggest measures to mitigate them, sources in the Department of Telecommunications (DoT) said.

    Full story

    10:29 (IST)30 Oct 2019
    Input Tax Credit: New GST refund rules create confusion as deadline to file first returns comes close

    Millions of GST payers are eagerly awaiting clarity over the new rules notified early this month that restricted the refund of input tax credit to 20% of the total claimed amount. The GST registered businesses will begin uploading their returns from next week and it will be the first occasion when they will file their returns under the new rules governing the refund of the input tax credit. On October 9, the GST council notified new rules under section 43 of the GST law that restricts the refund amount to 20% of the claimed amount if the suppliers have not uploaded correct details in the GSTR 1 form uploaded on GSTN portal. Businesses are expected to face challenges this month onwards due to the lack of clarity on the applicability of this rule, said Pritam Mahure, a Mumbai based Chartered Accountant.

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    10:28 (IST)30 Oct 2019
    Several panels later, India’s export sector a laggard, cries for bold policy push

    Even as the government is set to release the report of a high-level advisory group under noted economist Surjit Bhalla on ways to boost exports, recommendations of similar panels in the past have hardly been implemented. Inadequate government action has often rendered the practice of setting up panels largely irrelevant, while the country’s export growth continues to remain below par and miss targets frequently. Various committees, working groups, inter-ministerial pa-nels have, in the past, suggested steps to address structural hurdles,including elevated logistics costs, inflexible labour laws and inverted/distorted duty structure (especially in textiles), whi-ch continue to cripple India’s ex-port competitiveness. Archaic labour laws have long militated against firms acquiring size and scale in critical jobs-intensive se-ctors, while logistics costs make up for as much as 15-16% of exporters’ consignment value.

    Full story

    10:11 (IST)30 Oct 2019
    Bond vigilantes in India worry too much, must trust Modi administration, says IDBI banker

    Ashok Gautam is betting that India will achieve its fiscal deficit target this year. That makes him something of a rare breed among investors in the nation’s bond market. Gautam, a banker for nearly thirty-five years, is counting on Prime Minister Narendra Modi’s administration’s past fiscal-track record, which shows it can generate funds to plug revenue gaps. That, he said, would remove a major impediment to a debt rally, which could see the benchmark 10-year yield slip to near a three-year low as the Reserve Bank of India cuts rates further.

    Full story

    09:59 (IST)30 Oct 2019
    RCEP: Ball squarely in PM Modi’s court

    With barely a week left for countries to make their positions clear on the Regional Comprehensive Economic Partnership (RCEP), the ball lies in Prime Minister Narendra Modi’s court, as he will take the final call on whether India would be part of the mega regional trade deal or not, sources told FE. A leaders’ summit, to be attended by the heads of the 16 RCEP nations, is scheduled to be held in Bangkok next week, where the deal was supposed to be announced. The deal faces fierce domestic resistance from not just industries, including steel and dairy, but also the government departments overseeing these sectors, thanks to persisting fears of dumping by countries like China.

    Full story

    09:43 (IST)30 Oct 2019
    Competition act: Regulator orders probe against MakeMyTrip-Ibibo and OYO

    The Competition Commission of India (CCI) has stated in an order dated October 28 that there is a prima facie case for investigation against MakeMyTrip India-Ibibo Group (MMT-Go) and Oravel Stays (OYO) for alleged violations of the Competition Act. The order is in response to a complaint filed by the Federation of Hotel & Restaurant Associations of India (FHRAI). The CCI said that there is a prima facie case for investigation against MMT-Go and OYO for alleged violation of the provisions of Section 3(4) of the Act, which deals with anti-competitive agreements. A prima facie case for investigation under Section 4 of the Act, which deals with abuse of dominant position, has also been made out against MMT-Go. The CCI has sought a report on the investigation within 150 days.

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    09:35 (IST)30 Oct 2019
    Indigo shares trade 3% higher after mega order

    Shares of India's largest airline Interglobe Aviation are trading 2% higher after the firm's mega order. IndiGo share price jumoed more than 3% to hit the day's high at Rs 1,454 on BSE. Budget carrier IndiGo on Tuesday placed orders for 300 Airbus A320 neo family aircraft. The order comprises a mix of A320neo, A321neo and long-range A321XLR aircraft. This will take IndiGo’s total number of A320neo Family aircraft orders to 730, the airline said in a statement. 

    09:32 (IST)30 Oct 2019
    Analyst corner: Strong Q2 by JLR; Tata Sons to infuse Rs 6,500 crore

    JLR’s Q2 performance was well ahead of estimates as margins improved sharply y-o-y and q-o-q, helped by multiple factors, including mix and project charge. Guidance was maintained as it expects to remain profitable in seasonally stronger H2. Losses were higher than expected in India business partly due to a Rs 230-crore write-off in PV business. Tata Sons plans to infuse Rs 6,500 crore of equity into Tata Motors, which should support the balance sheet, given rising leverage.

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    09:23 (IST)30 Oct 2019
    BSE live: Sensex soars past 40,000, Nifty nears 11,900; Yes Bank, Indigo, Infosys shares jump

    The Sensex soared past the crucial 40,000-mark in the opening trade on Wednesday, after buzz around PSU disinvestment and telecom relief package lifted sentiments. The Sensex was up about 223 points to 40,023 in the morning trade, while the Nifty was trading near the 11,900-mark. The secretary panel is also likely to address woes in the telecom sector. Bharti Airtel, Infosys, Yes Bank were among the major gainers, jumping up to 2%. A look at LIVE Sensex heatmap.

    09:14 (IST)30 Oct 2019
    Stock corner: Maintain ‘buy’ on SBI on undemanding valuations

    State Bank of India’s (SBI) Q2FY20 saw a beat on asset quality vs our muted expectations. PPOP was in line with a positive NII, offset by higher-than-expected opex. Granular slippages normalised and corporate stress formation was also low at Rs 3,400 crore. The watch list (standard IBC + SMA 1/2) is at Rs 26,000 crore (1.2% of loans); including one more large HFC and a telecom group, we estimate the total stress pool at 2.2% of loans, which looks manageable to us now.

    Full story

    09:01 (IST)30 Oct 2019
    Insolvency Code progress report: Nearly 4 times as many cases in liquidation as in resolution

    In over three years of the Insolvency and Bankruptcy Code, the number of bankrupt companies liquidated under the regime has far exceeded the number of corporate resolutions, by nearly four times, somewhat defying the actual purpose of the new system. While 156 of the cases admitted under the Corporate Insolvency Resolution Process (CIRP) have been resolved till September 2019, the liquidation process has started in as many as 587 cases, according to the data released by the Insolvency and Bankruptcy Board of India. Thus, IBC has liquidated many more companies than it has resolved, against its primary purpose of resolving insolvency and bankruptcy cases to bring sick companies bank to revival.

    Full story

    08:57 (IST)30 Oct 2019
    Stock corner: Maintain ‘buy’ on SBI on undemanding valuations

    State Bank of India’s (SBI) Q2FY20 saw a beat on asset quality vs our muted expectations. PPOP was in line with a positive NII, offset by higher-than-expected opex. Granular slippages normalised and corporate stress formation was also low at Rs 3,400 crore. The watch list (standard IBC + SMA 1/2) is at Rs 26,000 crore (1.2% of loans); including one more large HFC and a telecom group, we estimate the total stress pool at 2.2% of loans, which looks manageable to us now.

    Full story

    08:56 (IST)30 Oct 2019
    Several panels later, India’s export sector a laggard, cries for bold policy push

    Even as the government is set to release the report of a high-level advisory group under noted economist Surjit Bhalla on ways to boost exports, recommendations of similar panels in the past have hardly been implemented. Inadequate government action has often rendered the practice of setting up panels largely irrelevant, while the country’s export growth continues to remain below par and miss targets frequently. Various committees, working groups, inter-ministerial pa-nels have, in the past, suggested steps to address structural hurdles,including elevated logistics costs, inflexible labour laws and inverted/distorted duty structure (especially in textiles), whi-ch continue to cripple India’s ex-port competitiveness. Archaic labour laws have long militated against firms acquiring size and scale in critical jobs-intensive se-ctors, while logistics costs make up for as much as 15-16% of exporters’ consignment value.

    Full story

    08:55 (IST)30 Oct 2019
    Recap: Sensex soars 600 points as tax cut news lifts sentiment; could bring huge money into stock market

    The headline indices Sensex and Nifty soared to a 4-month high in the second session of Samvat 2076 as the buzz around equity tax rationalisation and other positive global factors lifted sentiments. The Sensex closed 582 points higher at 39,831 while the Nifty hit the 11,800-mark for the 1st time since July 5. 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.

    Full story

    08:54 (IST)30 Oct 2019
    RCEP: Ball squarely in PM Modi’s court

    With barely a week left for countries to make their positions clear on the Regional Comprehensive Economic Partnership (RCEP), the ball lies in Prime Minister Narendra Modi’s court, as he will take the final call on whether India would be part of the mega regional trade deal or not, sources told FE. A leaders’ summit, to be attended by the heads of the 16 RCEP nations, is scheduled to be held in Bangkok next week, where the deal was supposed to be announced. The deal faces fierce domestic resistance from not just industries, including steel and dairy, but also the government departments overseeing these sectors, thanks to persisting fears of dumping by countries like China.

    Full story

    08:53 (IST)30 Oct 2019
    Indices at near four-month high, revival in auto and consumer demand provide push

    Benchmark indices on Tuesday closed at a near four-month high, buoyed by gains in auto and metal stocks. Better-than-expected corporate earnings for the September quarter so far and a revival in auto and consumer demand in the festive season, coupled with media reports on possible tax relief for equity markets, boosted investor sentiment. Of the 19 sectoral indices compiled by BSE, all barring BSE Telecom, ended the day in the green with BSE Auto and BSE Metal gaining 4.2% each.

    Full story

    08:52 (IST)30 Oct 2019
    Bharti Airtel defers Q2 results, seeks govt support

    Bharti Airtel has deferred the release of its September qua-rter earnings till November 14 as it has sought clarity and support from the government on Rs 42,000-crore statutory dues it owes the exchequer following the Supreme Court judgment. It was scheduled to announce the earnings on Tuesday but in a notice to the bourses, it said the same is now being deferred till November 14.

    Full story

    08:51 (IST)30 Oct 2019
    PM Modi leaves for home after concluding two-day visit to Saudi Arabia

    Prime Minister Narendra Modi concluded his visit to Saudi Arabia on Tuesday, during which he held extensive talks with the top Saudi leadership and addressed a key financial forum in Riyadh. Modi, who arrived in Riyadh on Monday night, held wide-ranging talks with Saudi King Salman bin Abdulaziz and powerful Crown Prince Mohammed bin Salman, during which a Strategic Partnership Council was established to coordinate on important issues. A memorandum of under standing was also signed to roll out RuPay card in the Kingdom – making Saudi Arabia the third country in the Persian Gulf after the UAE and Bahrain to introduce India’s digital payment system.

    Full story

    08:50 (IST)30 Oct 2019
    British MPs vote in favour of holding general elections on December 12

    British Prime Minister Boris Johnson’s December 12 election plan has cleared the House of Commons after MPs backed the date in a vote by a 438 to 20 margin. It will mark the first December-poll since 1923 once the House of Lords passes the legislation and it becomes law by the end of the week. Once that happens, there will be a five-week campaign up to the polling day. The development marks a win for British Prime Minister Boris Johnson’s bid for a pre-Christmas poll to try and win a public mandate in favour of his Brexit plan.

    Full story

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