Share Market highlights: Sensex ends lower from record high, Nifty near 11,950; Infosys, VEDL top gainers

By: |
Updated: November 4, 2019 3:51:36 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline Sensex receded from record highs in the afternoon trade on Monday, led by sell-off in auto stocks.

sensex, stock marketsAfter rising about 318 points to hit a fresh record high of 40,483.21, the Sensex closed 137 points higher at 40,301.96.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline Sensex receded from record highs in the afternoon trade on Monday, led by sell-off in auto stocks. After rising about 318 points to hit a fresh record high of 40,483.21, the Sensex closed 137 points higher at 40,301.96. The broader Nifty ended the session 55 points higher at 11,945. Infosys share price closed 3% higher at Rs 709, after the firm said it has not received any prima facie evidence so far to corroborate any of the allegations made by the anonymous whistleblower. Given the circumstances at this stage, where there is a complete absence of prima facie evidence and the anonymous complaints are still under investigation, the company is not in a position to determine the concreteness, credibility, and materiality of the anonymous complaints, Infosys said in a letter to the National Stock Exchange (NSE) dated November 2, global news agency Reuters reported. India is committed to further improving its people-friendly tax regime, Prime Minister Narendra Modi said during the ASEAN summit, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth. “You would already have heard of India’s decision to cut the corporate tax rates. Our GST has fulfilled the dream of economic integration of India. We want to work towards making it even more people-friendly,” PM Modi said. The prime minister said it was the best time to be in India and that many things such as foreign direct investment, ease of doing business, ease of living and productivity are rising while tax rates, red -tapism, corruption, cronyism are on a decline.  Infosys, VEDL, Tata Steel, HDFC, ONGC were among the biggest gainers, jumping up to 3%. On the other hand, Maruti Suzuki, Heromotocorp, IndusInd Bank, Tata Motors were among the biggest losers, shedding up to 2.55 per cent. We bring to you highlights.

यहां पढ़ें: शेयर बाजार की खबरों का हिंदी में अपडेट

Live Blog

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates

Highlights

    15:51 (IST)04 Nov 2019
    BSE live: Sensex ends lower from record high, Nifty near 11,950; Infosys, VEDL top gainers

    The headline Sensex receded from record highs in the afternoon trade on Monday, led by sell-off in auto stocks. After rising about 318 points to hit a fresh record high of 40,483.21, the Sensex closed 137 points higher at 40,301.96. The broader Nifty ended the session 55 points higher at 11,945. Infosys share price closed 3% higher at Rs 709. A look at LIVE Sensex heatmap.

    15:29 (IST)04 Nov 2019
    Pollution in Delhi-NCR: SC slams authorities, says they have left people to die

    The Supreme Court Monday slammed authorities for failing to curb pollution in Delhi-NCR and said they have left people to die. A bench of Justices Arun Mishra and Deepak Gupta took serious note of crop burning in Punjab, Haryana and Western Uttar Pradesh and said it cannot go unabated every year. “Can we survive in this atmosphere? This is not the way we can survive,” the bench said. “Delhi is choking every year and we are not able to do anything. Question is that every year this is happening,” the bench said, adding, “It cannot be done in a civilised country”.

    Full story

    14:57 (IST)04 Nov 2019
    Chidambaram slams state of economy; says ‘incompetently managed and doing badly’

    Incarcerated Congress leader P Chidambaram on Monday referred to an editorial in the Economist magazine that said the Indian economy is “incompetently managed and doing badly”. The former finance minister, who is in jail for alleged corruption in the INX Media case, also said in a tweet that the magazine is read by the Fortune 500 companies that will invest in India. “Read the Economist magazine of October 26. It is read by the Fortune 500 companies that must invest in India. “The Editorial says ‘India’s economy is incompetently managed and doing badly’,” he said on Twitter. The former finance minister had asked his family to tweet on his behalf. “‘Doing badly’ is what Nobel Prize winner Dr Abhijit Bannerjee said last week. And he was severely criticised by our Commerce and Industry Minister Mr Piyush Goyal,” he said in another tweet.

    Full story

    14:44 (IST)04 Nov 2019
    Carrots, scintillating music and Yagnas: Netas list novel ways to tackle Delhi pollution

    The air quality in the National Capital Region has deteriorated to catastrophic levels over the past few days. People in Delhi, Noida, Ghaziabad and surrounding cities have been gasping for breath, exposing the reality of tall promises made by ministers from state and central governments through the year. The Air Quality Index, or AQI, has fallen to ‘severe-plus’ levels. Covered in a thick toxic haze, the city seemed to be dipped in a permanent sepia tone for at least a few more days to come. According to the Central Pollution Control Board, the 24-hour average air quality index (AQI) stood at 494 on Sunday, the highest since November 6, 2016, when it was 497. 

    Full story

    14:38 (IST)04 Nov 2019
    Payment for Weekly Off, Compensatory Off to Night Shift, other employees: What government wants

    The Union Ministry of Labour and Employment has put Preliminary draft of the Wages (Central) Rules under Section 67 of the Code on Wages, 2019 in the public domain for inputs from stakeholders and general public. These rules, when implemented, will be called as “Code on Wages (Central) Rules, 2019”. The Code On Wages, 2019 received Presidential assent on August 8 this year. Section 67 of the Code on Wages 2019 allows the government to make rules for carrying out provisions of the Code. These rules can provide for methods to calculation of wages and other issues of concerns for workers.

    Full story

    14:25 (IST)04 Nov 2019
    Carrots, scintillating music and Yagnas: Netas list novel ways to tackle Delhi pollution

    The air quality in the National Capital Region has deteriorated to catastrophic levels over the past few days. People in Delhi, Noida, Ghaziabad and surrounding cities have been gasping for breath, exposing the reality of tall promises made by ministers from state and central governments through the year. The Air Quality Index, or AQI, has fallen to ‘severe-plus’ levels. Covered in a thick toxic haze, the city seemed to be dipped in a permanent sepia tone for at least a few more days to come. According to the Central Pollution Control Board, the 24-hour average air quality index (AQI) stood at 494 on Sunday, the highest since November 6, 2016, when it was 497. As NCR choked and governments at the Centre and states came under fire from citizens for their ineffective approach to tackle the ongoing crisis, top politicians came up with bizarre solutions to tackle the severe air pollution.

    Full story

    13:36 (IST)04 Nov 2019
    YES Bank’s Ravneet Gill on slippage rise: Not slowdown, these ‘unfortunate circumstances’ were drivers

    YES Bank’s MD & CEO Ravneet Gill said that unfortunate circumstances that were difficult to anticipate including crisis at Cox & Kings, CG Power, and CCD led to a rise in slippages for the private lender in Q2FY20, CNBC TV-18 reported. These troubled firms were not victims of the ongoing economic slowdown but financial trouble brewing in these firms, he said. Adding, he said that such events had a negative impact on a company’s credit profile in the second quarter of the ongoing fiscal. Such incidents are difficult to anticipate, Ravneet Gill noted.

    13:00 (IST)04 Nov 2019
    Fake Rs 2000 notes worth Rs 6.4 crore recovered!

    Telangana Police on Saturday busted an inter-state gang involved in the circulation of fake Rs 2000 notes. The incident took place in Vemsoor Mandal area of Khammam district where police have arrested five persons for cheating public in the guise of exchanging Rs 2,000 denomination currency notes and offering 20 per cent commission. The police have also seized 320 bundles of Rs 2,000 denomination fake notes worth Rs 6.4 crore. A detailed investigation is underway. According to reports, the accused carried their work in Telangana, neighbouring Andhra Pradesh and Tamil Nadu.

    Full story

    12:54 (IST)04 Nov 2019
    Investing Rs 1.5 lakh or more? NSC vs PPF – Two safe options compared for you

    NSC vs PPF: National Savings Certificate (NSC) and Public Provident Fund (PPF) are popular savings schemes offered by Post Office. PPF account can also be opened at some banks. Both these instruments can be used for tax saving and investment purposes. The maximum amount one can invest in PPF in a Financial Year is Rs 1.5 lakh. There is no upper limit in case of NSC. While the minimum amount one can deposit in PPF in a financial year is Rs 500, the minimum amount for which an NSC can be purchased is Rs 100.

    Full story

    12:51 (IST)04 Nov 2019
    Sensex hits new record: Broader markets may join rally; here what to do now

    "The market sentiments are definitely upbeat given the in-line earnings, hopes of gradual economic revival in the coming quarters as well as supportive global cues. Going forward, we believe it’s crucial that earnings should pick-up as the expectations too are high. Further, we expect broader markets (mid and smallcaps) also to join the rally as growth concerns are overdone and the valuation looks attractive for some of the fundamentally good counters. Having said that, there could be some profit booking in the near term, given the sharp run-up and therefore we recommend that investors should be selective in stock picking and invest in a staggered manner,"  Ajit Mishra, VP- Research, Religare Broking told Financial Express Online. 

    12:47 (IST)04 Nov 2019
    Bullet train project on fast track! Pre-construction activity for Mumbai-Ahmedabad high-speed rail picks speed

    Aiming to make the Rs 1.08-trn Mumbai-Ahmedabad bullet train project operational by December 2023, the National High Speed Rail Corporation Ltd (NHSRCL) has put pre-construction work for the 508-km-long High-Speed Rail (HSR) line on the fast track. In what has come as a boost, the Gujarat High Court recently dismissed 100 odd pleas challenging the land acquisition process for the project. NHSRCL, the implementing agency for India’s first HSR project, has decided to start construction work on the green zone (cleared land) by April 2020, with the tendering process having been initiated. Says Achal Khare, managing director of NHSRCL, a special purpose vehicle (SPV) set up by the Ministry of Railways and Gujarat and Maharashtra governments, “Pre-construction activity is in full swing. Shifting of utilities like cables, oil wells and other structures, apart from 25,000 trees, enroute the project corridor has been taken up on war-footing.”

    Full story

    12:41 (IST)04 Nov 2019
    Mukesh Ambani’s Reliance Jio advises fellow telecom billionaires Airtel, Vodafone-Idea on how to raise money

    Billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd. opposed any move by the government to provide financial relief to rival telecom operators, which have been ordered to pay $7 billion in past dues, saying they had adequate recourse to funds. Bharti Airtel Ltd. can easily raise 400 billion rupees ($5.7 billion) by selling some of its assets or shares, while Vodafone Idea Ltd. has no dearth of resources to pay the government its dues, Reliance Jio said in a statement dated Nov. 1 and issued Sunday. India’s top court had last month ordered Bharti and Vodafone Idea to pay 499.9 billion rupees.

    Full story

    12:36 (IST)04 Nov 2019
    7 smart tips to help freelancers achieve financial freedom

    The drive to build a career out of things they’re passionate about has led many officegoers to quit their regular jobs and start freelancing. However, while freelancing could be immensely satisfying, it could be fraught with risks too, especially in the initial stages when projects would be difficult to come by. It might also be a challenge to deal with your financial commitments in the absence of a steady flow of money with an income that’s likely to be lesser than your last-drawn salary. Understandably, savings and investments take a backseat during this phase as funding day-to-day expenses is the main focus.

    Full story

    12:33 (IST)04 Nov 2019
    Sensex at records: Stock market may see some profit booking, says expert

    "One has to be a bit cautious since there is underperformance from a major weighted index such as Nifty bank, while we are also seeing profit booking in Auto, FMCG and muted action in Midcap and Smallcap. There is some strength in metals and IT but at the same time, we are seeing an uptick in Volatility which is up more than 2%. So at this point, one can book some profit on existing positions or trail SL to comfortable levels. We may see some minor profit booking coming in and it is usual since we are nearing an all-time high. Investors should rather utilize dips or correction of 1 odd percent in this market," Mustafa Nadeem, CEO, Epic Research told Financial Express Online. 

    12:31 (IST)04 Nov 2019
    Modi Government Home Scheme: Get Rs 2.67 lakh subsidy; Calculation, eligibility, how to apply explained

    With the Modi government well on its path towards accomplishing the ‘Housing for All’ mission by 2022, if you are looking to have a home of your own, this could be the right time. One can apply for a subsidised home loan under the Pradhan Mantri Awas Yojana (Urban) scheme (PMAY) aimed at urban poor falling under Economically Weaker Section (EWS) or the Low Income Group (LIG) category. The home loan comes at a subsidised interest rate under the Credit Linked Subsidy Scheme (CLSS) of the government.

    Full story

    12:19 (IST)04 Nov 2019
    ASEAN summit: RCEP leaders to issue join statement on proposed trade pact spanning 16 countries

    Leaders of India and 15 Asia-Pacific countries are expected to announce later on Monday successful conclusion of seven-year negotiations to create the world’s largest free trade region though its formal signing will be pushed to February next year, diplomatic sources said. The possible delay in firming up the Regional Comprehensive Economic Partnership (RCEP) during the 3-day ASEAN summit in Bangkok has been attributed to India’s “new demands” on market access, and tariff related issues.

    Full story

    12:08 (IST)04 Nov 2019
    IndiGo servers crash: Flights hit across India while airline promises speedy recovery

    Flights of budget carrier IndiGo were impacted pan India after the carrier’s servers snagged on Monday. “Our systems have been down across the network since morning. As a result, we are expecting our operations to be impacted across the airports,” IndiGo said in a statement. The airline further added that it is making efforts for a hasty resolution of the issue. Meanwhile, anxious customers have taken it to social media platforms to bring attention of the concerned authorities to the delayed flights. Meanwhile, IndiGo is also facing another crisis at home with the aviation watchdog ordering a quick resolution of its faulty Pratt and Whitney engines. Early last week, DGCA directed the budget carrier to fix all of its A320neo engines after multiple reports of mid-air stallings of IndiGo flights. 

    Full story

    12:04 (IST)04 Nov 2019
    BSE live:Sensex recedes from record high, Infosys soars after clarification on whistle-blower issue

    The headline Sensex receded from record highs in the afternoon trade on Monday, led by sell-off in auto stocks. After rising about 269 points to hit a fresh record high of 40,434.83, the Sensex was trading about 67 points up to 40,261. The Nifty was trading near the 12,000-mark. Infosys share price jumped 6.5% to hit the day's high at Rs 633, after the firm said it has not received any prima facie evidence so far to corroborate any of the allegations made by the anonymous whistleblower. A look at LIVE Sensex heatmap.

    11:51 (IST)04 Nov 2019
    Thomas Cook India not part of brand’s global sale to China’s Fosun: CMD

    Travel services provider Thomas Cook India on Sunday said the sale of the company to China’s Fosun does not include regions of India, Sri Lanka and Mauritius. “With regard to recent media reports pertaining to the sale of the Thomas Cook Global brand to Fosun of China, it is imperative to clarify that the reported sale of the Global Thomas Cook brand to Fosun of China does not include the regions of India, Sri Lanka and Mauritius,” Thomas Cook India Chairman and Managing Director Madhavan Menon said in a statement.

    Full story

    11:48 (IST)04 Nov 2019
    Infosys finds no evidence yet on whistleblower allegations; here’s what co said in clarification to NSE

    The share price of Infosys rose over 6 per cent on Monday after the IT major issued fresh clarification to the exchanges on whistleblower allegations. There is no prima facie evidence that the company has received with respect to the anonymous complaints until date to corroborate any of the allegations made, Infosys said in a letter to the National Stock Exchange (NSE) dated November 2, global news agency Reuters reported. The stock hit a high of Rs 732.50 on BSE from the previous close of Rs 688. Infosys shares were trading at Rs 727.50, up Rs 39.50, or 5.74 per cent on BSE at the time of reporting. 

    Full story

    11:46 (IST)04 Nov 2019
    Thomas Cook India not part of brand’s global sale to China’s Fosun: CMD

    Travel services provider Thomas Cook India on Sunday said the sale of the company to China’s Fosun does not include regions of India, Sri Lanka and Mauritius. “With regard to recent media reports pertaining to the sale of the Thomas Cook Global brand to Fosun of China, it is imperative to clarify that the reported sale of the Global Thomas Cook brand to Fosun of China does not include the regions of India, Sri Lanka and Mauritius,” Thomas Cook India Chairman and Managing Director Madhavan Menon said in a statement.

    Full story

    11:42 (IST)04 Nov 2019
    FPIs remain net buyers for second straight month; infuse Rs 16,464 crore in October

    Continuing their buying streak for the second straight month, overseas investors pumped in a net Rs 16,464 crore into the Indian capital markets in October amid positive domestic and global cues. As per latest depositories data, foreign portfolio investors (FPI) pumped in a net amount of Rs 12,475.7 crore into equities and Rs 3,988.9 crore into the debt segment during October 1-31. This translates into a total net investment of Rs 16,464.6 crore in the domestic capital markets. Prior to this, FPIs had infused a net Rs 6,557.8 crore into the Indian capital markets (both equity and debt) in September.

    Full story

    11:36 (IST)04 Nov 2019
    Finance Ministry plans next tranches of CPSE, Bharat 22 ETFs in fourth quarter

    The finance ministry is likely to come out with the next tranches of CPSE and Bharat-22 exchange-traded funds (ETF) in the previous quarter of the current financial year in its efforts to meet ambitious disinvestment target of over Rs 1 lakh crore. Based on the realisation of the disinvestment process in the three quarters, the decision on the next tranches of the ETFs would be taken during the January-March quarter, sources said. 

    Full story

    11:25 (IST)04 Nov 2019
    Infosys share price rises after company's clarification on whistleblower allegations

    The share price of Infosys rose on Monday after the IT major issued fresh clarification to the exchanges on whistleblower allegations, Infosys said that with respect to the anonymous complaints, there is no prima facie evidence that the company has received until date to corroborate any of the allegations made. Given circumstances at this stage, where there is a complete absence of prima facie evidence and the anonymous complaints are still under investigation and the company is not in a position to determine the concreteness, credibility, and materiality of the anonymous complaints, it added. Infosys share price rose to Rs 727.50, up 39.50 points, or 5.74% on BSE at the time of reporting.

    11:20 (IST)04 Nov 2019
    Saudi Arabia will compromise on valuation to make Aramco IPO a success

    Saudi Arabia will compromise on valuation to ensure the initial public offering of Aramco is a success. The Kingdom is ready to accept less than the $2 trillion Crown Prince Mohammed bin Salman has long insisted the state oil giant is worth. Bankers will instead target a valuation of $1.6 trillion to $1.8 trillion after the record share sale was given the green light by Prince Mohammed on Friday, according to people briefed on the matter. The willingness to accept a lower valuation shows the prince has put getting the deal done above being proved right on his $2 trillion estimate. The IPO — a centerpiece of the Vision 2020 plan to transform the Saudi economy — is still likely to set records, outstripping the $25 billion by Alibaba Group Holding Ltd. in 2015.

    Full story

    11:15 (IST)04 Nov 2019
    Led by India, South Asia moving towards becoming center of global growth: IMF

    Led by India, South Asia is moving towards becoming center of global growth and could contribute about one-third of the world’s growth by 2040, according to a latest research by the International Monetary Fund. Notably, under the IMF’s geographical division of the world, South Asia does not include Afghanistan and Pakistan. For IMF, South Asia includes India, Bangladesh, Nepal, Sri Lanka, Bhutan, and Maldives. Under a substantial liberalisation scenario, supported by stepped-up efforts to improve infrastructure and successfully harness South Asia’s young and large workforce, the region could contribute about one-third of global growth by 2040, argues the IMF paper ‘Is South  Asia Ready for take Off? A sustainable and inclusive growth agenda,’ to be released in New Delhi on Monday.

    Full story

    11:11 (IST)04 Nov 2019
    Mutual fund houses approach Sebi with 125 new schemes in 2019 so far

    With just two months to go for the year-end, draft papers for nearly 125 mutual fund schemes have been filed by asset management companies with Sebi so far in 2019, much lower than 211 such documents submitted in entire 2018. Fund houses attributed the fewer NFOs (new fund offers) in 2019 to tepid investors’ sentiment and liquidity crisis in debt funds. Fixed maturity plan, exchange traded fund (ETF), retirement, sustainable equity fund and business cycle fund are some of the themes for which the mutual fund houses have filed the applications. Interestingly, many mutual fund companies are also looking at index funds and global funds.

    Full story

    11:04 (IST)04 Nov 2019
    Thomas Cook India not part of brand’s global sale to China’s Fosun: CMD

    Travel services provider Thomas Cook India on Sunday said the sale of the company to China’s Fosun does not include regions of India, Sri Lanka and Mauritius. “With regard to recent media reports pertaining to the sale of the Thomas Cook Global brand to Fosun of China, it is imperative to clarify that the reported sale of the Global Thomas Cook brand to Fosun of China does not include the regions of India, Sri Lanka and Mauritius,” Thomas Cook India Chairman and Managing Director Madhavan Menon said in a statement.

    Full story

    10:59 (IST)04 Nov 2019
    Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

    Private sector lender Yes Bank is aiming to finish a USD 1.2 billion (about Rs 8,462 crore) equity raising exercise by December and willing to give new investors a board seat, according to a top official. The bank, which has claimed that it is in discussions with potential suitors who are willing to pump in up to USD 3 billion (around Rs 21,156 crore) collectively, said it may raise the money either through the North American family office, which has made a binding offer to pump USD 1.2 billion, or through a combination of investors.

    Full story

    10:53 (IST)04 Nov 2019
    Over 3,400 branches of 26 PSBs closed or merged in last 5 years: RTI

    Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query. Of this, 75 per cent of the affected branches belong to the country’s biggest lender State Bank of India (SBI). To a query under the Right to Information (RTI) Act filed by a Neemuch-based activist Chandrashekhar Gaud, the Reserve Bank of India (RBI) informed that 26 PSBs of the country either closed or merged 90 branches during FY 2014-15, 126 branches in 2015-16, 253 branches in 2016-17, 2,083 branches in 2017-18 and 875 branches during 2018-19.

    Full story

    10:48 (IST)04 Nov 2019
    Tamil Nadu MSMEs pumped Rs 5.5k crore investment to create these many jobs

    Skilling, Labour, Talent for MSMEs: Micro, small and medium enterprises of Southern state Tamil Nadu has enabled generation of 5.96 lakh jobs in the MSME sector with the investment worth Rs 5,541 crore attracted by the state from 3,573 MSMEs during the second edition of the Global Investors Meet that was organised in last January, P Benjamin, Minister for Rural Industries, Tamil Nadu said on Saturday as reported by PTI. The minister said that the government is providing ease of doing business and a single-window portal for small businesses to boost industries functioning. Benjamin was speaking at the CII MSME CEO Summit in Chennai.

    Full story

    10:39 (IST)04 Nov 2019
    Traders’ body CAIT to launch nation-wide movement against Amazon, Flipkart

    Traders’ body CAIT on Sunday said it will launch a nation-wide movement to protest against e-commerce majors Amazon and Flipkart, alleging that they are flouting FDI policy norms and destroying the country’s retail business. In a statement, the Confederation of All India Traders (CAIT) said, “Both Amazon and Flipkart still continue to sell goods on their portal at predatory pricing, deep discounting, controlling inventory, promoting preferential sellers and influencing prices.”

    Full story

    10:33 (IST)04 Nov 2019
    Donald Trump invites ASEAN leaders to US ‘special summit’ after skipping annual meet

    President Donald Trump has invited Southeast Asian leaders to a “special summit” in the United States early next year after skipping their annual summit. Robert O’Brien, the national security adviser Trump sent in his stead, included the invitation in a letter from Trump that he read at a U.S.-ASEAN meeting on Monday on the sidelines of the summit of the 10-nation Association of Southeast Asian Nations on the outskirts of Thailand’s capital. That meeting normally would be attended by presidents or prime ministers. But since O’Brien is not even a member of Trump’s Cabinet, seven of the 10 ASEAN countries sent their foreign ministers instead in what appeared to be a pointed adherence to diplomatic protocol.

    Full story

     
    10:16 (IST)04 Nov 2019
    Stock corner: ‘Buy’ on Shoppers Stop, performance in the quarter was subdued- Edelweiss

    Shoppers Stop’s (SSL’s) adjusted revenue dip of 2.2% and Ebitda (ex-Ind AS impact) growth of 12.5% in Q2FY20 came in line with our estimates. SSSG came in at negative 1% y-o-y on a base of 3.6%. While personal shopper and beauty segments sustained traction, private labels were tepid. While gross store addition is likely to be 8-10, net of closures store addition will be restricted to ~4-5. On comparable basis, Ebitda margin also expanded 50bps y-o-y. New management team, strategic initiatives towards private labels and focus on beauty segment enthuse us. Maintain Buy with TP of Rs 454.

    Read full report here

    10:15 (IST)04 Nov 2019
    Fixed income: Here’s how you can make your investments tax-efficient

    There are certain attractive investment avenues which are taxable, and for most investors it is taxable at the slab rate of 30% plus surcharge as applicable plus cess. However, if you are in a lower tax bracket of 20%, these become effectively even more attractive for you as the net-of-tax take-home is that much higher.  There e is 7.75% Government of India Savings Bonds issued by the RBI, and there are Post Office schemes such as National Savings Certificate (NSC) at 7.9%, Post Office Monthly Income Scheme (MIS) and Kisan Vikas Patra at 7.6%, Post Office 5-year Time Deposit (TD) at 7.7%, etc. Normally, your take-home from these are the interest rates mentioned minus tax at 30% plus surcharge plus cess.

    Full story

    10:03 (IST)04 Nov 2019
    Reliance Jio to govt: Telco bailout to set bad precedent

    Reiterating its demand that no relief should be given to incumbent operators with respect to the Supreme Court’s verdict on adjusted gross revenue (AGR), Jio said any move to provide relief would be considered as loss to the public exchequer. It will also set a bad precedent for other sectors. In a letter to communications minister Ravi Shankar Prasad, Jio said any reduction in the financial liability of the operators would in effect be rewarding them for their conduct in initiating frivolous and vexatious proceedings to delay payment of their just dues. Jio also said the Cellular Operators Association of India (COAI) is continuing to overlook its points of view, which indicate a deliberate and motivated agenda to only safeguard interests of two select members – Airtel and Vodafone Idea.

    Full story

    09:45 (IST)04 Nov 2019
    Time for action: Yes bank must cut the loose talk and focus on raising funds

    Yes Bank Ltd. has changed. In the past, the troubled Indian lender kept quiet rather than tell shareholders the truth about its bad loans. Now, under new management, it can’t stop talking about an impending rescue. If the former approach nearly destroyed the bank, this latest strategy isn’t going to help fix it. In early September, CEO Ravneet Gill told Reuters that Yes was in “fairly advanced level of talks” with a top global technology company for a stake sale. In an interview with Press Trust of India earlier this month, Gill said the white knight would be a tech firm, a deep-pocketed family office, a financial investor, or any two out of the three. “In future banks will become technology companies with a banking licence,” he said.

    Full story

    09:32 (IST)04 Nov 2019
    BSE live: Sensex soars to fresh record high, Nifty nears 12,000; Yes Bank shares plunge

    The Sensex zoomed to fresh record high on Monday morning, after PM Modi hinted at further tax reforms to bolster investments. The Sensex was up about 269 points to hit a fresh record high of 40,434.83, while the Nifty was trading near the crucial 12,000-mark. Yes Bank plunged 4% on Monday to Rs 63.09 on BSE, after the firm reported a net loss of Rs 600 crore in the latest quarter. VEDL, Tata Steel, ICICI Bank were among the biggest gainers jumping up to 3.4%.

    09:26 (IST)04 Nov 2019
    BSE live: Sensex moves higher, Yes Bank shares plunge

     The headline indices Sensex and Nifty opened higher on Monday, after PM Modi hinted at further tax reforms to bolster investments. The Sensex was up about 216 points to 40,381, while the Nifty was trading near the crucial 12,000-mark. India is committed to further improving its people-friendly tax regime, Prime Minister Narendra Modi said during the ASEAN summit, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth. A look at LIVE Sensex heatmap.

    09:12 (IST)04 Nov 2019
    Revenue crunch: Govt mulls funds transfer from less important to key depts

    Faced with little choice but to beat an economic slowdown with generous expenditure, a resource-strapped government wants to divert unspent funds allocated from relatively less important departments to the ‘priority’ ones, mainly infrastructure, an official source told FE. At the same time, some infrastructure ministries/ departments that have not spent much so far this fiscal are being nudged to improve their expenditure level, according to the source. For instance, the road transport and highway ministry spent just 62% of the budgeted target in the first half of this fiscal, against 75% a year before. Similarly, expenditure of the civil aviation ministry stood at only 25% until September end, against 81% in the same period last fiscal.

    Full story

    Next Stories
    1Union Budget 2021: High D-Street expectations; investors hope relief measures for these sectors
    2Petrol crosses Rs 85 mark for first time in Delhi, nears Rs 92 in Mumbai
    3IRFC grey market premium still weak; hope of blockbuster listing dashed?