Share market LIVE: BPCL disinvestment, FM’s telecom relief fail to lift sentiment; Sensex ends lower

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Updated:Nov 21, 2019 3:52:10 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The Narendra Modi-led government's latest BPCL privatisation boost and mega telecom relief failed to lift sentiments on Thursday, as the Sensex receded from record high.

stock market live: BSE sensex, NSE nifty newsThe Sensex closed 76 points down to 40,575, while the Nifty ended below the 12,000-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The Narendra Modi-led government’s latest BPCL privatisation boost and mega telecom relief failed to lift sentiments on Thursday, as the Sensex receded from record high. The Sensex closed 76 points down to 40,575, while the Nifty ended below the 12,000-mark. In a mega divestment move, the government on Wednesday approved the strategic disinvestment of five PSUs, including Bharat Petroleum (BPCL). The buyers will get complete management control for BPCL, Finance Minister Nirmala Sitharaman said in a media briefing after the cabinet meeting. However, Numaligarh Refinery will not be disinvested, Nirmala Sitharaman added. Other than BPCL, the remaining CPSEs included SCI, CONCOR, THDCIL, and NEEPCO. The government also cleared the proposal to reduce its direct holding in these PSUs to below 51 per cent. In a relief to telecom players reeling under financial stress, the Union Cabinet on Wednesday decided to defer thousands of crores of rupees in dues from the telecom companies towards spectrum payments. The spectrum payment installment dues have been decided to be deferred from the year 2020 to 2022, without any increase in the charges, Finance Minister Nirmala Sitharaman said at a press briefing to announce the Cabinet decisions. However, interest will be charged on the delayed payments, so as to keep the NPV (net present value) the same, she said. We bring to you highlights.

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Highlights

    14:05 (IST)21 Nov 2019
    This BPCL unit will remain a PSU despite privatisation: Here’s why Numaligarh Refinery won’t be sold

    Even as the government announced strategic divestment of the entire stake in Bharat Petroleum Corporation Limited (BPCL), Numaligarh Refinery, in which BPCL holds a majority stake, has been kept out of the plan. In fact, the finance minister Nirmala Sitharaman announced that the refinery in Assam will be carved out of BPCL and taken over by another PSU. It was done due to the historic Assam Accord of 1985 signed between All India Assam Students Union (AISU) and the central government of the time after the 6-year long agitation against the immigrants. On Thursday, Dharmendra Pradhan, Union Minister of Petroleum and Natural Gas, also said that Numaligarh Refinery is out of the BPCL divestment plan due to the existing accord.

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    12:58 (IST)21 Nov 2019
    BPCL share price slumps from 52-week high after govt’s mega privatisation bid

    Shares of state-run oil giaint BPCL slumped from 52-week high on Thursday morning, after the Narendra Modi-led government announced its mega privatisation bid. BPCL share price tanked by more than 3% to hit the day’s low at Rs 527.35 on BSE. In a mega divestment move, the government on Wednesday approved the strategic disinvestment of five PSUs, including Bharat Petroleum (BPCL). The buyers will get complete management control for BPCL, Finance Minister Nirmala Sitharaman said in a media briefing after the cabinet meeting. However, Numaligarh Refinery will not be disinvested, Nirmala Sitharaman added. Numaligarh Refinery in Assam will be carved out of BPCL before privatisation and will remain a PSU, said Nirmala Sitharaman.

    Full story

    11:45 (IST)21 Nov 2019
    PPF Vs NPS Vs MF: Where and how much to invest to accumulate adequate retirement corpus?

    Government employees, who joined their services till December 31, 2003, are privileged people as they will get inflation-adjusted pension during their retired life. However, other not so privileged individuals need to invest throughout their earning life to accumulate enough retirement corpus to maintain their standard of living after retirement. As the length of retired life of a person is almost equal to his/her earning life, if not more, it is very important to realise early the need and importance of building retirement corpus and start investing for it as early as possible, preferably from the day of getting the first salary. This is because time is the most crucial factor to derive the power of compounding.

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    11:39 (IST)21 Nov 2019
    How to reduce the EMI of your home loan

    Home loans are long-term loans, whose tenures generally range from 15 to 30 years. So, in the middle of these tenures, when borrowers find more cost-effective lenders, they switch their home loans to them. The borrowers get better interest rates on their loans along with lower or no prepayment penalties and processing fees. Transferring balance or switching of home loans is usually done when the loan is taken over by a new lender by paying off the old lender in full. The borrower then starts paying the new lender EMIs, which come at a better interest rate. Opting for loans, especially home loans, which come for longer tenures, at a higher interest rate is not a smart financial decision. Hence, switching the loan to a lender offering a lower interest rate helps the borrower in the long run. However, note that switching the loan will not be possible in case of irregular repayments made by the borrower to the current bank.

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    11:31 (IST)21 Nov 2019
    First fixed income ETF of bluechip PSUs likely by December

    The government is expected to launch India’s first fixed income Exchange Traded Fund (ETF) comprising debt securities of about a dozen state-owned companies by mid-December 2019. The ETF is expected to have a size of Rs 15,000 crore to Rs 20,000 crore. Government sources said roadshows are currently on for the Fund, which could be launched as early as December, and that there is significant interest in the market. The fund will comprise only AAA-rated papers of the PSU companies. The debt ETF provides a new option to conservative investors to own securities of government-owned companies along with the facility of overnight liquidity as ETF units will be listed on exchanges. Compared with bank fixed deposits that generate a post-tax return of around 5.5 per cent, this product could generate a return of over 7 per cent for the investors.

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    11:19 (IST)21 Nov 2019
    Alibaba to pay banks up to $32.3 million in fees for Hong Kong listing

    China’s Alibaba will pay its investment banking syndicate up to $32.3 million for leading its Hong Kong listing which will raise up to $12.9 billion, according to documents filed with U.S. securities regulators. The e-commerce giant employed two co-sponsors, China International Capital Corp (CICC) and Credit Suisse, to head the deal which has been carried out over the past week. The two lead banks were joined by Citigroup Inc, JP Morgan and Morgan Stanley as joint global co-ordinators while HSBC and Industrial and Commercial Bank of China (ICBC) were appointed as junior book runners. An additional supplementary prospectus lodged with the Securities and Exchange Commission (SEC) showed Alibaba would pay investment banking fees of $28.1 million for the sale of 500 million shares.

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    11:06 (IST)21 Nov 2019
    Not paid Credit Card dues? HDFC Bank can withdraw from your savings account – NCDRC Order

    HDFC Bank can recover credit card dues of its customers by withdrawing from their savings account. The bank doesn’t even need to inform the customer regarding the withdrawal, according to an order of the National Consumer Disputed Redressal Commission (NCDRC), New Delhi. The terms and conditions of HDFC Bank credit card mentions: “The bank, at any time and without notice, will have lien and right to set-off on all monies belonging to the Cardmember and/or add on Cardmember standing to their credit in any account/custody of the bank, if upon demand by the bank, the balance amount on the card account is not repaid within the prescribed time.”

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    10:52 (IST)21 Nov 2019
    Tax-free Senior Citizens Savings Scheme (SCSS): SBI Research proposal

    SBI Research has proposed that the government should make the Senior Citizens Savings Scheme (SCSS) completely tax-free for the benefit of senior citizens. Currently, SCSS provides 8.6 per cent interest with a maximum deposit limit of Rs 15 lakh. Senior citizens can make only one deposit in the account in multiple of Rs 1000. The SCSS account can be opened by an individual of 60 years or more. SCSS account is also open to individuals who have retired on superannuation or taken VRS at the age of 55 or more but less than 60 years. Such persons need to open the account within one month of receiving the retirement benefits, provided the amount deposited in SCSS account is not more than his/her retirement benefits. Senior citizens are allowed to operate more than one SCSS account individually or jointly with spouse.

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    10:39 (IST)21 Nov 2019
    IndiGo must raise airfares; its monopoly threatens same fate on aviation as telecom: Spicejet

    The onus of sustaining the profitability of airlines in India is on IndiGo, as it is up to the largest player to raise the fares to a sustainable level, Ajay Singh, Chairman and MD of budget carrier Spicejet, said on Wednesday. “Others will follow,” Ajay Singh said at a press meet. “We have an extremely strong player. A lot of the fares are then driven by that player,” Ajay Singh said. “If the leader starts to follow the 5% player, then the market will invert,” he added. Airfares must rise in line with high costs. “We need to increase fares; fares need to be rationalised. We operate in a high-cost environment,” he said explaining the need to increase fares.

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    10:37 (IST)21 Nov 2019
    PM’s crop insurance scheme needs tweaking to make it work better on the ground

    Since the launch of the Pradhan Mantri Fasal Bima Yojana (PMFBY) in kharif 2016, there have been mixed reactions to the Narendra Modi government’s flagship crop insurance scheme from different stakeholders. While each of them — insurance and reinsurance companies, farmers, state governments, agricultural scientists, economists and media — have their own perception about the scheme, what is not in doubt, however, is the fact that it is very ambitious and probably an ‘ideal one’ any country should have. Also, the government has been very forthcoming in using technology, right from the process of registration of farmers to the settlement of claims and transferring of money to beneficiaries.

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    10:29 (IST)21 Nov 2019
    BPCL share price recedes from record high despite FM's privatisation push

    BPCL share price receded from 52-week high of Rs 549.70 on Thursday morning, despite the government's privatisation booster.  In a mega divestment move, the government on Wednesday approved the strategic disinvestment of five PSUs, including Bharat Petroleum (BPCL). The buyers will get complete management control for BPCL, Finance Minister Nirmala Sitharaman said in a media briefing after the cabinet meeting. However, Numaligarh Refinery will not be disinvested, Nirmala Sitharaman added.

    Check live stock price: BPCL

    10:24 (IST)21 Nov 2019
    Reliance Industries share price recedes from record high; distance from Rs 10 lakh cr mcap widens

    Shares of billionaire Mukesh Ambani-led Reliance Industries receded from record high levels on Thursday morning. RIL shares are trading 2% lower at Rs 1,535.50 on BSE. The stock had hit a new all-time high of Rs 1,571.85 on BSE, taking it very close to the Rs 10 lakh crore market capitalisation.  The firm now commands a market capitlisation of Rs 9.70 lakh crore, making it potentially the first Indian firm to top the Rs 10 lakh crore mcap figure soon. At such a value, Reliance Industries remains India’s most valued company in terms of market value.

    Track live stock price: Reliance Industries

    10:12 (IST)21 Nov 2019
    Vodafone Idea share price drops 12% despite government's mega relief

    Shares of telecom firm Vodafone Idea plunged on Thursday morning, despite FM's mega booster. Vodafone Idea shares plunged more than 12% to hit the day's low at Rs 6.21 on BSE. The spectrum payment installment dues have been decided to be deferred from the year 2020 to 2022, without any increase in the charges, Finance Minister Nirmala Sitharaman said yesterday. 

    Check live stock price: Vodafone Idea

    10:04 (IST)21 Nov 2019
    Bharti Airtel share price drops 2% despite telecom relief

    Bharti Airtel share price slumped on Thursday morning, despite the FM's latest telecom booster. Bharti Airtel share price slumoed by nearly 2% to hit the day's low at Rs 427.35 on BSE. The record loss posted by Indian telecom services providers in the latest fiscal quarter seems to have jolted the powers that be into providing the sector with immediate life support. The spectrum payment installment dues have been decided to be deferred from the year 2020 to 2022, without any increase in the charges, Finance Minister Nirmala Sitharaman said at a press briefing to announce the Cabinet decisions. 

    Check live stock price: Bharti Airtel

    09:42 (IST)21 Nov 2019
    Trend reversal! States’ capex bears the brunt of falling tax revenue growth

    Constrained by a big dip in tax revenue growth, state governments curbed their capital expenditure in the first half of the current fiscal, a move that could foil the Centre’s bid to aggressively deploy public capex to partly compensate for the delay in the revival of the private investment cycle. Given that roughly two-thirds of the general government capex is contributed by the states, the slashing of capex by states from the budgeted levels could deepen the economic slowdown.

    Full story

    09:34 (IST)21 Nov 2019
    Global markets: Asian shares slide as US-China spat on Hong Kong clouds trade deal outlook

    Global shares slid on Thursday as a fresh row between Washington and Beijing over U.S. bills on Hong Kong could complicate their trade negotiation and delay a “phase one” deal that investors had initially hoped to be inked by now. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.16% while Japan’s Nikkei dropped 0.25%. U.S. S&P500 futures dropped 0.2% in early Asian trade, a day after MSCI’s broadest gauge of world stocks fell 0.4%, the biggest fall since early October. On Wall Street, all three major indexes fell, with the S&P 500 losing 0.38%.

    Also read

    09:23 (IST)21 Nov 2019
    BPCL disinvestment, FM's telecom relief fail to lift sentiment; Sensex down

    The Narendra Modi-led government's latest BPCL privatisation boost and mega telecom relief failed to lift sentiments on Thursday morning. In a mega divestment move, the government on Wednesday approved the strategic disinvestment of five PSUs, including Bharat Petroleum (BPCL). The Sensex was up about 5 points to 40,656, while the Nifty was trading near the 12,000-mark. BPCL shares are trading 2% down at Rs 536.60 on BSE. 

    Check live stock price: BPCL

    09:15 (IST)21 Nov 2019
    Cabinet approves Industrial Relations Code Bill

    The Centre approved on Wednesday the Industrial Relation Code Bill, which is the third code under labour reforms. The government wants to codify 44 central labour laws into four broad codes. While the Code on Wages has already been approved by Parliament, the Labour ministry will push the Code on Occupational Safety, Health and Working Conditions Bill in the Budget session. The Code on Social Security is in pre-legislative stage. The Union Cabinet, chaired by Prime Minister Narendra Modi, has given its approval for introduction of the Industrial Relations Code, 2019, in Parliament, an official statement said.

    Full story

    09:07 (IST)21 Nov 2019
    RBI supersedes DHFL board; may soon refer mortgage lender for insolvency proceedings

    The board of Dewan Housing Finance (DHFL) has been superseded by the Reserve Bank of India (RBI) on governance-related concerns and payment defaults. “The Reserve Bank has today superseded the Board of Directors of Dewan Housing Finance Corporation (DHFL) owing to governance concerns and defaults by DHFL in meeting various payment obligations,” RBI said in a statement on Wednesday. R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, has been appointed as the administrator of the financially-troubled mortgage lender, the RBI also said. The troubled company will shortly be referred for insolvency proceedings, RBI also said.

    Full story

    09:05 (IST)21 Nov 2019
    Predatory pricing by e-commerce companies: Government’s knee-jerk reaction may aggravate MSMEs’ concern

    Ease of Doing Business for MSMEs: At a key gathering of BRICS ministers and officials in Brazil last week, Commerce and Industry minister Piyush Goyal had flagged risks associated with the ‘predatory pricing’ strategies allegedly being adopted by companies in India. This brings us to the question of what is predatory pricing under Indian antitrust law, when does predation raise concerns and how should India tackle it. Another question that readers may raise is whether they have come across examples of possible predatory pricing in their day to day lives and is predatory pricing all that bad.

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    09:02 (IST)21 Nov 2019
    Mukesh Ambani breaks into club of six oil elites after RIL beats this firm

    Reliance Industries run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors. The Indian conglomerate’s market capitalization was about $133 billion, overtaking the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billionaire owner in August announced plans to cut the company’s net debt to zero in 18 months through measures including a stake sale in the oil-to-chemicals business to Saudi Aramco.

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    09:01 (IST)21 Nov 2019
    NCLAT allows delisting of Alok Industries

    The National Company Law Appellate Tribunal(NCLAT) has allowed Reliance Industries to delist textile manufacturer Alok Industries, which it has acquired through the insolvency process, in accordance with Sebi guidelines. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has modified the order passed by the National Company Law Tribunal (NCLT), Ahmedabad, which denied such permission.

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    09:00 (IST)21 Nov 2019
    Lifeline for Bharti Airtel, Vodafone Idea after record loss; use spectrum, pay later, says govt

    The record loss posted by Indian telecom services providers in the latest fiscal quarter seems to have jolted the powers that be into providing the sector with immediate life support. The Union Cabinet on Wednesday decided to defer thousands of crores of rupees in dues from the telecom companies towards spectrum payments, freeing up some cash at the embattled firms. The spectrum payment installment dues have been decided to be deferred from the year 2020 to 2022, without any increase in the charges, Finance Minister Nirmala Sitharaman said at a press briefing to announce the Cabinet decisions. However, interest will be charged on the delayed payments, so as to keep the NPV (net present value) the same, she said.

    Full story

    08:59 (IST)21 Nov 2019
    BPCL disinvestment gets cabinet go ahead; buyers to get management control

    In a mega divestment move, the government on Wednesday approved the strategic disinvestment of five PSUs, including Bharat Petroleum (BPCL). The buyers will get complete management control for BPCL, Finance Minister Nirmala Sitharaman said in a media briefing after the cabinet meeting. However, Numaligarh Refinery will not be disinvested, Nirmala Sitharaman added. Numaligarh Refinery in Assam will be carved out of BPCL before privatisation and will remain a PSU, said Nirmala Sitharaman. BPCL owns 61.65 per cent share of Numaligarh Refinery in Assam. Other than BPCL, the remaining CPSEs included SCI, CONCOR, THDCIL, and NEEPCO. The government also cleared the proposal to reduce its direct holding in these PSUs to below 51 per cent.

    Full story

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