Share Market highlights: Yes Bank shares end 7% down, Ujjivan IPO subscribed nearly 4x; Nifty below 12,000

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Updated:Dec 03, 2019 3:51:37 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Shares of private sector lender Yes Bank emerged as the biggest loser in the Sensex, ending 7% lower.

Sensex, Foreign portfolio investors, Axis Asset Management Company, IDBI Capital Market Services, Nifty50, IDBI Capital Market Services, BSEYes Bank share price fell by more than 5.30% to hit the day’s low at Rs 60.65 on BSE.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Shares of private sector lender Yes Bank extended decline on Tuesday, despite $2 billion fund raising plans announced by the bank. Yes Bank shares closed 7.1% down at Rs 59.50 on BSE. Yesterday, the stock plunged most since November 13th. Shares of Sunil Mittal-led telco Bharti Airtel shares extended gains on Tuesday after global brokerage firm Morgan Stanley upgraded the stock. Bharti Airtel shares gained more than 1% to hit Rs 465 on BSE. The global firm upgraded the Bharti Airtel to ‘overweight’ and raised its target price to Rs 530 per share from Rs 410 earlier. The brokerage sees an improvement in profitability and balance sheet repair over the next few years.  The Sensex closed 127 points down at 40,675.45, while the Nifty was trading below the 12,000-mark. Meanwhile, the IPO of Ujjivan Small Finance Bank got subscribed by more than 2.5 times, according to data from NSE. Ujjivan Small Finance Bank IPO to raise up to Rs 750 crore got fully subscribed on first day, backed by strong demand from retail investors. The issue received bids for 48 crore shares, as against the issue size of 12.39 crore shares, totalling to a subscription of nearly 4 times, data from NSE showed. We bring to you highlights.

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Highlights

    15:51 (IST)03 Dec 2019
    Yes Bank shares end 7% down, Ujjivan IPO subscribed nearly 4x; Nifty below 12,000

    Shares of private sector lender Yes Bank extended decline on Tuesday, despite $2 billion fund raising plans announced by the bank. Yes Bank shares closed 7.1% down at Rs 59.50 on BSE. Yesterday, the stock plunged most since November 13th. The Sensex closed 127 points down at 40,675.45, while the Nifty was trading below the 12,000-mark. A look at LIVE Sensex heatmap.

    13:03 (IST)03 Dec 2019
    Yes Bank shares plunge, Ujjivan IPO subscribed more than 2.5x so far; Sensex down

    Shares of private sector lender Yes Bank extended decline on Tuesday, despite $2 billion fund raising plans announced by the bank. Yes Bank share price fell by more than 5.30% to hit the day's low at Rs 60.65 on BSE. Yesterday, the stock plunged most since November 13th. Shares of Sunil Mittal-led telco Bharti Airtel shares extended gains on Tuesday after global brokerage firm Morgan Stanley upgraded the stock. A look at LIVE Sensex heatmap.

    11:28 (IST)03 Dec 2019
    HDFC Bank netbanking down, mobile app not working: Should you worry? Check updates

    HDFC Bank netbanking down, mobile app not working: The netbanking and mobile banking facility of HDFC Bank is down due to some technical glitch since yesterday. However, the bank has requested customers to not worry. “Due to a technical glitch, some of our customers have been having trouble logging into our NetBanking and MobileBanking App. Our experts are working on it on top priority, and we’re confident we’ll be able to restore services shortly,” the private sector lender informed customer via a tweet yesterday.

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    11:13 (IST)03 Dec 2019
    Explained: Why credit flows to industry must pick up to regain lost momentum amid major slowdown

    At 6.1% year-on-year, the growth in India’s nominal GDP in Q2FY20 is the lowest in more than 16 years. While the slowdown has no doubt been exaggerated by the extraordinarily low inflation, even in real terms, a 4.5% y-o-y growth in GDP is the lowest since Q4FY13. What is worrying is that nominal GDP has grown by just 6.1% y-o-y in a quarter when nominal government spending jumped 18.9% y-o-y, the biggest increase in 30 quarters. With government spending likely to be constrained due to poor tax collections, other sections of the economy need to pull their weight if the nominal growth is to pick up meaningfully.

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    11:08 (IST)03 Dec 2019
    LIC’s millennial connect: How insurance giant is making policies alluring to youth

    At a time of economic slowdown, government-owned insurance group LIC has not only gained market share but has also made getting insured attractive to the millennial population. In the current year, LIC has sold about 44% of its total new policies to people aged 30 or below, TC Susheel Kumar, Managing Director of Life Insurance Corporation (LIC), told The Indian Express in an interview. However, there is a reason behind LIC’s successful connection with the young population. “If you look at the agents who are recruited, about 30-35 per cent are millennials. That may be also a good connect. Getting people early is always advantageous. Millennials can be from rural areas also … need not be from urban areas,” TC Susheel Kumar added. 

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    10:34 (IST)03 Dec 2019
    Global markets: Stocks drop as Donald Trump’s Latin American tariffs revive trade angst

    Asian shares skidded on Tuesday after U.S. President Donald Trump stunned markets with tariffs against Brazil and Argentina, recharging fears about global trade tensions, while weak U.S. factory data added to the investor gloom. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.45% in early trade, with Australian shares dropping nearly 2%, on track for their worst day in two months. Japan’s Nikkei shed 1.1%. In tweets on Monday, Trump said he would impose tariffs on steel and aluminium imports from Brazil and Argentina, attacking what he saw as both countries’ “massive devaluation of their currencies.”

    09:59 (IST)03 Dec 2019
    HDFC Bank sees signs of revival in rural areas amid sputtering economy

    HDFC Bank Ltd., India’s most valuable lender by market capitalization, sees tentative signs of a revival in rural areas at a time when the wider economy is sputtering. “The recent loan outreach programs underway in rural areas have given us the sense that the consumption in rural and semi-urban areas is turning more positive,” HDFC Bank Executive Director Kaizad Bharucha said in an interview last week. The rural and semi-urban sector, which accounts for at least half of India’s output, got 48% of the bank’s total loans as of end-September.

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    09:51 (IST)03 Dec 2019
    Oil rises for a second day as Saudi Arabia pushes supply cut

    Oil prices rose for a second day on Tuesday as Saudi Arabia, the de facto OPEC leader and the world’s biggest oil exporter, is pushing producers to deepen a supply cut agreement when suppliers meet this week, potentially lowering supply in 2020. Brent futures rose 19 cents, or 0.3%, to $61.11 a barrel by 0218 GMT, after gaining 0.7% on Monday. U.S. West Texas Intermediate crude was up by 21 cents, or 0.4%, at $56.17 a barrel. The contract rose 1.4% on Monday.

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    09:25 (IST)03 Dec 2019
    BSE live: Bharti Airtel shares up after Morgan Stanley upgrade; Sensex flat

    Shares of Sunil Mittal-led telco Bharti Airtel shares extended gains on Tuesday after global brokerage firm Morgan Stanley upgraded the stock. Bharti Airtel shares gained more than 1% to hit Rs 465 on BSE. The global firm upgraded the Bharti Airtel to 'overweight' and raised its target price to Rs 530 per share from Rs 410 earlier. The Sensex opened lower on Tuesday, tracking weak global cues. The Sensex was down about 30 points to 40,770, while the Nifty was trading enar the 12,000-mark. A look at LIVE Sensex heatmap.

    09:07 (IST)03 Dec 2019
    Govt purchases from MSMEs exceed minimum procurement limit again; here’s how many businesses benefitted

    Central Public Sector Enterprises (CPSE) have exceeded the minimum procurement threshold of 25 per cent goods and services from micro and small enterprises (MSE) under Public Procurement Policy till November 27 in the current fiscal year, according to the data provided by MSME Minister Nitin Gadkari in Rajya Sabha on Monday. 28.96 per cent procurement worth Rs 17,720 crore was made by CPSEs benefiting 65,920 MSEs. The eight-month procurement percentage has already crossed FY19’s 26.31 per cent. However, the procurement amount from MSEs for FY19 was Rs 40,434 crore that benefitted 1.27 lakh MSEs.

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    09:06 (IST)03 Dec 2019
    Why states have major role to play in Modi govt’s $5 trillion economy dream

    The states should maintain policy continuity even if political regime changes if the Modi government has to achieve a $5 trillion economy goal, a report said. In addition, rather than going for short term measures like farm loan waivers, the states with agriculture as mainstay should work towards improving their agricultural productivity, the SBI said in its latest report. It comes as the economy sees a slowdown, with Q2 GDP growing at a dismal rate of 4.5 per cent, raising concerns on how the Modi government would realize its dream of making India a $5 trillion economy by 2024. While Andhra Pradesh, Karnataka, Tamil Nadu, Telangana, Maharashtra, Rajasthan, Gujarat, Madhya Pradesh, West Bengal, and Uttar Pradesh may contribute more towards the goal, certain others particularly the North Eastern States lag behind in almost all the criteria, the SBI Ecowrap report also said.

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    09:05 (IST)03 Dec 2019
    Will govt stick to fiscal glide path? Here’s what Nirmala Sitharaman has to say

    The decision on the FY20 fiscal gap target will be taken at the revised estimate stage, finance minister Nirmala Sitharaman said on Monday in Parliament, adding the government has managed to keep fiscal discipline intact so far. It comes as the concerns are being raised on the government’s capacity to contain the fiscal deficit at the budgeted level. The fiscal deficit hit 102.4 per cent of the 2019-20 Budget Estimate at Rs  7.2 lakh crore at the end of October. The Centre estimated the fiscal deficit for the current financial year at Rs 7.03 lakh crore, aiming to restrict the deficit to 3.3 per cent of the GDP.

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    09:05 (IST)03 Dec 2019
    Ujjivan Small Finance Bank IPO oversubscribed on Day 1, strong demand from retail investors

    Ujjivan Small Finance Bank IPO to raise up to Rs 750 crore got fully subscribed on first day, backed by strong demand from retail investors. The issue received bids for 19.13 crore shares, as against the issue size of 12.39 crore shares, totalling to a subscription of 1.56 times, data from NSE showed. Retail investors bid for a total of 15.78 crore shares as against their issue size of 1.87 crore shares, implying a demand of 8.25 times. The reserved shareholders had bid for 25% of their allotted portion, while HNI’s had put in bids for 40% of the portion reserved for them. The QIBs bid for a total of 23% of their reserved portion.

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