Share market highlights: BPCL top Nifty gainer after reports of Saudi Aramco eyeing stake; Sensex closes up

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Updated:Oct 16, 2019 3:48:34 pm

Share Market highlights: Even as BPCL disinvestment is on fast track with the cabinet expected to clear the strategic stake sale in two weeks, oil giant Saudi Aramco is reportedly eyeing stake in the firm.

Sensex, Nifty50, NSE, BSE Metal Index, FPI, BSE Telecom, corporate tax rateThe Sensex closed the session 93 points up at 38,599, while the Nifty ended near the 11,500-mark.

Share Market highlights: Even as BPCL disinvestment is on fast track with the cabinet expected to clear the strategic stake sale in two weeks, oil giant Saudi Aramco is reportedly eyeing stake in the firm. BPCL share price closed 4.3% higher at Rs 511.35 on NSE. Saudi Aramco may be in the fray to buy out Indian government’s stake of Bharat Petroleum, as it gives the oil giant an opportunity to pierce into one of the world’s biggest oil retail markets, as per media reports. The Sensex closed the session 93 points up at 38,599, while the Nifty ended near the 11,500-mark. The IMF on Tuesday cut India’s GDP growth projection for the year 2019 to 6.1 per cent, which is 1.2 per cent down from its April projections. The International Monetary Fund (IMF) in April said India will grow at 7.3 per cent in 2019. We bring to you highlights.

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Highlights

    15:48 (IST)16 Oct 2019
    BSE live: BPCL top Nifty gainer after reports of Saudi Aramco eyeing stake; Sensex closes up

    Even as BPCL disinvestment is on fast track with the cabinet expected to clear the strategic stake sale in two weeks, oil giant Saudi Aramco is reportedly eyeing stake in the firm. BPCL share price closed 4.3% higher at Rs 511.35 on NSE. Saudi Aramco may be in the fray to buy out Indian government’s stake of Bharat Petroleum, as it gives the oil giant an opportunity to pierce into one of the world’s biggest oil retail markets, as per media reports. A look at LIVE Sensex heatmap.

    15:30 (IST)16 Oct 2019
    Tata rules out intention to sell Jaguar Land Rover; looks for partners

    The Indian conglomerate that owns Jaguar Land Rover said it is open to finding partners for the automaker but isn’t planning on selling the embattled unit. “We’re not going to sell,” said Natarajan Chandrasekaran, chairman of Tata Sons Ltd., the holding company in an expansive business empire that includes Tata Motors Ltd. “Auto is a core business for us. From revenue terms, the auto is our largest company.”

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    15:19 (IST)16 Oct 2019
    BSNL promises to pay salary before Diwali; but no communication with employee unions

    The loss-making public sector telecom giant BSNL has agreed to pay salary for the month of September to its nearly 1.58 lakh employees. Reacting to a report by Financial Express Online, BSNL CMD PK Purwar told a news agency that the PSU will pay salary to its employees before Diwali. He said the BSNL’s salary bill was Rs 850 crore a month, whereas the company revenue inflow was Rs 1,600 crore a month. Financial Express Online has reported on Monday that the salary of nearly 1.8 lakh employees of two PSUs in telecom sector has not been paid. While the salary of nearly 22,000 MTNL employees has not been paid for the month of August and September, the salary of nearly 1.58 lakh BSNL employees has not been paid for the last month.

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    15:09 (IST)16 Oct 2019
    Wow! Gold worth Rs 58,000 grows to Rs 3.9 lakh; This scheme could add more – Here’s how

    In the last 15 years, Gold price has gone up by over six times. In 2004, the price of 10 gram of Gold was Rs 5850. Today in 2019, the price is Rs 39400 per 10 gram. This means, if someone had 100 grams of gold worth Rs 58500 in 2004, its value today has gone up to Rs 394000. The person is now richer by Rs 3,35,500 (Rs 394000-Rs 58500). Now, imagine how rich the person would have been if s/he had also earned an interest of 2.5 per cent per annum on his/her gold holding? A simple interest calculation shows, the person would have earned an additional interest amount of Rs 21,937 in 15 years.

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    14:57 (IST)16 Oct 2019
    Indian Railways new revenue stream! IRCTC trains to promote films, art; Akshay Kumar’s ‘Housefull 4’ 1st taker

    A ‘Housefull 4’ Indian Railways train! In a unique initiative by IRCTC and Indian Railways, an entire train has been given for the promotion of the upcoming Akshay Kumar-starrer Housefull 4. Piyush Goyal-led Indian Railways has started a first of its kind ‘Promotion on Wheels’ initiative, in which special trains by IRCTC will be made available to promote and publicize art, culture, films, television and sports programs. According to the Western Railways (WR) zone, the first ever ‘Promotion on Wheels’ special train will be run by IRCTC as well as Western Railways zone in coordination with Akshay Kumar starrer ‘Housefull 4’ team to promote the film which will release on October 25. The makers of the film have already booked a train for the film’s promotion.

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    14:33 (IST)16 Oct 2019
    Govt harps on need of private investments; CEA Subramanian suggests this to beat slowdown

    As India is reeling under an economic slowdown, Krishnamurthy Subramanian, Chief Economic Advisor of the government emphasized on the need for private companies to come forward and give a boost to the economy by making investments. Reaffirming that while India’s economic fundamentals remain strong, it is investments which is hampering growth and is resulting in a slowdown. “The key driver is investment. It is investment that enhances productivity. Productivity then enhances purchasing power and creates better paying jobs and demand,” Krishnamurthy Subramanian said at the 9th edition of FICCI Massmerize event on Wednesday. “Around 2008-2009, our investment rates were touching 40% of the GDP. That has declined now due to the banking sector, the NPAs… the investment rates have slowed down significantly,” he added. 

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    14:28 (IST)16 Oct 2019
    Rs 2,000 note introduced to curb black money, hoarding stopped from printing for same reasons

    The Rs 2,000 note, which was brought into the system after demonetisation to curb black money and hoarding, has now been completely stopped from printing due to promoting the same problems. Not even a single note is printed so far in this financial year. The officials have stated that a high circulation of Rs 2,000 notes may defeat the government’s objectives as they are easier to use for illegal purposes such as smuggling, according to a reply to an RTI filed by The New Indian Express. The officials cited the unaccounted cash of Rs 6 crore in Rs 2,000 notes seized at Andhra-Tamil Nadu border as an incident that inspired them to take this action. 

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    14:02 (IST)16 Oct 2019
    Bad News for Liquid Fund Investors! SEBI introduces exit loads in liquid schemes

    The liquidity of liquid mutual fund (MF) schemes would get hampered as market regulator Securities and Exchange Board of India (SEBI) has asked Association of Mutual Funds in India (AMFI) to inform all Asset Management Companies (AMCs), Register and Transfer Agents (RTAs) about charging exit loads in liquid MF schemes. Investors prefer to park their short-term and emergency funds in liquid schemes as redemption requests may be put seven days in a week and the money would get transferred very next day to the bank accounts of the investors at NAV of the same day provided the request is put till 3 pm. To make the seven-days-a-week redemption possible, the NAV of liquid funds are calculated even on Saturdays and Sundays, while NAV of other MF schemes are not calculated on the days stock markets remain closed.

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    13:50 (IST)16 Oct 2019
    GST slab rejig: Govt can rationalise rates in many other items, but here’s what should be watched

    Even as the government can go for rate rationalisation in many other items, the revenue and budgetary requirements of the states and the Centre must be considered, revenue secretary Ajay Bhushan Pandey told The Indian Express in an interview. “There is also a point that how frequently you should go and change the rates, some stability to settle down is also very-very important. Industry must be sure that this is the kind of a tax rate which should be there, and should prevail over a certain time, so that they can plan their business accordingly,” he added.

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    13:14 (IST)16 Oct 2019
    Traffic fines help insurance cos beat slowdown blues

    Even as the economy undergoes a slowdown, the insurance sector posted a substantial growth rate in premiums, the data showed. The premiums in general insurance segment may have seen a boost owing to rise in motor third party insurance rate and traffic penalties, The Indian Express reported former IRDAI member KK Srinivasan as saying. “In general insurance, in my view, the spurt is primarily because of two reasons: the increase in motor third party insurance rate and the hefty spot penalties by traffic police as per the new Motor Vehicles Act for failure to possess vehicle insurance,” he said. The attractiveness of the retail pension (or savings) products with guaranteed returns as against the bank deposits could have been one of the reasons in the life insurance segment,” KK Srinivasan added.

    13:01 (IST)16 Oct 2019
    Huawei looks at India as US bans it for spying for China govt; commits to follow all rules

    Huawei Technologies Co., the wireless network giant blocked from selling its equipment in the U.S. and some other markets, is betting it can find customers for its 5G gear in India, where the government has yet to weigh in on U.S. calls for a boycott against the Chinese company. The world’s largest maker of components for 5G networks said it’s continuing to invest in India and working with the government to counter U.S. allegations that its equipment could be used to help China’s government spy on countries. Click here to know more:  https://www.financialexpress.com/industry/huawei-looks-at-india-as-us-bans-it-for-spying-for-china-govt-commits-to-follow-all-rules/1737034/

    12:56 (IST)16 Oct 2019
    India worst in child wasting; 90% children up to two years age are malnourished

    Where one side of India shows a shiny picture of the rising number of millionaires, on the other side hunger is prevalent in India, that too in a serious condition. Over 90 per cent children between the ages of 6 and 23 months are not even fed a minimum acceptable diet in the country. Out of 117 qualifying nations, India ranks 102 in the hunger index. India ranks along with a few African countries like Niger, Uganda, Sudan, etc while our neighbouring countries, Bangladesh (88); Sri Lanka (66); Pakistan (94); and China (25); fare better than India in the condition of hunger.  Click here to know more: https://www.financialexpress.com/economy/india-worst-in-child-wasting-90-children-up-to-two-years-age-are-malnourished/1737059/

    12:52 (IST)16 Oct 2019
    Wipro share price jumps after strong Q2 results; should you buy or sell stock?

    Shares of India's major IT giant Wipro gained on Wednesday morning after the firm reported robust Q2 results. Wipro share price jumped more than 3.29% to hit the day's high at Rs 251.80 on BSE. Wipro on Tuesday reported a  35% on-year jump in net profit to Rs 2,552 crore in the second quarter of the ongoing fiscal as compared to Rs 1,889 crore in the corresponding period previous fiscal. The software exporter recorded better-than-expected results amid global spending squeeze among its clients. Analysts on an average were expecting the company to earn profit of Rs 2,273 crore, according to Refinitiv data. The revenue stood at Rs 15,125.6 crore for the quarter, marking a rise of 2.78 per cent compared to Rs 14,716.10 crore the previous quarter.

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    11:41 (IST)16 Oct 2019
    Amid slowdown, insurance biz record robust growth; how traffic fines, motor insurance may have played role

    Even as the economy undergoes a slowdown, the insurance sector posted a substantial growth rate in premiums, the data showed. The premiums in general insurance segment may have seen a boost owing to rise in motor third party insurance rate and traffic penalties, The Indian Express reported former IRDAI member KK Srinivasan as saying. “In general insurance, in my view, the spurt is primarily because of two reasons: the increase in motor third party insurance rate and the hefty spot penalties by traffic police as per the new Motor Vehicles Act for failure to possess vehicle insurance,” he said. The attractiveness of the retail pension (or savings) products with guaranteed returns as against the bank deposits could have been one of the reasons in the life insurance segment,” KK Srinivasan added.

    11:18 (IST)16 Oct 2019
    WeWork crisis: 2,000 employees to be laid off this week by coworking firm in attempt to avoid collapse

    WeWork’s embattled saga sees no sign of an end. SoftBank-backed co-working company which has 15,000 employees is likely to let go of 2,000 or 13 per cent of them as early as this week, the Guardian reported. WeWork staff said that they don’t believe the layoff will stop there. The company had decided to postpone their IPO after a failed attempt to go public that also led to the ouster of its founder and CEO Adam Neumann. WeWork’s IPO which was supposed to be among the most celebrated listings on the Wall Street turned into amongst the biggest IPO debacles in recent times. Nor just the company’s corporate governance structure was under scrutiny but also its huge losses and valuation were in question.

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    11:11 (IST)16 Oct 2019
    Adani Wilmar eyes Rs 36,000 crore from consumer business in 5 years

    Aiming to double its revenue from consumer business in the next five years, Adani Wilmar has recalibrated its strategy to leverage on its flagship brand, a company official said. Claiming that its brand ‘Fortune’ is already a leader in packaged edible oils in marketshare, the official said the company was leveraging the brand to expand in the food segment which is worth Rs 2,000 crore. The company is a 50:50 joint venture between Gujarat-based Adani Group and Singapore-based agri business group. Adani Wilmar clocked total revenue of Rs 28,000 crore in FY’19 of which Rs 18,000 crore came from consumer business and the rest from institutional segment.

    10:57 (IST)16 Oct 2019
    1/3 large firms not to switch to new tax regime; none planning new capex or pay higher dividends: Crisil survey

    A third of India Inc is yet to decide on whether to shift to the newer corporate tax regime offering lower outgoes, and those planning to switch have no plans to pump the gains into capex investments, given the plunging demand, finds a survey. Two-thirds of the 850 companies surveyed by rating agency Crisil want to shift, but the benefits are unlikely to result in higher investments by them immediately, the agency said Tuesday. The government had last month announced a massive 10-12 percentage points reduction in corporate tax rate to 25.17 percent in a bid to push investment-ironically at a time when already the existing capacity across industries is heavily underutilised as demand keeps falling month after month. While announcing the massive tax giveaways to the tune of Rs 1.45 lakh crore, government had said companies would have to give up all existing tax exemptions to be eligible to move to the new regime.

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    10:19 (IST)16 Oct 2019
    Going downhill: Exports shrink 6.6% in September, imports dip

    Merchandise exports shrank 6.6% year-on-year in September to $26 billion, the third contraction in six months, reflecting the impact of not just external headwinds but also subdued domestic manufacturing. However, goods trade deficit hit a seven-month low of of $10.86 billion in September, as imports plunged by almost 13.9%, mirroring a collapse in domestic consumption, even ahead of the festive season.

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    09:59 (IST)16 Oct 2019
    Telecom war: Airtel takes on Jio, says bundling IUC with tariff unjustified

    Bharti Airtel on Tuesday said tariffs for mobile services are unsustainable and need to be increased. Gopal Vittal, MD and CEO for India and South Asia, also took on the recent move of Reliance Jio to charge 6 paise per minute for voice calls made by its users on networks of other operators, saying interconnection usage charges are not part of tariff but clearing charges among operators to transmit calls. Jio has, however, said it will compensate users by giving free data of equal value.  “We believe tariffs are unsustainable. We believe tariffs need to go up. We have always maintained this stand,” Vittal said on the sidelines of the India Mobile Congress.

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    09:47 (IST)16 Oct 2019
    Flipkart take a bite of food retail market; up against Amazon, BigBasket and Grofers

    E-retailer Flipkart will soon join BigBasket, Amazon, Grofers and others for a share of the $500-billion food and grocery market in India of which the online piece accounts for just 0.2%. That business may be worth just about $1 billion today but experts reckon it could grow at a blistering 50-60% compounded and be worth $4-5 billion in a few years. Given how large investors such as SoftBank and Alibaba are investing in online food retailers, the estimates, it would appear, are not unreasonable.

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    09:33 (IST)16 Oct 2019
    BSE live: BPCL share price jumps after reports of Saudi Aramco eyeing stake; Sensex up

    Even as BPCL disinvestment is on fast track with the cabinet expected to clear the strategic stake sale in two weeks, oil giant Saudi Aramco is reportedly eyeing stake in the firm. BPCL share price jumped nearly 5% to hit the day's high at Rs 513.25 on BSE. Saudi Aramco may be in the fray to buy out Indian government’s stake of Bharat Petroleum, as it gives the oil giant an opportunity to pierce into one of the world’s biggest oil retail markets, as per media reports. The Sensex was up about 62 points to 38,559. A look at LIVE Sensex heatmap.

    09:07 (IST)16 Oct 2019
    Global markets: Asian shares cheered by Brexit deal hopes, sterling shines

    Asian shares took off on Wednesday and sterling held near six-month highs as Britain and the EU made headway on a Brexit deal ahead of a leaders’ summit though it remained unclear if London could avoid postponing its scheduled departure on Oct. 31. Officials and diplomats involved in negotiations over the acrimonious divorce between the world’s fifth-largest economy and its biggest trading bloc said that differences over the terms of the split had narrowed significantly. The news lit a fire under European and U.S. equities, which jumped about 1% on Tuesday. The British pound rocketed to $1.28, a level not seen since May 21. It gave back some of those gains on Wednesday to be last at $1.2759. The pound has strengthened nearly 5% over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the end-October deadline.

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    09:01 (IST)16 Oct 2019
    Gold edges higher as Brexit uncertainty spurs safe-haven bid

    Gold prices edged higher on Wednesday after shedding nearly 1% in the previous session, as it remained unclear if Britain could avoid postponing its departure from the EU beyond Oct. 31. Spot gold was up 0.2% at $1,484.49 per ounce as of 0130 GMT. U.S. gold futures were 0.3% higher at $1,488.10 per ounce. Asian shares were upbeat as Britain and the EU made headway on a Brexit deal ahead of a leaders’ summit. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3%.

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    09:00 (IST)16 Oct 2019
    India halved its poverty rate since 1990s, says World Bank

    India has halved its poverty rate since the 1990s and achieved a seven plus growth rate over the last 15 years, the World Bank said on Tuesday. India is both critical to the success of global development efforts, including eliminating extreme poverty, and as an influential leader for global goods such as addressing climate change, the bank said ahead of the annual meeting between it and the International Monetary Fund.

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    08:58 (IST)16 Oct 2019
    Important for India to keep fiscal deficit in check: IMF chief economist Gita Gopinath

    It is important for India to keep fiscal deficit in check, even though its revenue projections look optimistic, Chief Economist of the International Monetary Fund (IMF) Gita Gopinath has said. As against India’s real growth rate of 6.8 per cent in 2018, the IMF in its latest World Economic Outlook, released on Tuesday, projected the country’s growth rate at 6.1 per cent in 2019 and noted that the Indian economy is expected to pick up at 7 per cent in 2020.

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    08:57 (IST)16 Oct 2019
    IMF cuts India’s growth to 6.1 per cent in 2019; check what it says on China

    On Sunday, the World Bank in its latest edition of the South Asia Economic Focus said India’s growth rate is projected to fall to 6 per cent in 2019 from 6.9 per cent of 2018. The downward revision relative to the April 2019 WEO of 1.2 percentage points for 2019 and 0.5 percentage point for 2020 reflects a weaker-than-expected outlook for domestic demand, the IMF said.

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