Share market highlights: Sensex ends 248 points down, Nifty near 11,850; Yes Bank, Powergrid shares plunge

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Updated:Dec 10, 2019 3:45:19 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty plunged on Tuesday afternoon, tracking mixed cues. The Sensex closed about 248 points down at 40,239.

The Sensex closed about 248 points down at 40,239, while the Nifty ended the session near the 11,850-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty plunged on Tuesday afternoon, tracking mixed cues. The Sensex closed about 248 points down at 40,239, while the Nifty ended the session near the 11,850-mark. Yes Bank, Powergrid, IndusInd Bank, ITC were among the biggest losers, tanking up to 10%. Bajaj Finance, Bharti Airtel, HUL were among the shares which gained up to 2%. Asian equity markets ticked down on Tuesday, tracking Wall Street losses as investors fretted over a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports to take effect. Adding to the market uncertainty were comments from U.S. Agriculture Secretary Sonny Perdue on Monday that while President Donald Trump did not want to implement tariffs, he did want to see “movement” from China. We bring to you LIVE updates.

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Highlights

    15:45 (IST)10 Dec 2019
    BSE live: Sensex ends 248 points down, Nifty near 11,850; Yes Bank, Powergrid shares plunge

    The headline indices Sensex and Nifty plunged on Tuesday afternoon, tracking mixed cues. The Sensex closed about 248 points down at 40,239, while the Nifty ended the session near the 11,850-mark. Yes Bank, Powergrid, IndusInd Bank, ITC were among the biggest losers, tanking up to 10%. Bajaj Finance, Bharti Airtel, HUL were among the shares which gained up to 2%. A look at LIVE Sensex heatmap.

    12:55 (IST)10 Dec 2019
    Rakesh Jhunjhunwala effect on Yes Bank: Shares slump on news big bull may not invest $25 million

    Shares of private sector lender Yes Bank slumped in trade on Tuesday afternoon, after media reports that ace investor Rakesh Jhunjhunwala may withdraw his $25 million bid. Yes Bank share price slumped by more than 5% to hit the day's low at Rs 53.40 on BSE. Rakesh Jhunjhunwala may withdraw his $25 million bid in Yes Bank after uncertainty over the bank's capital raising plans, BusinessLine reported citing sources. YES Bank’s Board of Directors are all set to meet later in the day to finalise and approve the details of the preferential allotment and convene an extraordinary general meeting subsequently, to obtain the approval of the shareholders for raising capital.

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    11:35 (IST)10 Dec 2019
    Boosting farmers’ income to solve agrarian woes; debt waivers won’t help

    Agrarian crisis in India has been one of the biggest talk points this year owing to incidents of farmer suicides, erratic rainfall patterns destroying crops and decreasing farm income which subsequently reflected on the rural consumption as well. So much so that areas directly related to farmer economy reported a slowdown that has been continuing for close to a year now. Political parties introduced sops like farm loan waivers but rather than handing out cash, boosting farm incomes can solve farmers’ problems and bring them out of distress, according to Vikramjit Singh Sahney, President of ICC India and Chairman of Sun Group. Speaking to Financial Express Online, he laid out immediate steps that can help fuel farmers’ earnings.

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    11:00 (IST)10 Dec 2019
    GST evasion? Rampant under-reporting of online sales detected

    The goods and services tax (GST) authorities have stumbled upon instances of online sales reported by several firms that sell goods on e-commerce portals like Amazon and Flipkart being much lower than such sales computed from the tax collected at source (TCS) data furnished by the marketplaces. Given that online sales are more traceable due to the organised nature of the marketplaces, evidence of evasion even in this segment confirms fears expressed by many analysts and state finance ministers like West Bengal’s Amit Mitra that GST evasion is much more rampant and large-scale than officially acknowledged and could be one of the principal reasons for the decline in collections apart from the slowdown in consumption.

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    10:57 (IST)10 Dec 2019
    Rupee rises 10 paise to 70.94 against US dollar in early trade

    The rupee appreciated by 10 paise to 70.94 against the US dollar in early trade on Tuesday as easing crude prices and sustained foreign fund inflows strengthened investor sentiments. At the interbank foreign exchange the rupee opened at 70.98, then gathered momentum and touched 70.94 against the US dollar, registering a rise of 10 paise over its previous close. On Monday, rupee had settled for the day at 71.04 against the US dollar. Forex traders said investors were optimistic about the US-China trade talks.

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    10:56 (IST)10 Dec 2019
    Apple has ‘deep concerns’ that ex-employees accused of stealing trade secrets will flee to China

    Apple Inc on Monday told a federal court it has “deep concerns” that two Chinese-born former employees accused of stealing trade secrets from the company will try to flee before their trials if their locations are not monitored. At a hearing in US District Court for the Northern District of California, prosecutors argued that Xiaolang Zhang and Jizhong Chen should continue to be monitored because they present flight risks. Federal prosecutors alleged Zhang worked on Apple’s secretive self-driving car program and took files related to the project before disclosing that he was going to work for a Chinese competitor. Federal agents arrested Zhang last year at the San Jose airport as he was about to board a flight for China.

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    10:11 (IST)10 Dec 2019
    Yes Bank’s mysterious Canadian bidder says he got interested in it because of this reason

    Erwin Singh Braich, the mysterious tycoon behind a $1.2 billion bid to rescue a beleaguered Indian bank, says he is Canada’s richest man with a story so fabulous that Netflix Inc. wants to tell it. There’s a less glittering account pieced together from interviews and court records: The son of a lumber baron has a history including bankruptcy, lawsuits and soured business deals. He has no headquarters, no banker to manage his money, and is currently living in a three-star motel in the Canadian prairies. The board of Yes Bank Ltd. will decide on Tuesday which version of Braich it supports at a meeting to approve a $2 billion preferential share sale, 60% of which would be taken up by Braich and his partner, Hong Kong-based SPGP Holdings. As Bloomberg News reported Monday, India’s fourth-largest private lender is likely to reject the offer from Braich and SPGP, opting instead for institutional investors, according to a person familiar with the matter.

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    09:56 (IST)10 Dec 2019
    GST evasion? Rampant under-reporting of online sales detected

    The goods and services tax (GST) authorities have stumbled upon instances of online sales reported by several firms that sell goods on e-commerce portals like Amazon and Flipkart being much lower than such sales computed from the tax collected at source (TCS) data furnished by the marketplaces. Given that online sales are more traceable due to the organised nature of the marketplaces, evidence of evasion even in this segment confirms fears expressed by many analysts and state finance ministers like West Bengal’s Amit Mitra that GST evasion is much more rampant and large-scale than officially acknowledged and could be one of the principal reasons for the decline in collections apart from the slowdown in consumption.

    Full story

    09:35 (IST)10 Dec 2019
    Hero MotoCorp to hike prices from January

    Hero MotoCorp will increase vehicle prices by up to `2,000 from January 1 to pass on the rise in input costs arising mainly out of transition to the BS-VI emission norms, a move that could further impact demand which is already subdued for the last one year. Hero, which is the first two-wheeler maker to announce a price hike, said the quantum of the increase will vary depending of models.

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    09:26 (IST)10 Dec 2019
    Thousands of employees get fired every year from PSUs, private companies; these reasons to blame

    Industrial disputes, closures, retrenchments, and lay-offs have led to the firing of thousands of employees every year across the private and public sectors of India. In the first ten months of the current calendar year, 3,378 employees have already been laid-off from their jobs, according to the data provided by Santosh Kumar Gangwar, MoS, Ministry of Labour and Employment, in a reply to a question in Rajya Sabha. Among those who were fired from their jobs during January-October this year, 2,284 were from the private sector and 911 employees were from the public sector.

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    09:25 (IST)10 Dec 2019
    Yes Bank may reject $1.2 billion investment offer from this little known Canadian investor

    Yes Bank Ltd. is likely to reject an offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall, according to a person familiar with the matter. At a meeting on Tuesday, the board is expected to reject an offer from Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion toward the fund raising, according to the person, who asked not to be identified because the discussions are private. After initially dropping on the news, Yes Bank shares reversed the losses to trade 1.9% higher. They are down 17% since it announced the names of the investors for its proposed preferential issue at the end of last month.

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    09:25 (IST)10 Dec 2019
    Investors put brakes on equity mutual funds: Inflows plunge to more than 3-year low; SIPs soar

    Equity mutual fund inflows plunged to more than 3 year low in November, even as the benchmark indices Sensex and Nifty scaled new records in the month. Net inflows into equity and equity-linked schemes slumped 78% over the previous month to Rs 1,311.65 crore in November, data from AMFI revealed. This implies a third straight month of decline in mutual fund inflows, and the lowest since June 2016 when equity inflows had fallen to Rs 320 crore. Interestingly, SIP investments continued to be invogue, with SIP investments soaring to all-time highs. The total number of SIP accounts have grown to 2.94 crore. The SIP contribution was Rs 8,272.87 crore, up 27% on-month, while the SIP AUM stood at Rs 3.12 lakh crore in the month.  

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