Share Market LIVE: Sensex ends 173 points higher, Nifty above 11,900; Yes Bank, Hero among top losers

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Updated:Dec 11, 2019 4:02:37 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty closed higher on Wednesday, led by a rally in financial heavyweights.

The Sensex ended the session 173 points higher at 40,412.57, while the Nifty ended above the 11,900-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty closed higher on Wednesday, led by a rally in financial heavyweights. The Sensex ended the session 173 points higher at 40,412.57, while the Nifty ended above the 11,900-mark. NTPC, ONGC, Tech Mahindra were among the biggest gainers, jumping up to 3%. Shares of private sector lender Yes Bank plunged on Wednesday morning, despite the bank announcing mega $500 million capital raiser. Yes Bank share price closed 13.65% lower at Rs 43.65 on BSE.  Yes Bank yesterday rushed in to do some damage control after media reports said that Canadian investor Erwin Singh Braich’s $1.2 billion investment offer may be rejected, and another one which said that billionaire Rakesh Jhunjhunwala too was having second thoughts on his offer of $25 million. The board of Yes Bank said on Tuesday that the “binding offer of $1.2 billion submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion.” Not only this, the bank is smiling on another offer of $500 million investment by Citax Holdings and Investment Group. “The Board is willing to favourably consider the offer of US$500 Million of Citax Holdings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting, subject to requisite regulatory approval(s,” Yes Bank said in a statement to the exchanges. We bring to you LIVE updates.

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Highlights

    16:02 (IST)11 Dec 2019
    GST rates may go up for various items to meet revenue shortfall

    With pressure on revenue collection, the goods and services tax (GST) rates and slabs may be raised during the GST Council meeting next week. The all-powerful GST Council, headed by Finance Minister Nirmala Sitharaman, is set to meet on December 18 in the backdrop of lower-than-expected GST collection and pending compensation to many states. As of now, there are four slabs under the GST regime — 5, 12, 18 and 28 per cent. Goods and services under the 28 per cent category also attract cess over and above the rate, which ranges between 1 and 25 per cent. A group of officers from the Centre and states, which met on Tuesday to finalise recommendations for rate rationalisation, is said to have considered various options including raising rates from 5 per cent to 8 per cent and 12 per cent to 15 per cent, sources said.

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    16:01 (IST)11 Dec 2019
    IATA revises down 2019 airline profits, sees stability in 2020

    Global airlines reduced a forecast for industry-wide profits in 2019 under the weight of trade tensions, but predicted a modest recovery next year on the assumption that tariff wars will recede in the run-up to the U.S. presidential election. Airline net profits are now expected to fall to $25.9 billion from $27.3 billion last year, before recovering to $29.3 billion in 2020, the International Air Transport Association said. In June it had forecast $28 billion in profit for 2019. The starkest deterioration is being felt in airlines’ cargo businesses – where a 3.3% drop in freight demand marked the sharpest decline since the 2009 financial crisis, with revenue down 8% year-on-year.

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    15:30 (IST)11 Dec 2019
    Will India miss fiscal deficit target? Ace equity investor Chris Wood has this advice for Modi govt

    Amid the ongoing talks about the government possibly missing the budgeted fiscal deficit target, Chirs Wood said a timely announcement by the government on deficit may help, ET Now reported. If the government announces that the fiscal deficit target may get breached since the slowdown is much bigger than anticipated, both stock and bond markets are expected to take relief out of it, Christopher Wood, global head of equity strategy at Jefferies, told ET Now. The stock markets are not expected to see a big sell-off as a result, since it has already been assumed, he added.

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    15:23 (IST)11 Dec 2019
    Vodafone Idea sees jump of 8% amid talks of increasing capitalisation

    Vodafone Idea shares rose over 8 per cent on Wednesday amid reports that the company is planning to sell some of its assets to raise over $2.5 billion (around Rs 17,500 crore). On the BSE, the scrip after opening on a positive note further rose to Rs 7.08 apiece, up 7.9 per cent. On the NSE, the scrip jumped 8.39 per cent to Rs 7.10 apiece. According to reports, Vodafone Idea may raise over USD 2.5 billion from asset sales ahead of a January deadline to pay statutory dues. The company is said to be in talks to sell its optic fibre business to Brookfield Asset Management Inc and its datacentre to the Edelweiss Group.

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    12:50 (IST)11 Dec 2019
    Yes Bank share price plunges as global brokerages raise questions on future after fund raising delay

    Shares of India's fourth largest private sector lender Yes Bank plunged on Wednesday morning, after global brokerages raised concerns on the future of the bank following delay in $2 billion capital raiser. Yes Bank share price plunged by more than 19% to hit the day's low at Rs 40.70 on BSE. Brokerage firms including Macquarie and Nomura has raised questions of the bank's future after the bank failed to close the intended 42 billion fund raiser.  According to Nomura, the unavailabilty of capital “raises questions on the going-concern status of the bank.” Risks to the ‘going concern’ status of the bank will likely have an implication on the sector, the firm added in its report. 

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    11:55 (IST)11 Dec 2019
    Shortage of fund, appetite for IPOs to create waves of unicorn listings in stock markets

    India’s stock markets are set for a wave of unicorn listings, according to technology venture capitalist and former Infosys Ltd. official Mohandas Pai. Pai, who is also chairman of Securities and Exchange Board of India committees on primary markets and financial technology, said 10 to 15 internet and tech companies are looking to list in India over the next three years. These firms are likely to be valued at $300 million to $10 billion, he said in an interview. One of the companies is Byju, creator of an education app, in which Pai’s Aarin Capital Partners owns a stake. Others he expects to list in local markets in the next few years include food delivery platforms Swiggy and Zomato, as well as PhonePe and Myntra, which are both units of Walmart Inc.-controlled Flipkart.

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    11:04 (IST)11 Dec 2019
    ADB trims India's GDP growth forecast to 5.1% in FY20

    The Asian Development Bank (ADB) on Wednesday trimmed its forecast for India's economic growth in 2019-20 to 5.1 per cent saying consumption was affected by slow job growth and rural distress aggravated by a poor harvest.

    10:42 (IST)11 Dec 2019
    RBI must become matchmaker for Yes Bank before board chooses a suitor in hurry

    Yes Bank Ltd.’s latest $2 billion rescue plan was perfect except for one minor detail: Most suitors for the beleaguered Indian lender aren’t the kind the board can really take to meet the regulator for tea. Yet in a five-hour meeting Tuesday, the directors decided to do exactly that. Jane Austen would have been proud of their desperation to marry off Yes. Take Erwin Singh Braich, a mysterious Canadian tycoon offering to post three-fifths of the money together with a partner. Braich says he’s Canada’s richest man, but he “has no headquarters, no banker to manage his money, and is currently living in a three-star motel in the Canadian prairies,’’ write Bloomberg News reporters Natalie Obiko Pearson and Suvashree Ghosh. 

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    10:19 (IST)11 Dec 2019
    Rupee rises 12 paise to 70.80 against US dollar in early trade

    The Indian rupee appreciated by 12 paise to 70.80 against the US dollar in early trade on Wednesday as positive opening in domestic equities and easing crude oil prices strengthened investor sentiments. At the interbank foreign exchange the rupee opened at 70.87, then gathered momentum and touched a high of 70.80 against the US dollar, registering a rise of 12 paise over its previous close.  On Tuesday, rupee had settled for the day at 70.92 against the US dollar. The domestic unit however could not hold on to the gains and was trading at 70.83 against the dollar at 0933 hrs.

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    09:57 (IST)11 Dec 2019
    Abhijit Banerjee receives Nobel Prize 2019 in dhoti, bandhgala; Esther Duflo dons a saree

    Dressed in a bandhgala jacket and dhoti, Indian-American Economist Abhijit Banerjee received the Nobel Prize in Economics in Sweden for his “experimental approach to alleviating global poverty.” Esther Duflo, who shared the prize, was dressed in a blue sari. Their colleague Michael Kremmer, meanwhile, wore a suit.

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    09:43 (IST)11 Dec 2019
    One nation, one ration card: Single platform for 12 states by January to buy subsidised food grain

    In a step towards the launch of ‘One Nation, One Ration Card’ by June next year, the Ministry of Consumer Affairs, Food and Public Distribution is working to integrate 12 states on a single portability platform that will enable beneficiaries of the National Food Security Act (NFSA) to purchase subsidised food grains from any fair price shop in these states. This was conveyed to members of the ministry’s consultative committee during a meeting on Tuesday, according to sources. The committee is headed by Consumer Affairs, Food and Public Distribution Minister Ram Vilas Paswan. The members also discussed the issue of reforms in the Targeted Public Distribution System.

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    09:30 (IST)11 Dec 2019
    Jet Airways CoC may extend deadline for Synergy Group

    Lenders to Jet Airways will hold a meeting of the committee of creditors (CoC) next week to decide the future course of action, as the Colombian Synergy Group, the only entity which evinced an interest in the airline, is yet to firm up its plans. The CoC, which had given time till December 16 for Synergy Group to present a resolution plan, may consider further extension, as no other options remain, sources told FE.

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    09:22 (IST)11 Dec 2019
    No turnaround at SBI: NPA divergences lead to net loss of Rs 6,968 crore in FY19

    State Bank of India (SBI) said on Tuesday it posted a staggering loss of Rs 6,968 crore in FY19 and not a net profit of Rs 862 crore as it had reported earlier. The lender said the Reserve Bank of India had spotted a large divergence of Rs 11,932 crore in its gross non-performing assets. The revised gross NPA stood at Rs 1.84 lakh crore against the bank’s earlier reported figure of Rs 1.72 lakh crore. The divergence in provisioning for FY19 came in at Rs 12,036 crore. At the end of FY19, SBI had said its balance sheet had been fully repaired with a turnaround in Q4FY19. SBI’s chairman Rajnish Kumar after the September quarter numbers said, “There is a baseline scenario for the bank and then there are exceptions. If you look at the baseline scenario, the gross slippages in NPA are in the range of Rs 32,000-33,000 crore, which is normal. If baseline is Rs 32,000 crore or Rs 34,000 crore for the bank, which is 1.6% of our current loan book and then there are slippages of different kind for which we should have provision.”

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    09:21 (IST)11 Dec 2019
    RCEP pullout: Asymmetry in FTAs on govt radar, says Piyush Goyal

    Commerce and industry minister Piyush Goyal on Tuesday said India pulled out of the RCEP trade deal as its concerns over a host of critical issues — ranging from risks to farmers, market access and non-tariff barriers to trade to strict rules of origin — were not addressed. He also promised to “correct the asymmetry” in existing free trade agreements (FTAs) with Asean, Japan and South Korea. Speaking in Rajya Sabha on the Regional Comprehensive Economic Partnership (RCEP), Goyal said: “Any trade deal like RCEP must consider that countries have very different sizes and population, unequal levels of economic development and human development indicators, contrasting levels of prosperity, investment capacity, cultural diversity and significantly different political and judicial systems.”

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    09:20 (IST)11 Dec 2019
    Sushil Modi replaces Nirmala Sitharaman as head of GoM on IGST settlement

    Bihar deputy chief minister Sushil Modi will be the convener of a Group of Ministers on Integrated Goods and Services Tax (IGST) replacing Finance Minister Nirmala Sitharaman, GST Council sources said on Tuesday. Sitharaman was inadvertently mentioned as the convenor of the panel set up to discuss issues relating to IGST after she had a meeting with Punjab, Madhya Pradesh and Rajasthan finance ministers and deputy chief ministers of Delhi and Puducherry on December 4, they said.

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    09:20 (IST)11 Dec 2019
    Asian shares adrift as tariff deadline looms

    Asian stocks flatlined on Wednesday as Sino-US trade talks approached a weekend deadline with little sign of progress, while a tightening of the UK election race knocked the pound. Investors are beginning to suspect that even if US tariffs due to take effect on Sunday are delayed, it may be 2020 before Washington and Beijing can agree a broader rapprochement. In the absence of detailed trade news, focus moves to the US Fed’s outlook for the economy due at 2000 GMT – along with an expectation interest rates will be held steady – and Thursday’s British election.

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    09:18 (IST)11 Dec 2019
    Yes Bank to Erwin Singh Braich: Don’t go away with your $1.2 billion moneybag, yet

    Yes Bank rushed in to do some damage control after media reports said that Canadian investor Erwin Singh Braich’s $1.2 billion investment offer may be rejected, and another one which said that billionaire Rakesh Jhunjhunwala too was having second thoughts on his offer of $25 million. The board of Yes Bank said on Tuesday that the “binding offer of $1.2 billion submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion.” Not only this, the bank is smiling on another offer of $500 million investment by Citax Holdings and Investment Group. “The Board is willing to favourably consider the offer of US$500 Million of Citax Holdings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting, subject to requisite regulatory approval(s,” Yes Bank said in a statement to the exchanges.

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