Share market highlights: Sensex ends at fresh closing high; Nifty above 12,000; Airtel soars 8%

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Updated:Nov 25, 2019 3:42:39 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline Sensex soared to a fresh record high in the afternoon trade on Monday, led by a rally in index heavyweights.

The Sensex trades at a one year forward P/E of 17.93 times with the index closing Friday’s session at 40,359.41 down by 0.53% or 215.76 points.The Sensex ended 530 points higher at 40,889.23, implying a fresh closing high for the leading index.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline Sensex soared to a fresh record high in the afternoon trade on Monday, led by a rally in index heavyweights. The Sensex ended 530 points higher at 40,889.23, implying a fresh closing high for the leading index. The Nifty closed at 12,079, less than 30 points away from a new peak. Intra-day,  the Sensex zoomed more than 532 points to hit a new record high of 40,931 on BSE, while the Nifty reclaimed the crucial 12,000-mark. Bharti Airtel, Tata Steel, VEDL were among the biggest gainers, jumping up to 6%. Shares of Tata Group jewellery major Titan Company and Ultratech Cements jumped in the morning trade on Monday even as the two are set to enter Sensex from Dec 23. Titan share price gained more than 1.5% to hit the day’s high at Rs 1,152 on BSE. Ultratech Cement shares gained more than 1% to hit the day’s high at Rs 4,149 on the BSE. TitanUltraTech Cement and Nestle India will be part of the S&P BSE Sensex from December 23 while Tata Motors, Tata Motors DVR, Yes Bank and Vedanta will exit the bellwether index.  Meanwhile, the IPO of CSB Bank enters its second day, after getting fully subscribed on the first day of issue. Formerly known the Catholic Syrian Bank, the private sector lender looks to raise up to Rs 410 crore from its IPO. Kerala-based CSB Bank’s IPO is being carried out to meet RBI’s reglulation with regard to listing. The public offer contains a fresh issue of shares to raise up to Rs 24 crore, and an offer for sale (OFS) of 1.97 crore shares by existing investors through which it will sell Rs 385 crore worth shares. CSB Bank IPO will remain open till November 26th, Tuesday. CSB Bank has fixed the price band as Rs 193- Rs 195 per share. Investors can pick up shares in lots of 75 equity shares, and in multiples of 75 equity shares thereafter. We bring to you LIVE updates.

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Highlights

    15:42 (IST)25 Nov 2019
    BSE live: Sensex ends at fresh closing high; Nifty above 12,000; Airtel soars 8%

    The headline Sensex soared to a fresh record high in the afternoon trade on Monday, led by a rally in index heavyweights. The Sensex ended 530 points higher at 40,889.23, implying a fresh closing high for the leading index. The Nifty closed at 12,079, less than 30 points away from a new peak. Intra-day,  the Sensex zoomed more than 532 points to hit a new record high of 40,931 on BSE. A look at LIVE Sensex heatmap.

    14:59 (IST)25 Nov 2019
    How MSMEs in after-sales automobile accessory market is witnessing change in fortune

    The Indian after-sales of automobile accessory market has created a revolution in the auto industry in the last couple of years. Gone are the days when car owners used to rely only on car manufacturers for their brand new or pre-owned cars for a premium range of accessories. With the onset of auto accessories after-market, the picture has totally changed and the impact is quite visible in the auto market. The impact of the after-sales of automobile accessory market is quite evident on small businesses and MSMEs. 

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    14:40 (IST)25 Nov 2019
    INTERVIEW | India faces most corporate frauds in South Asia; these reasons make the country vulnerable

    Around three-fourth of corporate frauds in South Asia take place in India as the country sees a surge in bribery and corruption in recent years. “Usage of new-age technology, tools, and innovative schemes to target companies as well as individuals have become the biggest challenge before the companies,” Arpinder Singh, Partner and Head – India and Emerging Markets, Forensic & Integrity Services, EY, told Samrat Sharma of Financial Express Online in an interview. He also added that the limited availability of resources such as budgets, skilled staff and training provided to identify fraud; lack of adequate internal controls or compliance frameworks; high dependence on third parties and little due diligence in verifying their credibility and integrity have made the Indian companies more vulnerable to fraud incidents.

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    14:05 (IST)25 Nov 2019
    Sensex soars to record high; Nifty above 12,000; Bharti Airtel, Tata Steel top gainers

     The headline Sensex soared to a fresh record high in the afternoon trade on Monday, led by a rally in index heavyweights. The Sensex zooed more than 498 points to hit a new record high of 40,857 on BSE, while the Nifty recalimed the crucial 12,000-mark. Bharti AirtelTata Steel, VEDL were among the biggest gainers, jumping up to 6%.  A look at LIVE Sensex heatmap.

    12:35 (IST)25 Nov 2019
    Karvy Stock Broking issue: After SEBI’s rap; what investors can do now

    After capital market watchdog SEBI banned Karvy Stock Broking (KSBL) from taking new clients with respect to stock broking activities for alleged misuse of clients’ securities, financial advisors point out that existing investors should take immediate steps to safeguard their holdings. Karvy was found to move clients’ pledged shares (against which they receive margin funding from the broker) to its own account via off-market deals and transferred a net amount of Rs 1,096 crore to its group company, Karvy Realty Private Limited between April 1, 2016, and October 19, 2019, as per SEBI’s findings.

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    11:36 (IST)25 Nov 2019
    From plate to plough: Unravelling agricultural credit

    Normally, credit off-take in a particular sector is treated as a sign of performance of that sector. Higher the off-take, better performance is likely to be. From that angle, ground level credit (GLC) to agriculture and allied sectors has shown tremendous off-take. For example, in FY19, the banking sector disbursed Rs 12.55 trillion as GLC to agriculture, surpassing the government’s own target of Rs 11 trillion. This should call for celebration, but, unfortunately, growth in agriculture sector hasn’t been commensurate. How does one reconcile this? Let us try to understand and unravel some less known facts about agri-credit in India.

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    11:16 (IST)25 Nov 2019
    Paytm raises $1 billion in fresh funding from SoftBank, Alibaba’s Ant, others

    Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors, including existing backers such as SoftBank’s Vision Fund and Alibaba’s Ant Financial. Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round. Accounts advised by T. Rowe Price Associates were among the new investors for the fund, Paytm said in a statement. A business daily newspaper quoted Paytm Chief Executive Officer Vijay Shekhar Sharma as saying the round would lift the company’s valuation to $16 billion.

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    10:02 (IST)25 Nov 2019
    Godrej Security Solutions to up its marketing spends to Rs 20 crore this year

    Godrej Security Solutions, the division of Godrej that provides mechanical and electronic home security solutions, is doubling its marketing spend to around `20 crore per year for the next three years, to establish its products in the market. Although the 117-year-old brand is synonymous with padlocks, there are fewer takers for its home lockers. Mehernosh Pithawalla, VP and global head – marketing, sales and innovation, Godrej Security Solutions, shares that the penetration of home lockers in India is at a mere 7% currently, with B2C sales contributing around 40% of the total sales.

    09:37 (IST)25 Nov 2019
    Are you ready for Bond ETFs?

    Indians invest a substantial portion of their savings in fixed income instruments such as small savings schemes, fixed deposits, bonds and various types of fixed income mutual funds. However, one product which is gaining popularity in the developed world, which has been till now missing in India, is Bond ETFs. Globally, Bond ETFs have have reported a healthy growth over the last decade. As per the latest data from Bloomberg, the size of Global Bond ETFs now accounts for over $1 trillion AUM out of total $4 trillion AUM across various ETFs. In India, retail participation in corporate bond market is shallow due to structural challenges like poor accessibility, lack of transparency and awareness. Bond ETFs can tide over these challenges and can play an important role in increasing retail investor participation in corporate bond market.

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    09:26 (IST)25 Nov 2019
    Titan, Ultratech Cement shares rise after Sensex rejig; 2nd day of CSB Bank IPO kicks off

    Shares of Tata Group jewellery major Titan Company and Ultratech Cements jumped in the morning trade on Monday even as the two are set to enter Sensex from Dec 23. Titan share price gained more than 1.5% to hit the day's high at Rs 1,152 on BSE. Ultratech Cement shares gained more than 1% to hit the day's high at Rs 4,149 on the BSE. TitanUltraTech Cement and Nestle India will be part of the S&P BSE Sensex from December 23 while Tata Motors, Tata Motors DVR, Yes Bank and Vedanta will exit the bellwether index. The Sensex was meanwhile trading 120 points higher at 40,478, while the Nifty was trading near the 11,950-mark. A look at Live Sensex heatmap. 

    09:14 (IST)25 Nov 2019
    Bad breadth: Broader market continues to perform poorly

    The benchmark indices continue to rise driven by a handful of stocks and now trade at exalted valuations — the Nifty now trades at 22.4 times FY20 estimated earnings, on a free-float basis and at 17.7 times estimated earnings for FY21.  Given the spate of downgrades after the disappointing Q2FY20 results and slim chances of earnings growth reviving in the near term, the broad markets continue to trend down.

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    09:12 (IST)25 Nov 2019
    Oil kicks off week with gains on fresh hopes for US-China trade talks

    Oil prices began the week on a brighter note on Monday, posting early gains as positive noises from Washington over the weekend rekindled optimism in global markets that the United States and China could soon sign a deal to end their bitter trade war. West Texas Intermediate (WTI) crude rose 10 cents, or 0.17% to $57.87 a barrel by 0220 GMT, having ended last week little changed after tracking ups and downs in the trade talks process. Brent crude futures were at $63.46 was up 7 cents, or 0.11%, the benchmark having also finished little changed last week.

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    09:11 (IST)25 Nov 2019
    Global markets: Asia shares bounce, hope for best on US-China trade

    Asian shares made guarded gains on Monday as investors braced for another week of likely conflicting commentary on the Sino-U.S. trade dispute, while the outperformance of recent U.S. economic data gave the dollar a leg up on its peers. MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.26%, after losing 0.4% last week. Japan’s Nikkei firmed 0.8% in early trade, while Australian stocks rose 0.5%. E-Mini futures for the S&P 500 added 0.2%. On Saturday, U.S. national security adviser Robert O’Brien said an initial trade agreement with China is still possible by the end of the year, but warned Washington would not turn a blind eye to what happens in Hong Kong.

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    09:10 (IST)25 Nov 2019
    Stressed power assets back on stream

    Steps taken by the government and lenders to address the stress in the power generation sector are starting to show results, with as many as 11 coal-based projects with combined capacity of 12.7 giga watt (GW) finding resolution and going on stream over the last six months. Another six stuck projects (total capacity 7.8 GW) too, are seen coming out of the abyss soon. Two government schemes — one to get the stressed projects assured customers through power purchase agreements with state distribution entities (discoms) and the so-called Shakti scheme to provide them with coal linkages — are principally behind the turnaround.

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    09:10 (IST)25 Nov 2019
    New high: Bond issues in 2019 nudge $21 billion

    Contracting spreads and confidence in India have driven up foreign currency bond issuances by local borrowers to nearly $21 billion in 2019 so far, a record high. The last time borrowings were as high was in 2014 when they were about $18 billion. Foreign investors are buying more Indian paper this year partly because supply last year was limited, creating pent-up demand. Among other factors for the warm reception that Indian credit has received in 2019, Jujhar Singh, global head – high yield & head – financial markets, India, at Standard Chartered, lists a conducive offshore market, strong investor confidence and benign global rates environment.

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    09:08 (IST)25 Nov 2019
    Reliance Communications lenders dismiss resignation of Anil Ambani, four other directors

    Reliance Communications on Sunday said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors, and asked them to cooperate in the ongoing corporate insolvency resolution process. Ambani along with four directors — Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar — had resigned from the company earlier this month. In a BSE filing, RCom said its Committee of Creditors (CoC) had met on November 20. “…(the committee had) expressed a unanimous view that the resignations cannot be accepted,” it noted. The filing further said: “…it is being duly communicated to the aforesaid directors of RCom that their resignations have not been accepted and they are advised to continue to perform their duties and responsibilities as the directors of RCOM and provide all cooperation to Resolution Professional in the corporate insolvency resolution process.”

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    09:07 (IST)25 Nov 2019
    CSB Bank IPO fully subscribed on first day on heavy demand from retail investors

    CSB Bank IPO got fully subscribed on the first day of the issue backed by heavy demand from retail investors. The issue received bids for a total of 1.19 crore shares as against the issue size of 1.15 crore implying, implying a 104% subscription. Retail investors bid for a total of 1.16 crore shares as against the 20.29 lakh shares reserved for them, impying a demand of more than 5 times. The non-institutional investors (NII) portion was subscribed about 10% of the portion reserved for them.

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    09:06 (IST)25 Nov 2019
    Rana Kapoor now holds just 900 shares in Yes Bank; lender admits under-reporting Rs 2,300 cr NPAs in FY19

    Fifteen years after he co-founded Yes Bank, and a little over a year after his term as its chief executive was cut short by the RBI, Rana Kapoor has virtually sold off his entire holding in the private sector lender, according to a regulatory filing by the company on Tuesday. The city-headquartered bank also said in a separate filing that it had under-reported as much as Rs 2,299 crore of bad loans in the past fiscal, shaving off nearly 40 percent of its net income for the year. Kapoor, who had earlier likened his holding in the bank to “diamonds” and vowed never to sell it, holds just 900 shares valued under Rs 58,000 at the Tuesday’s closing price, the bank said. The RBI had in August 2018 refused to clear his reappointment for a three-year term over a slew of concerns such as poor corporate governance, badly made loans, and after the bank was found to have under-reported bad assets by over Rs 10,000 crore for two consecutive fiscals. Kapoor was asked to leave the bank latest by January 31, 2019. (From PTI)

    09:06 (IST)25 Nov 2019
    UltraTech, Titan, Nestle to enter Sensex from December 23

    TitanUltraTech Cement and Nestle India will be part of the S&P BSE Sensex from December 23 while Tata Motors, Tata Motors DVR, Yes Bank and Vedanta will exit the bellwether index. The newcomers should bump up the earnings multiple of the benchmark given the one-year forward price to earnings (P/E) multiple for Titan is 47.37 times while for Ultra Tech Cement it is 24.13 times. In the last one year, the share prices of Tata Motors and Yes Bank have declined by 10.95% and 66.86%, respectively, while that for Vedanta has come off by 28.80%. In contrast, shares of UltraTech Cement and Titan have risen by 2.98% and 24.16%, respectively, and Nestle India has gained 39.5%.

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