MARKET WRAP: Sensex sinks 770 pts on weak Q1 GDP nos, Nifty ends at 10,798

All that happened in markets today.

9:17 AM

Market at Open

9:03 AM

Top gainers and losers on S&P BSE Sensex during Pre-open

9:02 AM

Rupee opening

Rupee opens lower at 71.95/$ vs Friday's close of 71.40 against the US dollar

9:02 AM

Market at Pre-open

9:01 AM

Market at Pre-open

8:57 AM

Voda Idea turns to cheap recharges for regaining 14 mn lost subscribers

Vodafone Idea is renewing its focus on low-end recharges like Rs 20 and Rs 49 in a bid to regain 14 million subscribers the merged telco has shed recently. However, the continued spend on premium customers through content partnerships may strain the company on both ends of the average revenue per user (ARPU) scale.

 

According to media reports, Vodafone Idea is seeking to introduce a recharge plan of Rs 20, cheaper than its existing Rs 35 plan. The strategy is to regain customers it lost to the SIM consolidation in the past three quarters. READ MORE

8:50 AM

Growth of 8 core sectors slows to 2.1% in July, recovers from 50-month low

A spurt in cement production and slower contraction in the energy segment managed to pull up growth in the eight core sectors of the economy marginally to 2.1 per cent in July. Growth had collapsed to only 0.2 per cent — a 50-month low — in June. Still, growth was much slower than in July last year when it was 7.3 per cent. READ MORE

8:46 AM

Jet fails to find new suitor, further deadline extension for EoI unlikely

The decision of Jet Airways’ lenders to extend the deadline for submission of expression of interest (EoI) did not pay any dividend as the grounded airline failed to attract any new bidder till August 31, said a source familiar with the development. The lenders had extended the date of submission of EoI till August 31 with the hope of getting more EoIs for the airline. Now, Jet’s resolution professional (RP), Ashish Chhawchharia, will evaluate the three EoIs he has received so far and furnish the list of eligible investors. READ MORE

8:42 AM

India's seizures of smuggled gold jumps in June quarter: Official

Indian custom officials have seized 1,197.7 kg of smuggled gold in the April-June quarter, an increase of 23.2% compared with the same period a year ago, a government official said on Monday.

 

The illegal trade could rise further in coming months as India, the world's second biggest gold consumer, raised an import tax on gold by 2.5 percentage points to 12.5% in July's federal budget, effectively increasing smugglers' margins, industry officials told Reuters. READ MORE

8:36 AM

Economists predict deeper interest-rate cuts, slow economic growth

Economists have cut their forecasts for India’s economic growth and predicted deeper interest-rate cuts after data showed a sharper-than-expected slump in output.

 

Goldman Sachs Group and Citigroup lowered their growth projections to 6 per cent for the fiscal year, while Oxford Economics said there’s a risk the expansion could be weaker than that. READ MORE

8:34 AM

ISO forecasts global sugar deficit of nearly 5 mn tonnes in 2019-20

The International Sugar Organization (ISO) on Monday forecast a global sugar deficit of 4.76 million tonnes in the 2019-20 season, driven partly by lower production in India and Thailand.

 

The inter-governmental body, in its first full outlook for the 2019-20 (FY20) season, which begins on October 1, saw global production falling by 2.35 per cent to 171.98 million tonnes (mt), while consumption will rise by 1.34 per cent to 176.74 mt. READ MORE

8:33 AM

Airtel launches digital platform Xstream to take on Reliance JioFiber

In a bid to take on rival Reliance Jio’s fiber-to-home (FTH) plan JioFiber, Bharti Airtel on Monday launched its digital entertainment platform Airtel Xstream. Its subscribers will be able to access live TV, video, music, news and sports on an over-the-top (OTT) smart stick, internet-enabled set top box, and handheld devices. This is a strategic move by Airtel to tap into the 18-million broadband-connected homes in the country. READ MORE

8:31 AM

More than 260,000 people in danger of losing jobs over lapsing mines

More than 260,000 people are in danger of losing their jobs, direct and indirect, because of the lapsing of merchant mines by March next year.

 

This comes when the country is in the throes of its worst employment crisis in more than 40 years.

 

According to the National Sample Survey Organisation (NSSO) data, the unemployment rate rose from 2.2 per cent in 2011-12 to 6.1 per cent in 2017-18 with the workforce shrinking by 47 million. READ MORE

8:29 AM

Stocks to watch: Tata Steel, HDIL, Cox & Kings, Maruti, PSBs, Jet Airways

Here's a list of some of the counters that are expected to trade actively in today's session -

 

HDIL: Debt-ridden realty firm Housing Development & Infrastructure on Friday said Abhay Narayan Manudhane has been appointed as interim resolution professional (IRP) to run the insolvency proceedings that has been ordered against the company.

PSU bank stocks: The government on Friday unveiled a plan to merge 10 public sector banks (PSBs) into four, reducing the number of state-owned banks from 18 to 12, in a bid to create “next-generation” financial institutions with stronger balance sheets and bigger risk appetite. READ MORE

 

8:25 AM

Maruti Suzuki reduces output for 7th straight month in Aug with 34% cut

Reeling under severe slowdown, Maruti Suzuki India reduced its production by 33.99 per cent in August, making it the seventh straight month that the country's largest car maker reduced its output.

 

The company produced a total of 1,11,370 units in August as against 1,68,725 units in the year-ago month, Maruti Suzuki India (MSI) said in a filing to the BSE on Monday. READ MORE