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MARKET WRAP: Sensex up 95 pts; PSBs rally; Bajaj Auto up 1% post Q2 results

Sectorally, Nifty Auto and PSU Bank indices ended the day as top gainers, up between 1.3 to 1.8 per cent.

Image SI Reporter New Delhi
Photo: Kamlesh Pednekar

Photo: Kamlesh Pednekar

8:55 AM

Economy could grow at over 6% in 2019-20: CEA Krishnamurthy Subramanian

The economy could grow at 6-6.5 per cent this fiscal year (2019-20 or FY20), said Chief Economic Advisor Krishnamurthy Subramanian, revising his earlier estimate of 7 per cent in the Economic Survey. In an interaction with Arup Roychoudhury, he said supply-side measures, including corporation tax cuts, will boost consumption and demand, and non-tax revenue may make up for shortfall in tax revenues. READ FULL INTERVIEW HERE
CEA Krishnamurthy Subramanian

8:45 AM

DHFL crisis set to linger on as forensic audit points to fund diversion

The third-largest mortgage lender had sought a Rs 15,000-crore lifeline from the lenders as they finalise the resolution plan, which may also include picking up 51 per cent equity in the company by converting their debt into equity.
 
KPMG, which has carried out the forensic audit, has submitted a draft report to the lenders, which has reportedly found that the DHFL promoters had diverted nearly Rs 20,000 crore of bank loans to its related entities. READ MORE
8:38 AM

L&T's tech twins show contrasting fortunes; LTTS falls 10%, LTI gains 7%

The September quarter (Q2) results and outlook for L&T’s IT twins — L&T Infotech (LTI) and L&T Technology Services (LTTS) — were in contrast, and so was the market reaction. While LTI indicated that the second half would be strong, LTTS cut its growth guidance for the current financial year.
 
The cut in guidance did not go down well with the Street, which led to the LTTS stock shedding 10.45 per cent on Tuesday. On the other hand, LTI has gained about 7.5 per cent over the last couple of sessions. READ MORE

8:32 AM

Sebi moves Supreme Court against SAT's order in Price Waterhouse case

The Securities and Exchange Board of India (Sebi) has appealed in the Supreme Court against the Securities Appellate Tribunal (SAT) order in the Price Waterhouse (PW) case. On September 9, the tribunal had quashed the order passed by the regulator against the global audit firm for its role in the Satyam scandal.
 
Many believe the SAT order has cast doubt over Sebi’s regulatory turf and whether it has the power to impose strictures against auditors, who are regulated by the ICAI. READ MORE
8:24 AM

DPIIT plans to make single window system to handhold foreign investors

The Department for Promotion of Industry and Internal Trade (DPIIT) is planning to set up a single window system to handhold foreign investors keen to invest in India, an official said.
 
The single-window system is likely to have representatives from both the Centre and state governments, the official said. READ MORE
8:20 AM

Allegations to remain pain point for Infosys stock in near term: Brokerages

Brokerages are not reading too much into whistle-blower allegations of Infosys’ lower margins on large deals and higher unbilled revenue. Whistle-blowers have alleged the CEO and CFO indulged in unethical practices on recent deal wins with negligible margins.
 
Further, revenue and cost recognition have not adhered to accounting norms and have been done to improve short-term profitability. Girish Pai and Seema Nayak at Nirmal Bang believe low profitability in large deals in the initial phase is a standard. READ MORE

8:18 AM

Infosys freefall hits mutual funds; FPIs lose over Rs 17,000 crore

The 16.2 per cent single-day crash in shares of Infosys has dealt heavy mark-to-market losses to mutual funds (MFs) and foreign portfolio investors (FPIs). MFs have seen value of their holdings in Infosys erode over Rs 6,891 crore, while value of FPIs holdings has shrunk by over Rs 17,772 crore.
 
"As Infosys is a Nifty stock, the company is widely held in several equity schemes," said a fund manager. According to industry estimates, the stock is held in over 400 MF schemes. READ MORE
8:14 AM

India's MSCI EM weight set to rise with inclusion of three stocks in index

India's weightage in the MSCI EM index is set to rise thanks to the possibility of addition of as much as three domestic stocks in the index. In a note on Tuesday, Morgan Stanley said SBI Life Insurance, ICICI Prudential Life and Siemens India are key inclusion candidates in the upcoming review. READ MORE HERE
8:10 AM

Bulk deals on BSE as on Tuesday

8:04 AM

Bulk deals on NSE as on Tuesday

8:01 AM

FII/FPI & DII trading activity on NSE, BSE and MSEI

7:58 AM

Rupee Check

Source: Bloomberg

7:57 AM

Oil Check

At 7:55 am, Brent Crude Futures were at $59.41 per barrel mark

7:51 AM

SGX Nifty

At 7:50 am, the Singaporean Exchange for Nifty Futures was trading 0.5 points lower at 11,617.5 level.
7:47 AM

Asian Market Check

Source: Reuters

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First Published: Oct 23 2019 | 7:07 AM IST