MARKET WRAP: Sensex ends 182 pts higher; RIL up 2.5%, Sun Pharma climbs 6%

All that happened in markets today.

9:19 AM

Reliance Industries up 3%, scales fresh high

9:18 AM

Market at open

9:17 AM

First trade

At 9:16 am, the S&P BSE Sensex was trading 131 points higher at 40,600, and the Nifty50 index was up 42 points at 11,980 levels.

9:03 AM

Market at pre-open

9:02 AM

Market at pre-open

9:01 AM

Rupee opening

Rupee opens weaker at 71.83/$ vs Tuesday's close of 71.70 against the US dollar

8:58 AM

Voda-Idea presses for Rs 7,000-cr tax refund; I-T hesitant in view of AGR

Vodafone Idea, India's third-largest telecom service provider, is seeking about Rs 7,000 crore in tax refunds for past years even as it faces fresh statutory dues liability - running into thousands of crore - that has put the income tax department in a bind, sources privy to the development said.

 

The tax department has in past adjusted refunds against a company's other liabilities towards the government. It had famously adjusted Rs 1,500 crore in tax refunds due to Cairn Energy plc of UK to part settle a retrospective tax demand of Rs 10,247 crore even though the matter was under arbitration. READ MORE

8:50 AM

Stocks to watch: Telecom, RIL, YES Bk, Consumer good firms, oil-related cos

8:43 AM

PSBs have reported Rs 95,700-crore frauds in first 6 months of FY20: FM

Finance Minister Nirmala Sitharaman said that according to the Reserve Bank of India (RBI), PSBs reported 5,743 incidents of fraud involving a total amount of Rs 95,760.49 crore from April 1 to September 30 (based on the date of reporting). She said based on the date of occurrence of frauds, during the same period, the number of frauds was 1,007, involving a total amount of Rs 2,509.86 crore. READ MORE

FM Nirmala Sitharaman

8:34 AM

Mukesh Ambani's RIL beats BP to make elite club of 6 global energy giants

Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors.

 

The Indian conglomerate’s market capitalization was about $133 billion, overtaking the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billionaire owner in August announced plans to cut the company’s net debt to zero in 18 months through measures including a stake sale in the oil-to-chemicals business to Saudi Aramco. READ MORE

8:28 AM

Sebi mulls direct plans for AIFs, PMS to help investors save on expenses

The move could help investors save on expenses and indirectly benefit family offices and independent advisors who rely predominantly on a fee-based model. Direct plans exclude the commission or fee paid to distributors, resulting in lower expenses and schemes with higher net asset values (NAVs). At present, only mutual funds (MFs) offer such plans.

 

“A lot of clients and family offices are asking for direct plans,” said Siddhartha Rastogi, managing director, Ambit Asset Management, adding, “The regulator may first try to rationalise costs, by limiting or scraping upfront commission for PMS and AIFs. Direct plans could follow after that.” READ REPORT HERE

8:21 AM

Promoter Rana Kapoor sells all but 900 YES Bank shares, worth Rs 60,000

YES Bank founder Rana Kapoor is virtually out of the bank now, holding just 900 shares worth less than Rs 60,000. Kapoor, with his brother-in-law Ashok Kapur and others, set up YES Bank in 2003, holding 26 per cent in the bank. Now, his stake is close to zero per cent after the holding company YES Capital (India) sold 20.4 million shares worth Rs 142.75 crore.

 

He had compared YES Bank shares with diamonds in September last year. READ MORE

8:16 AM

Growth in premium footwear segment underlines Bata's earnings outlook

Bata’s September 2019 quarter (Q2) numbers underline the listed footwear major’s earnings prospects in the medium-to-long term, even though they have indicated some growth moderation. Many analysts believe that a year-on-year (YoY) revenue growth of just 7.3 per cent to Rs 722 crore in the quarter was decent, given the ongoing consumption slowdown. READ MORE

8:10 AM

Telecom companies' stocks may continue their surge, thanks to Reliance Jio

With Reliance Jio announcing it will, along with other telecom players, increase tariffs in an appropriate way over the next few weeks, the rally in telecom stocks could continue for the fourth straight session. Including gains of 35 per cent for Vodafone Idea and 7.4 per cent for Bharti Airtel, the two over the last three sessions have gained 130 per cent and 25 per cent, respectively. READ REPORT HERE

8:08 AM

BROKERAGE RADAR :: Credit Suisse on RIL

-- Maintains neutral rating, but raises target to Rs 1,400/Sh (from Rs 1,210)

-- Tariff hike by Jio could bring revenue worth over $1.5 billion

-- Revenue to help achieve zero debt target by FY21