MARKET WRAP: Infy, RIL support Sensex, Nifty ends below 11,600; banks slip

All that happened in markets today.

11:42 AM

NEWS ALERT | SAT directs Sebi to give CG Power report to Gautam Thapar: CNBC TV18

-- The Securities Appellate Tribunal adjourns plea in CG Power case to Thursday, September 26

11:31 AM

Reliance Industries gains 5% as Morgan Stanley maintains overweight stance

The brokerage maintained its bullish on expectation that earnings will improves with better refining margins, lower tax rate and cheaper gas feedstock cost. This, combined with a reduction of balance sheet leverage, should de-risk earnings growth and increase investor confidence on the 17 per cent earnings CAGR seen for F2019-22e, which is amongst the top quartile vs. its regional energy and telecom peers, Morgan Stanley said.

 

“Recovery should be slow, but slowing supply (either through rebalancing in the industry or slowing capacity additions) should support margins. We believe the target of zero net debt by F2021 will help lower investor concerns about debt (which has increased steadily over the past seven years),” the report says. READ MORE

11:21 AM

NEWS ALERT | PMC Bank put under regulatory restriction under Section 35A of B.R. Act: RBI

-- Restriction for a period of 6 months due to irregularities disclosed to the central bank. 

 

-- PMC Bank cannot accept fresh deposits or give new loans under RBI's directive

-- Depositors will be allowed to withdraw a sum not exceeding Rs 1,000

Alert: PMC Bank is Punjab and Maharashtra Cooperative Bank

       : BR Act is Banking Regulation Act

Read RBI's release here

11:14 AM

A Rs 1.45 trillion tax cut may undermine rate reductions in India

India’s $20 billion tax-cut boost may have an unintended effect of keeping borrowing costs high.

 

The premium of 10-year yields over the central bank’s policy rate widened to the most since April after the surprise stimulus announced Friday raised fears the government will miss its budget deficit targets. Traders say the spread offers lenders little incentive to pass on past interest rate cuts to customers. READ MORE

11:07 AM

NEWS ALERT | Indian drug regulator writes to state regulators on Rantidine drug: sources to CNBC TV18

-- DCGI asks state regulators to communicate to companies under its jurisdiction

-- Asks to verify products having Rantidine

-- US, EU regulators found traces of Carcinogenic 

-- DCGI has not ordered stoppage or withdrawal of production

Alert: DCGI is Drug Controller General of India
 
        : JB Chem is testing Rantidine in India

 

10:49 AM

STOCK ALERT | Manpasand Beverages slips below face value of Rs 10; hit new low of Rs 9.10

10:48 AM

Market check

10:44 AM

RBI turns down Sebi plan for credit rating agencies' access to defaults

A panel of financial regulators, including the Pension Fund Regulatory and Development Authority and the Insurance Regulatory and Development Authority of India as well as the RBI and Sebi, met last month and discussed a proposal to give CRAs limited access to the RBI’s Central Repository of Information on Large Credits (CRILC). READ MORE

10:34 AM

MARKET CHECK | Top gainers on the BSE at this hour

10:24 AM

NEWS ALERT | Maintain FY20 GDP growth of 6% despite corporate tax rate cut: Nomura to CNBC TV18

-- Move important from medium-term perspective

 -- Structural issues will bog down India

-- Tax cuts nullify downside risks to growth

-- Sovereign bonds possible, but not seeing it over the next 6 months

10:19 AM

Apollo Pipes gains 10% in 2 days after Ashish Kacholia buys nearly 2% stake

On Monday, September 23, Ashok Rameshchandra Kacholia bought 233,513 shares, representing 1.78 per cent of total equity of Apollo Pipes, at Rs 375 apiece in a bulk deal on the BSE. READ MORE HERE

10:14 AM

Market check

10:12 AM

NEWS ALERT | Coal India workers on strike today to protest against FDI/commercial mining in coal

--  Workmen unions have decided to go on one-day strike to protest against the centre's decision to allow 100 percent foreign direct investment in coal mining, PTI reported

-- Five federations representing over half-a-million workers of Coal India Ltd and Singareni Collieries, called for the strike on September 24

Alert: Coal India produces around 2 million tonne of coal a day

        : Accounts for over 80% of the country's coal production.

10:07 AM

Sectoral trends at NSE at this hour

10:04 AM

Buzzing | IDBI Bank rises 5%