StockMarket

Sensex rallies 267 pts on kharif crop MSP hike; Nifty tops 10,750
Domestic equity market ended higher on Wednesday on better-than-expected macro data as well as a hike in minimum support prices (MSP) by the government for kharif crops for FY19. Buying in financials, auto and FMCG counters further aided the rally.

The BSE Sensex advanced 266.80 points, or 0.75 per cent, to 35,645.40, while the NSE Nifty index

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Kharif crop MSPs raised sharply, government says it won't hurt fiscal deficit, inflation
In what could spell relief for farmers, the Cabinet Committee on Economic Affairs on Wednesday has raised minimum support price (MSP) for kharif crops for FY19.

MSP for common variety of paddy has been raised by around 200 per quintal while that of fine paddy is up at Rs 1,750, from Rs 1,550 in FY18. The government has also upped urad MSP to Rs

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Indian regulatory leash tighter than developed markets': Bankers
MUMBAI: Top bankers, from Aditya Puri of HDFC Bank to Rajnish Kumar of State Bank of India, believe that the Indian regulatory regime has been far tighter than that in the developed markets, limiting their ability to fund growth even as the bankruptcy law brings in credit discipline.

“I don’t see why we are being holier than thou, when we say that

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NCLT order in Tata-Mistry case to be announced on July 9
NEW DELHI: The Mumbai bench of National Company Law Tribunal (NCLT) on Wednesday adjourned much-awaited order pronouncement on the Tata-Mistry feud to July 9.

Justices BSV Prakash Kumar and V Nallasenapathy were to pronounce the verdict today. The case relates to two-year-old feud between Tata Sons and Cyrus Mistry, who was axed as Tata Sons

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Japanese stocks fall on tech shares retreat and weak fast retailing sales
TOKYO: Japan's Nikkei fell for a third straight day on Wednesday, as a slide for US chip makers hit technology shares and sluggish sales pulled down index heavyweight Fast Retailing.

The Nikkei share average ended the day down 0.31 per cent at 21,717.04 after dropping as low as 21,604.18.

High-tech stocks tracked Wall Street peers and fell, acting

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China set for record defaults, and downgrades tip more pain
China is zooming to a record year of corporate-bond defaults, with the 2018 total already more than three-quarters of the previous high even before an expected economic slowdown bites.

Chinese companies have reneged on about 16.5 billion yuan ($2.5 billion) of public bond payments so far this year, compared with the high of 20.7 billion yuan seen

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YES Bank gets Sebi nod to launch mutual fund business
Private lender YES Bank on Wednesday said that it has received final regulatory approval from the Securities - Exchange Board of India (Sebi) to start mutual fund business.

This approval is subsequent to the Reserve Bank of India's (RBI) approval, it added.

YES Asset Management (India), a wholly owned subsidiary of YES Bank, will launch fund

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Top intraday trading ideas for afternoon trade for Wednesday, 4 July 2018
NEW DELHI: Domestic equity markets were trading on a flate note in the late morning trade on Wednesday. The Nifty50 index was down 2.15 points, or 0.02 per cent, at 10,697.75, while the BSE Sensex was up 3 points, or 0.01 per cent, at 35,381.

ETMarkets.com collated list of trading ideas from various experts and here's what they had recommended:

Ma

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On Dalal Street, the bear grip on smallcaps has been very brutal through the first six months of this calendar year, with the BSE Smallcap index falling nearly 17 per cent year-to-date till June 29.

Curiously, businesses linked to the entertainment sector, especially film making, have been the hardest hit, as were those belonging to construction

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Gitanjali Gems shares slip 3% as ED to seek fugitive tag for Mehul Choksi
Shares of fraud-hit Gitanjali Gems plunged over 3 per cent on Wednesday after reports that the Enforcement Directorate (ED) is set to move a special Mumbai court seeking the 'fugitive economic offender' tag for Gitanjali Gems owner Mehul Choksi and confiscate his assets worth over Rs 6,000 crore in the $2 billion PNB scam.

A report by the Indian

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Australia shares dragged lower by financials; New Zealand down
Australian shares ended lower on Wednesday, erasing nearly all their gains from the previous session with financials bearing the brunt of the losses.

The S-P/ASX 200 index fell 0.4 per cent to 6,183.4 at the close of trade, below Tuesday's finish at 6,210.2.

Shares fell despite retail sales data for the month of May coming in slightly higher

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Sebi slaps Rs 2 crore fine on 7 entities in Kavveri Telecom case
NEW DELHI: Market watchdog Sebi has slapped penalties totalling Rs 2 crore on seven entities for indulging in fraudulent trading in shares of Kavveri Telecom Products (KTP).

The regulator had conducted a probe into trading of shares of Kavveri Telecom for the period from June to December 2010.

The probe found that the average volume of shares

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What caused STFC shares nosedive 19% Here's what management says
NEW DELHI Shares of Shriram Transport Finance (STFC) nosedived over 19 per cent in Wednesday's trade amid concerns the company may fail to replay guarantee it undertook for a subsidiary a few years ago.

The company had provided guarantees worth Rs 870 crore for NCDs issued by SVL, an unlisted Shriram Group. Shares of STFC were trading 11.82 per

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Stock market update: Kiri Industry, 8000 Miles rally over 5%
The bears are on the prowl. The Sensex's positive opening was short lived on sustained capital outflows and weak global cues.

However, Automotive Stamp (up 13.21 per cent) took a different trajectory. Giriraj Civil Developers (up 13.06 per cent), followed by Ducon Infratechnologies, Kiri Industries, Premier Poly, 8K Miles Soft, Magadh Sugar -

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Government sells 3.6% stake in Nalco
NEW DELHI: The government has sold 69.8 crore shares or 3.6 per cent stake in National Aluminium Company Ltd (Nalco) through Bharat 22 ETF scheme, according to a regulatory filing.

"69,888,827 number of equity shares of National Aluminium Company Ltd has been transferred by Ministry of Mines, acting on behalf of President of India to the AMC to

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What caused STFC shares nosedive 19% Here's what management says
NEW DELHI Shares of Shriram Transport Finance (STFC) nosedived over 19 per cent in Wednesday's trade amid concerns the company may fail to replay guarantee it undertook for a subsidiary a few years ago.

The company had provided guarantees worth Rs 870 crore for NCDs issued by SVL, an unlisted Shriram Group. Shares of STFC were trading 11.82 per

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Fortis tanks over 3% as Munjal-Burman backs out
NEW DELHI: Fortis Healthcare tanked over 3 per cent on Wednesday after the Munjal-Burman combine, which had earlier emerged as the preferred suitor for Fortis Healthcare, backed out of fresh bidding for the helthcare firm.

The stock fell 3.87 per cent to hit a low of Rs 136.50 on the BSE.

IHH Healthcare Bhd and Manipal Health Enterprises are left

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Follow lending norms or NPA woes will mount: Goyal
MUMBAI: Interim finance minister Piyush Goyal Tuesday warned banks that if they did not follow the due process and go against prudential lending norms, the problem of bad loans count will mount in the country where public opinion is getting shriller against financial profligacy.

Speaking at the State Bank of India conclave in downtown Mumbai,

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Sebi slaps NSE with show-cause notice in co-location case
NEW DELHI: Capital markets regulator Sebi has served a show-cause notice on NSE in the co-location case, ETNOW reported on Wednesday. The regulator had begun probe into the matter in May 2017.

Investigations have revealed a breach of systems at NSE and grant of unfair access to select brokers. The Sebi notice alleged a violation of Securities

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Adani Green Energy aims to raise $750 million via dollar bonds
MUMBAI: Adani Green Energy, the renewable power arm of Gautam Adani-controlled Adani Enterprises, is planning to raise $500-750 million (₹3,500-5,000 crore) by selling dollar bonds, as it plans to refinance its debt and expand its business, said two people familiar with the matter.

The company is now seeking international rating before it kicks

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Does an AMC Alternative Investment Fund make sense
Alternative Investment Fund: Does an AMC - Alternative Investment Fund make sense - The TheIndianSubcontinent

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European shares retreat as trade worries weigh on tech
LONDON: European shares slipped on Wednesday as worries over global trade persisted, with sentiment souring around semiconductor stocks in particular after US peer Micron was banned from selling chips in China.

The pan-European STOXX 600 index was down 0.2 per cent by 0723 GMT, while Germany's exporter-heavy DAX also declined 0.2 per cent and the

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Kwality hits 5% lower circuit limit as board defers share buyback
NEW DELHI: Shares of Kwality hit a lower circuit limit of 5 per cent in Wednesday's trade after the lender deferred a share buyback proposal.

The stock fell 5 per cent to hit a low of Rs 20.65 on BSE. This was the third day of consecutive fall for the stock and ninth out of the last 10 trading sessions.

In a filing to BSE, the company said its

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Vedanta to raise up to Rs 1,500 cr through NCDs
NEW DELHI: Vedanta Ltd today said its board has approved the company's plans to raise up to Rs 1,500 crore in one or more tranches through issuance of non-convertible debentures (NCDs).

"A meeting of the duly authorized Committee of Directors was held today i.e. July 3, 2018 for approving offering for subscription, on a private placement

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MSP hike: Paddy, agri-linked stocks jump up to 10%
Agri-linked stocks rallied up to 10 per cent as the market gave thumbs-up to the latest round of MSP hike today.

The government hiked minimum support prices for kharif crop for FY19.

Major players in the paddy space such as Kohinoor Foods, LT Foods, Daawat, Chaman Lal Setia and KRBL surged up to 7 per cent just after the announcement. The Cabinet C

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NDTV shareholder VCPL to challenge Sebiorder in SAT
MUMBAI:Shares of New Delhi Television (NDTV) were locked in the 10 per cent lower circuit on Tuesday after Vishvapradhan Commercial Private Ltd (VCPL), which was asked by the market regulator Sebi to make an open offer to NDTV shareholders at the stock price of 2009, said that they will challenge the order in Securities Appellate Tribunal (SAT). A
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IDBI Bankplan to sell stake in Life JV may be dropped with LIC entry
MUMBAI:The sale of IDBI Bank’s stake in IDBI-Federal Life Insurance is being scrapped after LIC’s entry into the bank as a major financial investor queered the pitch for prospective bidders. People close to the development said that most bidders had already pulled out except for Aditya Birla Capital, and that LIC’s imminent investment in the s
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5 funds that have been winning the war on the bears comprehensively
Tech stocks, which were out of favour on Dalal Street till the other day, have since rebounded smartly to log up to 40 per cent gains over the past one year.

In the process, they have outperformed all other equity fund categories as well as equity benchmarks Sensex and Nifty.

An out and out technology-oriented fund, Tata Digital India Fund,

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Dena Bank to sell 60.5 lakh shares in 3 entities
NEW DELHI: Dena Bank will sell a cumulative 60,50,000 shares in three entities, including SIDBI, as part of the public sector banks' strategy to hive-off non-core assets.

The bank said it will be floating a request for quotation for purchase of equity shares in NSDL E-Governance Infrastructure Ltd, National Securities Depository Ltd (NSDL) and

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Dena Bank climbs 5% as bank decides to sell non-core assets
NEW DELHI: Shares of Dena Bank climbed over 5 per cent in Wednesday's trade after the lender sold a cumulative 60,50,000 shares in three entities, including SIDBI.

The move is seen as a part of the public sector bank’s strategy to hive off non-core assets.

The stock rose 5.31 per cent to hit a high of Rs 15.85 on BSE.

In a filing to BSE, the bank

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