EOD update as on 12-09-2019

Infra traction, easing competition to help L&T meet guidance
The company has prospective orders worth Rs 8.4 lakh crore for the first nine-months of FY20.

Reliance Nippon, SBI Life’s discount to peers may attract OFS investors
SBI will raise up to Rs 3,465 crore by offloading up to 4.5 per cent stake in SBI Life.

Larsen & Toubro wins contract worth up to Rs 2,500 cr for building hotel, residences in Oman

Engineering & construction giant Larsen & Toubro (L&T) said its Oman arm has won a “significant” contract in Muscat.

1.83 crore eligible voters in Haryana
A special campaign will be launched by the office of Haryana Chief Electoral Officer under which each polling booth in every Assembly constituency will be covered, they said.

West Bengal will not implement Motor Vehicles (Amendment) Act: Mamata Banerjee
Banerjee said the Centre should have instead thought of the poor and tried to solve the problem of violation of road safety rules from a humanitarian ground.

PM Modi to launch pension schemes in Ranchi, inaugurate Jharkhand’s new Assembly building
Jharkhand will head for Legislative Assembly election later this year.

Govt ask banks to approach NCLT as last resort
Minister of State for Finance and Corporate Affairs Anurag Thakur said NCLT route should not be used by bankers to resolving stressed accounts on a daily basis.

Irdai asks public not to fall prey to fictitious calls offering higher policy benefits
The Insurance Regulatory and Development Authority of India (Irdai) said that members of public have been receiving calls from unidentified.

SBI cards gets 17 bids from merchant banks for Rs 8-kcr IPO
It will be the first pure play credit card company to be listed in India.

United States, China Grant Trade Concessions As Fresh Talks Loom

China’s decision to exempt some US goods was a “big move” by Beijing and a positive gesture before trade negotiators from both countries meet in Washington, Donald Trump told reporters at the Whitehouse.

Supreme Court allows Trump administration to enforce its new asylum rules
The White House was quick to welcome the decision.

Yahoo Japan to acquire online fashion firm Zozo
The Japanese IT giant, a subsidiary of telecoms giant and investor SoftBank Group, aims to buy up to 152.95 million shares or a 50.1 percent stake in Zozo.

Irda warns public against fraudulent calls
The callers also use names such as Insurance Transaction Department, RBI or any other name of existing government agencies or some non-existing fictitious entities, it said.

Trump wants zero ‘or less’ rates for US debt, Dimon warns of consequences
Trump said negative rates would save the government money on its debt.

Failure To Furnish Tax Return Not To Be Prosecuted In Court: Tax Body

The directive is being seen as a major move to cut down tax litigation and will save a number of assessees from legal proceedings.

India, China troops engage in heated exchange in eastern Ladakh: Official sources
Army sources said the incident occurred due to deferring perceptions about the Line of Actual Control (LAC) between India and China.

Foxconn’s Terry Gou quits Taiwan’s KMT, paving way for presidential bid
Gou, Taiwan’s richest person with a net worth of $7.6 billion according to Forbes, has extensive business interests in China and is in known for his close ties with Beijing leaders.

Development of salt pans in MMR: Maharashtra govt scouts for consultants to prepare master plan
Mumbai has close to 5,379 acres of salt pans, followed by 2,000 acres in Vasai and another 2,000 acres in Palghar.

Donald Trump blames Taliban for end of Afghan peace talks, says group hit harder than ever
Speaking to reporters at the White House on Wednesday, Trump blamed the Taliban for the end in the deliberations after the group claimed.

Stock market update: Cement shares trade higher; Andhra Cements jumps 5%
Andhra Cements, Shree Digvijay Cement and Kakatiya Cements Sugar were among the top gainers.

Infrastructure in industrial estate to be augmented with Central aid: Puducherry Minister

Industries Minister Shah Jahan said the new industrial policy of the government would also attract investors in industrial enterprises.

Polka to the top: Inditex registers 7 percent sales growth thanks to one Zara dress
Inditex said the unusually warm summer in Europe this year helped push sales for the dress.

Donald Trump plans to ban e-cigarettes in US
There have been six deaths and 450 reported cases of lung illness tied to vaping across 33 US states.

Tata Motors slips 3% as global sales dip 32% in August
This was the fifth straight month of sales decline for Tata Motors this financial year.

Power reforms | Govt plans to develop 2,000 MW clean energy parks for $2 bn
Investments in the country’s renewable energy sector doubled over the last five years to around $20 billion in 2018

Maruti an investment option; YES Bank is for traders: Siddhartha Khemka, MOSL
In case of Maruti, expecting 20% earnings growth in FY21 on a weak base of FY20.

Start bargain hunting now! Stocks to revive before economy: Mukherjea
“Stock market bottoms out before the economy bottoms out,” Mukherjea said.

Yes Bank falls 4% after previous day’s rally amid reports of Rana Kapoor selling stake
The stock has lost more than 50 percent of its value in last three months amid corporate governance and asset quality concerns.

ECB to turn stimulus taps back on to prop up ailing economy
Some policymakers have voiced concerted, public opposition to more radical stimulus measures, particularly the restarting of bond purchases, known as quantitative easing.

AB InBev resumes exploring Budweiser listing two months after pulling out
The company’s Asia Pacific unit has resumed its application for the listing of its shares on stock exchange.

RBI creates database for stressed loans of NBFCs: Report
NBFCs, including housing finance companies (HFCs), came under stress following a series of defaults by the group companies of IL&FS in September last year.

Hiranandani to invest Rs 1,000 cr in industrial park in Chennai
Hiranandani group firm Green Base will create a wind turbine park and warehousing set-up for Vestas India, the leading wind turbine manufacturing multinational, at Oragadam, Chennai.

Chandrayaan 2: NASA to share before and after images of Vikram’s landing site
ISRO continues “all possible efforts

PM Modi launches farmers’ pension scheme
All small and marginal farmers who are currently between 18 to 40 years can apply for the scheme.

Select states not in favour of GST rate cut for auto, fear revenue loss
States claimed that GST is not behind the slump in the auto sector.

US Briefly Overtakes Saudi Arabia As Top Oil Exporter

The Paris-based agency maintained its estimate for growth in global oil demand during 2019 at 1.1 million bpd and 1.3 million bpd for next year.

Walchandnagar Industries Wins Rs 77-Crore Deal From ISRO, Shares Surge

Walchandnagar Industries said it has been a strategic partner to the Indian Space Research (ISRO) since the 1970s.

Ifo institute cuts German 2019 GDP forecast, sees recession in third quarter

Ifo cut its growth forecast for this year to 0.5% from 0.6%.

Top Court Sets Aside Bail Granted To Bhushan Steel’s Former CFO

Nittin Johari was arrested by the SFIO on May 2 for alleged fraudulent activities, including filing false documents with various banks.

Govt mulls merger of small power firms with NTPC, NHPC
NTPC or NHPC may takeover smaller power companies such as THDC, SJVN and NEEPCO.

Pledge to root out terrorism, develop J&k and Ladakh: PM Modi
Inaugurating a slew of projects here, the prime minister also said that Jharkhand is the launching pad of big schemes beneficial for the poor and the tribals.

Granules India jumps 6% on Establishment Inspection Report from USFDA for Bonthapally unit
Bonthapally facility is one of the world’s largest single site Paracetamol API manufacturing plant by volume.

India Must Get Back To 19-20% Export Growth: Piyush Goyal

Trade deficit during the month shrank significantly to $13.43 billion from $18.63 billion in July 2018 as imports contracted 10.43 per cent to $39.76 billion.

Merger of public sector banks a positive, seeing strong growth in international business: Infosys Finacle

Rupee Advances By 53 Paise To Settle At 71.13 Against Dollar

The local currency opened higher at 71.43 and advanced to an intraday high of 71.09 against the American currency before ending at 71.13.

Consumer Inflation At 3.21% In August

Thursday’s data also meant consumer inflation came in below the Reserve Bank of India’s medium-term target of 4 per cent for the thirteenth month in a row.

Festive season hiring growth may drop to 10-15% in 2019 from 40% earlier

Bank Officers’ Union Threatens To Go On 2-Day Strike Against Mergers

A union leader also said that the nationalised banks will further observe indefinite strike from the second week of November to press for their demands.

Zomato Layoffs Erase Rs 2,600 Crore From India’s Info Edge

Info Edge shares, which rose 1% on September 9, have since fallen 10% as investors saw the layoffs as a sign the slowdown in consumption is spreading.

Air India Assets Holdings To Raise Rs 22,000 Crore Through Bonds

Air India Assets Holdings Ltd (AIAHL) bonds: The first tranche worth Rs 7,000 crore is set to hit the market on September 16.

Indian Exporters Must Capitalise On US-China Trade Dispute: Piyush Goyal

The government will soon come up with a credit scheme for exporters with enhanced insurance cover up to 90%, said Piyush Goyal.

Vikesh Kumaar Kataria

Experienced Founder of Brokers Bazaar with a demonstrated history of working in Skilled in RMS from various big corporate giants, Analytical Skills, Banking, Entrepreneurship, Digitalisation and Equities with Strong entrepreneurship professionalism. Experienced Co-Founder with a demonstrated history of working in the logistics and supply chain industry.

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