Sensex, Nifty may rally after FM’s economy booster; FPI relief and other key reforms for stock market investors
Posted on 24th August 2019 |
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| After FM Nirmala Sitharaman announced a slew of measures in a bid to calm the nerves of the investors, stock market experts say that the Sensex and Nifty may see a relief rally in the coming days. In what would come as a major relief to stock market investors, Finance Minister Nirmala Sitharaman on August 23 announced the abolition of tax surcharge on foreign portfolio investors (FPIs) as well as domestic investors. “In order to encourage investment in capital market, it is decided to withdraw enhance surcharge on FPIs. Surcharge on domestic investors in equity also goes. Pre-budget position is restored,” said Nirmala Sitharaman, addressing the media in New Delhi. Apart from this, the Narendra Modi-led government also announced a slew of measures including an “upfront” capital infusion of the budgeted Rs 70,000 crore in PSU banks, allowing NBFCs to use the Aadhaar-authenticated bank KYC to avoid repeated processes, raising credit support to HFCs to Rs 30,000 crore, and simplifying GST rules for MSMEs. Taking stock of the development, Rajiv Singh, CEO, Karvy Stock Broking said that the market to form base around current level and inflows will be witnessed in broader markets among quality mid cap & small cap stocks. “We may witness rally in the favorite stocks of FIIs which majorly constitute our benchmark Index,” he added. Amit Gupta, Co-Founder and CEO TradingBells said that we can expect the markets to bounce back on Monday with a gap up opening, and continue the rally for a few sessions to come. “These are just the kind of measures which were required to boost the economy. With the stimulus to FPI taxation, we can expect this FII outflow trend to reverse in the immediate term,” he said. According to Ashish Shanker,Head- Investment Advisory, Motilal Oswal Private Wealth Management, the announcements should help stir positivity and gradually bring back animal spirits. “The steps taken to infuse liquidity in the banking and nbfc sector should help alleviate stress in the system and set in motion the recovery process,” he added. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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