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Sensex snaps 3-day winning run; Yes Bank tumbles over 3 pc
Posted on 12th June 2019
The BSE Sensex snapped its three-day rising streak to end 194 points lower on Wednesday, pressured by losses in banking and auto stocks amid a broad sell-off in overseas markets.

Investors were also cautious ahead of the release of inflation and factory output numbers, traders said.

After slumping over 300 points during the day, the BSE gauge pared some losses to settle 193.65 points, or 0.48%, lower at 39,756.81. The index hit an intra-day low of 39,623.53 and a high of 39,982.10.

Similarly, the broader NSE Nifty fell 59.40 points, or 0.50%, to close at 11,906.20. During the day, the index touched a low of 11,866.35 and a high of 11,962.45.

Yes Bank was the worst performer in the Sensex pack, declining 3.34%, after Moody’s placed the private sector lender’s ratings under review for a possible downgrade.

Other losers included Maruti Suzuki, Kotak Mahindra Bank, Hero MotoCorp, Bajaj Auto, IndusInd Bank and Bajaj Finance, that shed up to 1.79%.

On the other hand, Tata Steel, ONGC, Vedanta, Sun Pharma, TCS, RIL, HUL and ITC bucked the weak market trend and gained up to 2.60%.

According to experts, investor sentiment turned negative tracking weak cues from overseas markets after US President Donald Trump on Tuesday said he was not interested in a trade deal with China unless it agreed to four-five major points.

“Expectations on the resolution of the trade war took a turn for the worse, and Indian markets joined global equities in a sell-off. World markets are increasingly concerned about a slowdown or recession in advanced economies. Falling bond yields and falling crude oil prices reflect this concern.

“Domestically, it will be critical that the upcoming Budget addresses investors’ concerns on reviving growth, or India could be susceptible to further selling,” said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Sectorally, BSE realty, telecom, capital goods, auto, bankex, finance and power indices were among the top losers, shedding up to 1.94%.

Metal and FMCG ended in the green, rising up to 0.48%.

Broader BSE midcap and smallcap indices followed the benchmarks, dropping up to 0.79%.

Meanwhile, foreign institutional investors bought shares worth a net ₹95.79 crore on Tuesday, provisional data made available with exchanges showed.

Elsewhere in Asia, Shanghai Composite Index fell 0.56%, Hang Seng ended 1.73% lower, Nikkei slipped 0.35% and Kospi shed 0.14%.

Bourses in Europe were also trading in the red in early deals.

On the currency front, the Indian rupee appreciated 10 paise to 69.34 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, dived 2.57% to $60.69 per barrel.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

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Air India Assets Holding raises another Rs 7,985 cr
Posted on 17th October 2019
Raising funds for the third time in little over a month, Air India Assets Holding Ltd (AIAHL) on Thursday raised Rs 7,985 crore through bond sale, which was oversubscribed. A special purpose vehicle of Air India, AIAHL has mopped up a total of Rs 21,985 crore by way of bond issues since September 16 and the proceeds would be utilised to repay debt of the national carrier.

Microsoft CEO Satya Nadella earns nearly $43 million in 2018-19 fiscal; check details
Posted on 17th October 2019
With Microsoft posting strong results, the company’s CEO Satya Nadella has got a 66 per cent raise in the 2018-19 fiscal, taking his total yearly earnings to a whopping USD 42.9 million, according to media reports on Thursday. While Nadella, 52, has a base salary of a little over USD 2.3 million, most of his pay came from stock awards, reported CNN Business. He received USD 29.6 million in stock award, USD 10,7 million in non-equity incentive plan compensation and around USD 111,000 in other compensation.

BSNL is in strategic interest of nation, we are looking into issues, says Ravi Shankar Prasad
Posted on 17th October 2019
Existence of BSNL is in strategic interest of the nation and the government is looking to resolve issues plaguing it, Union Minister Ravi Shankar Prasad said on Thursday. The law and telecom minister acknowledged that there are problems in the telecom sector, which are being looked upon by the government.

“BSNL is in strategic interest of the nation. Whenever there is flood, cyclones, BSNL is the first one to offer services for free. 75 per cent of their revenues goes into salary of employees while others manage it in 5-10 per cent.


Twin ONGC strikes in Colombia and Brazil
Posted on 17th October 2019
ONGC Videsh (OVL) on Wednesday said it has struck oil in Colombia and gas in Brazil, which will boost its energy reserves in the Latin American countries.

OVL found oil in Colombia’s onshore exploration block CPO-5 in the Llanos basin and natural gas in a deep offshore exploration block — BM-SEAL-4 — in Brazil’s Sergipe Alagoas Basin, the company said in a statement.


Warburg Pincus, Premji Invest to buy IAG’s stake in SBI General for $432 million
Posted on 17th October 2019
Mumbai: Insurance Australia Group (IAG), which holds 26% stake in SBI General Insurance, on Thursday, said it has signed a definitive agreement to sell its entire stake to private equity firms Warburg Pincus and Premji Invest.

While Premji Invest will acquire 16% stake in the general insurer, Warburg Pincus plans to buy the remaining 10%, giving an exit to IAG.


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