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Sensex drops over 100 points; Yes Bank slumps over 10 per cent
Posted on 18th July 2019
Mumbai: Domestic equity benchmark BSE Sensex dropped over 100 points in early trade Thursday led by heavy selloff in Yes Bank shares, amid weak cues from global markets and unabated foreign fund outflow.

The 30-share index was trading 112.21 points or 0.29 per cent lower at 39,103.43 at 0930 hours, and the broader Nifty fell 32.05 points or 0.27 per cent to 11,655.45.

Yes Bank was the biggest loser in the Sensex pack, cracking over 10 per cent, after the company reported a massive slump of 92.44 per cent in its consolidated net profit to Rs 95.56 crore due to a Rs 6,232 crore addition to non-performing assets, which resulted the provisions to zoom.

Other losers included ONGC, Tata Motors, Vedanta, HCL Tech, M&M, HUL, Tech Mahindra, Tata Steel and TCS, shedding up to 2.27 per cent.

On the other hand, Bharti Airtel, HDFC duo, ITC, Kotak Bank and Hero MotoCorp were the gainers, rising up to 1.30 per cent.

In the previous session, the 30-share gauge closed 84.60 points or 0.22 per cent higher at 39,215.64, and the Nifty ended 24.90 points or 0.21 per cent up at 11,687.50.

On a net basis, foreign institutional investors sold equities worth Rs 16.97 crore, while domestic institutional investors purchased shares to the tune of Rs 208.88 crore, provisional data available with stock exchanges showed Wednesday.

According to traders, investor sentiment took a hit tracking tepid quarterly earnings, amid weak cues from other global markets and continued foreign fund outflow.

Larsen & Toubro Infotech, ACC, Colgate Palmolive (India), Cyient and D B Corp are among some of the companies that are scheduled to report their earnings during the day.

Meanwhile, the Indian rupee appreciated 4 paise (intra-day) to 68.77 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.27 per cent higher at 63.83 per barrel.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the red in their respective early sessions.

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

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Wipro inks pact with Indian Institute of Science for research in robotics, 5G
Posted on 20th August 2019
Wipro Limited on Tuesday announced a strategic partnership with the Indian Institute of Science (IISc) to conduct advanced applied research in autonomous systems, robotics and 5G space. The two organisations have jointly set up the Wipro IISc Research and Innovation Network (WIRIN), an industry academia collaboration unit.

Yes Bank shares tumble 7% on fraudulent transactions at CG Power and Industrial Solutions
Posted on 20th August 2019
Shares of Yes Bank plunged more than 7 per cent after the risk and audit committee of CG Power and Industrial Solutions in which the private lender owns more than 12.79 per cent stake said there were some unauthorized transactions by certain employees of the company. CG Power also received a letter from a particular financing company regarding a certain interest payment failure which the Operations Committee of the company was unable to trace or ascertain from the financials of the company, according to the exchange filing.

SBI announces special car, personal, education loan benefits ahead of festive season
Posted on 20th August 2019
India's biggest bank State Bank of India (SBI) has announced special offerings ahead of this festive season for retail customers across different product categories: auto/car loan, personal loan, education loan and home loan. SBI has waived processing fees on car loans during this festival season. In addition, SBI is offering "lowest" interest rate starting from 8.70% to customers opting for car loan, with no escalation in interest, the bank said.

Sebi likely to ease share buyback norms for NBFC
Posted on 20th August 2019
Mumbai: In the wake of the liquidity crisis hitting the NBFCs and housing finance companies (HFCs), securities market regulator Sebi might ease share buy-back norms for these firms.

The proposal is expected to be presented at the regulator's board meet on Wednesday.


NTPC to set up 5,000-MW ultra mega solar park in Gujarat, Rajasthan
Posted on 20th August 2019
NTPC, India’s largest power producer, is planning to set up ultra mega solar parks (UMSPs) of 5,000 MW capacity across solar radiation-rich states of Gujarat and Rajasthan to help India meet its 2022 renewable energy target, and to reduce its overall dependence on fossil fuel. NTPC chairman and MD Gurdeep Singh said the first ultra mega solar park will come up in Kutch district of Gujarat, while the next is planned in Rajasthan. “We have identified the location, and the process for acquisition of land will start soon in Kutch. We plan to invite the bids for the first phase of the park by March 2020,” Singh said.

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