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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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Auroinbo recalls heartburn drug ranitidine, two others from US market
Posted on 6th December 2019

Aurobindo Pharma Limited has initiated a nationwide recall of three drugs from the US, two of them due to manufacturing issues. The development comes close on the heels of the regulatory compliance issues being faced by several of its manufacturing facilities back home.

These three products include heartburn drug Ranitidine that the US Food and Drug Administration(US FDA) had recently asked the companies to withdraw from the market owing to the presence of carcinogenic nitrosodimethylamine (NDMA) compound above the daily acceptable intake limits in the formulation.


MTPL to set up off-highway tyre facility in Gujarat, invest $107 million
Posted on 6th December 2019

Mahansaria Tyres Private Limited (MTPL) will set up a $107-million facility to manufacture off-highway tyres in Gujarat, backed by International Finance Corporation (IFC) through equity and loan.

IFC will provide a loan of up to $30 million and it will buy a stake in MTPL for up to $7.74 million.


Growth of world cities to decline in 2020-21 amid global slump: Research
Posted on 6th December 2019

The blockbuster growth in the world's major cities in recent years will slow sharply in 2020 and 2021 as the global trade slowdown takes its toll, according to new research.

Nine of the top 10 biggest global cities will slow next year, with the stars of the US Silicon Valley showing the most dramatic signs of slamming on the brakes, Oxford Economics researchers found in a report provided to AFP.


Mahindra & Mahindra nears 52-week low; stock slips 12% in one month
Posted on 6th December 2019

Shares of Mahindra & Mahindra (M&M) slipped 2 per cent to Rs 512 on the BSE on Friday and was trading close to its 52-week low level. The car & utility vehicles maker's stock is less than 2 per cent away from its 52-week low price of Rs 503, touched on August 14, in intra-day trade.

In past one month, M&M has underperformed the market by falling 12 per cent as the company's tractor sales delivered disappointing performance.


Vodafone Idea will shut shop if govt doesn't provide relief: KM Birla
Posted on 6th December 2019
Vodafone Idea Ltd, India's third largest mobile service provider, will shut down if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday. "If we we are not getting anything then I think it is end of story for Vodafone Idea," Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues.

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