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Stock market News - Bloodbath on D-St as Nifty below 11,300, Sensex plunges 1,100 pts

All the sectoral indices slipped between 1 to 3 percent. BSE Midcap and Smallcap indices down over 2 percent each.Market Opens:Indian indices continue to remain under pressure for the sixth consecutive day on February 28 with Nifty slipped below 11,400 on the back worries over outbreak of Coronavirus. At 09:17 hrs IST, the Sensex is down 1,071.62 points or 2.70% at 38674.04, and the Nifty down 319.80 points or 2.75% at 11313.50. About 110 shares have advanced, 873 shares declined, and 31 shares are unchanged.  Top losers are Tata Motors, Hindalco, Tata Steel, Bajaj Finance, Yes Bank, Gail and M&M. Rupee Opens: The Indian rupee slipped in the early trade on Friday. It has opened lower by paise 38 at 71.93 per dollar versus Thursday's close 71.55. 
TVS Motor opens new showroom: The company inaugurates its flagship showroom in El Salvador. The new showroom will showcase the technology and quality prowess synonymous with TVS Motor Company. 
Godrej Properties bags new project: The compa…
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Stock Market News - Budget 2020 | Removal of exemptions in new tex regime to impact life insurers, MFs

A salaried professional opting for a lower rate of tax under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments.

Removal of tax exemptions under Section 80C in the new tax regime could be a dampener for life insurance products as well as equity-linked savings schemes (ELSS) of mutual funds. In her Budget speech on February 1, Finance Minister Nirmala Sitharaman said a salaried professional opting for a lower tax rate under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments. “The removal of 80C benefit may pose a risk to new business volumes of life insurance companies,” said Kotak Institutional Equities in a report. Life insurance
Tax exemptions are an important incentive for purchase of life insurance. To be eligible for exemption under Section 80C, the sum assured has to be 10 times the annual premium. This is part of the Rs 1.5 lakh limit under this section.
But now, those who op…

Stock Market News - Yellow metal hits fresh record high as Iran attacks US forces

On the MCX, gold contracts for February were trading higher by Rs 562, or 1.38 percent, at Rs 41,225 per 10 gram at 0920 hours. It hit a record high of 42,278 per 10 gm.India Gold February futures hit a fresh record high on January 8 tracking gains in international spot prices which surged past $1,600 an ounce mark after Iran fired rockets at Iraqi airbase which hosts US forces that triggered risk-off sentiment. Spot prices hit their highest since March 2013 at $1,610.90 earlier in the session. US gold futures rose 2 percent to $1,605.80. “The jump in the price of what’s viewed by investors as a safer asset in times of political and economic uncertainty came after Iran’s missile attack on US-led forces in Iraq early on Wednesday,” said a Reuters report. “The attack came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears of a wider conflict in the Middle-East,” it said. On the MCX, gold contracts for February were trading higher by Rs 562, o…

Stock Market News - Trade war worries kept base metal prices under pressure in 2019

The trade deal developments and its impact on the global economy remain the trendsetter of commodity prices in 2020. A successful deal will boost global economic activity and improve the demand for base metals.

In the past year, trade uncertainty hit global economic sentiments adversely as base metal prices in the domestic futures market settled with moderate gains. Commodities such as copper and lead ended with gains of 8 percent, while aluminium and zinc advanced 6 percent and 4 percent, respectively. Performance of nickel was exceptional with a whopping gain of more than 40 percent. At the same time, price-performance at its key overseas markets was rather steady. Trade war worries that fanned fears of recession roiled the global manufacturing sector last year, particularly China. This because Chinese industries are the key consumers of all base metals. Economic growth in the country tumbled to multi-year lows due to the 17-month trade dispute between the United States and China. The pe…

Stock Market News - FDC share price at 52-week high on GMP certificate from UK health regulator

The certificate came after a recent inspection of the company's facilities in Goa.
FDC share price touched a 52-week high of Rs 222, rising more than 5 percent in the morning trade on January 3 after the company received the good manufacturing practice (GMP) certificate from the UK's health regulator. The UK's Medicines and Healthcare Products Regulatory Agency also continued with its approved status for the company's two facilities in Verna, Goa. The GMP certificate was issued after a recent inspection of the two plants. At 1018 hours, FDC was quoting at Rs 218.00, up Rs 7.30, or 3.46 percent. The share price has risen 30 percent in the last three months. GNFC share price down 2% after DoT seeks Rs 15K cr in telecom dues
DoT sent the company a demand notice for Rs 15,019 crore, taking to Rs 3.13 lakh crore the amount it has sought from non-telecom companies following a Supreme Court ruling.
The share price of Gujarat Narmada Valley Fertilizers & Chemicals was down over 2…

Stock Market News - Yes, Bank top gainer, Ratnamani Metals Gains

Titan Company shares climb 2%: Shares of Titan Company climbed over 2 percent on BSE ahead of analyst and institutional investor meeting on December 20.

Rupee Update: The Indian rupee recovered from the lows but trading marginally lower at 71.06 per dollar.
1. Hold it against PSBs that they haven't passed the benefits of rate cuts to customers: FM -- Made sure stressed MSMEs are not declared NPAs: FM
2.  PSBs must move more liquidity out in the system: FM -- Together with banks and RBI, we looked at where liquidity was stuck: FM
3. Anish Shah appointed CFO of Mahindra & Mahindra till April 2021: BSE Filing -- Shah will become MD & CEO of co for 3 years w.e.f April 2, 2021.
-- VS Parthasarathy will step down as CFO on April 1, 2020
-- Board approves transition of Anand Mahindra's role to Non-executive Chairman. 
-- Pawan Goenka re-designated MD & CEO up to November 11, 2020
Yes, Bank was the top gainer in the Sensex pack rising up…

Stock Market Update - Avanti Feeds Gains, Tata Group Stocks Trade Mixed

Orient Electric Halts Two-Day Gaining Streak, Shares Fall 6% Shares of Orient Electric fell as much as 5.7 percent to Rs 184.05, halting a two-day gaining streak. The stock advanced 21 percent in the past 12 months compared to a 14 percent gain in the Sensex.
Tata Group Stocks Trade Mixed After NCLAT Order Shares of the Tata Group companies traded mixed after the National Company Law Appellate Tribunal ruled that his dismissal as chairman of Tata Sons Ltd. was illegal. While restoring him to his original position as executive chairman of the Tata Group’s holding company, the NCLAT held that the resolution by Tata Sons board removing Mistry was illegal.

Essel Propack Surges 16% To Record High Shares of Essel Propack rose as much as 16 percent, the most since Jan. 28, 2019, to hit an all-time high at Rs 175.45. Trading volume was more than seven times its 20-day average, Bloomberg data showed. 
The Relative Strength Index was above 70, indicating that the stock may be overbought. The stoc…