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Stock Market News - NBCC Jumps 19%, Sensex hits an all-time high

Sensex hits an all-time high of 40,670 - The Sensex rallied to a fresh all-time high on Thursday morning after the Narendra Modi-led government announced a major reform to bolster the stressed real-estate sector. The Sensex jumped more than 185 points to a fresh high of 40,656.56. 

Yesterday, Sensex ended the session at a closing high 40,469. The previous record high came at 40,606, hit in intra-day trade yesterday. Meanwhile, the broader Nifty hit the crucial 12,000-mark on Wednesday. IndusInd Bank, HDFC shares were among the biggest gainers, jumping up to 2%. 

Rupee opens lower at 71.05 per dollar - The Indian rupee opened at 71.05 per dollar on Thursday versus the previous close 70.98.

JB Chemicals share price gains 6% - The share price of JB Chemicals and Pharmaceuticals added more than 6 percent in the early trade on November 7 after the company is going to consider buyback of its shares.
A meeting of the board of directors of the company will be held on November 12, 2019, to consider and approve unaudited financial results for the quarter ended on September 30, 2019.

NBCC Jumps 19% As Government Approves Fund For Stalled Housing Projects Shares of NBCC rose as much as 19.3 percent, the most in over five years, to Rs 45.80. The Union Cabinet has approved setting up a dedicated fund for funding affordable and middle-income housing projects that are stalled, Finance Minister Nirmala Sitharaman said. 

The special window will be structured as an alternative investment fund which will pool all investments, where the government will put Rs 10,000 crore. Besides, institutions like State Bank of India and Life Insurance Corporation among others will make further contributions. The corpus, for now, will be Rs 25,000 crore.

Large Trade Alert: Bharti Infratel About 28 lakh shares of Bharti Infratel changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Oil Check - At 8:04 am, Brent Crude Futures were at $61.74 per barrel, down nearly 2 percent from the previous close.

Tax gains save the day for Tata Steel, profit rises 6% to Rs 3,302 crore - Adoption of a new corporate tax regime aided Tata Steel’s consolidated net profit in the second quarter, which increased 6% on a year-on-year basis to Rs 3,302 crore. However, challenging operating environment, weak liquidity conditions, and demand impacted the operational performance significantly. 

During the quarter, the firm had a favorable tax impact of Rs 4,233 crore, of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries.

Indiabulls Housing Finance Jumps Over 19% Fundraising Plans Shares of the housing finance company rose as much as 19.6 percent to Rs 262.40. The company’s board approved the issue of redeemable non-convertible debentures of up to Rs 10,000 crore and also approved the issue of NCDs along with warrants via qualified institutional placement up to $1 billion.

Sensex | Market News | Bank Nifty | Gold | Rupee | RBI | SBI | LIC | NBCC


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