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Markets surprised at Sitharaman becoming Finance Minister

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Indian investors were caught by surprise at the appointment of Nirmala Sitharaman as the Finance Minister on Friday. Sitharaman will also head the Corporate Affairs Ministry.
 
Dalal Street was expecting the Finance portfolio to go to either Amit Shah, who has been given charge of the Home Ministry, or to Piyush Goyal, who has retained Railways and additionally has the Commerce portfolio.
 
At 1.18 p.m. on Friday, the S&P BSE Sensex was trading at 39,726.44 after it had crossed the 40,000-mark during the early trade. The Nifty also slipped to 11,927.50 after it surpassed the 12,000 mark earlier in the day.
 
A post-graduate in Economics, Sitharaman is familiar with the world of finance and economy. She has served as a junior minister responsible for both Finance and Corporate Affairs in the previous government and also as Commerce Minister before taking charge of the Defence Ministry during the later part of NDA-I. 
 
Sitharaman's work is clearly cut out given the economic slowdown and rising unemployment. The forthcoming Union Budget 2019-20, to be presented in July, provides her an opportunity to prescribe appropriate remedial measures. 
 
The Minister's immediate challenge would come from the gross domestic product (GDP) numbers for the fourth quarter as well as the full fiscal 2018-19, slated for release later on Friday by the Central Statistics Office (CSO), that is widely expected to provide confirmation of the current slowdown in the economy. 
 
Globally, the markets traded lower in reaction to US President Donald Trump's threat to impose tariffs on Mexico. 
 
"On June 10th, the United States will impose a 5 per cent tariff on all goods coming into our country from Mexico, until such time as illegal migrants coming through Mexico, and into our country, stop....the tariff will gradually increase until the Illegal Immigration problem is remedied,..," Trump said in a tweet.
 
IANS
 

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Sensex above 40,000, Nifty tops 12,000

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Optimism over Prime Minister Narendra Modi's new cabinet drove the markets near its peak on Friday led by IT, banking and financial companies.
 
At 9.54 a.m., the S&P BSE Sensex was trading 273.74 points or 0.69 per cent higher at 40,105.71. 
 
The Nifty was 87.40 points or 0.73 per cent up at 12,033.30.
 
On Thursday, Foreign Institutional Investors (FIIs) bought shares worth Rs 1,664.74 crore and Domestic Institutional Investors (DIIs) sold scrips worth 1,122.60.
 
Besides, investors will take cues from the GDP data for the fourth quarter and the financial year 2018-19, scheduled to be released later on Friday.
 
IANS
 
 
 
 

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Raegan, Tejal guide Blazing Bashers to comfortable win

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Rising Indian paddlers Raegan Albuquerque and Tejal Kamble performed a star turn for defending champions Blazing Bashers as they registered a thumping victory over Phantom Stars to begin their Ultimate Table Tennis (UTT) Mumbai Super League campaign in style at the NSCI here on Thursday.
 
Reagan and Tejal won four encounters and eight games between them to help Bashers clinch a comfortable 16-11 win.
 
Gurcharan Gill started the proceedings for Bashers beating Naveen Salian 3-0 (11-6, 11-9, 11-7) to give his side a perfect start. Raegan widened the gap further in his team's favour with a 2-1 (11-1, 8-11, 11-10) victory over Ravindra Kotiyan. 
 
However, Shruti Amruthe could not maintain the momentum and went down to Mamta Prabhu 0-3 (7-11, 7-11, 4-11) which helped Phantoms narrow the gap to just one point. It was Tejal who combined with Aadil Anand to win their mixed doubles encounter against Hrishikesh Malhotra & Ananya Chande 2-1 (6-11, 11-10, 11-10). 
 
Merwyn Patel went down to Tavanth Nerlaje 1-2 (11-10, 5-11, 7-11) in the next cadet boys' match but it was Raegan who rose to the occasion once again and paired with Shruti Amrute to beat Ravindra Kotiyan and Mamata Prabhu 2-1 (10-11, 11-9, 11-9) to put his team back into the driver's seat.
 
Tejal won the junior women's singles rubber 2-1 (11-10, 11-10, 8-11) over Ananya Chande to widen the gap further in her team's favour. Gurcharan Singh Gill and Merwyn Patel beat Naveen Salian and Tavanth Nerlaje while Aadil Anand also registered an identical win over Hrishikesh Malhotra to complete the drubbing. 
 
In the other encounters of the day, last season's runner-up Ace recorded a 14-13 victory over Kool Smashers in their opening encounter, while Century Warriors beat West Coast Rangers 14-13 to open their account.
 
IANS
 

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Sensex logs record closing high ahead of swearing-in

The BSE Sensex on Thursday ended at a record closing high of 39,832, ahead of the swearing in of the new Union Cabinet.
 
The Sensex advanced by 329.92 points, or 0.84 per cent, while the Nifty also advanced by 84.80 points, or 0.71 per cent, to 11,945.90. 
 
"In expectation of a growth agenda by the government, the market is building hope for new measures and spending in the final budget," said Vinod Nair, Head of Research, Geojit Financial Services. 
 
"Investors' confidence are up despite high valuation as the liquidity issue will ease with a cut in interest rates in the monetary policy," Nair added.
 
Epic Research Chief Executive Mustafa Nadeem said although the appointments for four key departments - Home, Defence, External Affairs and Finance - would have an impact, but as far as the markets are concerned a lot would also depend on sectors such as power, energy, infrastructure and transportation. 
 
IANS
 

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Tanuja undergoes surgery, to be in hospital for a week

Tanuja (File photo: IANS)
Tanuja (File photo: IANS)
Veteran Bollywood actress Tanuja, who was diagnosed with diverticulitis, has undergone surgery.
 
An official at the Lilavati Hospital here told IANS that Tanuja was doing fine post surgery. The official added that the actress was expected to be in hospital for a week. 
 
Diverticulitis is inflammation or infection of small pouches called diverticula that develop along the walls of the intestines. 
 
The 75-year-old actress was admitted in Lilavati Hospital on Tuesday "with some pain in abdomen".
 
Tanuja's daughter and actress Kajol, whose father-in-law and action director Veeru Devgan died two days ago, was photographed while visiting her mother. 
 
Tanuja's recent prominent appearances have been in projects like "Pitruroon", "A Death in the Gunj", "Aarambh" and "Sonar Pahar".
 
She is known for films like "Memdidi", "Chand Aur Suraj", "Baharen Phir Bhi Aayengi", "Jewel Thief", "Nai Roshni", "Jeene Ki Raah", "Haathi Mere Saathi", "Anubhav", "Mere Jeevan Saathi" and "Do Chor."
 
IANS

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Key Indian equity market indices open in green

Despite a muted trend in global markets, the key Indian equity market indices on Thursday opened higher ahead of Prime Minister Narendra Modi's swearing-in for a second term later in the evening.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 39,502.05 points on Wednesday, opened higher at 39,580.28 points.
 
Minutes into trading, it was quoting at 39,600.35 points, up by 98.30 points, or 0.25 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,861.10 points on Wednesday, was quoting at 11,875.35 points, up by 14.25 points or 0.12 per cent.
 
As many as 32 stocks advanced in the Nifty 50 index while 18 stocks declined. In BSE Sensex, 21 stocks including NTPC, TCS were trading in green while 9 stocks including Tata Steel, ONGC were trading in red at 9.21 a.m.
 
Both the indices had closed in red on Wednesday, ahead of the expiry of the May series of futures and options contracts.
 
The Sensex was down by 247.68 points or 0.62 percent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 39,767.93 points and a low of 39,420.50 points. The Nifty, too was down by 67.65 points or 0.57 per cent.
 
On Thursday, Asian indices were showing a mixed trend. Japan's Nikkei 225 was quoting in red, down by 0.62 per cent, Hang Seng was also down by 0.62 per cent.
 
South Korea's Kospi was quoting in green, up by 0.31 per cent. China's Shanghai Composite was trading in red, down by 0.83 per cent.
 
Overnight, Nasdaq closed in red, down by 0.79 per cent while FTSE was also down by 1.15 per cent at the closing on Wednesday.
 
IANS
 

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Tendulkar to make his commentary debut in WC opener

Sachin Tendulkar (File photo: IANS)
Sachin Tendulkar (File photo: IANS)
Legendary Indian cricketer Sachin Tendulkar will make his on-air expert debut with the World Cup beginning on Thursday in England and Wales.
 
Tendulkar will be in the commentary box during the tournament opener between England and South Africa to be played at The Oval, London.
 
The Master Blaster will join the Philips Hue Cricket Live pre-show in Hindi and English at 1.30 p.m. with his very own segment 'Sachin Opens Again' at the Star Sports network. He will be joined by an already illustrious panel of experts, some of whom have had the pleasure of playing alongside and with him.
 
Tendulkar holds a number of ICC Cricket World Cup records. He scored 2,278 runs in the six editions of the World Cup he played. 
 
He also holds the record for scoring the highest number of runs in a single edition of the World Cup -- 673 in 11 matches in 2003.
 
India will begin their World Cup campaign on June 5 against South Africa. 
 
IANS

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Sensex ends 248 points lower, IT scrips gain

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The Sensex closed 248 points lower on Wednesday, ahead of the expiry of the May series of futures and options contracts. All the sectoral indices on the Nifty fell except the export-oriented IT stocks which gained on a depreciating rupee.
 
The BSE Sensex closed 247.68 points or 0.62 per cent lower at 39,502.05 from its Tuesday's close of 39,749.73. The Nifty finished the trading session 67.65 points or 0.57 per cent down at 11,861.10 points.
 
"Nifty lost some ground after testing 11,950-12,00 odd levels. It now continues to consolidate in the range of 11,700-12,000. Broader market health has improved indicating an underlying positive bias," Sahaj Agrawal, Head of Derivatives - Kotak Securities, said.
 
"We expect the index to stage a breakout and test 12,200-12,400 levels after some consolidation. On the downside, support is seen at 11,700 below which there could be a meaningful correction. Cement and Financial services trade with positive bias," he added.
 
The State Bank of India lost the most during Wednesday's trade, down 3.29 per cent. Punjab National Bank also slipped over 5.2 per cent lower following its poor Q4 results.
 
Among the other major losers on the BSE were Tata Steel, Tata Motors (DVR), ICICI Bank and Maruti Suzuki. Sun Pharma, TCS, HCL Tech, Power Grid and Hidustan Uniliver finished higher. 
 
Globally, bond yields in the global and domestic market are retracing, said Vinod Nair, Head of Research, Geojit Financial Services. The 10-year yield in US slid to 2.2 per cent, 20 basis points (bps) down in the last one week, he added. 
 
"A similar trend is visible in domestic market also, which is eagerly waiting the new government's oath taking ceremony," Nair said.
 
IANS
 

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Indian equity markets open on negative note

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.
 
The Sensex of the BSE opened at 39,714.21 and touched a high of 39,744,50 and a low of 39,644.36.
 
The Sensex was trading at 39,735.04 down by 14.69 points or 0.04 per cent from its Tuesday's close at 39,749.73.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 11,905.80 after closing at 11,928.75.
 
The Nifty was trading at 11,912.90 points in the morning.
 
IANS
 

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Mumbai medico suicide: Two more women doctors nabbed

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Mumbai Police arrested two more accused lady doctors in connection with the alleged abetment of suicide of a medico, Payal Tadvi, police said here on Wednesday.
 
The accused -- Hema Ahuja and Ankita Khandelwal -- were nabbed early in the day, Mumbai Police Spokesperson DCP Manjunath Shinge told IANS.
 
Ahuja, Khandelwal and their colleague, Bhakti Meher -- who was arrested on Tuesday -- have been accused of alleged ragging, casteist atrocities, mental harassment and professional torture leading to the suicide of Tadvi, a second year post-graduate gynaecology student, at the state-run BYL Nair Hospital here on May 22.
 
The accused three, who were suspended by the Maharashtra Association of Resident Doctors and later by the BrihanMumbai Municipal Corporation, have also filed an anticipatory bail application which would come up before the court later in the day.
 
Tadvi's mother, Abeda Tadvi, who is leading the agitation seeking justice for her daughter, plans to challenge the pre-arrest bail pleas, her lawyer Nitin Satpute told IANS.
 
IANS
 

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RBI to extend RTGS deadline to 6 p.m. from June 1

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The Reserve Bank of India has decided to extend the usage timings for 'Real Time Gross Settlement' (RTGS) system from June 1.
 
A notification to this effect was issued on Tuesday.
 
RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. 
 
However, the system does not works on a 24-hour basis. 
 
The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI's end. 
 
"It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4.30 p.m. to 6 p.m.
 
"The time-varying charges for transactions in RTGS from 13:00 hours (1 p.m.) to 18:00 hours (6 p.m.) shall be Rs 5 per outward transaction," it said. 
 
IANS
 

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Medico suicide: One doctor held, 2 others on run

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The Mumbai Police claimed to have arrested one of the three absconding doctors of BYL Nair Hospital, wanted in connection with the suicide of medical student Payal Tadvi, here on Tuesday.
 
"We have arrested Bhakti Mehere," Mumbai Police spokesperson and Deputy Commissioner of Police (DCP) Manjunath Shinge told IANS. Two others -- Hema Ahuja and Ankita Khandelwal -- are on the run and have moved the court for anticipatory bail.
 
On May 22, 25-year-old Tadvi, a second-year resident post-graduate gynaecology and obstetrics student, hanged herself in the hostel of the hospital. The deceased's family has accused the three doctors of allegedly discriminating, harassing and torturing Muslim-tribal medico Tadvi.
 
In a related development, the BrihanMumbai Municipal Corporation (BMC), which runs the BYL Nair Hospital, has suspended licences of the three doctors and the head of department Yi Ching Ling for alleged abetment of Tadvi's suicide.
 
The trio was earlier suspended by the Maharashtra Association of Resident Doctors and (MARD) later by the BMC for allegedly abetting her suicide with casteist insults.
 
The Mumbai Police on last Sunday slapped charges on the three under the Atrocities Act, the Anti-Ragging Act, IT Act and Indian Penal Code.
 
Meanwhile, parents of Tadvi, the Vanchit Bahujan Aghadi, various women, tribal and Dalits organisations, and student unions continued their protests outside the hospital for the second day demanding stringent action against the medicos and the hospital authorities.
 
Health Minister Girish Mahajan on Tuesday called on Tadvi's mother Abeda Tadvi and husband Salman Tadvi and assured them of full cooperation and compensation.
 
Tadvi's mother demanded that the government must ensure safety of students like her daughter, hailing from reserved categories.
 
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She said Payal would have become the first woman post-graduate doctor from the Bhil community, but her promising medical career was snapped. In fact, Payal and Salman are the first medico couple to emerge from the community.
 
Mumbai Congress chief Milind M. Deora and Bhim Army chief Chandrashekhar Azad plan to raise the issue with the Mumbai Police Commissioner and other authorities demanding justice for Tadvi.
 
Meanwhile, the National Commission for Women and the Maharashtra State Women's Commission have taken cognizance and sought reports on the suicide from the BMC and the hospital.
 
On Monday, the three absconding medicos had written to the MARD demanding fair investigation into the case and justice to them without succumbing to police or media pressure.
 
This was the first time in the state that a post-graduate medico had committed suicide over alleged harassment on grounds of caste, MARD General Secretary Deepak Mundhe told IANS. "In the past three-four years, we have seen an increase in such behaviour against students coming from the reserved categories, which is unfortunate," Mundhe said.
 
A social media campaign #JusticeForPayal has been kicked off in which prominent personalities from all over the country have demanded justice for the deceased.
 
IANS
 

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Sensex closes slightly higher as poll euphoria fades

The benchmark BSE Sensex closed just 66 points in the green after moving within a narrow range on Tuesday, as the poll euphoria appears to be fading.
 
The Sensex closed 66.44 points, or 0.17 per cent higher than its previous close, at 39,749.73, after moving in the narrow range of 39,828.65 and 39,498.65. The Nifty too ended near-flat, up by just 4 points, or 0.03 per cent, at 11,928.75.
 
"Now that euphoria over the general election results is over, the market is waiting for signals of directional move," said Romesh Tiwari, Head of Research, CapitalAim.
 
Supported by foreign fund inflows, the Indian rupee also closed slightly higher at Rs 69.69 to a US dollar.
 
"Today, there were no major triggers on the global as well domestic fronts and hence, we had a flat to positive start, tad above the 11,950 mark," said Angel Broking Chief Analyst (Technical and Derivatives) Sameet Chavan.
 
Dewan Housing Finance Corporation Ltd stocks on Tuesday fell nearly 7 per cent on reports that its promoter-directors have received a look-out notice in connection with an alleged financial fraud.
 
The company, however, denied it, saying that "its promoter-directors have not received any communication from the authorities regarding issuance of any look-out notice."
 
Manpasand Beverages hit the lower circuit breaker again on Tuesday for the second consecutive day, plunging by 20 per cent, or Rs 17.60, to Rs 70.40 over their MD and CFO's arrests on charges of GST fraud.
 
The trading in a particular stock and even an index is halted by the exchanges when it hits a lower or upper circuit breaker.
 
Zee Media surged by 6.36 per cent closing at the top of the Nifty50 stocks.
 
IANS
 

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Suited, booted: '83' cast leaves for London

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Dressed nattily -- in black and white suits, and sporting blue ties, the cast of Bollywood film "83" has left for the London round of its shooting schedule.
 
The movie will trace India's historic victory at the 1983 Cricket World Cup. Ranveer Singh, who leads the cast of the Kabir Khan directorial playing the role of former Indian skipper Kapil Dev, chose to call the squad "Kapil's Devils".
 
The rest of the cast, includes Saqib Saleem, Adinath Kothare, Chirag Patil, Harddy Sandhu, Ammy Virk, Jatin Sarna, Pankaj Tripathi, Tahir Raj Bhasin, Dinker Sharma, Jiiva, Sahil Khattar, Dhairya Karwa, Nishant Dahhiya and R Badree.
 
"About to embark on a remarkable cinematic journey. Proud, blessed," tweeted Ranveer Singh on Tuesday.
 
"Let the games begin," tweeted Salim, who will play Mohinder Amarnath on the screen.
 
The young actor also shared a video of his moustached look, and wrote: "Jimmy is ready, Jimmy is about to embark on this beautiful journey... I am super excited to be a part of this film. Boys, this is going to be itihasik (historical)."
 
'83' is being presented by Reliance Entertainment, and will release on April 10, 2020 in Hindi, Tamil and Telugu.
 
IANS
 

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Sensex flat, Manpasand hits lower circuit again

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The  BSE Sensex traded on a flat note after opening in the green on Tuesday.
 
Manpasand Beverages hit the lower circuit again on Tuesday for the second consecutive day, plunging by 20 pet cent or Rs 17.60 to 70.40 over its MD and CFO's arrest facing allegations of GST fraud.
 
The trading in a particular stock and even an index is halted by the exchanges when it hits a lower or upper circuit breaker.
 
The Sensex traded 7.16 points or 0.02 per cent lower at 39,676.13.
 
The index opened slightly higher at 39,765.64 from its Monday's close of 39,683.29.
 
The Nifty traded at 11,920.15, 4.60 points or 0.04 per cent lower.
 
Besides, investors will be awaiting earnings results from companies like Sun Pharma, Punjab National Bank, SpiceJet.
 
IANS
 

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GAIL's Q4 net profit up 10% to Rs 1,122 crore

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Natural gas major GAIL on Monday reported a rise of 10 per cent in its net profit for the fourth quarter of 2018-19.
 
According to the company, Q4 net profit increased to Rs 1,122 crore in the three months ended March 2019 from Rs 1,020.92 crore reported for the corresponding period during the previous fiscal.
 
"During the quarter, the company registered growth in physical performance in all segments as compared to corresponding period of the previous year with 'Natural Gas Marketing' up by 10 per cent...," the company said in a statement.
 
On fiscal 2018-19 basis, GAIL's profit after tax increased by 30 per cent to Rs 6,026 crore from Rs 4,618 crore during 2017-18 on the back of healthy "physical performance in all segments and better realisations". 
 
"During the year 2018-19, the total consolidated group turnover stood at Rs 75,912 crore while the Group PAT was Rs 6,546 crore," the statement said.
 
"CGD group companies IGL, MGL, GAIL Gas and Petronet LNG continued to add to the group profit. Taking together the impact, Earning per share as per consolidated statement is Rs 29.03 in FY19 as against Rs 21.28 per share in the previous year."
 
Additionally, the company's Board recommended a final dividend of Rs 1.77 per share, on paid-up equity making the total dividend for the year to Rs 8.02 per share, subject to shareholders' approval.
 
"The Board has also recommended one fully paid-up Bonus share for every one equity shares held (subject to approval of shareholders)," the statement added.
 
IANS
 

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Reliance Capital to divest entire stake in RBNL to Music Broadcast Limited

File photo of Anil Ambani.
File photo of Anil Ambani.
Reliance Capital and Reliance Land, a part of the Reliance Capital Group, said they had decided to divest their entire stake in Reliance Broadcast Network Limited (RBNL) to Music Broadcast Limited (MBL), which is a part of media conglomerate Jagran Prakashan Group.
 
RBNL operates under the brand name Big FM Radio network with 58 stations across India.
 
A press release from Reliance Capital, a part of the Reliance Anil Dhirubhai Ambani Group (ADAG), said MBL would initially acquire a 24% equity stake of RBNL by way of a preferential allotment for a total consideration of Rs. 202 crore and thereafter, subject to the receipt of all regulatory approvals, it will acquire all of the remaining equity stake held by Reliance Capital and Reliance Land in RBNL at a total enterprise value of Rs. 1,050 crore.
 
In addition, Reliance Capital will receive an estimated Rs 150 crore from the disposal of other assets of RBNL which do not form part of the transaction with MBL, in accordance with the regulations, it said.
 
In aggregate, the transaction will reduce Reliance Capital’s outstanding debt by an estimated Rs 1,200 crore, the release said.
 
Mr Amit Bapna, CFO, Reliance Capital said, “We are delighted to announce the asset monetization transaction with Music Broadcast Limited, a leading FM Radio broadcaster. This transaction is part of our overall strategy to reduce exposure in non-core businesses and will reduce Reliance Capital’s debt by an estimated Rs 1,200 crore. 
 
"Together with the recently announced stake sale in Reliance Nippon Asset Management for Rs 6,000 crore and other ongoing monetization plans, we expect Reliance Capital’s debt to reduce by approximately Rs. 12,000 crore (nearly 70%) in the current financial year," he said.
 
The proposed transaction is subject to regulatory and other approvals, the release said.
 
EY India is acting as the exclusive Investment Banker to the transaction, and Phoenix Legal is acting as legal advisors to Reliance Capital group.
 
NNN
 

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Sensex ends 249 pts higher led by banking stocks

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The Sensex and Nifty advanced on Monday owing to strong gains in the banking and financial stocks.
 
PSU Bank Nifty surged by 2.05 per cent after reports that the Finance Ministry is planning to launch an exchange traded fund (ETF) consisting of stocks of PSU banks and financial institutions this fiscal. 
 
Besides, Rusmik Oza, Head - Fundamental Research, Kotak Securities, told IANS that banks were expected to do well. 
 
"We expect the upcoming earning results to be strong and also the RBI may go for a rate cut in its next policy meet in order to spur growth," Oza said. 
 
The BSE Sensex ended 248.57 points or 0.63 per cent higher to 39,683.29 after touching an intra-day high of 39,821.94 and a low of 39,353.16. The Nifty advanced by 80.65 or 0.68 per cent to 11,924.75. 
 
Realty sectors stocks also closed higher by 2.18 per cent over expectations that the Narendra Modi government will focus on this sector to spur growth, said Saurabh Jain, AVP-Research, SMC Global. 
 
Shares of NTPC closed more than 3 per cent up after the state-run power giant posted a 48.7 per cent increase in its standalone net profit in Q4. 
 
Zee Entertainment closed 4.2 per cent lower ahead of its fourth quarter FY 19 earnings which were due Monday. 
 
Globally, Deepak Jasani of HDFC Securities said that most Asian markets ended in the positive led by China. European indices like FTSE, DAX and CAC traded in the green. 
 
Europian shares rose after centrists lost ground to pro-business and environmentalist groups in elections for the 28-nation bloc's parliamentary assembly, Jasani added. 
 
IANS
 

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Veteran action director Veeru Devgan dead

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Bollywood's veteran action director Veeru Devgan, father of actor Ajay Devgn, died here on Monday, family sources said. He was 85.
 
Veeru Devgan breathed his last on Monday afternoon at a hospital here due to age-related issues, according to a source.
 
Apart from directing action sequences, he had directed the 1999 film "Hindustan Ki Kasam", starring Ajay and megastar Amitabh Bachchan.
 
The funeral will be held here at the Vile Parle West Crematorium on Monday evening.
 
"Sad to know that veteran action director Veeru Devganji is no more. He was a genius in choreographing fights on the big screen when there were no facilities available. My heartfelt condolences to Ajay Devgn and the entire family," filmmaker Ashoke Pandit tweeted.
 
"RIP Veeru Devganji. A legend of Hindi cinema. Left his mark at a time when 'pure action' without VFX was the order of the day. Heartfelt condolences to Ajay Devgn and Kajol. May his soul rest in peace. Prayers are with the family," Kunal Kohli wrote.
 
IANS
 

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Equity indices open flat tracking Asian markets

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The key Indian equity indices opened on a flat note on Monday tracking a similar trend in the major Asian markets.
 
The ongoing trade concerns between the US and China continues to weigh on the investor sentiments globally, analysts said.
 
At 9.20 a.m., the BSE Sensex traded at 39,467.30, higher by 32.58 points or 0.08 per cent from the previous close of 39,434.72 points.
 
It had opened at 39,536.23 and so far touched an intra-day high of 39,538 and a low of 39,353.16 points.
 
The Nifty50 on the National Stock Exchange traded at 11,838.15, lower by 5.95 points or 0.05 per cent from the previous close of 11,844.10 points.
 
IANS

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Naresh Goyal, wife offloaded from London flight

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Former Jet Airways chief promoter Naresh Goyal and his wife Anita were offloaded from a London-bound flight and barred from leaving India this morning by immigration officials, sources said here on Saturday.
 
The duo had boarded the Emirates EK-507 flight and the aircraft was recalled after it had already reached the taxiway and preparing for take-off from Chhatrapati Shivaji Maharaj International Airport.
 
They were taken into custody by the Mumbai Airport Immigration for investigations, and the reasons for the action was not clear.
 
Despite repeated attempts, officials at Jet Airways and Emirates Airways refused to comment and details were awaited.
 
Recently, some lawmakers had demanded that the Mumbai Police should impound the passports of Goyal and other senior officials of the beleaguered airlines to prevent them from leaving the country.
 
IANS
 

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Dabholkar murder: CBI nabs Sanatan Sanstha lawyer

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In a significant development, the Central Bureau of Investigation (CBI) has arrested right-wing group Sanatan Sanstha's lawyer Sanjiv Punalekar and his aide Vikram Bhave in connection with the murder of rationalist Narendra Dabholkar, official sources said here on Saturday.
 
They will be taken to Pune and produced before a designated court which is monitoring the CBI probe in the sensational murder case.
 
Dabholkar, 67, who was chief of the Maharashtra Andhashraddha Nirmoolan Samiti (MANS), was gunned down near his residence while on a morning walk on August 20, 2013.
 
Besides Punalekar and Bhave, the CBI has so far arrested a total of five persons in connection with the murder.
 
Five years after Dabholkar's killing in August, 2018, the CBI made the first breakthrough arrest of the alleged shooters -- Sachin Andure from Aurangabad and Sharad Kalaskar -- from Palghar.
 
Following their interrogation, the name of Virendrasingh Tawde, arrested earlier in another case, came to light as the conspirator in the Dabholkar murder.
 
When contacted by IANS, the family members of Dabholkar declined to comment on the latest arrests.
 
IANS
 

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Market volatility index drops by another 15%

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The volatility index or the 'India VIX' cooled by another 15 per cent on Friday after the decisive victory in the general elections for the BJP-led National Democratic Alliance (NDA) brought cheer to investors.
 
This is the second drop in as many days. The volatility index had fallen significantly even on Thursday when it became clear that the incumbent government is going to retain power at the Centre.
 
The Volatility Index (VIX) is a measure of market expectation of volatility, or the magnitude of changes, in share prices that represent a risk. The higher the number, the higher is the risk for market participants and vice versa. 
 
The VIX, also know as the 'fear index', had touched record levels in the run-up to the elections. It saw a massive drop on Monday after exit polls pointed at Prime Minister Narendra Modi's victory, but then it surged again.
 
The VIX had touched levels not seen since 2014, climbing up to 30 on Wednesday, just a day prior to May 23 when the votes were counted.
 
The return of the incumbent government with a strong mandate is a signal that there would be stability in the policy regime. For investors, this presents the best case scenario as political uncertainty is eliminated and policy continuity is ensured.
 
IANS
 

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India’s forex reserves fall by $ 2.057 billion to $ 417.998 billion

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Reversing a three-week uptrend, India’s foreign exchange reserves dipped by $ 2.057 billion to $ 417.998 billion during the week ended May 17, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had gone up by $ 1.368 billion to $ 420.055 billion during the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had fallen by $ 2.030 billion to $ 390.197 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 23.021 billion, while its special drawing rights (SDRs) went down by $ 9.8 million to $ 1.4445 billion.
 
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 16.9 million to $ 3.3347 billion, the bulletin added.
 
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Sensex up 275 pts, Nifty above 11,700

The Sensex on Friday opened on a firm note but shed most of its gains to trade just over 275 points higher from its Thursday's close.
 
The Sensex at 11.46 a.m., was trading 275.94 points or 0.71 per cent higher at 39,087.33.
 
The Nifty was up 76.90 points or 0.66 per cent to 11,733.95.
 
On Thursday, the BJP was seen coming back to power at the Centre with the NDA led by it getting around 350 seats and the saffron party itself getting over 300 seats.
 
Analysts have said that after the election euphoria is over, markets will start focusing on the US-China trade tension and rising oil prices.
 
Besides, investors will also look for policy measures to kick-start the slowing economy.
 
"Of particular importance from a credit perspective will be the extent of the next government's efforts to improve India's weak fiscal finances," Fitch Ratings said.
 
"Fiscal consolidation stalled under the BJP in recent years, and its campaign promise to support farmers' incomes has added to spending pressure."
 
The FIIs were also net buyers on Thursday. They bought shares worth Rs 1,352.20 crore.
 
IANS
 

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