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India’s forex reserves fall by $ 1.113 billion to $ 428.797 billion

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India’s foreign exchange reserves fell by $ 1.113 billion to $ 428.797 billion during the week ended July 12, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had risen by $ 2.232 billion to touch a record high of $ 429.911 billion during the previous week.
 
In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had dipped by $ 1.111 billion to $ 399.697 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 $ 24.304 billion, while its special drawing rights (SDR) decreased by $ 1.2 million to $ 1.450 billion.
 
India’s reserve position in the International Monetary Fund (IMF) went down by $ 1.5 million to $ 3.345 billion, the bulletin added.
 
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With no respite for FPIs, Sensex nosedives 560 pts

As the government swept aside any scope of revoking or tweaking the tax on "super-rich" adversely affecting a chunk of FPIs, a major driver of the Indian stock market, Sensex on Friday slumped over 560 points.
 
"Fear of further outflow of foreign funds is the main trigger today as the government has made it clear that the tax on the super-rich is here to stay," Siddhaart Khemka, Head of Retail Reseach, Motilal Oswal told IANS.
 
The Sensex closed 560.45 points lower at 38,337.01 while the Nifty declined by 177.65 points to 11,419.25.
 
"Pressure will be there in the near-term but FIIs will eventually return as Indian market continue to be lucrative...but all depends on the return potential. Earlier, a similar fear was there when India decided to stop P-notes (Participatory notes), the FIIs slowed in for a short time but recovered," Khemka added.
 
A total of 43 companies out of 50 on the Nifty50 stocks ended lower, with heavy selling seen in auto, pharma and banking stocks.
 
"Market slid as there was sharp sell-off by foreign funds due to Government's reluctance to tweak FPIs income tax surcharge, and the deficiency in monsoon rain, which impacted the risk sentiment," said Vinod Nair, Head of Research, Geojit Financial Services.
 
Nair added that downward revision in India's growth to 7 per cent by ADB and lacklustre earnings from domestic corporates added anxiety over premium valuation. Key heavy weights are likely to announce results next week.
 
Finance Minister Nirmala Sitharaman on Thursday did not offer any respite to the Foreign Portfolio Investors and said that tax on the 'super-rich' will not lead to a flight of FPIs.
 
FPIs have pulled out over Rs 5,000 crore in the month of July till date, the highest outflow markets have seen in 2019, in reaction to the Budget tabled on July 5.
 
IANS
 

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Karnataka Congress MLA still in Mumbai hospital

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Karnataka Congress MLA Shrimant Balasaheb Patil, who had to be admitted to a government hospital on Thursday after he complained of chest pain, continues to be in a hospital, a top official said here on Friday.
 
Sir J. J. Hospitals Dean Dr. Ajay Chandanwale told IANS that the legislator has been examined by the cardiologists of the St. George Hospital and they have advised him complete rest.
 
Patil, 64, arrived here from Bengaluru by bus to join the group of rebel Congress-Janata Dal-Secular (JD-S) legislators currently holed up in a Mumbai hotel since the past nearly two weeks.
 
After alighting at Dadar, Patil complained of chest pain, uneasiness, headache and nausea and was taken to the Sanjeevani Hospital nearby. On examination, the legislator was referred to the government-run St. George's Hospital.
 
To senior Congress leader and Karnataka Minister D. K. Shivakumar's charge that Patil had been abducted, the MLA shot back that he wasn't. "I am unwell and in hospital, but will return to Bengaluru after recovering," he said.
 
IANS
 

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Sensex down 226 pts, Nifty at 11,513

The Sensex and the Nifty fell after opening higher on Friday, dragged by auto and PSU Bank stocks.
 
At 10.21 the benchmark Sensex traded 226.73 points lower at 38,670.73 after opening at 39,058.73. On Thursday it closed at 38,897.46.
 
The broader Nifty traded 83.70 points lower at 11,513.20.
 
Meanwhile Foreign Institutional Investors continued to be in sell mode, offloading Rs 1,404.86 crore worth of shares on Thursday.
 
Domestic Institutional Investors bought Rs 329.05 crore worth of shares on Thursday.
 
IANS
 

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Reality show contestant sings for 'The Lion King'

Sneha Shankar (Photo: IANS)
Sneha Shankar (Photo: IANS)
"Superstar Singer" contestant Sneha Shankar says she enjoyed the whole experience of lending her voice to the Hindi version of "The Lion King" and also singing with one of her favourite singers -- Armaan Malik.
 
"I have sung two beautiful songs for Disney's big project 'The Lion King'. 'Main banoon raja aaj hi (solo) and 'Hakuna matata' (duet) are the songs which I have sung for the movie's lead character, Simba," Sneha told IANS.
 
For her, it was a great experience working on these compositions. 
 
"The best part was that the visuals were also played while dubbing of the song was on. I enjoyed the whole experience and I also have a duet song with one of my favourite singers Armaan Malik. I am singing for Simba's younger version in the song. When he gets older, Armaan takes over. Glad to be a part of such a massive project," said the young singer.
 
Sneha is among the top 16 contestants of "Superstar Singer".
 
"It is a platform where I'll be able to grow and promote my talent. I am glad that I am now in top 16. There are so many other good singers out there and I'll be getting more chances in the future to show my singing skills and versatility," she said.
 
IANS

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Sensex ends below 38,900 after sharp sell-off in final hour

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Amid weak global cues, Sensex closed 318 points lower on Thursday after a sharp sell-off during the final hour of the trade.
 
Investors showed least interest in the auto companies and public sector banks (PSBs). The Nifty PSU Bank index closed over 3 per cent lower while the Nifty auto index fell by 2.74 per cent.
 
The Sensex closed 318.18 points or 0.81 per cent lower at 38,897.46. It had opened at 39,204.47, nearly flat from its previous close of 39,215.64.
 
The broader Nifty also declined by 90 points or 0.78 per cent to 11,596.90.
 
"Global central banks, including the RBI, are cutting their rates to support the economy. However, the markets are not yet convinced given the weak demand scenario, extension in trade war and lack of revival in corporate earnings," said Vinod Nair, Head of Research, Geojit Financial Services.
 
Nair added that FIIs are on a risk-off mode, while domestic mutual funds are providing marginal support in the market.
 
Investors punished Yes Bank for weak quarterly numbers, as it hit its lowest level in 52 weeks, before closing 12.85 per cent lower at Rs 85.80 apiece.
 
Markets also reacted to Allahabad Bank's statement which said that the lender has been defrauded of Rs 688.27 crore by SEL Manufacturing Ltd (SELM), days after the bank reported a fraud by Bhushan Power and Steel.
 
Also, Punjab and Sindh Bank in a regulatory filing on Wednesday said that it has been defrauded of Rs 238.30 by Bhushan Power and Steel. 
 
IANS
 

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Sensex opens flat, Yes Bank tanks 10%

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The Sensex traded slightly lower after opening on a flat note on Thursday.
 
At 10.14 a.m., the Sensex was trading 55.45 points lower at 39,160.19. It opened at 39,204.47 from its Wednesday's close 39,215.64.
 
The Nifty was trading 20.10 points lower at 11,667.40.
 
Yes Bank was the top loser, down over 10 per cent on the BSE after poor quarterly numbers announced on Thursday.
 
Care Rating was down over 4 per cent after the company decided to place Rajesh Mokashi, Managing Director & CEO of CARE, on leave, with immediate effect.
 
This is the second rating agency head after ICRA's Naresh Thakkar to be send on "leave" after an anonymous complaint to SEBI, the market regulator alleged that there were lapses in ratings.
 
Several rating agencies had given high rating to IL&FS when the ground reality of the company was far from being in good shape.
 
IANS
 

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Sensex ends 85 points higher, Nifty closes above 11,680

The Sensex and the Nifty on Wednesday advanced for the third successive day despite US President Donald Trump saying that a hike in tariffs on Chinese products is still an option.
 
The Sensex closed 84.60 points higher at 39,215.64, while the Nifty closed 24.90 up at 11,687.50.
 
"The market was range bound while Bank Nifty outperformed in expectation of transfer of RBI reserves to the government. Q1FY20 is unlikely to provide cheer to the investors due to risk of downgrade in FY20 earnings given the muted expectation," said Vinod Nair, Head of Research, Geojit Financial Services.
 
Nair added that the finance and cement sectors are expected to be strong performers, while auto, metal and oil and gas sectors are likely to underperform due to weak consumer demand, lower realisations and slowdown in the global economy.
 
Spice Jet closed nearly 8 per cent higher at Rs 141.95 apiece, while private lender Yes Bank shed over 5 per cent to end at Rs 98.45 ahead of its quarterly results.
 
DCB Bank shares closed down 16.3 per cent after the lender reported dismal set of earnings for the quarter ended June 2019. Fall in credit growth, elevated provisions and weak asset quality with rising slippages hit earnings in the June quarter.
 
Resurgent trade tensions, concern over the outlook for corporate America and the growing risk of a chaotic Brexit in the United Kingdom dampened appetite for equities on Wednesday while keeping alive interest in the dollar and government bonds, said Deepak Jasani of HDFC Securities.
 
IANS
 

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LTI to acquire advanced analytics firm Lymbyc

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IT services company Larsen & Toubro Infotech Ltd (LTI) today said it had signed a definitive agreement to acquire Lymbyc, a specialist AI, machine learning, and advanced analytics company. 
 
The acquisition would further strengthen LTI’s fast-growing digital and analytics offerings, a press release from the company said.
 
Founded in 2012, Lymbyc is headquartered in Bengaluru and has customers in the USA, UK, Africa, and India. 
 
"The company is well recognized for its unique capabilities in analytics and data-sciences space. The core of Lymbyc’s capabilities are centred around a proprietary product, Leni, which solves for the entire spectrum of descriptive to predictive business insights, leveraging deep learning, Natural Language Processing, data visualization and predictive analytics. Leni is a virtual analyst that allows users to conversationally access information and insights.
 
"With growing dependence on data, global enterprises need to be better at data discovery, agile analytics, and the ability to process large datasets. Lymbyc’s expertise in these spheres will enhance LTI’s Mosaic platform to provide differentiated analytics solutions in a SaaS model," the release said.
 
Sanjay Jalona, Chief Executive Officer & Managing Director, LTI, said: “We believe self-service capabilities for AI and advanced analytics will be the next wave of disruption in the marketplace, and Lymbyc brings this capability to our Mosaic platform. Leni by Lymbyc is an industry-agnostic platform that solves business user’s need for experience, speed, and comprehension. I welcome Lymbyc’s experienced management team and all its employees to the LTI family.”
 
Satyakam Mohanty, founder & CEO, Lymbyc  said: “As a strategic business partner of LTI during last year, we have seen first hand how LTI is leading data and digital transformation agenda for its clients. With AI becoming increasingly mainstream, we are excited to join hands with LTI and to help a larger and richer set of clients. Leni, our AI-based Virtual Analyst is perfectly suited to deliver better value to business users and maximize their information and analytics investments.”
 
LTI and Lymbyc have been strategic partners for the last one year, and have collaborated to deliver unique solutions to several leading global enterprises.
 
Lymbyc is the fifth acquisition by LTI since the company got listed in 2016. Earlier this year, the company acquired Ruletronics, a boutique Pega Consulting company, and N+P (Neilsen+Partner), a Temenos Wealthsuite specialist.
 
LTI is a subsidiary of infrastructure major Larsen & Toubro. 
 
Lymbyc (previously known as Ma Foi Analytics) was founded in 2012 to build a robust analytical product that melded advanced technology, and strong data science and insights foundations, to empower the business leader at the point of decision making. 
 
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Sensex opens tad higher as Wipro, Yes Bank, Mindtree results awaited

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The Sensex on Wednesday opened slightly higher above the 39,000-mark as the results of several corporate biggies were awaited.
 
Corporate earnings of companies like Yes Bank, Wipro and Mindtree will be announced later in the result-heavy day.
 
At 9.17 a.m., the Sensex was down 45.84 points at 39,085.20, while the broader Nifty was at 11,661.10, down 1.50 points.
 
The BSE Sensex opened at 39,171.10, slightly higher from its previous close of 39,131.04.
 
On Tuesday, Foreign Institutional Investors (FIIs) sold Rs 444.99 crore worth of shares.
 
IANS

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10 killed, 10 injured in Mumbai building crash

At least 10 people, including four women and an infant, were killed when a four-storeyed residential building came crashing down in south Mumbai while 10 injured persons were rescued from the debris, BMC Disaster Control officials said.
Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
At least 10 people, including four women and an infant, were killed when a four-storeyed residential building came crashing down in south Mumbai while 10 injured persons were rescued from the debris, BMC Disaster Control officials said.
 
Another 10-odd families are still believed trapped under the rubble of the Kesarbai Building in Dongri area after its rear illegal portion came crashing down around 11.30 a.m.
 
Those killed been identified as Sabiya Nissar Shaikh, 25, Saira Rehan Shaikh, 25, K. Amirajan, 13, Sanaa Salmani, 25, Zuber Salmani, 20, Abdul Sattar Kaloo Shaikh, 55, Muzammil Mansoor Salmani, 15, Javed Ismail, 34, Arhan Shehzad, 40, and toddler Ibrahim, 18 months, said a BMC spokesperson.
 
Chief Minister Devendra Fadnavis ordered a probe into the building crash and assured strict action against those found guilty.
 
Opposition leaders like Vijay Wadettiwar, Prithviraj Chavan, Naseem Khan, Ashok Chavan, Milind Deora (Congress), Dhananjay Munde, Majeed Memon, Jayant Patil and Nawab Malik (Nationalist Congress Party), and Abu Asim Azmi (Samajwadi Party) among others lashed out at the government for lapses leading to the tragedy.
 
They demanded a detailed investigation into the causes leading to the accident, identifying the culprits and booking them under charges of culpable homicide not amounting to murder.
 
Meanwhile, an RTI activist said that the name of the dilapidated structure, is mysteriously omitted from a comprehensive list of 499 "dangerous" buildings prepared by the BrihanMumbai Municipal Corporation (BMC).
 
"The BMC, as per the directions of the Bombay High Court, had compiled the list of the dilapidated buildings, which we secured through an RTI reply. Shockingly, Kesarbai Building's name is not mentioned anywhere in the list," Shakeel Ahmed Sheikh told IANS.
 
Later on Tuesday evening, the Maharashtra Housing and Area Development Authority's (MHADA) chief spokesperson Vaishali Gadpale cleared the air on the building's status.
 
In a statement, she said that the main dilapidated structure, Kesarbai Building 25/C was completely evacuated by the MHADA last year and the building which collapsed on Tuesday "was the illegal rear portion of this building which is not within the purview of the Mumbai Building Repair & Reconstruction Board".
 
Earlier in the day, MBRRB Chairman Vinod Ghosalkar had said that the dilapidated structure, believed to be over 80 years old, had been handed over for redevelopment to B.S.B. Developers, which has not yet started the work.
 
"This is a serious matter and we shall investigate why the redevelopment work was not initiated, what caused the delays and take appropriate action against those responsible," Ghosalkar told IANS.
 
Those rescued from the debris include five women, three men and two children aged 3 years each. They are being treated at various hospitals and the two minor males were discharged after treatment.
 
As a precautionary measure, the police evacuated all residents of an adjoining building and shifted them to a nearby school to facilitate the relief works.
 
However, narrow approach roads, huge crowds and thickly populated surroundings, besides continuous VVIP movements to the site, affected rescue operations.
 
IANS
 

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Is it a turning point for Yes Bank?

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It has mostly been downhill for the country's fourth-largest private lender Yes Bank since April 26, when it reported its first-ever financial loss in the March quarter.
 
Since the quarterly results, bank's shares have declined over 50 per cent owing to numerous issues among which corporate governance has been a major overhang, but on Tuesday, it jumped by 11 per cent.
 
Yes Bank saw a sharp surge, closing over 11 per cent higher, just a day ahead of its June quarter results and over "speculation" of fresh capital infusion by a US-based private equity investor.
 
"If the rumours that 4 private equity firms have showed interest for major stake in the private sector lender are true, this stock which is currently trading Rs 103 apiece can go up to Rs 160 in a few months, but if it is not, more stress on the stock is possible as they are cash hungry right now," said Deepak Jasani of HDFC Securities.
 
"The Rs 100 level is to be watched," Jasani added.
 
In a regulatory filing, however, the company said it "as a matter of policy, the bank would not like to comment on such speculation".
 
"The Bank in ordinary course of its business continues to explore various means of raising capital or funds through issuance of securities to a diverse set of investors...," the company said.
 
The bank's board had approved an up to $1 billion equity capital raising plan, which once complete, will help improve loss absorbing buffers while supporting asset growth, Moody's had said. 
 
In late January 2019, the bank appointed Ravneet Gill as its managing director and CEO, after the Reserve Bank of India restricted the bank's founder and longtime managing director and CEO, Rana Kapoor's term until January 2019.
 
Moody's had pointed out that the bank's loss was driven by higher credit costs for nonperforming loans (NPLs) and the creation of a contingent provision against a pool of identified stressed assets. 
 
"We estimate that the bank's overall stressed assets are about 8% of its gross loans," Moody's investor service had said.
 

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7 killed, 10 injured in south Mumbai building collapse

At least seven people, including three women, were killed as an old, four-storeyed residential building collapsed in south Mumbai on Tuesday while eight injured persons were rescued from the debris, BMC Disaster Control officials said.
Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
At least seven people, including three women, were killed as an old, four-storeyed residential building collapsed in south Mumbai while eight injured persons were rescued from the debris, BMC Disaster Control officials said here.
 
Another dozen odd families are still believed trapped under the rubble of the Kesarbai Building in the Dongri area.
 
Those killed been identified as Sabiya Nissar Shaikh, 25, Saira Rehan Shaikh, 25, K. Amirajan, 13, Abdul Sattar Kaloo Shaikh, 55, Muzammil Mansoor Salmani, 15, Javed Ismail, 34, and Arhan Shehzad, 40, said a police spokesperson.
 
Chief Minister Devendra Fadnavis ordered a probe into the building crash and assured strict action against those found guilty.
 
Opposition leaders like Vijay Wadettiwar, Prithviraj Chavan, Ashok Chavan (Congress), Dhananjay Munde, Majeed Memon, and Nawab Malik (Nationalist Congress Party), and Abu Asim Azmi (Samajwadi Party) lashed out at the government for lapses leading to the tragedy.
 
They unitedly demanded a detailed investigation into the causes leading to the accident, identifying the culprits and booking them under charges of culpable homicide not amounting to murder.
 
Meanwhile, an RTI activist said that the name of the dilapidated structure, is mysteriously omitted from a comprehensive list of 499 "dangerous" buildings prepared by the BrihanMumbai Municipal Corporation (BMC).
 
"The BMC, as per the directions of the Bombay High Court, had compiled the list of the dilapidated buildings, which we secured through a RTI reply. Shockingly, Kesarbai Building's name is not mentioned anywhere in the list," Shakeel Ahmed Sheikh told IANS.
 
Later on Tuesday evening, the Maharashtra Housing and Area Development Authority's (MHADA) chief spokesperson Vaishali Gadpale cleared the air on the building's status.
 
In a statement, she said that the main dilapidated structure, Kesarbai Building 25/C was completely evacuated by the MHADA last year and the building which collapsed on Tuesday "was the illegal rear portion of this building which is not within the purview of the Mumbai Building Repair & Reconstruction Board".
 
Earlier in the day, MBRRB Chairman Vinod Ghosalkar had said that the dilapidated structure, believed to be over 80 years old, had been handed over for redevelopment to B.S.B. Developers, which has not yet started the work.
 
"This is a serious matter and we shall investigate why the redevelopment work was not initiated, what caused the delays and take appropriate action against those responsible," Ghosalkar told IANS.
 
Among those rescued from the debris include a woman, two men and a child, who are being treated at various hospitals.
 
As a precautionary measure, the police evacuated all residents of an adjoining building and shifted them to a nearby school to facilitate the relief works.
 
However, narrow approach roads, huge crowds and thickly populated surroundings, besides continuous VVIP movements to the site, affected rescue operations.
 
IANS
 

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BCCI invites applications for coach's job, current staff to get automatic entry

The Board of Control for Cricket in India (BCCI) today invited applications for the positions of head coach and batting, bowling and fielding coaches, as well as support staff for the senior India men's team.
 
The current coaching staff of Team India, led by head coach Ravi Shastri, will get an automatic entry into the recruitment process, a press release from BCCI said.
 
The release called upon interested candidates to apply for the positions of Head Coach, Batting Coach, Bowling Coach, Fielding Coach, Physiotherapist, Strength and Conditioning Coach and Administrative Manager.
 
Interested candidates should send their application(s) on or before July 30, 2019 by 5 pm to recruitment@bcci.tv, the release said.
 
"The current coaching staff of Team India (Senior Men) will get an automatic entry in the recruitment process," the release said, adding that the decision of the BCCI for the positions owuld be final and binding.
 
Entire details of eligibilities and criteria for the mentioned posts can be found here.
 
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Sensex ends 234 pts higher, Yes Bank gains 12%

Recovery in auto stocks and earning optimism over select stocks drove the markets higher for the second day in a row.
 
Sensex extended gains after opening a tad higher and ended Tuesday's session 234.33 points higher at 39,131.04 while the broader Nifty closed at 11,661.05, gaining 72.70 points.
 
Private lender, Yes Bank jumped by 12 per cent on the BSE over reports that the company is set to get capital infusion from a US-based private equity investor. However, the company termed it "speculative".
 
Most IT companies except for Infosys closed with losses, led by Tata Consultancy Services which declined by 1.67 per cent on the NSE. Mindtree shed 1.18 per cent while Oracle Financial Services Software, Wipro and HCL Tech fell up to 1 per cent.
 
"A slew of positive vibes from heavyweights ahead of earnings and lower domestic yield supported the market while profit booking on IT stocks & weak rupee limited gains,"said Vinod Nair, Head of Research, Geojit Financial Services .
 
"Sharp fall in domestic 10 year yield to 6.34 per cent and accommodative stance of RBI provides a hope for further monetary easing," Nair added.
 
IANS
 

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Arbaaz to make Malayalam debut in Mohanlal film

Arbaaz Khan (File photo: IANS)
Arbaaz Khan (File photo: IANS)
Arbaaz Khan is now looking at Malayalam cinema for interesting roles. The actor is all set to make his Malayalam debut with "Big Brother", alongside the iconic Mohanlal. He will start shooting for the film at the end of July.
 
"I am very excited about my Malayalam debut with Mohanlal sir. The film is directed by Siddique sir. I feel it's a once-in-a-lifetime opportunity for me and I am so excited about it," he said.
 
"I am going to start shooting the film at the end of this month. I feel good things are happening with me so, I am enjoying this phase of my life," he said, interacting with the press on the sets of the upcoming film, "Sridevi Bungalow". 
 
Talking about his role in "Sridevi Bungalow", Arbaaz said: "I play myself in the film because the director and producer wanted an actor to play himself in the script. So, it's a guest appearance but an interesting one," he revealed.
 
"Big Brother" might release in October. Siddique has in the past directed Arbaaz's brother Salman Khan in "Bodyguard".
 
IANS
 

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Two killed in Mumbai building collapse, many more feared trapped

Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
At least two people were killed and five others injured after a four-storeyed building collapsed here, officials said, adding that 12 other families were still trapped in the debris.
 
The Kesarbai Building in south Mumbai's Dongri area collapsed at around 11.30 a.m.
 
However, Mumbai Building Repairs and Reconstruction Board (MBRRB) Chairman Vinod Ghosalkar said at least 12 people were dead. But this claim has not been officially verified.
 
He said that the dilapidated structure, believed to be over 80 years old, had been handed over for redevelopment to B.S.B. Developers, which has not yet started the work.
 
"This is a serious matter and we will investigate why the redevelopment work was not initiated, what caused the delays and take appropriate action against those responsible," Ghosalkar told IANS.
 
Among those rescued include a woman, two men and a child, who are being treated at various hospitals.
 
Locals said at least 12-15 families buried under the rubble are awaiting help.
 
Opposition leaders including Congress' Bhai Jagtap and Nationalist Congress Party's Majeed Memon criticized the state government's failure to identify dangerous buildings and take measures to vacate them since such tragedies occur during monsoons.
 
Kesarbai Building, which belongs to the Maharashtra Housing and Area Development Authority, also housed a catering business on the ground floor.
 
As a precautionary measure, the police evacuated an adjoining building.
 
The Fire Brigade, police and disaster management teams have rushed to the site and launched rescue operations, while the NDRF reached there and joined them.
 
Narrow approach roads, huge crowds and thickly populated areas hampered rescue operations.
 
IANS

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Minor rescued, many feared trapped in Mumbai building collapse

Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
A minor was rescued on Tuesday after a four-storeyed building collapsed here, officials said, adding that at least 40-50 people were still feared trapped in the debris.
 
The Kesarbai building in Dongri area collapsed at around 11.30 a.m.
 
Locals said at least 12-15 families buried under the rubble were awaiting help.
 
The building, which belongs to the Maharashtra Housing and Area Development Authority, also housed a catering business on the ground floor, they said.
 
The Fire Brigade, police and disaster management teams have rushed to the site and launched rescue operations, while the NDRF was expected to reach there shortly.
 
Narrow approach roads, huge crowds of onlookers and thickly populated areas hampered rescue operations.
 
IANS
 

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Mumbai building collapses, many feared trapped

Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
Rescue operations underway at Kesarbai building - a four-storeyed building that collapsed in south Mumbai's Dongri area with at least 50 people feared trapped in the debris on July 16, 2019. (Photo: IANS)
A four-storey building collapsed in south Mumbai's Dongri area on Tuesday, with at least 50 people feared trapped in the debris, a BMC Disaster Control official.
 
The Kesarbai building collapsed at around 11.30 a.m.
 
The Fire Brigade, police and disaster management teams have rushed to the site and launched rescue operations.
 
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Founder of Dalit Panthers Raja Dhale dead

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Well-known author Raja Dhale, who was one of the founders of the Dalit Panthers in 1972, passed away here early on Tuesday, family sources said. 
 
He was 79. He breathed his last around 5 a.m. at his home in Vikhroli here. 
 
The author is survived by his wife Deeksha and daughter Gattha.
 
On Wednesday morning, Dhale's mortal remains shall be taken out in a procession from Vikhroli to Dadar where the last rites shall be performed at the Chaityabhoomi Crematorium.
 
Renowned for his firebrand oratory and literary works, he had unsuccessfully contested the 1999 and 2004 Lok Sabha elections from the Mumbai North-East constituency.
 
Top Dalit leaders, including Union Minister of State Ramdas Athawale expressed grief over Dhale's demise and paid glowing tributes to the leader for his contributions to the Ambedkarite movement in the country.
 
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RBI imposes penalty of Rs. 7 crore on State Bank of India

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The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs. 7 crore on the State Bank of India (SBI), the country's largest lender, for non-compliance with various directions issued by it.
 
The directions related to Income Recognition and Asset Classification (IRAC) norms; code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC); and fraud risk management and classification and reporting of frauds, a press release from the central bank said.
 
"This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act)," the release said.
 
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," it said.
 
According to the release, the statutory inspection of the bank with reference to its financial position as on March 31, 2017 revealed, inter alia, non-compliance with directions issued by RBI on IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds. Based on the inspection report and other relevant documents, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by RBI. 
 
After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty, the release added.
 
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Ashok Leyland shuts down Pantnagar plant for nine days due to weak demand

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Ashok Leyland, the flagship of the Hinduja group and the second largest manufacturer of commercial vehicles in India, today announced a nine-day shutdown of its plant at Pantnagar in Uttarakhand from tomorrow due to weak demand.
 
"The company's plant situated at Pantnagar will remain closed from July 16, 2019 to July 24, 2019 (both days inclusive), owing to weak demand and outlook for the industry," the company said in a filing to the stock exchanges.
 
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Sensex ends 160 points higher, Infosys at all-time high

Strong gains by index major Infosys and Sun Pharma aided the BSE Sensex in advancing over 160 points on Monday.
 
Infosys hit its all-time high level with a 7.2 per cent gain on the back of strong numbers in its quarterly results while Sun Pharma advanced by 3.61 per cent.
 
The S&P BSE Sensex closed 160.48 points, or 0.41 per cent higher, at 38,896.71 before hitting an intra-day high of 39,023.97 and a low of 38,696.60. It opened at 39,009.95 over 250 points higher from its Friday's close of 38,736.23.
 
"Liquidity issue in the domestic market and weak economic data in China put pressure on the market. Green shoots from earnings lifted the sentiment of IT sector while ease in WPI inflation (June) to 2.02 per cent added some cheer in the market," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
 
"Q1 results announced so far have been mixed and going forward is expected to be subdued in nature," he added.
 
DHFL closed 29.15 per cent lower at Rs 48.50 apiece after the company reported a net loss of Rs 2,223 crore for the fourth quarter (Q4) of 2018-19 over the weekend.
 
In reaction to the Rs 1,774.82 crore Bhushan Power & Steel Ltd (BPSL) fraud that Allahabad Bank reported in the weekend, its scrip closed 7.74 per cent lower at 43.50, after it fell as much as 14.53 per cent.
 
China's second quarter annual GDP growth rate fell to a 27-year low of 6.2 per cent as expected, but its quarterly growth reading of 1.6 per cent was ahead of forecasts and June reports on industrial production, retail sales and urban investment were also well above expectations, Deepak Jasani of HDFC Securities said.
 
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Rebel Karnataka MLAs make second complaint in five days about threats

Congress and JD-S MLAs who submitted their resignations to the Karnataka Assembly Speaker, meet Governor Vajubhai Vala at Raj Bhawan in Bengaluru on July 6, 2019. (Photo: IANS)
Congress and JD-S MLAs who submitted their resignations to the Karnataka Assembly Speaker, meet Governor Vajubhai Vala at Raj Bhawan in Bengaluru on July 6, 2019. (Photo: IANS)
A group of 14 rebel Karnataka legislators lodged in a Mumbai deluxe hotel on Monday once again complained to the police of "threats" from top Congress leaders. This is the second such development in five days.
 
In a letter to the Senior Inspector (Head) of Powai Police Station, the 14 -- who described themselves as "Respected Members of Karnataka Assembly" -- have also said that they had no intention of meeting Congress' leaders like Mallikarjun Kharge or Ghulam Nabi Azad or any other Congressman from either Maharashtra or Karnataka.
 
They urged the police to prevent these leaders from approaching them as they "anticipate" serious threats from them at the Hotel Renaissance, where they are staying.
 
They have sent copies of their plea to the Deputy Commissioner of Police, Zone 10 and the security and management of the hotel.
 
However, the latest letter bears no date or acknowledgement stamp from the concerned police station. Although it mentions the names of all legislators present, at least four have not signed it.
 
The signatories on the letter include: Shivram Hebbar, B.C. Patil, Muniratnam, R. Shankar, H. Nagesh, Pratap Patil, Gopalaiah, Ramesh J., Somshekar and Basavaraja.
 
The four MLAs whose signatures are missing against their names are: Mahesh K., Vishwanath, Narayan Gowda and M.T.B. Nagraj.
 
On July 9, a group of around a dozen rebel lawmakers had written a similar letter to the Mumbai Police refusing to meet Karnataka Minister and senior Congress leader D.K. Shivakumar and others, who arrived here to resolve the ongoing political crises in that state last Wednesday.
 
After a day of high drama Shivakumar, his ministerial colleague, two legislators and Maharashtra Congress' Naseem Khan, Milind Deora and others were detained for several hours.
 
The matter also reverberated in a big way in Parliament with heated exchanges between the Opposition and the government on that day.
 
Later that night, Shivakumar and the Karnataka leaders were 'deported' to Bengaluru and the police have since clamped prohibitory orders in the hotel's vicinity in suburban Powai.
 
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Sensex opens above 39K, Infosys up 5.85%

The BSE Sensex opened above the 39,000-mark on Monday, advancing on the back of gains made by IT major Infosys over its strong quarterly earnings.
 
Infosys was the top gainer during the early trade, with over 5 per cent gain as the benchmark index, Sensex, at 10.12 a.m. was trading 106.62 points higher at 38,842.85.
 
The Sensex opened over 250 points higher on Monday after one of the poorest weeks of trade after the Budget failed to cheer investors' sentiments.
 
In just 6 sessions since the Union Budget was proposed, FIIs offloaded Rs 2,937.53 crore worth of shares, as it proposed a higher surcharge on the super-rich impacting most FPIs.
 
The Sensex opened at 39,009.95 from its previous close of 38,736.23 on Friday while the broader Nifty also was up by 16.90 points or 0.15 per cent at 11,569.40.
 
The Allahabad Bank fell over 11 per cent during the early trade after the bank said it has been defrauded of Rs 1,774.82 crore by Bhushan Power & Steel Ltd (BPSL).
 
The troubled Housing lender DHFL hit the lower circuit after poor quarterly results following several dafaults and downgrades.
 
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