Mumbai

Sensex falls 135 points, metal companies lose

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IANS

Mumbai, July 24, 2019

Metal companies fell out of favour on Wednesday over growth concerns after the International Monetary Fund further revised down India's GDP growth rate.

Besides, investors are already in a fix over the exodus of foreign funds which has already crossed Rs 11,000 crore in the month of July till date.

The Sensex closed 135.09 points or 0.36 per cent lower at 37,847.65 from its Monday's close of 37,982.74 while the broader Nifty closed 59.75 points or 0.53 per cent to 11,271.30.

"Investors turned sellers on concerns that the economy is moving through a slowdown phase. IMF lowered GDP growth forecast by 30 bps for 2019 based on weak domestic demand outlook which fuelled a sell-off in a market where sentiment is already hurt due to tax concerns," said Vinod Nair, Head of Research, Geojit Financial Services.

Nair added that the mixed Q1FY20 results, outflow of foreign funds and weakening rupee will weigh on investor sentiments going ahead.

IANS

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Monsoon revives with full force in Mumbai

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IANS

Mumbai, July 24, 2019

After a week's lull, the monsoon revived with full force in Mumbai, coastal Konkan and other parts of Maharashtra, disrupting normal life, here on Wednesday.

Heavy rain continued to lash Mumbai since 1 a.m. and the city woke up to water-logging in many low-lying areas, flooded railway tracks and huge traffic snarls.

Office-goers and students alike were hit due to crawling traffic, while suburban trains were running late by 15-25 minutes on the Western Railway and Central Railway.

Important roads in some parts of the city and suburbs like Parel, Dadar, Wadala, Kurla, Sion, Tilak Nagar, Andheri, Santa Cruz, Khar, Goregaon, Malad and other pockets were flooded, seriously hampering traffic flow and pedestrian movement, leading to traffic diversions.

According to the BrihanMumbai Municipal Corporation Disaster Control, since midnight till 7 a.m. today, the city recorded 171.0 mm rain and suburbs notched 58.2 mm rain.

The IMD here has forecast bouts of heavy rain with intermittent showers for Mumbai, Palghar, Thane, Raigad and Ratnagiri in the next two days.

IANS

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Indian equity markets open on positive note

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IANS

Mumbai, July 24, 2019

The 30-scrip BSE Sensitive Index (Sensex) opened on a positive note on Wednesday.

The Sensex of the BSE opened at 37,990.25 points and touched a high of 38,102.94 points, and a low of 37,939.77 points.

The Sensex is trading at 38,071.11 points up by 88.37 points or 0.23 per cent from its Tuesday's close at 37,982.74 points.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 11,322.45 points after closing at 11,331.05 points.

The Nifty is trading at 11,348.75 points in the morning.

IANS

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Mumbai: Three woman doctors charged in medico suicide case

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IANS

Mumbai, July 23, 2019

Two months after the alleged suicide of government hospital doctor Payal Tadvi, the Mumbai Police on Tuesday filed a voluminous charge sheet in the case, naming three senior doctors for alleged harassment, casteist discrimination and abetment to suicide.

"The charge-sheet has been submitted to the Special Court today (Tuesday). Now, the matter will come up for hearing before Justice D. S. Naidu at the Bombay High Court on Thursday," lawyer for Tadvi's family, Gunratna Sadavarte, told IANS.

The charge sheet, running into three volumes with over 1,600 pages, has named the three prime accused medicos -- Ankita Khandelwal, Bhakti Mehare and Hema Ahuja -- the seniors of Tadvi, who are in continuous custody since then.

Earlier this month, the case took a significant turn after a purported suicide note was recovered from Tadvi's mobile phone following a forensic investigation.

Though the whereabouts of its original hard copy are not known, an image of the suicide note found on the mobile phone is included with the charge sheet.

Late in the evening of May 22, Tadvi, 26, was found hanging in her hostel room at the B. Y. L. Nair General Hospital in south Mumbai, sparking off a huge controversy.

While her family alleged that the three senior medicos were responsible for her death by harassing her on grounds of her minority tribal background, the accused have consistently denied the charges, claiming they had merely pulled her up for inefficiency in work.

Though the Agripada police initially registered an accidental death, following a complaint by the deceased's mother, Abeda Tadvi, an FIR was lodged and investigations launched.

The three accused women medicos -- Ahuja, Mehare and Khandelwal -- were absconding since the FIR was registered, but were arrested from different parts of the city on May 28-29.

According to the prosecution, the purported suicide note has clearly mentioned the names of the accused trio and at least two instances which drove Tadvi to the extreme step of ending her life.

Additionally, the charge sheet includes the statements of more than 150 witnesses including Tadvi's friends, colleagues, some medicos, hospital staffers and patients who had witnessed the three seniors doctors yelling at her.

The accused have been charged under Indian Penal Code sections pertaining to abetment of suicide and destruction of evidence, provisions of the Scheduled Castes & Scheduled Tribes (Prevention of Atrocities) and Maharashtra Prohibition of Ragging Act.

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Sensex below 38,000 for first time since Budget

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IANS

Mumbai, July 23, 2019

The BSE Sensex on Tuesday slipped below the 38,000 mark for the first time since the Budget was presented on July 5.

Prior to the Budget day, Sensex had surpassed the 40,000 mark, touching a life-time high, but Tuesday's session saw the benchmark Indian equity index closing even below the 38,000 mark.

The Sensex settled 48.39 points lower at 37,982.74 while the broader Nifty closed 15.15 points down at 11,331.05.

"Participants are wary of more turmoil in the financial space and auto space taking longer to recover in the background of slowdown in demand and regulatory changes. Hence on a day when all the other markets are in the green, Indian markets ended in the red, though marginally," said Deepak Jasani of HDFC Securities.

IANS

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Sensex in red amid heavy fund outflow

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IANS

Mumbai, July 23, 2019

The Sensex traded slightly lower amid heavy outflow of foreign funds on Tuesday and caution ahead of key quarterly results.

Monday saw the Foreign Institutional Investors (FIIs) selling nearly Rs 2,000 crore worth of stocks, the highest single day selling this month.

On Tuesday later, FMGC major Hindustan Unilever, Larsen & Toubro, Zee Entertainment are scheduled to announce their corporate earnings.

At 9.48 a.m.,the Sensex fell 20.60 points lower at 38,010.53 from its Monday's close of 38,031.13.

The Nifty traded 7.30 points lower at 11,338.90

Globally, Deepak Jasani of HDFC Securities said that expectations of policy easing by major central banks such as the Federal Reserve propped up global stocks on Tuesday.

Asian stocks, Jasani added opened modestly higher as investors braced for a busy week of US corporate earnings and potential developments in trade negotiations.

IANS

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84 saved from burning MTNL building in Mumbai

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Mumbai, July 22, 2019

The Mahanagar Telephone Nigam Limited (MTNL) building at Bandra in Mumbai, where a massive fire broke out on July 22, 2019.(Photo: IANS)

Mounting one of the biggest rescue operations in recent years, Mumbai firefighters saved a total of 84 persons trapped on the terrace and upper floors of the burning Mahanagar Telephone Nigam Ltd. exchange building at Bandra here on Monday evening.

Fireman Sagar D. Salve, 25, who was suffocated by smoke while fighting the blaze, was admitted to the Bhabha Hospital nearby and his condition is stable.

It was around 3.10 p.m., during the post-lunch period, that a massive blaze engulfed the third and fourth floors of the ground plus nine-storey building and quickly spread upwards, trapping many MTNL employees working on the upper floors.

Some MTNL staffers, who were out for lunch at that time, said they saw huge clouds of smoke billowing out of the building and immediately alerted their colleagues to move to safety.

As there was no escape route to go down, many of them did the next best thing by rushing towards the upper floors and terrace, which proved to be a life-saver for them.

Some of the trapped women wrapped their 'dupattas' around their faces to keep out smoke, while men used hand towels, as they frantically waved their hands and handkerchiefs while screaming for help from the rescue teams below.

Braving strong winds, calm firemen, using sophisticated ladders, managed to reach the terrace and rescued those trapped there, including several women. Many of those trapped there seemed dazed but had not panicked.

For the first time in the country, the Mumbai Fire Brigade also deployed its sophisticated fire-fighter robot, costing around Rs 2 crore and unveiled last week, to battle the blaze in the MTNL Building.

The fire-fighting work continued till late evening but the cause of the blaze is not known, a BMC Disaster Control official said.

The MTNL telephone exchange is located on the busy S. V. Road and as many as 31 fire tenders were rushed to fight the conflagration.

Police cordoned off traffic on the road to enable rescue vehicles rush to the tragedy site, leading to massive traffic snarls on the north-bound sectors in the evening return peak hour.

School Education Minister Ashish Shelar as well as Mayor Vishwanath Mahadeshwar and other top civic and police officials rushed to the spot to supervise the rescue operations.

This is the second major fire to shock Mumbaikars in the past 24 hours.

On Sunday, a fire raged through the third floor of Churchill Chambers in Colaba, claimed one person, while another 14 were rescued by firemen from the burning building.

Maharashtra Congress President Balasaheb Thorat criticized the government for sheer inaction which is claiming lives in building fires in the city almost daily.

IANS

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Kerala Left leader's son moves Bombay HC against FIR in rape case

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IANS

Mumbai/Thiruvananthapuram, July 22, 2019

Kerala CPI-M leader Kodiyeri Balakrishnan's son Binoy Kodiyeri on Monday moved the Bombay High Court, seeking to quash the FIR registered against him in a rape case.

The high court will now hear his petition on Wednesday.

A 33-year-old Mumbai-based woman had filed an FIR at the city's Oshiwara police station last month, alleging that Kodiyeri had sexually exploited her for several years on the promise of marriage and that they also had an eight-year-old child.

Kodiyeri, who was on the run for a few weeks, had been granted bail by a Mumbai court last month, subject to conditions that he should undergo a DNA test, while submitting himself before the police probe team every Monday for a month.

Appearing before the Oshiwara police on Monday, Kodiyeri again failed to submit his blood for the DNA test, like on the previous two occasions.

According to the complaint, the woman entered into a relationship with him while working at a dance bar in Dubai in 2008 and till 2015, he even used to send her money every month. She said she filed the FIR after coming to know that Kodiyeri was already married.

IANS

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20 rescued from burning MTNL building in Mumbai, many more trapped

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IANS

Mumbai, July 22, 2019

The Mahanagar Telephone Nigam Limited (MTNL) building at Bandra in Mumbai, where a massive fire broke out on July 22, 2019.(Photo: IANS)

At least 20 persons were rescued but scores more were still trapped as a massive fire engulfed the Mahanagar Telephone Nigam Ltd building in Bandra here on Monday afternoon, an official said.

The blaze erupted round 3.10 pm on the fourth floor of the ground-plus-nine storeyed building and started spreading upwards, trapping many working in the building.

Many MTNL employees, who were out on lunch at that time, said they saw huge clouds of smoke billowing out of the building and alerted their colleagues inside to move to safety.

As there was no way out, many of them rushed towards the terrace and could be seen frantically waving their hands and kerchiefs and screaming for help from the rescue teams below.

Braving strong winds, firemen, using sophisticated ladders, managed to reach the terrace and rescued those trapped on the terrace, including several women.

The MTNL telephone exchange is located on the busy S.V. Road and around 31 fire tenders have rushed to fight the conflagration.

Police cordoned off traffic on the road to enable rescue vehicles and ambulances rush to the tragedy site.

This is the second fire in the city in the past two days. On Sunday afternoon, one person was killed in a blaze at the Churchill Chambers building in Colaba, while 14 others were rescued safely by the fire brigade.

IANS

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Sensex down 850 pts in two days over intense FII outflow

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IANS

Mumbai, July 22, 2019

The BSE Sensex has lost over 850 points in the past two sessions as the government ruled out any possibility of a roll-back of increase in tax surcharge for the super-rich in the Budget.

Since, July 5, when the Union Budget was proposed, Foreign Portfolio Investors (FPIs) have been in a sell mode, but it intensified after Finance Minister Nirmala Sitharaman on Thursday made it clear, the super-rich tax is here to stay.

FIIs have sold of Rs 6,475.55 crore worth of stocks in June, till date, the most in a month in 2019. The selling was most intense on Thursday (Rs 1,404.86 crore) and Friday (Rs 950.15 crore) after Sitharaman dashed hopes of any relief to FPI's in her reply to debate on Budget proposals in the lower house.

Sensex finished Monday's trade 305.88 points lower at 38,031.13 while the broader Nifty closed 82.10 points lower at 11,337.15. The Sensex had shed 560 points on Friday.

Vinod Nair of Geojit Financial Services suggested further pain saying "this correction has expanded to large caps which until now were attracting FII inflows, but concerns over tax and muted Q1 results will continue to impact..."

"Market entered into a bearish phase as investors turned sellers due to concerns over extension of economic slowdown and weak corporate earnings hurting the sentiment," Nair added.

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IndiGo to expand Board to 10 members

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Mumbai, July 22, 2019

InterGlobe Aviation, the parent company of IndiGo, has decided to expand its Board of Directors up to 10 members and the expanded board will have four independent directors.

The decision comes on the backdrop of the recent feud between co-promoters Rakesh Gangwal and Rahul Bhatia, over issues of corporate governance.

"The Board of Directors of the company, at its meeting held on July 20, 2019, have decided to amend the Articles of Association of the Company for expanding the board up to a maximum of 10, including 4 independent directors. The said amendment of the articles will be subject to the approval of the shareholders at the forthcoming annual general meeting of the company," IndiGo said in a regulatory filing late on Sunday evening.

Currently, its board has six members, including the Chairman M. Damodaran, the former SEBI chief. On July 19, the company said its board has decided to seek shareholders' approval for expanding the board to enable the induction of an independent woman.

The other members on the board of InterGlobe Aviation, apart from Bhatia and Gangwal are former World Bank executive Anupam Khanna, Anil Parashar, a chartered accountant and Rohini Bhatia, the wife of Rahul Bhatia.

After the recent allegations of "collapsing" corporate governance in the company by Rakesh Gangwal, the Ministry of Corporate Affairs has sought "information or explanation" from the airline. Market regulator SEBI is also looking into the alleged governance lapses.

IANS

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Sensex sheds 300 points as equity indices open in red

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IANS

Mumbai, July 22, 2019

The key Indian equity indices opened on a negative note on Monday, with the BSE Sensex losing over 300 points.

The Nifty50 on the National Stock Exchange was also down over 100 points, continuing the bearish trend after the government tweaked the tax on "super rich" adversely impacting the foreign portfolio investors.

At 9.52 a.m., the Sensex traded at 38,021.18 points, lower by 315.83 points or 0.82 per cent from the previous close of 38,337.01

It has so far touched an intra-day high 38,333.52 and a low 37,926.54 points.

The Nifty50 traded lower by 94 points or 0.82 per cent at 11,325.25 points.

IANS

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1 killed, 14 saved from Mumbai building blaze

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Mumbai, July 21, 2019

One person was killed and another critically injured while 13 others were rescued from a fire that broke out in a four-storeyed building in Mumbai on Sunday afternoon.

According to the BrihanMumbai Municipal Corporation (BMC) Disaster Control, the fire was noticed around 12.20 p.m. on the third floor of Churchill Chambers, behind the iconic Hotel Taj Mahal in Colaba area.

Teams of fire brigade rushed to the spot and started fire-fighting operations.

The conflagration was confined to electrical wiring and installations and household furniture in an area of around 5,000 sq. feet besides the staircase of the old heritage building.

At least 14 residents, who were trapped in the intense smoke on the third floor and a loft, were rescued using fire-ladders and brought down safely.

One person, Shyam Ayyar, 54, who was injured critically, was declared dead at the GT Hospital.

Another seriously injured 50-year-old man, Yusuf Poonamwala, has been admitted to Bombay Hospital for treatment.

Five others who had inhaled the toxic fumes were given first aid and allowed to go.

One firefighter from Mandvi Fire Brigade, Bhurmal Santosh Patil, who also suffocated was administered medical aid in an ambulance.

The fire was brought under control in around three hours and cooling operations are underway.

As a precaution, police had cordoned off the busy Mereweather Road after the blaze triggered panic among the locals and tourists.

IANS

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Two women drown while swimming off Juhu Beach in Mumbai

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IANS

Mumbai, July 21, 2019

Two women, including a teenager, were drowned at the famed Juhu Beach here on Sunday evening after they went into the rough sea for a swim despite warnings, officials said.

According to the BMC Disaster Control, the incident happened around 5.45 p.m.

According to some eyewitnesses, the two allegedly disregarded warnings by locals and beach guards not to venture into the choppy sea.

Their bodies were fished out around an hour later.

According to police, they hailed from Sion suburb and had gone to Juhu for a picnic when the tragedy befell them.

They were identified as Maya Mahendra, 29, and Nisha Karanpal Singh, 16.

The Santacruz police have sent their bodies for autopsy to the Cooper Hospital.

IANS

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Indian selectors give old heads one more go for WI series

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Mumbai, July 21, 2019

Kedar Jadhav hasn't done anything wrong for his non-inclusion, said chief selector M. S. K. Prasad when announcing the squads for Indias tour of the West Indies. While he did say that the selection did show that the selectors were looking forward, the teams seemed to have the same old look with the exception of a proper number four in Shreyas Iyer. Virat Kohli is set to lead the team across formats and Jasprit Bumrah has been given a rest till the Test series as expected.

As for M.S. Dhoni, the chief selector said that while the former India skipper has made himself unavailable for the series against Windies, they are looking at grooming Rishabh Pant across all formats. In fact, Prasad went on to add that the decision to retire lies with Dhoni.

Starting with the T20I side, the batting at the top wears a similar look with Shikhar Dhawan coming back at the top. But Shreyas Iyer and Manish Pandey have been brought back in the middle-order. The spin department sees the call-up of Rahul Chahar for what has been a quality show in the Indian Premier League. The pace bowling department also has a fresh look with Khaleel Ahmed, Deepak Chahar and Navdeep Saini in the squad giving Bhuvneshwar Kumar company.

In the ODI squad, it has been the biggest surprise as Kedar Jadhav and Kuldeep Yadav have both been given another go. After a poor show in the World Cup, it was expected that the selectors would look at fresh faces, but clearly, the five wise men don't think on the same lines. Bhuvneshwar again has Khaleel and Saini for company while Mohammed Shami is back in the ODI squad after the selectors decided to rest him for the T20Is.

The Test squad also has almost the same look from the last time with most of them picking themselves and Bumrah coming back for the Test Championship. With Rohit doing well in the last series against Australia, he has also retained his place in the middle-order. Umesh Yadav has been backed as the fourth pacer behind Ishant Sharma, Bumrah and Mohammed Shami while Bhuvneshwar has missed out.

India's squad for 3 T20Is: Virat Kohli (Captain), Rohit Sharma (VC), Shikhar Dhawan, KL Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant (WK), Krunal Pandya, Ravindra Jadeja, Washington Sundar, Rahul Chahar, Bhuvneshwar Kumar, Khaleel Ahmed, Deepak Chahar, Navdeep Saini.

India's squad for 3 ODIs: Virat Kohli (Captain), Rohit Sharma (VC), Shikhar Dhawan, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant (wk), Ravindra Jadeja, Kuldeep Yadav, Yuzvendra Chahal, Kedar Jadhav, Mohammed Shami, Bhuvneshwar Kumar, Khaleel Ahmed, Navdeep Saini.

India's squad for 2 Tests: Virat Kohli (Captain), Ajinkya Rahane (VC), Mayank Agarwal, KL Rahul, C Pujara, Hanuma Vihari, Rohit Sharma, Rishabh Pant (WK) Wriddhiman Saha (WK), R. Ashwin, Ravindra Jadeja, Kuldeep Yadav, Ishant Sharma, Mohammed Shami, Jasprit Bumrah, Umesh Yadav.

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1 feared dead, 14 saved from Mumbai building blaze

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Mumbai, July 21, 2019

At least one person is feared dead, while 14 others were rescued from a fire that broke out in a 4-storeyed building in Mumbai on Sunday afternoon.

According to the BrihanMumbai Municipal Corporation (BMC) Disaster Control, the fire was noticed around 12.20 p.m. on the third floor of Churchil Chambers, behind the iconic Hotel Taj Mahal in Colaba.

Teams of fire brigade rushed to the spot and started fire-fighting operations. At least 14 residents were rescued using fire-ladders and brought down safely. One person, who was injured seriously, is feared dead, and details are awaited.

The police have cordoned off the busy Mereweather Road, after the blaze triggered panic among the locals and tourists.

IANS

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RIL Q1 consolidated net profit up 6.8% to Rs 10,104 crore

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IANS

Mumbai, July 19, 2019

Reliance Industries Ltd. (RIL) on Friday reported a 6.8 per cent increase in its consolidated net profit for the quarter ended June 30 of financial year 2019-20, on a year-on-year (YoY) basis.

Accordingly, the company's consolidated net profit (attributed to the owners of the company) during the first quarter of FY 2019-20 rose to Rs 10,104 crore, against Rs 9,459 crore reported during the corresponding period of the previous fiscal.

The company reported consolidated revenue of Rs 1,72,956 crore during the quarter under review, up 22.1 per cent from Rs 1,41,699 crore on a YoY basis.

According to the company, growth in revenue was led by sharp increase in revenue from "Digital Services and Retail business", which recorded an increase of 55 per cent YoY and 48 per cent YoY respectively.

Besides, higher refinery throughput on YoY basis, contributed to the increase in revenue for the refining business.

On a standalone basis, the RIL reported a rise of 2.4 per cent on a YoY basis to Rs 9,036 crore from Rs 8,820 crore reported during the corresponding period of the previous fiscal.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Our first quarter earnings were strong despite weak global macroeconomic environment and challenging hydrocarbon market conditions. Our downstream businesses delivered resilient performance in an environment of slower demand growth and incremental supplies".

"The performance reflects the benefits of deep refining and petrochemicals integration, chain economics and feedstock flexibility."

Ambani said the company continues to make major strides in its retail and digital services businesses led by focus on growth markets with offerings in the right product segments and compelling value proposition.

"We are pleased with the robust growth both in revenues and operating income for Reliance Retail. Our digital services business continues to transform the mobility market in India while scaling newer milestones," Ambani said.

Reliance Retail's revenue for Q1 FY20 grew by 47.5 per cent YoY to Rs 38,196 crore as against Rs 25,890 crore in the corresponding period of the previous year.

Reliance Retail operates 10,644 stores across 6,700 plus towns and cities, with an area of 23 million sq.ft.

"Rapid store expansion particularly in Tier 3 or Tier 4 markets, stronger value proposition and catchment focused assortment have been key drivers for robust growth in retail business," the company said in a statement.

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

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NetIndian News Network

Mumbai, July 19, 2019

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

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IANS

Mumbai, July 19, 2019

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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IANS

Mumbai, July 19, 2019

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

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IANS

Mumbai, July 19, 2019

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

(Our News Desk can be contacted at desk@netindian.in)

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Reality show contestant sings for 'The Lion King'

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IANS

Mumbai, July 18, 2019

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

(Our News Desk can be contacted at desk@netindian.in)

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

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IANS

Mumbai, July 18, 2019

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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IANS

Mumbai, July 18, 2019

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

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IANS

Mumbai, July 17, 2019

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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