Share Market Tips and Updates

The country's onion production is expected to remain flat at 23.28 million tonnes in the 2018-19 crop year that ended in June, according to the agriculture ministry's latest estimate. While potato output is projected to be higher by 3.4 percent at 53.03 million tonnes, tomato production is seen to be lower 1.8 percent at 19.39 million tonnes in the said period, it said. Overall vegetable production is estimated to be around 185.88 million tonnes, higher than 184.39 million tonnes achieved last year, it added. In Delhi's Azadpur agricultural market, good quality onion is selling at Rs 30-40 a kg and in retail, Rs 50-60 a kg. On Wednesday, 57 trucks of onion (about 1,200 tonnes) arrived at the Azadpur agriculture market. On Tuesday, only 37 trucks had arrived.  According to traders at the mandi, anything less than 70 trucks will create onion demand-supply gap and increase the price. At the benchmark Lasalgaon mandi of Nasik (Maharashtra), Asia's larges...

Shares of India’s major private sector lender Yes Bank slumped on Wednesday morning, despite media reports that the bank’s board is mulling a $1.2 billion fundraiser. According to a report by ET Now, Yes Bank’s board of directors are likely to meet soon on Friday to discuss a mega fundraiser, CNBC TV18 reported citing sources.   The equity infusion will be subject to shareholder approval. The development comes after Yes Bank raised Rs 1,930 crore through Qualified Institutions Placement (QIP) route last week. It allotted 23.1 crores equity shares to eligible qualified institutional buyers at Rs 83.55 per share. “The downgrade of Yes Bank's ratings takes into account of the lower than expected amount of capital raised by the bank recently; and the risk that the substantial decline in the bank's share price will challenge its ability to raise sufficient capital to maintain the rating at its previous level”, Moody’s said in rating rational. Furthermore, Moody...

Govt considers exempting foreign investors from super-rich tax: Report Government finalizing a package to reverse the economic slowdown: Report Finance Minister Nirmala Sitharaman will hold a press briefing at 5 pm today India may soon roll back an additional levy on foreign funds and announce other measures to boost economic growth, a government official said in comments that helped the stock and currency markets reverse losses.  Finance Minister Nirmala Sitharaman will hold a press briefing at 5 pm today, a government spokesman said, amid expectations that the government would announce steps to revive economic growth. Indian markets are down about 10% from their June highs after Finance Minister Nirmala Sitharaman announced higher surcharge on FPIs, who have sold Indian stocks (net) worth over $3 billion over last two months. Finance Minister Nirmala Sitharaman had proposed increasing the effective tax rate on individuals with a taxable annual income of abo...

Precious metals continue to shine - Gold and silver prices have been on a rise since August 1 in a consistent manner. The current increase, in the prices of these metals, is a record increase of past two years; and such a strong sentiment was witnessed last time in 2017. This hike in prices has made these metals less popular among the local buyers. Customers have either postponed buying gold jewelry or have limited it to exchanging their old jewelry for new. The Indian government had raised the import duty of gold from 10 percent to 12.5 percent in the recently announced budget, which further shook the spirit of gold buyers. Coal India shares fall 4% - Shares of government-owned Coal India fell 4 percent intraday after Power Secretary Subhash Chandra Garg said there is a need to award five coal blocks of 100 million tonne capacity to big private companies. At 1:28 PM, Coal India shares were trading at Rs 181.15 per share, 7.60 points lower than the last close. The sha...

The Income Tax Department August 20 conducted searches at offices of Oberoi Realty and its vendor Capacite Infraprojects to probe suspicious fund trails in the companies. Confirming the development, a senior official of I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi. The department also suspected a difference between the sale price of housing units shown on the books and the registered prices. "There was suspicion on related party transaction within Oberoi. The I-T department also suspects a difference between the sale price of housing units shown on the books and the registered prices," a senior official of the income tax department was quoted by Moneycontrol. The report added that since Oberoi Realty deals in the luxury home segment, the department suspects Benami transactions by flat buyers to hide their identities. Capacite Infra is one of the largest vendors of Oberoi Realty and recently secured Rs 400 crore-...

RBI cuts repo rate by 35 bps to 5.40%, reduces FY20 growth forecast to 6.9% The Reserve Bank of India's (RBI's) monetary policy committee (MPC) on Wednesday decided to reduce the repo rate by 35 basis points (bps) to 5.40 percent to help revive the economy. It was the fourth straight rate cut by the central bank in 2019. The marginal standing facility (MSF) rate and the Bank Rate has been adjusted to 5.65 percent. Closing Bell: Sensex, Nifty Resume Declines After RBI's Fourth Rate Cut This Year Indian equity benchmarks ended lower after Reserve Bank of India lowered the benchmark rate by 35 basis points. The S&P BSE Sensex ended 0.77 percent lower at 36,690.50 and the NSE Nifty 50 ended at 10,855.50, down 0.85 percent. The broader market index represented by NSE Nifty 500 Index ended 0.72 percent lower. Cipla Gains After Q1 Results -   Shares of the drugmaker jumped over 5 percent to Rs 525.85 each. The company announced its results for the April-June p...

Europe Market Check: Equities Gain Losses in European stocks slowed, with investors weighing the biggest back-to-back decline in equities since 2016 as they awaited fresh developments in the U.S.-China trade conflict. DHFL Jumps 11% After Company Releases Details Of Draft Resolution Plan Shares of Dewan Housing Finance Corporation rose as much as 11.1 percent to 46.60. The company’s special panel has approved a draft proposal on the resolution of the Mumbai-based non-banking lender’s debts after holding consultations with financial adviser Ernst & Young, according to an exchange filing. Titan Q1 Profit Misses Estimates Shares of Titan pared losses and rose as much as 2.6 percent to Rs 1,063.60 after the company announced its quarterly results. India’s July gold imports hit 3-year low on record prices - India’s gold imports in July plunged 55% from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import taxes ...

Nifty Wipes Off 2019 Gains On Kashmir Tensions, Global Woes Indian equity benchmark NSE Nifty 50 erased 2019 gains as the escalating tensions concerning Jammu & Kashmir and the trade dispute between China and the U.S. spooked investors. The 50-stock index dropped over 10 percent from its record high. It closed 1.23 percent lower today at 10,862.50. One Nation, One Law’ Has A Short-Term Negative Impact On Market, Karvy Stock Broking Says The move on ‘one nation, one law’ has a short-term negative impact on the market, according to Karvy Stock Broking CEO Rajiv Singh. “There are larger reasons for the decline today,” Singh said in a statement. “However, we believe that the downside is now limited and the Nifty will stay in the range of 10,500 -11,200 in the near-term.” Nesco Q1 result: Consolidated net profit up 3% at Rs 37.9 crore against Rs 36.8 crore, revenue up 3% at Rs 78.3 crore versus Rs 76 crore, YoY. Rupee Update: Rupee is trading lower by 92 paise at 70....