Last Updated: 21 Sep 2019 09:00 PM

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  • Sensex's Journey From 640 Points Down to 2,000 Points Up


    What a week it was!

    While crude oil prices dragged the Indian stock markets lower, finance minister Nirmala Sitharaman's boosters sent markets soaring and how!

    Tuesday was a much worse day for stock market investors in India. The Sensex shed 642 points. Until Friday, the focus of the week was�crude oil.

    Owing to the Saudi Arabia's drone attacks, the soaring oil prices rattled the already weakening Indian economy. The fears of further slowdown were widespread.

    Then came the blockbuster Friday!

    Finance minister Nirmala Sitharaman's booster package on corporate tax, surcharge and buybacks turned the whole stock market story around.

    Markets cheered and rallied.

    In this episode we talk about what drove Sensex from 640 points down to 2,000 points up!

    Tune in...



    This article (Sensex's Journey From 640 Points Down to 2,000 Points Up) is authored by Equitymaster.

    Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.

  • Sensex Ends 1,921 Points Higher; Banking and Auto Stocks Witness Huge Buying


    Share markets in India jumped sharply today after Finance Minister Nirmala Sitharaman announced a slew of measures in her media briefing ahead of the GST Council meet. Both, the Sensex and Nifty registered a biggest single session gain in the last 10 years.

    On the sectoral front, gains were seen in the metal sector and realty sector.

    At the closing bell, the BSE Sensex stood higher by 1,921 points (up 5.3%) and the NSE Nifty closed higher by 569 points (up 5.3%).

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    ------------------------------

    The BSE Mid Cap index ended up by 6.2%, while the BSE Small Cap index ended the day up by 3.9%.

    Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood down by 0.13% and the Nikkei was trading up by 0.16%, while the Shanghai Composite was trading up by 0.24%.

    European markets were trading on a positive note. The FTSE 100 was up by 0.09%. The DAX was trading up by 0.21%, while the CAC 40 was up by 0.48%.

    The rupee was trading at 71.05 to the US$ at the time of writing.

    The Double Income Project: The Lazy Man's Guide to Doubling Your Income in The Long Term

    Speaking of Indian share market in general, if you look at the stock market returns over the years, you will see that the markets have never moved in a linear fashion.

    What do I mean by that?

    It has never been a one-way street - only up or down.

    Stock markets have always moved in cycles.

    The Time to Buy Stocks is Now

    Here's what Radhika Pandit wrote about this in a recent edition of The 5 Minute WrapUp...

    • If you would have bought stocks when either the Sensex or the Smallcap index was in a downturn, you would have made big returns once the cycle turned and the bulls took over.

      Sarvajeet and I believe we are seeing a similar situation currently.

      The economic slowdown does not herald the end of the world or for that matter the end of India. It's a phase and like all phases - This too shall pass.

    So, the real question is - Are you taking advantage of these price declines to buy quality stocks?

    In the news from the macroeconomic space... Finance Minister Nirmala Sitharaman slashed basic corporate tax rate for the domestic companies to 22% from 30% without exemptions. Also, for new manufacturing companies the rate has been cut down to 15% from 25%.

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    Because in this video, Richa Agarwal, Head of Small Cap Research, talks about stocks that have made a select group of people Crorepatis.

    They invested in just one stock and ended up becoming Crorepatis in the long run.

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    ------------------------------

    She added that enhanced surcharge announced in Budget shall not apply on capital gains arising on sale of any securities including derivatives in the hands of foreign portfolio investors.

    For buybacks, listed companies announcing share buybacks before 5 July will be exempt from buyback tax.

    Here are the key takeaways from the press conference:

    • Companies enjoying tax holidays can avail concessional rates after the exemption period
    • Minimum alternate tax (MAT) reduced to 15 percent from 18.5 percent for companies continuing to avail exemptions and incentives
    • Revenue foregone for reduction on corporate tax and other measures pegged at Rs 1.45 lakh crore per year.

    Note that the government has been announcing a series of measures to boost growth that had fallen to six-year low of 5% in the June quarter.

    Last week, the government had announced a series of measures to revive the housing sector and boost exports. The GST Council is scheduled to meet today in Goa amid demands from the industry for a fiscal stimulus.

    How to Take Your Income from X to 2X in the Long Run

    In the news from the pharma sector, Lupin share price was in focus today. The stock of the company witnessed buying interest as the company received approval for its sANDA for Levothyroxine Sodium Tablets USP from the United States Food and Drug Administration to market a generic equivalent of UNITHROID, manufactured by Jerome Stevens Pharmaceuticals Inc.

    In the news from the banking sector, Yes Bank share price was also in focus today. Shares of the lender witnessed buying interest after Morgan Credits (MCPL), part of the promoter group of YES Bank, sold 2.3% stake in the lender on Thursday. The ownership of the promoter group in the lender has gone down to 15.7% compared with 18% earlier.

    Rana Kapoor family's stake in YES Bank now stands at 7.4%. Morgan Credits said the proceeds will be used to prepay a portion of the outstanding non-convertible debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company (RNAM).

    To know what's moving the Indian stock markets today, check out the most recent share market updates here.



    This article (Sensex Ends 1,921 Points Higher; Banking and Auto Stocks Witness Huge Buying) is authored by Equitymaster.

    Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.

  • Sensex Zooms Over 1,900 Points after Government Slashes Corporate Tax Rates


    Share markets in India jumped sharply after FM Nirmala Sitharaman announced a slew of measures in her media briefing ahead of the GST Council meet.

    The BSE Sensex is trading up by 1,936 points, up 5.4%, while the NSE Nifty is trading up by 564 points.

    Shares of Maruti Suzuki and HDFC Bank jumped 10%, while IndusInd Bank, ICICI Bank, and Hero MotoCorp surged 5-7%.

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    Ex-Swiss Investment Banker Reveals His Biggest Investment Strategy in 4 Free Video Classes

    Rahul Shah, ex-Swiss investment banker and Co-Head of Research at Equitymaster, is hosting a series of 4 free video classes for his readers, where he will reveal the details of something he's been working on for years…

    The Double Income Project…

    Rahul will show his readers, step-by-step, how to dramatically increase their income, potentially even double it…in what he believes is the earliest amount of time possible. a few short years.

    For instance, if you make Rs 50,000 a month…Rahul's goal is to show you how to take it to Rs 100,000 in the long run.

    Or if you make Rs 100,000…Rahul will show you how you could potentially increase it to Rs 200,000 in the long run.

    This is different from anything Rahul Shah has ever done before – there's nothing to pay, no service to subscribe to and no forms to fill to attend these classes.

    Just click here to sign up for the free video classes.
    ------------------------------

    On the sectoral front, gains are largely seen in the automobile sector, banking sector, and capital goods sector.

    Speaking of stock markets in general, the market is typically focused on the most recent star performers.

    You will often find the likes of HUL or HDFC Bank being the market darlings for never having a disappointing quarter.

    But it is rare to find companies that thrive through most of their survival period.

    Tanushree Banerjee shares few of her thoughts on this. Here's an excerpt of what she wrote in a recent edition of The 5 Minute WrapUp...

    • It is rare to find companies that survive for decades. It's even rarer to find ones that thrive through most of their survival period.

      So, if you do not wish to pay steep valuations for the market darlings, you need to look for the companies with history and consistency on their side.

      And they shouldn't be too conspicuous to the market either.

      I am talking of companies like Hawkins and City Union Bank. They have a track record of paying dividends for decades.

      The dividends such companies pay are especially helpful at a time when globally interest rates are headed lower.

    The Double Income Project: The Lazy Man's Guide to Doubling Your Income in The Long Term

    And, as seen in the chart below, 'risk-free returns' from debt seem to have gone missing.

    Inflation Adjusted Risk Free Returns Are Negligible Globally

    So, should you ignore the big bluechips while chasing dividend stocks?

    As per Tanushree, big money is made over the long term, not by making more in the good years but by losing less in the bad years.

    --- Advertisement ---
    Watch this Video Now And You Will Stop Worrying About Money...

    If you are concerned about money, then you MUST watch this exclusive video right now.

    Because in this video, Richa Agarwal, Head of Small Cap Research, talks about stocks that have made a select group of people Crorepatis.

    They invested in just one stock and ended up becoming Crorepatis in the long run.

    In this video, Richa also reveals her unique formula to identify such potential RARE stocks.

    Plus, she also discusses her special report, 'One Stock Crorepati: How to Get Rich With This Little-Known Indian Stock'.

    This video is now available for your viewing...

    This video could be taken down any time soon. So, hurry…

    Click here to watch the video right away…
    ------------------------------

    In news from the economy, finance minister Nirmala Sitharaman slashed basic corporate tax for the domestic companies to 22% from 30% without exemptions, while for new manufacturing companies it has been cut down to 15% from 25%.

    She added that enhanced surcharge announced in Budget shall not apply on capital gains arising on sale of any securities including derivatives in the hands of foreign portfolio investors.

    For buybacks, listed companies announcing share buybacks before 5 July will be exempt from buyback tax.

    Here are the key takeaways from the press conference:

    • Companies enjoying tax holidays can avail concessional rates after the exemption period
    • Minimum alternate tax (MAT) reduced to 15 percent from 18.5 percent for companies continuing to avail exemptions and incentives
    • Revenue foregone for reduction on corporate tax and other measures pegged at Rs 1.45 lakh crore per year.

    Note that the government has been announcing a series of measures to boost growth that had fallen to six-year low of 5% in the June quarter.

    How to Take Your Income from X to 2X in the Long Run

    Last week, the government had announced a series of measures to revive the housing sector and boost exports. The GST Council is scheduled to meet today in Goa amid demands from the industry for a fiscal stimulus.

    Moving on to news from the media sector, Zee Entertainment (ZEE) share price is in focus today. Stock of the company continued its losing streak and plunged nearly 10% to hit a five-year low of Rs 277.

    Selling pressure was seen after The Economic Times reported that debt woes of Essel group promoters may worsen as mutual funds argue among themselves on whether to give more time to Subhash Chandra's private firms to repay debt.

    However, as per a mutual fund executive familiar with details, Chandra has secured a six-month extension from lenders to repay debt given its inability to pay back more than half of its dues by 30 September as agreed earlier.

    A standstill agreement with mutual funds and NBFCs that was inked in February has now been extended to 31 March.

    As part of the initial agreement, Essel group had agreed to sell assets to repay all dues to lenders by the September deadline. Essel owed a total of Rs 75 billion to the lenders and has repaid Rs 33.6 billion to them.

    In July, the Essel group had agreed to sell an 11% stake in Zee for Rs 42.2 billion to Invesco Oppenheimer Developing Markets Fund. Earlier this month, the sale of 8.7% stake was concluded, and the group repaid Rs 33.6 billion to mutual funds from the proceeds.

    An official spokesperson for Essel group said, "the group is in constant dialogue with the consortium of lenders. The overall asset divestment approach is in steady progress and the group remains focused on the repayment process."

    How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

    To know what's moving the Indian stock markets today, check out the most recent share market updates here.



    This article (Sensex Zooms Over 1,900 Points after Government Slashes Corporate Tax Rates) is authored by Equitymaster.

    Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.

  • ASHOK LEYLAND Surges by 13%; BSE AUTO Index Up 7.5%


    ASHOK LEYLAND share price has zoomed 13% and is presently trading at Rs 66.

    Meanwhile, the BSE AUTO Index is at 16,745 (up 7.5%).

    Among the top Gainers in the BSE AUTO Index today are ASHOK LEYLAND (up 13.3%) and EICHER MOTOR (up 13.8%).

    Over the last one year, ASHOK LEYLAND has moved down from Rs 126 to Rs 66, registering a loss of Rs 59 (down 47.5%).

    On the other hand, the BSE AUTO has moved down from 23,552 to 16,745, loss of 6,807 points (down 29.0%) during the last 12 months.

    The top gainers among the BSE AUTO Index stocks during this same period were BAJAJ AUTO (up 3.8%).

    What About the Benchmark Indices?

    The BSE Sensex is at 37,813 (up 4.7%).

    The top gainers among the BSE Sensex stocks today are HDFC BANK (up 9.2%), MARUTI SUZUKI (up 9.1%) and L&T (up 7.6%). Other gainers include INDUSIND BANK (up 7.3%) and YES BANK (up 7.0%). The most traded stocks in the BSE Sensex are YES BANK and TATA MOTORS.

    In the meantime, NSE Nifty is at 11,202 (up 4.6%). EICHER MOTOR (up 12.3%) and HDFC BANK (up 8.7%) are among the top gainers in NSE Nifty.

    Over the last 12 months, the BSE Sensex has moved up from 37,121 to 37,813, registering a gain of 692 points (up 1.8%).

    ASHOK LEYLAND Financial Update...

    ASHOK LEYLAND net profit down at Rs 2 billion for the quarter ended June 2019, compared to a loss of Rs 4 billion a year ago. Net Sales declined 10.1% to Rs 56.8 billion during the period as against Rs 63.3 billion in April-June 2018.

    For the year ended March 2019, ASHOK LEYLAND reported 19.7% increase in net profit to Rs 21.8 billion compared to net profit of Rs 18.2 billion during FY18.

    Revenue of the company grew 11.0% to Rs 332 billion during FY19.

    The current Price to earnings ratio of ASHOK LEYLAND, based on rolling 12 month earnings, stands at 11.3x.

    This article (ASHOK LEYLAND Surges by 13%; BSE AUTO Index Up 7.5%) is authored by Equitymaster.

    Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.

  • VOLTAS Surges by 6%; BSE CAPITAL GOODS Index Up 6.1%


    VOLTAS share price has zoomed 6% and is presently trading at Rs 664.

    Meanwhile, the BSE CAPITAL GOODS Index is at 17,789 (up 6.1%).

    Among the top Gainers in the BSE CAPITAL GOODS Index today are VOLTAS (up 6.1%) and HONEYWELL AUTOMATION (up 6.4%).

    KALPATARU POWER (down 0.1%) and CG POWER & INDUSTRIAL (down 4.9%) are among the top losers today.

    Over the last one year, VOLTAS has moved up from Rs 568 to Rs 664, registering a gain of Rs 95 (up 16.7%).

    On the other hand, the BSE CAPITAL GOODS has moved down from 18,169 to 17,789, loss of 380 points (down 2.2%) during the last 12 months.

    The top gainers among the BSE CAPITAL GOODS Index stocks during this same period were SIEMENS (up 35.0%), KALPATARU POWER (up 34.5%) and BHARAT ELECTRONICS (up 29.6%).

    What About the Benchmark Indices?

    The BSE Sensex is at 37,813 (up 4.7%).

    The top gainers among the BSE Sensex stocks today are HDFC BANK (up 9.2%), MARUTI SUZUKI (up 9.1%) and L&T (up 7.6%). Other gainers include INDUSIND BANK (up 7.3%) and YES BANK (up 7.0%). The most traded stocks in the BSE Sensex are YES BANK and TATA MOTORS.

    In the meantime, NSE Nifty is at 11,202 (up 4.6%). EICHER MOTOR (up 12.3%) and HDFC BANK (up 8.7%) are among the top gainers in NSE Nifty.

    Over the last 12 months, the BSE Sensex has moved up from 37,121 to 37,813, registering a gain of 692 points (up 1.8%).

    VOLTAS Financial Update...

    VOLTAS net profit stood at Rs 2 billion for the quarter ended June 2019, compared to a profit of Rs 1 billion a year ago. Net Sales rose 77.9% to Rs 26.5 billion during the period as against Rs 14.9 billion in April-June 2018.

    For the year ended March 2019, VOLTAS reported 0.7% increase in net profit to Rs 5.8 billion compared to net profit of Rs 5.7 billion during FY18.

    Revenue of the company grew 10.8% to Rs 71 billion during FY19.

    The current Price to earnings ratio of VOLTAS, based on rolling 12 month earnings, stands at 38.7x.

    This article (VOLTAS Surges by 6%; BSE CAPITAL GOODS Index Up 6.1%) is authored by Equitymaster.

    Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.

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