Market News- Jet Airways in focus, Arvind Fashions Hits 5 %, RIL Top Loser

Jet Airways in focus: Lenders to the airline will look for equity infusion from a new investor to replace Etihad. The new investor is likely to be an investment fund. Banks may initiate talks with few investment funds that conducted due diligence on the company. Also, lenders are looking at the option of asking Etihad, Naresh Goyal to pledge their shares.

Jubilant Life Sciences Falls - After Block Deal Shares of the life sciences company fell as much as 7 per cent to Rs 782.55. About 33 lakh shares of the company changed hands in a block deal. While buyers and sellers were not known immediately “Jubilant Employee Welfare Trust to sell 35 lakh shares in Jubilant Life Sciences Ltd. to raise at least Rs 367 crore ($39 million) at the floor price.

Rupee opens marginally lower ahead of Fed decision - The Indian rupee on Wednesday was trading marginally weaker against the US dollar, tracking losses in Asian currencies as traders wait for the Federal Reserve’s policy decision amid the latest uncertainties surrounding the US-China trade negotiations.

At 9.05am, the rupee was trading at 69.11 a dollar, down 0.2% from its previous close of 68.96. The home currency opened at 69.05 a dollar.

Vedanta, Infosys, L&T, TCS and Axis Bank are the top gainers on the Sensex.

Crude Update: Oil prices dipped on Wednesday, retreating from a four-month high as economic growth concerns dampened the outlook for fuel consumption.

Arvind Fashions Hits 5 % - Upper Circuit For Eighth Day Shares of Arvind Fashions continued to hit an upper circuit of 5 per cent for the eighth consecutive trading session. The stock rose nearly 48 per cent since its listing on March 8. Trading volume was almost 40 times its 20-day average.

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Stock Market News - Budget 2020 | Removal of exemptions in new tex regime to impact life insurers, MFs

A salaried professional opting for a lower rate of tax under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments. Removal of tax exemptions under Section 80C in the new tax regime could be a dampener for life insurance products as well as equity-linked savings schemes (ELSS) of mutual funds. In her Budget speech on February 1, Finance Minister Nirmala Sitharaman said a salaried professional opting for a lower tax rate under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments. “The removal of 80C benefit may pose a risk to new business volumes of life insurance companies,” said Kotak Institutional Equities in a report. Life insurance Tax exemptions are an important incentive for purchase of life insurance. To be eligible for exemption under Section 80C, the sum assured has to be 10 times the annual premium. This is part of the Rs 1.5 lakh limit under ...

Stock Market News - FDC share price at 52-week high on GMP certificate from UK health regulator

The certificate came after a recent inspection of the company's facilities in Goa. FDC share price touched a 52-week high of Rs 222, rising more than 5 percent in the morning trade on January 3 after the company received the good manufacturing practice (GMP) certificate from the UK's health regulator. The UK's Medicines and Healthcare Products Regulatory Agency also continued with its approved status for the company's two facilities in Verna, Goa. The GMP certificate was issued after a recent inspection of the two plants. At 1018 hours, FDC was quoting at Rs 218.00, up Rs 7.30, or 3.46 percent. The share price has risen 30 percent in the last three months. GNFC share price down 2% after DoT seeks Rs 15K cr in telecom dues DoT sent the company a demand notice for Rs 15,019 crore, taking to Rs 3.13 lakh crore the amount it has sought from non-telecom companies following a Supreme Court ruling. The share price of Gujarat Narmada Valley Fertili...

Stock Market News - Yellow metal hits fresh record high as Iran attacks US forces

On the MCX, gold contracts for February were trading higher by Rs 562, or 1.38 percent, at Rs 41,225 per 10 gram at 0920 hours. It hit a record high of 42,278 per 10 gm. India Gold February futures hit a fresh record high on January 8 tracking gains in international spot prices which surged past $1,600 an ounce mark after Iran fired rockets at Iraqi airbase which hosts US forces that triggered risk-off sentiment. Spot prices hit their highest since March 2013 at $1,610.90 earlier in the session. US gold futures rose 2 percent to $1,605.80. “The jump in the price of what’s viewed by investors as a safer asset in times of political and economic uncertainty came after Iran’s missile attack on US-led forces in Iraq early on Wednesday,” said a Reuters report. “The attack came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears of a wider conflict in the Middle-East,” it said. On the MCX, gold contracts for February were trading...

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