Stock Market News - Jet Airways all Time Low, HDFC AMC Falls

Jet Airways Falls - Shares of the cash-strapped airline slumped 10 percent intraday to hit an all-time low of Rs 61.60 each. Lenders of Jet Airways will take the company to National Company Law Tribunal and will seek resolution under the Insolvency and Bankruptcy Code, according to a statement issued on behalf of lenders on Monday.

HDFC AMC Falls - The Most In Six Months Shares of the asset management company fell as much as 6 percent, the most since Dec. 21, 2018, to Rs 1,816.60. In a move to rescue investors of its fixed maturity plans, the asset management company will purchase Essel Group companies’ non-convertible debentures of up to Rs 500 crore, thereby transferring any loss (or gain) due to the investment from investors to itself

Rupee Opens: The Indian rupee opened higher at 69.83 per dollar on Tuesday versus previous close 69.90.

Top Gainers & Losers - IndusInd Bank, Axis Bank, ITC, Maruti Suzuki, Tata Motors, Tata Steel, Zee Entertainment are some of the major gainers on the indices, while losers are SBI, Yes Bank, Indiabulls Housing, HUL, and ONGC. Among the sectors, except FMCG all other indices are trading in the green led by metal, pharma, infra, auto, and bank.

Market Update -

1. Dabur slips over 4% after Goldman Sachs downgrades it to 'sell'

2. Reliance Home Fin slips over 7%

3. Mcleod Russel slips over 4% on rating downgrade - ICRA has downgraded ratings of the company

4. SpiceJet gains over 3%

Maharashtra Scooters Falls - After Bajaj Buys Majority Stake Shares of the auto-parts maker ended its seven-day gaining streak and fell 2.9 percent to 4,555 apiece. Bajaj Holdings paid Rs 222 crore to WMDC to acquire 27 percent stake in Maharashtra Scooters and hiked shareholding to 51 percent, according to an exchange filing.

Sandhar Technologies gains 2%: Sandhar Technologies gained 2.5 percent as the company signed a JV agreement with South Korean company.

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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 ...

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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...

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...

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