Stock Market News - Tata Steel top Performer, IRB Infra Hits

Tata Steel Ends Four-Day Fall- Top Nifty Performer Shares of the steelmaker snapped its four-day losing streak and gained close 4.1 percent to Rs 491.80 each. Brokerage firm Goldman Sachs reinstated 'Buy' with a target price of Rs 570 on the stock. On the Indian steel sector as a whole, Goldman said the global activity slowed significantly and China growth concerns impact spreads.

Can Fin Homes Surge- After Promoter Gets Nod To Cut Stake Shares of the housing finance company rose 5.6 percent, the most in a month, to Rs 363 apiece? Canara Bank board permitted to sell stake in the company in part or full, according to an exchange filing. Stake sale to happen at an appropriate time depending on the market conditions and available options, the filing said.

IRB Infra Hits - Five Year Low Shares of the Mumbai-based infrastructure company fell for the third session in a row after it declined 14.2 percent intraday to Rs 89.55 each. National Highway Authority of India is seeking a new investor for Mumbai-Pune expressway as its current agreement with IRB Infra Developers expires in August, according to an Economic Times report citing unnamed sources.

Jain Irrigation plunges 20%: Jain Irrigation Systems shares crashed 20 percent to hit a 52-week low of Rs 21.95 on June 19 after India Ratings cut its long term issuer rating.

Rupee trades higher: The Indian rupee is trading higher by 9 paise at 69.61 per dollar against previous close 69.70.

BPCL arm to invest in LNG project: Bharat Petro Resources, a wholly owned subsidiary of Bharat Petroleum Corporation (BPCL) advises that Mozambique's Offshore Area 1 Concessionaire have on June 18, 2019, in an event in Maputo, Mozambique, announced a Final Investment Decision (FID) on the two-train Area 1 Mozambique LNG project.

HCL Technologies in partnership with Cricket Australia: HCL Technologies (HCL) and Cricket Australia (CA) announced a multi-year partnership, with HCL being chosen as the Digital Technology Partner of CA.

PNB Housing shares fall - Shares of PNB Housing fell on Wednesday by 2 percent.

Top Gainers & Top Losers - Tata Steel, Tata Motors, Indiabulls Housing, NMDC, JSPL, SAIL, Bank of Baroda, Bank of India, SBI and Ashok Leyland are among major gainers on the indices, while losers are BPCL, IOC, and Britannia. All the sectoral indices are trading higher led by PSU bank, metal, infra, auto, energy, IT and pharma.

Source

Market Live | Tata Steel | Jain Irrigation | HCL technologies | Rupee

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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 - 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...

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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