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 - 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...

Budget 2019 : LTCG Tax, GST, Home Loans, farmer income scheme needs to be focus

Budget 2018 was the last full-fledged budget presented by the government led by Narendra Modi. Long Term Capital Gains (LTCG) tax on profit earned from the sale of equity shares listed on a recognized stock exchange in India. The LTCG tax was re-introduced after a time gap of 14 years. The provisions were closely followed since they impacted the majority of taxpayers of the country. The tax was levied at the rate of 10 per cent (plus applicable surcharge and cess) while providing relief from gains accrued up to January 31, 2018, i.e., a mechanism was derived wherein the stock price as on 31 January 2018 was considered as the deemed cost, provided it is beneficial to the taxpayer. Following are some of the illustrative points: Treatment of compulsorily convertible instruments – The current provisions do not provide clarity on the cost to be adopted for the purpose of computation of capital gains in case of instruments that are compulsorily converted into equity sh...

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