Stock Market News - Coffee Day plunges 20%, Axis Bank, Tech Mahindra top losers

Coffee Day Hits 20% Lower Circuit For Second Day Shares of Coffee Day Enterprises hit their lower circuit of 20 percent at Rs 122.75. The body of Founder VG Siddhartha has been found on the banks of Netravati River in Mangaluru.

Lemon Tree Hotels Falls After Block Deal -  Shares of Lemon Tree Hotels fell as much as 4.3 percent to Rs 56.10. About 20 lakh shares of the company changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately. The stock traded at 60 times its estimated earnings per share for the coming year, according to Bloomberg data. The Relative Strength Index was below 30, indicating that the stock may be overbought.

Axis Bank Worst Performer On Sensex, Nifty Shares of Axis Bank fell as much as 7 percent, the most since September 2018, to Rs 657.80 after the company announced its quarterly results for the three months ended June.

Rupee Opens: The Indian rupee opened marginally lower at 68.90 per dollar on Wednesday against previous close 68.86.

Bharti Airtel, Vodafone Idea, other telcos may have to pay Rs 92,000 cr license fee dues - The fate of the country’s financially stressed telecom industry is hanging in a precarious balance. The Supreme Court is shortly going to conclude the hearings on a case which is going since 2006 relating to the definition of adjusted gross revenue (AGR) and pronounce its judgment. If the operators lose the case, they may have to shell out a massive Rs 92,000 crore as outstanding license fee.

NEWS ALERT | 

1. Overseas subsidiary Jain Intl trading BV will make the payment on $200 mn bond: BSE filing Subsidiary will make a payment today for a coupon due on August 1

1. Hero MotoCorp gains over 2% post Q1 results --The country's largest two-wheeler maker Hero Moto Corp on Tuesday posted a 35.89 percent increase in consolidated net profit at Rs 1,256.69 crore for the first quarter ended June 30, 2019, on the back of a one-off exceptional gain of Rs 737.48 crore.

1. Coffee Day Enterprises hits 20% lower circuit after founder VG Siddhartha's dead body is recovered

CATCH-ALL MARKET UPDATES  - 

• DHFL dips 2%
• YES Bank gains 1%
• Bharti Airtel gains 2%
• Mindtree dips nearly 1%
• HeidelbergCement India gains 3%
• PNB Housing Fin slips 5% lower
• Gujarat Gas soars 7% in a weak market
• Ashok Leyland gains ahead of Q1 results
• Axis Bank dips 3% after asset quality weakens
• Tech Mahindra falls 4% on disappointing Q1 result

Crude Update: Oil prices rose for a fifth day on Wednesday, buoyed by a bigger than expected drop in US inventories and as investors awaited a widely expected cut in interest rates by the Federal Reserve, the first in more than 10 years.

TOP GAINERS AND LOSERS -  

Axis Bank, Tech Mahindra, Coffee Day Enterprises, JSW Steel, PNB Housing, Eicher Motors, IOC, Gammon Infra, Suzlon, are among major losers on the indices, while gainers are Gujarat Gas, Dish TV, and UPL. All the sectoral indices are trading in the red led by the metal, bank, pharma, IT, energy, FMCG and Infra.

BSNL-MTNL merger: Cabinet to take a call on government’s plan - The government is working on a plan to merge state-run BSNL and MTNL as part of a strategy to revive the ailing telecom companies. The Union Cabinet is expected to take a final call on the matter. According to sources, the merger plan is one of the many components of the revival package, which also includes reducing the retirement age from 60 to 58, asset monetization and allocation of 4G spectrum. 

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