Stock Market News - Yes Bank, Heromotocorp down, RBL Bank Recovers 6%

Yes Bank, Heromotocorp down - Yes Bank, NTPC, ONGC are among the biggest losers, slumping up to 2%. The government has approved 100% Foreign Direct Investment (FDI) through the automatic route in coal mining, its sale and all its associated infrastructure. The government has also approved 100 percent FDI through the direct route in contract manufacturing, said Commerce Minister Piyush Goyal at the Cabinet briefing yesterday.

Indiabulls Housing Hits Over Four-Year Low - Indiabulls Housing Hits Over Four-Year Low Shares of the non-banking lender slumped close to 8 percent to Rs 420.80 each, its lowest level since December 2014. Indiabulls Housing Finance to be excluded from Nifty 50 Index with effect from Sept. 27 and will be replaced by Nestle India, according to a statement from the exchange. Also, the company’s board approved raising non-convertible debentures up to Rs 1,50,000 crore.

MARKET ALERT | 

1. India 10-year bond yield opens at 6.57%, unchanged from the previous close

2. Coal India tanks 10% after Cabinet allows commercial coal mining

3. Nestle India gains 3% after NSE announces Co's inclusion in Nifty

RBL Bank Recovers 6% After Clarifying On ESOP Sale Shares of the Mumbai-based company rose nearly 6 percent to Rs 332.40 apiece. On Wednesday, RBL Bank responded to an Economic Times report on employees selling the private lender’s shares. The filing said: Employee holding in the Bank is 3.46 crore shares as on Aug 3. Transactions in the company's shares by employees is a routine activity. Employee stock options exercise and sale of shares for July 2019 is in line with the past. No Management Committee member including Key Managerial Personal sold shares on July 30 or till date.

Gold Update: Gold eased on Wednesday as the US dollar strengthened and as investors locked in profit following a more than 1% jump in the last session, but uncertainty over the US-China trade dispute and the global economy kept safe-haven bullion near a multi-year peak, reported Reuters.

Rupee Opens lower: The Indian rupee opened lower by 14 paise at 71.90 per dollar on Thursday versus previous close 71.77.

TOP GAINERS & LOSERS - 

Indiabulls Housing, Balrampur Chini, Dwarikesh Sugar, Dhampur Sugar, Yes Bank, JSW Steel, Tata Steel, Coal India, ICIC Bank, Cipla, Power Grid, DRL, Sun Pharma are among major gainers on the indices, while losers are Wipro, Lakshmi Vilkas Bank, TCS, Infosys, DHFL, Coffee Day, JMC projects, Wockhardt and Piramal Enterprises, and Redington. Among sectors, except pharma, all other indices are trading lower led by the metal, bank, IT, infra, FMCG and energy.

CATCH THE ALL MARKET UPDATES -

• DHFL dips 1%
• ITC trades lower
• MOIL slips in trade
• Jet Airways gains 5%
• United Spirits dips 2%
• Coal India trades lower
• J&K Bank slips over 4%
• CG Power gains nearly 5%
• HCL Tech dips in early trade
• Muthoot Finance dips over 3%
• Indiabulls Ventures trades lower
• Balrampur Chini Mills gains over 3%
• Sun Pharma gains on Sebi's clean chit in fraud case
• Lakshmi Vilas Bank tumbles 5% after MD/CEO resigns
• ICICI Prudential Life Insurance trades over 1% higher in a weak market
• Indiabulls Housing Fin tanks 7% after NSE decides to drop it from Nifty
• Dixon Technologies gains on Cabinet decision to ease rules for single-brand retail
• Wockhardt slips after India Ratings revises Co's short-term bank facilities/commercial paper ratings

Coal India shares up 1.5% after Modi government eases FDI norms in coal mining   

Shares of Coal India are trading 1.7% higher at Rs 187.40 after the government on Wednesday allowed 100 percent foreign investment in coal mining and contract manufacturing. Previously, the FDI was allowed only in captive coal and lignite mining by power projects, steel, and cement companies. In addition, Coal washeries were allowed to be set up, subject to the condition that these washeries would not either mine coal or sell washed coal in the open market.

Piramal Enterprises slips 3%: thee price of Piramal Enterprises slipped more than 3 percent on August 29 after the any deferred the issue of NCDs.

SOURCE

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