Stock Market News - SBI Life Falls 2%, Apollo Hospitals Surges

SBI Life Falls 2% After SBI Plans To Sell Stake In Company Shares of SBI Life Insurance Company fell as much as 1.8 percent to Rs 785.10. SBI’s board has approved an offer-for-sale of at least 3.5 percent stake—or 3.5 crore shares—in SBI Life Insurance Company Ltd., with an option of oversubscription of 1 percent.

The floor price for the sale has been set at Rs 770 per share—a discount of 4 percent to today’s closing price of Rs 799.65—the life insurer said in a separate filing. The sale for institutional investors will take place on Sept. 12 and retail investors on Sept. 13.

Walchandnagar Industries Climbs 12% - Shares of Walchandnagar Industries rallied more than 12 percent intraday after bagging a contract from Indian Space Research Organization. Walchandnagar Industries (WIL) in its BSE filing said it secured an order worth Rs 77.20 crore plus escalation from the Vikram Sarabhai Space Centre of ISRO located at Thiruvananthapuram.

Apollo Hospitals Surges After Large Trade Shares of Apollo Hospitals Enterprise rose as much as 5.9 percent to Rs 1,579.70. About 50 lakh shares or 3.6 percent equity changed hands in a large trade, Bloomberg data showed. While buyers and sellers were not known immediately, Apollo Hospitals’ Founder Sunitha Reddy planned to sell 50 lakh shares up to Rs 725 crore.

Alkem Laboratories Swings After Regulatory Inspection Shares of Alkem Laboratories fluctuated between gains and losses to trade 0.8 percent higher at Rs 1,861.95. The pharmaceutical company received four Form 483 observations from the U.S. Food and Drug Administration for its manufacturing facility in St.Louis, the U.S. The company said that the inspection has been closed by the U.S. FDA now.

Rupee opening - Rupee opens stronger at 71.43/$ vs Wednesday's close of 71.65 against the US dollar

CATCH ALL THE MARKET UPDATES -

Apollo Hospitals gains 3%
ICICI Bank climbs 2%; top gainer in Sensex
Reliance Nippon Life slips over 3% as OFS gets oversubscribed
Gujarat Alkalies rises 3% on reports co's board may soon consider stock split
Titan Company up 1% as ICRA assigns A1+ rating for its Rs 900-cr commercial paper
State Bank of India gains as it looks to offload up to 4.5 percent stake in SBI Life Insurance Co

SOURCE

SENSEX | BANK NIFTY | MARKET NEWS | TOP GAINERS | GOLD PRICES

Comments

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...

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...

Market Daddy | Share Bazar Live | Share Market News

Search This Blog