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Stock Market News - BHEL Surges 27%, Reliance shares up

3M India Slumps After Large Trade Shares of 3M India fell as much as 9.9 percent, the most in over a month, to Rs 20,610. About 2,00,173 shares 1.8 percent equity of the company changed hands in large trade, Bloomberg data showed. Buyers and sellers were not known immediately. Trading volume was almost six times its 20-day average, according to Bloomberg data.

BHEL Surges The Most In Over A Decade Shares of Bharat Heavy Electricals rose as much as 26.6 percent, the most since May 2009, to Rs 56.45. The stock extended gains for the second consecutive trading session. 

A group of secretaries will meet on Oct. 18 to consider cutting the government’s holding below 51 percent in at least eight public-sector companies, a person familiar with the matter said, as the Modi administration looks to bridge the budget gap.


NEWS ALERT | China third-quarter GDP grows 6%: Reuters
-- Growth slowest in almost three decades

-- Production hit by soft factory production

-- The third-quarter performance was also at the bottom end of the government’s full-year economic growth target of 6.0%-6.5%.

September Aviation Data | Domestic air passenger traffic growth slips to 1.18%, lowest level since April 2019
-- Air India's market share for the month at 13% Vs 12.8% MoM

-- IndiGo's at 48.2% Vs 47% (MoM)

-- SpieceJet's market share at 14.7% Vs 15.5% (MoM)

Zee Entertainment Falls After Q2 Results Shares of Zee Entertainment fell as much as 6.1 percent to Rs 248 after the company announced its September quarter results.

L&T Finance Swings After Large Trade Shares of L&T Finance fluctuated between gains and losses to trade little changed at Rs 85.70. About 10 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately. Of the shares traded, 61 percent were at the ask price and 32 percent were at the bid, Bloomberg data showed.

Oil Check - At 8:15 am, Brent Crude Futures were at $59.71 per barrel.

Rupee Update: The Indian rupee opened marginally lower at 71.19 per dollar on Friday versus previous close 71.16. On October 17, the rupee ended up 27 paise to close at 71.16 against the US dollar, on the back of optimism over the Brexit deal amid softening crude oil prices.

Fix economy with the correct diagnosis, don’t just blame UPA: Manmohan Singh’s riposte to FM Sitharaman
Former Prime Minister and senior Congress leader Manmohan Singh on Thursday hit back at finance minister Nirmala Sitharaman for blaming him and Raghuram Rajan for the current bad loan crisis in the banking sector, saying the “government is obsessed with trying to fix blame on its opponent”. 

Singh also accused the BJP-led governments at both the Centre and Maharashtra of ignoring ‘people-friendly policies’, pointing at the Punjab and Maharashtra Co-operative (PMC) bank crisis that impacted 1.6 million depositors.


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