Stock Market News - Vodafone Idea falls, Lupin Gains, Power Grid Gains

Vodafone Idea falls 8% Shares of Vodafone Idea fell as much as 7.5 percent to Rs 3.70. Vodafone Group Plc’s Indian venture may be headed for liquidation unless the government eases off on demands for mobile spectrum fees, Bloomberg reported quoting the company’s Chief Executive Officer Nick Read.

Lupin Gains After Offloading Japanese Business Shares of Lupin rose as much as 3.1 percent to Rs 758.80. India’s fourth-largest drugmaker by market value informed the exchanges it has entered into a definitive agreement to sell 99.82 percent of its stake in Kyowa Pharmaceutical Industry Co. to Plutus Ltd., a subsidiary of the private equity firm Unison Capital Partners, at an enterprise value of 57,361 million Japanese yen—nearly Rs 3,702.4 crore.

That, Lupin said, would generate a post-tax net cash inflow of Rs 2,103.9 crore.

Power Grid Gains After large Trade Shares of Power Grid rose as much as 1.4 percent to Rs 194.35. About 16.6 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

The stock declined 1.7 percent in the past five days and fell 4.5 percent in the past 30 days.

Avanti Feeds Extends Decline After-Tax Authorities Conduct Search Shares of Avanti Feeds extended declines for the second consecutive trading session, The stock fell as much as 6.6 percent to Rs 475. The scrip had ended 8.2 percent lower on Monday.

The shrimp feed manufacturer and distributor said that the company and its arm Avanti Frozen Foods’ premises were searched by the Income Tax authorities from Noc, 7-11.

TOP GAINERS & LOSERS -

Britannia Industries, Yes Bank, Coal India, TCS, Wipro, Tech Mahindra, Power Grid are among major gainers on the Indices, while losers are Infosys, Zee Entertainment, Hindalco and Gail. All the sectoral indices are trading with marginal gains.

Rupee Opens: The Indian rupee slipped in the early trade on Wednesday. It opened lower by 29 paise at 71.75 per dollar versus Monday's 71.46.

Oil Check - At 8:18 AM, Brent Crude Futures were at $61.86 per barrel-mark.

NEWS ALERT | Promoters of Avenue Supermarts looking to sell stake: Report

-- Initiated preliminary discussions with merchant bankers for a stake sale by the promoters in Feb 2020

-- This will be a big share sale (for around 5.21%) in excess of Rs 6000 crores as per the current m-cap, the report quoted unnamed sources.

Source

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 - 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...

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...

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