(Aniruddha Chowdhury/Mint)
High valuations and poor earnings growth remain a worry for the Indian equity markets (Photo: Bloomberg)

Opinion | Markets cheer exit poll result with a 3.75% jump. How are you feeling?

Markets are bi-polar in the short term. Manic one moment and depressive the other

Sensex rose 1,421 points to settle at record high of 39,352 (Reuters)
Sensex rose 1,421 points to settle at record high of 39,352 (Reuters)

Sensex posts biggest one-day gain in 10 years, closes at record high: 10 points

  • Banking and auto stocks led the rally
  • The index for banking stocks, Nifty Bank, hit a new high today

Varanasi: Voters wait in queues to cast their votes at a polling station, during the seventh phase of Lok Sabha elections, in Varanasi
Varanasi: Voters wait in queues to cast their votes at a polling station, during the seventh phase of Lok Sabha elections, in Varanasi

At 67.11%, 2019 turnout highest ever for Lok Sabha polls

  • The Election Commission figures are provisional and are subject to change
  • The overall turnout was recorded at 67.11%, as per data available on Monday morning

Alphabet Inc's Google has suspended some business with Huawei. Photo: Reuters
Alphabet Inc's Google has suspended some business with Huawei. Photo: Reuters

Wall St lower as tech stocks sell-off on Huawei fallout worries; Apple slumps 3%

  • Apple Inc slumped 3.3%, weighing the most on the three main indexes and driving down the S&P 500 technology sector 1.27%
  • The iPhone maker was also pressured by a warning from HSBC that higher prices for the company's products could have "dire consequences" on demand

(Graphic: Vipul Sharma/Mint)
Collections under the new tax have crossed the 1 trillion rupee-mark in three of the first four months in 2019, suggesting it’s gaining traction (Reuters)
Collections under the new tax have crossed the 1 trillion rupee-mark in three of the first four months in 2019, suggesting it’s gaining traction (Reuters)

Exit poll effect: Rupee surges 48 paise against $, logs biggest gain in 2 months

  • Forex traders said investors welcomed exit poll results that predicted a thumping majority for the current BJP-led government
  • The domestic unit opened at 70.36 and advanced to a high of 69.44 during the day

Of the 302 functioning ILFS group firms, 133 are registered overseas
Ebitda margins increased 5.7% as against 4.9% in year-ago period
Ashok Leyland's offer must be a sweet news to Musk's ears. Breaking his silence over India plans after 10 months, Musk tweeted in March that he would love to be in India in 2019 or next year. (Reuters)
Ashok Leyland's offer must be a sweet news to Musk's ears. Breaking his silence over India plans after 10 months, Musk tweeted in March that he would love to be in India in 2019 or next year. (Reuters)

Ashok Leyland ready to ride on Elon Musk's India dream

  • Ashok Leyland is open to Elon Musk for a partnership to finally let Indians experience his path-breaking autonomous Tesla electric cars
  • Tesla was expected to enter India with the Model 3 that sells for nearly $35,000

RBI is working on a liquidity line and and may seek comments on the draft guidelines after federal election results are declared on May 23, according to a report. (Mint)
RBI is working on a liquidity line and and may seek comments on the draft guidelines after federal election results are declared on May 23, according to a report. (Mint)

NBFCs shares gain on report RBI may offer credit line

  • Indiabulls Real Estate Ltd., Dewan Housing Finance Corp. and Reliance Home Finance Ltd. traded more than 10% higher
  • There are rumors in the market that RBI will open a special credit line for NBFCs

 (Photo: Aniruddha Chowdhury/Mint)
 (iStock)
The platform will look to build large, destination malls, as well as smaller hypermarket and cinema-anchored community ones. (Photo: Pradeep Gaur/Mint)
The platform will look to build large, destination malls, as well as smaller hypermarket and cinema-anchored community ones. (Photo: Pradeep Gaur/Mint)

Warburg Pincus forms JV with Runwal Group to build malls in India

  • Both will commit $200 mn each in the form of equity and raise another $600 mn in debt to create a corpus of $1 bn
  • The platform will look to build large, destination malls, as well as smaller hypermarket and cinema-anchored community malls

 (Bloomberg)
(Bloomberg)

Tata Motors' Q4 profit slumps, JLR turnaround helps

  • Tata Motors had posted a loss for the third-quarter, hurt by an impairment charge for its luxury car unit Jaguar Land Rover
  • Shares of Tata Motors closed up 7.5% at 190.15 ahead of the earnings release

Huawei’s woes started when the US government put the company on a blacklist, disallowing American firms to do business with it. (Reuters)
Huawei’s woes started when the US government put the company on a blacklist, disallowing American firms to do business with it. (Reuters)

Lost Android license: What now for Huawei?

  • Losing the Android license means future Huawei phones will not have Google Play Store, Google Maps and YouTube and will not receive Security Updates
  • Following Google’s decision, chipmakers like Intel, Qualcomm, Xilinx and Broadcom are also reportedly stopping all business with Huawei

 (iStock)
A Balasubramanian, chief executive officer, Aditya Birla Sun Life AMC
Adani Enterprises rose as much as 29% in afternoon trade on 20 May, 2019. (Photo: Pradeep Gaur/Mint)
Adani Enterprises rose as much as 29% in afternoon trade on 20 May, 2019. (Photo: Pradeep Gaur/Mint)

Adani stocks cheer incumbency wave in India, Australia

  • Adani Enterprises rose as much as 29% in afternoon trade, its sharpest intraday gain in over two years
  • Shares of Adani Enterprises have risen by about 170% since Modi assumed power

The Congress has rubbished exit poll results, while Kumaraswamy stated that the entire exercise was aimed at creating the false impression of a wave in favour of PM Modi. (AFP)
The Congress has rubbished exit poll results, while Kumaraswamy stated that the entire exercise was aimed at creating the false impression of a wave in favour of PM Modi. (AFP)

Exit poll projections put JD(S)-Congress coalition government in a spot

  • Congress, which has seen most of the trouble emanate from its ranks, is keen to keep its flock together
  • The coalition govt now pins its hope on a victory in Chincholi and Kundgol bypolls to remain in power and quell some of the dissent

Kolkata: Andhra Pradesh Chief Minister and Telugu Desam Party President N Chandrababu Naidu with West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee, at her residence in Kolkata, Monday. (PTI Photo)
Kolkata: Andhra Pradesh Chief Minister and Telugu Desam Party President N Chandrababu Naidu with West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee, at her residence in Kolkata, Monday. (PTI Photo)

Naidu meets Didi to discuss formation of a non-BJP govt in case of hung verdict

  • Naidu had a 45-minute meeting with Banerjee on the future strategies of the 'Mahagathbandhan'
  • Naidu has been moving around across the country and has held several rounds of discussions with top opposition leaders

Narendra Modi’s return to power will also buttress his reputation as the tallest leader in India. (PTI)
Narendra Modi’s return to power will also buttress his reputation as the tallest leader in India. (PTI)

Exit poll projections endorse Modi, question Congress’ revival strategy

  • Except for the Neta-NewsX poll, which gave the NDA 242 seats and the ABP-Nielsen, which gave it 277 seats, all other surveys projected at least 287 seats for the NDA
  • A setback this time for Congress would mean the rejection of the alleged corruption campaign against the Rafael fighter jet deal led by Gandhi

The lawsuit comes at a time when Royal Enfield has been looking to diversify into more developed markets as well as emerging nations. (Photo: Bloomberg)
After the EVM counting is over, the VVPAT counting will commence. (PTI)
Gillian Tans, CEO, Booking.com
(Graphic: Vipul Sharma/Mint)
India’s external affairs minister Sushma Swaraj. (PTI)
 (Photo: Abhijit Bhatlekar/Mint)
TRS chief K. Chandrashekar Rao (right) with YSRCP chief Y.S. Jagan Mohan Reddy. (Facebook/Telangana CMO)
TRS chief K. Chandrashekar Rao (right) with YSRCP chief Y.S. Jagan Mohan Reddy. (Facebook/Telangana CMO)

KCR’s plan for federal front may fall flat if exit poll forecasts come true

  • KCR might agree to provide outside or issue-based support, if the BJP-led NDA falls just short of the required seats to form a govt
  • Going by the exit poll results, Jagan Reddy who had publicly backed KCR’s idea, could be cast out of central politics

The Congress is set to sweep Kerala, with some exit poll surveys predicting that it will win as many as 16 seats. (PTI)
The Congress is set to sweep Kerala, with some exit poll surveys predicting that it will win as many as 16 seats. (PTI)

Exit polls offer comfort to anti-BJP parties in the south

  • Despite BJP pulling out all stops in the southern states, the exit polls have come as a damper, barring Karnataka
  • BJP went alone in Telangana and AP, just like its rival Congress. And, both national parties are likely to be crushed in the pitched fight with regional satraps in the two states representing 42 seats

Madhya Pradesh chief minister Kamal Nath. (HT)
For investors, exit polls removed uncertainty about a hung verdict and the formation of a third front government
The shortfall in FY19 means I-T dept will have to achieve a 23% growth to meet the target of  ₹13.8 trillion this fiscal.
The shortfall in FY19 means I-T dept will have to achieve a 23% growth to meet the target of 13.8 trillion this fiscal.

Slowing direct tax collections may push govt to reset its budget math for FY20

  • The shortfall in direct tax receipts in the previous fiscal makes projections for the current year ambitious
  • The challenge of meeting the tax collection target comes in the wake of various agencies revising down economic growth rate projections for the current fiscal

HPCL's scrip Monday closed at  ₹293.60 a piece, up 6.78% on the BSE.
HPCL's scrip Monday closed at 293.60 a piece, up 6.78% on the BSE.

HPCL Q4 profit surges 70% at 2,969.92 crore

  • Total income rises to 73,672.50 crore in the March quarter of FY19 from 66,983.38 crore a year ago
  • HPCL board recommends an interim dividend of 6.50 per equity share and a final dividend of 9.40 per equity share

Livspace founders Anuj Srivastava (left) and Ramakant Sharma. With this deal, Livspace will now have a backer (Ikea) with strong supply chain capabilities.
A file photo of noted political scientist Yogendra Yadav (Pradeep Gaur/Mint)
 (Reuters)
(Reuters)

Three common money disorders: Do you suffer from any of them?

Choose a financial confidant, who is trustworthy, non-judgmental, compassionate and has the ability to listen without offering advice. You can also get professional help from your money coach, or counsellor and find happiness in your relationship with money

Nikhil Verma was the admin of the WhatsApp group called Kids XXX that circulated child porn, said the CBI. Photo: Reuters
 ( Photo: Reuters)

Polls have no long-term bearing on stock markets: Saurabh Mukherjea

As the general elections enter its final leg, the atmosphere is already highly charged with exit polls doing the rounds. Amidst all the razzmatazz, here comes a counter view. In a video interview, veteran markets commentator, author Saurabh Mukherjea of Marcellus Investment Managers explains why there is a little co-relation between markets and polls. Given that there is a continuum of policy across different parties, historically, it has mattered not very much who's won and who's lost from a markets perspective. Mukherjea also goes on to explain the growth trajectory for the Indian economy and what it means for stock markets. Watch the video for more.

 (Photo: iStock)
A file photo of Prime Minister Narendra Modi.
A file photo of Prime Minister Narendra Modi.

On Google, Narendra Modi’s stock continues to rise

  • Across the board, Modi has generated the most interest online, far exceeding the searches for leaders of regional parties—even on their own turfs
  • Amongst searches for Modi, Rahul and regional leaders, in 49 out of 55 cities, searches for Modi accounted for more than 50% of all searches

 (Reuters)
TCS chief operating officer N. Ganapathy Subramaniam.  (Photo: Pradeep Gaur/Mint)
Huawei has declined to comment. Photo: Reuters
Robert F. Smith, an African-American businessman Morehouse College. Photo: Twitter/@Morehouse
Sensex surged over 950 points today after exit polls predicted a comfortable win for NDA government in Lok Sabha elections
 (Photo: Mint)
 (Photo: Mint)
 (Photo: Abhijit Bhatlekar/Mint)
The company’s revenue fell 1% in the March quarter, thanks to a slowdown in demand.
 (Photo: Reuters)
Dr Reddy’s Laboratories stocks slipped almost 7% during the early morning trade on 20 May, 2019. (Photo: Mint)
Tier-1 India IT firms are not alone in facing rising H1B denial rates (Hemant Mishra/Mint)
Tier-1 India IT firms are not alone in facing rising H1B denial rates (Hemant Mishra/Mint)

Opinion | How IT service firms can adapt to the H-1B visa squeeze

India’s IT service firms have various options as they rework their delivery models around tight US norms