Sensex, Nifty close 0.5% lower; bank stocks hit by adverse AGR ruling4 min read . Updated: 14 Feb 2020, 03:59 PM IST
- Bharti Airtel ends 4.7% up, IndusInd sheds 4.4%
- Only 8 Sensex stocks end up; BSE MidCap down 125 points
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Sensex drops 202.05 pts to close at 41,257.74, Nifty down 61.20 pts to 12,113.45 as banking, auto shares decline
Index heavyweights HDFC Bank and State Bank of India lose more than 2% on AGR impact
IndusInd Bank falls 4% post SC ruling in AGR case. The corporate loan book shows an exposure of 1.20% to the telecom-cellular sector.
SpiceJet Oct-Dec net profit ₹78.16 cr vs ₹63.53 cr a year ago
Spicejet Oct-Dec total income ₹3,926.58 cr vs ₹2,532.60 cr year ago
Shares of Future Enterprises fell 1.6% on BSE after company's December quarter profit declined to ₹15.66 crore from ₹32.04 crore from a year ago.
The board of directors of the company has declared interim dividend of ₹110 per equity share of ₹10 each for FY20
Core WPI inflation at -1% vs -1.5% month-on-month
Primary articles inflation at 10.01% vs 11.46% month-on-month
No-food article inflation at 7.05% vs 7.72% month-on-month
Stock has doubled in a year, up 3.6% today at Rs559 as telecom market seen consolidating
The Supreme Court on Friday ordered contempt proceedings against telecom service providers while making scathing observations on the officials of department of telecommunications (DoT) for allowing the firms delay payment of dues, ignoring its 24 October verdict that had directed them to pay DoT over ₹1 trillion in dues for under reporting their revenues.
Extending gains for the second day, shares of Yes Bank Limited rose 6.32% in Fridays’s session on optimism around capital raising plans. The private sector lender has received non-binding expressions of interest (EoI) from four “prominent" investors.
Shares of Nestle India Ltd hit a 52-week high of ₹16,753.45 in the session so far 16,753.45 on Friday. The domestic arm of the Swiss FMCG giant, reported a net profit of Rs473.02 crore, up 38.41% in the quarter ended December 31, 2019 due to lower tax expenses and strong domestic sales.
The rupee fell marginally by 2 paise to 71.33 against the US dollar in opening trade on Friday, amid strengthening of the American currency in the overseas market.
Inflows into Indian equity funds rose to a five-month high in January amid signs of a revival in small- and mid-cap stocks, a battered corner of the $2.2 trillion market for two straight years.
Vodafone Idea shares surged 12% in early trade after the telecom operator's net loss narrowed to ₹6,438.8 crore in the three months to December from the ₹50,922 crore loss posted in the September quarter, after it accounted for most of the liabilities related to adjusted gross revenue (AGR) in the preceding quarter itself.
Among the Sensex stocks, Nestle India, Asian Paints, UltraTech Cement and L&T were up between 1% and 1.5%.
In a circular released on 13th February, the Securities and Exchange Board of India barred portfolio management service (PMS) providers from charging upfront fees to customers directly or indirectly. It also prohibited them from paying upfront commissions to distributors, who would be allowed to receive only trail commissions.
The Supreme Court today will hear the modification applications filed by Vodafone Idea Ltd, Bharti Airtel Ltd and Tata Teleservices seeking extension to pay the adjusted gross revenue (AGR) dues to the department of telecommunications. Both Airtel and Vodafone missed the 23 January deadline to pay the AGR dues.
Vodafone Idea owes over ₹50,000 crore to DoT, while Bharti Airtel has to pay ₹35,586 crore.
Indian equity indices are expected to be marginally lower on Friday. Global shares eased on Friday, as investors were spooked by a sharp rise in the number of coronavirus cases in China this week while oil prices extended gains on hopes of more production cuts.
The Dow Jones Industrial Average fell 128.11 points, or 0.43%, to 29,423.31, the S&P 500 lost 5.51 points, or 0.16%, to 3,373.94 and the Nasdaq Composite dropped 13.99 points, or 0.14%, to 9,711.97.
Japan's Nikkei 225 fell 0.7% in morning trading to 23,667.18. Australia's S&P/ASX 200 inched up 0.1% to 7,112.60. South Korea's Kospi was little changed at 2,234.50. Hong Kong's Hang Seng slipped 0.3% to 27,730.00, while the Shanghai Composite dropped 0.7% to 2,906.07.
Asian shares mostly fell Friday as investors turned cautious following a surge in cases of a new virus in China that threatens to crimp economic growth and hurt businesses worldwide.