The Sensex rose 341 points to 36,213.
The Sensex rose 341 points to 36,213.

Sensex surges nearly 350 points; IT, banks lead gains

  • Asian shares climb to 5-month high after Trump delays tariff hike on Chinese goods
  • GST Council on Sunday announced a cut on taxes charged on sales of residential properties under construction

Indian markets followed global markets higher after US President Donald Trump confirmed he would delay a planned tariff increase on Chinese imports, allaying fears around global growth.China markets surged over 5% today as talks between Washington and Beijing showed they were making "substantial progress". The Sensex rose 341 points to 36,213 while Nifty settled at 10,880, up nearly 0.82%.

Boosting the domestic sentiment, the GST Council on Sunday a cut in tax charged on sales of residential properties under construction as the government looks to stimulate the economy by driving up consumption.

"Market is taking cues from global markets, momentum in terms of (India) government policies," said Sumit Pokharna, vice president, Kotak Securities.

Banking and IT stocks led the gains stocks led the gains with HCL Tech, Yes Bank, TCS, IndusInd Bank and Infosys rising between 2% and 3%.

Realty stocks cheered a cut in the goods and services tax charged on sale of residential properties under construction but many of them could not sustain gains.  (With Reuters Inputs)

25 Feb 2019, 02:09:18 PM IST

Accounts of IL&FS, group companies cannot be declared NPA without NCLAT nod 

No bank or financial institution can declare the accounts of debt-ridden IL&FS and its group companies as non-performing assets (NPAs) without NCLAT's permission, the appellate tribunal said Monday.

A two-member National Company Law Appellate Tribunal (NCLAT) bench, headed by Chairman Justice S J Mukhopadhaya, said that this is done in the interest of IL&FS debt resolution plan.

"No IL&FS or its subsidiaries' account to be declared NPA by any financial institution without approval from NCLAT," the appellate tribunal said.

The tribunal's direction came during the hearing over the government's plan for the resolution of IL&FS group companies. (PTI)

25 Feb 2019, 12:07:17 PM IST

Motherson Sumi surges 12% as auto stocks in spotlight

Shares of auto component maker Motherson Sumi Systems rose as much as 12% to 159.70 on BSE today. Auto stocks were in the limelight today with NSE auto index rising nearly 1%. Other top gainers in this pack included Exide Industries, Hero MotoCorp, Bosch, Ashok Leyland, Maruti Suzuki and Hero MotoCorp.

25 Feb 2019, 11:59:00 AM IST

Wipro shareholders approve bonus issue, shares hit fresh 52-week high

Wipro shares today hit a fresh 52-week high of 383 on BSE after the IT major on Sunday said that it has received approval from majority of its shareholders for the issue of bonus shares and increase in authorised share capital. In January, Wipro's board had approved an issue of bonus shares wherein shareholders will get one bonus share for every three shares held by them.

25 Feb 2019, 11:21:19 AM IST

Shilpa Medicare gets USFDA nod for cancer drug

Shares of Shilpa Medicare were trading 1% higher at 355 apiece on BSE. Shilpa Medicare said it has received approval from the US health regulator for Gemcitabine for injection, used for treatment of various types of cancers. The approved product is a generic equivalent of reference listed drug Gemzar.

25 Feb 2019, 10:37:05 AM IST

Jet Airways shares down 2.5%

Shares of Jet Airways fell 2.5% to 231 on BSE, after Press Trust of India, citing sources, reported that SBI is mulling moving National Company Law Tribunal as it feels the airline is running out of funds for operations, even as shareholders of the debt-laden carrier have approved a debt rejig plan.

25 Feb 2019, 09:33:35 AM IST

IIFL Holdings, Motilal Oswal Financial Services shares fall after Sebi move

The Securities and Exchange Board of India (Sebi) on Saturday declared Motilal Oswal Commodities Broker Pvt Ltd (MOCB) and India Infoline Commodities Ltd as ‘not fit and proper’ to conduct commodities business due to their role in the National Spot Exchange Ltd (NSEL) settlement crisis of 2013. Shares of IIFL Holdings, Motilal Oswal Financial Services were down about 2% and 4% respectively in early trade.

25 Feb 2019, 09:26:29 AM IST

Real estate stocks gain after GST rate cut on residential properties under construction 

Shares of realty companies on Monday surged after government cut tax rate on under construction and affordable housing to boost real estate sector and ease the financial burden on home buyers. Among real estate stocks rallied with DLF up 3%, Godrej Properties 2.4%, Indiabulls Real Estate Ltd 3.8%, and Oberoi Realty 2.4%

25 Feb 2019, 09:03:58 AM IST

Realty, housing finance stocks stocks in focus after GST rate cut

The GST Council Sunday decided to cut GST rate on affordable homes to 1% without input tax credit (ITC) from earlier 8 % with ITC. The GST on under-construction flats, which are not under the affordable housing segment, has been reduced to 5 % without ITC from 12 % earlier with ITC.

25 Feb 2019, 09:01:38 AM IST

Asian shares climb to 5-month high

Asian shares scaled a 5-month peak on Monday after US President Donald Trump confirmed he would delay a planned increase on Chinese imports as talks between the two sides were making "substantial progress". Shanghai blue chips jumped 2.8 percent. That brought gains this year to 20%, helped in part by Beijing's efforts to pump new credit into the financial system. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5% to the highest since October, and is up 10% for the year so far.

25 Feb 2019, 08:56:29 AM IST

Trump delays tariff hike on Chinese goods, citing "productive" trade talks

US President Donald Trump said on Sunday he would delay an increase in US tariffs on Chinese goods thanks to "productive" trade talks and that he and Chinese President Xi Jinping would meet to seal a deal if progress continued. The announcement was the clearest sign yet that China and the United States are closing in on a deal to end a months-long trade war that has slowed global growth and disrupted markets.

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