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Sensex hits record high of 31,500, Nifty near 9,700, Sun Pharma, Reliance top gainers

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The BSE Sensex made a strong recovery of over 200 points to hit a record high of 31,500 points on the back of a slew of steps by regulator Sebi to make markets more attractive for investments. Asian cues remained mixed. The 30-share index rebounded by 136.27 points, or 0.44%, to 31,419.91. Realty, metal, power, and auto were in the positive zone, rising by up to 1.09%.

 

The gauge had lost 27.93 points in the previous two sessions. The NSE Nifty also moved up by 33.85 points, or 0.35%, to 9,667.45. Among a host of key decisions on Wednesday, Sebi relaxed its takeover norms for restructuring listed companies with stressed assets, which is expected to bolster efforts in the fight against bad loans.

Some short covering helped stocks, too, bounced back. Major contributors to the recovery were HDFC Ltd, PowerGrid, Asian Paints, Tata Motors, Tata Motors DVR, Sun Pharma and Axis Bank, gaining up to 1.37%.

Hike’s Kavin Mittal looks at ways to increase revenues

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In China, people have quit their day jobs to work for a live streaming app called Inke.

 

A live streamer can be discovered on the platform and paid by viewers through virtual gifts bought online. The viewers pay for these virtual gifts through real money (in-app purchases). The live streamers get 30% of this with the platform taking the rest. Some people make as much as $50,000 to $60,000 a year, just by live streaming.

 

The flip side of GST: its impact on the informal economy India is not yet there but similar virtual transactions could take off here soon, according to Kavin Bharti Mittal, founder and chief executive of Hike Messenger.

 

“The infrastructure is so much like China 4-5 years back. We believe that is going to happen in India,” he said.

 

Inke’s is the kind of revenue model that Mittal says he would like to build for his company in the next three years before he exhausts the money raised from Tencent and Foxconn (around $175 million). He may go for another round of funding before that but he knows it won’t be easy.

 

Sebi eases M&A norms for distressed firms >> Get Free Intraday Tips Call on 9644405056

 

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The Securities and Exchange Board of India (SEBI) relaxed some rules on Wednesday to hasten the resolution of stressed assets in bank balance sheets.

 

The regulator has exempted buyers of shares in distressed companies from the requirement of making an open offer even if the purchase triggers such an event under the takeover code, Sebi announced after its board meeting on Wednesday.

 

The flip side of GST: its impact on the informal economy under Sebi’s takeover norms, one of the triggers for an open offer is when an entity acquires 25% or more in a listed company. The entity then has to make an offer to buy an additional 26% stake in the company from the public shareholders.

 

Sebi said it has come across cases where lenders acquired shares in a distressed company but could not sell the stake to a new investor because the takeover norms proved restrictive and reduced the funds available for investment in the stressed firm.

Top deals on Flipkart’s ‘Own Your Dream Phone’ sales

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If you are looking to buy a new smartphone, you don’t have to wait for festive offers anymore. Major online platforms such as Flipkart and Amazon keep coming with special sales on specific product categories from time to time and smartphone is on the top of their list.

 

After Amazon’s recently concluded sale on smartphones, Flipkart has announced a three-day sale called ‘Own Your Dream Phone’. Starting from today, the sale offers discounts, exchange offers on some of the popular flagship smartphones. There is an additional discount of 5% on all purchases made with Axis bank credit cards. Here are the top deals you can consider right now.

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The Nifty on Thursday could see a subdued opening, tracking slightly weak handover from the Wall Street. The index on Wednesday, which opened at 9,648.10, rose to an intraday high of 9,650.45 which made a small upper shadow on the charts.

 

The 50-share bourse also slipped to an intraday low of 9,608.60 before bouncing back towards its opening level and closed at 9,633.60, down 19.90 points, making a ‘hammer’ like the pattern on the daily candlestick charts.

 

Here’s the list of important headlines related to Indian stock market from across news agencies

 

Wall Street

 

US stocks closed mostly lower on Wednesday as oil prices failed to rebound from a sharp fall during the previous session.

 

The S&P 500 closed marginally lower as energy stocks dropped 1.6 percent to lead decliners. The sector briefly erased losses after bullish supply data from the oil market was released.

 

The Dow Jones industrial average slipped about 55 points, with Caterpillar contributing the most losses. The Nasdaq Composite outperformed, rising 0.7 percent as biotechnology stocks spiked higher.

 

The major US equity indexes closed lower on Tuesday as energy stocks faced pressure from oil’s sharp fall, but the Dow managed to hit a record intraday high.

 

SGX Nifty

 

Trends on the SGX Nifty indicated a flat opening with a positive bias as the Nifty futures on the exchange were trading at 9,674, down up about 12 points.

 

Crude oil off its 10-month low mark

 

Oil prices rose for the first time in three days after US crude and gasoline stockpiles fell, but investors are looking for more signs that output cuts by OPEC and some other producers are ending a three-year glut.

 

The market largely shrugged off comments overnight from Iran’s oil minister that members of the Organization of Petroleum Exporting Countries(OPEC) are considering deeper cuts in production.

 

Brent crude futures were 9 cents, or 0.2 percent higher, at USD 44.91 a barrel at 0018 GMT, after falling 2.6 percent in the previous session to their lowest since August last year.

 

Rupee

 

The Rupee managed to pare its initial steep losses and closed with a marginal fall of 3 paise at 64.52 a Dollar on sustained demand for the American currency from importers and banks.

 

Steady capital outflows amid a caution ahead of the release of RBI’s minutes of its bi-monthly policy meeting largely weighed on forex trade.

 

Subdued local equities too impacted the trading pattern. The Rupee opened sharply lower at 64.63 per Dollar from Tuesday’s closing of 64.49 at the Interbank Foreign Exchange (Forex) market.

 

CDSL IPO issue oversubscribed 170 times

 

The initial public offering of Central Depository Services (CDSL) has received tremendous response from all types of investors, with getting more than Rs 62,929 crore worth of bids against issue size of Rs 369.9 crore (excluding anchor investors’ portion).

 

The Rs 524-crore issue has oversubscribed 170.11 times on the final day, as per data available with the exchange.

 

It has received bids for more than 422 crore equity shares against issue size of 2.48 crore shares.

 

Tata seeking a majority stake in Air India?

 

Tata Group has reportedly shown interest in buying a majority stake in state-run carrier Air India.

 

Natarajan Chandrasekaran, chairman of Tata group’s holding company Tata Sons, was in touch with the top leadership in the government about a deal.

 

An official at the Civil Aviation Ministry declined to comment on Tata’s interest, saying any development on the carrier would be “intimated soon”.

 

Fundraisers

 

Private sector Axis Bank has planned a capital raise of up to Rs 35,000 crore in about a year’s time in line with its growth projection in domestic as well as overseas operations.

 

The country’s third largest private sector lender said it may issue debt securities denominated in Indian Rupees or any other permitted foreign currency including long-term bonds, green bonds, non-convertible Debentures on a private placement basis during the period of one year from the date of passing of the special resolution.

 

In a regulatory filing, the bank said its credit committee, and investment and raising capital committee has authorized the opening of the qualified institutional placement (QIP) of shares on Wednesday. The floor price has been set at Rs 117.04 per share and it can sell shares at a discount of not more than 5 percent, it said in the filing.

 

SEBI plans to ease takeover process under bankruptcy code

 

The Securities and Exchange Board of India (SEBI) today said that it would ease the takeover process for banks under the recently-introduced bankruptcy code from its strict share pricing rules, adding that such transactions will be governed only by RBI regulations.

 

“Share price during stake sale under NCLT will be not bound by SEBI rules,” SEBI chairman Ajay Tyagi said at a press conference after the conclusion of the regulator’s board meeting.

 

The decision was put forth initially by bankers to cut losses, said Rajnish Kumar, MD of SBI. It will be applicable when any debt has to be converted to equity for sale.

 

Banks get an extension to deposit old notes

 

The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20.

 

This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI.

 

The earlier window was open until December 31, a day after the 50-day period of demonetization of high-value currency.

 

RBI MPC largely wants to watch inflation, one seeks rate cut: Minutes

 

The Reserve Bank of India’s monetary policy committee wants more evidence that inflation has sustainably fallen below its target before deciding whether to lower interest rates, minutes from its last meeting showed on Wednesday.

 

The RBI voted 5-1 to keep the repo rate at 6.25 percent earlier this month but issued a slightly less hawkish statement after consumer inflation eased to 2.99 percent in April, below its 4 percent target.

 

Ravindra H. Dholakia, a professor who is one of three non-RBI members, was the lone dissenter, voting to lower the repo rate by 50 basis points by strongly arguing that inflation had eased enough to justify a rate cut.

 

The vote marked the first non-unanimous decision in the five meetings since the MPC was formed last September.

Daily revision of fuel prices Structurally Positive for OMCs

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The shift to daily revision in prices of petrol and diesel from fortnightly revision starting 16 June is structurally positive for Indian oil marketing companies (OMCs)—Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corp. Ltd (IOC). With this, India joins countries such as the US and Australia where fuel prices are revised on a daily basis. Get Free Stock Cash Tips by Ripples Financial Advisory, Indore (9644405056)

This means OMCs will be able to pass on daily changes in product prices and exchange rate fluctuations without delays.

IOC said a daily revision of petrol and diesel prices will set new standards of transparency, encourage the automation drive of petrol pumps and lead to better stock management practices.

 

Uber co-founder Travis Kalanick quits as CEO

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Uber Technologies Inc. co-founder Travis Kalanick stepped down as chief executive of the ride-hailing service, the New York Times reported on Wednesday.

Kalanick’s exit came under pressure from Uber’s investors, who were seeking his exit, the paper reported citing people with knowledge of the situation.

Uber was not immediately available to comment outside regular US working hours.

India allows banks, post offices to deposit old bank notes with RBI

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India on Wednesday allowed banks and post offices to exchange old, big bank notes, which are no longer in circulation, with the Reserve Bank of India (RBI) in a month, provided these notes were collected by Dec. 30, 2016, a finance ministry statement said.

India’s cooperative banks have also been allowed to exchange old currency notes with the RBI, if they had collected these notes by Nov. 14.

Prime Minister Narendra Modi announced a shock move on Nov. 8 last year to ditch 500 rupees ($7.74) and 1,000 rupees ($15.48) notes – worth a combined $256 billion – that he said were fuelling corruption, being forged and even paying for attacks by militants who target India.

Petroleum ministry establishes GST facilitation cell for all stakeholders

With a view to facilitating the implementation of GST for the stakeholders concerned with Ministry of Petroleum and Natural Gas and its organizations, a GST facilitation cell has been established, according to an official statement.

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The GST Facilitation Cell has been constituted to serve as the first point of contact for industry to facilitate, guide and provide all support to the stakeholders for a smooth and successful rollout of the new tax regime.

The government is set to roll out GST with effective from mid night of June 30, 2017.

 

 

Prime Minister dedicates Powergrid’s 400 kV Lucknow – Kanpur D/C Transmission Line to nation

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The Prime Minister Narendra Modi on Tuesday dedicated POWERGRID’s 400 Kilo Volt(kV) Lucknow – Kanpur Direct Current (D/C) Transmission Line with associated bays to the Nation.

“Constructed as a part of “Northern Region Strengthening Scheme-XXXII”, this transmission line will provide high-quality transmission infrastructure for ensuring reliable and quality power supply in Uttar Pradesh especially in the areas like Lucknow, Panki, Unnao, and Kanpur,” according to a statement released by the ministry of power.