Closing Bell: Market ends lower, Nifty down at 11,580; Bharti Infratel top loser##Closing Bell: Market ends lower, Nifty down at 11,580; Bharti Infratel top loser

The Indian equity benchmark indices ended lower on Thursday after the telecom stocks plummetted as the Supreme Court rejected the definition of adjusted gross revenue (AGR). Nifty PSU Bank saw the most losses, declining 3.45 percent.

At 3:30 pm, the Sensex was down 38.44 points or 0.10 percent to trade at 39,020.39, while Nifty50 was trading 21.50 points or 0.19 percent lower at 11,582.60.

Bharti Airtel, Reliance Industries, Eicher Motors, HCL Technologies and Titan were the leading Nifty gainers, while Bharti Infratel, Grasim, YES Bank, SBI and GAIL fell by up to 3-8 percent.

Nifty PSU Bank was the worst-performing index (down 3.45 percent), while Nifty Realty was the only one in green (up 0.9 percent).

Oct 24, 2019 3:48 PM

Oct 24, 2019 3:24 PM

Bharti Airtel's shares recover losses, jump 3% on NSE##Bharti Airtel's shares recover losses, jump 3% on NSE

After witnessing a heavy downfall of 10 percent on Thursday, the stock recovered from its losses and jumped 3 percent on NSE. The stock fell substantially after the Supreme Court rejected telcos' definition of Adjusted Gross Revenue (AGR).

With the judgment, the SC has exposed the incumbent telcos to potential demands by DOT of up to Rs 1.33 lakh crore. The court has held that all revenues, except for termination fee and roaming charges, will be a part of the AGR. Telcos had argued that non-telecom, non-core revenues should not be a part of the AGR.

The telecom major will announce its Q2 earnings on October 29. At 3:05 pm, the share price was trading higher by 3.16 percent to Rs 371.75 per share on the NSE.

Oct 24, 2019 3:07 PM

Crude Oil Update: Oil prices slip amid weak demand outlook##Crude Oil Update: Oil prices slip amid weak demand outlook

Oil prices slipped on Thursday amid persistent concerns about a weak demand outlook, after posting sharp gains in the previous session following a surprise crude inventory drawdown in the United States, reported Reuters.

"Oil prices are likely to remain subdued in the near term as the global economy continues to slow and risk aversion prevails," Caroline Bain, chief commodities economist at Capital Economics said in a note.

Some market participants said a decline in U.S. product inventories, as shown by the EIA data, could point to underlying demand.

The prospect of deeper production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies also helped to cap a deeper slide in oil prices on Thursday.

Brent crude futures fell 17 cents, or 0.3 percent, to $61 a barrel by 0620 GMT.

West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.6 percent, to $55.65 per barrel. U.S. crude closed 3.3 percent higher in the previous session.

Oct 24, 2019 2:10 PM

Bharti Airtel's spokesperson said that they are disappointed by the SC verdict##Bharti Airtel's spokesperson said that they are disappointed by the SC verdict

In a massive setback for Bharti Airtel, Vodafone-Idea and Reliance Communications, the Supreme Court on Thursday rejected the telecom companies' definition of Adjusted Gross Revenue (AGR).

In response, spokesperson from Bharti Airtel said, "We are disappointed by the verdict of the Supreme Court. The definition of AGR has been a long-standing dispute between the DoT and the Telecom Service Providers (TSPs) dating to 2005. The issue of inclusion of revenue from non-telecom activities and interpretation of the heads included in the definition of AGR under the license conditions has been through several rounds of litigation, which have been in favor of the TSPs till now."

The TSPs have invested billions of dollars in developing the telecom sector and providing world-class services to consumers. This decision has come at a time when the sector is facing severe financial stress and may further weaken the viability of the sector as a whole. Of the 15 old operators impacted by the order, only two private sector operators remain in service today. The Government must review the impact of this decision and find suitable ways to mitigate the financial burden on the already stressed industry, the spokesperson added.

Read a brief copy on the matter here.

Oct 24, 2019 1:55 PM

Maruti Suzuki's Q2 standalone revenue falls, profit down 39%##Maruti Suzuki's Q2 standalone revenue falls, profit down 39%

Maruti Suzuki reported a weak July-September quarter with standalone revenue from operations declining 24 percent year-on-year (YoY) to Rs 16,985 crore as against Rs 22,433 crore in the corresponding quarter last year.

Net profit for the quarter fell 39 percent YoY to Rs 1,358 crore as compared to Rs 2,240 crore last year.

Earnings before interest, tax, depreciation and amortization plummeted 53 percent YoY at Rs 1,606 crore as compared to Rs 3,406 crore in the same quarter last year.

Oct 24, 2019 1:42 PM

Supreme Court rejects telcos' definition of adjusted gross revenue##Supreme Court rejects telcos' definition of adjusted gross revenue

Massive setback for incumbent telcos: Supreme Court upholds DoT's view that other than termination fee are roaming charges, all revenue accruing to telcos are to be included in AGR.

Telco stocks plummet after SC's verdict on AGR proves to be a massive setback for incumbent telecom service providers; Bharti Airtel falls again after a bout of recovery earlier today.

Vodafone Idea slid 18 percent, sharing the same fate as its peers. DoT has been claiming dues of Rs 1.33 lakh crore payable by Bharti Airtel, Vodafone Idea & Rel Communications - Rs 92,000 crore as licence fee and Rs 41,000 crore as spectrum usage charge.

Oct 24, 2019 1:30 PM

Oct 24, 2019 1:08 PM

Afternoon Session: Market turns positive, Nifty above 11,600##Afternoon Session: Market turns positive, Nifty above 11,600

Benchmark equity indices turned positive in afternoon trade on Thursday following gains in the realty sector and in heavyweights like Eicher Motors and HCL Technologies.

At 12:55 pm, the 30-share BSE Sensex was up 56.58 points or 0.14 percent to trade at 39,115.41, while Nifty50 was trading 8.95 points or 0.08 percent higher at 11,613.

Eicher Motors, HCL Technologies, Adani Ports, Tata Motors and UltraTech Cement were the top-Nifty gainers while BPCL, GAIL, Bharti Infratel, Grasim and Nestle India remained the top laggards.

During the afternoon session, Nifty Realty was the best-performing index (up 1.34 percent), while Nifty Pharma was the worst-performing index (down 0.86 percent).

Oct 24, 2019 12:59 PM

In an exclusive interview with CNBC-TV18's Sonia Shenoy and Anuj Singhal, Rakesh Jhunjhunwala said, "Private capex will pick up as soon as consumption goes up."##In an exclusive interview with CNBC-TV18's Sonia Shenoy and Anuj Singhal, Rakesh Jhunjhunwala said, "Private capex will pick up as soon as consumption goes up."

Here are some highlights from the conversation:

1. Around 11,000, the market is a discounting mechanism, we have a good recovery of 6-9 months ahead of us.

2. Consumption will come back in a short span of time while investments and exports will take time.

3. Private capex will return when consumption rises. I think capex is not picking up because there's not enough capital, equity, and loans. It's all a vicious cycle.

4. We are at the tail end of the NPAs for the corporate sector, and economy will improve and won't get worst.

Oct 24, 2019 12:48 PM

Bandhan Bank beats Street expectations; net profit at Rs 972 crore in Q2 earnings##Bandhan Bank beats Street expectations; net profit at Rs 972 crore in Q2 earnings

Bandhan Bank in its July-September quarter reported a 42 percent year-on-year (YoY) jump in the net interest income (NII). The bank's NII this quarter came in at Rs 1,529 crore.

Net profit during the quarter jumped 99 percent YoY to Rs 972 crore as against Rs 488 crore. Meanwhile, deposit growth grew 49.26 percent YoY.

Loan portfolio grew 92.33 percent YoY while CASA rose 38.69 percent YoY. Net NPAs as on September 30, 2019 at 0.56 percent against 0.69 percent September 30, 2018.

Total Advances (on book + off book) grew by 92.33 percent to Rs 64,186 crore as on September 30, 2019 against Rs 33,373 crore last year.

Note: The quarterly results have been taken in view of the amalgamation with GRUH Finance.

Oct 24, 2019 12:33 PM

Nifty Sectoral Indices: Out of 11 indices, only 3 sectors trading in green##Nifty Sectoral Indices: Out of 11 indices, only 3 sectors trading in green

Out of 11 Nifty50 sectoral indices, only 3 are trading in the green, which includes Nifty Media, Nifty Realty and Nifty Financial Services. Meanwhile, 8 sectors are trading in red, with Nifty Pharma in the lead.

Oct 24, 2019 12:09 PM

BSE Heatmap: 18 stocks out of 30 BSE stocks are trading in red##BSE Heatmap: 18 stocks out of 30 BSE stocks are trading in red

At 11:55 am, the 30-share index was trading 27 points lower at 39,031.56. Out of 30 BSE stocks, 18 are trading in red while 12 are trading in green.

In the green space, HCL Technologies was the highest gainer while M&M was the biggest loser in the red space.

Oct 24, 2019 11:59 AM

Aurobindo Pharma receives USFDA Approval for Guaifenesin Extended-Release Tablets (OTC)##Aurobindo Pharma receives USFDA Approval for Guaifenesin Extended-Release Tablets (OTC)

Aurobindo Pharma gets US FDA nod for Guaifenesin extended-release tablets, 600 mg & 1,200 mg. Guaifenesin extended-release tablets are the AB-rated generic equivalent of RB Health (US) LLC’s Mucinex tablets. The product is expected to launch in Q4FY20.

The approved product has an estimated market size of US$ 301 million for the twelve months ending July 2019, according to IRI database

Guaifenesin extended-release tablets help to loosen phlegm (mucus), and thin bronchial secretions to rid the bronchial passageways of bothersome mucus and make coughs more productive.

At 11:25 am, the share price was trading 1.46 percent lower to Rs 469.10 per share on the NSE.

Oct 24, 2019 11:28 AM

MTNL locked in an upper circuit on the announcement of a merger with BSNL##MTNL locked in an upper circuit on the announcement of a merger with BSNL

The shares of MTNL were locked at 5 percent upper circuit on Thursday after the government's telecom company announced a merger with Bharat Sanchar Nigam Limited (BSNL).

At 11:20 am, the share price was trading 4.27 percent higher to Rs 6.10 per share on the NSE

On October 23, the government had approved nearly Rs 70,000 crore revival package for loss-making telecom PSUs, BSNL and MTNL and merger of both the companies.

Oct 24, 2019 11:23 AM

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