MARKET WRAP: Indices end higher ahead of Budget 2019, Nifty below 11,950

All that happened in markets today.

3:50 PM

Sectoral gainers and losers on NSE

3:50 PM

Top gainers and losers on S&P BSE Sensex

3:37 PM

CLOSING BELL

The S&P BSE Sensex gained 69 points or 0.17 per cent to settle at 39,908 while the NSE's Nifty50 index ended at 11,947, up 30 points or 0.25 per cent. 

2:56 PM

NEWS ALERT | Lenders to challenge NCLAT judgment in Essar Steel Case

2:40 PM

Essar Steel: NCLAT approves ArcelorMittal's bid with modifications

The National Company Law Appellate Tribunal (NCLAT) on Thursday approved Lakshmi Mittal-led ArcelorMittal’s plan for Essar Steel India Limited. The appellate tribunal had on May 21 heard the contentions of all the parties and reserved its judgment in the case. The distribution of amount for all operational and financial creditors will be reflected in ArcelorMittal's resolution plan. The Committee of Creditors (CoC) will have no role in this distribution. READ MORE

2:26 PM

Sudden fall in YES Bank, down 4%

2:15 PM

Essar Steel: NCLAT approves Lakshmi Mittal-led ArcelorMittal's bid

The National Company Law Appellate Tribunal (NCLAT) on Thursday approved Lakshmi Mittal-led ArcelorMittal’s plan for Essar Steel India Limited. The appellate tribunal had on May 21 heard the contentions of all the parties and reserved its judgment in the case. The distribution of amount for all operational and financial creditors will be reflected in ArcelorMittal's resolution plan. The Committee of Creditors (CoC) will have no role in this distribution.

 

ArcelorMittal had told NCLAT that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring debt-laden Essar Steel under the insolvency process. READ MORE

2:10 PM

Trade war: China says existing US tariffs should be removed for a deal

Existing US tariffs will have to be removed if there is to be a trade deal between Beijing and Washington, China's commerce ministry said on Thursday. The leaders of the two countries agreed last weekend to relaunch trade talks that had stalled in May after US officials accused China of pulling back from commitments made in the text of a pact negotiators had said was nearly finished. READ MORE

2:01 PM

June Auto Sales | Force Motors

-- A decline of more than 17% in June sales,

-- Sale of  2,210 units vs 2,669 units in June last year

1:57 PM

Adani Ent rally 4% after cabinet nods Lucknow, Ahmedabad airport leasing

Adani Enterprises shares gained 4 per cent to quote at Rs 162 on the BSE during the morning trade on Thursday after the Union Cabinet approved Ministry of Civil Aviation’s proposal to privatize three out of six state airports. READ MORE

1:50 PM

NEWS ALERT | REC to consider a proposal for raising an amount of Rs 75,000 crore

-- A meeting of board of directors of REC scheduled to be held on July 10, 2019, to consider a proposal for raising of funds through issue of unsecured/secured non-convertible bonds/debentures through private placement, up to an amount of Rs 75,000 crore, in one or more tranches

1:45 PM

Economic Survey Highlights: Bullish on growth despite tepid numbers

Economic Survey for 2018-19 was tabled in the Lok Sabha on Thursday, a day ahead of the presentation of the Union Budget for 2019-20. The Survey, which is the government’s report card for the year gone by and presents the health of the economy, comes at a time when the economy is slowing and consumption has staggered.

 

As per data released a few days ago, India's GDP growth came in at 5.8 per cent for the January – March quarter, sharply down from 6.6 per cent in the previous quarter, well below forecasts and the slowest in over four years. READ MORE

1:45 PM

Quess Corp nears record low; stock tanks 11% on heavy volumes

Shares of Quess Corp were under pressure for the fourth straight trading day and tanked 11 per cent to Rs 462, also its 52-week low on the BSE on Thursday, on the back of heavy volumes. The stock was trading close to its all-time low price of Rs 452 touched on July 14, 2016. In the first four trading days of July, Quess Corp's market price has plunged 20 per cent, against 1.2 per cent rise in the benchmark S&P BSE Sensex. READ MORE

1:30 PM

Chief Economic Advisor KV Subramanian on Economic Survey

1:20 PM

Stocks that hit 52-week high on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
A B B	1650.00	1653.55	42.85	2.67
ADANI POWER	66.05	66.85	0.25	0.38
BAJAJ FIN.	3719.05	3750.00	5.10	0.14
OBEROI REALTY	625.00	641.70	16.80	2.76
REC LTD	167.40	169.55	0.05	0.03

1:16 PM

Economic Survey 2019: Economy expected to rebound; FY20 growth pegged at 7%

Economic Survey 2019, tabled in Parliament on Thursday, painted an optimistic picture of the Indian economy, projecting the country’s gross domestic product (GDP) would grow at seven per cent in 2019-20, against a five-year low of 6.8 per cent the previous year, with political stability aiding a pick-up in demand and investments. The forecast is the same as the Reserve Bank of India’s reading, which in June lowered its projection by 20 basis points from 7.2 per cent. READ MORE

1:12 PM

Nifty PSU Bank index extends gain

1:10 PM

DHFL seeks Rs 1,500 cr fresh loans a month to service Rs 80,000 cr debt

Dewan Housing Finance Corp., an Indian mortgage lender that has delayed payment on some of its obligations, plans to ask banks to lend Rs 15 billion ($217 million) every month to help revive the company, a person with knowledge of the proposal said. The financier, which has about Rs 800 billion of obligations, will submit the resolution plan on July 10 to a consortium of seven lenders led by state-run Union Bank of India, the person said, asking not to be identified as the discussions are private. READ MORE

1:04 PM

Economic Survey on the importance of investment

Investment, especially private investment, is the “key driver” that drives demand, creates capacity, increases labour productivity, introduces new technology, allows creative destruction, and generates jobs. 

12:58 PM

Economic Survey on inflation

12:52 PM

NEWS ALERT | Economic Survey is quite candid about economic challenges: NITI Aayog VC Rajiv Kumar to CNBC TV18

12:51 PM

Vodafone Idea gains over 6%

12:47 PM

The cost of capital remains quite high in India, which affects investment prospects in the country: Economic Survey

-- Now that the foundations for expansion have been laid, it is now time to significantly lower the cost of capital.

12:46 PM

Economic Survey on role of job creation and earnings

"Dwarfs, which we define as small firms that never grow beyond their small size, dominates the Indian economy and holds back job creation and productivity."

The Economic Survey "recommends focusing incentives on infant firms, i.e. firms less than ten years of age, with the appropriate grandfathering of the existing pattern of incentives to MSMEs....reforms of restrictive labour regulation can foster job creation and capital accumulation in the states. The labour law changes are crucial also because they can enhance investment."
 

12:42 PM

Economic Survey on India's demographics

India has already entered this demographic phase of a high share of working age population, and will remain in this “demographic dividend” zone for over two decades."

".. keeping domestic interest rates high may not encourage savings behaviour; a mildly positive real rate is good enough."

12:38 PM

Economic Survey on exports:

"While it is true that world trade is currently facing some disruptions, India’s share in global exports is so low that it should focus on market share."

12:36 PM

NEWS ALERT | Job creation can indeed be fostered by encouraging investment: Economic Survey

12:33 PM

Economic Survey about economic uncertainty:

"..economic policy uncertainty index must become an important index that policymakers at the highest level monitor on a quarterly basis."

12:32 PM

Economic Survey about economic uncertainty:

" top-level policymakers must ensure that their policy actions are predictable, provide forward guidance on the stance of policy, maintain broad consistency in actual policy with the forward guidance, and reduce ambiguity/arbitrariness in policy implementation. To ensure predictability, the horizon over which policies will not be changed must be mandatorily specified so that investor can be provided the assurance about future policy certainty. While this will generate some constraints in policy making, such voluntary tying of policymakers’ hands is undertaken in several cases including the Fiscal Responsibility and Budget Management Act, the Monetary Policy Framework of the Reserve Bank of India."

12:29 PM

As data of societal interest is generated by the people, it should be “of the people, by the people, for the people”: Economic Survey