Closing Bell: Sensex falls 297 pts, Nifty ends below 11,250; IndusInd Bank, YES Bank slip 5-6%

Oct 10, 03:24 PM (IST)
GST panel formed for augmenting revenue collection: GST Secretariat has formed a panel to augment GST revenue collection as Finance Ministry had asked the Revenue Department for urgent measures to arrest falling GST collections, CNBC TV18 reported.

The Revenue Secretary will oversee the measures to be suggested by the committee and Central Joint Secretary and ADG level officers will be part of the committee. GST Council has asked other states to join the committee on a volunteer basis.

Oct 10, 02:40 PM (IST)
IndusInd Bank Sept quarter profit falls 3.4% QoQ, NII up 2.3%

IndusInd Bank reported a 3.4 percent sequential decline in September quarter profit, dented by higher provisions and slow net interest income growth. Profit during the quarter declined to Rs 1,383.37 crore compared to Rs 1,432.5 crore reported in June quarter while the year-on-year rise was 69 percent.

Net interest income, the difference between interest earned and interest expended, grew by 2.3 percent quarter-on-quarter (32 percent sequentially) to Rs 2,909.5 crore in Q2.

Oct 10, 02:36 PM (IST)
Not looking to increase stake in Indiabulls Real Estate: Embassy Group

Indiabulls Real Estate recently said its board of directors would consider a share buyback proposal on October 11, but the Embassy Group, a stake holder, has said it has no plans to increase its shareholding in the realty company.

“The share buyback by Indiabulls Real Estate is likely because of cash surplus in the company, but we are not looking at buying additional stake in company,” Bengaluru-based Jitendra Virwani, Chairman and Managing Director of Embassy Group, told CNBC-TV18.

Oct 10, 02:35 PM (IST)
Tata global wholesales down 27% in September at 89,912 units

Homegrown auto major Tata Motors on Thursday reported 27 percent decline in its group global wholesales, including that of Jaguar Land Rover, in September at 89,912 units.

Global wholesales of all passenger vehicles in September were at 61,388 units, down 14 percent from the year-ago month, Tata Motors said in a regulatory filing.

The company said its British arm Jaguar Land Rover registered global wholesales of 53,091 units last month. Jaguar wholesales for the month were 13,800 units, while Land Rover wholesales were 39,291 units, it added.

Oct 10, 02:27 PM (IST)
YES Bank appoints Anita Pai as Chief Operating Officer and Jasneet Bachal as Chief Marketing Officer

Shares of Yes Bank continued to trade weak, slipping 7 percent intraday on October 10. The bank announced the appointment of Anita Pai as its chief operating officer and Jasneet Bachal as its chief marketing officer.

Oct 10, 02:19 PM (IST)
L&T wins order up to Rs 2,500 cr worth contracts from domestic, international markets:

Engineering and construction major L&T on Thursday said it has won contracts worth up to Rs 2,500 crore from domestic and international markets. The construction arm of L&T has won contracts for 400kV transmission line in Mozambique and for 220kV project in the UAE.

“In the Republic of Mozambique, the (construction) business has secured an order for engineering, procurement and construction of a 400kV overhead transmission line between the towns of Chimuara and Alto Molocue in Zambezia Province,” L&T said in a statement.

Oct 10, 02:02 PM (IST)
Rupee erases gains, trades near day’s low:

Rupee erased all the morning gains and trading near the day low at 71.09 per dollar with domestic equity market are trading lower with Nifty below 11,250 level.

Indian rupee gained in the early trade as it opened higher by 12 paise at 70.95 per dollar against previous close 71.07. It has touched an intra-day high of 70.93 per dollar.

Oct 10, 02:00 PM (IST)
Nirmala Sitharaman meets PMC Bank depositors, says RBI is taking action:

After meeting a group of Punjab and Maharashtra Co-operative (PMC) Bank depositors in Mumbai on October 8, Finance Minister Nirmala Sitharaman said in a briefing today that the Reserve Bank of India (RBI) is taking action on the matter.

PMC Bank depositors held protests outside the BJP’s office at Nariman Point in Mumbai after a September 24 decision by the RBI where the cooperative bank was put under directions by Reserve Bank of India (RBI) for six months.

Oct 10, 01:34 PM (IST)
Bank of Maharashtra cuts MCLR by 0.10%

Bank of Maharashtra on Thursday announced a cut in its marginal cost of funds based lending rates by 0.10 percent across tenors. The benchmark one-year marginal cost of funds based lending rate (MCLR) will now be priced at 8.40 percent with effect from October 8, 2019, the bank said in a regulatory filing.

The other tenors from overnight to six-months have been slashed by equal measure in the range of 8.05-8.30 percent. The lender has also cut down the repo linked lending rate (RLLR) by 0.25 percent to 8.20 percent from 8.45 percent earlier with effect from October 8. Base rate has been kept unchanged at 9.50 percent per annum, the bank said.

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