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Buyers and sellers were not immediately known
Source: Bloomberg
Fuel duty cut poses downside risk to India's fiscal deficit target of 3.3 percent of GDP, according to credit ratings agency Moodys.
The excise cuts will reduce government revenue by Rs 10,500 crore or 0.05 percent for the remainder of fiscal 2018.
These measures create material downside risks to the central government’s fiscal deficit target of 3.3 percent of GDP for fiscal 2018. Because the government had already met 94.7 percent of the budgeted annual deficit by August 2018, to achieve its deficit target it will likely need to compress capital expenditure.
Consequently, we expect the central government deficit target to slip modestly to 3.4 percent of GDP, while the combined general government deficit (central and state) should remain at about 6.3 percent of GDP, Moody’s said in a press release.
JSW Steel, which had partnered VTB Capital-led consortium Numetal to bid for Essar Steel, is seeking legal opinion if company can bid solo for the stressed mill, JSW’s joint managing director Seshagiri Rao said in New Delhi.
Source: Bloomberg
Shares of the Bengaluru-based watch and jewellery retailer fell as much as 6.52 percent, the most in over 10 months, to Rs 760 on the back of heavy volumes.
Trading volume was 1.7 times its 20-day average, data compiled by Bloomberg showed. Over 45 lakh shares changed hands on the National Stock Exchange, according to data on the NSE website.
Indian equity benchmarks extended decline paced by losses in auto makers like Tata Motors, Maruti Suzuki and Eicher Motors.
The S&P BSE Sensex fell 0.4 percent or 146 points to 34,333 and the NSE Nifty 50 Index declined 0.46 percent or 47 points to 10,301.
Eight of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Auto Index's 3.1 percent drop. On the flipside, the Nifty Metal Index was top gainer, up 0.4 percent.
Mid- and small-cap shares were underperforming their larger peers as the Nifty Midcap 100 and Nifty Smallcap 100 Indices fell over a percent each.
The overall breath was negative as 1,574 shares were declining while 832 were advancing on the BSE.
Shares of the Mumbai-based automobile maker fell as much as 18 percent, the most in over six years, to Rs 173.20.
Today's fall in the stock price wiped out over Rs 10,000 crore from the market value of Tata Motors.
Meanwhile, 70.7 percent of analysts who track Tata Motors have a ‘buy’ call on the stock, 22 percent have ‘hold’ while only 7.3 percent have ‘sell’ on the stock, according to data compiled by Bloomberg.
Indian rupee reversed gains and depreciated to trade near all-time low. The rupee declined 0.18 percent or 13 paise to 74.20 per dollar.
Calciners can import up to 1.4 million tonnes of petcoke per year.
Tata Motors extended decline and fell as much as 13.47 percent, the most since June 2016, to Rs 183.75.
Shares of the Investment Leasing and Financial Services (IL&FS) group companies were locked in lower circuit after its parent defaulted on debt obligations.
IL&FS defaulted on interest and principal payments of inter corporate deposit of Rs 20.18 crore due yesterday, it said in an exchange notification.
The rupee will be in focus after the IMF lowered global growth forecasts but retained its optimism about India. The International Monetary Fund on Tuesday forecast a growth rate of 7.3 percent in the current year of 2018 and that of 7.4 percent in 2019.
The rupee weakened past 74 a dollar to end at 74.07 on Monday, having hit a record low of 74.2225 on Friday. The implied opening from forwards suggest spot may start trading around 73.92.
In the bond market, focus will be on a sale of 140.32 billion rupees of state-government bonds. The sale will test investor appetite for debt after benchmark sovereign yields plunged over the last two sessions following the central bank’s surprise decision to stay put on rates.
India’s 10-year yield fell five basis points to 7.98 percent on Monday, adding to its 13 basis points decline on Friday, when RBI’s panel left its repurchase rate at 6.5% while changing its policy stance to “calibrated tightening” from “neutral”.
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