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Yes Bank shares zoom over 32 per cent after SBI announces stake in crisis-hit lender

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The scrip witnessed a sharp rise, spiking 29.63 per cent to Rs 21 on the BSE. On the NSE, it jumped 32.20 per cent to Rs 21.35.

Customers at Yes Bank Dwarakanagar branch in Visakhapatnam on Saturday

NEW DELHI: Shares of Yes Bank on Monday zoomed over 32 per cent after State Bank of India (SBI) said it will pick up 49 per cent stake in the cash-strapped lender for Rs 2,450 crore.

The scrip witnessed a sharp rise, spiking 40.7 per cent to Rs 22.80 on the BSE during the day.

It closed 31.17 per cent higher at Rs 21.25.

On the NSE, it jumped 41.17 per cent to Rs 22.80 during the trading hours.

It settled 32.20 per cent up at Rs 21.35.

In terms of volume, over 72 crore shares were traded on the NSE while BSE saw an exchange of more than 6.9 crore units.

The spurt in volume was more than 3.22 times during the day on the BSE.

SBI on Saturday announced it will pick up 49 per cent stake in Yes Bank for Rs 2,450 crore and clarified that all the deposits and liabilities of the reconstructed bank will continue in the “same manner”.

“Yes Bank has 255-crore shares of Rs 2 per share. SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 per cent of the share capital of the reconstructed bank,” SBI said in a statement.

SBI Chairman Rajnish Kumar had earlier said it had set a maximum investment limit of Rs 10,000 crore for Yes Bank reconstruction process.

SBI shares were trading over 4 per cent lower at Rs 258.50 apiece on the BSE.

Yes Bank has been struggling to raise capital amid its dwindling financial health.

It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor.

Yes Bank shares had plunged 56 per cent in the last trading session.

Vodafone Idea shares plunge 16 per cent, now at Rs 3 per stock

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From a 52 week high of Rs 35.30 a stock that Vodafone Idea logged on March 13, 2019, it has now fallen below Rs 3 a share on Tuesday as its survival has come under question.

Vodafone Idea

MUMBAI: Vodafone Idea scrips on Tuesday plunged over 16 per cent to trade below Rs 3 a stock after India Ratings downgraded its rating on non-convertible debentures of Rs 3,500 crore citing stress on the company’s near-term liquidity post the Supreme Court’s ruling.
From a 52 week high of Rs 35.30 a stock that Vodafone Idea logged on March 13, 2019, it has now fallen below Rs 3 a share on Tuesday as its survival has come under question after the apex court ruling on February 14 directing the telcos to pay the adjusted gross revenue (AGR) related liabilities to the government next month.

Vodafone Idea stocks fell as low as Rs 3.05 on 18 February at 3:30 PM amidst AGR crisis.

With the government mulling the possibilities of invoking bank guarantees of the telcos to recover the statutory dues, Vodafone Idea Chairman Kumar Mangalam Birla on Tuesday met Telecom Secretary Anshu Prakash on the AGR payment issue after paying Rs 2,500 crore on Monday.

The company had urged the court that the bank guarantee deposited with the government by Vodafone Idea should also not be encashed. Birla has maintained that without relief on the AGR payout, it may not be possible to continue as a going concern.
The company in a regulatory filing said that “India Ratings and Research (Ind-Ra), has downgraded its rating on Non-Convertible Debentures of Rs 3,500 crore of erstwhile Vodafone Mobile Services Limited (since merged with the Company)”.

Sensex Zooms 800 Points, Nifty Crosses 11,900 On Firm Asian Cues, Decline In Oil Prices

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All the BSE sectoral indices are trading in the green, with Banking, FMCG, oil and metal indices gaining 1-2 per cent each.

Sensex Zooms 800 Points, Nifty Crosses 11,900 On Firm Asian Cues, Decline In Oil Prices

Oil hits 13-month lows as coronavirus cut Chinese demand and sparked fears of supply cuts by OPEC

The benchmark indices were going strong in noon trades, due to the return of stability on the Asian Street and slide in crude oil prices. The Asian markets, including Hang Seng, Nikkei, Straits Times and Taiwan indices, gained around 1 per cent each, while the Chinese markets eked out gains of half a per cent on hopes that share prices would quickly regain lost ground after the virus gets contained within manageable limits. Oil also hit 13-month lows; brent crude settled down $2.17, or 3.8 per cent at $54.45 a barrel, as the outbreak of coronavirus curtailed Chinese demand and sparked concerns of potential supply cuts by OPEC.  

At 12:30 pm, the Sensex was quoting at 40,628, higher by 750 points or 1.8 per cent and the Nifty was at 11,935, up  228 points or 1.9 per cent. The broader markets were also trading on a strong footing; the BSE Midcap index gained 1.4 per cent at 15,507 and Smallcap index added 1.3 per cent at 14,557.

All the BSE sectoral indices are trading in the green, with the sole exception of the telecom index. Banking, FMCG, oil and metal indices are leading from the front, with gains of 1-2 per cent each.

The Sensex had closed higher by 137 points or 0.3 per cent at 39,872 and Nifty had settled at 11,707, up 46 points or 0.3 per cent. And with the strength being witnessed today, the Sensex seems to be on track to erase the budget day fall of 988 points.

The Hang Seng, Nikkei, Straits Times and Taiwan indices have gained around 1 per cent each, while the Chinese markets have also eked out gains of half a per cent on hopes that there would be a repeat of what happened during the Sars outbreak in 2002-03, when share prices quickly regained all lost ground after the virus was contained within manageable limits.

US stocks had rallied overnight, boosted by surprise strength in manufacturing activity, following a sharp sell-off last week on concerns about the economic impact of coronavirus. The Dow Jones rose 143 points or 0.5 per cent to 28,399, Nasdaq Composite added 122 points or 1.3 per cent to 9,273 and S&P 500 gained 23 points or 0.7 per cent to 3,248.

Back home, the markets would be factoring the monetary policy review, which is due to be announced on Thursday. The general view among analysts is that the central bank would maintain a status quo on the repo-rate front, on February 6, due to the continuing inflationary pressures.

On the results front, Bharti Airtel, Tata Global Beverages, Thermax, Titan Company, JSW Energy and Punjab National Bank will be releasing their Q3 earnings during the course of the day.

On the stock-specific front, index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, Tata Steel, ITC and Hero Motocorp gallopped by more than 3 per cent on the BSE.

On the other hand, Bharti Airtel had edged lower by 0.4 per cent to Rs 508 ahead of its Q3 numbers. Bajaj Auto and Hindustan Unilever were also trading in the negative.

The market breadth was strong. Out of 2,172 stocks traded on the BSE, there were 1,476 advancing stocks as against 579 declines.

Bajaj-Triumph mid-range bikes to be priced under Rs 2 lakh

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The bikes developed by the companies will have a starting price under Rs 2 lakh and will challenge the dominance of Royal Enfield in the segment.

NEW DELHI: Homegrown motorcycle maker Bajaj Auto and British Triumph Motorcycles on Friday formally commenced their non-equity partnership. They would build a new engine and vehicle platform in the mid-capacity range (200- 750cc).

The bikes developed by the companies will have a starting price under Rs 2 lakh and will challenge the dominance of Royal Enfield in the segment. At present, Royal Enfield faces almost no competition in the mid-capacity cruiser category and enjoys a solid brand trust among riding community.

“We are confident that there will be a huge appetite in India and other emerging markets for these new products. We look forward to working alongside such a famous motorcycle company and to leveraging each others strengths and expertise to make the relationship a success for everyone,” said Rajiv Bajaj, MD, Bajaj Auto India.

Under the partnership, Triumph will further expand its global reach, with the partnership offering a new mid-sized sector opportunity and, importantly, a new entry point to several high-volume emerging markets, including India and other Asian markets.

Bajaj will take over Triumph’s Indian distribution activities, at a date yet to be confirmed. In other key overseas markets, where Triumph is not currently present, Bajaj will represent Triumph and offer the new mid-capacity bikes as part of the full Triumph line-up.

In all other markets where Triumph is present, the motorcycles developed together under this partnership will join the current Triumph product portfolio and be distributed by the Triumph-led dealer network worldwide.  

“The products that will come out of the partnership will help attract a younger, but still discerning, customer audience..,” Triumph Motorcycles CEO Nick Bloor said.

Auto Sales In India In 2019 Witnessed Lowest Drop In Two Decades

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The economic slump in the Indian corporate sector, financing issues, elections and a negative buying sentiment heavily contributed to the auto industry sales witnessing a nosedive in 2019

The Indian auto sector had a forgettable year – 2019 – as the industry soldiered on despite one of the worst periods. Sales for passenger vehicles including cars, SUVs and even two-wheelers witnessed a major decline last year, dropping at its lowest in two decades. Apart from the economic slump in the Indian corporate sector, financing issues, elections and a negative buying sentiment heavily contributed to the auto industry sales witnessing a nosedive in volumes last year. Almost all established manufacturers were affected by the slowdown; whereas the new players including Kia Motors and MG Motor India managed to secure better sales figures despite the overall slowdown.

Rupee starts New Year on positive note, rises 7 paise to 71.29

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Forex traders said easing crude oil prices and a higher opening in domestic equities also supported the domestic unit.

money, 100 rupee note, india economy, indian economy, money, cash, currency

MUMBAI: The Indian rupee started the New Year on a positive note and rose 7 paise to 71.29 against the US dollar in early trade on Wednesday as optimism over the US-China trade deal strengthened investor sentiments.

Forex traders said easing crude oil prices and a higher opening in domestic equities also supported the domestic unit.

At the interbank foreign exchange, the rupee opened at 71.30 then gained further ground and touched 71.29 against the US dollar, showing a rise of 7 paise over its previous closing.

The Indian rupee on Tuesday had closed at 71.36 against the dollar.

Traders said the rupee gained support amid positive developments on the US-China trade deal front.

US President Donald Trump on Tuesday said that a partial new US-China trade agreement will be signed in the middle of next month, announcing that he will also then travel to China for continued talks.

“I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15,” Trump tweeted moments before Wall Street was due to open.

Meanwhile, brent crude futures, the global oil benchmark, fell 1 per cent to USD 66 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they sold shares worth Rs 1,265.10 crore on Tuesday, as per provisional data.

Domestic bourses opened on a positive note on Wednesday with benchmark indices Sensex trading 86.91 points up at 41,340.65 and Nifty higher by 24.80 points at 12,193.25.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.70 per cent to 97.06.

The 10-year government bond yield was at 6.54 in morning trade.

Eight of top-10 most valued companies add Rs 52,194 crore in market capitalisation

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The m-cap of SBI jumped Rs 11,334.26 crore to Rs 3,05,087.85 crore, becoming the top gainer among the ten most valuable companies.

SBI

NEW DELHI: Eight of the top 10 valued Indian companies together added Rs 52,193.73 crore in market valuation last week, in-line with a bullish broader market sentiment, with SBI and HDFC emerging as the biggest gainers.

The Sensex advanced 434.40 points or 1.07 per cent last week. From the top-10 list, only TCS and ITC suffered losses in their market capitalisation (m-cap) for the week closed on Friday. In contrast, Reliance Industries Ltd (RIL), HDFC Bank, HUL, HDFC, ICICI Bank, Kotak Mahindra Bank, SBI and Infosys witnessed a rise in their market valuation.

The m-cap of SBI jumped Rs 11,334.26 crore to Rs 3,05,087.85 crore, becoming the top gainer among the ten most valuable companies. HDFC’s valuation zoomed Rs 10,492.7 crore to Rs 3,96,791.39 crore. The market cap of ICICI Bank climbed Rs 9,871.88 crore to reach Rs 3,31,011.55 crore and that of Kotak Mahindra Bank gained Rs 8,818.24 crore to Rs 3,08,420.75 crore.

HDFC Bank’s valuation rose by Rs 5,055.54 crore to Rs 6,97,726.75 crore and of RIL went up by Rs 2,852.62 crore to Rs 9,83,140.16 crore. Reliance Industries on Thursday became the first Indian company to hit the Rs 10 lakh crore market valuation mark following a spike in its share price.

However, on Friday the oil-to-telecom conglomerate’s market capitalisation came below this milestone and was at Rs 9,83,140.16 crore at the close of trade. Hindustan Unilever Limited (HUL) added Rs 2,576.12 crore to Rs 4,40,777.38 crore in its valuation and those of Infosys also advanced Rs 1,192.37 crore to reach Rs 2,96,367.29 crore.

In contrast, Tata Consultancy Services (TCS) witnessed an erosion of Rs 6,698.01 crore to Rs 7,70,252.01 crore from its valuation. Also, the m-cap of ITC fell Rs 1,557.16 crore to Rs 3,02,747 crore.

The list of top-10 firms was topped by Reliance Industries followed by TCS, HDFC Bank, Hindustan Unilever, HDFC, ICICI Bank, Kotak Mahindra Bank, State Bank of India (SBI), ITC and Infosys in that order.

Redmi Note 8, Redmi Note 8 Pro Sale Today at 12 Noon via Amazon, Mi.com

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Redmi Note 8 price in India starts at Rs. 9,999, whereas Redmi Note 8 Pro price begins at Rs. 14,999.

Redmi Note 8, Redmi Note 8 Pro Sale Today at 12 Noon via Amazon, Mi.com: Check Price, Specifications

Redmi Note 8 series comes with a waterdrop-style display notchHIGHLIGHTS

  • Redmi Note 8 and Redmi Note 8 Pro were launched in India last month
  • Amazon, Mi.com, and Mi Home stores will begin the sale at 12pm
  • Redmi Note 8 and Redmi Note 8 Pro both run MIUI 10

Redmi Note 8 and Redmi Note 8 Pro are all set to go on sale in India today. Both Redmi Note 8-series phones will be available for purchase at 12pm (noon) IST through Amazon, Mi.com, and Mi Home stores. To recall, Xiaomi launched the Redmi Note 8 and Redmi Note 8 Pro in the country last month. Both Redmi phones run MIUI 10 and come with a waterdrop-style display notch. The Redmi Note 8 comes as a successor to the Redmi Note 7 and includes a quad rear camera setup, while the Redmi Note 8 Pro is available as the successor to the Redmi Note 7 Pro and houses a MediaTek Helio G90T SoC.

Redmi Note 8 price in India, sale details

Redmi Note 8₹ 8,970 price in India is set at Rs. 9,999 for the 4GB RAM + 64GB storage variant, whereas its 6GB RAM + 128GB storage option is priced at Rs. 12,999. Both models were initially offered in Moonlight White, Neptune Blue, and Space Black colour options, however, Xiaomi recently brought the Cosmic Purple colour variant that will be a part of today’s sale. The smartphone will be available for purchase through Amazon and Mi.com at 12pm (noon) IST.

Redmi Note 8 Pro price in India, sale details

Redmi Note 8 Pro price in India starts at Rs. 14,999 for the 6GB RAM + 64GB storage option. The handset also comes in the 6GB RAM + 128GB storage variant at Rs. 15,999 and the top-end 8GB RAM + 128GB storage version at Rs. 17,999. All three variants come in Gamma Green, Halo White, and Shadow Black as well as the newly added Electric Blue colour options. The latest sale round will take place through Amazon and Mi.com starting 12pm (noon) IST.

Redmi Note 8 specifications

The dual-SIM (Nano) Redmi Note 8 runs Android 9 Pie with MIUI 10 on top and features a 6.39-inch full-HD (1080×2280 pixels) display with 19:9 aspect ratio. The phone is powered by the octa-core Qualcomm Snapdragon 665 SoC, paired with up to 6GB of RAM. For photos and videos, the Redmi Note 8 has the quad rear camera setup that includes a 48-megapixel primary camera, assisted by an 8-megapixel wide-angle snapper, a 2-megapixel depth sensor, and a 2-megapixel macro lens. On the front is a 13-megapixel camera sensor with an f/2.0 lens to handle selfies and video calls.

The Redmi Note 8 has up to 128GB of onboard storage. Connectivity options include 4G VoLTE, Wi-Fi, Bluetooth, GPS/ A-GPS, USB Type-C, and a 3.5mm headphone jack. Besides, the phone packs a 4,000mAh battery that supports 18W fast charging.

Redmi Note 8 Pro specifications

Unlike the Redmi Note 8, the dual-SIM (Nano) Redmi Note 8 Pro features a 6.53-inch full-HD+ (1080 x 2340 pixels) HDR display with 19.5:9 aspect ratio. Under the hood, there is the octa-core MediaTek Helio G90T SoC, along with up to 8GB of RAM. The Redmi Note 8 Pro has a quad rear camera setup that includes the 64-megapixel primary sensor, paired with an 8-megapixel ultra-wide-angle shooter, a 2-megapixel depth sensor, and a 2-megapixel macro lens. The smartphone also has a 20-megapixel selfie camera with an f/2.0 lens.

In terms of storage, the Redmi Note 8 Pro comes with up to 128GB of onboard storage. Connectivity options include 4G VoLTE, Wi-Fi, Bluetooth, GPS/ A-GPS, USB Type-C, and a 3.5mm headphone jack. Lastly, the phone packs a 4,500mAh battery that supports 18W fast charging.

Hackers hit OnePlus’ online store again, data leaked

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OnePlus suffered a similar security breach in January last year when hackers gained access to the data of nearly 40,000 users.

OnePlus

NEW DELHI: In yet another data breach, Chinese handset maker OnePlus’s online store has been hit by hackers where an “unauthorised party” accessed some customers’ personal information.

The company informed its users on Friday that all payment information, passwords and accounts are safe but the name, contact number, email and shipping address in certain orders may have been exposed.

OnePlus, however, did not disclosed how many users in which parts of the world were affected by the data breach on its website.

“We want to update you that we have discovered that some of our users’ order information was accessed by an unauthorised party,” Ziv C, Staff Member, Security Team, OnePlus, wrote in the company forum.

OnePlus suffered a similar security breach in January last year when hackers gained access to the data of nearly 40,000 users.

According to the smartphone player, the hacker’s entry point this time was a loophole in its website, but did not provide any additional details.

Users who were hit by the breach may receive spam and phishing emails as a result of this incident.

“Before making this public, we informed our impacted users by email. Right now, we are working with the relevant authorities to further investigate this incident,” added Ziv.

The breach happened last week, according to OnePlus’ FAQ page.

“We took immediate steps to stop the intruder and reinforce security, making sure there are no similar vulnerabilities. Before making this public, we informed our impacted users by email. Right now, we are working with the relevant authorities to further investigate this incident,’ said the company.

The company said it has notified all impacted users via email.

“If you don’t get an email from us, rest assured that your order information is safe. However, if you have further concerns, please contact us at Customer Support for assistance,” said OnePlus.

The company said it is partnering with a world-renowned security platform next month and will launch an official bug bounty programme by the end of December.

Rupee slips 9 paise to 71.80 against USD in early trade

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Forex traders said the decline in the domestic unit was largely in tandem with other Asian currencies after US President Donald Trump said China tariffs will go ‘even higher’ without a deal.

Money, Rupee, notes, Rs, 500, 1000, 50, rupee notes

MUMBAI: The rupee opened on a weak note and fell 9 paise to 71.80 against the US dollar in opening trade on Wednesday as US-China trade deal concerns weighed on the investor community.

Forex traders said the decline in the domestic unit was largely in tandem with other Asian currencies after US President Donald Trump said China tariffs will go ‘even higher’ without a deal.

“If we don’t make a deal with China, I’ll just raise the tariffs even higher,” he told reporters at the White House.

Moreover, sustained foreign fund outflows and strengthening of the American currency vis-a-vis other currencies overseas dragged down the local unit.

However, positive opening in domestic equities and easing crude oil prices supported the domestic unit.

The rupee opened weak at 71.80 at the interbank forex market, down 9 paise over its last close.

The rupee had settled at 71.71 against the US dollar on Tuesday.

Brent crude futures, the global oil benchmark, eased 0.15 per cent to USD 60.82 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 915.37 crore on Tuesday, as per provisional data.

On the domestic market front, benchmark indices Sensex was trading 172.52 points higher at 40,642.22 and Nifty was up 45.85 points at 11,985.95.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.03 per cent to 97.88.

The 10-year government bond yield was at 6.47 per cent in morning trade.

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