Benchmark indices traded mixed on the very first trading session of the week supported by positive Asian market sentiments. However the banking share led the market to trade weak after the Reserve Bank of India unexpectedly ordered banks to deposit their extra cash with it, Meanwhile, Finance Minister Arun Jaitley introduced the Income Tax Amendment Bill in the Lok Sabha today. The Bill proposes proposed 30% tax, 10% penalty and 33% surcharge on undisclosed income. Media and IT shares were the major buyers of the day while banking stocks were the major sellers of the day.
UpdateThe Bank of Japan incurred a net loss in its half-year earnings for the first time in four years and saw its capital adequacy ratio slide, underscoring the strain its aggressive asset-buying program is putting on its massive balance sheet.
European shares rose slightly on Friday, nearing their highest level in over two weeks, as the market was supported by a rally in drugmakers on hopes of tie-up activity in the sector.
Banking shares such as Bank India, Bank of Baroda, SBI etc tanks today after the RBI (Reserve Bank of India) introduced an incremental CRR (Cash Reserve Ratio) of 100 percent for the fortnight beginning Saturday.
Bharti Airtel shares moved higher by 6 percent after the telecom major said Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquisition of Econet Wireless’ entire 4.2 percent stake in Airtel Nigeria.
Oil India posted weak Q2 numbers as net profit for the quarter tanks 17.8% which stood at Rs 580.3 crore against Rs 705.7 crore on the back of Lower revenue and operational income dented bottomline.
Vedanta Ltd gains as proposes to offer Rated Secured Redeemable Non-Convertible Debentures aggregating upto Rs 500 crore and in this regard is holding a meeting of its duly constituted Committee of the Board on November 30, 2016.
Cipla Ltd rose 1.30. as the company is planning to sell Cipla Vet, its animal health division. The company hired global investment bank Rothschild to find potential buyers. Stock closed at Rs 572.40.
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