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QBiz: Sensex Posts Biggest One-Day Gain in 10 Years & More

Catch all the top business news stories of the day here.

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1. Sensex Posts Biggest One-Day Gain in 10 Years

Indian markets jumped sharply on Monday, 20 May, posting their biggest one-day gain in 10 years, after exit polls showed BJP-led NDA getting a comfortable majority in Lok Sabha elections.

Most of the exit polls predicted a majority for the Prime Minister Narendra Modi's BJP and its allies after the six-week-long general election ended on Sunday.

The rupee also jumped against the US dollar. The Sensex rose 1,421 points to 39,352 while Nifty surged to settle at 3.7 percent higher at 11,828, their highest close ever. The results of Lok Sabha elections will be announced on Thursday.

(Source: Livemint)

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2. 45 IL&FS Firms, Said to Be Round-Tripping Funds & Loans, Closed

Infrastructure Leasing and Financial Services Ltd (IL&FS) shuttered 45 of its 347 group firms that were allegedly used to round-trip loans and funds, said a person aware of the development, requesting anonymity.

The debt-laden company also almost halved its workforce to 8,000 permanent and contract employees, the person said.

IL&FS said in a 3 April presentation that it planned to close 45 entities. Interestingly, 42 of those were registered overseas.

(Source: Livemint)

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3. Arcelormittal Tells NCLAT It Will Pay Rs 42,000 Cr for Essar Steel Takeover

Global steel major ArcelorMittal told the National Company Law Appellate Tribunal that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring Essar Steel under the insolvency process.

Senior advocate Harish Salve appearing for ArcelorMittal also accused Ruias—former Essar Steel promoters— of creating hurdles in the resolution process of the bankrupt steel maker. According to him, issues related to alleged non-performing assets of the companies of Lakshmi Mittal's brother have been already dealt with and rejected by the Supreme Court.

(Source: BloombergQuint)

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4. Tata Motors’ Profit Nearly Halves as JLR Pain Continues

Tata Motors Ltd.’s profit in the quarter ended March nearly halved but beat analyst estimates as muted sales in India and difficulties with its Jaguar-Land Rover unit continue.

Profit fell 47 percent over last year to Rs 1,117.5 crore, according to its stock exchange filing. That compares with the Rs 570-crore estimate of analysts polled by Bloomberg.

Jaguar Land Rover, that contributes the bulk of Tata Motors’ profit, is facing a hard time across geographies. Sales in China, its fastest growing market, have been plummeting, while in Europe a shift away from fossil fuels has hurt the iconic car maker.

(Source: BloombergQuint)

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5. NBFC Stocks Surge on Report of RBI Helping Hand to Tide Over Liquidity Crisis

India’s non-bank lenders rose after a news paper reported that the Reserve Bank of India will offer them a credit line to help the shadow banks tide over a liquidity crisis.

Indiabulls Real Estate Ltd., Dewan Housing Finance Corp. and Reliance Home Finance Ltd. traded more than 10 percent higher at 12:00 pm in Mumbai. The benchmark S&P BSE Sensex index gained 2.7 percent after exit polls released on Sunday showed Prime Minister Narendra Modi’s ruling coalition was poised to win a second term in India’s general elections.

(Source: Financial Express)

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6. Inflation Remains Soft Even in States With High Consumer Spending Power

Inflation continues to be benign, and while the low consumer spending power in some states is to blame for it, the price rise is modest even in some states with higher income levels.

CPI inflation in India was at a modest 2.92 percent in April; however, it ranged widely between (-) 0.72 to 5.21 percent across states. The low inflation in April at 2.92 percent can be attributed to less spending power in most of the states, when at the same time, some states with high per capita income also have benign inflation, an analysis by ASSOCHAM revealed.

(Source: The Financial Express)

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7. Jet Revival: Etihad, Hindujas Set for Abu Dhabi Meet on 23 May

A high-level meeting is learnt to have been fixed between the Hinduja Group and Etihad Airways on 23 May in a bid to revive Jet Airways. Top executives of State Bank of India (SBI), which leads the lenders’ consortium, will be present at the meeting to be held in Abu Dhabi, the corporate headquarters for Etihad.

A source in the know said this was possibly the last attempt by the SBI to rescue Jet, which was grounded in April due to dearth of funds.

(Source: Business Standard)

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8. With Poll Party Over, Fuel-Price Hikes May Soon Pinch Wallets

Indian auto-fuel consumers should brace for a hike in petrol and diesel prices in the coming days with the Lok Sabha elections coming to a close. But the hikes are not expected to be steep, as globally, product and crude oil prices are expected to remain range bound, industry insiders said.

The hike, in the short term, could happen in trickle and range between Rs 1 and Rs 2 a litre on both auto fuels in line with the near- term product and crude price trends, they said.

(Source: The Hindu Business Line)

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9. HC Issues Notice to Centre & Delhi Govt on ‘Blocked Credits’ Under GST

The Delhi High Court on Monday issued a notice to the Centre and the Delhi government on the issue of ‘blocked credits’ under the Goods & Services Tax (GST) regime. Such a mechanism is affecting hotels and malls.

The GST Act has a provision, under Section 16, for input tax credit (ITC), which helps businesses deduct the tax paid on inputs at the time of paying tax on output, thus lowering the tax paid in cash. However, this Section is subject to certain restrictions as laid down under Section 17 of the Act. These restrictions are also referred to as ‘blocked credits’.

(Source: The Hindu Business Line)

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Topics:  Sensex   Nifty   Market 

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