Business

At 10:35 am, shares of Sun Pharma were trading at Rs 425.60, up 3%, after hitting an intra-day high of Rs 431.65. The stock has corrected 33% in the last one year.

SE Sensex was trading lower by 207.77 points, or 0.55%, at 37,244.07, while the Nifty 50 index was down 58.25, or 0.53%, to 10,987.85.

After hitting a low of 37,191.79, the 30-share index was trading 215.51 points, or 0.58 per cent, lower at 37,236.33 at 0930 hours, while the broader Nifty fell 58.90 points, or 0.53 per cent, to 10,987.20 in early trade.

Yes Bank stock was trading at Rs 58.55, down 9.2%, on BSE at 2:44 pm, after hitting an intra-day low of Rs 58.05. The stock has corrected nearly 34% in the last one month and by a massive 84% in the last one year.

The feud between the two came into public domain after Gangwal had written to market regulator Sebi in July and sought its intervention to address the alleged corporate governance lapses at the company, charges that have been rejected by the Bhatia group.

Oil marketing companies (OMCs) have stopped the supply of fuel to Air India at six airports, including Cochin, from Thursday due to non-payment of dues by the carrier.

The annual shareholders' meet comes at a time when IndiGo promoters -- Rakesh Gangwal and Rahul Bhatia -- are locked in a bitter battle over alleged corporate governance lapses.

Among the prominent gainers were Yes Bank, Adani Ports, Indiabulls Housing Finance, HDFC and HDFC Bank. However, steel majors were down with JSW Steel showing a loss of 3 per cent, Vedanta by 1.82 per cent and Tata Steel by 1.81 per cent.

0.03%, at 10,826.30. Tata Motors, CG Power, Adani Ports, IndiGo and Lakshmi Vilas Bank were among the key stocks in focus today.

The government on Friday decided to withdraw the enhanced surcharge on long term and short term capital gains arising from share sale and futures and option in order to encourage investment in the capital market.

The finance minister also outlined steps like labour reforms, amendment to the bankruptcy law to increase investments.

Nirmala Sitharaman also said the decision on recommendations of the UK Sinha Committee regarding ease of credit, marketing, technology and delayed payments to MSMEs will be taken within 30 days.

The passenger load factor of all the major airlines — Air India, IndiGo, SpiceJet, GoAir, AirAsia and Vistara — declined in July as compared to June 2019, as per the DGCA data.

A look at data for the last five months – from March to July this year – shows that retail sales have been positive every alternate month over the previous month but they fell the most in June over May.

It said the Mumbai online store is part of its new multi-channel approach to reach 100 million customers in the next three years.

Rajan, who was Governor of the Reserve Bank of India from 2013 to 2016 but was denied a second term, also called for a fresh look at the way GDP in India is calculated.