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Stock Market LIVE Updates: Sensex tanks over 600 points, Nifty50 cracks below 17,600; Paytm shares drop 11%: Bharti Airtel gains- Tariff up.
Stock Market LIVE Updates: Indian equity benchmarks: Sensex and Nifty50 gave up initial gains following a positive start on Monday, despite gains across most other Asian markets. Losses in oil & gas, financial and automobile shares pulled the headline indices lower, though gains in consumer shares and select heavyweights such as Bharti Airtel lent some support. Broader markets also tumbled, with the midcap and smallcap indices down 0.8 percent each in early deals.
Paytm loses Rs 50,000 crore in market cap from issue price
At 10:30 am, Paytm parent One97 Communications’ shares traded 11.4 percent lower at Rs 1,386.4 apiece on BSE. The company’s market value stood at Rs 89,332 crore.
No change in Reliance Industries valuation outlook on Aramco deal re-evaluation: IIFL
Reliance Industries on Friday said that it had decided to re-evaluate the deal under which Saudi Aramco was to invest roughly $15 billion in its oil-to-chemicals (O2C) business. The 20 percent stake sale in the unit was announced in 2019 but was delayed as oil prices and demand crashed last year due to the pandemic. Experts said that sentimentally, the development is negative, but it does not change earnings or valuation outlook for RIL’s O2C business.
Rupee opens lower at 74.35 vs dollar : Gold Steady:
The rupee began the day at 74.35 against the US dollar as against its previous close of 74.24.
Egypt bans import of 3-wheelers; Bajaj Auto likely to get impacted.
The government of Egypt plans to replace 3-wheelers with CNG mini vans and have proposed to scrap all 2.5 million 3-wheelers in the country. The stock of Bajaj Auto was hit today as Egypt accounts for 30-40 percent of Bajaj Auto’s 3-wheeler exports.
The Bajaj Auto stock was under pressure today. It is learnt that the Egyptian government has banned the import of 3-wheelers into the country.
Hike in PF interest rate likely to be discussed at EPFO board meet today.
The board of trustees of the Employees Provident Fund Organisation (EPFO) will hold its 229th meeting today.
The board of trustees of the Employees Provident Fund Organisation (EPFO) will hold its 229th meeting today where they are likely to discuss issues like a hike in provident fund (PF) interest rate, hike in minimum pension under the Employees’ Pension Scheme (EPS) from Rs 1,000 to Rs 3,000 and expansion of EPFO’s investment basket, reports said.
The board, comprising government officials, workers, and employers, is a government-created statutory body that was established under Section 5A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
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