Closing Bell: Nifty manages to end above 10,900, Sensex gains 113 pts; RIL market-cap above Rs 8 lk cr

Market at close: Benchmark indices bounced from the day's low to end on positive note with Nifty closed above 10,900 level.

The Sensex was up 113.31 points at 36582.74, while Nifty was up 18.60 points at 10912.30. About 799 shares have advanced, 1757 shares declined, and 172 shares are unchanged. 

Reliance Industries, ONGC, Bajaj Auto, TCS and Kotak Mahindra Bank are the top gainers on the Sensex, while losers include Yes Bank, Power Grid, NTPC, Sun Pharma and M&M.

Among sectors, infra, auto, metal, FMCG and pharma witnessed selling pressure, while some buying saw in bank, energy and IT stocks.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-manages-to-end-above-10900-sensex-gains-113-pts-ril-market-cap-above-rs-8-lk-cr-3477221.html

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DHFL falls 13% even as co divests majority stake in Aadhar Housing Finance to Blackstone

Shares of Dewan Housing Finance (DHFL) fell 13 percent in the morning trade, even as the company decided to divest its stake in Aadhar Housing Finance to Blackstone.

The stock touched a 52-week low of Rs 97.00. It touched an intraday high of Rs 111.15 and an intraday low of Rs 97.00.

Private equity major Blackstone agreed to buy nearly 80 percent of affordable homes-focused Aadhar Housing Finance from the financially stretched Wadhawan group for an undisclosed sum.

The group's holding company Wadhawan Global Capital (WGC) will be selling its 70 percent stake in the company, while its listed mortgage lender subsidiary DHFL will also be exiting its investment, which is reported to be around 9 percent, as per a company statement on February 2.

The deal comes days after the group was alleged to have syphoned off over Rs 31,000 crore of public money as reported by news portal Cobrapost, which claimed loans were taken from DHFL and the money taken out of the country by the Wadhawans.

The group has denied all the allegations, even as the DHFL stock plunged since then.

At 09:36 hrs Dewan Housing Finance Corporation was quoting at Rs 106.70, down Rs 4.75, or 4.26 percent.


Source: https://www.moneycontrol.com/news/business/markets/dhfl-falls-13-even-as-co-divests-majority-stake-in-aadhar-housing-finance-to-blackstone-3477691.html

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Budget 2019 effect: How you can earn tax-free Rs 10 lakh per annum

In a move to give relief to the middle class, Finance Minister Piyush Goyal announced in the Budget 2019 that individual taxpayers will get a full tax rebate for income earned up to Rs 5 lakh.

Previously, the income threshold on which rebate was given was Rs 3.5 lakh. Individuals will now get a benefit of Rs 12,500, up from Rs 2,500 earlier. This will benefit taxpayers only to the extent of an annual income of Rs 5 lakh. The basic exemption limit and tax-slabs remain the same.

Additionally, Piyush Goyal also announced an increase in standard deduction to Rs 50,000, up from Rs 40,000 earlier.

All the tax slabs also continue. In other words, if your taxable income is higher than Rs 5 lakh, you still pay tax at the existing income tax slabs.

To be sure, this is a rebate for those whose taxable incomes are up to Rs 5 lakh. The basic exemption limit of Rs 2.5 lakh - that is, no tax to be paid for those who earn an income of up to Rs 2.5 lakh - continues.

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Budget 2019: Big relief for aam aadmi! FM Goyal gives tax rebate on income up to Rs 5 lakh

Image Source: Financialexpress.com

Interim Finance Minister Piyush Goyal has given some relief to the income taxpayers. Union Budget2019 has proposed to offer a tax rebate for individuals earning up to Rs 500,000. The rebate under Section 87A of the Income Tax Act has been enhanced to Rs 12,500 from Rs 2,500 earlier. The threshold has also been enhanced to income of Rs 5 lakh from Rs 3.5 lakh earlier. This will benefit taxpayers only to the extent of an annual income of Rs 5 lakh. The basic exemption limit and tax-slabs remain the same.

The last time basic exemption limit was raised by Rs 50,000 by Finance Minister Arun Jaitley while presenting Budget 2014. At that the time, the tax rates were left untouched.

Last year while presenting Budget 2018, Finance Minister Arun Jaitley had re-introduced the standard deduction of Rs 40,000 in lieu of medical reimbursement and transport allowance. It was done with the intention to reduce administrative hassles for salaried individuals. In budget 2019, standard deduction too has been enhanced to Rs 50,000. The increase in basic exemption limit benefits all income taxpayers.

Source:https://www.moneycontrol.com/news/business/budget-2019-big-relief-for-aam-aadmi-fm-goyal-gives-tax-rebate-on-income-up-to-rs-5-lakh-3464021.html

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Vedanta plunges 18% as brokerages downgrade stock on its Anglo American investment

Shares of Vedanta fell around 18 percent on Friday morning as investors turned wary of the stock after financial results.

The touched a 52-week low of Rs 162.05. It touched an intraday high of Rs 180.50 and an intraday low of Rs 162.05.

Vedanta has reported a 21 percent on year decline in third quarter consolidated profit to Rs 1,574 crore due to lower commodity prices and shutdown of copper smelter at Tuticorin.

Revenue from operations during the quarter dropped 2.8 percent to Rs 23,669 crore compared to year-ago. The sequential profit was up 17 percent and revenue up 4 percent.

Revenue was lower mainly on account of shutdown of copper smelter at Tuticorin and lower commodity prices, partially offset by currency depreciation and higher volumes at Electrosteel and aluminium business," Vedanta said.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) declined 11 percent year-on-year to Rs 5,953 crore, but sequentially EBITDA increased 13 percent and margin expanded 300 bps QoQ to 29 percent.

Source:https://www.moneycontrol.com/news/business/markets/vedanta-plunges-18-as-brokerages-downgrade-stock-on-its-anglo-american-investment-3467591.html

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MCX Support and Resistance Level

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