Business

Debt-laden housing financier DHFL on Tuesday said it has no exposure to HDIL and Punjab & Maharashtra Co-operative Bank (PMC), and cautioned against misleading reports that can trigger panic.

Yes Bank shares plummeted over 22 per cent, their fifth consecutive session of fall, as promoter Rana Kapoor and his group entities sold another 2.16 per cent stake worth Rs 510 crore.

The scrip came under massive selling pressure in afternoon trade, giving up its early gains and plunged 19.90 per cent to Rs 33.20 -- its multi-year low -- on the BSE.

The development comes a day after a panel of secretaries approved the privatisation of BPCL and three other PSUs — Shipping Corp of India (SCI), THDC India and Neepco.

Currently, HDIL is developing various projects at Kurla, Nahur, Mulund and Palghar and has a residential portfolio of 86.22 lakh sq ft under construction.

The shareholder, who claimed to be a corporate lawyer from the city, also said he has lost over 90 percent of the value of over Rs 3 crore investment in three of the seven Reliance Group companies.

At 11:27 am, the S&P BSE Sensex was down 312.65 points, or 0.8%, to 38,509.92, while the Nifty 50 index fell 86.80 points, or 0.75%, to 11,425.60.

Earlier this year, eBay made changes to its board and said it is exploring options for its ticketing unit, StubHub, and eBay Classifieds businesses, after pressure from hedge funds.

SBI informed stock exchanges that the proposed two-day bank strike which was to be held on 26-27 September has now been deferred. SBI branches will, therefore, remain open on the last two days of the week.

The company's market valuation jumped Rs 25,304.6 crore to Rs 8,10,488.60 crore on the BSE. In terms of traded volume, 9.61 lakh shares were traded on the BSE and over 1.6 crore shares at the NSE.

Amazon.in, in a statement on Tuesday, said it has created more than 90,000 seasonal employment opportunities across its fulfilment centres, sortation centres, delivery stations, partner fulfilment network and customer service sites.

Sensex rose 96.50 points, or 0.25%, to 39,186.51, while the Nifty 50 index was trading higher by 20.45 points, or 0.18%, to 11,620.65.

The stock markets are already cheering the development, with the Sensex and Nifty advancing nearly 5%, their biggest single-day gain in a decade.

Adani Transmission Ltd shares fell 2.6% after a media report said Qatar Investment Authority is in negotiations with the Adani Group to buy a minority stake in Adani Electricity Mumbai Ltd.

Experts believe the GST council might also reduce tax rates on cement, steel, ceramic tiles and sanitary wares to promote affordable housing and giving a boost to the real estate sector.

The GST was also cut on marine fuel to 5% while the same on railway wagons, coaches and rolling stock has been increased from 5% to 12%.