The market ended with strong gains on Wednesday, supported by banks and IT stocks. Sentiment was upbeat amid speculations that the government is mulling over changes in income tax implications on equity investment. The media reported Tuesday that existing structures of long-term capital gains (LTCG) tax, the securities transaction tax (STT) and dividend distribution tax (DTT) are being reviewed by the Prime Minister’s Office in consultation with the Finance Ministry’s Revenue Department and NITI Aayog.
Total SA’s third-quarter profit beat analyst estimates and cash flow held firm, as the French giant offset lower oil and gas prices by boosting production and cutting costs. European shares inched lower on Wednesday as weak bank earnings and doubts over an interim U.S.-China trade deal spurred selling. European STOXX 600 index (STOXX) was down just 0.1%.
Shares of InterGlobe Aviation, the owner of IndiGo, gained 5 percent intraday on October 30 after the budget airline ordered 300 aircraft from Airbus.
Bharti Airtel reported a fall in its average revenue per user (ARPU) in the September quarter. The company recorded an ARPU of Rs 128 in the September quarter, down from Rs 129 in the June quarter.
BEML surged 4.6%. Media reports suggested that the government has revisited plan for strategic stake sale in the company. The government may soon issue expression of interest (EoI) for 26% stake sale in BEML with management control. Government of India holds 54.03% stake in BEML.
Cochin Shipyard advanced 0.98% after the company said it signed a Rs 175.70 crore contract for designing and constructing 23 hybrid-electric passenger ferries for Kochi Water Metro Project.
Canara Bank proposes to issue/allot 27,69,88,576 equity shares of Rs 10 each at an issue price of Rs 237.23 per equity share in respect of preferential issue of shares.
Japan stocks were lower after the close on Wednesday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower. The Nikkei 225 lost 0.57%.
Australia stocks were lower after the close on Wednesday, as losses in the Telecoms Services, IT and Consumer Staples sectors led shares lower. The S&P/ASX 200 lost 0.83%.
China’s Shanghai Composite and the SZSE Component traded 0.4% and 0.8% respectively. Hong Kong’s Hang Seng Index slipped 0.2%.
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