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Sensex, Nifty end higher; PSU banks shine
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SME Times News Bureau | 15 Nov, 2019
Major Indian equity indices ended higher on Friday led by index
heavyweights. The Sensex closed 70.21 points higher at 40,356.69, while
the Nifty ended 23.20 points higher at 11,895.30.
Beaten down
telecom stocks -- Bharti Airtel and Vodafone Idea -- recovered sharply
on Friday on reports that a committee has sought recommendations from
the Department of Telecom (DoT) on setting a minimum charge for all
tariffs for telecom players.
Both Vodafone Idea and Airtel took
hits on their balance sheet, as well as in the bourses after the Supreme
Court upheld the government's definition of adjusted gross revenue
(ADR) on which it calculates levies on telecom operators, resulting in
dues of over Rs 92,000 crore payable by the industry.
"Signals
on further progress on US-China trade deal improved sentiment across
global markets but weakening macros and a muted end to Q2 results
induced investors to book profits at higher levels," said Vinod Nair,
Head of Research, Geojit Financial Services.
Reports of the
government planning to set minimum price for mobile calls and data to
revive the telecom sector boosted telecom stocks. Besides, public sector
(PSU) banks gained some ground on account of a likely reduction in
non-performing assets (NPAs or bad loans) post the favourable verdict
from the Supreme Court.
State-run enders of bankrupt Essar Steel
like SBI, PNB, and IDBI Bank, as well private banks like ICICI Bank
closed higher after the Supreme Court order has opened the doors for
recoveries from borrowers under the insolvency resolution process.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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