LIVE: PM Narendra Modi says Rs 500 and Rs 1,000 notes will not be legal anymore

Going by his promise in 2014 general elections to bring black market money into the regular financial system, Prime Minister Modi on Tuesday in a televised address to the nation said that high denomination notes of Rs 500 and Rs 1000 will no longer be legal. PM Modi announced a “decisive” war against black money and corruption while disclosing a raft of steps to assure the common man that their money is safe.

PM Modi said banks and ATMs will remain closed on November 9 and in some places ATMs may remain closed on November 10. Across the country, people rushed to ATMs where money could be withdrawn in Rs 100 notes, trying to avoid being caught without cash over the next few days. Welcoming the bold step taken by the government, President Pranab Mukherjee called upon the people not to panic as the move would help unearth unaccounted money as well as counterfeit currency.

 The finance ministry said that new banknotes of Rs 500 and Rs 2,000 would be introduced from November 10. The old notes can be deposited in banks and post offices from Nov. 10 to Dec. 30. Governor of the Reserve Bank of India, Urjit Patel, said he saw no impact on liquidity in the wholesale market and that the bank had ramped up production of the new series of notes over the last few months. Experts said Tuesday’s move was the biggest in decades aimed at fighting graft.
Here are the live updates on PM Modi’s speech Today:
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Mid-Afternoon Market Update: Datalink Surges Following Acquisition News; HSN Shares Slide

Toward the end of trading Monday, the Dow traded up 1.95 percent to 18,237.83 while the NASDAQ climbed 2.35 percent to 5,164.77. The S&P also rose, gaining 2.10 percent to 2,128.93.Leading and Lagging Sectors Monday afternoon, technology shares gained by 2.43 percent. Meanwhile, top gainers in the sector included Datalink Corporation (NASDAQ: DTLK ), and Sothebys (NYSE: BID ).In trading on Monday, telecommunications services shares rose by just 0.9 percent. Meanwhile, top losers in the sector included Shenandoah Telecommunications Company (NASDAQ: SHEN ), down 9 percent, and Internet Initiative Japan Inc. (ADR) (NASDAQ: IIJI ), down 7 percent.

Top Headline

LendingClub Corp (NYSE: LC ) reported a smaller loss than analysts estimated for the third quarter. Similarly, revenue also came in above the estimates.The company reported adjusted loss of $0.04 a share, exceeding expectations by $0.03 per share. Its revenue came in at $112.6 million, beating estimates by $9.29 million.Equities Trading UP Blue Nile Inc (NASDAQ: NILE ) shares shot up 34 percent to $40.73 after the company disclosed a deal with Bain Capital Private Equity and Bow Street LLC for $40.75 a share in cash.Shares of Datalink Corporation (NASDAQ: DTLK ) got a boost, shooting up 18 percent to $11.13 after Insight Enterprises, Inc. (NASDAQ: NSIT ) announced plans to acquire Datalink for $11.25 per share in cash.Medallion Financial Corp (NASDAQ: MFIN ) shares were also up, gaining 27 percent to $4.13 following Q3 results. Medallion Financial reported Q3 earnings of $5 million on revenue of $2 million.

Equities Trading DOWN Concordia International Corp (NASDAQ: CXRX ) shares dropped 38 percent to $1.99 after the company reported downbeat results for its third quarter. Concordia also disclosed that it is suspending its guidance. Shares of HSN, Inc. (NASDAQ: HSNI ) were down 10 percent to $32.45 after the company posted weaker-than-expected Q3 earnings. Plug Power Inc (NASDAQ: PLUG ) was down, falling around 10 percent to $1.27 as the company posted a wider-than-expected Q3 loss.Commodities In commodity news, oil traded up 1.07 percent to $44.54 while gold traded down 1.83 percent to $1,280.60.Silver traded down 1.04 percent Monday to $18.18, while copper rose 2.10 percent to $2.31.

Eurozone

European shares closed higher today. The eurozone's STOXX 600 climbed 1.53 percent, the Spanish Ibex Index rose 1.45 percent, while Italy's FTSE MIB Index surged 2.56 percent. Meanwhile the German DAX climbed 1.93 percent, and the French CAC 40 rose 1.91 percent while U.K. shares rose 1.70 percent.Economics Data on consumer credit for September will be released at 3:00 p.m. ET.

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Fedders Lloyd gains on incorporating wholly owned subsidiary in Nigeria

Fedders Lloyd Corporation is currently trading at Rs. 83.10, up by 0.65 points or 0.79% from its previous closing of Rs. 82.45 on the BSE.

The scrip opened at Rs. 83.10 and has touched a high and low of Rs. 83.75 and Rs. 82.50 respectively. So far 6678 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 109.25 on 03-Dec-2015 and a 52 week low of Rs. 58.10 on 29-Feb-2016.

Last one week high and low of the scrip stood at Rs. 86.00 and Rs. 79.85 respectively. The current market cap of the company is Rs. 256.47 crore.

The promoters holding in the company stood at 47.00%, while institutions and non-institutions held 0.16% and 52.84% respectively.

Fedders Lloyd Corporation (FLCL) has incorporated a wholly owned subsidiary Fedders Lloyd Nigeria (FLNL) in Nigeria on October 20, 2016. The business of FLNL is mainly in line with the company.

FLNL will engage in engineering, procurement and construction activities for various sectors including but not limited to railways, power, infrastructure etc. and undertake projects related to renewable sources of energy including solar energy.

FLCL provides customized solutions on a turnkey basis in the areas of infrastructure, involving manufacturing, engineering, designing of Steel Structures, Engineering and Procurement & Construction (EPC) for transmission of power, manufacture and supply of towers for wind turbines, and environment control systems for industrial and customized applications.
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State Bank of India to strip up to 5% in SBI Life

The bank said that the ECCB has endorsed to weaken up to 5% stake of SBI in SBI Life to a non-promoter substance.

State Bank of India has educated BSE that the Executive Committee of the Central Board (ECCB) at its meeting hung on October 14, 2016 has endorsed to weaken up to 5% stake of SBI in SBI Life to a non-promoter element.

SBI Life is a joint wander between State Bank of India and BNP Paribas Cardiff. SBI possesses 74% in the life safety net provider.

Stock Commentary:

State Bank of India finished at Rs 251.9, up by Rs 2.2 or 0.88% from its past shutting of Rs 249.7 on the BSE.

The scrip opened at Rs 251.25 and touched a high and low of Rs 253.3 and Rs 249.7 separately. A sum of 15608518(NSE+BSE) shares were exchanged on the counter. The present market top of the organization is Rs 195544.35 crore.

The BSE bunch "A" supply of face esteem Rs 1 touched a 52 week high of Rs 271.55 on 08-Sep-2016 and a 52 week low of Rs 148.3 on 12-Feb-2016. Most recent one week high and low of the scrip remained at Rs 260.2 and Rs 246.1 separately.

The promoters holding in the organization remained at 60.18 % while Institutions and Non-Institutions held 28.64 % and 9.48 % individually.

Bank Nifty Tips

Author : Wealth Research