Top Business News of The Day: Sensex, Nifty tick higher to fresh records; Google, in fight against record EU fine, slams regulators for ignoring Apple; Cryptocurrency exchanges rush to cut ties with Chinese users after fresh crackdown and more.

A view of the BSE building in Mumbai. File   | Photo Credit: PTI

5:04 P.M.

Sensex, Nifty tick higher to fresh records; Indian multiplex shares surge as states set to unlock movie halls and Icra revises up FY22 GDP growth forecast to 9%.

Google, in fight against record EU fine, slams regulators for ignoring Apple; New German Govt expected to continue strong ties with India and Not leaked info on Google probe, CCI tells HC.

Jaipur, Goa most booked leisure destinations among Indians: Report; Vistara partners with IndusInd Bank to launch co-branded credit card and Ministerial panels set up to review GST exempt list, identify evasion sources.

4:50 P.M.

Google, in fight against record EU fine, slams regulators for ignoring Apple

Alphabet unit Google on Monday criticised EU antitrust regulators for ignoring rival Apple as it launched a bid to get Europe's second-highest court to annul a record 4.34-billion euro ($5.1 billion) fine related to its Android operating system.

The European Commission fined Google in 2018, saying that it had used Android since 2011 to thwart rivals and cement its dominance in general internet search, Reuters reported.

4:47 P.M.

Myntra adds warehouse in Kolkata, expands overall storage capacity ahead of festive season

Fashion e-tailer Myntra on Monday said it has set up a fulfilment centre in Kolkata and strengthened its supply chain network across the country ahead of the upcoming festive season, PTI reported.

The new FC in Kolkata is spread over 2 lakh sq ft and is designed to store up to 45 lakh items and will create employment opportunities for about 2,500 people to begin with, it added.

4:20 P.M.

Jaipur, Goa most booked leisure destinations among Indians: Report

Jaipur and Goa have emerged as the top booked leisure destinations as several states have eased COVID-19 related restrictions for travellers to boost the tourism and hospitality sector, according to Indian hospitality startup OYO's Unlocking Travel Report 2021.

In India, Goa, Jaipur, Manali, Ooty and Mysore are the top-ranked leisure destinations among domestic travellers, PTI reported.

4:12 P.M.

Sensex, Nifty tick higher to fresh records

Equity benchmarks Sensex and Nifty inched marginally higher on Monday to end at fresh lifetime highs, led by gains in Reliance Industries, HDFC Bank and Maruti amid a largely positive trend in global markets.

Sensex ended 29.41 points or 0.05% higher at its all-time closing peak of 60,077.88. Similarly, the NSE Nifty advanced 1.90 points or 0.01% to record 17,855.10.

Maruti was the top gainer in the Sensex pack followed by M&M, Bajaj Auto, NTPC, Reliance Industries and HDFC Bank. On the other hand, HCL Tech, Tch Mahindra, Bajaj Finserv and Infosys were among the laggards, PTI reported.

4:08 P.M.

Employment in 9 sectors at 3.08 cr in Apr-Jun, finds labour survey

Employment in nine selected sectors, including construction, manufacturing and IT/BPO, was at 3.08 crore in the April-June quarter of 2021-22, reflecting a growth of 29 per cent compared to 2.37 crore reported in the Economic Census of 2013-14, according to a survey.

These sectors altogether account for a majority of the total employment in the non-farm establishments. These nine selected sectors are Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services, PTI reported.

4:05 P.M.

Indian multiplex shares surge as states set to unlock movie halls

Shares of India's top cinema chain operators, PVR Ltd and INOX Leisure, on Monday surged past their highest levels from pre-lockdown days after the states of Maharashtra and Karnataka took steps to reopen movie halls.

Home to multi-billion dollar Bollywood, Maharashtra is planning to open theatres and auditoriums after Oct. 22, while the southern state of Karnataka decided to allow full occupancy from Oct. 1 in districts with less than 1% positivity rate, Reuters reported.

4:01 P.M.

Rupee ends 15 paise lower at 73.83 against US dollar

The rupee weakened by 15 paise to close at 73.83 against the US dollar on Monday as a stronger greenback against key rivals and rising crude oil prices weighed on investor sentiment, PTI reported.

Besides, multiple bouts of volatility on domestic equities front and mixed cues from global financial markets brought the rupee more under pressure, analysts observed.

3:56 P.M.

Will take necessary action as per applicable law: Zee Entertainment on board reshuffle demand

Zee Entertainment Enterprises on Monday said it will take "necessary action as per applicable law" amid demand for the ouster of Managing Director Punit Goenka by two institutional investors.

Two investment firms -- Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC, which together hold 17.88 per cent stake in ZEEL -- had earlier this month sought an extraordinary general meeting to remove Goenka and two independent directors Manish Chokhani and Ashok Kurien, PTI reported.

3:40 P.M.

Kejriwal launches 'Dekho Hamari Delhi' app that provides info about city's tourist spots

On World Tourism Day, Delhi Chief Minister Arvind Kejriwal launched a mobile app that provides information about tourist spots along with their brief history, popular local cuisines, market places and heritage walks in the national capital.

The 'Dekho Hamari Delhi' app will be useful for those visiting the city and will enhance the tourism experience, he said on Monday, PTI reported.

3:30 P.M.

Not leaked info on Google probe, CCI tells HC

The Competition Commission of India (CCI) told the Delhi High Court on Monday that it did not leak any information to the media relating to an investigation into Google's Android smartphone agreements.

The CCI had earlier told the high court that Google's plea against the alleged leak of confidential probe information was wholly misplaced and an attempt to frustrate the proceedings related to its Android smartphone agreements, PTI reported.

3:26 P.M.

Ministerial panels set up to review GST exempt list, identify evasion sources

The Finance Ministry has set up two committees of state finance ministers who would review current tax slabs and GST exempt items, identify potential evasion sources and suggest changes in IT systems.

The Group of Ministers (GoM) on rate rationalisation would also review inverted duty structure, recommend rationalisation measures, including merger of tax rate slabs, PTI reported.

3:18 P.M.

Vistara partners with IndusInd Bank to launch co-branded credit card

Full-service carrier Vistara has partnered with IndusInd Bank to launch co-branded credit card Club Vistara IndusInd Bank Explorer.

The credit card will offer various benefits such as a complimentary business class ticket, membership of the airline's frequent flyer programme and lounge access, PTI reported.

2:28 P.M.

Icra revises up FY22 GDP growth forecast to 9%

Ratings agency Icra on Monday revised up its 2021-22 real GDP growth estimate for India to 9 per cent from the earlier 8.5 per cent.

A ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision, PTI reported.

2:22 P.M.

New German Govt expected to continue strong ties with India: German envoy

India is becoming an important country for Germany in the Indo-Pacific region and the next coalition government in Berlin is expected to continue strong ties with New Delhi, German Ambassador Walter J Lindner said on Monday.

He said relations between India and Germany saw a significant upswing including in areas of trade and investment in the last over one decade and that the upward trajectory in ties is likely to continue, PTI reported.

1:40 P.M.

Toyota to stop selling sedan Yaris in India

Toyota Kirloskar Motor (TKM) on Monday said it will stop selling its mid-sized sedan Yaris in India with immediate effect as part of its product strategy to cater to the evolving needs of customers.

The company had launched the Yaris in May 2018 at a price range of Rs 8.75 lakh and Rs 14.07 lakh , competing with the likes of Honda City, Hyundai Verna and Maruti Suzuki Ciaz. However, it didn't have a robust response in the market, clocking a cumulative wholesales of around 19,800 units, PTI reported.

1:25 P.M.

Royal Enfield partners TCX to launch protective riding, lifestyle shoes

Mid-sized motorcycle maker Royal Enfield on Monday said it has partnered with Italian motorcycling footwear company TCX to launch a range of protective riding and lifestyle shoes that conform to European Union product standards.

The Royal Enfield-TCX collection includes five different products catering to diverse needs of men and women riders with prices ranging from Rs 8,500 to Rs 21,000, PTI reported.

1:21 P.M.

Gold gains as soft dollar lifts bullion appeal; Fed in focus

Gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for speeches from U.S. Federal Reserve policymakers this week for cues on the central bank's rate hike timeline.

Spot gold was up 0.4% at $1,757.00 per ounce, as of 0656 GMT, while U.S. gold futures were up 0.4% at $1,758.50, Reuters reported.

Date | Time

Oil prices surged for fifth straight day as supply remained constrained and demand rose as economies recover from the pandemic. Asian shares rose as sentiment turned positive and reflected in gains for most markets. India's Sensex and Nifty opened higher today as well. The chairman of Indian Oil Corp (IOC) at Platts APPEC 2021 conference said India needs to add 2 million barrels per day (bpd) of refining capacity by 2030 to help its economic expansion.

Google will take a smaller cut when customers buy software from other vendors on its cloud marketplace as the Google Cloud Platform is cutting its percentage revenue share to 3% from 20%. The tech giant will also appeal a record EU antitrust penalty imposed for stifling competition through the dominance of its Android operating system in a top European court.

12:45 P.M.

India emerges as Dubai's second biggest trade partner

India has emerged as Dubai's second biggest trading partner after China with the overall volume touching 38.5 billion dirham in the first half of 2021, PTI reported.

According to a Dubai government statement, the emirate had a trade volume of 86.7 billion dirham with China in H1 (first half) of 2021, followed by India and the US at third position.

Trade with India grew 74.5% year-on-year to 67.1 billion dirham from 38.5 billion dirham in H1 2020.

12:15 P.M.

Google in court to appeal EU's 2018 Android antitrust case

Google will appeal a record EU antitrust penalty imposed for stifling competition through the dominance of its Android operating system in a top European court, AP reported.

The company is fighting a 2018 decision from the EU's executive Commission, the bloc's top antitrust enforcer, that resulted in the 4.34 billion-euro (USD 5 billion) fine — still the biggest ever fine Brussels has imposed for anticompetitive behavior.

It's one of three antitrust penalties totaling more than USD 8 billion that the commission hit Google with between 2017 and 2019. The others focused on shopping and search, and the CaliFornia company is appealing all three.

11:55 A.M.

FPIs net buyers so far in September

Foreign portfolio investors (FPI) were net buyers so far in September with an investment of Rs 21,875 crore  on account of positive long-term outlook of Indian markets, PTI reported.

According to data from depositories, FPIs pumped in Rs 13,536 crore into equities and Rs 8,339 crore into the debt segment during September 1-23, taking the total net investment to Rs 21,875 crore. FPIs were net buyers at Rs 16,459 crore in August.

"Rally in the Indian equity markets, positive long-term outlook, the expectation of economic rebound and improvement in corporate earnings has led foreign investors to re-invest in Indian equities," Himanshu Srivastava, associate director (research), Morningstar India told PTI.

11:30 A.M.

Apple supplier says 3 units in China had to temporarily stop production

Apple supplier Unimicron Technology Corp said three of its subsidiaries in China had to stop production from midday on Sept. 26 until midnight on Sept. 30 to "comply with the local governments' electricity limiting policy", Reuters reported.

It did not expect a major impact, adding that other factories would make up production, the company said in a statement late on Sunday.

Several key Apple and Tesla suppliers have halted production at some of their Chinese facilities to comply with Beijing's tighter energy consumption policy, putting supply-chain continuity at risk during a peak season for electronics goods including the latest iPhones, Nikkei reported earlier.

11:00 A.M.

Google to slash amount it keeps from sales on its cloud marketplace

Google will take a smaller cut when customers buy software from other vendors on its cloud marketplace, Reuters reported citing a CNBC reported.

The Google Cloud Platform is cutting its percentage revenue share to 3% from 20%, CNBC said, citing a person familiar with the matter.

"Our goal is to provide partners with the best platform and most competitive incentives in the industry. We can confirm that a change to our Marketplace fee structure is in the works and we'll have more to share on this soon," a Google Cloud spokesperson said in a statement to Reuters.

10:30 A.M.

Cryptocurrency exchanges rush to cut ties with Chinese users after fresh crackdown

Cryptocurrency exchanges and providers of crypto services are scrambling to sever business ties with mainland Chinese clients, after Beijing last Friday issued a blanket ban on all crypto trading and mining, Reuters reported.

Huobi Global and Binance, two of the world's largest exchanges and popular with Chinese users, have stopped new registrations of accounts by mainland customers. Huobi also said it would clean up existing ones by the end of the year.

"On the very day we saw the notice, we started to take corrective measures," Du Jun, Huobi Group co-founder said in a statement to Reuters.

10:00 A.M.

India may need additional 2 mln bpd refining capacity by 2030, IOC chairman says

India needs to add 2 million barrels per day (bpd) of refining capacity by 2030 to help its economic expansion, even as it takes steps to move to cleaner fuels, Reuters reported citing  the chairman of Indian Oil Corp (IOC).

India, the world's third-biggest oil importer and consumer, currently has 5 million barrels per day of refining capacity. IOC controls about a third of that.

"We are an emerging economy and very aspirational economy and the development is linked to the energy consumption ... so obviously we can not be wishing away fossil fuels so early. They have a role to play," IOC's S.M. Vaidya said at the Platts APPEC 2021 conference.

9:30 A.M.

Sensex, Nifty open higher

Indian benchmark equity indices, Sensex and Nifty opened higher, near record highs, helped by gains in auto and bank stocks.

The Sensex opened 255.6 points higher at 60,304.1 and Nifty opened 79 points higher at 17,932.2.

Auto stocks were up 0.8%, led by a more than 1% rise in Tata Motors, the top Nifty gainer, while public sector banks advanced 0.7%.

9:15 A.M.

Oil surges amid supply constraints

oil prices soared for a fifth consecutive day amid supply constraints as demand picks in parts of the world with pandemic conditions easing, Reuters reported.

Brent crude rose 1.5% to $79.23 a barrel while U.S. oil added 1.11% to $75.09.

"Supply tightness continues to draw on inventories across all regions," ANZ Research said in a note.

9:00 A.M.

Asia shares swing higher

Asian shares rose as risk sentiment turned for the better, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.5% and Japan's Nikkei gained 0.4% on hopes for further fiscal stimulus once a new prime minister is chosen. Nasdaq futures rose 0.4%, and S&P 500 futures 0.5%.

Chinese blue chips gained 1.1% as the country's central bank pumped more money into the financial system and investors dared to hope Beijing would limit the fallout from the troubled China Evergrande Group.

This article is closed for comments.
Please Email the Editor

Printable version | Oct 20, 2021 11:42:59 PM | https://www.thehindu.com/business/business-news-live-asia-shares-swing-higher/article36689126.ece

Next Story