Top Business News of The Day: Data privacy should not be compromised in using fintech: FM; Barclays raises 2022 oil price view on likely supply deficit; WazirX partners with City Explorers marking the travel industry’s foray into crypto and more.

Bombay Stock Exchange at Mumbai. File Photo.   | Photo Credit: PTI

5:42 P.M.

Data privacy should not be compromised in using fintech: FM; Amazon brings global computer science education initiative to India and With Rs. 1 Lakh Crore Investment and BPCL Accelerates Focus in New Segments for Sustainable Growth.

Mastercard rolls out buy now, pay later program; EU adopts 5 billion-euro Brexit reserve to help businesses and Barclays raises 2022 oil price view on likely supply deficit.

WazirX partners with City Explorers marking the travel industry’s foray into crypto; Toyota to hike vehicle prices by up to 2 pc from Oct 1 to offset rise in input costs and Niti Aayog member urges for coal regulator.

5:25 P.M.

Mastercard rolls out buy now, pay later program

Mastercard Inc unveiled on Tuesday a buy now, pay later program that will allow consumers to pay for online and in-store purchases through equal and interest-free installments, Reuters reported.

The Mastercard Installments program will be available in markets across the United States, the United Kingdom and Australia, the company said.

5:06 P.M.

WazirX partners with City Explorers marking the travel industry’s foray into crypto.

WazirX has collaborated with City Explorers Pvt Ltd marking the travel industry’s foray into the world of crypto.

As part of this collaboration, five tourism imaginaries in the form of NFTs will be dropped. A special invite will be extended to the NFT owners for an exclusive event curated by the India City Walks. The concept behind these digital artworks is about defining Indian roots and cultural heritage.

“The pandemic caused significant losses to the tourism industry. With the entire world under lockdown for months, opportunities for income generation were limited. With this collaboration, we hope to inspire and educate people on the possibilities and highlight different use cases of NFTs," said Vishakha Singh, VP, WazirX NFT Marketplace in a release.

WazirX believes that with the introduction of the Travel sector on the blockchain, players in the tourism sector have the opportunity to engage with the crypto and NFT community and create better travel experiences for them in the post-pandemic world. From travel agencies, publications, airlines, hospitality sector, everyone can leverage NFTs.

4:30 P.M.

Sensex slumps 410 pts, Nifty drops below 17,750

Equity benchmark Sensex tumbled by 410 points on Tuesday, tracking losses in Infosys, ICICI Bank and HDFC twins amid a weak trend in global markets.

Sensex pared some losses to end 410.28 points or 0.68% lower at 59,667.60. Similarly, the Nifty declined 106.50 points or 0.60% to 17,748.60.

Bharti Airtel was the top loser in the Sensex pack, followed by Tech Mahindra, Bajaj Finance, Bajaj Finserv, HCL Tech and Infosys. On the other hand, PowerGrid, NTPC, Sun Pharma, Titan, Kotak Bank and Dr Reddy’s were among the gainers, PTI reported.

4:24 P.M

Households in southern states more indebted than rest of India: Report

Household indebtedness is higher in the southern states as compared to the other parts of the country, a report said on Tuesday.

Citing the All India Debt and Investment Survey (AIDIS) data from 2013-2019, domestic agency India Ratings said household indebtedness both in rural and urban areas was higher in southern states than rest of India.

In 2019, Telangana with 67.2% had the highest proportion of its rural households indebted and Nagaland with 6.6% had the lowest proportion of its rural households indebted. Kerala with 47.8% of urban households indebted had the highest incidence of indebtedness among the urban households and Meghalaya with 5.1% the lowest, PTI reported.

4:20 P.M.

Data privacy should not be compromised in using fintech: FM

Finance Minister Nirmala Sitharaman on Tuesday said there should be no compromise on data privacy and safeguard of client data with an increasing number of Indians now using digital mode of payment, PTI reported.

Addressing the fintech industry, the minister said the value of digital transactions jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore and Rs 2 lakh crore in 2020 and 2019, respectively.

"Safeguard of client data, is something which I think is the backbone to bringing trust. Unless my data is safeguarded well I wouldn't want to get into a scheme of things. So that is the guiding principle," Sitharaman said at the 'Global FinTech Fest 2021'.

4:08 P.M.

EU adopts 5 billion-euro Brexit reserve to help businesses

The European Council adopted Tuesday a 5 billion-euro ($5.8 billion) reserve aimed at helping businesses tackle the short-term effects of Brexit. The council, which represents the national government of every EU member nation, said the money will cover extra costs and compensate the losses from the U.K.'s withdrawal from the 27-nation trade bloc.

Britain's departure has affected many parts of the EU economy, with the fishing sector particularly at risk. EU fisheries face a 25% reduction of their catch value from UK waters, PTI reported.

4:01 P.M.

Gold declines Rs 54, silver tumbles Rs 573 on global cues

Gold prices declined by Rs 54 to Rs 45,080 per 10 gram in the national capital on Tuesday in line with weak global cues, according to HDFC Securities.

In the previous trade, the precious metal had settled at Rs 45,134 per 10 gram. Silver prices declined sharply by Rs 573 to Rs 58,961 per kg from Rs 59,534 per kg in the previous trade.

In the international market, gold was trading lower at USD 1,743 per ounce and silver was flat at USD 22.37 per ounce.

3:34 P.M.

Toyota to hike vehicle prices by up to 2 pc from Oct 1 to offset rise in input costs

Automaker Toyota Kirloskar Motor (TKM) on Tuesday said it will increase prices of its entire model range by up to 2% with effect from October 1 in order to partially offset the impact of rise in input costs.

All company models except Vellfire would see an upward increase in prices from next month, PTI reported.

3:29 P.M.

Niti Aayog member urges for coal regulator

Niti Aayog member V K Saraswat on Tuesday vouched for the need of ​a ​coal regu​​lator to ensure that the dry fuel is available at a competitive price to consumers as it will continue to be the mainstay for the country's energy demand, PTI reported.

Some private coal consumers have said that coal prices in the country should be ​more ​competitive in coal auction price, he said.

3:26 P.M.

CavinKare CMD CK Ranganathan takes over as AIMA President

CavinKare Chairman & Managing Director C K Ranganathan has been appointed as President of All India Management Association (AIMA) for a period of one year.

Ranganathan has taken over from Harsh Pati Singhania, JK Paper Vice Chairman & Managing Director, and would lead AIMA as President till the next National Management Convention in September 2022, PTI reported.

3:23 P.M.

Barclays raises 2022 oil price view on likely supply deficit

Barclays on Tuesday raised its 2022 oil price forecasts reasoning that a continued recovery in demand could widen a 'persistent' supply shortfall.

The bank raised its 2022 Brent crude price forecast by $9 to $77 per barrel driven in part by "reduced confidence" for a revival of the U.S.-Iran nuclear deal, Reuters reported.

3:21 P.M.

HC refuses bail to Yes Bank founder Rana Kapoor's wife, daughters in DHFL corruption case

The Bombay High Court on Tuesday refused to grant bail to Yes Bank founder Rana Kapoor's wife and two daughters in a corruption and cheating case involving private sector lender Dewan Housing Finance Corporation Ltd (DHFL).

A single bench of Justice Bharati Dangre rejected the bail applications filed by Kapoor's wife Bindu and daughters Roshini and Radha. The three had approached the HC last week, challenging a special CBI court order of September 18 which refused them bail while noting that they had, prima facie, caused a loss of Rs 4,000 crore to the Yes Bank through illegal acts, PTI reported.

2:17 P.M.

Dish TV gets 2 months extension from Registrar of Companies to call AGM

Direct-to-Home service provider Dish TV has got a breather, as the Registrar of Companies has granted the company an extension of two months to call an Annual General Meeting (AGM) from the due date by which it ought to have been held.

The Direct-to-Home (DTH) service provider on September 19, had sought an extension to hold shareholders' meet citing time required for any change in the CEO or the board of directors of the company, as it needs the approval of the Ministry of Information and Broadcasting, PTI reported.

1:51 P.M.

Amazon brings global computer science education initiative to India

Amazon on Tuesday announced the launch of its global computer science (CS) education programme - Amazon Future Engineer (AFE) - in India, that will enable access to quality CS education and career opportunities for students from underrepresented and underserved communities.

Amazon will partner with multiple education-focused non-profit organisations to take quality CS education to the students of government schools across Karnataka, Delhi, Haryana, Maharashtra, Tamil Nadu, Odisha, and Telangana, PTI reported.

1:48 P.M.

JLR commences bookings for I-PACE Black in India

Jaguar Land Rover India on Tuesday said it has commenced bookings for the I-PACE Black in the country.

The company had launched the I-PACE in the country in March this year. The model comes with a 90 kWh battery that delivers 294 kW power and 696 Nm torque, allowing it to accelerate from 0-100 km/hr in just 4.8 seconds, PTI reported.

1:42 P.M.

EV maker WardWizard to double annual production capacity to 2 lakh units

Electric two-wheeler maker WardWizard Innovations and Mobility Ltd on Tuesday said it will double its annual production capacity to 2 lakh units with the setting up of an assembly line at Vadodara plant.

The company, which sells electric two-wheelers under the 'Joy e-bike' brand, said its "new automatic assembly line will become operational from October 2021". The production capacity can be further ramped up to 6 lakh units annually with three shifts depending on the market demand, PTI reported.

1:25 P.M.

With Rs. 1 Lakh Crore Investment, BPCL Accelerates Focus in New Segments for Sustainable Growth

Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company is accelerating its focus in new business segments for sustainable growth, thereby mitigating risk in oil & gas space. BPCL is exploring opportunities in biofuels, petchem, gas, electric mobility, consumer retail and digital transformation, PTI reported.

“The investment will help BPCL prepare for the future where conventional fuels and zero-carbon mobility in form of electric vehicles (EVs) and hydrogen will co-exist, while giving it the option to convert a greater degree of crude oil directly into high-value petrochemicals,” said Mr. Arun Kumar Singh, Chairman and Managing Director, BPCL.

Date | Time

Asian markets were lower today over China Evergrande Group's unsolved debt crisis and Oil soared to $80 a barrel amid continued concerns over tight supply when demand is improving as countries recover from the pandemic. As crude prices rose in the international markets, petrol price was hiked by 20 paise per litre and diesel by 25 paise.

Sensex and Nifty opened higher today and continued their rally. Meanwhile, Life Insurance Corp of India (LIC) is seeking to appoint a chief financial officer ahead of an initial public offering slated before the end of the fiscal year.

12:55 P.M.

Fintech can help check digital frauds, says RBI Deputy Governor Sankar

The Reserve Bank Deputy Governor T Rabi Sankar said that Fintech firms can play a significant role in preventing digital frauds, PTI reported.

Speaking at the Global FinTech Fest 2021 organised by the Internet and Mobile Association of India (IAMAI), Sankar said that digital penetration is largely limited to urban and metro areas and needed to be expanded to the entire country.

"We need technological solutions to increase penetration to the vast sections of the population, which is unbanked and lacks a smartphone," he said, and added that promising options have been identified by the RBI through the sandbox mechanism.

12:46 P.M.

LIC seeks to appoint CFO before its mega IPO planned

Life Insurance Corp of India (LIC) is seeking to appoint a chief financial officer ahead of an initial public offering slated before the end of the fiscal year, Reuters reported.

The move to hire a CFO follows a decision to re-designate LIC’s top job to chief executive officer from chairman earlier this year.

LIC is currently under going a valuation exercise for an IPO that could be India's biggest ever as the government seeks to raise around 900 billion Indian rupees by selling 5%-10% stake in the company by the end of the fiscal year that runs through March.

12:05 P.M.

Only firms registered in India to be eligible under PLI scheme for textiles sector

Only manufacturing companies registered in India will be eligible to participate under the recently approved Rs 10,683-crore production-linked incentive (PLI) scheme for the textiles sector, PTI reported citing a notification of the textiles ministry.

Notifying the scheme, the ministry also said that participating companies will have to undertake processing and operation activities in their own factory premises.

It added that the turnover achieved from trading and outsourced job work will not be accounted for while calculating claims for availing the incentive.

11:45 A.M.

MyGlamm gets Rs 255 cr funding

Direct-to-consumer beauty brand MyGlamm has received Rs 255 crore infusion from Trifecta Leaders Fund and others, and has earmarked Rs 750 crore to make strategic investments in innovative beauty and personal care brands, PTI reported.

The company has also announced the formation of the Good Glamm Group to consolidate its position as a 'Digital House of Brands', powered by a content-to-commerce strategy.

"The company has topped up its series C fundraise with a Rs 255 crore infusion, led by an equity investment from the Trifecta Leaders Fund, and structured financing from Trifecta Capital and Stride Ventures," it said in a statement.

11:15 A.M.

Petrol, diesel prices hiked

Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 25 paise as international oil prices neared $80 per barrel mark for the first time in three years, PTI reported.

The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.

This is the first price increase in petrol in more than two months and the fourth in case of diesel.

10:45 A.M.

Sebi confirms ban on 5 persons in Zee insider trading case

Sebi on Monday confirmed its earlier directive passed against five persons wherein they were barred from the securities market for indulging in insider trading in the scrip of Zee Entertainment Enterprises Ltd, PTI reported.

"Bijal Shah, Gopal Ritolia, Jatin Chawla, Gomti Devi Ritolia and Daljit Chawla are restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders," Sebi said in its 43-page confirmatory order.

The regulator said a detailed investigation in the matter is in progress which may bring out additional roles of omission or commission, of these five persons, if any, in detail.

10:20 A.M.

Govt to borrow Rs 5.03 lakh cr in second half of FY'22

The government will borrow Rs 5.03 lakh crore in the second half of the current fiscal, PTI reported citing the finance ministry.

During the first half (April-September), the government has raised Rs 7.02 lakh crore by issuing bonds.

"Out of gross market borrowing of Rs 12.05 lakh crore projected for FY 2021-22 in the Union Budget, Rs 7.24 lakh crore (60 per cent) was planned to be borrowed in first half (H1).

"The effective borrowing in H1 of FY 2021-22 was Rs 7.02 lakh crore. The Government now plans to borrow the balance Rs 5.03 lakh crore in second half year (H2) of FY 2021-22," the ministry said.

10:00 A.M.

RBI imposes Rs 2 crore penalty on RBL Bank

The Reserve Bank on Monday imposed a penalty of Rs 2 crore on private lender RBL Bank for deficiencies in regulatory compliances and non-compliance of the provisions of the Banking Regulation Act, PTI reported.

Following supervisory evaluation of the RBL Bank, the Reserve Bank raised issues relating to contravention of certain regulatory directions and non-compliance with the provisions of the Banking Regulation Act concerning opening of five savings accounts in the name of a cooperative bank and composition of the board of directors.

The RBI later issued a notice to the bank advising it to show cause as to why penalty should not be imposed for contravention of and non-compliance with the provisions of its directions and provisions of the Banking Regulation Act.

9:25 A.M.

Sensex, Nifty open firm

The Indian benchmark equity indices, Sensex and Nifty opened higher today with Sensex above 60,100. At 9:16 IST, the Sensex rose 0.04% to 60103.17 while Nifty was up 0.10% at 17872.20.

Almost 1170 shares advanced, 461 declined and 103 were unchanged.

9:15 A.M.

Oil extends rally on tight supply

Oil markets extended their rally into a sixth session, amid continued concerns over tight supply at a time when demand is picking up with the easing of COVID-19 pandemic restrictions, Reuters reported.

Brent crude futures rose 0.5%, to $79.95 a barrel, reaching its highest since October 2018 while U.S. West Texas Intermediate (WTI) crude futures climbed 0.5%, to $75.86 a barrel, hitting its highest since July.

"The market sentiment remained strong with tighter supply and recovering demand in many parts of the world," Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd told Reuters.

9:00 A.M.

Asian markets grapple with Evergrande fallout

Asian shares fell as investors continued to fret over China Evergrande Group's unsolved debt crisis and eyed the potential impact of a widening power shortage in China, Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.13% lower and Australia's benchmark S&P/ASX200 index also fell1%, while Japan's Nikkei was off 0.6%.

China's blue chip index CSI300 edged up 0.1% at the open, as Hong Kong's Hang Seng Index gained 0.44%.

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Printable version | Oct 28, 2021 6:12:02 PM | https://www.thehindu.com/business/business-news-live-asian-markets-grapple-with-evergrande-fallout/article36706221.ece

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