Business

Top business news of the day | OECD cuts world growth forecast; GST collection in November second highest since rollout; India’s GDP likely to cross 9.5% in FY22, and more

People walk past the BSE building in Mumbai | Photo Credit: AP
Ishan Patra Sowmya Ramasubramanian 01 December 2021 09:01 IST
Updated: 01 December 2021 16:35 IST

Top news of the day from the world of business, finance and economy

4:33 P.M.

Ten cos line up IPO worth ₹10,000 cr in Dec

The IPO lane will continue to be busy in December as 10 companies have lined up initial share-sale plans worth more than ₹10,000 crore, merchant banking sources said on Wednesday.

Moreover, the initial public offerings of Star Health and Allied Insurance and Tega Industries are currently open for public subscription.

This comes after 10 firms successfully concluded their initial public offerings (IPOs) in November.

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4:23 P.M.

OECD cuts world growth forecast

The OECD warned Wednesday that the Omicron coronavirus variant threatens the global economic recovery as it lowered the growth outlook for 2021 and appealed for a swifter rollout of Covid vaccines.

The global economy is now expected to expand by 5.6 percent this year, down from an earlier forecast of 5.7 percent, the OECD said in its updated economic outlook which warns that low vaccination areas could create "breeding grounds" for deadlier virus mutations.

4:20 P.M.

Rupee gains 22 paise against U.S. dollar

The rupee gained 22 paise to close at 74.91 (provisional) against the U.S. dollar on Wednesday as positive domestic equities and a weak American currency in the overseas markets boosted investor sentiment.

4:00 P.M.

Sensex rebounds 620 pts; Nifty above 17,100

Equity benchmark Sensex rebounded 620 points on Wednesday, boosted by gains in index majors Reliance Industries, Maruti and SBI amid a positive trend in global markets.

The 30-share index ended 619.92 points or 1.09% higher at 57,684.79. Similarly, the NSE Nifty surged 183.70 points or 1.08% to close at 17,166.90.

IndusInd Bank was the top gainer in the Sensex pack, rising nearly 6%, followed by Axis Bank, SBI, Maruti, Tech Mahindra and Reliance Industries.

3:00 P.M.

Cred to buy Happay

Fintech firm Cred on Wednesday said it will acquire business expense management platform Happay in a cash and stock deal, valuing Happay at about $180 million.

The deal, which is expected to be completed in the next few weeks, will see Happay operate as a separate entity.

2:52 P.M.

Sebi asks debenture trustees to disclose investors charter, compliant data on website

Markets regulator Sebi has directed debenture trustees (DTs) to disclose investors charter and data on complaints they received on their websites.

The new guidelines will come into effect from January 1, 2022, the Securities and Exchange Board of India (Sebi) said in a circular.

2:35 P.M.

IRS officer Vivek Johri takes charge as CBIC Chairman

Senior bureaucrat Vivek Johri on Wednesday took charge as the Chairman of the Central Board of Indirect Taxes and Customs (CBIC).

Johri, a 1985-batch Indian Revenue Service (Customs and Indirect Taxes) officer, has been a member of the board. He has succeeded M Ajit Kumar, who completed his tenure on November 30.

2:33 P.M.

Omicron's impact on emerging economies depend on restrictions, policy support: Moody's

The economic impact of the Omicron variant of COVID-19 on emerging economies will depend on a mix of government restrictions, public comfort with social interactions, and capacity of governments and central banks to provide additional policy support to the private sector, Moody's Investors Service said on Wednesday.

The emergence of the new variant poses new risks to the global economic growth and inflation outlook, as concerns mount about the variant's health risks and several countries have imposed new travel restrictions in recent days.

2:30 P.M.

Tata Motors reports 25% increase in total sales in Nov

Tata Motors said its total sales increased by 25% to 62,192 units in November as compared to the same month last year.

The company had dispatched 49,650 units in November 2020.

2:00 P.M.

Hyundai sales drop 21% in November

Hyundai Motor India Ltd (HMIL) on Wednesday reported a 21% decline in total sales to 46,910 units in November.

The company had sold 59,200 units in the same month last year, HMIL said in a statement.

1:30 P.M.

Ashok Leyland sales slip 2% to 10,480 units in Nov

Hinduja flagship firm Ashok Leyland on Wednesday reported a 2% decline in total commercial vehicle sales to 10,480 units in November 2021.

The company had sold 10,659 units in the same month last year, Ashok Leyland said in a regulatory filing.

1:20 P.M.

TVS Motor sales fall 15% in Nov

Chennai-based TVS Motor Company on Wednesday reported a 15% decline in total sales at 2,72,693 units for November 2021.

The company had sold 3,22,709 units in the same month last year, TVS Motor said.

1:09 P.M.

Commercial LPG cylinder price increased

India’s State-owned fuel retailers have increased the price of the 19-kg commercial liquefied petroleum gas (LPG) cylinder by over ₹100 with effect from December 1.

Now, a 19-kg cylinder supplied by Indian Oil will cost ₹2,101 and ₹2,051 in Mumbai and Delhi respectively.

12:52 P.M.

GST collection in November second highest since rollout

Goods and Services Tax (GST) collections surged to more than ₹1.31 lakh crore in November, the second highest since its implementation in July 2017. It was the highest at over ₹1.41 lakh crore in April 2021.

The GST revenues last month were up 25% from November 2020, and 27% higher than November 2019.

12:29 P.M.

India’s GDP likely to grow more than 9.5% in FY22, report says

India’s gross domestic product (GDP) is likely to grow more 9.5% in fiscal 2021-22, an SBI research report said, a day after official data showed that the economy grew at 8.4% in the second quarter.

In October’s monetary policy review, the Reserve Bank of India had retained its projection for real GDP growth at 9.5% in 2021-22. The report noted that the real GDP growth may be near to 10%, higher than the RBI’s estimate.

12:17 P.M.

Escorts’ November tractor sales dip 30%

Escorts, a farm machinery and construction equipment major, reported a 30% dip in total tractor sales at 7,116 units in November 2021 compared with 10,165 units a year ago.

Its domestic tractor sales fell 32.8% to 6,492 units in November. However, exports increased 24.1% to 624 units last month.

“Delayed harvest of Kharif crops owing to late monsoon rains this year affected the rural cash flows and hence the retail demand,” the company said.

11:40 A.M.

Paytm expects revenue, monetisation methods to expand: CEO

Paytm Chairman and CEO Vijay Shekhar Sharma said the company is expecting to increase revenue and monetisation methods on its platform in the next few quarters.

“Impact of COVID, the scale of system deployment and scale in our non-UPI revenue, where merchant gives us revenue charges, MDR for payments and credit led financial service, which gives us next level of monetisation is showing up,” he noted.

11:28 A.M.

Bajaj Auto’s November sales decline

Bajaj Auto reported a 10% decline in its total wholesales at 3,79,276 units in November 2021 compared with 4,22,240 units a year ago. Its domestic sales fell 20% to 1,58,755 units last month against 1,98,933 units in November last year.

The automaker’s total two-wheeler sales slipped 12% to 3,38,473 units compared to 3,84,993 units sold in the year-ago period.

10:59 A.M.

Rupee rises against U.S. dollar

The Indian rupee appreciated against the U.S. dollar in early trade. The domestic unit opened at 74.96, and surged higher to 74.84 against the greenback, registering a rise of 29 paise.

The Indian currency was boosted by positive domestic equities and a weak U.S. dollar in the overseas markets. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.06% to 95.93.

10:42 A.M.

India’s November manufacturing activity expands

The Indian manufacturing sector continued to expand strongly in November, as an accelerated rise in sales supported the fastest upturn in production for nine months, according to a private survey.

Increasing to 57.6 in November from 55.9 in October, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) signalled the strongest improvement in the health of the sector for ten months.

The rate of purchase price inflation was little-changed from October’s recent high, owing to raw material supply-demand mismatches and rising transportation cost.

10:30 A.M.

Chinese Yuan hits six-month high

The yuan touched a six-month high against the dollar, aided by strong corporate demand as the greenback lost some of its overnight strength against other major currencies.

The dollar had surged after U.S. Federal Reserve Chair Jerome Powell unexpectedly signalled a faster taper of stimulus.

10:16 A.M.

RateGain Travel Technologies’ ₹1,335-crore IPO

RateGain Travel Technologies, a travel and hospitality technology services provider, will open its ₹1,335-crore initial public offering (IPO) on December 7 with a price band of ₹405-425 per share.

The three-day IPO will be entirely an offer for sale of up to 2.26 crore equity shares by promoters and existing shareholders. Investors can bid for a minimum of 35 equity shares and in multiples of thereafter.

9:46 A.M.

Oil prices climb ahead of OPEC meeting

Oil prices regained some ground after steep falls in the previous session, ahead of a meeting by the Organization of the Petroleum Exporting Countries.

Brent crude futures gained 2.22%, to $70.78 a barrel, while U.S. WTI crude futures jumped 1.9%, to $67.43 per barrel.

9:22 A.M.

Indian indices rise in early trade

Indian indices opened higher amid mixed global cues and advanced in early trade. At 9:20 A.M., the Sensex was up 639.38 or 1.12% to 57,704.25, while Nifty rose to 17,187.65, up 204.45 or 1.2%.

On Tuesday, the 30-share Sensex fell 195.71 points or 0.34% to close at 57,064.87 after rallying over 900 points in the session. Similarly, the Nifty declined 70.75 points or 0.41% to end at 16,983.20.

9:00 A.M.

Asian share markets rise

Asian stocks rose from a one-year low as U.S. share futures recovered from the previous day’s selloff, but uncertainty over the impact of the Omicron variant kept investors on edge.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6%, a day after the benchmark touched its lowest since November 2020. In Japan, Nikkei gained 0.81% and Topix added 0.82%. South Korea’s Kospi was trading 1.62% higher. Hong Kong’s Hang Seng Index was up 1.46%.

In U.S., S&P 500 futures rose 0.6% and Nasdaq futures rose 0.7% as sentiment turned after Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite had all closed down over 1.5%.

 

----  Edited by John Xavier

 

(With inputs from Reuters, PTI and other news agencies.)

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