Top Business News of The Day: Sensex crosses 59k for first time, Nifty leaps to fresh high; India may corner nearly half of global rice trade as exports soar to record; Inflation in India likely to ease only gradually, RBI deputy says and more.

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

5:09 P.M.

Reforms in pipeline to deepen bond market: Sebi chief, Sensex crosses 59k for first time; Nifty leaps to fresh high and Parle Products forays into cereals category.

India may corner nearly half of global rice trade as exports soar to record; Inflation in India likely to ease only gradually, RBI deputy says and PLI scheme for auto sector to help attract Tesla to set up manufacturing base in India.

Boom for banks as M&A and pandemic boost corporate FX needs; Gold slips on dollar uptick as investors strap in for Fed meet and Emirates seeks 3,000 cabin crew as operations ramp up.

4:57 P.M.

Airtel will opt for moratorium to redirect cash flow to build network: Sunil Mittal

Telecom operator Bharti Airtel will opt for payment moratorium, offered in telecom relief package, and redirect the cash flow to aggressively build networks, its Chairman Sunil Bharti Mittal said on Thursday.

Telecom reforms will spur growth, and have paved the way for all players to come together and work as a team to unleash India's telecom dream, Mittal said. He hoped that regulator Trai will look into the industry's demands for a reasonable reserve price for 5G spectrum, PTI reported.

4:49 P.M.

Reforms in pipeline to deepen bond market: Sebi chief

Sebi chief Ajay Tyagi on Thursday said several reforms are in the pipeline to deepen the bond market, including creating a set of "market makers" and setting up a backstop facility to purchase investment grade debt securities in stressed as well as normal times.

Market makers are entities that quote both a buy and a sell price for corporate bonds in order to create liquidity in the secondary market for such bonds. The other major reform in the pipeline is setting up of a Limited Purpose Clearing Corporation for repo in corporate bonds, Tyagi said at an event organised by industry body CII, PTI reported.

4:46 P.M.

Boom for banks as M&A and pandemic boost corporate FX needs

A boom in corporate dealmaking, surging input costs and a focus on short-term cash flows in the pandemic have sent companies rushing to hedge their currency exposures this year, giving a boost to banks that sell foreign exchange products.

Corporate treasurers say the pandemic, which sent revenues tanking in 2020 before this year's sharp rebound, has encouraged many to hedge currency risks more frequently, Reuters reported.

4:32 P.M.

Sensex crosses 59k for first time; Nifty leaps to fresh high

The BSE Sensex scaled the 59,000-mark for the first time on Thursday, propelled by gains in Reliance Industries, ITC and ICICI Bank amid unabated foreign fund inflows and positive cues from European markets.

The 30-share index climbed 417.96 points or 0.71% to close at 59,141.16. The NSE Nifty surged 110.05 points or 0.63% to its new closing high of 17,629.50.

IndusInd Bank was the top gainer in the Sensex pack, followed by ITC, SBI, Reliance Industries, Kotak Bank, ICICI Bank and Axis Bank. On the other hand, TCS, Tech Mahindra, Tata Steel, Bharti Airtel, HCL Tech and Dr Reddy’s were among the laggards, PTI reported.

4:24 P.M.

Parle Products forays into cereals category

Country's leading biscuits, snacks and confectionery manufacturer Parle Products on Thursday announced its foray into the cereals category.

The company has extended its popular brand 'Hide & Seek' in the cereals category, according to a statement from Parle Products. Through 'Hide & Seek Fills', Parle Products aims to produce nutritious cereals for an energizing breakfast and strengthen its product portfolio for consumers in all age groups, PTI reported.

3:18 P.M.

India may corner nearly half of global rice trade as exports soar to record

India could account for as much as 45% of global rice exports in 2021 as expanded port-handling capacity allows the world's second largest rice grower after China to ship record volumes to buyers across Africa and Asia, Reuters reported.

The world's top exporter could ship as much as 22 million tonnes of rice this year, or more than the combined exports of the next three largest exporters Thailand, Vietnam and Pakistan, said Nitin Gupta, vice president of Olam India's rice business.

3:15 P.M.

Inflation in India likely to ease only gradually, RBI deputy says

Inflation in India is likely to ease only gradually, Reserve Bank of India Deputy Governor Michael Patra said on Thursday, adding that the outlook on growth and inflation will help determine the future course of monetary policy.

Consumer prices in August rose 5.30% from a year-ago period, but eased from July's 5.59% rate, Reuters reported.

3:11 P.M.

Gold slips on dollar uptick as investors strap in for Fed meet

Gold prices drifted lower on Thursday, with a firmer dollar and U.S bond yields diminishing its appeal, as investors turned their attention to next week's U.S. Federal Reserve meeting for clues on when it would begin tapering its stimulus.

Spot gold was 0.5% down at $1,784.35 per ounce by 0859 GMT, while U.S. gold futures also fell 0.5% to $1,785.10. The dollar index rose 0.2% , increasing the cost of purchasing bullion for those holding other currencies, Reuters reported.

3:05 P.M.

RBI will signal lift-off in interest rates through policy stance, prefers jump in bank credit to reduce liquidity surplus

A pick-up in bank credit is the RBI's preferred mode for narrowing the liquidity surplus, and the signal for any possible lift-off of interest rates will be the rate-setting panel's shift in stance of the policy, RBI Deputy Governor Michael Patra said on Thursday.

Patra also defended the RBI's decision of creating an asymmetrical liquidity corridor by cutting the reverse repo rate as a measure taken because of the impact of the COVID pandemic which will be normalised as time passes, PTI reported.

2:57 P.M.

India second-largest technology hub for Amazon globally: India Head

India is the second-largest technology hub for Amazon globally and its teams are powering innovations not only for customers in the country but globally as well, a top company executive said on Thursday.

Speaking at Amazon India Career Day, Amazon Global Senior Vice President and Country Head India Amit Agarwal said the e-commerce company employs over one lakh professionals in India across diverse areas from engineering, supply chain, content creation, marketing, video and others, PTI reported.

2:53 P.M.

Volvo Car contributes Rs 75 lakh to PM CARES Fund towards COVID-19 relief measures

Volvo Car India on Thursday announced a contribution of Rs 75 lakh to the PM CARES Fund towards COVID-19 relief measures.

As part of the company's internal covid related initiatives, it has completed a vaccination drive covering the entire workforce of its dealer network. While the company ensured that it contributed towards the vaccination of its employees, the benefit also extended to their spouses, children and parents who were eligible to receive the vaccine, PTI reported.

2:14 P.M.

FADA seeks clarity from Ford on compensation structure for dealers

Automobile dealers' body FADA has sought clarity from Ford about the compensation structure it is working out for its dealer partners after announcing the closure of its two manufacturing plants in the country as part of a restructuring exercise, PTI reported.

In a letter to Ford India MD President and Managing Director Anurag Mehrotra, FADA President Vinkesh Gulati pointed out the difficulties being faced by the company's dealers across the country. He noted that Ford dealers were staring at huge losses as customers have started cancelling the bookings in the wake of the plant closure announcement.

1:49 P.M.

EaseMyTrip expands international presence to Philippines, Thailand, US

Online travel firm EaseMyTrip on Thursday said it has expanded its international footprint in the Philippines, Thailand and the US as part of its global expansion plans.

As part of this expansion, the company will launch a localised travel search engine in each global subsidiary to enable the customers in the region to enjoy the value-based services of EaseMyTrip, PTI reported

1:45 P.M.

Chipmaker TSMC aims for net zero emissions by 2050

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) , the world's largest contract chipmaker, said on Thursday that it aims to reach net zero emissions by 2050, matching a plan announced by President Tsai Ing-wen in April.

The company, which counts Apple Inc and Qualcomm Inc amongst its major clients, will "set related mitigation measures" and actively adopt the use of renewable energy, Reuters reported.

1:38 P.M.

T+1 settlement system is in interest of market participants: Sebi chairman

Capital markets regulator Sebi chairman Ajay Tyagi on Thursday said the T+1 (trade plus one day) settlement cycle is in the interest of all market participants and the new system will not lead to fragmentation of liquidity.

T+1 means that market trade-related settlements will need to be cleared within one day of the actual transactions taking place. Currently, trades on the Indian stock exchanges are settled in two working days after the transaction is done (T+2), PTI reported.

1:31 P.M.

PLI scheme for auto sector to help attract Tesla to set up manufacturing base in India: Pandey

Heavy Industries Minister Mahendra Nath Pandey on Thursday expressed hope that the production linked incentive (PLI) scheme for the auto sector will help to attract US electric car major Tesla to set up a manufacturing base in India.

The Union Cabinet on September 15 approved a 25,938-crore PLI scheme for the auto sector focused on promoting the manufacturing of advanced automotive technology products like electric and hydrogen-fuel vehicles, PTI reported.

1:28 P.M.

Mahindra Finance forays into vehicle leasing, subscription business

Mahindra & Mahindra Financial Services Limited, a part of the Mahindra Group, on Thursday announced its entry in the vehicle leasing and subscription business to tap emerging opportunities in this space, PTI reported.

The new vertical would operate under the brand name 'Quiklyz', which is aimed at building a nimble model with very high asset quality, the company said in a release.

1:23 P.M.

Emirates seeks 3,000 cabin crew as operations ramp up

Emirates on Thursday said it would look to hire 3,000 flight attendants and another 500 people for roles at Dubai airport over the next six months as it continues to restore operations hit by the pandemic.

The Dubai state-owned airline, which last year laid off thousands of employees, said it was currently operating to 120 cities, representing 90% of its pre-pandemic network. The airline will be operating 70% of its pre-pandemic capacity by the end of the year, Reuters reported.


Sensex and Nifty opened at fresh records highs and continued their rally with Sensex touching 59,000 for the first time. Shares of Vodafone Idea soared nearly 20%, a day after federal cabinet approved a relief package for the cash-strapped telecom sector. The good market run has investors rejoicing as they gained ₹3,35,770.71 crore in two days of market rally, with the Sensex scaling its fresh lifetime peak on Wednesday.

After opening online registration for its electric scooter, Ola said it has sold scooters worth ₹600 crore in a day, which was more than the entire 2-wheeler industry put together.

Union Finance Minister Nirmala Sitharaman will address a press conference today at 5:00 P.M. the finance ministry said.

12:45 P.M.

Centre permits prematurely retired acting NCLAT chairperson to continue

The centre conceded in Supreme Court and permitted former NCLAT Chairperson Justice Ashok Iqbal Singh Cheema to continue in office till September 20, ending the row over premature retirement, PTI reported.

Justice Cheema, the former Chairperson of National Company Law Appellate Tribunal (NCLAT), was to superannuate on September 20, but Justice M Venugopal was appointed as the acting head of the tribunal with effect from September 11, creating a peculiar situation where the former approached the top court.

“I have taken instructions. It was said he (Cheema) took leave to write judgments. So we have decided that he will be allowed to go to office and pronounce judgments, the current chairperson Justice Venugopal will be sent on leave,” Attorney General K K Venugopal told the bench comprising Chief Justice N V Ramana and justices Surya Kant and Hima Kohli.

12:15 P.M.

Ola Electric sells scooters worth ₹600 crore in one day

Ola Electric CEO Bhavish Aggarwal said the company sold e-scooters worth ₹600 crore in a day after the purchase window was opened online.

Aggarwal added the company sold 4 scooters/sec at peak.

"At 600Cr, Ola sold more scooters than the entire 2W industry put together yesterday," he said on Twitter.

11:55 A.M.

FM Nirmala Sitharman to address media today

Union Finance Minister Nirmala Sitharaman will address a press conference today at 5:00 P.M. the finance ministry said.

However, the ministry did not reveal the agenda for the briefing.  According to multiple reports, Sitharaman is likely to reveal announcements related to bad bank proposal.

11:50 A.M.

Vodafone Idea surges 20%

Shares of Vodafone Idea Ltd soared nearly 20%, a day after federal cabinet approved a relief package for the cash-strapped telecom sector, Reuters reported.

Vodafone Idea shares climbed 20% to their highest since June 29, while Bharti Airtel rose up to 1.4% before shedding early gains.

The relief package includes a four-year moratorium on airwaves payments due to the government, raising the tenure of airwaves held by firms to 30 years from 20, and completely free sharing of spectrum between carriers.

11:30 A.M.

Jobs platform Apna enters unicorn club

Jobs platform Apna on Thursday said it has secured about $100 million (about Rs 734.7 crore) in funding led by Tiger Global at a valuation of $1.1 billion, PTI reported.

The Series C round also saw participation from Owl Ventures, Insight Partners, Sequoia Capital India, Maverick Ventures and GSV Ventures.

"Made in India, for the world, Apna aims to go into overdrive to sustainably solve the immense challenge of unemployment, poverty and upskilling," it added.

11:15 A.M.

Chat app Discord raises $500 million in new funding

Chat platform Discord has raised $500 million in a new funding round led by investment firm Dragoneer Investment Group, Reuters reported.

Baillie Gifford & Co, Coatue Management, Fidelity Management& Research Co and Franklin Templeton also participated in the financing, alongside existing investors, the Discord spokesperson said.

Discord grew at a lightning pace during the COVID-19 pandemic and was first used by videogamers, though the app has now expanded across communities and for events ranging from comedy clubs to karaoke parties.

10:50 A.M.

Investor wealth jumps ₹3.35 lakh crore in two days

Investors have gained ₹3,35,770.71 crore in two days of market rally, with the Sensex scaling its fresh lifetime peak on Wednesday, PTI reported.

The market capitalisation of BSE-listed companies zoomed ₹3,35,770.71 crore in two day to a record high of ₹2,59,68,082.18 crore.

Rising for the second day, the 30-share BSE benchmark jumped 476.11 points or 0.82% to close at its new all-time high of 58,723.20.

10:30 A.M.

Sebi bars Poonawalla Fincorp MD, 7 other entities from securities market

Sebi has barred Poonawalla Fincorp Managing Director Abhay Bhutada and seven other entities from the securities market for alleged insider trading, PTI reported.

The regulator has ordered impounding of wrongful gains worth over ₹13 crore, according to an interim order.

In February 2021, the watchdog's system generated insider trading alerts related to the company's shares. It was also the time around when an announcement was made regarding Rising Sun Holding Pvt Ltd (RSHPL), part of the Poonawalla Group, acquiring a controlling stake in Magma Corp.

10:15 A.M.

India expected to grow at 7.2% in 2021: UN report

India is expected to grow at 7.2% in 2021 but economic growth could decelerate next year, PTI reported citing a United Nations report.

The report said the recovery in the country is constrained by the ongoing human and economic cost of the COVID-19 pandemic and the negative impact of food price inflation on private consumption.

After a 3.5% fall in 2020, the United Nations Conference on Trade and Development (UNCTAD) expects world output to grow 5.3 per cent this year, partially recovering the ground lost in 2020.

10:00 A.M.

Tatas put in price bid for Air India

Tata Sons on Wednesday submitted a financial bid to acquire loss-making state airline Air India, PTI reported.

Tuhin Kanta Pandey, secretary of the department that is running the privatisation process, tweeted of financial "bids" being received but did not say how many companies were in fray.

SpiceJet's Ajay Singh was considered to be another interested party in buying out the debt-laden airline.

9:30 A.M.

Sensex, Nifty open at fresh record highs

The Indian benchmark equity indices, Sensex and Nifty opened at fresh record highs with all the sectoral indices in green. At 9:15, Sensex opened 0.27% higher at 58,881.04 while Nifty opened 0.11% up at 17,539.20.

Broader markets supported the rally as smallcap and midcap indices both gained half a percent in the morning trade.

9:15 A.M.

Oil falls but holds on to gains

Oil prices fell but kept previous day's gains after a larger-than-expected fall in crude oil stocks in the U.S., Reuters reported.

Brent crude fell 0.2% to $75.33 a barrel after settling up 2.5% the previous day while U.S. West Texas Intermediate was down 0.2% to $72.49 after settling 3.1% higher on Wednesday.

The Energy Information Administration said U.S. crude oil and fuel stockpiles dropped sharply last week as refiners in the U.S. Gulf region were still recovering from Hurricane Ida.

9:00 A.M.

Asian shares fall

Asian shares fell weighed by declines in Hong kong and China despite a strong lead-in from Wall Street, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.45%, Japan's Nikkei was down 0.47%, and, Hong Kong benchmark dropped 0.42%. Chinese blue chips also lost 0.66% after economics data missed expectations.

"It's a bit choppy and uncertain at present, we've had a few soft days on the back of worries about global growth and then suddenly markets, at least U.S. markets, conclude 'it's not that bad after all'," Shane Oliver, chief economist at AMP Capital told Reuters.

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Printable version | Oct 23, 2021 2:25:54 PM |

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