Top Business News of The Day: Indian shares end at record highs as Reliance jumps; Maruti Suzuki India to recall over 1.81 lakh cars; Apple's App Store concessions fail to address top concerns of regulators and more.

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

5:35 P.M.

Indian shares end at record highs as Reliance jumps, Maruti Suzuki India to recall over 1.81 lakh cars and Future Retail seeks an early hearing in the SC on its retail merger deal with Reliance.

Porsche to open its first factory outside Europe in Malaysia, Apple's App Store concessions fail to address top concerns of regulators, lawmakers and U.S. job growth seen slowing in August as Delta variant curbs services demand.

4:51 P.M.

Indian shares end at record highs as Reliance jumps; U.S. jobs data eyed

Indian shares scaled new peaks on Friday, with the blue-chip Nifty registering its best week since early February as conglomerate Reliance Industries surged to record highs, and investor focus on U.S. jobs report due later in the day.

The NSE Nifty 50 index was up 0.52% to close at 17,323.60 and the benchmark S&P BSE Sensex rose 0.48% to 58,129.95, Reuters reported.

Reliance Industries was the top gainer in the Sensex pack followed by Titan, Tata Steel, Bajaj Auto, Maruti and Dr Reddy’s. On the other hand, HUL, Bharti Airtel, HDFC twins and IndusInd Bank were among the laggards.

4:43 P.M.

Silver tumbles Rs 209; gold flat

Gold in the national capital was marginally up by Rs 2 to Rs 46,171 per 10 grams on Friday, according to HDFC Securities.

In contrast, silver tumbled Rs 209 to Rs 62,258 per kg, from Rs 62,467 per kg in the previous trade, PTI reported.

4:39 P.M.

Porsche to open its first factory outside Europe in Malaysia

German luxury carmaker Porsche will open its first factory outside Europe next year in Malaysia, officials said Friday, seeking to meet strong demand in the Southeast Asian country, AFP reported.

The manufacturing site in the northern state of Kedah will carry out final assembly of specific models for the local market, the company and Malaysian officials said.

4:34 P.M.

About 80% prospective home buyers want to purchase ready, nearing completion flats: CII-Anarock

Nearly 80% of prospective home buyers prefer to purchase properties that are ready-to-move-in or nearing completion, while only around 20% of customers want to buy newly launched flats, according to a survey conducted by CII and Anarock.

After pricing, the survey suggests that developer credibility, project design and location are the most important attributes while selecting a home, PTI reported.

4:32 P.M.

Chip shortage holds back German car sales in August

New car sales in Germany were down in August for the second consecutive month, data released Friday showed, in the midst of continuing chip shortages that have slowed the sector's recovery, AFP reported.

In total, 193,307 new cars were registered in Europe's top economy in August, a 23% drop compared with the same month last year, according to the federal transport authority.

3:14 P.M.

JSPL shareholders give nod to sell 96.42% stake in Jindal Power for ₹7,401 cr

Jindal Steel and Power Ltd (JSPL) shareholders on Friday approved the deal to sell 96.42% stake in its arm Jindal Power for ₹7,401 crore to its promoters owned firm Worldone, PTI reported.

3:05 P.M.

Apple's App Store concessions fail to address top concerns of regulators, lawmakers

In the space of a week, Apple Inc made two sets of changes to its App Store rules, which are the subject of lawsuits, regulatory probes and legislation around the world, but the tweaks do not address the biggest concerns raised, Reuters reported.

Lawmakers and regulators are considering dismantling the App Store business model, an outcome that could cost Apple about 6% of its sales - an amount equal to $16 billion in its last fiscal year - and shave up to 15% off its profit, according to an estimate from analyst firm Cowen.

3:02 P.M.

U.S. funding tapped for Pacific undersea cable after China rebuffed

The Federated States of Micronesia will tap a U.S. funding facility to construct a Pacific undersea communications cable, after rejecting a Chinese company-led proposal that was deemed a security threat by U.S. officials, Reuters reported.

2:59 P.M.

Geely's Volvo Cars warns on sales as supply woes dent output

Sweden-based automaker Volvo Car Group warned on Friday that sales volumes in the second half of 2021 could fall year-on-year after it was forced to cut production due to material shortages, Reuters reported.

The carmaker, owned by China's Geely Holding, said sales fell 10.6% from a year ago in August, despite strong underlying demand, and cautioned the potential decline in volumes in the second half could impact revenue and profit.

2:54 P.M.

U.S. labor agency investigating two complaints from Apple workers

The U.S. National Labor Relations Board is investigating two cases filed by Apple Inc employees against the company, records on the agency's website show, amid a wave of employee activism at a company known for its secretive culture.

Ashley Gjovik, a senior engineering program manager at Apple, filed an Aug. 26 charge, which cites harassment from a manager, reduction of responsibilities and increases in unfavorable work, among other complaints, Reuters reported.

2:48 P.M.

U.S. job growth seen slowing in August as Delta variant curbs services demand

U.S. employment growth likely pulled back in August after gaining nearly 2 million jobs in the past two months as soaring COVID-19 cases reduced demand for travel and entertainment, but the pace was probably enough to sustain the economic expansion.

Unemployment rate seen falling to 5.2% from 5.4%, Reuters reported.

2:33 P.M.

Deutsche Bank’s ESG Probe Triggers Review at Asset Managers

European asset managers are reviewing their ESG labeling and marketing claims following news of probes into the investing arm of Deutsche Bank AG, according to people close to the process, Bloomberg reported.

2:23 P.M.

Section of SpiceJet employees go on strike at Delhi airport over salary issues

A section of employees of SpiceJet airline went on strike at the Delhi airport on Friday morning over issues related to reduced salaries, PTI reported.

SpiceJet has been paying reduced salaries to a significant number of employees since 2020 as its finances have been hit due to COVID-19 pandemic-related travel restrictions. Other airlines have also cut the salaries since 2020 for the same reason.

2:15 P.M.

China’s SMIC to invest $8.87 bln for new chip plant in Shanghai

China's Semiconductor Manufacturing International Corp will invest $8.87 billion to build a chip plant in Shanghai, it said on Friday, expanding capacity amid a global chip shortage as Beijing pushes to boost independence in the sector.

SMIC said it agreed to build a production line with monthly capacity of 100,000 12-inch wafers in the Lingang Free Trade Zone (FTZ) in the Pudong district of China's business hub, Reuters reported.

2:12 P.M.

Tata Consumer Products rolls out new branding for Tata Soulfull range

Tata Consumer Products on Friday announced the rollout of new branding for the Tata Soulfull range of health and wellness food.

The company said it has integrated the Tata logo into the Soulfull portfolio, subsequent to Tata Consumer Soulfull Pvt Ltd becoming a 100% subsidiary of Tata Consumer Products in February 2021, PTI reported.

2:08 P.M.

Dollar hits one-month lows before payrolls test

The dollar sank to its lowest in almost a month against major rivals on Friday, ahead of a crucial U.S. jobs report that could spur the Federal Reserve to an earlier tapering of stimulus.

The dollar index was little changed at 92.227 after earlier touching 92.151 for the first time since Aug. 5, Reuters reported.

2:03 P.M.

Reliance aims at 100 GW renewable energy by 2030, bring hydrogen cost under $1: Ambani

Reliance Industries aims to generate at least 100 gigawatts of electricity from renewable sources by 2030, which can be converted into carbon-free green hydrogen, its chairman Mukesh Ambani said on Friday as he outlined a vision to bring down the cost of hydrogen to under $1 per 1 kg in 1 decade.

The focus on generating electricity from renewable sources of energy such as solar and wind will help cut carbon emissions in the world's third-largest greenhouse gas emitter, PTI reported.

1:56 P.M.

Alibaba, Tencent Look Cheap Even With China Crackdown Risks, NYU Professor Says

Some of China’s bellwether Internet stocks are undervalued even as risks of further downside from Beijing’s regulatory clampdown persist, according to a finance professor at New York University.

Alibaba Group Holding Ltd. is the most undervalued by 12.7% compared to its fair value followed by Tencent Holdings Ltd. at 8%, PTI reported.

1:31 P.M.

Maruti Suzuki India to recall over 1.81 lakh cars

Maruti Suzuki India to proactively recall 181,754 units of some petrol variants of CIAZ, ERTIGA, VITARA BREZZA, S-CROSS AND XL6.

The automaker will inspect for a possible defect in these models manufactured between 4th May 2018 to 27th October,2020, PTI reported.

1:22 P.M.

Bharti's rights issue credit positive for itself, neutral for Singtel: Moody's

Bharti's rights issue is credit positive for the company, said Moody's Investors Service. It noted that the fresh capital would keep the leverage relatively stable amid 5G investments, ongoing cash payments for spectrum and settlement outgo related to AGR.

For Bharti's 31.7% shareholder, Singapore Telecommunications (Singtel), the transaction is 'credit neutral', it said.

Bharti Airtel board had recently approved raising up to ₹21,000 crore by way of rights issue, at a price of ₹535 per share, PTI reported.

1:15 P.M.

Future Retail seeks an early hearing in the SC on its retail merger deal with Reliance

Future Retail Ltd Friday sought an early hearing in the Supreme Court on its fresh appeal against a recent Delhi High Court order which said it will implement an earlier direction restraining FRL from going ahead with its ₹24,731 crore merger deal with Reliance Retail.

Amazon and Future are having a legal tussle after the US e-commerce giant dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) in October last year, arguing that FRL had violated their contract by entering into the deal with rival Reliance.

On March 18, a single judge bench of Justice J R Midha had imposed costs of ₹20 lakh on the Future Group and others associated with it and ordered attachment of their properties. The high court had asked the parties to file an affidavit detailing their assets within one month and show cause as to why they not be detained under civil prison, PTI reported.


Sensex and Nifty continued their record breaking streak, opening at fresh record highs with Sensex crossing 58,000 for the first time. Asian shares held onto their gains while Oil fell ahead of a highly anticipated U.S. monthly jobs report.

There was something to rejoice for the Indian economy as the IHS Markit Services Purchasing Managers' Index rose to 56.7 in August, expanding at its fastest pace since March 2020 when the pandemic began.

HDFC Life Insurance said it will buy the life insurance unit of battery maker Exide Industries for ₹6,687 crore, and added that Exide Life will merge into HDFC Life after the acquisition. After the IPO of Indian firms attracted significant interest from the investors around the world, E-commerce retailer Snapdeal is also considering an initial public offering that could raise about $400 million, Bloomberg reported.

12:45 P.M.

Japanese shares hit 30-year highs as Suga offers to step down

Japanese shares soared with the broad Topix index hitting a 30-year high, after Prime Minister Yoshihide Suga offered to resign, Reuters reported.

The country's Nikkei share average rose 2.04% while the broader Topix vaulted 1.61% to reach levels not seen since April 1991. For the week, the Nikkei gained 5.4%, the most since early November when Joe Biden won the U.S. presidential election.

"Japanese shares had badly underperformed in recent months despite very strong earnings recovery and the only reason I could think of was a sense of stagnation due to the government's poor response to the pandemic," Takashi Hiroki, chief strategist at Monex Securities told Reuters.

12:25 P.M.

Snapdeal considers $400 million IPO

E-commerce retailer Snapdeal is considering an initial public offering that could raise about $400 million, Bloomberg reported.

The company is speaking with advisers regarding a potential listing in Mumbai next year that could value it at as much as $2.5 billion.

Discussions are still at an early stage, and the firm could decide not to proceed with the plan. Bloomberg said representatives for Snapdeal and SoftBank declined to comment.

12:13 P.M.

Copper edges higher as dollar sinks ahead of U.S. jobs data

Industrial metals were mostly higher today, with copper’s advance putting it on track for a second straight weekly gain, as the dollar sank to its lowest in almost a month ahead of a crucial U.S. jobs data, according to a Reuters report.

Three-month copper on the London Metal Exchange was up 0.6% at $9,433.50 a tonne, while the most-traded October copper contract on the Shanghai Futures Exchange rose 1% to 69,500 yuan ($10,760.35) a tonne, the report noted.

12:02 P.M.

Tata Motors opens 70 new sales outlets in South India

Tata Motors today inaugurated 70 new sales outlets across South India in one go, as part of its retail acceleration strategy. Spread across 53 cities, the new outlets have been strategically mapped to key emerging markets of the Southern region, the company said.

The showrooms will be home to the company’s ‘New Forever’ range of passenger vehicles, including its electric vehicles portfolio.

With the addition of new showrooms, Tata Motors’ network in Southern India (Karnataka, Tamil Nadu, Pondicherry, Telangana, Andhra Pradesh and Kerala) will be 272 and the retail footprint in India will grow to 980, a PTI report noted.

11:50 A.M.

Reddit seeks to hire advisers for U.S. IPO

Reddit Inc, the operator of online message boards, is seeking to hire investment bankers and lawyers for an initial public offering (IPO) in New York, Reuters reported, citing two people familiar with the matter.

Reddit was valued at $10 billion in a private fundraising round last month. By the time the IPO takes place early next year, Reddit hopes it will be valued at more than $15 billion, according to the report.

11:10 A.M.

August service activity grows at fastest pace since pandemic began

India's services industry in August expanded at its fastest pace since March 2020 when the pandemic began as businesses reopened and vaccination rates improved, Reuters reported citing a survey.

The IHS Markit Services Purchasing Managers' Index rose to 56.7 in August, above the 50-level that indicates growth. PMI had been below 50 for three months and was 45.4 in July.

"The Indian service sector bounced back in August, led by the reopening of several establishments and improved client confidence due to growing vaccine coverage," Polyanna De Lima, economics associate director at IHS Markit told Reuters.

"Service providers foresee a brighter outlook, with firms indicating that the economic recovery could be sustained if restrictions continue to be lifted and further waves of contamination can be avoided."

11:00 A.M.

Indian companies' foreign borrowing jumps 60% in July

Indian companies raised over $3.43 billion from foreign markets through external commercial borrowings (ECBs) in July this year, a jump of about 60% from a year ago, PTI reported citing RBI data.

Indian companies had borrowed $2.15 billion from overseas markets in July 2020.

Of the total borrowings during July 2021, $3.03 billion came in through the automatic route of the ECB, while $400 million was through the approval route.

10:45 A.M.

Sebi moves Supreme Court against SAT order on PNB Housing Finance

Markets regulator Sebi has approached the Supreme Court against the Securities Appellate Tribunal's order related to the PNB Housing Finance's ₹4,000 crore equity capital raise plan, PTI reported.

On August 9, the two-member bench of the Securities Appellate Tribunal (SAT) pronounced a split verdict, saying there was difference of opinion between the members of the bench. PNB Housing Finance is restrained by SAT from disclosing the voting results by the shareholders on the fund raise plan until further orders.

"It has been brought to our notice that SEBI has filed an appeal to the Supreme Court of India against the order of SAT," PNB Housing Finance said in a regulatory filing.

10:15 A.M.

CEO, CFO of scam-hit Karvy arrested

Karvy Stock Broking Chief Executive Officer Rajiv Ranjan Singh, and Chief Financial Officer G. Krishna Hari of Karvy were arrested basing on a complaint by IndusInd bank for allegedly involving in diverting funds raised from banks by pledging clients' securities as collaterals, PTI reported.

The police had earlier arrested Chairman C Parthasarathy, on charges of defaulting a loan to the tune of ₹137 crore to IndusInd Bank.

10:00 A.M.

HDFC Life Insurance to buy Exide Life

HDFC Life Insurance will buy the life insurance unit of battery maker Exide Industries for ₹6,687 crore, the company said in a regulatory filing.

As part of the deal, HDFC will issue 8.7 crore shares to Exide Industries at ₹685 per share and the remaining amount as a cash payout of ₹726 crore. Exide Life will merge into HDFC Life after the acquisition. .

"This is a landmark transaction, first of its kind, in the Indian life insurance space," HDFC Life Chairman Deepak Parekh said in a statement. "It would enhance insurance penetration and further our purpose of providing financial protection to a wider customer base."

9:30 A.M.

Sensex crosses 58,000 for first time

Indian benchmark equity indices continued their record breaking streak. Sensex and Nifty opened at fresh record high with Sensex hitting the 58,000 mark for the first time.

At 9:16 IST, Sensex was up 0.38% at 58070.12 while Nifty rose 0.36% to 17296.

9:15 A.M.

Oil falls before U.S jobs report

Oil prices fell before after strong overnight gains ahead of a highly anticipated U.S. monthly jobs report, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures slipped 0.3% to $69.75 a barrel while Brent Crude fell 0.2% to $72.90 a barrel.

The fall was likely due to traders squaring positions ahead of U.S non-farm payrolls report for August as there are concerns that consensus maybe weaker than forecasts, Stephen Innes, managing partner at SPI Asset Management told Rueters.  

9:00 A.M.

Asian shares hold gains

Asian shares held onto their gains while global shares were at record highs, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan remained flat in early trading. Japan's Nikkei rose 0.38%, Australia was up 0.3%, and Korea soared 0.61%.

Chinese blue chips fell 0.27% and Hong Kong was down 0.6%.

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Printable version | Oct 17, 2021 12:34:29 PM |

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