Shares of Indian auto parts suppliers rose on reports of talks with Tesla. Leading online travel firm MakeMyTrip disbursed Rs 642 crore in refunds for the travel bookings between March 25 and May 24, 2020.
Sensex zoomed 765 points to scale a fresh lifetime high on Monday, driven by gains in Reliance Industries, ICICI Bank and Axis Bank amid a positive trend in global markets while the rupee surged by 40 paise to close at 73.29 against the US dollar on Monday.
Australia is considering new laws for Apple, Google, WeChat digital wallets and OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday.
Airtel's fund-raise plans give power to go extra mile, tap large opportunities: Sunil Mittal
Airtel's Rs 21,000 crore fund-raising plans will give the firm the fuel to shift to a higher gear and tap large opportunities by accelerating investments in the rollout of 5G services, fibre, and data centre business, its Chairman Sunil Mittal said on Monday.
The investments would be channelised in areas like 5G, fibre, and data centre business, he said.
Go Airlines gets Sebi nod for Rs 3,600 crore IPO
Budget carrier Go Airlines, which has rebranded itself as 'Go First', has received market regulator Sebi's go-ahead for an initial public offer worth Rs 3,600 crore.
It also plans to raise up to Rs 1,500 crore by way of a pre-IPO (Initial Public Offer) placement, PTI reported.
Tomato prices crash to Rs 4/kg amid supply glut in most growing states
Tomato prices in wholesale markets in most producing states have crashed to as low as Rs 4 per kg amid supply glut, government data showed.
The wholesale prices of tomato in 23 growing centres out of 31 monitored by the government were down by 50% from the year-ago period or below three-year seasonal average, PTI reported.
Rupee rallies 40 paise to close at 73.29 against US dollar
The rupee surged by 40 paise to close at 73.29 (provisional) against the US dollar on Monday, supported by a firm trend in domestic equities and a weak American currency, PTI reported.
The weakness in the dollar, a sharp surge in demand for risk assets, and expectations of high dollar inflows in the coming month through FDI and FII routes well-supported the Indian rupee, said Dilip Parmar, Research Analyst, HDFC Securities.
Sensex skyrockets 765 pts to end at new peak; Nifty tops 16,900
Equity benchmark Sensex zoomed 765 points to scale a fresh lifetime high on Monday, driven by gains in index heavyweights Reliance Industries, ICICI Bank and Axis Bank amid a positive trend in global markets.
After touching a lifetime high of 56,958.27 during the day, the 30-share index ended 1.36% higher at 56,889.76.The NSE Nifty surged 225.85 points or 1.35% to its record closing of 16,931.05.
Bharti Airtel was the top gainer in the Sensex pack followed by Axis Bank, Tata Steel, Titan, Maruti and Bajaj Finance.On the other hand, Tech Mahindra, Nestle India, Infosys and TCS were the laggards, PTI reported.
Bajaj Finance Limited Cautions Customers Against Fraudsters Offering Mandatory Insurance Policies for Availing Loan
Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, cautions its customers and the public at large to stay vigilant against fake loans offered by fraudsters in exchange of an insurance policy purchase.
Fraudsters are duping the public by luring them to buy life insurance as a pre-condition to avail a loan or by impersonating to be a representative of Bajaj Finance Ltd. and misguiding the public to buy an insurance policy by stating that the premium amount shall be some percent of the loan amount desired by potential borrowers, PTI reported.
McDonald's, others consider closing indoor seating amid Delta surge in U.S.
Some U.S. fast-food restaurants are closing indoor seating areas or limiting hours of operation because of the spread of the Delta variant of COVID-19, according to franchisees.
McDonald's Corp had temporarily closed indoor dining at nearly all U.S. locations in early 2020, but it reopened 70% by last month. But last week, McDonald's instructed its franchisees on steps they should take to re-close their dining rooms in areas where the Delta variant is rapidly spreading, Reuters reported.
MakeMyTrip refunded Rs 642 cr for travel bookings during Mar 25-May 24, 2020
Leading online travel firm MakeMyTrip said it has been able to disburse Rs 642 crore in refunds for the travel bookings between March 25 and May 24, 2020, due to enormous efforts put by its teams, PTI reported.
MakeMyTrip CEO Rajesh Magow on August 28 had said that the domino effect of flight cancellations leading to a massive pile up of refund requests needed an extraordinary effort to solve for flight plan changes, credit shells, refunds and more.
Australia considering new laws for Apple, Google, WeChat digital wallets
The Australian government is considering new laws that would tighten the regulation of digital payment services by tech giants such as Apple and Alphabet's Google, Reuters reported.
Services such as Apple Pay, Google Pay and China's WeChat Pay, which have grown rapidly in recent years, are not currently designated as payment systems, putting them outside the regulatory system.
OPEC+ likely to keep oil output policy from September unchanged, sources say
OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, Reuters reported.
U.S. President Joe Biden's administration has urged OPEC and its allies to boost oil output to tackle rising gasoline prices that it views as a threat to the global economic recovery. But the OPEC+ sources said the recent rise in oil prices was temporary, driven mainly by disruption of supply in Mexico and the severe storm hitting the U.S. Gulf Coast over the weekend.
NTPC gears up to meet rising power demand; generation up 23 pc
State-run power giant NTPC on Monday said that it has geared up to meet rising power demand and recorded electricity generation growth of 23% over the previous year.
The country is witnessing a sharp increase in power demand and NTPC is making all efforts for meeting demand as per the grid requirement, PTI reported.
Gold prices scale near 4-week high on Powell's dovish tone
Gold prices rose to a near four-week high on Monday after U.S. Federal Reserve chief Jerome Powell stopped short of providing any clear guidance on a stimulus tapering timeline and boosted hopes that interest rates may remain lower for longer.
Spot gold was steady at $1,814.86 per ounce, as of 0312 GMT, after hitting its highest since Aug 4, Reuters reported.
Indian auto parts makers' shares gain on report of talks with Tesla
Shares of Indian auto parts suppliers rose as much as 14% on Monday following a report electric-vehicle maker Tesla Inc was in talks with at least three companies to source critical parts for its planned entry into the country.
Bharat Forge Ltd, Sona BLW Precision Forgings Ltd and Sandhar Technologies Ltd are understood to be among the Indian companies already supplying components to Tesla. Shares of the three Indian firms rose as much as 6.2% to 13.7% on Monday, Reuters reported.
China Sees Skilled Labor Shortages Worsening Amid Tech Push
China expects shortages of skilled workers will worsen over time as the government develops its high tech industries, focusing attention on the need for better training and education, Bloomberg reported.
While the share of skilled workers has risen to about 30% of workforce, it remains low compared with other manufacturing powerhouses, said Gao Gao, deputy secretary general of the National Development and Reform Commission.
On Sunday, the government extended the deadline for filing tax returns and Bharti Airtel announced plans to raise ₹21,000 crore by rights issue. India roped in JPMorgan Chase and Goldman Sachs for its major LIC IPO while many other banks are also selected to work on the sale.
Sensex and Nifty started the week with fresh record highs as Nifty topped the 16,800-mark for the first time. People planning to purchase a Maruti Suzuki car in the coming month might have to revisit the budget as the company said it will raise the price of vehicles across all models due to increase in input costs.
Govt extends tenure of Bank of India executive director
The government has extended the term of Bank of India's executive director P R Rajagopal by two years, PTI reported.
The central government extended the term for a period of two years, beyond his currently notified term or until further orders, whichever is earlier, the bank said in a regulatory filing. His current term was to expire on February 28, 2022.
The government last week extended the term of executive directors of various public sector banks including MD & CEOs of Punjab National Bank and Bank of Maharashtra.
Axis Bank starts issuing debt securities
Axis Bank on Monday began issuing debt securities under the ₹35,000 crore-debt raise plan it announced earlier this year, PTI reported.
The shareholders of the bank had approved the proposal in bank's annual general meeting in July to raise funds by issuing various debt instruments in Indian or foreign currency in domestic/overseas markets in one or more tranches.
"The bank has initiated the process of issuing of the debt instruments, in the form of the additional tier 1 notes (notes) in foreign currency, subject to market conditions," Axis Bank said in a regulatory filing.
Govt. extends tax deadline
The government on Sunday extended the deadline for several categories of taxpayers to submit tax-related forms electronically as the new Income Tax portal is yet to become fully functional.
The fresh deadlines for 11 specified forms, a couple of which have been extended to March 31, 2022, largely pertain to institutional taxpayers, not individuals. The new IT portal, launched on June 7, has been plagued with persistent technical glitches and ‘down time’.
Maruti Suzuki to hike prices in September
Maruti Suzuki on Monday said it will increase the prices of its vehicles across models due to an increase in input costs.
While the company did not specify the raised amount, it noted that price rise has been planned in September 2021.
"We wish to inform you that over the past year the cost of Company's vehicles continue to be adversely impacted due to increase in various input costs," Maruti Suzuki said in a filing.
"Hence, it has become imperative to pass on some impact of the additional cost to the customers through a price rise. The price rise has been planned across models in September 2021."
Goldman Sachs, JPMorgan also hired for LIC IPO
Goldman Sachs, JPMorgan Chase and ICICI Securities were among banks picked to work on Life Insurance Corp. of India’s initial public offering, Bloomberg reported.
Other banks chosen to work on the sale include Kotak Mahindra Capital., JM Financial, Citigroup Inc. and Nomura Holdings Inc.
According to Bloomberg , for India's biggest listing, banks will start engaging with investors from September. A potential listing is expected between January and March next year.
Airtel to raise ₹21,000-crore
Bharti Airtel's on Sunday said it plans to raise ₹21,000 crore by rights issue, ahead of its 5G rollout, according to a regulatory filing by the company.
Airtel cleared the issue price of ₹535/- per fully paid-up equity share including a premium of ₹530 per equity share. The rights entitlement ration will be 1 equity share for every 14 equity shares held by eligible shareholders as on the record date.
"The promoter and promoter group of the Company will collectively subscribe to the full extent of their aggregate rights entitlement," Airtel said in the filing. "In addition, they will also subscribe to any unsubscribed shares in the Issue."
Sensex, Nifty at fresh record high
Indian benchmark equity indices, Sensex and Nifty started the week on a positive note, hitting fresh record highs. The Sensex opened 0.36% higher while Nifty rose 0.42%.
Within a few minutes, at 9:17 IST, Sensex rose 0.57% to 56,446.71 and Nifty was up 0.62% at 16,808.50, topping the 16,800-mark for the first time.
All sectors opened in green with auto, metals and realty the top gainers.
Oil mixed after Hurricane Ida
Oil prices pared early gains on Monday after hurricane Ida struck through the Gulf of Mexico and forced shutdowns and evacuations of hundreds of offshore oil platforms, Reuters reported.
Brent rose 0.2% to $72.86 a barrel. It surged more than 11% last week in anticipation of disruptions to oil production from Ida. U.S. oil fell by 4 cents to $68.70 a barrel, after rising 10% last week.
"This is nothing new but every hurricane is different and brings uncertainty for the region that contributes heavily to U.S. output," Craig Erlam, senior market analyst at OANDA told Reuters .
"Should it pass without major issues then we could see oil paring some of these gains on Monday," he added.
Asian shares rise
Asian shares started the week with gains after comments from the U.S. Federal Reserve chairman signalled that low interest rates could stay for some time, AP reported.
Japan's Nikkei rose 0.2% in morning trading while Australia was up 0.1%. Hong Kong's Hang Seng fell 0.3% and the Shanghai Composite edged up 0.4%.
Investors are also looking ahead to data expected to be released Tuesday on China's manufacturing sector.
This week, India will release its gross domestic product (GDP) data for the quarter ended June along with purchasing managers' indices (PMI) for August. While the GDP data will exhibit the economic performance of the country, PMI will indicate the recovery progress of Indian businesses'.
Besides, investors will keep a watch on China's manufacturing activity data.
