Today's business news | Sensex nosedives; Rupee slumps, and more

Bombay Stock Exchange (BSE), in Mumbai. File   | Photo Credit: PTI

5:07 P.M.

Captive power plants request govt to normalise coal supply

A captive power producers' association has requested the government to normalise coal supplies to captive power plant-based industries while pointing out that if the supply of fossil fuel is not restored immediately, it would lead to an irrevocable collateral damage of these national assets.

The Indian Captive Power Producers Association (ICPPA) highlighted the issue of insufficient coal rake supplies to CPP-based industries at levels of 40% to 50%.

On an average, captive power plant-based industries are getting less than 50% of the coal against secured linkages and Coal India Ltd (CIL) auctions.

4:38 P.M.

Sensex nosedives 949 pts on Omicron scare, Nifty tanks below 16,950

Sensex plunged 949 points on Monday as concerns over the spread of the Omicron variant in the country triggered a sell-off across sectors.

The 30-share BSE Sensex ended 949.32 points or 1.65% lower at 56,747.14. NSE Nifty slumped 284.45 points or 1.65%  to 16,912.25. IndusInd Bank was the top loser followed by Bajaj Finserv, Bharti Airtel, TCS, HCL Tech and Tech Mahindra.

4:24 P.M.

Rupee slumps 30 paise to close at 75.42 against dollar

The rupee on Monday plunged 30 paise to settle at 75.42 against the US dollar in line with massive erosion in domestic stocks as concerns over the new Omicron variant continued to weigh on sentiment.

Besides, rising crude prices in international markets and a surging greenback overseas also pulled the rupee back, traders said.

The rupee closed at 75.12 against the US dollar in the previous trading session on Friday.

3:07 P.M.

Most of India's $1.1 trn growth in the next decade can come from unexplored digital businesses

Most of India's $1.1 trillion in total economic growth in the next 11 years can come from ancillary digital asset-related businesses that are yet to be invented.

“India is poised for growth to become a $5 trillion economy by 2024-25 as envisioned by Prime Minister Narendra Modi. Digital assets are expected to have tremendous potential in the next 11 years across countries, due to their rapid adoption. They are expected to help India achieve the GDP of $5 trillion economy,” USISPF president Mukesh Aghi said.

1:48 P.M.

Weaker foreign demand sinks German industrial orders in October

German industrial orders fell more than expected in October on weaker foreign demand for capital goods like cars, further clouding the growth outlook for manufacturers in Europe's largest economy.

A pandemic-related scarcity of microchips and other electronic components has caused massive supply bottlenecks and production problems in Germany's automobile industry and other important sectors of the economy.

Foreign orders fell more than 13% on October, with demand from countries outside the euro zone like China particularly weak.

1:30 P.M.

Tata Power, IIT Madras to collaborate on R&D, training, tech solutions

Tata Power and IIT Madras will collaborate on R&D, consultancy, advocacy, training and technology solutions. As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology.

Till date, Tata Power has partnered with more than 100 national and international technology and institutions to develop low cost, scalable solutions in the clean energy space.

1:13 P.M.

Indian office market may take 2 years to reach pre-COVID level, says Colliers India CEO

The leasing of office space across major cities is likely to rise marginally this year with corporates becoming less cautious, but it will take at least two years to reach the pre-COVID level, said Ramesh Nair, Colliers India CEO.

"At least 2024 till we reach 2019 level," he said when asked whether net leasing of office could reach the record transactions achieved in 2019.

Nair said the net office leasing could rise to 27 million square feet across seven major cities in 2021 against 26 million square feet last year.

12:05 P.M.

China's Alibaba appoints new CFO

China’s largest e-commerce group Alibaba is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry.

Toby Xu will succeed Maggie Wu as the new CFO from April 1, 2022. Xu joined Alibaba from PricewaterhouseCoopers three years ago and was appointed deputy group CFO in July 2019.

Alibaba would be creating an International Digital Commerce team to handle its e-commerce businesses in international markets while a China Digital Commerce team will be in charge of e-commerce operations inside the country.

11:20 A.M.

MapMyIndia IPO to open on Dec 9

Digital mapping company MapMyIndia has fixed a price band of ₹1,000-1,033 a share for its ₹1,040-crore initial share-sale.

The three-day initial public offering (IPO) will will open on December 9 and the bidding for anchor investors will open on December 8.

The IPO is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoter. The public issue is expected to fetch ₹1,039.6 crore at the upper end of the price band.

10:50 A.M.

Rupee falls 10 paise to 75.22 against US dollar

The rupee fell 10 paise to 75.22 against the US dollar in opening trade on subdued domestic equities amid growing concerns over the uncertainty triggered by the Omicron variant of the coronavirus.

The rupee opened weak and was trading at 75.22 against the American dollar in early deals, a10 paise decline from the last close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, increased by 0.17% to 96.28.

10:30 A.M.

Shriram Properties sets IPO price band at ₹113-118/share

Shriram Properties has fixed a price band of ₹113-118 a share for its ₹600-crore initial share-sale.

The three-day initial public offering (IPO) will open for public subscription on December 8 and the bidding for anchor investors will open on December 7, according to the company.

This public issue comprises fresh issuance of equity shares worth ₹250 crore and an offer for sale (OFS) of ₹350 crore.

10:00 A.M.

China Evergrande braces for payment deadline

China Evergrande Group is again on the brink of default as the 30-day grace period for coupon payments end today.

The company made three 11th-hour coupon payments in the past two months but pessimistic comments from the property developer has raised expectations of direct state involvement and a managed debt restructuring.

A statement late on Friday said creditors had demanded $260 million and it could not guarantee enough funds for coupon repayment prompted authorities to summon its chairman.

9:25 A.M.

Markets update | Sensex, Nifty open lower

Indian benchmark equity indices opened flat amid mixed global cues. At 9:17 IST, the Sensex was down 0.15% to 57,612.47 and the Nifty was down 0.16% at 17,168.60.

Asian markets broadly fell on uncertainty over the Omicron variant of Covid-19 and disappointing US jobs data.

The Omicron variant has been detected in 38 countries, however, no deaths have yet been reported yet. Authorities worldwide are racing to determine how contagious it is and how effective existing vaccines are at fighting it.

MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.4%. and Japan's Nikkei eased 0.6%. Chinese blue chips managed a 0.7% gain.

9:15 A.M.

Oil gains after Saudi price hike 

Oil prices jumped by over $1 a barrel after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States, showing confidence in demand despite the spread of the omicron variant of coronavirus. 

Brent crude futures for February gained $1.69, or 2.4%, to $71.57 a barrel while U.S. West Texas Intermediate crude for January was at $67.92 a barrel, up $1.66, or 2.5%.

Last week, OPEC+, the Organization of the Petroleum Exporting Countries and their allies including Russia, decided to continue increasing supplies by 400,000 barrels per day in January.

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The three-day interest rate-setting meeting of the Monetary Policy Committee begins in Mumbai today. Bombay High Court’s division bench will hear Zee Entertainment Enterprises’ activist funds’ plea seeking an extraordinary general meeting of shareholders in Mumbai. Anand Rathi Wealth IPO subscription closes today.

 

----  Edited by John Xavier

 

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

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Printable version | Jan 22, 2022 6:09:47 PM | https://www.thehindu.com/business/business-news-live-markets-update-sensex-nifty-open-lower/article37860867.ece

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