Today's Business News | Sensex soars 887 pts; Sebi amends delisting rules, and more
Top news of the day from the world of business, finance and economy
Gold rises ₹58, silver gains ₹175
Gold prices rose by ₹58 to ₹47,039 per 10 grams in the national capital on Tuesday in line with gains in the precious metal in global markets, according to HDFC Securities. The metal settled at ₹46,981 per 10 gram in the previous trade.
Silver also jumped ₹175 to ₹60,362 per kg from ₹60,187 per kg in the previous trade.
In the international market, gold was trading with gains at $1,781 per ounce and silver was flat at $22.42 per ounce.
Rupee rises 4 paise to end at 75.41 against US dollar
The rupee settled 4 paise higher at 75.41 against the US dollar on Tuesday as heavy buying in domestic equities supported the local unit.
Uncertainty around the new coronavirus variant Omicron and foreign capital outflows continued to check rupee’s rise, according to analysts.
The local unit closed at 75.45 in the previous trading session.
Sensex soars 887 pts on global market rebound, Nifty tops 17,150
Equity benchmark Sensex rebounded 887 points on Tuesday, led by gains in ICICI Bank, HDFC twins and Infosys amid a positive trend in global markets.
According to experts, global equity markets are relieved after studies on the Omicron strain of COVID-19 suggest that it is largely milder than the Delta variant despite being fast spreading.
The 30-share BSE Sensex ended 1.56% higher at 57,633.65. The NSE Nifty rallied 264.45 points or 1.56% to 17,176.70.
Tata Steel was the top gainer in the Sensex pack, followed by Axis Bank, ICICI Bank, Kotak Bank, SBI and Bajaj Finance.
Nestle India gets govt approval for PLI scheme for processed fruits, vegetables
FMCG company Nestle India on Tuesday said it has received approval from the government for the production-linked incentive (PLI) scheme for processed fruits and vegetables.
In June, this year, the company had submitted its proposal towards the Indian government's PLI for the food processing sector. The government had approved a PLI scheme for the food processing sector, in March this year.
The food processing ministry said it has approved 60 applications of investment proposals by packaged food companies, including Amul, ITC, HUL, Britannia Industries, Parle Agro, Tata Consumer Products and Nestle India seeking benefits under the PLI scheme.
Microsoft launches cybersecurity skilling programme in India
Microsoft on Tuesday launched a cybersecurity skilling programme that aims to skill over one lakh learners by next year.
The programme is designed to give learners hands-on experience in the fundamentals of security, compliance, and identity.
India exports 9.39 lakh tonnes of sugar so far this marketing year: AISTA
Sugar mills have exported 9.39 lakh tonnes of the sweetener till the first week of December during the ongoing 2021-22 marketing year, trade body AISTA said on Tuesday.
The sugar marketing year runs from October to September. According to AISTA, mills have exported a total of 9,39,435 tonnes of sugar from October 1 to December 6, 2021. The highest export deals have been undertaken by mills in Maharashtra.
Sebi amends delisting rules to make M&A more convenient
Sebi has amended rules on delisting of equity shares of a company following an open offer as part of efforts to make merger and acquisition transactions for listed companies more convenient.
Under the new framework, promoters or acquirers need to disclose their intention to delist the firm through an initial public announcement. If the acquirer wishes to delist the target company, the acquirer must offer a higher price for delisting with suitable premium over open offer price.
Shivalik Small Finance Bank launches India's first loan against digital gold
Shivalik Small Finance Bank (SSFB) on Tuesday partnered with fintech firm Indiagold to launch a loan product against digital gold.
Digital gold is an affordable medium to own and save with gold without the trouble of physically handling and storing the asset, SSFB said in a statement.
Customers can avail digital gold loans of up to Rs 60,000 starting at a monthly interest of just 1%, against their gold assets without the hassle of branch visits, minimal documentation, instant transfer and zero processing charges, SSFB said.
HP introduces their new gaming notebook, the HP OMEN 16
HP has introduced their new gaming notebook, the HP OMEN 16, featuring a 16.1-inch screen and powered by 11th Gen Intel Core Processor. Parts of the new OMEN devices are built from post-consumer recycled ocean-bound plastic including a recycled aluminum stamped cover.
The HP OMEN 16 laptops are available at a starting price of ₹139,999 at HP world stores, HP online store & other large format retail & online stores.
EU antitrust regulator seeks input on Microsoft's $16 bln Nuance deal
EU's antitrust regulator is investigating into Microsoft's $16 billion deal for transcription technology company Nuance Communications Inc, asking customers and competitors to list their concerns.
Nuance sells transcription technology that is popular among doctors and call centers that want to automate note-talking. Analysts view the deal as boosting Microsoft's presence in the healthcare market, and bringing it new voice and medical data to train artificial intelligence offerings in health, speech and biometric security.
IOC renews deal to buy up to 2 MT of oil from Russia's Rosneft
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said.
IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk.
India has tied up supplies from Russia to the US to diversify its oil import basket, cutting reliance on the Middle East to meet its oil needs.
Welspun acquires 40 acres of land to set up warehouse in Bengaluru
Welspun One Logistics Parks (WOLP) acquired 40 acres of land near Bengaluru to set up around 1-million sq ft of a large-scale warehousing facility at an investment of ₹300 crore to service Bengaluru Metropolitan Region (BMR).
This is the first of six projects as part of the memorandum of understanding (MoU) that the company signed with the Tamil Nadu government's nodal agency to set up warehousing facilities across the region.
The projects, to be executed under the MoU, are likely to bring direct investments of approximately ₹2,500 crore to the state, Welspun One said in a release.
Biocon to commercialise speciality medicines in Middle East
Biotechnology major Biocon has inked a pact with Saudi Arabia-based drug firm Tabuk Pharmaceutical Manufacturing Company to commercialise select speciality products in the Middle East region.
Tabuk Pharmaceuticals will hold the marketing authorisation for select speciality products of Biocon and be responsible to register, importing, and promoting them in Saudi Arabia and other Middle East countries.
As part of the deal, Biocon will develop and manufacture the products, and Tabuk will commercialise them.
Rupee rises to 75.30 against US dollar
The rupee rose 15 paise to 75.30 against the US dollar in opening trade as a rally in domestic equities and weak American currency in the overseas markets boosted investor sentiments.
The rupee opened strong at 75.31 and inched up to quote 75.30 against the American dollar in early deals, a 15 paise rise from the last close. In the previous session, the rupee had settled at 75.45 against the greenback.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09% to 96.24.
MedPlus Health IPO to open on Dec 13
Pharmacy retail chain MedPlus Health Services fixed a price band of ₹780-796 a share for its ₹1,398 crore initial share-sale.
The three-day initial public offering (IPO) will open for public subscription on December 13 while the bidding for anchor investors will open on December 10. The initial share-sale comprises fresh issuance of equity shares worth 600 crore and an offer for sale (OFS) of up to equity shares aggregating up to ₹798.30 crore by promoter and existing shareholders.
The company has cut the OFS size to ₹798.30 crore from ₹1,038.71 crore.
Metro Brands sets IPO price band at ₹485-500 /share
Rakesh Jhunjhunwala-backed footwear retailer Metro Brands Ltd has fixed a price band of ₹485-500 a share for its ₹1,368-crore initial share sale.
The initial public offering (IPO) will open for public subscription on December 10 and the bidding for anchor investors will open on December 9, according to the company.
The initial share sale comprises fresh issuance of equity shares worth ₹ 295 crore and an offer for sale of 2.14 crore equity shares by promoters and other shareholders.
Markets update | Sensex, Nifty rise in early trade
The Indian benchmark equity indices, Sensex and Nifty opened strong amid positive global cues. At 9:17 IST, the Sensex was up 448.32 points or 0.79% at 57,195.46 and the Nifty was up 135.50 points or 0.80% at 17,047.80.
Asian shares rose as worries about the impact of the Omicron variant eased and Chinese markets gained after the central bank there eased monetary policy.
MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6% and Australia's S&P/ASX200 rose 0.5%.
Japan's Nikkei advanced 1.1% while China's CSI300 index gained 0.7%. Hong Kong's Hang Seng Index also rose 1.3% after the central bank freed up $188 billion in liquidity through a policy easing.
Oil extends gains on easing Omicron fears
Oil prices rose as concerns about the impact of the Omicron variant on global fuel demand eased and Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.
Brent crude futures rose up 0.5%, to $73.42 a barrel and U.S. West Texas Intermediate crude was up 0.6% to $69.92 a barrel.
Oil prices were pummelled last week after fears of restrictions emerged to curb the spread of a new variant of the coronavirus, hitting global growth and oil demand. There were concerns that vaccines might be less effective against the new variant Omicron.
RateGain Travel Technologies IPO opens for subscription today. The Reserve Bank of India could hold off on raising its key borrowing and lending rates as the central bank adopts a cautious tone amid the spread of the Omicron coronavirus variant, according to economists and market participants.
---- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)