Vodafone Idea's loss narrows to ₹7,145 cr in September quarter
Vodafone Idea’s loss narrowed to ₹7,144.6 crore in the September-ended quarter from ₹7,218.2 crore during the same duration in the previous year.
Increase in mobile services tariff and cost optimisation helped the company. It increased the entry-level prepaid pricing plan to ₹79 from ₹49 in a phased manner, as well as increased the tariffs in some post-paid plans.
Its consolidated revenue in the September quarter, 2021 declined around 13% to ₹9,406.4 crore from ₹10,791.2 crore during the same time a year earlier.
Rupee gains 7 paise to end at 74.45 against US dollar
The rupee gained 7 paise to close at 74.45 against the US dollar on Friday, as a firm trend in domestic equities boosted investor sentiments. Lower crude prices in the international market also supported the local unit.
The local unit closed at 74.52 in the previous trading session.
Sensex rallies 767 pts, Nifty ends above 18,100
Sensex rallied 767 points on Friday on heavy buying in Infosys, HDFC Bank and Reliance Industries amid a positive trend in global markets.
The 30-share index ended 1.28% higher at 60,686.69. Nifty rose 229.15 points or 1.28% to 18,102.75.
Tech Mahindra was the top gainer in the Sensex pack followed by HDFC, Infosys, Bajaj Finserv, Asian Paints and Bajaj Finance. On the other hand, Bajaj Auto, Tata Steel and Axis Bank were among the laggards.
Hyundai Motor whistleblower, $24 mln in hand, plans to help others speak up
South Korean engineer, Kim Gwang-ho received a compensation of $24 million from the U.S. National Highway Traffic Safety Administration (NHTSA) for a tip-off about safety lapses at Hyundai Motor Co, his employer of 26 years. Kim's action led to an agreement last year by Hyundai and its affiliate, Kia, to pay a record civil penalty of $210 million over recalls involving nearly 1.7 million vehicles.
Kim plans to set up a YouTube channel to teach people how to expose their employers' bad behaviour.
ZEEL initiates legal proceedings against termination of contract to provide media content on trains
Zee Entertainment Enterprises Ltd (ZEEL) on Friday said RailTel Corporation of India has terminated the agreement with its subsidiary for providing media content in trains, and it has initiated legal proceedings against it.
Margo Networks, a subsidiary of ZEEL, had entered into a content-on-demand (COD) contract with RailTel Corporation of India for providing media content in all express and suburban trains and all Wi-Fi-enabled railway stations.
Insolvency proceedings can be initiated against state-owned discoms: Power Min
Ministry of Power has affirmed that insolvency proceedings can be initiated against state-owned electricity distribution as well as generation firms in case of default of payment by the creditors.
The outstanding dues of discoms have been a perennial issue plaguing the power sector for decades.
According to the PRAAPTI portal, the outstanding dues of power distribution firms are to the tune of ₹1,21,830 lakh crore in November 2021 which includes overdues of ₹99,385 crore.
Apple Partner Hon Hai’s Profit Tops Estimates on New iPhones
Key iPhone assembler Hon Hai Precision Industry's earnings topped analysts’ estimates on strong demand for fresh versions of the Apple handset, but warned that sales will decline this quarter due to chip shortages.
Net income for the third quarter ending in September was NT$37 billion ($1.3 billion) beating analysts' estimates of NT$32.4 billion. Sales in the September-ended quarter reached a record NT$1.4 trillion.
Applications invited for setting up medical oxygen plants in national capital
The Delhi government has invited applications for setting up of medical oxygen plants and purchase of cryogenic tankers. The last date for online applications is November 26. The investors will be given incentives as per the Medical Oxygen Production Promotion Policy of Delhi 2021, notified earlier this year.
The national capital battled a brutal second wave of coronavirus early this year with shortage of oxygen adding to the woes.
COP26 urges curbs on coal, fossil fuel subsidies
A draft final statement of the COP26 summit Friday urged nations to reduce their reliance on fossil fuels, as two weeks of crunch climate negotiations approach their conclusion.
A conference draft decision published on the UN Climate Change website urged countries to accelerate "the phaseout of unabated coal power and of inefficient subsidies for fossil fuels".
Power sector staff, engineers to protest against electricity amendment bill on Nov 29: AIPEF
Power sector employees as well as engineers will hold demonstrations on November 29 at all state capitals to protest against the proposed Electricity (Amendment) Bill 2021, All India Power Engineers Federation (AIPEF) said on Friday.
AIPEF Chairman Shailendra Dubey asserted that the agitation is against the unilateral approach of the central government to rush through the bill in Parliament. He alleged that many provisions of the bill are anti-people and anti-employee and if enacted will have far reaching adverse consequences.
Huge opportunities for Korean firms in India's startup ecosystem: Goyal
Huge opportunities exist for Korean investors in India's startup ecosystem and both the countries need to increase collaboration in sectors such as automobile, textiles, food processing, and chemicals to enhance economic ties, Commerce and Industry Minister Piyush Goyal said on Friday.
The minister also invited Korean businesses to invest in India. Goyal informed that around 15,000 Koreans call India their home and about 12,000 Indians live in Korea.
Automobile marketplace Droom files ₹3,000-crore IPO papers
Droom Technology, an online marketplace for automobiles, has filed preliminary papers with capital markets regulator Sebi to raise ₹3,000 crore through an initial share-sale.
The initial public offering (IPO) comprises fresh issuance of equity shares worth ₹2,000 crore and an offer for sale to the tune of ₹1,000 crore by promoter Droom Pte Ltd, according to the draft red herring prospectus (DRHP).
Japan's Toshiba to split into three firms
Japan's Toshiba Corp. has planned to split into three separate companies in an effort to enhance shareholder value, responding to pressure from activists after years of scandal and mismanagement.
The company will break up into three independent companies by spinning off two core businesses - its energy and infrastructure business as well as its device and storage business. After spinning off the two companies, Toshiba will continue to own its 40.6% stake in memory chipmaker Kioxia as well as other assets.
Zee Entertainment's September-quarter net profit surges to ₹266.08 crore
Zee Entertainment's net profit in the September-ended quarter, this year rose to ₹266.08 crore from ₹93.41 crore during the same period in the previous year.
Its total income during the quarter climbed to ₹2,010.47 crore from ₹1,760.61 crore during the same duration a year earlier.
Goods worth ₹65,000 crore sold online during festive sale this year, report says
Online platforms logged sales of around ₹65,000 crore during this year's festival sale, rising 23% from ₹52,000 crore last year. according to consulting firm RedSeer.
The overall online shopper base grew by about 25% from last year, with 57% of the total shoppers coming from tier two cities and beyond, indicating that this year's festival sales were dictated by affordability schemes.
I Squared Capital drops out of BPCL race
US private equity firm I Squared Capital is withdrawing from the race to buy India's second-largest state oil firm, Bharat Petroleum Corporation Ltd (BPCL) due to a complex deal structure and lack of financial backers for the transaction.
I Squared Capital through its Indian arm, Think Gas was among the three suitors that showed interest in buying the Indian government's near 53% shareholding in BPCL.
Passenger vehicle sales fall: SIAM
Passenger vehicle wholesales in India fell 27% year-on-year in October after the semiconductor shortage hit the production of automobile manufacturers, according to auto industry body SIAM.
As per the latest data by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales last month stood at 2,26,353 units, as compared to 3,10,694 units in the year-ago period.
Besides, the two-wheeler dispatches to dealers also fell to 15,41,621 units, from 20,53,814 units in October 2020.
Vehicle sales across passenger vehicles, three-wheelers, two-wheelers, and quadricycles categories last month, declined by 25% to 17,99,750 units, from 23,91,192 units in October 2020.
PM launches scheme for retail participation in govt securities
Prime Minister Narendra Modi launched two customer-centric initiatives of the Reserve Bank of India (RBI) to let retail investors participate in the government securities market.
The RBI Retail Direct Scheme offers retail investors a new avenue for directly investing in the securities issued by the centre and the state governments. They will be able to easily open and maintain their government securities accounts online with the RBI for free.
PM Modi said the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) is aimed at further improving the grievance redress mechanism for resolving customer complaints against entities regulated by the central bank.
Paytm IPO| Offer price fixed at Rs 2,150
Paytm has fixed an offer price of Rs 2,150 a piece for its initial share sale.
The shares of the company are expected to list on November 18. The digital payments and financial services firm had priced its shares in a price band of Rs 2,080-2,150 per share, valuing the company at Rs 1.39 lakh crore.
With the Rs 18,300-crore share sale via Initial Public Offering (IPO), Paytm IPO has become the largest fintech IPO in the Asia Pacific region.
Fino Payments Bank shares list with a discount
Shares of Fino Payments Bank Ltd listed with a discount of nearly 6% from its issue price of Rs 577.
The stock made a tepid market debut at Rs 548 on the BSE. It later dipped 7.15% to Rs 535.70.At the NSE, Fino Payments Bank listed at Rs 544.35, 5.65% lower.
The Rs 1,200.3-crore initial public offer (IPO) of Fino Payments Bank Limited was subscribed 2.03 times earlier this month. It had a price range of Rs 560-577 per share for the offer.
Rupee rises to 74.36 against US dollar
The rupee rose 16 paise to 74.36 against the US dollar in opening trade amid a positive trend in domestic equities.
The rupee opened at 74.36 against the dollar, a rise of 16 paise over its previous close.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06% to 95.23.
Toyota to make up for lost production in December
Toyota Motor Corp would start making up for production lost from supply shortages in December as factories in Japan return to normal for the first time in seven months.
The world's top-selling automaker plans to produce about 800,000 vehicles globally in December, up from about 760,000 a year earlier.
With the production increase, it wants to maintain the plan of producing 9 million vehicles worldwide in the financial year ending on March 31.
Creditors back AirAsia X restructuring plan
The first of three groups of creditors of AirAsia X (AAX) agreed to a restructuring scheme that proposes to pay just 0.5% of the debt owed and to terminate all existing contracts.
The three different classes of creditors, which include Airbus SE, BOC Aviation Ltd and Rolls-Royce Holdings PLC, have all voted in favor of the plan.
Malaysian long-haul low-cost airline is one of the many in the Asia-Pacific region to have entered a court-overseen debt restructuring process to survive the pandemic.
Markets update | Sensex gains
The Indian benchmark equity indices opened on a positive note. At 9:16 IST, the Sensex rose 0.52% or 309.35 points to 60229.04 and the Nifty was up 0.54% or 96.70 points at 17970.30.
Asian shares rose as investors are hopeful that the worst price hikes could be soon over after data showed the U.S. inflation rose at the fastest pace since November 1990 last month.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7% and Japan's Nikkei gained 1.1%.
The world's stock prices fell the most in over a month on Wednesday following a strong reading on U.S. inflation.
Oil falls in a volatile week
Oil prices fell as the dollar continued to rise on expectations that the US fed will come up with plans to raise rates to tame inflation.
U.S. West Texas Intermediate (WTI) crude futures fell 0.3%, to $81.33 a barrel, and Brent crude futures also dropped 0.3%, to $82.62 a barrel, erasing the previous day's gain.
The Organization of the Petroleum Exporting Countries (OPEC) on Thursday cut its world oil demand forecast for the fourth quarter by 330,000 barrels per day from last month's forecast, and OPEC+ agreed last week to stick with its plan to add 400,000 barrels per day to the market each month.
Shares of Fino Payments Bank lists on exchanges today. The government is expected to launch a scheme to allow retail investments in government bonds and form a single ombudsman. Latent View Analytics IPO subscription closes today and the market awaits Q2 earnings results of Ashok Leyland, Bharat Forge, Coal India, and many others.
---- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)
