Today's Business News | Sensex ends 157 pts higher; Housing prices may rise 5% next year, and more

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

5:14 P.M.

Gender pay gap deepens as women left behind on pay hike, bonuses during the pandemic, study says

Gender pay gap has deepened during the COVID-19 pandemic, with women being left behind on pay raises and bonuses, says an ADP study.

According to ADP's study 'People at Work 2021: A Global Workforce View', in India only 65% of women received a pay rise or bonus for taking on extra responsibilities or a new role compared to 70% of men.

5:08 P.M.

Collective progress of all nations to ensure sustainable inclusive recovery: FM

For a strong, sustainable and inclusive recovery of the global economy hit by the outbreak of COVID-19 pandemic, it is important to ensure collective progress of all countries, Finance Minister Nirmala Sitharaman said on Thursday.

While participating virtually at G20 International Seminar hosted in Bali by the G20 Presidency of Indonesia, she stressed on the critical role of multilateralism and collective action in achieving the goal of global recovery.

4:47 P.M.

Gold slips, silver drops  ₹158

Gold prices slipped ₹6 to ₹47,156 per 10 gram in the national capital on Thursday on mixed global cues, according to HDFC Securities. The metal had settled at ₹ 47,162 per 10 grams in the previous trade.

Silver also dropped ₹158 to  ₹60,230 per kg from  ₹60,388 per kg in the previous trade.

In the international market, gold was trading higher at $1,786 per ounce and silver slipped to $22.33 per ounce.

4:42 P.M.

Coal dispatch by CIL to power sector rises 23% in Apr-Nov

Dispatch of coal by state-owned CIL to the power sector increased to 340 million tonne (MT) during the April-November period, this year rising 22.5% from 277.4 MT.

Coal stock at power plants has now improved to 18.84 MT of indigenous coal on December 7 from 7.24 MT on October 8.

4:34 P.M.

Housing prices may rise 5% next year, report says

Housing prices may rise 5 % next year on rising demand, according to Knight Frank India, a property consutant.

In its '2022 Outlook Report', the property consultant said that while 2021 was impacted by the volatility due to the pandemic, 2022 may be a more stable year for the housing segment as prospective homebuyers’ preferences for bigger homes, better amenities, and attractive pricing will keep them interested to seal the deals.

4:29 P.M.

Rupee slides to 75.53 against the dollar on Omicron concerns

The rupee on Thursday slid 3 paise to settle at 75.53 against the US dollar, amid concerns over the impact of the new COVID variant on the economy. Besides, unabated foreign fund outflows weighed on investor sentiments, traders said.

On Wednesday, the rupee fell to a near two-month low of 75.50 against the US dollar, as RBI's bi-monthly monetary policy decision failed to enthuse forex market participants.

India's central bank on Wednesday kept borrowing costs at a record-low for the ninth consecutive time, to continue supporting economic growth amid uncertainty over the impact of the Omicron strain.

4:23 P.M.

Sensex ends 157 pts higher, Nifty reclaims 17,500

Sensex ended 157 points higher on Thursday, tracking gains in Reliance Industries, ITC and L&T amid a positive trend in global markets.

The 30-share index closed 0.27% higher at 58,807.13. The NSE Nifty rose 47.10 points or 0.27% to 17,516.85.

ITC was the top gainer in the Sensex pack followed by L&T, Asian Paints, Reliance Industries, M&M, Bajaj Finance and Infosys. On the other hand, HDFC Bank, Titan, Nestle India, NTPC and PowerGrid were among the laggards.

4:16 P.M.

Asian Development Bank approves ₹2,645-crore loan to improve urban services in India

Asian Development Bank on Thursday said that it has approved a ₹2,644.85 crore loan for India to help improve its urban services.

The loan supports the policies established by the Ministry of Housing and Urban Affairs to accelerate universal coverage of piped water supply and improved sanitation, Asian Development Bank said in a release.

3:59 P.M.

2022 to be a challenging year for tea industry: ICRA report

The year 2022 will be a challenging year for the Indian tea industry as the cost of production is higher than price realisation at the auctions, according to a report by Assocham and ICRA.

The report said that while labour costs increased, production volumes have risen but per capita domestic consumption remains almost stagnant. This has led to pressure on the prices and FY2022 is likely to face another challenging year.

3:39 P.M.

India’s solar capacity addition jumps over three-fold to 7.4 GW in Jan-Sep

India's solar energy generation capacity addition rose 335% to 7.4 GW in the first nine months of this year from 1.73 GW during the same time a year earlier, said Mercom India Research.

Rajasthan is, now, the top solar state in India in terms of cumulative installed capacity, overtaking Karnataka, which had held the position since 2018.

3:34 P.M.

Telecom industry seeks spectrum at reasonable prices

To become sustainable in the long run, the telecom industry is seeking adequate spectrums at reasonable prices with easy payment norms, rationalisation of taxes and levies and reduction in burden on the companies due to old litigations, Vodafone Idea Ltd (VIL) said

Last month, all private telecom companies increased their mobile calls and services rates by 18-25% but a couple of telecom players are seeking a further increase to take ARPU above ₹300 per month.

3:10 P.M.

Vodafone Idea shares jump 16% to a 52-week high

Shares of Vodafone Idea Ltd on Thursday surged 16.51% to its 52-week high of ₹16.65, amid reports that the firm has raised enough fund for the repayment of interest to bondholders within the December 13 deadline.

On BSE, the stock was later trading at ₹16.37, up 14.56% over its previous close. On NSE, the share rose 16.43% to its 52-week high value of ₹16.65.

2:30 P.M.

Data Patterns IPO to open on December 14

Data Patterns (India) Ltd, which supplies electronic systems to defence and aerospace sector has fixed a price band of ₹555-585 a share for its ₹588 crore initial public offering.    

The initial share-sale will open for public subscription from December 14-16 and the bidding for anchor investors will open on December 13.

The public issue comprises a fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders.

2:00 P.M.

Inter-ministerial panel reviews strategy to buy lithium mines overseas

Power minister R K Singh chaired an inter-ministerial meeting to discuss the PLI scheme on Advanced Chemistry Cell Battery Storage. He also reviewed the strategy for acquiring lithium mines abroad.

According to a statement, officials from Ministry of Mines, Ministry of Coal, Ministry of Heavy industries, Ministry of External Affairs, Niti Aayog and senior officials from Power Ministry were present in the meeting.

The minister took an update on status of bids on production-linked incentive (PLI) scheme by Ministry of Heavy Industries and directed to expedite the PLI bid processes.

1:45 P.M.

Allowing cryptocurrency may erode central bank’s control over money supply: Former RBI Governor

Former Reserve Bank of India Governor Duvvuri Subbarao said if cryptocurrency is allowed in the country the central bank could lose control over money supply and inflation management.

Speaking at a webinar organised by the National Stock Exchange (NSE) and New York University (NYU) Stern School of Business, Rao said India's case for issuing a central bank digital currency (CBDC) may not be strong as there are capital controls.

1:15 P.M.

Italy's antitrust fines Amazon 1.13 bln euros for alleged abuse of market dominance

Italy's antitrust has fined Amazon 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance, the regulator said on Thursday.

In a statement the watchdog said Amazon had harmed competing operators in the e-commerce logistics service.

12:40 P.M.

Parle expects 20-25% growth in exports due to PLI scheme

Biscuits major Parle Products expects 20-25% growth in exports on the back of the government's production-linked incentive (PLI) scheme in the food processing sector.

The company, which has received approval, exports its products to over 100 countries globally. It feels that the PLI scheme will help in becoming cost competitive, besides increasing competitiveness abroad with offerings of quality products.

12:10 P.M.

Razorpay eyes $90 billion in total payments value by 2022 end

Fintech major Razorpay said it has seen strong growth in the number of payments processed on its platform, and expects its total payment volume (TPV) to touch $90 billion by end of next year.

The company also announced the launch of three new products that are aimed at simplifying payment management processes for businesses, especially small and medium-sized enterprises (SMEs).

11:50 A.M.

TVS Motor to strengthen presence in Central America

TVS Motor Company has tied up with Grupo Q for Nicaragua and Costa Rica markets as it looks to further expand business in Central America.

Active Motors SA, a subsidiary of Grupo Q, will support the company with dedicated sales, service, spares and customer relationship management (CRM).

As a part of the association, Active SA Motors will facilitate the opening of three flagship outlets and about 50 dealerships for TVS Motor Company in a phase-wise manner across Nicaragua and Costa Rica, TVS said in a statement.

11:20 A.M.

DoT to deactivate extra SIM of subscribers beyond 9 connections

The Department of Telecommunications (DoT) has issued an order to re-verify the SIM of subscribers holding beyond nine connections across India, six connections in the case of Jammu and Kashmir, North East and Assam, and to disconnect in case of non-verification.

As per the order issued on December 7, the subscribers will be given the option to choose the connection they want to retain and deactivate the rest of the connections.

10:50 A.M.

Rupee trades in narrow range against US dollar

Indian rupee was trading in a narrow range in morning trade on the subdued domestic equities and a firm American dollar.

The rupee opened at 75.45 against the dollar and pared the initial gains to touch a low of 75.53 in initial deals.

On Wednesday, the Indian rupee fell to a near two-month low of 75.50 against the US dollar after RBI's bi-monthly monetary policy decision failed to enthuse forex market participants.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09% higher at 95.97.

10:00 A.M.

U.S. House passes bill to ban imports from China's Xinjiang

The U.S. House of Representatives passed legislation to ban imports from China’s Xinjiang region over concerns about forced labor as Washington continues its pushback against Beijing's treatment of its Uyghur Muslim minority.

While the House backed the "Uyghur Forced Labor Prevention Act" by an overwhelming 428-1, it must also pass the Senate and be signed by President Joe Biden ti become a law.

China denies abuses in Xinjiang, but the U.S. government and many rights groups say Beijing is carrying out genocide there.

9:30 A.M.

Markets update | Sensex rises over 200 points, Nifty above 17,500

The Indian benchmark equity indices, Sensex and Nifty opened higher amid positive global cues. The Sensex rose 202.10 points or 0.34% to 58851.78 and the Nifty was up 57.40 points or 0.33% at 17527.20.

Most Asian stocks rose as investors believed the global recovery will be resilient to the new Omicron coronavirus variant.

MSCI Inc.’s gauge of Asia Pacific shares outside Japan gained advanced for a third day with Hong Kong leading the advance.

The S&P 500 rose 0.3% and the Nasdaq 100 gained 0.4%.  Australia’s S&P/ASX 200 Index advanced 0.2% while Hang Seng Index rose 1.2%. Shanghai Composite Index rose 0.1% and Euro Stoxx 50 futures gained 0.4%.

9:15 A.M.

Oil gains as Omicron fear ease

Oil prices rose on confidence that the Omicron coronavirus variant would not dent global growth despite some governments stepping up curbs to stop its rapid spread. 

U.S. West Texas Intermediate (WTI) crude futures rose 28 cents, or 0.4%, to $72.64 a barrel and Brent crude futures gained 22 cents, or 0.3%, to $76.04 a barrel. 

Markets cheered up after BioNTech and Pfizer said a three-shot course of their COVID-19 vaccine may protect against infection from the Omicron variant.

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MapmyIndia's initial public offering (IPO) opens for public subscription today. The three-day issue with a price band of ₹1000-₹1033 per share will close on December 13. The US will post inflation numbers this week while a federal reserve meeting next week might help gain clarity on tapering and interest rate increase.

 

----  Edited by John Xavier

 

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

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Printable version | Jan 17, 2022 2:50:43 AM | https://www.thehindu.com/business/business-news-live-oil-gains-as-omicron-fear-ease/article37907169.ece

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