Top economy and business news of the day| Musk sells off $5B in Tesla shares; Auction for 5G spectrum likely in April-May 2022; India's GDP to rise by $406 bn by 2050 in net-zero scenario and more.

Top news of the day from the world of business, finance and economy

November 11, 2021 09:31 am | Updated 05:28 pm IST

Bombay Stock Exchange in Mumbai. File photo

Bombay Stock Exchange in Mumbai. File photo

5:22 P.M.

Sensex slumps 433 pts, Nifty drops below 17,900

Equity benchmark Sensex tumbled by 433 points on Thursday tracking losses in index majors ICICI Bank, HDFC and SBI amid mounting inflationary pressure in the global market and foreign fund outflows.  The 30-share index ended 0.72% lower at 59,919.69. Nifty fell 143.60 points or 0.80% to 17,873.60.

SBI was the top loser in the Sensex pack followed by Bajaj Finserv, Tech Mahindra, Sun Pharma, Bajaj Finance and Axis Bank. On the other hand, Titan, M&M, Reliance Industries and TCS were among the gainers.

5:21 P.M.

Suzuki Motor expects automobile sales in India to decline 6%

Japan's Suzuki Motor Corporation on Thursday said it expects its automobile sales in India to decline 6% year-on-year and has cut its overall global sales forecast for the ongoing fiscal by 2.25 lakh units on account of semiconductor shortage. 

The company pegged its total global sales forecast for the ongoing fiscal at 24.86 lakh units. In the last financial year, Suzuki Motor Corporation (SMC) had a total sale of 25.71 lakh units.

5:21 P.M.

Rupee falls 18 paise to close at 74.52 against US dollar

The rupee depreciated by 18 paise to end at 74.52 against the US currency on Thursday, as heavy selling pressure in domestic equities and a strong greenback in the overseas market weighed on investor sentiments. 

The local unit closed at 74.34 in the previous trading session.

5:13 P.M.

Gold ETFs attract ₹303 cr in October on festival season demand

Gold exchange-traded funds (ETFs) continue to attract investor attention as they garnered net assets worth ₹303 crore in October due to festival season demand. 

This was, however, lower than the net inflow of ₹446 crore in September, data with Association of Mutual Funds in India (Amfi) showed.

5:10 P.M.

Auction for 5G spectrum likely in April-May 2022: Vaishnaw

The auction for the 5G spectrum is likely to take place around April-May next year, Communications Minister Ashwini Vaishnaw said on Thursday.

The comment assumes significance as the Department of Telecommunications (DoT) was earlier hopeful of holding 5G auctions by the end of the current fiscal. "The 5G stack is like 70-75% ready. By February, we should have the entire 5G software stack ready," Vaishnaw said.

5:07 P.M.

India's GDP to rise by $406 bn by 2050 in net-zero scenario

India's GDP will rise by $406 billion by 2050 and more than 43 million jobs will be created, as the Asia's third-largest economy leaps towards a net-zero target, according to a report by Observer Research Foundation (ORF). At the 2021 Climate Change Conference, also known as COP26, Prime Minister Narendra Modi outlined a net-zero emissions target by 2070 for India.

5:06 P.M.

RBI Governor reiterates opposition to cryptocurrencies

RBI Governor Shaktikanta Das on Wednesday reiterated his views against cryptocurrencies saying they pose serious threats to the financial stability of the country and also doubted the number of investors trading on them as well their claimed market value.

His comments come ahead of the RBI's internal panel report on the contentious topic which is expected next month. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns. The government last week moved to ban private cryptocurrencies.

2:55 P.M.

China’s Xi warns against Cold War in Asia-Pacific

Chinese President Xi Jinping warned Thursday against letting tensions in the Asian-Pacific region cause a relapse into a Cold War mentality.

His remarks on the side-lines of the annual summit of the Asia-Pacific Economic Cooperation forum came weeks after the U.S., Britain and Australia announced a new security alliance in the region which would see Australia build nuclear submarines. China has harshly criticized the deal.


2:25 P.M.

Musk sells off $5B in Tesla shares

After making a promise on Twitter, Tesla CEO Elon Musk has sold about 4.5 million shares of the electric car maker's stock, raising over $5 billion. The sales, disclosed in 10 regulatory filings late Wednesday, amount to about 3% of Musk’s stake in the company. About $1.1 billion will go toward paying tax obligations for stock options granted to Musk in September.


2:00 P.M.

CoP26 | Saudi Arabia denies paying climate saboteur

Saudi Arabia's energy minister expresses shock at repeated complaints that the world's largest oil producer is working behind the scenes to sabotage negotiations.

“What you have been hearing is a false allegation, and a cheat and a lie,” Prince Abdulaziz bin Salman al Saud said this week at the talks in Glasgow.

He was responding to journalists pressing for a response to claims that Saudi Arabia's negotiators have been working to block climate measures that would threaten demand for oil.

“We have been working well” with the head of the U.N. climate talks and others, Prince Abdulaziz said.


1:35 P.M.

Thai economy improves after reopening

Thailand's economy is improving after the country reopened to more vaccinated foreign visitors from this month, according to a central bank official. The bank's regional activity tracker showed better tourism, spending and jobs, Senior Director Chitkasem Pornprapunt told a briefing.


1:02 P.M.

China stocks rise

China stocks gained on Thursday, bucking the trend in Asia, as investors snapped up battered property shares on bets that Beijing will relax policies to prevent a sector-wide collapse. Hong Kong shares dipped slightly.

China's blue-chip CSI300 index rose 0.9% in morning trading, while the Shanghai Composite Index gained 0.6%. Hong Kong's benchmark Hang Seng index edged 0.2% lower.


12:37 P.M.

Zomato’s revenue jumps

Zomato on Wednesday reported its quarterly revenue that more than doubled as orders on its food delivery business zoomed, while higher expenses caused losses to balloon. Gross order value rose 158% for the reported quarter to 54.1 billion rupees from a year earlier, while revenue from operations jumped 140.2% to 10.24 billion rupees.

The Gurugram-based company also said it was investing in logistics-tech firm Shiprocket, savings app Magicpin and fitness firm CureFit and added it will invest $1 billion more over the next 1-2 years, with a large chunk likely going into the quick-commerce space.


12:01 P.M.


Australia releases framework to curb risky lending

Australia’s regulator has issued a long-anticipated framework aimed at curbing risky lending by banks and safeguarding the financial system. The Australian Prudential Regulation Authority (APRA) said it would formalise a requirement that banks are able to curb riskier residential and commercial property lending in a timely manner, proposing changes to regulatory standards that would embed those requirements.

The changes would add lending limits and minimum lending standards to current credit-risk standards, it said.


11:35 A.M.


Palm oil futures gain for the second day

Malaysian palm oil futures extended gains for a second day, underpinned by concerns over weaker production amid higher rainfall and as cargo surveyor data showed an increase in early November exports.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 0.61%, to 4,950 ringgit ($1,192.34) a tonne by the midday break.


11:16 A.M.


PM to launch two RBI schemes

Prime Minister Narendra Modi will launch RBI’s retail direct scheme that aims to provide retail investors access to government securities. The scheme offers investors a new way to invest in securities issued by the Union and the state governments. The investors will be able to easily open and maintain their government securities accounts online with the RBI for free.

The Prime Minister’s Office (PMO) also said the PM will launch Reserve Bank-Integrated Ombudsman Scheme aimed at improving grievance redressal mechanism to resolve customer complaints against entities regulated by the central bank.


10:57 A.M.

Chennai-based micro-lender files IPO papers

Non-banking financial company Five Star Business Finance has filed preliminary papers with capital markets regulator Sebi to raise up to  2,752 crore through an initial public offering (IPO). The NBFC is backed by Sequoia, KKR, TPG, Matrix Partners, and Norwest Ventures.

The Chennai-based NBFC provides secured business loans to micro-entrepreneurs and self-employed individuals, a segment largely excluded by traditional financing institutions.




10:44 A.M.

Rupee falls against US dollar

The Indian rupee fell by 20 paise to 74.54 against the US dollar in opening trade, weighed down by a lacklustre trend in the domestic equity market and firm American dollar.

At the interbank foreign exchange, the rupee opened at 74.44, then lost further ground and touched 74.54 against the greenback in initial deals.



10:00 A.M.

Markets update | Sensex falls

The Indian benchmark indices Sensex and Nifty opened lower amid weak global cues. At 9:16, the Sensex was down 0.31% at 60164.44 and the Nifty was down 0.35% at 17953.80.

Inflation fears pressured Asian stocks after U.S. inflation rose at the fastest pace in 30 years last month, boosting the case for faster Federal Reserve policy tightening.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.85%,  led by a 1.19% slide in Australia's benchmark.

Chinese blue chips slipped 0.09% while Japan's Nikkei bucked the trend by rising 0.24%.

The S&P 500 was also down 0.82%, its worst day in more than a month.

9:15 A.M.

Oil prices steady

Oil prices steadied after falling in the previous session on concerns rising inflation in the United States may prompt the government to release more crude stockpiles to pull down prices. Brent crude futures rose 0.2% to $82.82 and WTI also rose 0.2% to $81.51. 

Brent crude futures fell by 2.5% and West Texas Intermediate (WTI) futures plunged by 3.3% on Wednesday after reports suggested that U.S. inflation increased at the fastest rate in 30 years pushed the dollar higher and crude inventories in the U.S. rose after the government released some strategic reserves.

The dollar gained on expectations that the government's actions to curb the rising prices may lead to higher interest rates and tighter monetary policy. The oil typically trades inversely to the dollar.


----   Edited by John Xavier


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

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