Reddit to raise up to $700 million in late-stage funding
News aggregation website Reddit raised late-stage funding worth $410 million from Fidelity Investments Inc on Thursday, valuing the company at about $10 billion.
The company expects to raise a total of $700 million from new and existing investors, it said in a statement.
EU urges major economies to set tougher climate goals by November summit
The European Union’s top diplomat on Thursday urged major global economies to set tougher climate targets, including a commitment to eliminate their greenhouse gas emissions, in time for a global climate summit in November.
This comes days after the UN released a report emphasising on the seriousness of global warming , stating some climate phenomena like rising sea levels may be “irreversible”.
Both the EU and the U.S. this year set tougher targets to reduce emissions by 2030, Reuters reported.
Airtel Payments Bank turns profitable in July on digital payments boom
Airtel Payments Bank turned profitable in July, helped by surge in digital payments and access to banking during the COVID-induced lockdowns, PTI reported quoting a top company official.
Airtel Payments Bank Chief Executive Officer Anubrata Biswas said in a communication to employees that the bank has grown rapidly over the last four years, doubling every 18 months.
Rupee surges 19 paise against U.S. dollar
The rupee appreciated by 19 paise on Thursday to close at 74.25 against the U.S. dollar, as a result of heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment.
Fresh foreign capital inflows also supported the domestic unit, PTI reported citing forex dealers.
Sensex, Nifty soar to record highs
Equity benchmark index Sensex climbed 318 points to a new lifetime high on Thursday, led by gains in ICICI Bank, L&T and Tech Mahindra. The index gained 0.58% higher at its all-time peak of 54,843.98.
NSE Nifty advanced 0.26% to record 16,325.15, PTI reported.
In the Sensex pack, Dr Reddy’s, IndusInd Bank, Reliance Industries and Axis Bank were among the laggards.
Elsewhere in Asia, Shanghai, Hong Kong, Tokyo and Seoul ended in losses.
China to toughen anti-monopoly rules over next five years
China is set to implement tougher anti-monopoly rules and penalties over the next five years, according to new guidelines from the cabinet, an indication that Beijing plans to tighten the screw further on the country’s stressed businesses.
Guidelines published by the Communist Party’s top decision-making body call for “centralised special rectification” — propaganda speak for further government intervention, AFP reported.
UN experts urge halt on surveillance tech sales following Pegasus scandal
Several United Nations experts have called for a hold on international tech sales of surveillance equipment to protect human rights following the Pegasus spyware scandal .
“It is highly dangerous and irresponsible to allow surveillance technology and trade sector to operate as a human rights-free zone,” the human rights experts said in a statement, signed by three special rapporteurs on rights and a working group on the issue of human rights and transnational corporations and other businesses, AFP reported.
India to clear Boeing 737 Max to fly again soon
India is all set to allow Boeing’s 737 Max jets to resume flights in the country soon, Bloomberg reported, citing unnamed sources.
The country is said to be satisfied with the plane’s performance since it was grounded in several nations including the U.S., and has met India’s own requirements which included setting up a Max simulator, the report added.
Facebook may have to sell Giphy on competition concerns
Facebook Inc may have to sell GIF website Giphy after an investigation found that the deal would harm competition in display advertising, Britain’s competition watchdog said Thursday.
Giphy’s takeover could mean Facebook would withdraw GIFs from competing platforms or requiring more user data in order to access them, and will remove a potential challenger to Facebook, the chair of the independent investigation for U.K.’s Competition and Markets Authority added, according to Reuters .
India’s sugar exports touch 5.11 million tonnes so far this year
Indian sugar mills have exported nearly 5.11 million tonnes of sugar so far this year, with most number of shipments going to Indonesia, according to data by trade body AISTA.
The trade body noted about 2,02,521 tonnes of sugar is under loading and an additional 6,78,237 tonnes of sugar is in transit for delivery to port-based refineries, PTI reported.
Natco Pharma’s Q1 profit falls 39%
Drugmaker Natco Pharma’s net profit declined 39% in the June-ended quarter to ₹75 crore from ₹122.1 crore in the same period last year.
The company said the degrowth in sales can be partially attributed to the higher proportion of initial phase of pandemic exports to the U.S. in Chloroquine Phosphate tablets and Oseltamivir Phosphate capsules in the revenues for last quarter, PTI reported citing the company’s regulatory filing.
India cannot become next factory of world by copying China: Niti Aayog’s Kant
Niti Aayog’s CEO Amitabh Kant said on Thursday India cannot become the world’s next factory by copying China, stressing that the country needs to get into “sunrise areas of growth” if it wants to be a global leader.
Kant also added that the country’s private sector has to set ambitious targets for itself and focus on green hydrogen, high-end batteries, and advanced solar panels to become competitive, PTI reported.
ITC Chairman says recovery evident across market categories
ITC Chairman and Managing Director Sanjiv Puri said in a press conference on Thursday that recovery is clearly evident across categories but restrictions exist in a few areas.
The cigarette-to-hotel major’s chairman also noted the rural economy is holding on during the COVID-19 pandemic, while modern trade and traditional channels are also witnessing recovery, according to a PTI report.
Global trade, industry may recover only to 50% of 2019 level by end of 2021: report
Travel restrictions around the world has inflicted a substantial toll on global trade and industry, and may recover only to 50% of the 2019 level by the end of 2021, according to a new report by the Conference Board .
The U.S.-based think tank noted the pandemic-induced lockdown has had a cascading effect on 334 million people worldwide directly dependent on the travel and tourism sector.
Congestion in China's major container ports worsens as COVID-19 cases rise
Congestion in Shanghai and Ningbo, China’s top two container ports, is worsening following the shutdown if a container terminal in Ningbo where a COVID-19 case was detected this week.
Forty container vessels were on hold at the Zhoushan anchorage on Thursday, up from 30 on August 10, according to a Reuters report.
The development indicates how tighter restrictions to fight the virus in China is starting to hit more parts of the country.
IT sector should have over 500 companies with revenue over ₹5,000 crore in next 5 years: Union Minister
Union Minister Rajeev Chandrasekhar said on Thursday India’s IT sector must aim to have 500-600 companies with revenue generation of over ₹5,000 crore in the next three to five years.
The current tally stands at 25-30 such firms and the sector must leverage its proven attributes of trust and competitiveness to tap global opportunities in the post COVID-19 world, Chandrasekhar noted, according to a PTI report.
Shell to pay 95 million euros penalty over 1970 Nigerian oil spills
Oil giant Shell has agreed to pay a penalty of 95 million euros to communities in Nigeria over crude oil spills in 1970, according to the company and the community’s lawyer.
Local communities in Nigeria have been fighting the legal battle for long over environmental damage caused by the OPEC-member’s oil spill in 1970, AFP reported.
The company said that it maintained the spills were caused by third parties during Nigeria's 1967-70 civil war when much damage was done to oil pipelines and infrastructure.
Edelweiss Wealth Management aims to raise $1 billion in pre-IPO PE fund
Edelweiss Wealth Management said on Thursday it aims to raise $1 billion through pre-IPO and late-stage private equity fund.
The company already raised $500 million in its first three series of fund raises, PTI reported.
The announcement also comes at a time initial public offerings are surging due to easy liquidity.
Passenger vehicle sales rise 45% in July: SIAM
Auto industry body SIAM said on Thursday passenger vehicles sales grew 45% to 2,64,442 units in July this year, compared to 1,82,779 units last year.
However, two-wheeler dispatches from the OEMs to dealerships declined 2% to 12,53,937 units last month, against the same period last year, according to a PTI report.
Edtech startup Eruditus close to raising $450 million from SoftBank, Accel
Indian edtech startup Eruditus is close to raising over $450 million from investors at SoftBank and Accel Partners, Bloomberg reported citing unnamed sources.
The funding round will value the startup at nearly $3.2 billion and an announcement is expected as early as this week, the report noted, adding that some existing shareholders are also offloading about $200 million stake.
Amazon India expands fulfilment network in Tamil Nadu
Amazon Inc’s India arm said on Thursday it has expanded its fulfilment network in Tamil Nadu by almost doubling storage capacity this year.
The infrastructure is said to offer storage space of nearly 4.4 million cubic feet to sellers in the state, PTI reported.
The fulfilment centre was formally inaugurated by TN Chief Minister M K Stalin in the presence of Industry Minister Thangam Thennarasu.
SpiceJet passengers can now book cabs during flight
Budget carrier SpiceJet on Thursday said its passengers can now book cabs for airport transfer during their flight , using the airline’s in-flight entertainment platform SpiceScreen.
In the first phase, the new service will be available to passengers arriving at the Delhi airport, starting August 12. The airline will further extend the service to all major airports, including Mumbai, Bangalore, Hyderabad, Goa, Chennai, Kolkata, Ahmedabad and Pune in a phased-manner, PTI reported.
UK economy grew by stronger-than-expected 1.0% in June
Britain’s economy grew by a faster-than expected 1.0% in June, boosted by the huge services sector as people resumed going to see their doctors following the pandemic and after many hospitality firms were allowed to resume indoor service in mid-May, official data showed on Thursday.
Gross domestic product in the three months to the end of June was 22.2% higher than in the same period of 2020, a Reuters report noted. The services sector grew by 1.5% in June from May, and food and beverage services up by more than 10%.
Accenture restores affected systems after reported ransomware attack
Accenture said it has fully restored certain affected systems , after a CNBC reporter tweeted of a hacker group saying it attacked the IT consulting firm using LockBit ransomware and threatened to release the data in several hours.
Apple supplier Foxconn’s Q2 profit beats estimates
Taiwan’s Foxconn reported a better-than expected quarterly profit on Thursday due to strong demand for technology products from clients, such as Apple, as people continued to telecommute amid the COVID-19 pandemic, Reuters reported.
The world’s largest contract electronics maker reported April-June net profit of T$29.779 billion ($1.07 billion), up 30% from a year earlier, surpassing a Refinitiv consensus estimate of T$25.98 billion drawn from 12 analysts. Its second-quarter revenue rose 20% from a year earlier to T$1.35 trillion.
Toshiba returns to Q1 profit, in line with estimates
Japan’s Toshiba Corp on Thursday reported a first-quarter operating profit that was in line with analyst estimates, helped by cost cuts and a recovery from a pandemic-driven hit to demand, a Reuters report noted.
The Japanese conglomerate posted an operating profit of 14.53 billion yen ($132 million) for the April-June quarter, reversing a year-earlier loss of 12.64 billion yen. The result compared with the 14.90 billion yen average of 5 analyst estimates compiled by Refinitiv.
Grasim Industries abused its dominant position: CCI
The Competition Commission of India (CCI) has said Grasim Industries has abused its dominant position in the supply of a certain staple fibre by charging discriminatory prices to its customers, denying market access and imposing supplementary obligations on them.
The commission directed the firm to cease and desist from indulging in such practices, which have been found to be in contravention of the provisions of the Competition Act, as per an order dated August 6, a PTI report noted.
Cummins India posts over 3-fold jump in June quarter profit
Engines and related parts maker Cummins India reported more than three-fold increase in its standalone profit after tax (PAT), driven by higher domestic and exports sales, PTI reported.
The Pune-based company posted a standalone PAT of ₹66.76 crore in three months to June, as against ₹17.89 crore in the year-ago period. Revenue from operations spiked 141% to ₹1,167.3 crore during the quarter under review as compared to ₹484.06 in the June quarter of FY21.
Oil prices steady after U.S. call for more oil raises supply concerns
Oil prices were steady on Thursday following two days of gains after a call from the United States, the world’s top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions, Reuters reported.
Brent crude futures edged higher by 0.1%, to $71.52 a barrel, while U.S. West Texas Intermediate crude futures gained by 5 cents to $69.30.
Rupee rises 17 paise against US dollar in early trade
Indian Rupee opened strong at 74.26 against the U.S. dollar on Thursday, after closing at 74.44 on Wednesday.
In Thursday’s early trading, the rupee edged lower to quote at 74.27, a rise of 17 paise against the last close.
Strengthening crude prices in the international market, however, kept the rupee surge in check, a PTI report noted.
Fed officials grapple over timeline for tapering asset purchases
The U.S. economy is growing at a robust pace and the labour market is rebounding, signalling it is nearly time for the Federal Reserve to start withdrawing its support, several U.S. central bank officials said on Wednesday.
Policymakers are in the process of discussing how and when they should begin to trim the massive asset purchases launched by the Fed last year to stabilise financial markets and support the economy through the coronavirus pandemic, a Reuters report noted.
U.S. July budget deficit hits $302 billion as spending remains high
The U.S. government on Wednesday posted a July budget deficit of $302 billion, a record for that month, as COVID-19 relief spending stayed elevated while receipts returned to a more normal pace after a delayed July tax deadline last year, Reuters reported.
The Treasury Department said the July deficit compared to a year-earlier $63 billion budget gap. Receipts for the month totalled $262 billion, down 54% from July 2020, while outlays were $564 billion, down 10% from the year-earlier period.
Exploring acquisitions, says ITC chairman Puri
ITC Ltd. is ‘proactively’ exploring inorganic opportunities as part of its vision for the next horizon, chairman Sanjiv Puri told shareholders on Wednesday.
“This was manifest in the earlier acquisition of Savlon and Nimyle brands, and more recently of Sunrise Foods,” he said, adding the company would “continue to evaluate such value-accretive, inorganic opportunities as an additional pillar of growth.”
U.S. calls on OPEC and its allies to pump more oil
U.S. President Joe Biden’s administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery, a Reuters report noted.
Biden’s national security adviser Jake Sullivan criticised big drilling nations, including Saudi Arabia, for what he said were insufficient crude production levels in the aftermath of the global COVID-19 pandemic.
Earnings announcements expected today
Several companies are expected to release their quarterly earnings report on Thursday, including Ansal Properties & Infrastructure, Apollo Micro Systems, Ashok Leyland, Aurobindo Pharma, Bharat Forge, BPCL, Dish TV India, Eicher Motors, Engineers India, Finolex Cables, Gujarat Pipavav Port, Hero MotoCorp, HUDCO, IRCTC, JB Chemicals, Matrimony.com, Max India, Mazagon Dock Shipbuilders, Mishra Dhatu Nigam, Natco Pharma, NMDC, Oil India, Page Industries, Power Finance Corporation, RailTel Corporation of India, Redington (India), Schneider Electric Infrastructure, Sundram Fasteners, Tata Steel, Thyrocare Technologies, and Trident.
Indian benchmark indices open higher
Indian indices opened higher on Thursday. BSE Sensex opened at 54,641.22, up 115.29 points, while Nifty opened at 16,303.65, up 21.4 points.
On Wednesday, the 30-share BSE index rose 28.73 points or 0.05% to close at 54,525.93, while the broader NSE Nifty inched up 2.15 points or 0.01% to close at 16,282.25.
Asian shares fall as Delta fears eclipse Wall Street uptick
Asian shares failed to follow a strong close on Wall Street with fears about the spread of the Delta variant of the coronavirus weighing on sentiment even as tame U.S. inflation eased fears the Federal Reserve would rush to reduce its economic support, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.25% in early trading, dragged by a 0.24% decline in Chinese blue-chips. The Hong Kong benchmark fell 0.2% while Australian shares were largely flat and Japan’s Nikkei rose 0.35%.
Slowing inflation growth lifts Dow, S&P to records
The Dow Jones Industrial Average and S&P 500 closed at record levels on Wednesday, as data indicated U.S. inflation growth may have peaked, while sectors tied to economic growth advanced on the heels of the passage of a large infrastructure bill, a Reuters report noted.
The Dow Jones Industrial Average closed at 35,484.97, up 220.30 points or 0.62%, the S&P 500 rose 10.95 points or 0.25% to close at 4,447.70, and the Nasdaq Composite ended at 14,765.14, down 22.95 or 0.16%.
