India's liquidity driven stock market rally is expected to dry out next year as global and domestic monetary policy starts to tighten, according to a Reuters poll. Separately, state-owned Canara Bank raises ₹2,500 crore through qualified institutional placements (QIP).
In another development, markets regulator Sebi on Wednesday ordered defreezing of bank accounts as well as share and mutual fund holdings of Rana Kapoor, former MD and CEO of Yes Bank.
Govt working on establishing charging infra for EVs across country: Union Minister
Union Heavy Industries Minister Mahendra Nath Pandey on Wednesday said the government is working on establishing charging infrastructure across the country in order to promote faster adoption of electric vehicles (EVs) in the country.
Speaking at industry body SIAM's 61st Annual Convention, Pandey said various ministries and government departments are collaborating to set up charging infrastructure on highways and in cities, PTI reported.
Sebi orders defreezing of bank, demat accounts, MF folios of Rana Kapoor
Markets regulator Sebi on Wednesday ordered defreezing of bank accounts as well as share and mutual fund holdings of Rana Kapoor, former MD and CEO of Yes Bank.
Kapoor is currently in judicial custody after being arrested in March 2020 in the alleged Yes Bank fraud case, PTI reported.
Canara Bank raises ₹2,500 crore through QIP
State-owned Canara Bank on Wednesday said it has raised ₹2,500 crore through the qualified institutional placement (QIP) route.
The QIP was fully subscribed and saw a strong response from foreign as well as from domestic qualified institutional buyers (QIBs), the bank said in a statement, according to a PTI report.
Sensex ends flat; Nifty soars to new high
Equity benchmark Sensex ended on a flat note after scaling a new lifetime peak on Wednesday amid mixed cues from global markets.
After touching its all-time high of 56,198.13 in early trade, the 30-share index ended 14.77 points or 0.03% lower at 55,944.21. Nifty ended 10.05 points or 0.06% higher at its new closing record of 16,634.65. It touched an all-time high of 16,712.45 during the day, PTI reported.
TCS was the top gainer in the Sensex pack, rising over 1%, followed by Infosys, Reliance Industries, HUL, Nestle India and ITC.
On the other hand, Bajaj Finserv, Titan, Maruti, Bharti Airtel and Tata Steel were among the laggards.
Payment delays, signing of power sale-purchase agreements key challenges facing RE sector: ICRA
Delays in payments to renewable energy (RE) developers besides slow progress in the signing of power purchase and sale agreements by procurers are among the key challenges constraining the growth of the sector, according to ICRA.
In the report, ICRA said the timely commissioning of new capacities remains important to meet the growing demand from the developers, given the current capacity constraints, PTI reported.
Government approves ₹15,000-crore FDI proposal of Anchorage Infrastructure Investment Holding
The Cabinet Committee of Economic Affairs (CCEA) on Wednesday cleared a ₹15,000-crore foreign direct investment proposal of Anchorage Infrastructure Investment Holding Ltd, a subsidiary of Canada-based pension fund, for investment in the infrastructure sector.
The investment may also include transport and logistics, along with downstream investment in the airport sector and aviation related businesses and services, PTI reported.
FM asks banks to work with state governments to fuel ‘one district, one product’ agenda
Finance Minister Nirmala Sitharaman on Wednesday requested banks to work with all state governments to push the 'one district, one product' agenda.
Banks have also been requested to have interactions with export promotion should agencies, chambers of commerce and industry to understand and address the requirement of exporters on a timely basis, PTI reported.
Govt launches programme to support 300 IT startups
The government on Wednesday announced a new programme to support 300 IT startups under which it will provide seed funding, mentorship and market access with a view to create 100 unicorns out of the selected companies.
The concept of the Startup Accelerator of MeitY for Product Innovation, Development and Growth has been developed on the lines of Silicon Valley-based accelerator YCombinator, according to Ministry of Electronics and IT Special Secretary Jyoti Arora, PTI reported.
A breakdown of the National Monetisation Pipeline
Finance Minister Nirmala Sitharaman unveiled the government’s ₹60 lakh crore 'National Monetisation Pipeline' project on Monday . Here are some of the sectors that are going to be privatised:
- Road assets, including 22% of National Highways, worth ₹1.6 lakh crore
- Over 400 railway stations, 90 passenger trains and other railway assets worth ₹1.52 crore
- 25 airports and other airport assets worth ₹20,782 crore
- Power Transmission assets worth over ₹45,000 crore
- Coal mining assets worth ₹28,747 crore
- Telecom assets worth ₹35,100 crore
- Shipping assets worth 12,828 crore
- Warehousing assets worth 28,900 crore
- Realty, hotel assets worth ₹15,000 crore
- Jawaharlal Nehru stadium, 3 other assets under the Sports Authority of India
Concrete govt actions required to support automobile industry: Maruti Suzuki’s Bhargava
Maruti Suzuki India Chairman R. C. Bhargava said on Wednesday that while a lot of statements were made by the government supporting the automobile industry, actual steps accounted to nothing.
The industry leader noted that the automobile sector in the country was at a very crucial juncture with declining fortunes in the last few years and it would not revive either with conventional engine vehicles, CNG, biofuels or EVs, unless the question of affordability of cars for the customer is addressed, PTI reported.
R. C. Bhargava
Logistics company Delhivery buys Spoton for undisclosed amount
Logistics company Delhivery on Wednesday said it has bought Bengaluru-based Spoton Logistics for an undisclosed amount, a move aimed at further strengthening its B2B capabilities.
CEO Sahil Barua said that Delhivery is well-placed to provide benefits of synergies between its B2C and B2B express businesses to the customers of both Delhivery and Spoton, and further enhance its end-to-end supply chain capabilities, PTI reported.
Indian Oil to use drones to check fuel thefts from pipeline
Indian Oil Corp (IOC) said on Wednesday it is deploying drones to monitor its vast network of pipelines across the country for fuel thefts.
This comes as it doubles down on the use of technology to thwart attempts of steal fuel, helping not just not just save the commodity but also avoid accidents, PTI reported.
The company added the use of technology helped throttle 34 attempts to pilfer fuel and arrest 53 persons in 2020-21 fiscal year.
E-commerce company Bewakoof raises ₹60 crore funding
E-commerce startup Bewakoof on Wednesday said it has raised funds worth ₹60 crore from InvestCorp, IvyCap, and Spring Marketing Capital.
The company also said it is on track to clock ₹2000 crore in sales by 2025, and plans to accelerate its growth trajectory by investing in areas like branding, technology and talent, according to PTI report.
India committed to goal of clean, modern mobility: PM Modi
Prime Minister Narendra Modi on Wednesday said that India remains firmly committed to move forward with its goal of clean and modern mobility, and is taking holistic steps for the value chain associated with automobile manufacturing so that the industry becomes more productive and sustainable.
In a message to the auto industry body Society of Indian Automobile Manufacturers (SIAM) on its 61st annual convention, Modi also stated that the active and sensitive effort of the automobile sector is deeply valued during the nation’s fight against COVID-19, PTI reported.
China reopens world's third busiest port after partial halt
China has resumed operations at a key terminal in the Ningbo-Zhoushan port, after a partial shut down to control the coronavirus caused major block backlogs and worsened export schedules.
The halt at the eastern Ningbo-Zhoushan port began two weeks ago, when a single positive case of COVID-19 case emerged, AFP reported.
Financial services startup Winvesta raises funds from CRED’s Kunal Shah, Blume Founders Fund
Financial services startup Winvesta said on Wednesday it has raised an undisclosed amount of funds as part of its seed round from Blume Founders Fund, CRED’s Kunal Shah and Speciale Invest.
The fresh funding is expected to help the startup scale its operations including hiring fresh talent to build a world-class team as well as bolster technology, the company said in a statement, according to a PTI report.
India’s liquidity driven stock market rally to cool next year: Reuters poll
India’s liquidity driven stock market rally is expected to dry out next year as global and domestic monetary policy starts to tighten, according to a Reuters poll.
Despite slumps during the two damaging waves of the COVID-19 pandemic, the benchmark BSE Sensex index has surged nearly 120% from a record low of 25,638.9 hit in late March last year, when the country’s first lockdown started, Reuters reported.
U.S. examining Boeing's treatment of safety related employees
U.S.’s Federal Aviation Administration (FAA) is examining aircraft maker Boeing after a small group of Boeing engineers who perform key safety tasks raised concerns about their ability to work free of pressure from supervisors, according to an AP report.
The employees are deputised to approve safety assessments and handle other jobs for the FAA, making their independence from the company pressure critical.
India among most exciting markets globally, to grow to $1 trillion by 2025: Walmart CEO
The Indian retail segment has its own uniqueness and the country is one of the most exciting markets globally that is poised to grow to over a trillion dollars by 2025, according to Walmart Inc President and CEO Doug McMillon.
McMillon noted that given the diversity of the Indian market, the company has to “think local and execute locally”. The top executive highlighted that India is one of the top three markets, along with the US and China, according to a PTI report.
EY fined $4.8 million by U.K. accounting watchdog over Stagecoach audit
Britain’s accounting watchdog has fined Ernst & Young LLP 3.5 million pounds ($4.80 million) over the audit of transport firm Stagecoach Group’s financial statements in 2017, a Reuters report noted.
The Financial Reporting Council (FRC) said Mark Harvey, the auditing engagement partner, has also been sanctioned and fined 100,000 pounds.
Transition of automobiles towards electric mobility inevitable: Niti Aayog CEO
The transition of automobiles towards electric mobility is inevitable and it is for the auto industry to make the change and drive it to make India a global leader in electric vehicles (EVs), Niti Aayog CEO Amitabh Kant said on Wednesday.
Kant said in the next two years the cost of batteries will fall even further thereby bringing down the upfront cost of acquisition for consumers. He asked automobile manufacturers to expand investments in research and development to support electric mobility, which includes vehicle systems integration, motors and controls, power electronics and charging infrastructure, according to a PTI report.
Oil retreats after two-day rally on supply issues
Oil prices fell on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico’s production and signs that China, the world’s biggest importer, has curbed a recent coronavirus outbreak, Reuters reported.
Brent crude futures dropped 0.4%, to $70.80 a barrel, while U.S. West Texas Intermediate crude futures fell 0.4%, to $67.26. Both benchmark contracts rose by about 8% over the previous two days, erasing most of the slump from a seven-day losing streak, the report noted.
Indian automobile industry facing many immediate, medium-term challenges: SIAM President
The Indian automobile industry is going through a deep structural slowdown and the COVID-19 pandemic has further impacted the sector pushing it back by many years, Kenichi Ayukawa, President, Society of Indian Automobile Manufacturers (SIAM), said on Wednesday.
Speaking at industry body SIAM’s 61st Annual Convention, Ayukawa noted that all auto segments like passenger vehicles and two-wheelers have witnessed a drastic drop in growth rates over the last 5-10 years, according to a PTI report. He said that the industry is currently facing many immediate and medium-term challenges.
Global corporate profits to fall 8% in Q3 after record Q2
Global corporate profits in the third quarter are likely to fall for the first time in 18 months after record earnings in April-June as the spreading COVID-19 Delta variant squeezes supply chains and raises labour costs, according to a Reuters report.
The combined net profits of 2,542 global companies with market capitalisation of at least $1 billion surged to a record $734 billion in the quarter ended June, the report noted. But profits are estimated to fall 8% on average to $678.2 billion in the July-September quarter.
Curefoods raises $13 milion funding from Iron Pillar, Binny Bansal, others
Curefoods, which operates the cloud kitchen brand EatFit, on Wednesday said it has raised $13 million (about ₹96.4 crore) in funding, led by Iron Pillar. The Series A round also saw participation from Nordstar and Flipkart co-founder Binny Bansal, a PTI report noted.
Curefoods has raised $20 million between seed and Series A funding. The company is also looking at closing a $10 million debt raise in the coming weeks, it said.
India’s July oil imports hit 1-year low on refinery maintenance
India's July crude oil imports slumped to their lowest in a year, tanker arrival data from industry sources showed, and are likely to rebound in August as refiners are expected to boost runs after maintenance of units, Reuters reported.
Crude imports in July fell 12.5% month-on-month to 3.4 million barrels per day (bpd), but rose 12.8% year-on-year, as refiners shut units for maintenance and cut crude imports anticipating lower fuel demand during the monsoon season, the report noted.
U.S. approves licenses for Huawei to buy auto chips
U.S. officials have approved license applications worth hundreds of millions of dollars for China’s blacklisted telecom company Huawei to buy chips for its growing auto component business, Reuters reported, citing two unnamed sources.
The approvals come as Huawei pivots its business toward items that are less susceptible to U.S. trade bans. According to the report, the government is granting licenses for chips in vehicles that may have other components with 5G capability.
Rupee falls 5 paise to 74.24 against U.S. dollar in early trade
The rupee declined 5 paise to 74.24 against the U.S. dollar in opening trade on Wednesday, tracking the firm American currency.
At the interbank foreign exchange, the rupee opened at 74.20 against the dollar, then fell further to 74.24, registering a fall of 5 paise over its previous close, a PTI report noted.
S.Korea parliament committee votes to curb Google, Apple commission dominance
A South Korean parliamentary committee voted early on Wednesday to recommend amending a law, a key step toward banning Google and Apple from forcibly charging software developers commissions on in-app purchases, the first such curb by a major economy, Reuters reported.
Based on South Korean parliament records, the amendment bans app store operators with dominant market positions from forcing payment systems on content providers and “inappropriately” delaying the review of, or deleting, mobile contents from app markets, the report noted.
Flipkart Wholesale brings in credit programme for kiranas, retailers
Flipkart Wholesale, the digital B2B marketplace of the Walmart-owned company, has announced a new credit programme to help kiranas manage their working capital requirements and grow their business, PTI reported.
Through these new offerings, kiranas can avail credit at zero cost through end-to-end digital onboarding in partnership with IDFC FIRST Bank and other fintech institutions. The credit line will range from ₹5,000 to ₹2 lakh with an interest-free period of up to 14 days.
FM to meet CEOs of public sector banks on August 25
Finance Minister Nirmala Sitharaman will meet heads of public sector banks (PSBs) on Wednesday to review the financial performance of the lenders and progress made by them in supporting the pandemic-hit economy, PTI reported citing sources.
The meeting with MD and CEOs of PSBs assumes significance given the importance of the banking sector in generating demand and boosting consumption.
Supreme Court asks DoT not to invoke bank guarantees of Airtel for three weeks
The Supreme Court on Tuesday directed the Department of Telecommunications (DoT) to not invoke bank guarantees of Bharti Airtel for three weeks, towards recovery of ₹1,376 crore in AGR dues of Videocon Telecommunications Ltd. Videocon had sold its mobile spectrum to the Bharti group.
Open digital systems to unlock $700-billion opportunities by 2030: Nasscom
Open digital ecosystems will unlock more than $700 billion worth of business opportunities for India by 2030 across sectors such as healthcare, agriculture, MSMEs, education, and e-land records, industry apex body Nasscom said in a report on Tuesday.
Three of the largest public digital platforms in the world — Aadhaar, UPI, and CoWIN — were from India, which had significantly fast-tracked the country’s pivot to digitalisation and become integral to its $5-trillion dollar economy aspiration, the report titled Digital India: The Platformisation Play , said.
Indian benchmark indices open higher, rise in early trade
Indian indices opened higher on Wednesday. BSE Sensex opened at 56,067.06, up 108.08 points, while Nifty opened at 16,654.00, up 29.40 points.
In Wednesday’s early trade (at 9:31 A.M.), Sensex gained 220.62 points or 0.39% to reach 56,179.60, while Nifty rose 73.90 points or 0.44% to reach 16,698.50.
On Tuesday, the 30-share BSE index ended 403.19 points or 0.73% higher at its lifetime peak of 55,958.98, while the broader NSE Nifty surged 128.15 points or 0.78% to its all-time closing high of 16,624.60.
Asian stocks hold gains on easing Fed taper worries
Asian shares held onto their recent gains on Wednesday after last week’s pummelling, as global equities rebounded thanks to a combination of positive COVID-19 vaccine news and easing worries over tapering of Federal Reserve stimulus, a Reuters report noted.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last off slightly, but still up 3.7% so far this week. Markets were mixed with Australian shares gaining 0.16%, but Chinese blue chips losing 0.24%.
Wall St extends rally, pushing S&P 500 to 50th all-time high close this year
Wall Street ended higher in a light volume rally on Tuesday as the FDA’s full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium, Reuters reported.
All three major U.S. stock indexes advanced higher, with the S&P 500 and the Nasdaq closing at all-time closing highs. The session marked the S&P 500’s 50th record high close so far this year.
The Dow Jones Industrial Average rose 30.55 points, or 0.09%, to 35,366.26, the S&P 500 gained 6.7 points, or 0.15%, to 4,486.23 and the Nasdaq Composite added 77.15 points, or 0.52%, to 15,019.80.
