Top Business News of the Day: Rupee gains 6 paise to close at 74.28 against US dollar; Markets hit fresh highs as Nifty scales 16K and Sensex zooms 873 pts

Photo for representation only.   | Photo Credit: AP

4:25 P.M.

Markets hit fresh highs: Nifty scales 16K, Sensex zooms 873 pts

Equity benchmark Sensex skyrocketed 873 points to a fresh closing peak while the Nifty finished above the 16,000-mark for the first time on Tuesday, driven by gains in index heavyweights HDFC, Infosys and TCS.

The BSE index ended 872.73 points or 1.65% higher at its lifetime high of 53,823.36. The broader NSE Nifty rallied 245.60 points or 1.55% to record 16,130.75.

Titan was the top gainer in the Sensex pack, rising around 4%, followed by HDFC, Nestle India, IndusInd Bank, UltraTech Cement and Bharti Airtel.

On the other hand, Bajaj Auto, Tata Steel and NTPC were the laggards.

4:16 P.M.

Rupee gains 6 paise to close at 74.28 against US dollar

The rupee rose by 6 paise to close at 74.28 (provisional) against the US dollar on Tuesday amid a firm trend in domestic equities and a weak American currency, PTI reported.

Looking ahead, the focus will remain on RBI monetary policy. The inflows from primary market will remain robust and the rupee is expected to trade with positive bias in the near term, said Dilip Parmar, Research Analyst, HDFC Securities.

4:03 P.M.

DHL to Add Electric Planes to Fleet in Pursuit of Zero Emissions

The race toward zero-emission logistics chains is expanding from the road to the skies, Bloomberg reported.

DHL Express, the air cargo subsidiary of Deutsche Post AG, has ordered 12 all-electric aircraft to complement its fleet of battery-powered delivery vans and bikes, a move that will reduce emissions from air services. The Eviation Aircraft Ltd.-built freighters, known as Alice models, will be able to carry 2,600 pounds (1,179 kilograms) and have a range of 440 nautical miles.

“The Alice can be charged while loading and unloading operations occur,” DHL said in a statement on Tuesday, adding it takes 30 minutes to charge the plane’s batteries. The aircraft are slated to join DHL’s fleet in 2024 and be deployed on routes in California, a company spokesman said.

3:54 P.M.

Power sector workers begin protest against Electricity Amendment Bill 2021

Power sector employees and engineers on Tuesday started four days long Satyagraha at Jantar Mantar to protest against Electricity (Amendment) Bill 2021.

Workers in the power sector across the country are agitating against the unilateral approach of the central government to rush through the Bill in Parliament.

Many provisions of the Electricity (Amendment) Bill 2021 are anti-people and anti-employee and if enacted it will have far-reaching adverse consequences, said All India Power Engineers Federation Chairman Shailendra Dubey.

The bill should not be rushed through and instead should be referred to the standing committee on the energy of Parliament, he noted.

3:49 P.M.

API imports stood at Rs 28,529 cr, exports at Rs 32,856 cr in FY21

For the financial year 2020-21, imports of active pharmaceutical ingredients stood at Rs 28,529 crore while exports were at Rs 32,856 crore, PTI reported.

The size of the API and Intermediates market in India is estimated to be Rs 96,000 crore in FY 2019-20, Minister for Chemicals and Fertilisers Mansukh Mandaviya said in the Lok Sabha.

3:46 P.M.

Adani Ports June-quarter profit rises 72% on to 13 bln rupees

Adani Ports and Special Economic Zone Ltd's consolidated net profit for the June quarter surged 72.4% to 13.07 bln rupees compared to the same period in the previous year. Revenue from operations for the quarter surged 98.8% to 45.57 bln rupees.

3:08 P.M.

Oil rises as markets expect continuous fall of inventories

Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant.

Brent, the international benchmark for oil prices, rose 60 cents, or 0.8%, to $73.49 a barrel.

U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%, at $71.89 a barrel.

Despite recent fluctuations, oil prices are high and healthy, lifting earnings of major oil firms. BP, Diamondback Energy Inc, Continental Resources Inc and Pioneer Natural Resources Co reported strong second-quarter profit this week.

2:55 P.M.

MG Motor ties up with Jio for connected features in its upcoming mid-size SUV

MG Motor India on Tuesday said it has tied up with digital services provider Jio India for the Internet of Things (IOT) features in its upcoming mid-size SUV, PTI reported.

"Jio's eSIM, IOT and Streaming solutions will enable MG users to access real-time connectivity, infotainment, and telematics," Jio Director & President Kiran Thomas said.

The new mid-size SUV by MG Motors is expected to hit the roads in the last quarter of the year.

2:50 P.M.

Indian carmakers renew bid to delay tougher fuel efficiency rules

Indian automakers are making a renewed push for more time to meet tighter rules on fuel efficiency, aimed at reducing carbon emissions, as companies still reel from the financial impact of COVID-19, Reuters reported.

India introduced a first phase of its CAFE measures in April 2017, giving carmakers until the end of March next year to cut carbon emissions from new cars to 130 grams per km.

In a second phase starting from April 1, 2022, India has proposed a further cut to 113 grams per km.

2:45 P.M.

Punjab National Bank Exec Says Will Consider Capital Raising Plans Next Month

Punjab National Bank (PNB) Exec Says Will Consider Capital Raising Plans Next Month. The Bank may take further restructuring of 15-20 billion rupees before September end.

It may sell properties worth 2.5 billion rupees to the government by September.

2:38 P.M.

IndusInd Bank gets empanelled as Agency Bank to RBI

IndusInd Bank on Tuesday said it has been empanelled by the Reserve Bank of India (RBI) to act as an 'Agency Bank' to facilitate transactions related to government businesses.

The announcement comes close on the heels of a recent RBI guideline that authorises scheduled private sector banks as agency banks of the regulator for the conduct of government business, PTI reported.

With this, IndusInd Bank joins ranks with few other private banks of the country to carry out general banking business on behalf of the central and state government, while also offering customers - the convenience of undertaking routine financial transactions through its banking platform, the bank said in a release.

2:27 P.M.

India's peak power demand hits new record of 200570 MW in July

India's peak power demand hit a new record of 200570 MW in the month of July, a 17.6% increase over the same month a year ago.

The country witnessed the highest ever demand for power at 12:01 hours on July 7, 2021. This demand of 200570 MW was 17.6 per cent higher than 170545 MW in July 2020 (on 2nd at 22:21 hours), a power ministry statement said.

Additionally, solar and wind generation recorded an all-time high of 43.1 GW on July 27, 2021. Earlier, the record was 41.1 GW on June 11, 2021, PTI reported.

1:55 P.M.

Asian stocks slip as Delta spread spooks investors

Asian stocks slipped on Tuesday, as the Delta coronavirus variant spread in key markets in the region and put Chinese authorities on high alert, rattling investor confidence.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.40% in early trading. Japan's Nikkei  was off 0.85% in early trade.

China's blue chip index CSI300 shed 0.80% while Hong Kong's Hang Seng Index fell 0.83%.

1:49 P.M.

Efficient distribution sector essential for improving ease of doing business: Niti Aayog VC

Niti Aayog Vice Chairman Rajiv Kumar on Tuesday said a healthy and efficient distribution sector is essential for improving the ease of doing business, and for improving ease of life.

"A healthy and efficient distribution sector is essential, whether for improving the ease of doing business, or for improving the ease of life," an official statement said, quoting Kumar.

Most power distribution companies (discoms) in India incur losses every year- total losses are estimated to be as high as Rs 90,000 crore in FY2021, as per the statement.

Due to these accumulated losses, discoms are unable to pay generators on time, make investments required to ensure high-quality power, or prepare for greater use of variable renewable energy, PTI reported.

 

1:20 P.M.

BMW raises 2021 profit forecast, but chip shortage to hit second half

BMW raised its profit forecast for 2021 on Tuesday after strong quarterly results, but warned that the global semiconductor chip shortage and rising raw materials prices would impact its performance in the second half of the year.

The carmaker said it now expected a full-year operating margin for the automotive segment in a range from 7% to 9%, up from its previous forecast of a range from 6% to 8%.

BMW posted a net profit of 4.8 billion euros ($5.7 billion) in the second quarter, 2021 compared to a loss of 212 million euros for the same period in 2020, Reuters reported.

"However, in light of a number of prevailing risks, including raw materials prices and a shortage of semiconductors, the second six-month period is likely to be more volatile for the BMW Group".

 

1:00 P.M.

Reliance falls 59 places on Fortune list, SBI climbs 16 spots

Mukesh Ambani's Reliance Industries fell 59 places to rank155th, its lowest since 2017,  on the 2021 Fortune Global 500 list released on Monday, PTI reported.

The oil-to-telecom conglomerate's ranking slipped after its revenues dropped owing to the COVID-19 pandemic. However, State Bank of India jumped 16 places to rank 205.

Walmart continues to top the list followed by China's State Grid and Amazon.

12:40 P.M.

Beauty startup Nykaa to raise $500 million via IPO, report says

Indian beauty startup Nykaa has filed papers with market regulator SEBI to raise $500 million through an Initial Public Offering, according to Reuters.

Founded in 2012 by Falguni Nayar, Nykaa sold cosmetics and grooming products before expanding into fashion, pet care and household products.

Nykaa's filing comes after food-delivery firm Zomato made a debut last month. Morgan Stanley, BofA securities and Citigroup are among the lead book running managers of the IPO.

12:15 P.M.

Vodafone Idea plunges 12%, hits 52-week low

Shares of telecom firm Vodafone Idea tanked 12% on Tuesday after Chairman Kumar Mangalam Birla offered to give up his stake in the company.

Shares of the cash-strapped Vodafone Idea hit a 52-week low of ₹ 7.17 on the BSE in intra-day trade. It fell below its previous low of 7.60 in October, 2020.

The stock was trading at 7.40 at 12:15 p.m.

11:30 A.M.

Birla says "willing to hand" Vodafone Idea stake

Vodafone Idea chairman Kumar Mangalam Birla has offered to hand over the group's 27.66% stake in the debt-laden Vodafone Idea to any public or private entity to keep the firm afloat.

Birla suggested selling the stake in a June 7 letter to Cabinet Secretary Rajiv Gauba, a month before the Supreme Court dismissed the company's plea for recalculation of adjusted gross revenue (AGR) dues.

In the letter, Birla said potential foreign investors are not willing to invest in the company due to absence of clarity on (AGR) liability, the moratorium on spectrum payments and floor pricing.

According to official data, Vodafone's AGR liability is about Rs. 58,254 crore, of which it has paid Rs. 7,854.37 crore. As of March 31, the company owed Rs. 96,270 crore in deferred spectrum payment obligations and Rs. 23,000 crore to banks and financial institutions.

Kumar Mangalam Birla

Kumar Mangalam Birla  

 

11:02 A.M.

Sensex, Nifty hit record highs

Equity benchmark index Sensex and NSE Nifty 50 Index rose to record highs on Tuesday, helped by gains in technology and consumer stocks, as economic indicators pointed to a recovery in demand.

Nifty 50 index climbed 0.53% to 15,970, while Sensex rose 0.65% to 53,293.11, Reuters reported.

10:40 A.M.

UST to hire over 10,000 techies in 2021

UST, a digital transformation solutions firm, on August 3 said it has plans to hire over 10,000 new employees across the globe in calender 2021.

The California-based company will recruit over 10,000 techies with proficiencies and skills in digital transformation, cybersecurity, cloud infrastructure, Java, data science and engineering, application development and modernisation, AI/ML, robotic process automation and intelligent process automation.

10:13 A.M.

Indian indices open higher, rise in early trade

Sensex approaches all-time high, tops 53,200, Nifty around 15,950 led by IT, auto stocks

10:03 A.M.

Tata hikes prices of passenger vehicles

Tata Motors has announced that effective August 3, it will increase prices of passenger vehicles on an average of 0.8%, depending on the variant and model.

However, for its “New Forever” range, the company will offer protection from the price increase to vehicles that will be retailed on or before August 31.

9:15 A.M.

IMF approves big increase in funds to alleviate pandemic impact

The governing body of the International Monetary Fund has approved a $650 billion expansion in the agency's resources to support economically vulnerable countries battling the coronavirus pandemic and the economic downturn it has caused.

The 190-nation lending institution said on Monday, August 2, 2021, that its Board of Governors approved the expansion of its reserves known as Special Drawing Rights, the largest increase in the institution's history.

“This is a historic decision ... and a shot in the arm for the global economy at a time of unprecedented crisis,” IMF Managing Director Kristalina Georgieva said. “It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.”

9:10 A.M.

Asian stocks slip; oil prices rise

Asian stocks slip as Delta variant raises concern among investors

Oil prices rise amid fear of covid curbs and slow factor activity

This article is closed for comments.
Please Email the Editor

Printable version | Sep 25, 2021 7:24:29 PM | https://www.thehindu.com/business/business-news-live/article35693193.ece

Next Story