Top business news of the day: India’s services sector expands; Coal India asked to diversify into EV, and more

A man reacts as he watches share prices on a digital screen outside the Bombay Stock Exchange (BSE) in Mumbai, September 24, 2021. BSE Sensex on September 24 crossed the 60,000 mark for the first time on the back of gains in tech and property stocks   | Photo Credit: PTI

The world is facing an energy crunch as the supply of natural gas, coal and other energy sources fails to adequately satisfy demand. On a separate note, the government has asked Coal India, the world's largest mining company, to help boost domestic electric vehicle segment by diversifying into areas like electric vehicles and charging pods.

In another development, India’s services sector expanded in September due to positive demand as COVID-19 protocols were relaxed.

4:53 P.M.

Sensex ends with a rally

Equity benchmark Sensex ended with a rally of 446 points, led by Reliance Industries, TCS and Infosys.

Despite opening on a weak note, the 30-share Sensex ended 445.56 points or 0.75% higher at 59,744.88. Similarly, the NSE Nifty surged 131.05 points or 0.74% to 17,822.30.

4:42 P.M.

Rupee closes 13 paise lower against U.S. dollar

The rupee closed 13 paise lower at 74.44 against the U.S. dollar, weighed down by the strengthening of the greenback in the overseas market and rising crude oil prices.

On Monday, the rupee had settled at 74.31 against the U.S. dollar. Widening trade balance data and dollar outflows also weighed on rupee, according to Dilip Parmar, Research Analyst, HDFC Securities.

4:08 P.M.

Emirates airline signs $750 million loan

Emirates has signed a $750 million five-year, dual tranche financing facility with Dubai’s biggest lender Emirates NBD. The move is aimed to diversify Emirates’ liquidity pool. The airline has received $3.1 billion in state support from the Dubai government since the start of the pandemic.

The government, which is the company’s sole shareholder, has supported the airline into becoming a major international travel hub over the past three decades.

3:53 P.M.

Chip shortage | Daimler Trucks to produce fewer vehicles

The ongoing semiconductor shortage is likely to prompt Daimler Trucks to produce fewer vehicles than it could sell in the coming year. CEO Martin Daum added during a journalists' roundtable that truckmakers do not have the flexibility to increase prices to offset chip losses.

The shortage of computer chips has been plaguing several industries worldwide, especially electronics and automobiles.

3:37 P.M.

Coal India asked to diversify into EV

India is currently facing an energy crisis due to coal shortages and post-pandemic surge in demand.
But, the government is asking Coal India, the world's largest coal-mining company, to help boost domestic EV segment by diversifying into areas like electric vehicles and charging pods.

The government sees the move will help the state-owned firm restrict its carbon emission. Coal India accounts for over 80% of India's output of the fuel.

1:57 P.M.

Evergrande effect | China’s property developers suffer

As Evergrande Group explores the possibility of a stake sale, Chinese property developers suffer ratings downgrades on worries about their ability to repay debt. Evergrande is facing the country's largest-ever default, wrestling a debt of over $300 billion.

 

The blog will now be handled by Sowmya Ramasubramanian

1:50 P.M.

Licious is a unicorn

Meat and seafood seller Licious has become the country’s first direct-to-consumer unicorn after raising $52 million (about ₹387 crore) in the Series G round from investors.

The company, launched in 2015, has witnessed a 300% growth and has served millions of packs of meat products to consumers across different cities in India. In July, the Bengaluru-based firm raised $192 million in the Series F round.

12:58 P.M.

India’s services sector expands

India’s services sector expanded in September due to positive demand as COVID-19 protocols were relaxed.

The PMI which had hit an 18-month high in August at 56.7, moderated to 55.2 in September, but was well above its long-run average.

Also, the Composite PMI Output Index, which measures combined services and manufacturing output, was at 55.3 in September, compared with 55.4 in August. A PMI score above 50 means expansion, while a score below 50 denotes contraction.

11:50 A.M.

OPEC+ meet update

After OPEC+ announced it will cap crude supplies, prices of Brent crude and U.S. West Texas Intermediate (WTI) oil rose today, reaching their highest levels in at least three years. Brent crude increased 0.5% to $81.66, and the U.S. WTI oil climbed 0.4% to $77.92.

11:31 A.M.

Rupee opens weak

The Indian rupee opens weak as early trade show the currency shed 32 paise to 74.63 against the U.S. dollar.

According to forex traders, rising crude oil prices and risk-off sentiments could weigh on investor sentiment and drag the local unit further down.

11:15 A.M.

Global aviation industry is slowly taking off

Willie Walsh, director general of the International Air Transport Association, speaks at the IATA’s Annual General Meeting in Boston, Massachusetts, U.S., October 4, 2021.

Willie Walsh, director general of the International Air Transport Association, speaks at the IATA’s Annual General Meeting in Boston, Massachusetts, U.S., October 4, 2021.   | Photo Credit: REUTERS

 

“We expect 2021 losses to be nearly U$52 billion — cut dramatically from the $138 billion lost in 2020. Losses will further reduce in 2022 — to about $12 billion. In total, the COVID-19 crisis will cost aviation U$201 billion in losses before we return to profitability in 2023,” Willie Walsh, Director General of IATA, said at the 77th annual general meeting.

10:00 A.M.

Asian shares fall; India indices open lower

Major Asian stock indices opened in red today and dipped in early trade, following losses on Wall Street. Japan’s Nikkei opened at 28,050.39, down 394.5 points. Nikkei was down 786.58 points or 2.77% in early trade.

South Korea’s Kospi opened at 2,998.17, down 21.01 points. Hong Kong’s Hang Seng, opened at 23,771.65, down 264.72 points.

Chinese mainland markets will be closed till Thursday for the holidays.

Indian indices opened lower today amid mixed global cues. In early trade (at 9:30 A.M.), Sensex was down 99.4 points or 0.17% to 59,199.92, while Nifty was at 17,667.85, down 23.40 point or 0.13%.

ICICI Bank, Infosys, TCS and HCL Tech were among the top losers in the Sensex, while Bharti Airtel, Asian Paint, HUL and HDFC Bank were among the gainers.

9:15 A.M.

Today’s agenda:

Yesterday, gains in energy, finance and IT stocks pushed up Sensex over 500 points to 59,299.32. Today, Asian markets are trading low taking the cue from losses on Wall Street. Our blog will also be tracking the Air India deal and the impact of last evening’s discussion on the national carrier’s disinvestment plans.

 

----  Reviewed and edited by John Xavier

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Printable version | Nov 29, 2021 5:20:55 PM | https://www.thehindu.com/business/business-news-live/article36833624.ece

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